风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 7月9日，港股创新药ETF（159567）收盘涨1.08%，成交额23.52亿元。 港股创新药ETF（159567）现任基金经理为马君。马君自2024年1月3日管理（或拟管理）该基金，任职 期内收益56.11%。 最新定期报告显示，港股创新药ETF（159567）重仓股包括药明生物、百济神州、信达生物、康方生 物、中国生物制药、中国生物制药、石药集团、翰森制药、三生制药、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）02269药明生物11.47%322.40万8047.93万 06160百济神州10.87%49.72万7625.77万01801信达生物9.60%156.65万6736.56万09926康方生物 8.56%85.40万6005.30万01177中国生物制药8.13%1647.80万5702.40万08027中国生物制药8.13%1647.80万 5702.40万01093石药集团 ...

Core Viewpoint - 康方生物 is positioned to lead the next generation of tumor immunotherapy with its innovative dual-antibody platform and strong pipeline of products [1][2][3] Group 1: Company Overview - 康方生物 focuses on developing innovative antibody drugs, utilizing its ACE platform and Tetrabody technology to support over 20 pipelines [1] - The company achieved a significant milestone with the approval of AK104, the world's first PD-1/CTLA-4 dual antibody, in 2022 [1] - 康方生物 has a robust cash position of 7.3 billion RMB in 2024, which supports the commercialization of its pipeline [1] Group 2: Product Pipeline and Market Potential - AK112 has outperformed K drug in head-to-head trials and is expected to become a cornerstone product in the global immuno-oncology market, with peak revenue projections of 17.1 billion RMB by 2035 [2] - AK104 is the only approved PD-1/CTLA-4 dual antibody, with ongoing clinical trials expanding its indications, including cervical and gastric cancers [3] - The company anticipates rapid revenue growth from AK104 and AK112, with projected revenues of 3.67 billion, 5.34 billion, and 7.24 billion RMB for 2025-2027 [4] Group 3: Financial Projections and Valuation - The valuation of 康方生物 is projected at 160 billion HKD based on the potential of AK104 and AK112, with domestic revenue estimated at 3x PS and overseas at 15x PE [4] - The FCFF model indicates a target price of 163.33 RMB, suggesting significant upside potential compared to the closing price on July 7, 2025 [4]

证券研究报告·海外公司深度·药品及生物科技(HS) 康方生物（09926.HK） 全球双抗龙头，依沃西引领二代 IO 新时代 2025 年 07 月 07 日 证券分析师 朱国广 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,551 | 2,124 | 3,672 | 5,342 | 7,240 | | 同比(%) | 442.19 | (53.33) | 72.88 | 45.47 | 35.53 | | 归母净利润（百万元） | 2,028.30 | (514.52) | (1,028.86) | (1,059.61) | 664.07 | | 同比(%) | 273.60 | (125.37) | (99.97) | (2.99) | 162.67 | | EPS-最新摊薄（元/股） | 2.26 | (0.57) | (1.15) | (1.18) | 0.74 | | P/E（现价&最新摊薄） | ...

证券研究报告：医药生物|行业周报 发布时间：2025-07-07 行业投资评级 强于大市 |维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 7952.02 | | 52 周最高 | 8490.25 | | 52 周最低 | 6070.89 | 行业相对指数表现 2024-07 2024-09 2024-11 2025-02 2025-04 2025-07 -7% -3% 1% 5% 9% 13% 17% 21% 25% 29% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈成 SAC 登记编号:S1340524020001 Email:chencheng@cnpsec.com 近期研究报告 《RDC 引领核药行业快速崛起，开启诊 疗一体化时代》 - 2025.07.04 医药生物行业报告 （2025.06.30-2025.07.04） PD-(L)1/VEGF双抗BD预期引发创新药行情持续 热潮 l 一周观点：PD-(L)1/VEGF ...

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed down 1.44% on July 7, with a trading volume of 1.402 billion yuan [1] - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of July 4, 2024, the fund's latest share count was 1.995 billion shares, with a total size of 3.203 billion yuan, reflecting a 404.69% increase in shares and a 747.72% increase in size year-to-date [1] Group 2 - The fund's liquidity showed a cumulative trading amount of 44.415 billion yuan over the last 20 trading days, with an average daily trading amount of 2.221 billion yuan [1] - Year-to-date, the cumulative trading amount reached 96.310 billion yuan over 122 trading days, with an average daily trading amount of 789 million yuan [1] - The current fund manager, Ma Jun, has managed the fund since its inception, achieving a return of 60.51% during the tenure [1] Group 3 - The top holdings of the Hong Kong Innovative Drug ETF include WuXi Biologics (11.47%), BeiGene (10.87%), and Innovent Biologics (9.60%), among others [2] - The fund's holdings are diversified across various companies in the innovative drug sector, with significant investments in both domestic and international firms [2]

证券研究报告 | 行业周报 gszqdatemark 2025 07 06 年 月 日 医药生物 【周专题&周观点】【总第 404 期】从海外映射寻找下半年创新药 新赛道 一、当周（6.30-7.04）回顾与周专题： 当周（6.30-7.04）申万医药指数环比+3.64%，跑赢创业板指数，跑赢沪深 300 指数。我们 复盘了 PD-1 Plus 核心标的股价走势，以及海外创新管线最新数据。 二、近期复盘： 1、当周表现：本周市场整体震荡向上，钢铁、建材、银行领涨，医药表现也不错。医药结 构上，创新药和脑机接口表现比较好，创新药中以 PD1 plus 和颠覆式技术平台和颠覆式大 单品中小市值表现较好。部分中报优质公司表现也不错。 2、原因分析：本周市场以反内卷逻辑为主线表现。从医药板块来看，7 月初创新药上涨，或 被认为缘于科技资金回归，但我们认为底层逻辑（前面几周周报反复强调）是创新药行业产 业趋势在众多行业中比较优势突出，终归会迎来市场共识，调整后会继续表现。在创新药反 攻过程中，PD1 plus 成了反攻主力军，为什么会这样？因为这轮创新药导火索 BD 的重大 deal 发源地就在 PD1 plus，当然 ...

Core Viewpoint - Multiple favorable policies have been released, leading to a collective surge in innovative drug stocks, with Kangfang Biotech's market capitalization surpassing HKD 100 billion [9][11]. Market Performance - On July 4, the Hang Seng Index initially dropped over 1.5% but later narrowed its losses, closing down 0.64% at 23,916.06 points, with a weekly decline of 1.52% [2]. - The total market turnover was HKD 267.8 billion, with southbound funds net buying HKD 6.68 billion [4]. - The healthcare sector index rose by 0.8%, while the materials sector index fell by nearly 1.2% [7]. Stock Highlights - Kangfang Biotech's stock price increased by 9.43% to HKD 116.10, with a total market value reaching HKD 104.2 billion [9][12]. - Other innovative drug companies also saw significant gains, including: - Boan Biotech up 8.55% - Cloudtop New Drug up 4.84% - WuXi AppTec up 4.31% [11][12]. Policy Impact - On July 1, the National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, which are expected to expand market opportunities and encourage R&D efforts [12][13]. - The introduction of a commercial insurance innovative drug directory is seen as a significant exploration of an innovative payment system, injecting new vitality into the innovative drug ecosystem [13].

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 国泰君安国际(01788) | 107.14 亿元 | +9152.26 万元 | | 阿里巴巴-W(09988) | 35.71 亿元 | -3.34 亿元 | | 中芯国际(00981) | 31.84 亿元 | +3.72 亿元 | | 小米集团-W(01810) | 30.87 亿元 | -3.70 亿元 | | 美团-W(03690) | 23.79 亿元 | -2.70 亿元 | | 建设银行(00939) | 21.20 亿元 | +1.68 亿元 | | 小鹏汽车-W(09868) | 21.08 亿元 | +9.19 亿元 | | 腾讯控股(00700) | 19.00 亿元 | -1.45 亿元 | | 康方生物(09926) | 16.74 亿元 | -9555.19 万元 | | 多点数智(02586) | 12.49 亿元 | +3015.96 万元 | 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 国泰君安国际(017 ...

截至2025年7月4日 13:17，恒生医疗保健指数(HSHCI)强势上涨1.19%，成分股华昊中天医药-B(02563)上涨16.34%，康方生物(09926)上涨8.67%，云顶新耀 (01952)上涨6.95%，科伦博泰生物-B(06990)，药明合联(02268)等个股跟涨。恒生医疗ETF(513060)上涨0.86%，最新价报0.59元。拉长时间看，截至2025年7 月3日，恒生医疗ETF近1周累计上涨3.57%。 流动性方面，恒生医疗ETF盘中换手18.66%，成交15.16亿元，市场交投活跃。拉长时间看，截至7月3日，恒生医疗ETF近1月日均成交22.00亿元，居可比基 金第一。 消息面上，7月3日早间，康方生物宣布，自主研发的首个双抗ADC药物AK146D1治疗晚期实体瘤的Ia期临床研究完成首例受试者入组。该药已获美国 FDA、澳大利亚TGA和中国国家药监局批准开展临床试验。 华泰证券认为，AI有望重塑新药研发的生产模式、医疗服务的提供方式，其在医疗领域的应用将越来越广泛，涵盖病理研究、药物研发等几乎所有医疗环 节。"AI + 医疗" 此前被市场低估，随着相关技术成本降低和应用推进，2025 ...

Core Viewpoint - The pharmaceutical sector is experiencing significant movements, particularly with AstraZeneca exploring a potential $15 billion deal with SMMT, indicating strong interest in the PD(L)1*VEGF market, which is expected to grow substantially by 2030 [1][2]. Group 1: Market Performance - As of July 4, 2025, the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index (930965) shows mixed performance among its constituent stocks, with Kangfang Biotech (09926) leading with a 3.86% increase [1]. - The Hong Kong Pharmaceutical ETF (159718) has seen a net value increase of 67.88% over the past year, currently priced at 0.86 yuan [1]. - The CSI Pharmaceutical and Medical Device Innovation Index (931484) has risen by 0.01%, with notable gains from stocks like Baillie Gifford (688506) and Kanghong Pharmaceutical (002773) [5][10]. Group 2: AstraZeneca's Strategic Moves - AstraZeneca is in discussions with SMMT regarding a potential $15 billion transaction, reflecting its strong positioning in the oncology sector and the need for a quality IO asset [1]. - The company is expected to generate 14 billion yuan in operating cash flow by 2025, with half available for business development and acquisitions, indicating a robust financial position to pursue significant transactions [1]. Group 3: PD(L)1*VEGF Market Insights - The PD(L)1*VEGF market is projected to reach $100 billion by 2030, with 42 approved indications, primarily in lung, stomach, kidney, bladder, liver, and head and neck cancers [2]. - Companies like Kangfang Biotech and Promis Biotech are exploring additional indications in China, suggesting a broadening of the PD(L)1*VEGF market [2]. - Other multinational corporations (MNCs) such as MSD, BMS, PFE, and ABBV are also likely to enter the PD(L)1*VEGF space, indicating a competitive landscape similar to the early days of PD(L)1 monoclonal antibodies [3].