Core Viewpoint - The Hong Kong Stock Connect Innovation Drug ETF (520880) is experiencing volatility, with a recent trend of price fluctuations and a potential influx of buying interest as the market adjusts [1][3]. Group 1: Market Performance - The ETF has seen a decline in its constituent stocks, with only three out of 37 companies showing slight gains, while major stocks like InnoCare Pharma and Innovent Biologics have dropped significantly [3]. - The ETF has attracted over 670 million yuan in inflows over the past 13 days, indicating strong investor interest despite market fluctuations [4]. - The ETF's index has shown a year-to-date increase of 119.75% before recent adjustments, outperforming other innovation drug indices [6]. Group 2: Industry Insights - The ETF manager attributes the recent adjustments to multiple factors, including a lack of major business development catalysts and ongoing regulatory concerns from the Trump administration regarding Chinese innovation drugs [3]. - The manager emphasizes the importance of maintaining focus on the biopharmaceutical sector, suggesting that current market corrections may present buying opportunities for high-quality innovation drug companies [3]. - The ETF has undergone a "purification" process, removing CXO companies and focusing solely on innovation drug research and development, which is expected to enhance its performance in future market rallies [5][6].

Core Viewpoint - The Trump administration is drafting an executive order that will impose three major restrictions on commercial transactions involving Chinese innovative drug patents or rights, focusing on national security reviews by the Committee on Foreign Investment in the United States (CFIUS) [1][2]. Summary by Sections Executive Order Details - The draft includes three main provisions: 1. Inclusion of Chinese innovative drug BD transactions in the CFIUS mandatory review list, ending the previous "low-risk automatic exemption" practice [2]. 2. FDA will implement "racial sensitivity supplementary reviews" for drugs relying on Chinese clinical data, requiring at least 20% comparative data from non-Asian populations [2]. 3. Establishment of a "key drug domestic production fund" to provide production subsidies for 15 categories of drugs, including antibiotics and acetaminophen, while implementing a "domestic priority" principle in federal procurement [2]. Market Reaction - The market reacted swiftly to the policy risks, with the Hong Kong innovative drug index (HK1105) dropping 3.82% on September 11, 2025, and the A-share innovative drug sector (BK1106) declining 2.17%, with over 80% of stocks in the sector experiencing pullbacks [3]. - The following day, the indices showed signs of recovery, indicating investors' responses to policy uncertainties and rational corrections [3]. Globalization Trends - Despite the geopolitical risks, the trend of Chinese innovative drugs going global remains intact, with total license-out transactions to Europe and the U.S. reaching $9.43 billion as of September 2025 [3]. - Major transactions include a $950 million licensing deal between BeiGene and Royalty Pharma, and a $6 billion global licensing agreement between 3SBio and Pfizer, highlighting a shift towards milestone payments and regional licensing [3]. Industry Challenges - The domestic market faces challenges, with annual growth in medical insurance fund spending (approximately 12%) lagging behind the growth in innovative drug R&D investment (approximately 25%) [4]. - The average reduction in medical negotiations remains high at 54%, and commercial health insurance coverage for innovative drugs is below 15%, creating a supply-demand imbalance that necessitates going global [4]. Risk Resilience Assessment - Goldman Sachs has categorized Chinese innovative drug companies into three risk resilience tiers based on their sensitivity to policy changes and operational capabilities [4][5]. - Companies with mature global layouts exhibit the strongest resilience, while those heavily reliant on domestic markets show the weakest resilience [5][10]. Strategic Defense Framework - A three-dimensional defense system is proposed to address risks associated with the executive order, focusing on transaction review, data compliance, and supply chain security [13]. - Strategies include conducting national security risk pre-assessments for transactions over $50 million and establishing partnerships with U.S. law firms to navigate regulatory challenges [14][15]. Conclusion - The construction of a quantifiable "risk resilience index" is essential for Chinese innovative drugs in the global 2.0 era, emphasizing the need for companies to embed policy hedging clauses in transaction structures and consider racial diversity data in clinical stages [23].

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 71.84%, Green Power Environmental (01330) at 69.15%, and China Shenhua (01088) at 68.07% [1] - The latest holding ratio rankings for the top 20 companies show significant ownership levels, with companies like Kaisa New Energy (01108) and COSCO Shipping Energy (01138) also exceeding 67% [1] - The recent five trading days saw Alibaba-W (09988) leading in increased holdings with a rise of 143.50 billion, followed by Yingfu Fund (02800) with an increase of 41.59 billion [1][2] Group 2 - The companies with the largest decreases in holdings over the last five trading days include Meituan-W (03690) with a reduction of 12.14 billion, Great Wall Motors (02333) with a decrease of 8.01 billion, and Xiaomi Group-W (01810) with a drop of 7.57 billion [2] - Other notable companies experiencing significant reductions in holdings include Tencent Holdings (00700) and Li Auto-W (02015), with decreases of 4.65 billion and 4.06 billion respectively [2] - The data reflects a dynamic trading environment, with substantial shifts in investor sentiment towards various companies within the Hong Kong market [2]

Key Points - The top three stocks with net inflow of southbound funds are Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [1] - The top three stocks with net outflow of southbound funds are Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [1] - In terms of net inflow ratio, Yuexiu Transportation Infrastructure (01052) leads with 63.76%, followed by Crystal International (02232) with 56.34%, and China Resources Gas (01193) with 53.63% [1] - The stocks with the highest net outflow ratio include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [1] Net Inflow Rankings - The top ten stocks by net inflow include Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [2] - Other notable stocks in the net inflow list are Meituan-W (03690) with 0.670 billion and Southern Hang Seng Technology (03033) with 0.620 billion [2] Net Outflow Rankings - The top ten stocks by net outflow include Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [2] - Other significant stocks in the net outflow list are Li Auto-W (02015) with -0.298 billion and China Construction Bank (00939) with -0.254 billion [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Yuexiu Transportation Infrastructure (01052) at 63.76%, Crystal International (02232) at 56.34%, and China Resources Gas (01193) at 53.63% [3] - Additional stocks with high net inflow ratios include China Ship Leasing (03877) at 49.13% and Jiangsu Ninghu Expressway at 45.49% [3] Net Outflow Ratio Rankings - The stocks with the highest net outflow ratios include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [3] - Other notable stocks with significant net outflow ratios are Kangji Medical (09997) at -53.77% and QiuTai Technology (01478) at -47.17% [3]

中期報告 目錄 2025中期報告 映恩生物 2 釋義及技術詞彙表 | 「BioNTech」 | 指 | BioNTech SE | | --- | --- | --- | | 「突破性療法認定」 | 指 | 經中國藥監局及╱或FDA授予的認定，以加快開發和審查用 | | | | 於治療嚴重疾病（為沒有有效治療方法且初步證據表明該療法 | | | | 可能比現有治療方案有實質性改善的疾病）的療法 | | 「B7H3」或「B7-H3」 | 指 | 抗B7同源3蛋白 | | 「CC」 | 指 | 宮頸癌 | | 「中國」或「中國內地」 | 指 | 中華人民共和國，僅就本中期報告而言，除文義另有所指 | | | | 外，不包括香港、中國澳門特別行政區及台灣 | | 「本公司」 | 指 | 映恩生物，一家於2019年7月3日在開曼群島註冊成立的獲豁 | | | | 免股份有限公司，其股份於聯交所上市（股份代號：9606） | | 「核心產品」 | 指 | 具有上市規則第18A章賦予該詞的涵義；就本中期報告而言， | | | | 我們的核心產品指DB-1303及DB-1311 | | 「企業管治守則」 | 指 | 上市規 ...

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Heng Rui Medicine (01276) saw the largest increase in ownership percentage, rising by 1.49% to a total of 13.84% [2]. - Kanglong Chemical (03759) experienced a 1.35% increase, bringing its ownership to 60.51% [2]. - Zhaoyan New Drug (06127) increased by 1.27%, reaching a holding of 43.70% [2]. - Other companies with significant increases include Junshi Biosciences (01877) at +1.24% (59.08%) and China Pacific Insurance (02601) at +1.20% (44.16%) [2]. Group 2: Decreased Holdings - Shandong Molong (00568) had the largest decrease, with a drop of 1.99% to 57.67% [2]. - Yisou Technology (02550) decreased by 0.99%, now holding 37.95% [2]. - Nanjing Panda Electronics (00553) saw a reduction of 0.98%, bringing its ownership to 42.65% [2]. - Other notable decreases include Kailai Ying (06821) at -0.95% (43.35%) and Meizhong Jiahe (02453) at -0.95% (32.06%) [2]. Group 3: Five-Day Changes - In the last five trading days, China Merchants Energy (01138) had the highest increase in ownership, up by 6.19% to 65.63% [3]. - Shandong Molong (00568) also saw a significant increase of 3.74% [3]. - Other companies with notable increases include Zhongchu Innovation (03931) at +3.62% (10.35%) and Youbao Online (02429) at +3.33% (17.38%) [3]. Group 4: Twenty-Day Changes - Over the past twenty days, Anjiren Food (02648) experienced the largest increase, up by 12.29% to 20.54% [4]. - China Merchants Energy (01138) also saw a significant increase of 9.07% [4]. - Other companies with notable increases include Yimai Sunshine (02522) at +7.70% (43.02%) and Lens Technology (06613) at +7.56% (13.64%) [4].

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 4.234 billion, Ping An of China (02318) with 844 million, and Southern Hang Seng Technology (03033) with 480 million [1] - The top three companies with net outflows of southbound funds are Xiaomi Group-W (01810) with -1.733 billion, Meituan-W (03690) with -852 million, and Kangfang Biologics (09926) with -462 million [1] - In terms of net inflow ratio, Tehai International (09658) leads with 62.75%, followed by Yancoal Australia (03668) with 51.59%, and Yimeng Biologics-B (09606) with 51.01% [1] - The companies with the highest net outflow ratios are GX China (03040) at -100.00%, Kangji Medical (09997) at -60.98%, and China International Marine Containers (02039) at -48.45% [1] Top 10 Net Inflows - Alibaba-W (09988) had a net inflow of 4.234 billion, representing a 16.56% increase in closing price to 141.900 [2] - Ping An of China (02318) saw a net inflow of 844 million, with a 24.06% increase in closing price to 57.200 [2] - Southern Hang Seng Technology (03033) recorded a net inflow of 480 million, with a 6.20% increase in closing price to 5.715 [2] Top 10 Net Outflows - Xiaomi Group-W (01810) experienced a net outflow of -1.733 billion, with a -17.96% decrease in closing price to 56.200 [2] - Meituan-W (03690) had a net outflow of -852 million, with a -5.77% decrease in closing price to 99.650 [2] - Kangfang Biologics (09926) faced a net outflow of -462 million, with a -15.64% decrease in closing price to 140.100 [2] Net Inflow Ratios - Tehai International (09658) had a net inflow ratio of 62.75% with a net inflow of 7.0962 million, closing at 14.980 [3] - Yancoal Australia (03668) recorded a net inflow ratio of 51.59% with a net inflow of 28.6046 million, closing at 27.620 [3] - Yimeng Biologics-B (09606) had a net inflow ratio of 51.01% with a net inflow of 194 million, closing at 406.400 [3] Net Outflow Ratios - GX China (03040) had a net outflow ratio of -100.00% with a net outflow of -11.4 thousand, closing at 38.140 [3] - Kangji Medical (09997) recorded a net outflow ratio of -60.98% with a net outflow of -20.9363 million, closing at 8.850 [3] - China International Marine Containers (02039) had a net outflow ratio of -48.45% with a net outflow of -16.1516 million, closing at 8.020 [3]

Core Viewpoint - Invesco Bio-B (09606) saw its stock price rise over 10%, reaching a new high of 480 HKD, following the announcement of its inclusion in the Hang Seng Composite Index and the Stock Connect program, which is expected to enhance its investor base and trading volume [1] Group 1: Stock Performance - Invesco Bio-B's stock increased by 10.85%, trading at 480 HKD with a transaction volume of 579 million HKD [1] - The stock reached a new high, indicating strong market interest and confidence in the company's future prospects [1] Group 2: Company Announcements - The company announced that starting September 8, 2025, its shares will be included in the Hang Seng Composite Index and the Stock Connect program, allowing mainland Chinese investors to directly invest in its shares listed on the Hong Kong Stock Exchange [1] - This inclusion is seen as a recognition of the company's performance and value in the capital market [1] Group 3: Financial Performance - According to Haitong International, Invesco Bio-B reported a revenue of 1.23 billion HKD, primarily due to the recognition of upfront payments from licensing agreements, including 50 million USD from Avenzo and 20 million USD from 3SBio [1] - The company experienced a significant increase in losses, attributed to fair value changes in financial liabilities measured at fair value through profit or loss [1] - The company holds 3.75 billion HKD in cash, which is expected to support clinical and early-stage R&D investments for the next 3 to 5 years [1] Group 4: Collaborations and Future Prospects - The collaboration pipeline with BioNTech is progressing steadily, with early-stage molecules expected to show potential [1]

Group 1 - The core viewpoint of the article highlights that EnGene Biotech-B (09606) has seen its stock price rise over 10%, reaching a new high of 480 HKD, following the announcement of its inclusion in the Hang Seng Composite Index and the Stock Connect program [1] - The inclusion in the Hang Seng Composite Index and the Stock Connect program is expected to enhance the company's investor base and increase trading liquidity [1][1] - The company reported a revenue of 1.23 billion HKD for the interim period, primarily due to upfront payments from licensing agreements, including 50 million USD from Avenzo and 20 million USD from 3SBio [1][1] Group 2 - The company experienced a significant increase in losses, attributed to fair value changes in financial liabilities measured at fair value through profit or loss [1] - The company holds 3.75 billion HKD in cash, which is deemed sufficient to support clinical and early-stage R&D investments for the next 3 to 5 years [1][1] - The collaboration pipeline with BioNTech is progressing steadily, with early-stage molecules expected to show potential [1]

消息面上，上交所、深交所近日发布公告显示，映恩生物被调入港股通标的名单，并自9月8日起生效。 公司表示，股份获纳入恒生综合指数及沪港通合资格证券，代表资本市场对公司表现及价值的高度认 同，中国内地合资格投资者从而可以透过上海证券交易所直接投资于香港联合交易所有限公司上市的股 份。预期该项纳入将进一步扩大公司的投资者基础，并有望增加股份的交易流通量。 值得关注的是，映恩生物近日公告，经独立数据监察委员会(IDMC)评估，与对照组相比，DB- 1303/BNT323用于既往接受曲妥珠单抗和紫杉烷类治疗的HER2阳性不可切除或转移性乳腺癌患者的III 期临床试验已达到由盲态独立中心审阅(BICR)评估的无进展生存期(PFS)主要研究终点。根据这项中期 分析结果，公司计划与国家药监局药审中心就提交DB-1303/BNT323生物制品上市许可申请(BLA)进行 沟通。公司表示将加速推进DB-1303/BNT323的药品上市许可申请进程，并深化与BioNTech的全球战略 合作，共同推动DB-1303/BNT323的全球开发。 映恩生物-B(09606)涨超8%，高见459.8港元创新高。截至发稿，涨8.32%，报440 ...