Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [6] Core Views - The report emphasizes that the second wave of innovation in pharmaceuticals is just beginning, with a focus on disruptive technologies and a potential bull market driven by innovative drugs [2][12][13] - The PD-1 Plus pipeline is highlighted as a significant trend, with various companies actively developing dual-target and triple-target drugs [17][21] Summary by Sections Recent Performance - The pharmaceutical index increased by 3.08% during the week of August 11-15, underperforming the ChiNext index but outperforming the CSI 300 index [11] - The market showed strong momentum, particularly in innovative drugs, with significant movements in both large-cap and small-cap stocks [12] Future Outlook - The report suggests a continued optimistic view on innovative drugs, with a focus on overseas major drugs and small-cap technology revolutions as key investment themes [13] - Specific strategies include balancing investments in new technologies like brain-computer interfaces and AI in medicine while continuing to explore innovative drugs [13] Investment Strategy - The report outlines a detailed investment strategy focusing on innovative drugs, including major overseas players and small-cap technology companies [14] - Key companies mentioned include: - Overseas Major Drugs: Innovent Biologics, 3SBio, and others [14] - Small-Cap Technology Revolution: Junshi Biosciences, Zai Lab, and others [14] - New Technologies: Companies involved in brain-computer interfaces and AI in healthcare [16] PD-1 Plus Pipeline - The PD-1/VEGF dual antibodies are identified as critical in the current research landscape, with several companies like CanSino Biologics and 3SBio making significant advancements [17][18] - The report highlights the competitive landscape and the potential for new therapies to emerge from ongoing clinical trials [19][20] Market Trends - The report notes that the innovation drug index has outperformed the pharmaceutical index and the CSI 300 index since the beginning of 2025, indicating a strong market trend towards innovative pharmaceuticals [47][48]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the transformation of China's medical insurance system from a "single basic coverage" model to a "basic insurance + commercial insurance supplementary" dual-track system, marked by the introduction of the commercial insurance innovative drug directory [5][13] - The commercial insurance innovative drug directory primarily focuses on high-value innovative drugs in oncology, immunology, and rare diseases, providing a new pathway for these drugs to gain market access [6][20] - The report indicates that the inclusion of innovative drugs in both the basic and commercial insurance directories is expected to lead to rapid revenue growth for related companies, benefiting patients and driving growth for innovative pharmaceutical firms [6][29] Summary by Sections Section 1: National Drug Review and Commercial Insurance Directory - The announcement of the national drug review results and the debut of the commercial insurance innovative drug directory occurred on August 12, 2025, indicating a significant policy shift [5][13] - The commercial insurance directory includes 121 drugs, focusing on those with high clinical value and significant patient benefits, particularly in oncology and rare diseases [20][27] - The report emphasizes that the commercial insurance directory allows for a more flexible pricing mechanism, which does not count towards hospital drug expenditure ratios, thus facilitating the market entry of high-value innovative drugs [28][24] Section 2: Market Performance and Trends - In August 2025, the pharmaceutical and biotechnology sector saw a 3.08% increase, outperforming the CSI 300 index by 0.7 percentage points [2][10] - The medical research outsourcing sector experienced the highest growth, while the offline pharmacy sector faced declines [10][12] - The report notes that the inclusion of over 20 traditional Chinese medicines in the 2025 basic medical insurance directory, primarily unique products, reflects a growing recognition of traditional medicine [6][29] Section 3: Recommended Stocks and Beneficiaries - Recommended stocks in the pharmaceutical and biotechnology sector include companies such as Heng Rui Medicine, East China Medicine, and Innovent Biologics, among others [7] - The report also highlights potential beneficiaries in the CXO sector, including WuXi AppTec and Tigermed, as well as companies in the medical device and service sectors [7][29]

证 券 研 究 报 告 行业周报 医药行业周报 全球GLP-1市场稳定扩容，关注国内企 业的授权机会 投资评级： 报告日期： 推荐 （维持 ） 2025年08月17日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1. 东升西落，出海将是长期趋势 根据医药魔方数据，2025年上半年，全球医药交易数量达456笔，同比增长32%；首付款总额达118亿美元，同比激增 136%；交易总金额高达1304亿美元，同比增长58%。全球交易数量与金额均呈现显著上升态势。其中，涉及中国的交易 贡献了近50%的总金额和超过30%的交易数量。无论交易金额和总数，中国企业在全球创新药中价值得到进一步认可。中 国的研发效率优势正逐步显现，而且工程师数量和临床资源优势叠加。展望未来十年，中国的效率优势还将持续扩大，中 国企业参与的创新药交易预计超过全球的50%以上。根据wind数据，医药生物行业最近1月涨幅为11.07%，跑赢沪深300指 数6.51个百分点，截止8月15日，医药生物行业指数当期PE（TTM）39.94倍；高于5年历史平均估值3 ...

Group 1 - China's innovative drug assets are increasingly recognized globally, capturing a larger share of the global innovative drug licensing market, with 27% of global transaction volume and 32% of transaction value in 2023 [1] - Despite the growth, only 10 out of 307 new drugs approved by the FDA since 2019 are from China, representing less than 3% [1][11] - The market capitalization of Chinese pharmaceutical and biotech companies is significantly lower than their US counterparts, with only 14% of the total market cap of US listed companies [7] Group 2 - The Hong Kong stock market has seen multiple "10x stocks" in the pharmaceutical sector, with companies like Deqi Medicine and Hengrui Medicine experiencing significant price increases [4][5] - The recent IPOs of biopharmaceutical companies in Hong Kong have nearly matched the total for 2023, indicating a strong market interest [5] - A wave of high-profile IPOs is expected in the second half of 2025, driven by improved market conditions and increased liquidity [5][6] Group 3 - The capital market's enthusiasm has led to significant refinancing activities among listed companies, with major transactions from companies like Innovent Biologics and I-Mab [6] - Chinese companies now account for about one-third of the global pipeline of innovative drugs, with a total transaction scale of $48 billion in the first half of 2025 [6] - The trend of increasing licensing agreements with multinational pharmaceutical companies is expected to continue, as many innovative drugs are entering clinical stages [9][10] Group 4 - The focus of Chinese innovative drugs remains on oncology, with over 60% of licensing transactions in the past three years related to cancer treatments [12] - There is a rising interest in cardiovascular and metabolic disease drugs, particularly GLP-1 medications, which are becoming a focal point for multinational companies [12][13] - The global valuation of innovative drugs is undergoing a transformation, with a cautious approach towards high-priced acquisitions of late-stage drugs [10]

Core Insights - The core viewpoint of the news is the performance and holdings of the E Fund Healthcare Industry Mixed A Fund, highlighting its recent returns and key stock positions [1]. Fund Performance - The latest net value of E Fund Healthcare Industry Mixed A is 4.7830 yuan [1]. - The fund has achieved a weekly return of 3.57% [1]. - Over the past three months, the fund's return is 44.07% [1]. - Year-to-date, the fund has generated a return of 57.03% [1]. Fund Details - E Fund Healthcare Industry Mixed A was established on January 28, 2011 [1]. - As of June 30, 2025, the fund's total assets amount to 3.944 billion yuan [1]. - The fund is managed by Yang Zhenshao [1]. Top Holdings - The top ten stock holdings of the fund include: - Heng Rui Medicine - Hotgen Biotech - Xinlitai - BeiGene-U - Haizhi Science - Nocren Health-U - Yipinhong - Kelun Pharmaceutical - Shutaishen - Baili Tianheng [1]. - The combined proportion of the top ten holdings is 58.14% [1].

Core Insights - China's innovative drug development is transitioning from imitation to independent innovation, with significant achievements in international markets [1][5][7] - The number of new drugs under research in China is projected to rank second globally by 2024, indicating a growing industry scale [3][6] - The domestic innovative drug market has seen over 110 new drugs approved since the 14th Five-Year Plan, with a market size reaching 100 billion yuan [6][12] R&D Advancements - Domestic innovative drugs now account for over half of the clinical trials at Beijing University Cancer Hospital, showcasing rapid development in this sector [1][3] - Multiple innovative drugs have been approved in the first half of this year, including treatments for rare diseases and other conditions, marking breakthroughs in previously unmet clinical needs [5][6] International Expansion - Chinese pharmaceutical companies are increasingly engaging in overseas licensing agreements, with over 90 transactions completed in 2024, totaling more than 50 billion USD [7][9] - Notable licensing deals include a 60 billion USD agreement between 3SBio and Pfizer, and a 125 billion USD deal between Hengrui Medicine and GlaxoSmithKline [9][10] Policy Support - The Chinese government is implementing policies to support the entire lifecycle of innovative drugs, including expedited approval processes and financial investments [11][14] - Recent measures include a 30-day approval timeline for innovative drugs and the establishment of funds to support research and development in the pharmaceutical sector [12][15] Market Dynamics - The innovative drug market is experiencing a surge in both quantity and quality, with a notable increase in the approval of new drugs that cater to both domestic and international patients [7][8] - The market is evolving to include a diverse range of biopharmaceuticals, including monoclonal antibodies and CAR-T cell therapies, reflecting a shift towards cutting-edge technologies [10][11]

Core Insights - The core viewpoint of the news is the performance and holdings of the Agricultural Bank of China Healthcare Stock Fund, which has shown significant growth in recent months and has a diversified portfolio in the healthcare sector [1]. Fund Performance - The latest net value of the Agricultural Bank of China Healthcare Stock Fund is 1.9772 yuan, reflecting a growth of 1.81% [1]. - The fund's return over the past month is 9.64%, ranking 129 out of 328 in its category [1]. - Over the last six months, the fund has achieved a return of 47.35%, ranking 12 out of 316 [1]. - Year-to-date, the fund has a return of 45.00%, ranking 18 out of 316 [1]. Fund Holdings - The top ten holdings of the Agricultural Bank of China Healthcare Stock Fund account for a total of 51.10% of the portfolio, with the following key positions: - Heng Rui Medicine: 8.16% - Zai Lab: 7.99% - Xin Li Tai: 5.84% - Rejig Bio: 5.63% - Kelun Pharmaceutical: 5.02% - HAO OBO: 4.36% - BeiGene: 3.61% - Yifang Bio: 3.58% - Aosaikang: 3.52% - Bid Pharma: 3.39% [1]. Fund Background - The Agricultural Bank of China Healthcare Stock Fund was established on February 10, 2015, and as of June 30, 2025, it has a total scale of 1.441 billion yuan [1]. - The fund manager is Meng Yuan, who has a master's degree and has held various positions in the fund management industry, including roles at Bank of China Fund Management and Agricultural Bank of China Asset Management [1].

昨日上证指数盘中突破3700点整数关口，尽管尾盘冲高回落，但沪深北三市全天总成交额超2.3万亿元，创下年内单日成交额新高。市场热度持续 升温之下，后续走势成为市场各方关注焦点。 8月15日，三大股指早盘小幅拉升，其中上证180指数小幅上涨。截至上午10:00，兴业上证180ETF(530680)涨0.28%。相关成分股中，东方电缆 （603606）涨6.69%、中控技术涨2.04%、张江高科（600895）涨1.85%，中芯国际、用友网络（600588）、恒瑞医药（600276）等小幅跟涨。 东莞证券认为，周四，A股市场全天冲高回落，随着指数的快速上涨，在高位出现一定的分化，前期涨幅较高的板块普遍开始回调，市场分歧开 始显现。由于市场此前的上涨累积了一定的获利盘，获利盘回吐压力显现，此外，历史套牢盘的解套也对指数上攻形成一定压力，投资者需要注 意高位的震荡调整风险，虽然短期市场出现技术性调整，但中期来看，支撑A股向好的核心逻辑并未改变。 ...

Summary of Key Points from the Conference Call on China Healthcare Industry Overview - The conference focused on the **China Healthcare** sector, particularly the pharmaceutical and biotech industries, highlighting the attractive investment landscape in the Asia Pacific region [2][5][6]. Core Insights and Arguments - **Growth Projections**: The global pharmaceutical market is expected to grow at a **CAGR of 5.7%** from 2023 to 2028, while the Chinese pharmaceutical market is projected to grow at a **CAGR of 7.7%** during the same period [9][12]. - **Market Dynamics**: The Chinese pharmaceutical market is characterized by a significant reliance on imported products, particularly in the albumin segment, where **60-70%** of the market is composed of imports [34]. - **Out-licensing Trends**: There has been a notable increase in out-licensing activities, with over **$50 billion** in deals recorded in 2024, driven by narrowing innovation gaps and emerging complex modalities [41][42]. - **Regulatory Environment**: The plasma industry in China faces high entry barriers, with only **<30 plasma fractionators** currently operating, leading to a market consolidation trend [33][34]. Important Developments - **Upcoming Events**: Key sector events include the **CSCO 2025** and **WCLC 2025** conferences, which are expected to influence stock performance in the pharmaceutical and biotech sectors [6][8]. - **Pipeline Assets**: Several companies, including Hengrui and CSPC, have significant pipeline assets with upcoming drug approvals and trial progress expected in **2H25** [32][27]. Potential Risks and Challenges - **Supply Constraints**: The Chinese plasma market is underdeveloped compared to global standards, with a limited variety of plasma derivatives available [34]. - **Market Competition**: The top five plasma companies dominate approximately **60%** of the market, indicating a highly consolidated competitive landscape [33]. Additional Insights - **Investment Sentiment**: The overall sentiment towards the China healthcare sector remains positive, with analysts highlighting the potential for significant returns driven by innovation and market expansion [2][41]. - **Technological Advancements**: The introduction of recombinant human albumin (rHSA) is expected to disrupt the albumin market, potentially capturing **~10%** of the total market share [35]. This summary encapsulates the key points discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the China healthcare sector.

Company Announcements - Tianpu Co., Ltd. is planning a change in control, leading to a suspension of its stock starting August 15, 2025, for no more than two trading days [1] - Cambrian is addressing misinformation regarding large substrate orders and revenue forecasts, which have caused abnormal stock price fluctuations [2] - China Shipbuilding Industry Corporation is merging with China Heavy Industry, resulting in China Heavy Industry's application for voluntary delisting from A-shares [2] - Dayuan Pump Industry reported that its liquid cooling temperature control business is part of its original operations, with Q1 sales revenue of approximately 1.6 million yuan, accounting for 0.43% of total revenue [2] Investments and Acquisitions - Juyi Rigging plans to invest 100 million yuan to establish a wholly-owned subsidiary in Tianjin for marine technology [5] - Kanda New Materials intends to acquire 51% of Zhongke Huami for 275 million yuan, expanding into the special integrated circuit design and testing sector [5] Shareholding Changes - Zhongzhi Holdings' largest shareholder, Changjiang Environmental Group, plans to transfer 24.73% of its shares through public solicitation [6] - Tibet Tourism's major shareholder, Lvtou Group, plans to reduce its stake by up to 0.97%, equating to 2.2 million shares [4] Financial Performance - China Telecom reported a net profit of 23.02 billion yuan for the first half of 2025, with a proposed interim dividend of 16.58 billion yuan [7] - Taicheng Light's net profit increased by 118% year-on-year in the first half of 2025, with revenue growth of 62.49% [8] Contracts and Projects - Jiadian Co., Ltd. has won a nuclear power project contract worth 609 million yuan [9] Stock Price Movements - Electronic City is undergoing a transition to technology city renewal services, with new business not yet contributing significantly to revenue or profit [3]