港股通创新药ETF工银（159217）现任基金经理为刘伟琳、焦文龙。刘伟琳自2025年3月26日管理（或 拟管理）该基金，任职期内收益43.85%；焦文龙自2025年4月10日管理（或拟管理）该基金，任职期内 收益63.95%。 最新定期报告显示，工银瑞信基金（159217）重仓股包括百济神州、康方生物、信达生物、中国生物制 药、中国生物制药、石药集团、三生制药、翰森制药、科伦博泰生物-B、再鼎医药，持仓占比如下： 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）06160百济神州10.84%314.54万5.89亿09926 康方生物10.77%454.20万5.86亿01801信达生物10.43%644.10万5.67亿01177中国生物制药9.82%7184.50万 5.34亿08027中国生物制药9.82%7184.50万5.34亿01093石药集团7.72%4908.40万4.20亿01530三生制药 7.41%1469.60万4.03亿03692翰森制药5.50%908.20万2.99亿06990科伦博泰生物-B3.55%41.14万1.93亿 09688再鼎医药2.79%621.62万1.5 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Views - The pharmaceutical and biotechnology sector saw a weekly increase of 2.67%, underperforming the Wind All A index (2.9%) but outperforming the CSI 300 index (1.64%). The raw material drug sector experienced a decline of 4.27%, while chemical preparations and pharmaceutical circulation products increased by 4.18% and 3.71%, respectively [3][8] - Recent policies in Shanghai and Beijing aim to support the high-quality development of the medical device industry, indicating a shift towards innovation and global competitiveness in this sector. The report suggests monitoring the transformation progress of leading companies in the medical device field [3][12] - Flu activity is on the rise, with the percentage of flu-like cases reported by sentinel hospitals in southern provinces reaching 7.8%, up from 6.8% the previous week, and higher than the same period in 2022 and 2024 [3][11] Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector increased by 2.67% from November 24 to November 28, 2025, with raw material drugs declining by 4.27% and chemical preparations increasing by 4.18% [8][9] - Individual stock performances included significant gains for Haiwang Biological (38.2%), Yue Wannianqing (36.2%), and Guangji Pharmaceutical (31.7%), while *ST Changyao (-15.3%), Huitai Medical (-9.6%), and Kangwei Century (-8.8%) saw notable declines [11] Industry News and Key Company Announcements Important Industry Events - The report highlights the increase in flu-like illness percentages in both southern (7.8%) and northern (8.6%) provinces, indicating a significant rise in flu activity compared to previous years [11][12] Industry News - Significant approvals were noted, including the NMPA's approval of Xinmeiyue® for treating moderate to severe plaque psoriasis and the FDA's accelerated approval of Sibeprenlimab for IgAN treatment [12][14] Company Announcements - Notable announcements include the FDA approval of a generic injectable drug by Jianyou Co. and the successful completion of a Phase III trial for JS001sc, a subcutaneous PD-1 monoclonal antibody for non-small cell lung cancer [15][16]

Investment Rating - The report maintains a positive outlook on the innovative drug sector, indicating a rebound and potential for further growth in the upcoming months [3][6]. Core Insights - The innovative drug sector is expected to see a rebound after previous adjustments, with significant catalysts anticipated in December and January. The results of the national medical insurance negotiations will be released in early December, which may impact the inclusion of domestic innovative drugs in the insurance catalog [3][14]. - The upcoming American Society of Hematology (ASH) conference from December 6-9 is highlighted as a key event, with multiple differentiated hematology products expected to present new data [3][4][42]. - The CXO sector shows a continuous upward trend, supported by the rapid growth of new orders and backlog, ensuring performance release in the next 1-2 years [4][53]. Summary by Sections Innovative Drugs - The report emphasizes the importance of focusing on dual/multi-target drugs for various cancers and chronic diseases, as well as opportunities in ADCs and small nucleic acid therapies [6][15]. - The report notes that the innovative drug financing data is showing marginal improvement, indicating a potential recovery in the sector [6][15]. Biologics - The report mentions positive preliminary results from the Phase II clinical trial of amycretin for Type 2 diabetes, suggesting continued monitoring of its clinical progress [4][46]. Medical Devices - The report highlights the emergence of innovative domestic medical devices, with expectations for profit margins to stabilize and improve as new products are approved [5]. Traditional Chinese Medicine & Pharmacies - The report suggests monitoring companies with strong brand power and good inventory management, such as China Resources Sanjiu and Jichuan Pharmaceutical, due to rising flu incidence [5]. Medical Services and Consumer Healthcare - The report discusses a collaboration between a traditional Chinese medicine group and a local health bureau to enhance the capabilities of grassroots medical services through technology [5]. Key Investment Targets - The report identifies key companies to watch, including Innovent Biologics, Kintor Pharmaceutical, and others in the innovative drug and medical device sectors [7].

TMT(4mg/kg Q2W)联用帕博利珠单抗(400mg Q6W），对照组为帕博利珠单抗(400mg Q6W）。根据 CDE 公示的试验信息显示，入组患者为EGFR 敏感突变阴性且ALK 融合基因阴性。基于研究结果，公 司计划就提交sac-TMT 的新增适应症的事宜与CDE 进行沟通交流。 wt NSCLC 1L 治疗市场广阔，存在未满足的治疗需求NSCLC 一线用药的市场十分广阔，每年新发肺癌 约100 万例，NSCLC 患者占比约85%，大约有50%的患者PD-L1 TPS≥1%。在中国内地大约有60%的患 者是EGFR 阴性，约95%的患者是ALK 阴性。2025 CSCO 指南里关于驱动基因阴性NSCLC 一线治疗的I 级推荐疗法仍以PD-（L）1 单抗和化疗治疗为主。而sac-TMT 联用PD-L1 单抗KL-A167 的II 期数据显 示，sac-TMT 的整体mPFS 达到15 个月。而K 药单药或化疗的mPFS 在5-7 个月之间，K药联合化疗的 mPFS 约为8 个月。 Sac-TMT 在NSCLC 1L 治疗中具有BIC 潜力。此外，sac-TMT 在PD-L1 阳性（PD-L1 TPS ...

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 0.23% on November 27, with a trading volume of 1.149 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 26, 2024, the fund's shares totaled 9.88 billion, with a total size of 8.495 billion yuan, reflecting a significant increase in both shares and size compared to the previous year [1] Fund Performance - The fund's share count increased by 2398.89% and its size increased by 2148.37% from 3.95 million shares and 378 million yuan on December 31, 2024 [1] - Over the last 20 trading days, the cumulative trading amount reached 31.987 billion yuan, with an average daily trading amount of 1.599 billion yuan [1] - Since the beginning of the year, the cumulative trading amount has been 263.006 billion yuan, with an average daily trading amount of 1.201 billion yuan over 219 trading days [1] Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 68.86% during the management period [2] - The top holdings of the fund include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and China National Pharmaceutical Group, with significant percentages of the portfolio allocated to these stocks [2] - The largest holding is BeiGene, accounting for 10.62% of the portfolio, followed closely by CanSino Biologics at 10.55% and Innovent Biologics at 10.21% [2]

2025年11月24日，科伦博泰生物宣布其核心产品TROP2ADC芦康沙妥珠单抗(sac-TMT/SKB264/MK- 2870)联合帕博利珠单抗一线治疗PD-L1阳性非小细胞肺癌(NSCLC)的III期临床研究达到主要终点，成为 全球首个ADC联合免疫检查点抑制剂(IO)在一线NSCLC领域获阳性结果的III期研究。该结果进一步验 证了芦康沙妥珠单抗的联合治疗潜力，叠加其已获批的3项适应症及多项在研临床，管线价值持续兑 现。 智通财经APP获悉，中信证券发布研报称，科伦博泰生物-B(06990)核心产品芦康沙妥珠单抗已获得 MNC认可和全球开发能力的加持，同时结合默沙东K药进一步拓展ADC+IO联用可能性，考虑到核心产 品全球开发进程加速推进，国内商业化放量在即，结合DCF估值测算，给予公司目标价592港元，维 持"买入"评级。 ...

Core Viewpoint - CITIC Securities reports that Kelun-Biotech (06990) has received MNC recognition for its core product, sac-TMT/SKB264/MK-2870, and is accelerating its global development capabilities, leading to a target price of HKD 592 and a "Buy" rating [1] Group 1: Product Development - The core product, TROP2ADC sac-TMT/SKB264/MK-2870, has achieved the primary endpoint in a Phase III clinical study for first-line treatment of PD-L1 positive non-small cell lung cancer (NSCLC) in combination with pembrolizumab [1] - This study marks the first positive Phase III result for an ADC combined with immune checkpoint inhibitors in the first-line NSCLC setting globally, confirming the treatment potential of sac-TMT/SKB264/MK-2870 [1] Group 2: Market Potential - The product has already received approval for three indications and has multiple ongoing clinical trials, indicating a continuous realization of pipeline value [1] - The combination of sac-TMT/SKB264/MK-2870 with Merck's Keytruda (pembrolizumab) further explores the potential of ADC + IO combination therapies [1]

Core Viewpoint - Morgan Stanley has a more positive outlook on Kelun-Botai Biopharmaceutical (06990), raising its revenue forecast for 2025 to 2033 by 1% to 10% and increasing the target price from HKD 499 to HKD 545, citing multiple catalysts expected in 2026 [1] Group 1 - The company recently announced positive data from the Phase III clinical trial of SKB264 (sac-TMT) in mainland China, marking the first successful Phase III trial for sac-TMT in first-line treatment of non-small cell lung cancer (NSCLC) [1] - This trial is also the first globally to demonstrate that the ADC+PD-1 combination therapy is superior to PD-1 monotherapy in first-line treatment of NSCLC [1] - Based on the trial results, the company plans to submit a supplemental new drug application (sNDA) for sac-TMT targeting the relevant indications in China [1]

Core Viewpoint - Kolon Biotech Inc. (06990) shares rose nearly 5% in early trading, reflecting positive market sentiment following the announcement of successful Phase III clinical trial data for SKB264 (sac-TMT) [1] Group 1: Clinical Trial Results - The recent Phase III clinical trial results for sac-TMT indicate a significant advancement, marking the first successful Phase III trial for sac-TMT in first-line treatment of non-small cell lung cancer (NSCLC) [1] - This trial is also noted as the first globally to demonstrate that the ADC+PD-1 combination therapy is superior to PD-1 monotherapy in first-line NSCLC treatment [1] Group 2: Financial Projections and Analyst Ratings - Following the positive trial results, the company plans to submit a supplemental new drug application (sNDA) for sac-TMT targeting relevant indications in China [1] - JPMorgan has raised its revenue forecasts for the company by 1% to 10% for the years 2025 to 2033, and increased the target price from 499 HKD to 545 HKD [1] - The firm continues to view the company positively, maintaining its "overweight" rating and identifying it as a preferred stock in the Chinese biopharmaceutical sector, anticipating multiple catalysts in 2026 [1]

每经AI快讯，科伦博泰生物-B(06990.HK)早盘涨近5%，截至发稿，涨4.31%，报469.6港元，成交额1.58 亿港元。 ...