Market Overview - The market experienced fluctuations in the early session, with the ChiNext Index leading the decline. The focus of the market was primarily on the consumer and pharmaceutical sectors [1] ETF Performance - Several ETFs related to innovative drugs saw significant gains, with the Hong Kong Stock Connect Innovative Drug ETF (159570) rising by 2.61% and the Hong Kong Innovative Drug ETF (159567) increasing by 2.22% [2] - The Hong Kong Innovative Drug ETF (513120) also rose over 2%, with a total scale of 95.23 billion, tracking the CSI Hong Kong Innovative Drug Index [5] Investment Logic - The innovative drug industry in China is expected to reach a turning point by 2025, shifting from capital-driven to profit-driven trends, presenting opportunities for both performance and valuation recovery [2] - A new round of technological advancements is anticipated to propel domestic innovative drugs into a new development phase [2] Key Stocks in Innovative Drug Sector - Notable companies in the innovative drug sector include: - Innovent Biologics (信达生物) with a market cap of 885.89 million - BeiGene (百济神州) with a market cap of 2,034.42 million - WuXi Biologics (药明生物) with a market cap of 938.65 million - Other significant players include CanSino Biologics (康方生物), China Biologic Products (中国生物制药), and Hengrui Medicine (翰森制药) [3][6][7] Index Composition - The CSI Hong Kong Innovative Drug Index selects up to 50 listed companies involved in innovative drug research and development, reflecting the overall performance of the innovative drug sector in the Hong Kong market [5][6]

Core Viewpoint - The recent developments in the innovative drug sector, particularly the record-breaking licensing deal and the upcoming ASCO conference, highlight the growing competitiveness and potential of Chinese pharmaceutical companies in the global market [4][5]. Group 1: Market Performance - The Hong Kong Innovative Drug ETF (159570) opened high but closed lower, experiencing a 1% pullback after four days of gains last week, with trading volume reaching 300 million, indicating strong liquidity [1]. - Major component stocks of the ETF mostly declined, with notable drops including a more than 4% decrease for 3SBio and over 3% for both WuXi AppTec and Rongchang Biopharmaceutical [2]. Group 2: Licensing Deal - A historic licensing agreement was reached where Pfizer will pay a $1.25 billion upfront fee to Chinese companies for the PD-1/VEGF dual antibody SSGJ-707, with potential total payments reaching $4.8 billion [4]. - This deal sets a new record for Chinese innovative drugs entering the international market and is expected to enhance market valuation expectations for the innovative drug sector [4]. Group 3: ASCO Conference Insights - The upcoming ASCO conference is anticipated to showcase the global competitiveness of Chinese pharmaceutical companies, with numerous clinical studies being presented [5]. - Key highlights include the performance of domestic drugs that have shown potential to outperform established treatments, such as the combination of Bemarituzumab and Anlotinib against Keytruda in NSCLC [5]. - CAR-T therapies are also making significant strides, with Kintor Pharmaceuticals presenting promising data for their CLDN18.2 CAR-T therapy [5]. Group 4: Innovative Drug ETF Characteristics - The Hong Kong Innovative Drug ETF (159570) has a high concentration in innovative drugs, with over 85% of its weight in this category, making it the highest among all pharmaceutical indices [6]. - The ETF features a low valuation, with a five-year price-to-sales ratio at the 48.5th percentile, indicating potential undervaluation in the innovative drug sector [6].

Core Insights - The CD47 target was once highly sought after by global pharmaceutical companies, likened to the next PD-1, but has since faced significant challenges and failures in drug development [1][3][14] - Despite the setbacks, companies like I-Mab and Kangfang Biotech remain optimistic about the potential of CD47-targeted therapies, with ongoing clinical trials [5][9][14] Industry Overview - CD47 is a transmembrane glycoprotein expressed on various cancer cells, which helps tumors evade the immune system by sending a "don't eat me" signal to macrophages [3][5] - Major pharmaceutical companies, including Gilead and Pfizer, have made substantial investments in CD47-targeted therapies, with Gilead acquiring Forty Seven for $4.9 billion, but faced failures in clinical trials [3][5][12] - In China, over 20 clinical approvals for CD47-targeted drugs have been granted, but many companies, including Hengrui and Innovent, have halted their trials due to disappointing results [4][5][12] Company Developments - I-Mab is advancing two Phase III clinical trials for its CD47-targeted therapies, while Kangfang Biotech is conducting multiple trials for its drug, Lefanlimab [5][9] - I-Mab's approach to CD47 is distinct, as it utilizes a non-antibody drug that binds more selectively to cancer cells, potentially reducing toxicity and improving dosing [8][9] - Kangfang Biotech is optimizing its drug structure to minimize red blood cell aggregation, which is a significant issue with CD47 antibodies [9][12] Market Sentiment - The global pharmaceutical industry has invested nearly 100 billion RMB in CD47 research without a successful drug to date, leading to a cautious approach from investors and companies [5][12] - There is a growing sentiment that the investment climate for innovative drugs is improving, with increased activity from investment funds in the sector [11][16]

Group 1 - The Hong Kong stock market shows resilience with the Hang Seng Index rising by 1.1% and a net inflow of southbound funds amounting to HKD 18.959 billion this week, bringing the total net inflow for the year to over HKD 622.9 billion, a 1.5 times increase compared to the same period last year [1][3] - Dividend sectors, particularly banks, are favored by investors, with China Construction Bank attracting nearly HKD 6 billion in net inflows this week [1][2] - The AH share premium index has dropped to a near four-year low, with the premium of A-shares over H-shares narrowing to 31%, down from a high of 61% in 2024 [3] Group 2 - Southbound funds have shown a preference for the banking sector, with net inflows of HKD 7.196 billion, while the pharmaceutical and telecommunications sectors received net inflows of HKD 4.859 billion and HKD 3.287 billion, respectively [1][2] - Major stocks such as China Construction Bank, Meituan-W, and China Mobile saw significant net inflows, while Tencent Holdings and Alibaba-W experienced net outflows [2] - The overall sentiment in the Hong Kong market is improving, with institutions optimistic about the long-term value of Hong Kong stocks, suggesting a focus on dividend stocks as a stable investment during uncertain times [4] Group 3 - The liquidity of Hong Kong stocks has improved significantly due to the inflow of southbound and overseas funds, with the proportion of Hong Kong Stock Connect holdings increasing from 8% in September 2020 to 20% [3] - The internationalization of the Hong Kong stock market is accelerating, with significant foreign investment interest, as evidenced by the participation of non-U.S. foreign investors in major listings [4] - Analysts suggest that as the U.S. economy weakens and the dollar enters a downtrend, Hong Kong stocks are positioned to benefit from the resulting liquidity influx [4]

5月23日恒生指数上涨0.24%，南向资金全天合计成交金额为963.65亿港元，其中，买入成交476.13亿港 元，卖出成交487.52亿港元，合计净卖出金额11.39亿港元。具体来看，港股通（深）累计成交金额 352.18亿港元，买入成交161.92亿港元，卖出成交190.25亿港元，合计净卖出金额28.33亿港元；港股通 （沪）累计成交金额611.47亿港元，买入成交314.21亿港元，卖出成交297.27亿港元，合计净买入金额 16.94亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是小米集团-W，合计成交额58.61亿港 元，腾讯控股、阿里巴巴-W成交额紧随其后，分别成交41.27亿港元、38.56亿港元。以净买卖金额统 计，净买入的个股共有8只，美团-W净买入额为8.42亿港元，净买入金额居首，该股收盘股价上涨 0.66%，建设银行净买入额为6.23亿港元，信达生物净买入额为4.12亿港元。净卖出金额最多的是盈富 基金，净卖出23.24亿港元，该股收盘股价上涨0.25%，腾讯控股、小米集团-W遭净卖出15.65亿港元、 6.53亿港元。 今日上榜个股中，美团-W、信达生物、阿里巴巴 ...

点击蓝字，关注我们 今日上午港股 1、美图高开15% ，创近7年新高，与阿里合作并获得2.5亿美元战投； 2、万国数据（09698）绩后高开6% ，一季度营收同比增长12%，净利润实现扭亏为盈； 3、三生制药(01530)高开近3% 近日与辉瑞达成重磅交易 进一步验证707商业化出海潜力； 4、高鑫零售(06808)涨超10% 全年扭亏为盈赚4.05亿元 末期息派17港仙； 5、哔哩哔哩-W(09626)绩后涨超3% 首季度毛利润同比增近六成 效果类广告收入取得强劲增长； 6、黄金股集体走高， 地缘冲突升温避险需求提升 国际金价一度涨穿3300美元。 赤峰黄金(06693)涨 6.43%； 招金矿业(01818)涨 超5%，海域金矿投产在即； 山东黄金(01787) 涨4.03% ； 紫金矿业(0289 9) 涨3.51%。 7、泡泡玛特(09992)涨超5%再创新高 ，大摩称Labubu带动新店开业，越南供应链进展超预期； 8、中通快递跌超6% ，Q1毛利率下滑； 9、康方生物(09926)涨超6% 三生制药PD-1双抗出海刷新纪录 公司依沃西战胜K药； 10、老铺黄金(06181)涨超6% 618开门红首 ...

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown strong performance, with significant increases in constituent stocks, indicating a positive trend in the healthcare sector [3][4]. Group 1: Market Performance - As of May 21, 2025, the HSHCI rose by 3.00%, with notable gains from stocks such as Ascentage Pharma-B (up 10.17%) and 3SBio (up 7.92%) [3]. - The Hang Seng Healthcare ETF (513060) increased by 1.60%, marking its fourth consecutive rise, with a latest price of 0.51 yuan [3]. - The ETF's trading volume reached 5.98 billion yuan, with a turnover rate of 5.97% [3]. Group 2: Company Developments - 3SBio announced a partnership with Pfizer, granting exclusive rights for the global development and commercialization of the PD-1/VEGF bispecific antibody SSGJ-707, excluding mainland China [3]. - 3SBio retains rights for SSGJ-707 in mainland China and will grant Pfizer an option for commercialization in that region based on agreed financial terms [3]. Group 3: Industry Trends - The Chinese innovative drug market is projected to grow from $132.5 billion in 2019 to $159.2 billion by 2024, maintaining a global market share of around 15% [4]. - In 2024, China completed 94 license-out transactions for innovative drugs, totaling $51.9 billion, a 26% increase year-on-year [4]. - The focus on platform technologies such as ADCs, bispecific antibodies, and gene editing is increasing among multinational corporations (MNCs), highlighting the growing recognition of Chinese innovative drugs [4]. Group 4: ETF Performance Metrics - The latest size of the Hang Seng Healthcare ETF is 9.859 billion yuan, ranking it in the top third among comparable funds [5]. - The ETF has achieved a 26.90% net value increase over the past year, with a maximum monthly return of 28.34% since inception [5]. - The ETF's Sharpe ratio stands at 1.12, ranking it in the top half among comparable funds, indicating high returns relative to risk [5]. Group 5: Valuation Insights - The HSHCI's current price-to-earnings ratio (PE-TTM) is 24.38, indicating it is at a historical low, below 90.91% of the time over the past year [6]. - The top ten weighted stocks in the HSHCI account for 57.2% of the index, with companies like WuXi Biologics and Innovent Biologics among the leaders [6].

港股医药股延续强势，康希诺生物(06185.HK)涨超10%，君实生物(01877.HK)涨超9%，三叶草生物 (02197.HK)、康方生物(09926.HK)等跟涨。 ...

Core Points - The Shanghai Composite Index increased by 0.38%, while the China Hong Kong US Listed China-US Technology Index reported 4940.78 points [1] - The China Hong Kong US Listed China-US Technology Index has risen by 13.75% in the past month, decreased by 3.63% in the past three months, and increased by 9.97% year-to-date [1] - The index is composed of liquid and high market capitalization securities from the technology sector listed in Hong Kong and the US, calculated using equal-weighted methodology [1] Index Holdings - The top ten holdings of the index include BYD Company (3.34%), Xiaomi Group-W (3.19%), SMIC (2.91%), Innovent Biologics (2.56%), Alibaba (2.53%), Netflix Inc (2.47%), Avago Technologies Ltd (2.45%), Tencent Music (2.41%), CanSino Biologics (2.37%), and WuXi Biologics (2.36%) [1] - The index's market segment distribution shows that the Nasdaq Global Select Market accounts for 42.03%, Hong Kong Stock Exchange for 34.61%, New York Stock Exchange for 21.69%, and Nasdaq Capital Market for 1.66% [2] Industry Composition - The industry composition of the index indicates that Information Technology comprises 40.08%, Consumer Discretionary 21.52%, Communication Services 14.25%, and Healthcare 13.89% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Core Insights - The Hong Kong stock market saw a net inflow of 63.32 billion HKD from northbound trading on May 20, with 43.05 billion HKD from the Shanghai Stock Connect and 20.27 billion HKD from the Shenzhen Stock Connect [1][2] Group 1: Net Inflows and Outflows - The most bought stocks included Meituan-W (03690), China Mobile (00941), and China Construction Bank (00939) [1][2] - The most sold stocks included Xiaomi Group-W (01810), Tencent (00700), and Sanofi (01530) [1][2] Group 2: Individual Stock Performance - Meituan-W (03690) received a net inflow of 12.33 billion HKD, with plans to launch an AI programming tool called "NoCode" aimed at non-technical users [5] - China Mobile (00941) saw a net inflow of 5.5 billion HKD, supported by government initiatives to accelerate 5G-A and 6G technology development [5] - China Construction Bank (00939) had a net inflow of 4.99 billion HKD, following a reduction in deposit rates by major banks [6] - Sanofi (01530) experienced a net outflow of 1.2 billion HKD after a significant stock price increase due to a licensing deal with Pfizer [7] - Other notable net inflows included Kangfang Biopharma (09926) with 4.85 billion HKD and Semiconductor Manufacturing International Corporation (00981) with 2.01 billion HKD [7]