近日，2025年国家基本医疗保险、生育保险和工伤保险药品目录及商业健康保险创新药品目录调整正式 启动，今年首次新增的商保创新药目录。 此前，药明康德披露2025年半年度业绩预告，超市场预期，CXO板块集体上涨。伴随国内创新药发 展，当前CDMO子行业海外订单回暖更为明显，而国内生物医药投融资也处于改善初期。AI制药加速 研发流程，ADC等高壁垒品种加速外包趋势，令CDMO景气度提升更具可持续性。 截至2025年7月17日 13:14，中证港股通医疗主题指数(932069)强势上涨2.89%，成分股康方生物(09926) 上涨10.16%，百济神州(06160)上涨9.17%，科伦博泰生物-B(06990)上涨8.05%，泰格医药(03347)，金斯 瑞生物科技(01548)等个股跟涨。港股医疗ETF(159366)上涨2.00%， 冲击3连涨。最新价报1.38元，场内 价格创新高。 | 海股医疗ETF | | | 159366 | | --- | --- | --- | --- | | 330 | | +0.031 +2.30% | | | SZSE CNY 13:19:09 交易中 | | T+0 / Q ...

值得一提的是，据中邮证券数据，仅今年上半年，中国创新药License out总金额已接近660亿美元，赶 超2024全年BD交易总额，MNC对中国创新药资产关注度有望延续。 3、 大麦娱乐(01060) 再涨超5%，公司成为苏超球赛官方渠道，关注体育票务增量。 4、 兆科眼科-B(06622) 盘中涨超5%，近日与法国药企FAREVA达成合作，进一步推动全球扩张战 略。 5、 美图公司(01357) 再涨超5%，公司生活场景出海、生产力场景开拓均取得较大进展，5月20日，美 图公告与阿里巴巴开展战略合作；6月美图秀秀更新"AI闪光灯"功能，登顶11国iOS摄像与录像免费榜 第一名，并取得欧洲市场突破。7月14日，公司官宣"一句话搞定影像生产力"的AI Agent，名为RoboN eo。 6、 腾盛博药-B(02137) 再涨超7%，近期向健康元集团授予新药BRII-693大中华区独家许可。 点击蓝字，关注我们 今日上午港股 1、 哔哩哔哩-W(09626) 涨超4%，游戏及广告业务增量体现，美银上调公司目标价至211港元。 2、 创新药继续受资金追捧，三生制药(01530) 涨超8%、 康方生物(09926) ...

港股生物医药股延续强势再度爆发，三叶草生物(02197.HK)涨近24%，开拓药业(09939.HK)涨超20%， 乐普生物(02157.HK)、心通医疗(02160.HK)均涨超10%，科伦博泰生物(06990.HK)涨超8.5%。 ...

近期，创新药行情火热，关注度飙升，吸引了各路资金的疯狂涌入。 药ETF惊现"乌龙指" 7月15日，药ETF（562050）在集合竞价阶段便直线涨停，惊现"乌龙指"，一定程度上显示出投资者对创新药 投资热情的高涨；同时，最新的公募基金二季报显示，以超90%的收益率位列年内收益亚军的长城医药产业精 选，二季度末规模较一季度末大增近30倍，强势吸金。 7月15日，开盘集合竞价阶段，药ETF（562050）突然直线拉升，以涨停价1.112元/份的价格成交了582份（约 650万元），惊现"乌龙指"。 随后，该ETF价格回落，截至收盘上涨0.59%，报收1.017元/份，全天成交额2634.87万元，换手率22.94%。 公开资料显示，药ETF（562050）于今年6月19日上市，是国内首只跟踪中证制药指数的ETF，重仓创新药， 兼顾中药，并且完全不含医疗和CXO，精准表征纯制药板块整体表现，前五大权重股分别为恒瑞医药、片仔 癀、云南白药、科伦药业、华东医药。 此外，以超90%的收益率位列年内收益亚军的长城医药产业精选，在二季度大幅加仓了三生制药、信达生物、 热景生物、石药集团、一品红等个股，其中三生制药、一品红等个股 ...

港股生物医药股午后走强，荣昌生物(09995.HK)涨超8%，诺诚健华(09969.HK)涨超7%，百济神州 (06160.HK)涨超6%，科伦博泰生物(06990.HK)、复宏汉霖(02696.HK)均涨超5%。 ...

九龙仓置业(01997)涨7.32%，香港5月零售总销货价值止跌回升，小摩上调公司评级。 环球新材国际(06616)再涨超5%，收购默克表面解决方案业务交易事项即将落地。 巨星传奇(06683)涨超3%，近日附属斥资800万美元认购星光新经济产业基金权益。 信达生物(01801)涨超6%，玛仕度肽近日获批上市，后续商业化在即。 基石药业-B(02616)涨超11%，首次披露CS2013与CS2015两款双特异性抗体药物靶点。 先声药业(02096)涨4.43%，新一代抗VEGF单抗"苏维西塔单抗"获批上市。 博彩股继续上扬，澳门6月博彩收入超预期，花旗料增长势头将于下半年持续。美高梅中国(02282)涨 2.6%；新濠国际发展(00200)涨1.75%。 智通财经APP获悉，港股恒生指数跌0.96%，跌232点，报23989点；恒生科技指数跌1.20%。港股早盘成 交1306亿港元。 国家医保局与国家卫生健康委员会于7月1日联合发布了《支持创新药高质量发展若干措施》，机构称创 新药仍为重要投资主线之一。恒生生物科技指数大涨2.79%。亚盛医药-B(06855)涨8%；科伦博泰生物- B(06990)涨7%；再 ...

Core Viewpoint - The Hong Kong innovative drug sector has experienced significant growth in the first half of 2025, driven by policy support, industry catalysts, and market sentiment, leading to outstanding performance of actively managed equity funds focused on this sector [1][2]. Group 1: Fund Performance - Several actively managed funds, including Huatai-PineBridge Hong Kong Advantage Selection A, achieved returns exceeding 60%, with Huatai-PineBridge leading at 85.64% as of June 27 [1][2]. - The top holdings of these funds saw substantial gains, with Rongchang Bio rising 278% and other companies like Innovent Biologics and Kelun-Biotech also exceeding 100% in growth [1]. - ETFs tracking the Hong Kong pharmaceutical sector also performed well, with the top ETF, Huatai-PineBridge National Index Hong Kong Innovative Drugs ETF, seeing a net inflow of over 6 billion yuan, increasing its size from 653 million yuan to over 7.8 billion yuan [2]. Group 2: Market Dynamics - The innovative drug sector is currently in a high valuation range, with some institutions suggesting that short-term speculative trading may lead to profit-taking and potential stock price adjustments [3]. - The market has seen a resonance between market liquidity and industry logic, with multinational corporations (MNCs) driving significant business development (BD) in innovative drug companies [2][3]. - Recent policy measures announced on June 30 aim to support the high-quality development of innovative drugs, enhancing R&D support and facilitating market access [4]. Group 3: Future Outlook - The new policy framework is expected to enhance the certainty of R&D in innovative drugs and accelerate commercialization cycles, providing further support for sector valuations [4]. - Investment opportunities are anticipated in product-oriented companies, particularly those focusing on global market expansion and innovative breakthroughs [4][5]. - The Chinese innovative drug industry is at a critical turning point, with ADC and bispecific antibody technologies expected to capture significant market share in global immunotherapy, although caution is advised regarding competition and the role of AI in drug development [5].

Core Viewpoint - The company, Kelun-Botai, is a leading player in the ADC (Antibody-Drug Conjugate) sector, with a robust technology platform and significant backing from multinational corporations (MNCs) [1] Group 1: Company Overview - Kelun-Botai was established in 2016 as an innovative R&D subsidiary of Kelun Pharmaceutical, focusing on three major technology platforms: ADC, macromolecules, and small molecules [1] - As of the 2024 annual report, Kelun-Botai has over 30 innovative assets and more than 10 drugs in clinical stages, indicating a well-structured pipeline [1] - The company is expected to enter a rapid growth phase in 2025, with promising commercial progress anticipated [1] Group 2: ADC Platform Development - The ADC platform focuses on both oncology and non-oncology development strategies, with research capabilities endorsed by MNCs [1] - SKB264, an optimized drug based on trastuzumab, has a comprehensive layout for breast cancer and non-small cell lung cancer (NSCLC), with multiple approvals and submissions expected between 2024 and 2025 [2] - A166 has reached critical endpoints in phase II trials for advanced HER2+ breast cancer and is expected to receive approval in 2025 [2] - The early ADC pipeline includes various targets such as CLDN18.2 and Nectin-4, with new products like SKB571 and SKB107 anticipated to follow [2] Group 3: Non-ADC Platform Development - The non-ADC platform is entering a harvest phase, covering oncology and autoimmune fields [2] - A167 (PD-L1) has received approvals for multiple indications, while A140 (a biosimilar of cetuximab) is also set for approval in early 2025 [2] - A400, a selective RET inhibitor for RET+ NSCLC, is expected to submit for market approval within the year [2] Group 4: Financial Projections - Revenue forecasts for the company from 2025 to 2027 are projected at 2.006 billion, 2.884 billion, and 4.696 billion yuan, reflecting year-on-year growth rates of 3.8%, 43.8%, and 62.8% respectively [3] - The current stock price corresponds to price-to-sales (PS) ratios of 34.7x, 24.2x, and 14.8x for the respective years [3] - The company is expected to reach a commercialization inflection point in 2025, with numerous catalysts from clinical data and business development expectations [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights recent positive developments in the high-quality weight loss sector, particularly focusing on myostatin pathway clinical trial results from Regeneron and Scholar Rock, which demonstrate significant reductions in lean body mass loss when combined with GLP-1 medications [4][12] - The pharmaceutical and biotechnology sector experienced a decline of 4.35% in the third week of June 2025, underperforming the CSI 300 index by 3.9 percentage points, ranking 29th among 31 sub-industries [5][16] - The report emphasizes the potential of Activin receptor drugs, such as Eli Lilly's Bimagrumab and Lai Kai's LAE-102, to retain lean body mass and even promote muscle gain, with promising safety and pharmacokinetic data [4][12] Summary by Sections 1. Recent Developments in Weight Loss Sector - Regeneron's myostatin antibody Trevogrumab combined with semaglutide showed a 50.8% reduction in lean body mass loss over 24 weeks, compared to a 7.9 lbs loss with semaglutide alone [4][12] - Scholar Rock's myostatin antibody Apitegromab combined with Tirzepatide demonstrated a 54.9% reduction in lean body mass loss [4][12] 2. Market Performance - The pharmaceutical and biotechnology sector's decline of 4.35% in June's third week was the largest among all sectors, with the vaccine sector experiencing the smallest drop of 0.4% [5][21] - Other sub-sectors, such as blood products and medical consumables, also faced declines, with the largest drop seen in other biological products at 6.7% [5][21] 3. Recommended Stocks - Recommended stocks include major pharmaceutical and biotechnology companies such as Heng Rui Medicine, East China Medicine, and Innovent Biologics, among others [6]

根据数据，上述收益率排名前十的主动权益类基金，平均涨幅超过69%，除了汇添富香港优势精选A， 其他医药主题基金也表现亮眼。其中，分列收益率排行榜第二、三位的是长城医药产业精选A、永赢医 药创新智选A，收益率分别为87.73%、79.79%。 公募基金半年度业绩收官战进入倒计时，医药主题基金目前以碾压性优势席卷排行榜。 数据显示，截至6月14日，在收益率排名前十的主动权益类基金中，有9只为医药主题产品，暂居榜首的 汇添富香港优势精选A甚至以103.67%的收益率率先撞线"翻倍基"。半程冠军最终会花落谁家，市场正 拭目以待。 多位业内人士对证券时报记者表示，这场由创新药研发突破、港股流动性复苏、跨境BD交易重构估值 体系等多重因素驱动的医药投资盛宴，不仅改写了基金业绩的半年度排名格局，更折射出资本市场 对"中国创新力量"的重估与期待。 医药基金霸屏半年榜 6月已过半，主动权益基金的半年度业绩排名也即将出炉。年初至今，医药板块持续强势表现，多只医 药主题基金凭借精准布局和行业红利释放，实现了业绩爆发。不出意外，医药基金将成为半年度收益榜 单的最大赢家。 经历了多年连续下跌后，医药生物行业在2025年迎来了盈利与估值 ...