简历显示：郑宁先生:中国,研究生、硕士。曾任泰康资产管理有限责任公司股票研究经理、高级股票研 究经理;中庚基金管理有限公司研究员、高级研究员(医药组组长)。2022年加入中银基金管理有限公司。 2022年7月1日担任中银创新医疗混合型证券投资基金基金经理。2022年10月13日担任中银医疗保健灵活 配置混合型证券投资基金基金经理。2023年2月28日任中银大健康股票型证券投资基金基金经理。 来源：金融界 金融界2025年8月13日消息，中银创新医疗混合C(010500) 最新净值2.1969元，增长3.87%。该基金近1个 月收益率15.09%，同类排名1008|4699；近6个月收益率86.76%，同类排名26|4543；今年来收益率 85.33%，同类排名30|4501。 中银创新医疗混合C股票持仓前十占比合计62.83%，分别为：信达生物（8.33%）、科伦博泰生 （8.15%）、恒瑞医药（8.08%）、康方生物（8.07%）、新诺威（6.13%）、百利天恒（5.99%）、百济 神州-U（5.97%）、翰森制药（4.15%）、荣昌生物（4.05%）、康诺亚-B（3.91%）。 公开资料显示，中银创新医疗 ...

Core Viewpoint - The report from Guojin Securities highlights the rise of innovative drugs in China, indicating that the industry is in the early stages of realizing innovation outcomes, with significant opportunities for independent development and large-scale licensing transactions in the future [1] Group 1: Industry Trends - The global oncology immunotherapy landscape is entering a new era characterized by the combination of PD-1 and TAA (tumor-associated antigens) with cytokines [2] - Multinational pharmaceutical companies are facing patent cliffs for their blockbuster drugs while new innovative drug assets are rapidly emerging globally, including in China, leading to a trend of licensing agreements to fill pipeline gaps [2] - The global innovative drug business development (BD) upfront payments have reached the billion-dollar level, with China accounting for 40% of the total upfront payments [2] Group 2: Drug Development Focus - The evolution from single antibodies to dual and multi-target molecules is ongoing, with a focus on enhancing efficacy and reducing toxicity [3] - The exploration of new molecular constructs has progressed from combinations of immune checkpoint inhibitors (ICIs) and TAAs to combinations with cytokines like IL-2, aiming for better therapeutic outcomes [3][4] - The next wave of innovation in the post-PD-1 era is just beginning, with numerous companies exploring combinations of PD-1 with IL-2 and other structural innovations [4] Group 3: Potential Investment Targets - The report suggests that promising new products may emerge from segments such as TCE (T-cell engagers), other dual/multi-antibodies, and innovative ADCs (antibody-drug conjugates), with a focus on leading clinical enterprises [5] - Recommended companies to watch include Innovent Biologics (01801), Kintor Pharmaceutical (09926), and Kelun-Biotech (06990) [5]

8月13日早间，港股市场震荡走强，截至午盘恒生指数涨1.88%，恒生科技指数涨2.35%，医疗板块涨幅 居前。 相关ETF方面，港股创新药50ETF（513780）截至午间收盘涨3.38%，换手率超18%，成交额逾4亿元。 成分股方面，昭衍新药、康诺亚-B涨超8%，信达生物、药明合联、凯莱英等多只个股涨幅居前。 消息面上，据第一财经，"医保双目录"申报药品首次亮相，高价创新药冲刺商保目录。8月12日，国家 医保局公示通过2025年医保目录及商保创新药目录调整初步形式审查的药品及相关信息。根据公告，今 年共有534个药品通过基本医保目录的形式审查，121个药品通用名通过商保创新药目录的形式审查，包 括定价百万元的抗癌药CAR-T在内，多款高价创新药冲刺商保创新药目录，寻求创新药多元支付的新途 径。 平安证券指出，从BD、商业化、政策三个角度看，创新药崛起具备持续性，建议关注：管线布局丰富 的创新药公司；创新药单品潜力大，价格有望重估的企业；看好前沿技术平台布局领先的企业， CXO：医药研发投入稳中有升，创新环境有望转暖，新兴领域带来额外增量；上游：优质企业海外布 局进入收获期，国内外共促业绩增长；器械：招采持续 ...

8月13日早盘，创新药ETF沪港深（159622）场内价格涨超1.6%，成份股海思科、迪哲医药涨超5%，信 达生物、药明合联、晶泰控股涨超4%，百利天恒、康弘药业、药明康德、和黄医药涨超3%，百济神 州、金斯瑞生物科技、翰森制药、科伦博泰生物、泽璟制药涨超2%。 消息面上，8月12日，国家医保局正式公示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的初步形式审查结果，合计有超过650个药品进入基本医保目录与商保 创新药目录。 敲黑板，医保、商保目录是下半年创新药投资最重要的事。 本次目录调整首次实施"双轨制"，即基本医保目录聚焦基础保障，商保创新药目录则针对符合"独家新 药"或"罕见病用药"条件的药品提供补充保障通道。 在718份基本医保目录申报信息中，共有534个药品通用名通过基本医保目录初审，其中目录外药品310 个，较2024年249个显著增加。目录外西药占比超八成，包括肿瘤靶向药、罕见病用药及新型制剂（如 口崩片、吸入剂等）。每年的医保目录调整让当年获批的创新药即可有机会进入医保目录，多款创新药 进入初审名单，包括加科思/艾力斯合作的肺癌新药戈来雷塞片；恒瑞医药 ...

Core Viewpoint - The report from Huafu Securities indicates that Kangfang Biopharma (9926.HK) is leading globally in the development of its self-researched dual antibody AK112, which is expected to capture the largest share of the global second-generation immuno-oncology (IO) market [1] Financial Projections - The projected revenues for Kangfang Biopharma for the years 2025, 2026, and 2027 are estimated to be 35.18 billion, 57.65 billion, and 93.72 billion CNY respectively [1] - The expected net profits attributable to the parent company for the same years are projected to be -1.86 billion, 8.03 billion, and 29.66 billion CNY respectively [1] Valuation - The reasonable market capitalization for Kangfang Biopharma is estimated to be 222.8 billion HKD [1] - The report maintains a "buy" rating for the company's stock [1]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index (HSSCPB) increased by 0.02%, with notable stock performances including Jingtai Holdings (02228) up 7.38% and Fosun Pharma (02196) up 6.00% [3] - The Hong Kong Innovative Drug Selection ETF (520690) rose by 0.52%, reaching a latest price of 0.97 yuan, with a trading volume of 240.45 million yuan and a turnover rate of 0.62% [3] - Jingtai Holdings announced an expected comprehensive income of no less than 500 million yuan for the six months ending June 30, 2025, representing an increase of at least 387% compared to the same period in 2024 [3] Group 2 - The Hong Kong Innovative Drug Selection ETF reached a new high in scale at 385 million yuan and a new high in shares at 399 million [4] - The ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 22.93 million yuan, totaling 42.28 million yuan [4] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [5] Group 3 - The HSSCPB index aims to reflect the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [5] - The top ten weighted stocks in the HSSCPB index account for 78.05% of the total index weight, including companies like BeiGene (06160) and WuXi Biologics (02269) [5]

Group 1 - Xiaomi Group-W (01810), SMIC (00981), and Alibaba-W (09988) ranked the top three in net inflow of southbound funds, with net inflows of 1.716 billion, 0.497 billion, and 0.492 billion respectively [1] - The top three stocks with the highest net outflow of southbound funds were the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and China Mobile (00941), with net outflows of -4.725 billion, -1.560 billion, and -0.794 billion respectively [1] - In terms of net inflow ratio, Reshape Energy (02570), Haitian International (01882), and Guofu Hydrogen Energy (02582) led the market with ratios of 69.81%, 56.10%, and 54.91% respectively [1] Group 2 - The top ten stocks by net inflow included Xiaomi Group-W (01810) with 1.716 billion and a closing price of 51.850, down 3.98% [2] - The top ten stocks by net outflow included the Tracker Fund of Hong Kong (02800) with -4.725 billion and a closing price of 25.560, up 0.55% [2] - The highest net inflow ratio was recorded by Reshape Energy (02570) at 69.81% with a closing price of 167.000, up 1.33% [3]

8月11日上榜的成交活跃股中，康方生物通过港股通渠道成交金额为11.00亿港元，净买入金额为3.06亿港元，不仅如此，该股已连续5日出现成交 净买入，累计净买入金额为11.82亿港元，其间股价上涨5.72%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （原标题：康方生物获南向资金连续5天净买入） 康方生物获南向资金连续5天净买入，累计净买入金额为11.82亿港元，股价累计上涨5.72%。 证券时报•数据宝统计显示，8月11日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交294.32亿港元，净卖出金额为10.21亿港元。 ...

证券时报·数据宝统计，8月11日港股通全天合计成交金额为1158.14亿港元，成交净买入0.38亿港元。 具 体来看，沪市港股通成交金额697.39亿港元，成交净卖出1.80亿港元；深市港股通成交金额460.75亿港 元，成交净买入2.19亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，中芯国际成交额为32.68亿港元，成交金额居首； 其次是小米集团-W、腾讯控股，成交金额分别为19.50亿港元、19.35亿港元。以净买卖金额统计，小米 集团-W净买入额为3.70亿港元，净买入金额居首，该股收盘股价下跌0.88%。净卖出金额最多的是小鹏 汽车-W，净卖出3.96亿港元，收盘股价上涨5.36%。 8月11日恒生指数上涨0.19%，报收24906.81点，全天南向资金通过港股通渠道合计净买入0.38亿港元。 （文章来源：证券时报网） 8月11日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00981 | 中芯国际 | 港股通(沪) | 326760.6 ...

8月11日，南下资金净买入港股3834.39万港元。 其中，净买入小米集团-W 5.62亿、康方生物3.05亿、东方甄选1.87亿、晶泰控股1.16亿； 净卖出小鹏汽车-W 6.64亿、信达生物5.27亿、腾讯控股3.39亿、美团-W 2.64亿、阿里巴巴-W 2.33亿、 中芯国际2.37亿。 北水关注个股 小米集团今日微跌0.88%，连续5个交易日收绿。中金发表报告，预计小米集团第二季度收入将达1179.7 亿元，按年增长32.71%，经调整净利润101.8亿元，按年增长64.84%(包含电动车及创新业务3.6亿元亏 损)。该行将小米目标价下调9%至70港元，对应2025及2026年市盈率分别为34.4倍和25.1倍，潜在上行 空间29.6%，维持"跑赢行业"评级。 小鹏汽车今日大涨5.36%。小鹏汽车首款增程车型——小鹏X9增程版MPV已于8月8日进入工信部新一批 新车公示清单，这意味着该车距离上市愈来愈近。小鹏汽车CEO何小鹏、发文表示，首款"超级电动车 型"小鹏X9将会在第四季度正式推出。 信达生物今日跌1.42%。中信证券认为，2025年下半年医疗健康产业的业绩和估值修复趋势确定性较 高，同时分化 ...