7月3日，创新药公司康方生物（09926.HK）盘中涨超14%，最高报106.4港元/股，股价创历史新高，总 市值约950亿港元，距离千亿市值仅有一步之遥。 消息面上，康方生物今日早间宣布，自主研发的首个双抗ADC药物（抗体偶联药物）AK146D1 （Trop2/Nectin4ADC），治疗晚期实体瘤的Ia期临床研究完成首例受试者入组。 临床前研究也显示，AK146D1对于表达Trop2或Nectin4的肿瘤具有强效的抗肿瘤活性和良好的安全性， 具有巨大的肿瘤治疗潜力。 AK146D1是康方生物首个进入临床阶段的双抗ADC药物。目前，该药已成功获得美国食品药品监督管 理局（FDA）、澳大利亚药品管理局（TGA）和国家药品监督管理局批准开展临床试验。 据介绍，Trop2和Nectin4是极具潜力的肿瘤靶点。目前全球已有靶向Trop2或Nectin4的单靶点ADC获批 上市，但尚无同时靶向Trop2或Nectin4的双抗ADC药物获批临床。 若发挥Trop2和Nectin4的协同互补作用，有望提高ADC药物疗效，减少耐药性，降低药物毒性，同时更 全面地覆盖各类型肿瘤疾病，克服单靶点ADC药物的治疗局限。 此外，该 ...

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 ...

创新药概念港股涨幅扩大。截至发稿， 基石药业(02616.HK)涨12%， 康方生物(09926.HK)涨10%， 信 达生物(01801.HK)涨7%， 荣昌生物(09995.HK)涨6%。 ...

Core Viewpoint - The recent policy measures introduced by the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs in China, addressing key challenges in the industry from research to market access [1][4]. Group 1: Policy Measures - The new measures include 16 targeted initiatives designed to tackle the difficulties in research, payment, and hospital access for innovative drugs, which are seen as a significant boost for the domestic pharmaceutical innovation engine [1][2]. - The policy encourages commercial health insurance to establish investment funds for innovative drug research, addressing long-term funding shortages [2]. Group 2: Research and Development - The measures allow for the opening of national unified medical insurance data, providing pharmaceutical companies and research institutions with access to critical data resources, which will help in efficiently identifying research targets and optimizing development pipelines [1][3]. - Companies can now apply for "point-to-point" policy guidance from the insurance department as soon as their new drug application is accepted, clarifying key elements for market access [2]. Group 3: Payment and Market Access - The introduction of a "commercial health insurance innovative drug directory" provides a new pathway for high-value innovative drugs that may not fit into basic medical insurance coverage, allowing for price confidentiality and exemption from certain regulations [3]. - The measures state that medical institutions cannot restrict the allocation of innovative drugs based on "drug proportion" or the number of drugs in the directory, enhancing the chances for high-value innovative drugs to enter hospitals [3]. Group 4: Market Outlook - The innovative drug sector is expected to continue its upward trend, driven by a recognition of the commercial model and the long-term value of leading companies, with a positive outlook for the industry’s fundamentals [5][7]. - The current market environment is characterized by a revaluation of research assets, with a focus on data asset pricing rather than business development (BD) pricing, indicating that high-quality research data will attract reasonable market valuations [6]. Group 5: Company Highlights - Heng Rui Medicine (恒瑞医药) is projected to achieve a revenue of 27.985 billion yuan in 2024, reflecting a 22.6% increase, with innovative drug sales expected to rise from 38.1% of total revenue in 2022 to 46.3% in 2024 [8]. - Three Life Pharmaceuticals (三生制药) has made significant strides in international collaboration, with a recent deal with Pfizer valued at up to $6.15 billion, showcasing the clinical value of its dual antibody platform [9].

截至2025年6月30日 14:27，中证香港创新药指数(931787)上涨0.68%，成分股昭衍新药(06127)上涨 11.01%，云顶新耀(01952)上涨9.27%，泰格医药(03347)上涨7.85%，凯莱英(06821)上涨4.84%，药明合 联(02268)上涨4.76%。港股创新药ETF(513120)上涨1.16%。 流动性方面，港股创新药ETF盘中换手33.61%，成交44.72亿元，市场交投活跃。拉长时间看，截至6月 27日，港股创新药ETF近1周日均成交67.88亿元。 规模方面，港股创新药ETF最新规模达133.20亿元。份额方面，港股创新药ETF最新份额达118.60亿 份，创近1月新高。 从资金净流入方面来看，港股创新药ETF近14天获得连续资金净流入，最高单日获得6.09亿元净流入， 合计"吸金"31.59亿元。 融资买入方面，6月27日港股创新药ETF获融资买入5.11亿元，两融余额12.21亿元。 截至6月27日，港股创新药ETF近1年净值上涨86.07%，QDII股票型基金排名1/120。从收益能力看，截 至2025年6月27日，港股创新药ETF自成立以来，最高单月回报为 ...

Group 1 - The core viewpoint is that the innovative drug market is still optimistic, with ongoing revaluation of innovative drug assets and a focus on the second-generation IO and ASCO data releases, as well as the valuation reshaping of pharma companies [1][2] - The pharmaceutical index increased by 1.40% during the week of June 9-14, 2025, outperforming the CSI 300 index, which decreased by 0.25%, resulting in a relative outperformance of 1.66% [1] - The current PE (TTM) for the pharmaceutical and biological industry is 28.41 times, compared to 12.04 times for the CSI 300 index, indicating a valuation premium of 135.95% for the pharmaceutical sector, which remains at a historical low [1] Group 2 - The current innovative drug market reflects a recognition of the business model of innovative drugs, driven by leading companies like BeiGene, Innovent Biologics, and Hengrui Medicine, which are expected to turn profitable through business development or globalization in 2024 or Q1 2025 [2] - The collective rise of leading innovative drug stocks indicates a systematic revaluation of their long-term R&D investment value, with the overall valuation center of the innovative drug sector moving upward due to long-term expectations of industry upgrades [2] - The current innovative drug market is characterized by data asset pricing rather than business development pricing, where high-quality and globally leading R&D asset data will attract reasonable market valuations regardless of short-term fluctuations in business development [2]

Group 1 - The core viewpoint of the article highlights the performance of the CSI Hong Kong Stock Connect Innovative Drug Index, which rose by 3.4% to 955.16 points, with a trading volume of 16.275 billion yuan [1] - The index has shown significant growth, increasing by 15.52% over the past month, 30.95% over the past three months, and 58.83% year-to-date [1] - The index comprises 50 listed companies involved in innovative drug research and development, reflecting the overall performance of innovative drug companies within the Hong Kong Stock Connect [1] Group 2 - The top ten weighted companies in the index include Innovent Biologics (10.14%), BeiGene (9.67%), WuXi Biologics (9.53%), and others, indicating a concentration in leading firms within the innovative drug sector [1] - The index is exclusively composed of companies listed on the Hong Kong Stock Exchange, with a 100% representation from this market [1] - The industry composition of the index shows that drug formulations account for 42.00%, other biopharmaceuticals for 38.03%, pharmaceutical and biotechnology services for 19.53%, and vaccines for 0.44% [2] Group 3 - The index undergoes adjustments every six months, specifically on the second Friday of June and December, with weight factors adjusted accordingly [2] - In special circumstances, the index may be adjusted temporarily, such as when a sample company is delisted or undergoes mergers or acquisitions [2] - Changes in the Hong Kong Stock Connect eligibility may also lead to adjustments in the index samples [2]

金融界6月24日消息，上证指数低开高走，中证港股通生物科技主题指数 (港股通生物科技，932253)报 1513.97点。 数据统计显示，中证港股通生物科技主题指数近一个月上涨15.00%，近三个月上涨27.95%，年至今上 涨60.32%。 据了解，中证港股通生物科技主题指数从港股通范围内选取50只业务涉及生物药品、制药与生物科技服 务等领域的上市公司证券作为指数样本，以反映港股通范围内生物科技主题上市公司证券的整体表现。 该指数以2018年12月28日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。每次调整的样本比例一般不超过20%。权重因子随样本定期调整而调整，调整时间与指数样本 定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临 时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照 计算与维护细则处理。当港股通范围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 本文源自：金融界 作者：行情君 从指数持仓来看，中证港股通生物科技主 ...

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown significant growth in both share volume and fund size since its inception, indicating strong investor interest in the innovative drug sector [1]. Group 1: Fund Performance - As of June 24, the Hong Kong Innovative Drug ETF (159567) closed with a gain of 2.25% and a trading volume of 2.373 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]. - The latest share count reached 1.478 billion, with a total fund size of 2.217 billion yuan as of June 23, reflecting a 273.92% increase in shares and a 486.71% increase in size since December 31, 2024 [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 38.434 billion yuan, averaging 1.922 billion yuan per day [1]. - Year-to-date, the ETF has seen a total trading amount of 79.325 billion yuan over 113 trading days, averaging 0.702 billion yuan per day [1]. Group 3: Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 49.94% during the management period [1]. Group 4: Top Holdings - The ETF's top holdings include WuXi Biologics (11.47%), BeiGene (10.87%), and Innovent Biologics (9.60%), among others, with significant market values attributed to each [2].

Group 1 - The innovative drug sector has become a focal point in the capital market since 2025, with Hong Kong's innovative drug index showing strong performance, increasing over 60% year-to-date and achieving record trading volumes [1] - Policy incentives and improvements in the industry fundamentals are driving this performance, including accelerated drug approvals and optimization of the medical insurance payment system [2] - The collaboration between domestic companies and international firms, such as the $60.5 billion partnership between 3SBio and Pfizer, highlights the growing international competitiveness of Chinese innovative drugs [2] Group 2 - Despite the long-term positive outlook, short-term volatility risks are present, with some stocks experiencing high price-to-sales ratios and potential profit-taking pressures [3] - The trading congestion in the innovative drug sector reached 3.9% as of June 13, indicating a high level of market activity and potential for significant corrections [3] - Uncertainties in drug development, geopolitical tensions, and currency fluctuations could impact the sector, with risks of clinical trial failures and regulatory changes affecting company valuations [3] Group 3 - The innovative drug index is expected to experience increased differentiation, with leading companies likely to maintain their advantages while weaker firms may lag behind [4] - Investors should focus on performance verification periods and policy developments, such as improvements in the medical insurance payment mechanism and the expansion of the Hong Kong 18A listing [4] - The innovative drug sector is positioned at the intersection of industry cycles and policy benefits, with long-term growth potential driven by international expansion and technological advancements [4]