Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

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56.94%。 来源：新浪基金∞工作室 12月26日，港股创新药ETF（159567）收盘跌0.26%，成交额2.21亿元。 港股创新药ETF（159567）成立于2024年1月3日，基金全称为银华国证港股通创新药交易型开放式指数 证券投资基金，基金简称为港股创新药ETF。该基金管理费率每年0.50%，托管费率每年0.10%。港股创 新药ETF（159567）业绩比较基准为国证港股通创新药指数收益率(经估值汇率调整)。 规模方面，截止12月25日，港股创新药ETF（159567）最新份额为104.67亿份，最新规模为82.04亿元。 回顾2024年12月31日，港股创新药ETF（159567）份额为3.95亿份，规模为3.78亿元。即该基金今年以 来份额增加2547.36%，规模增加2071.41%。 流动性方面，截止12月26日，港股创新药ETF（159567）近20个交易日累计成交金额157.32亿元，日均 成交金额7.87亿元；今年以来，240个交易日，累计成交金额2796.55亿元，日均成 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

Market Overview - The US CPI annual rate decline has led to a rise in US stocks, boosting risk market sentiment [1] - The Hang Seng Index opened higher and closed up 0.75%, with the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.68% and 1.12% respectively [1][2] Sector Performance - Major technology stocks saw collective gains, with Tencent up 1.49%, Kuaishou up 1.45%, and Meituan up 1.28% [4] - Pharmaceutical stocks were active, with WuXi AppTec and other related stocks rising [2] - Gaming stocks continued to rise, with MGM China leading with a 6.6% increase [2][5] - AI-driven demand boosted optical fiber and cable stocks, with Yangtze Optical Fiber rising 12% [2] - Automotive, wind power, education, photovoltaic, insurance, and Apple-related stocks also experienced gains [2] Notable Stock Movements - Xpeng Motors rose 7.65%, Horizon Robotics up 7.04%, and Li Auto up 3.81% [4][10] - Electronic cigarette stocks saw significant increases, with China Tobacco Hong Kong up 6.68% [5] - Chinese brokerage stocks rose, with China International Capital Corporation up over 4% [7] - Intelligent driving concept stocks surged, with Youjia Innovation up 31.22% [8] Weak Performers - Heavy machinery stocks faced declines, with China National Heavy Duty Truck Group down over 6% [13] - Gold and precious metal stocks were weak, with several companies experiencing declines of over 2% [16] - Oil stocks also fell, with China Petroleum & Chemical Corporation down 1.52% [15] Capital Flows - Southbound funds recorded a net purchase of HKD 3.371 billion, with net selling from Shanghai-Hong Kong Stock Connect and net buying from Shenzhen-Hong Kong Stock Connect [18] Market Outlook - CITIC Securities suggests that after a strong performance in September, Hong Kong stocks are undergoing a mid-term adjustment, with quality assets entering a high-value zone [18]

Core Viewpoint - The Hong Kong stock market has seen a surge in refinancing activities this year, with placements becoming the preferred method for companies due to their efficiency, flexibility, and cost advantages [1][3]. Group 1: Market Activity - Hong Kong listed companies have raised nearly 350 billion HKD through placements, rights issues, and consideration issues this year, with placements accounting for almost 90% of the total [1][3]. - The total amount raised through placements alone reached approximately 312.4 billion HKD, representing 89.61% of the total refinancing [3][7]. Group 2: Industry Insights - Key industries leading the placements include hardware equipment, automotive and parts, biomedicine, and software services, with hardware equipment raising 600.07 billion HKD [4][5]. - Notable contributions from specific companies include Xiaomi Group raising 426 billion HKD in the hardware sector and BYD raising 435.09 billion HKD in the automotive sector [4][7]. Group 3: Fund Utilization - The funds raised through placements are primarily allocated for research and development, business expansion, international market development, and optimizing capital structure [9]. - Companies like SenseTime and BYD have specified that their raised funds will support core business development, AI infrastructure, and overseas market expansion [9]. Group 4: Market Conditions - The active refinancing in the Hong Kong market is attributed to increased market activity, rising trading volumes, and valuation recovery, providing an excellent window for companies to refinance [10]. - Analysts predict that the liquidity in the Hong Kong market will continue to improve, driven by the "wealth effect" and increasing participation from mainland investors [10].

Core Insights - The biopharmaceutical sector in Guangzhou, particularly in the Huangpu District, is rapidly developing, with a focus on innovation in areas such as gene therapy, diagnostics, and medical devices [1][5][21] - Guangzhou has established itself as a hub for unicorn companies, with 210 enterprises listed, 60 of which are in Huangpu, representing 29% of the city's total [1][5] - The "Strategic Entrepreneur Cultivation Plan" initiated by the Guangzhou Development Zone aims to enhance the competitiveness of biopharmaceutical companies through resource integration and systematic training [1][5] Biopharmaceutical Industry Development - Huangpu District has over 4,800 biopharmaceutical companies, including 528 high-tech firms and 21 listed companies, accounting for 72% of the city's total [7][21] - The district's industrial output value reached 35.1 billion yuan, positioning it among the top tiers of China's biopharmaceutical industry [7] - The area has seen a significant increase in clinical trial approvals, with 115 new approvals in 2024, including 99 for innovative drugs [7][21] Key Companies and Innovations - Yunzhou Biotech has become the world's largest CRO service provider for research-grade gene vectors, delivering over one million gene vectors globally by 2024 [2][17] - The company has achieved a compound annual growth rate of over 20% in revenue over the past three years, with a valuation exceeding 70 billion yuan, making it the first biopharmaceutical unicorn in Guangzhou [17] - Other notable companies in the region include Akeso, BeiGene, and Hengrui Medicine, contributing to a diverse and innovative biopharmaceutical landscape [5][18] Strategic Initiatives and Collaborations - The Guangzhou International Bio-Island initiative aims to create a comprehensive biopharmaceutical ecosystem through the establishment of pilot parks that enhance collaboration among companies [9][10] - The Huangpu District has implemented multiple policies to support the biopharmaceutical industry, including the "Biopharmaceutical 3.0" policy, which focuses on technology innovation, product commercialization, and talent support [25][30] - Recent investments from global healthcare giants, such as the establishment of a production base by Medtronic, highlight the area's attractiveness for foreign investment [28][30]

港股止跌，整个早盘都维持在中轴附近窄幅盘整，大消费和科技小幅收红，互联网和医疗走了和寂寞。 大消费探底回升后震荡上行，截止午盘小涨0.32%。其中李宁都在4.37%，申洲国际上涨2.26%，石药集 团、老铺黄金、药明生物、泡泡玛特等股涨幅均在1%上方；创科实业、小鹏汽车、地平线等股逆势绿 盘。 科技股开盘一直围绕中轴盘整，截止午盘小涨0.14%。其中美团上涨1.21%，京东集团、阿里巴巴、腾 讯控股、中芯国际等股均小幅收涨；比亚迪股份、网易等股逆势小跌。 恒生医疗走了个寂寞，其中石药集团上涨1.9%，药明生物上涨1.68%，百济神州、信达生物、三生制药 等股均小幅收涨；康方生物、中国生物、京东健康、翰森制药等股均小幅收跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ ...

Core Viewpoint - The company reported a significant increase in product revenue but also faced a substantial loss in net profit due to various factors, including investment losses and rising expenses [1][2]. Financial Performance - In the first half of 2025, the company's product revenue increased by 49.2% year-on-year to 1.4 billion yuan, with total revenue reaching 1.41 billion yuan, and a gross margin of 79.4% [1]. - Research and development expenses rose by 23.0% to 730 million yuan, contributing to a net profit loss of 570 million yuan, which is an increase of 139% compared to the previous period [1]. Capital Raising - In late August 2025, the company raised 3.493 billion HKD by placing 2.355 billion shares at a price of 149.54 HKD per share, resulting in a net cash position of 5.8 billion yuan post-placement [1]. Product Pipeline Progress - The company has made significant advancements in its product pipeline, including approvals for various cancer treatments, with AK104 and AK112 being notable products that have received regulatory approvals and are included in medical insurance [2]. - AK104 has been approved for multiple cancer indications, while AK112 has shown promising results in clinical trials, with plans for further submissions and analyses in the coming years [2]. Valuation and Target Price - The target price has been raised to 144.9 HKD based on a DCF valuation method, assuming a WACC of 10.0% and a perpetual growth rate of 3.0%, indicating a potential upside of 23.4% from the current price [3].

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed down 1.91% on December 16, with a trading volume of 1.078 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 December 15, 2024, the fund's total shares reached 10.425 billion, with a total size of 8.174 billion yuan, reflecting a significant increase in shares and size compared to the previous year [1] Fund Performance - The fund manager, Ma Jun, has achieved a return of 64.28% since taking over management on January 3, 2024 [2] - The fund's performance benchmark is the National Index of Hong Kong Innovative Drugs, adjusted for valuation exchange rates [1] Holdings Overview - Major holdings in the fund include: - BeiGene (10.62% holding, market value 817 million yuan) - CanSino Biologics (10.55% holding, market value 812 million yuan) - Innovent Biologics (10.21% holding, market value 786 million yuan) - China National Pharmaceutical Group (9.62% holding, market value 741 million yuan) - CSPC Pharmaceutical Group (7.56% holding, market value 583 million yuan) [2]

Core Viewpoint - Kangfang Biopharma-B (09926) has made significant progress in its core product pipeline, with multiple approvals and advancements in clinical trials, leading to a target price of HKD 144.9, indicating a potential upside of 23.4% from the current price, and a buy rating [1][11]. Financial Performance - In the first half of 2025, Kangfang Biopharma's product revenue increased by 49.2% to CNY 1.4 billion, with total revenue reaching CNY 1.41 billion, and a gross margin of 79.4%. R&D expenses grew by 23.0% to CNY 730 million. The company raised net proceeds of CNY 3.493 billion from a share placement at HKD 149.54 per share, resulting in an estimated cash balance of CNY 5.8 billion post-placement [2][12]. Product Pipeline Progress - **Kadoonili (AK104)**: Approved for 1st to 3rd line cervical cancer and 1st line gastric cancer, included in medical insurance; several new indications are in Phase III clinical trials, including IO-resistant squamous non-small cell lung cancer (NSCLC) and post-operative treatment for hepatocellular carcinoma [3][14]. - **Ivorosi (AK112)**: Approved for NSCLC after EGFR treatment progression, with positive overall survival (OS) data; a submission for FDA approval is expected in Q4 2025. Multiple indications are in Phase III clinical trials, including first-line PD-L1 positive NSCLC and various other cancers [4][15]. - **Pianpingli (AK105)**: FDA approved for first-line and second-line nasopharyngeal carcinoma treatment, marking the company's first independently developed drug to receive FDA approval, showcasing its R&D capabilities [6][16]. - **Other Products**: Include Inusimab (AK102) and Iroqi (AK101) which are included in the 2026 medical insurance; applications for other drugs like Gumoqi (AK111) for moderate to severe psoriasis are under review [7][18].