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 | | --- | --- | --- | | 理想汽车-W(02015) | 24.04 亿元 | +2.87 亿元 | | 阿里巴巴-W(09988) | 21.48 亿元 | +1.81 亿元 | | 腾讯控股(00700) | 19.03 亿元 | -2.53 亿元 | | 信达生物(01801) | 18.63 亿元 | +3.64 亿元 | | 中芯国际(00981) | 17.74 亿元 | -4034.73 万元 | | 小米集团-W(01810) | 15.86 亿元 | +3.13 亿元 | | 石药集团(01093) | 13.20 亿元 | +3.43 亿元 | | 药明生物(02269) | 11.45 亿元 | +1.72 亿元 | | 美团-W(03690) | 9.35 亿元 | +1.72 亿元 | | 康方生物(09926) | 9.32 亿元 | +3084.87 万元 | 2025年7月30日当天，腾讯控股(00700)、理想汽车-W(02015)、中芯国际(00981)位居沪港通（南向）成 交额 ...

Market Overview - On July 30, the Hong Kong stock market saw a net inflow of 11.714 billion HKD from Northbound trading, with 6.427 billion HKD from Shanghai Stock Connect and 5.287 billion HKD from Shenzhen Stock Connect [2] Top Net Buy and Sell Stocks - The stocks with the highest net inflows included Li Auto-W (02015), CSPC Pharmaceutical Group (01093), and Meituan-W (03690) [2] - The stocks with the highest net outflows were SMIC (00981), Innovent Biologics (01801), and Guotai Junan International (01788) [2] Stock Performance - Li Auto-W (02015) experienced a significant drop of nearly 13%, but Northbound funds purchased 2.093 billion HKD worth of shares [7] - CSPC Pharmaceutical Group (01093) and Kangfang Bio (09926) saw net inflows of 872 million HKD and 30.84 million HKD, respectively, while Innovent Biologics (01801) faced a net outflow of 121 million HKD [7] - Tencent Holdings had a net inflow of 4.36 billion HKD, while Alibaba-W (09988) saw a net inflow of 1.76 billion HKD [3] Industry Insights - The introduction of Li Auto's first pure electric SUV, the i8, priced from 321,800 RMB, is expected to shift consumer preference towards new electric models [7] - HSBC's report indicates that the domestic pharmaceutical sector has outperformed the market this year, with expectations for strong momentum to continue [7] - Notably, Novo Nordisk has downgraded its 2025 earnings guidance, anticipating a significant decline in sales and profit growth [7] Additional Developments - Giant Legend (06683) received a net inflow of 175 million HKD after announcing a strategic partnership with Yuzhu Technology for the development of consumer-grade robotic products [8] - SMIC (00981) faced a net outflow of 205 million HKD due to reduced orders from major IC design firms, impacting production capacity and profitability [9]

Core Insights - The Chinese pharmaceutical industry is experiencing a resurgence after three years of stagnation, driven by high-value licensing deals from multinational pharmaceutical companies [1][2] - There is a significant interest from overseas investors in Chinese biopharmaceutical companies, with a notable increase in licensing agreements and IPO activities [2][8] - The trend of "licensing out" Chinese drug candidates to foreign companies is becoming more common, providing Chinese firms with milestone payments and a share of sales revenue [4][6] Group 1: Market Dynamics - As of mid-July, approximately 288 companies are waiting for IPOs in Hong Kong, many of which are biopharmaceutical firms seeking to list under the 18A rule [1][8] - The Hong Kong medical sector has seen a 54% increase this year, significantly outperforming the MSCI China Index, which rose by 17% [8] - The average price-to-earnings (PE) ratio for the sector is around 30 times, placing it in the 15th percentile of its valuation range over the past five years [8] Group 2: Investment Trends - U.S. investment banks are playing a crucial role in facilitating these licensing deals and IPOs, with cornerstone investors contributing 42% of IPO financing this year, two-thirds of which comes from overseas [1][12] - The trend of U.S. pharmaceutical companies seeking to lower costs through partnerships with Chinese firms is expected to continue, especially in light of U.S. drug pricing policies [2][6] Group 3: Licensing Agreements - The number of licensing transactions from China has increased significantly, with 35 deals in 2023 and projected to reach 43 in 2024, alongside a total upfront payment of $2.957 billion in 2023 [3][6] - Notable licensing agreements include Akeso's ivonescimab, which was licensed to Summit Therapeutics for a total value of $5 billion, marking one of the largest overseas licensing deals in Chinese biopharmaceutical history [7][6] Group 4: Future Outlook - Chinese biopharmaceutical companies are increasingly able to produce globally recognized clinical data, particularly in competitive fields like oncology and immunology [2][6] - The shift from merely selling drug pipelines to achieving global commercialization is essential for the future growth of Chinese pharmaceutical companies [13][15] - There is a need for Chinese firms to enhance their innovation capabilities and international execution to compete effectively on a global scale [14][15]

Core Insights - The report maintains a positive outlook on small molecule drug conjugates (SMDCs) and related companies, highlighting their potential in cancer treatment due to their ability to enhance efficacy while reducing toxicity [1][5][17] - The report emphasizes the clinical advantages of SMDCs, including better tumor penetration, reduced toxicity to normal cells, and easier control over synthesis and costs compared to antibody-drug conjugates (ADCs) [5][11][12] - The report identifies domestic biopharmaceutical companies, particularly Affinivax, as leaders in the SMDC space, showcasing significant advancements in innovative cancer drug development [5][12][17] Industry Overview - The pharmaceutical and biotechnology sector has shown a relative price-to-earnings (P/E) ratio of 51.14 as of July 25, 2025, which is significantly higher than its historical low of 24.38, indicating a premium valuation compared to the broader market [19] - The report notes that the healthcare sector's valuation is 279% higher than the Shanghai Composite Index, reflecting strong investor interest and confidence in the industry [19] - Recent market performance indicates a 1.90% increase in the pharmaceutical and biotechnology sector from July 21 to July 25, 2025, ranking it 16th among 27 sub-industries [26][29] Company Focus - The report suggests monitoring companies involved in the SMDC space, including Affinivax, and those collaborating with them, such as Innovent Biologics and others, which are expected to benefit from the growing interest in innovative cancer therapies [5][17][18] - Specific companies highlighted for their innovative drug development capabilities include Innovent Biologics, Shunyi Pharmaceutical, and others, which are positioned to capitalize on the advancements in SMDC technology [5][18]

Core Viewpoint - The rapid growth of overseas licensing transactions by Chinese innovative pharmaceutical companies marks the beginning of a commercial explosion in the industry, with expectations for significant sales and revenue increases in the coming years [1][5][6]. Group 1: Market Growth and Trends - The total amount of overseas licensing transactions by Chinese pharmaceutical companies is projected to reach $51.9 billion in 2024, a 36% increase from the previous year, and exceed $60.8 billion in the first half of 2025 [6]. - The innovative drug sector in China is expected to experience a convergence of three pivotal turning points: explosive sales of previously approved drugs, substantial increases in overseas revenue, and an overall upgrade in the industry's profit model [1][8]. - The cumulative increase in the A-share Innovative Drug 50 ETF is 21%, while the Hong Kong Hang Seng Innovative Drug ETF has surged by 56% [4]. Group 2: Industry Evolution - Since the 2015 reform of drug and medical device review and approval systems, the Chinese innovative drug industry has transitioned from a focus on capability building to a phase of full-scale market realization [1][24]. - The number of approved innovative drugs in China has surged to over 40 in 2024, nearly a tenfold increase since 2015, with R&D investment rising from approximately 50 billion yuan to over 121 billion yuan [24][26]. Group 3: Licensing and Collaboration - Chinese innovative pharmaceutical companies are increasingly binding themselves to leading multinational firms through licensing agreements, which are seen as a means to share risks and enhance R&D capabilities [12][13]. - The trend of overseas licensing is expected to continue, driven by the strong demand from multinational companies for external innovative assets amid patent cliffs [8][12]. Group 4: Future Catalysts and Innovations - The period from 2023 to 2026 is anticipated to be critical for the industry, with a significant number of drugs expected to enter the market, leading to accelerated revenue growth [8][9]. - Emerging technologies such as AI and brain-computer interfaces (BCI) are reshaping drug innovation and treatment methodologies, with AI significantly reducing the time and cost of drug development [17][20]. Group 5: Challenges and Strategic Considerations - Concerns exist regarding the potential for Chinese companies to "sell seedlings," meaning they may be too eager to license early-stage assets for short-term gains, potentially missing out on larger future opportunities [11][12]. - The industry faces challenges related to the high-risk nature of innovative drug development, with many biotech firms having to downsize or exit the market during recent capital downturns [25][26].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into market performance and trends [2][4]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.9%, underperforming the Wind All A index (2.21%) but outperforming the CSI 300 index [2][7]. - The medical research outsourcing segment experienced the highest growth at 8.29%, while chemical preparations and other biological products faced declines of -2.02% and -0.58%, respectively [2][8]. - The Quark Health model achieved a significant milestone by passing the written assessment for chief physician in 12 core disciplines, marking a rapid development phase for medical AI models in China [2][11]. - State-owned equity funds are actively acquiring stakes in pharmaceutical companies, with notable transactions including the acquisition of Kanghua Biological and a significant stake in MicroPort Medical [2][11]. Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector rose by 1.9% from July 21 to July 25, 2025, with medical research outsourcing leading the gains at 8.29% [2][7]. - Individual stocks such as Haitai Biological (46.9%), Zhendong Pharmaceutical (42.9%), and Saily Medical (31.7%) saw significant increases, while *ST Suwu (-22.3%) and Yong'an Pharmaceutical (-13.7%) faced notable declines [2][10]. Industry News and Key Company Announcements Important Industry Events - The National Medical Insurance Administration announced new measures to optimize drug procurement, emphasizing quality over lowest price and launching a nationwide drug price comparison tool [2][11]. Industry News - Shanghai Biopharmaceutical M&A Fund is set to acquire shares in MicroPort Medical, becoming a strategic shareholder [2][11]. - Kangfang Biologics' new indication application for Ivoris monoclonal antibody has been accepted by the National Medical Products Administration [2][11]. Company Announcements - WuXi Biologics reported a positive mid-year earnings forecast, expecting a 16% revenue increase and a 3.6% rise in gross margin [2][14]. - The Quark Health model's capabilities continue to align closely with human physicians, marking a significant advancement in AI healthcare applications [2][14]. - WuXi AppTec and other companies reported substantial revenue growth, with WuXi AppTec expecting over 60% growth in the first half of 2025 [2][14].

Core Insights - The dual antibody (dual-target) market is experiencing explosive growth in 2023, with major multinational corporations (MNCs) like Roche and Johnson & Johnson leading the charge [1][17] - Roche has successfully launched several dual antibodies in the Chinese market, including Glofitamab and Faricimab, while Johnson & Johnson's Amivantamab targets a $5 billion market in non-small cell lung cancer (NSCLC) [2][13] Group 1: Dual Antibodies in Hematological Malignancies - The dual antibody market began in 2014 with the FDA's accelerated approval of Blincyto for treating acute lymphoblastic leukemia, which generated $583 million in sales in 2022 [5] - Currently, most approved dual antibodies are focused on hematological malignancies, with a significant number targeting CD3 in various combinations [6][8] - The competition between dual antibodies and CAR-T therapies is intensifying, particularly in the CD3/CD20 target combination, which has over 10 candidates in development globally [8][9] Group 2: Broadening Applications in Solid Tumors - Dual antibodies are expanding into various indications, including genetic diseases and solid tumors, with significant potential in the latter [11] - Amivantamab, the first dual antibody approved for solid tumors, is projected to reach peak sales of $5 billion, supported by positive clinical data [13][15] - Roche's Faricimab has also made strides in ophthalmology, achieving $1.788 billion in sales in the first three quarters of 2023 due to its long-lasting efficacy [15] Group 3: Domestic Dual Antibody Development - The domestic dual antibody market is expected to enter a concentrated harvest period in 3-5 years, with over 20 candidates currently in development [18] - Domestic companies are increasingly pursuing international collaborations, with notable deals exceeding $1 billion in potential total transaction value [19] - The first domestic dual antibody, Kadofili monoclonal antibody, was approved in 2022, generating significant revenue and expanding its indications [21][22]

Group 1 - Morgan Stanley's fund manager Wang Dapeng expresses optimism about the pharmaceutical industry, highlighting its potential for innovation, manufacturing, and consumption upgrades [1][3] - The second quarter report shows a strong performance in the equity market, with a focus on A-share and Hong Kong stock innovative drugs, benefiting from better-than-expected business development in representative innovative drug companies [2][3] - The top ten holdings of the fund as of June 30, 2025, include companies like Innovent Biologics and BeiGene, accounting for 79.90% of the fund's net asset value, an increase of over 11 percentage points from the previous quarter [2] Group 2 - The pharmaceutical sector is expected to benefit from a stable growth trend in medical insurance and supportive policies for innovative drug payments, leading to a return to endogenous growth [3] - Policy support includes increased pensions and healthcare subsidies, as well as ongoing normalization of centralized procurement and industry restructuring, which are expected to favor the development of innovative drugs [3] - Long-term growth in the pharmaceutical industry is anticipated due to factors such as an aging population, rising income levels, and increased health awareness, with expected growth rates surpassing GDP growth [3]

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 1.95% on July 24, with a trading volume of 2.504 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 July 23, 2024, the fund's shares totaled 2.166 billion, with a total size of 3.863 billion yuan, reflecting a year-to-date increase of 447.94% in shares and 922.49% in size [1] Fund Performance - The current fund manager, Ma Jun, has managed the fund since its inception, achieving a return of 78.32% during the management period [2] - The fund's recent trading activity shows a cumulative trading amount of 41.889 billion yuan over the last 20 trading days, with an average daily trading amount of 2.094 billion yuan [1] - Year-to-date, the cumulative trading amount is 125.021 billion yuan, with an average daily trading amount of 0.926 billion yuan [1] Holdings Overview - Major holdings in the fund include: - Innovent Biologics (9.52% holding, 26 million yuan market value) - WuXi Biologics (9.47% holding, 25.8 million yuan market value) - BeiGene (8.73% holding, 23.8 million yuan market value) - CanSino Biologics (7.62% holding, 20.8 million yuan market value) - China National Pharmaceutical Group (7.17% holding, 19.6 million yuan market value) [2] - Other significant holdings include CSPC Pharmaceutical Group (6.34% holding) and Ascletis Pharma (2.86% holding) [2]

Core Viewpoint - The Hong Kong pharmaceutical stocks are experiencing a strong performance, with notable gains in several companies [1] Company Performance - Sanofi Pharmaceutical-B (02257.HK) increased by 5.50% - Kangfang Biotech (09926.HK) rose by 5.23% - Genscript Biotech (01952.HK) saw a rise of 4.38% - Fudan Zhangjiang (01349.HK) grew by 4.21% [1]