Core Viewpoint - HengRui Pharma has entered into a collaboration agreement with GlaxoSmithKline (GSK) to co-develop up to 12 innovative drugs, which will enhance HengRui's globalization efforts and provide GSK with significant growth opportunities post-2031 [1] Group 1: Collaboration Details - The collaboration includes a total upfront payment of $500 million from GSK to HengRui [1][3] - HengRui will license its PDE3/4 inhibitor, HRS-9821, to GSK for global rights outside of Greater China, which is currently in clinical development for chronic obstructive pulmonary disease (COPD) [1][2] - The agreement also encompasses a groundbreaking collaborative plan to develop up to 11 additional projects, with HengRui leading the research and GSK having exclusive options for further development and commercialization [2][3] Group 2: Strategic Implications - The partnership is seen as a significant milestone in HengRui's internationalization process, leveraging GSK's strengths in drug development and global clinical networks to accelerate the entry of innovative therapies into overseas markets [2] - GSK's Chief Scientific Officer emphasized the strategic investment in validated target projects, which can significantly enhance the success rate of research and development [2] - The collaboration aims to integrate GSK's expertise in disease biology and clinical development with HengRui's capabilities in early-stage research and clinical evaluation, maximizing strategic synergies [2] Group 3: Financial Potential - If all projects are successfully developed and milestones are achieved, HengRui could qualify for potential milestone payments totaling approximately $12 billion [3] - HengRui will also be entitled to receive tiered sales royalties from GSK, excluding sales in Greater China [3]

7月28日早盘，制药板块走强，化学药、生物药、中药等三大纯制药领域龙头股齐涨，国内首只的药 ETF（562050）盘初冲击2%。成份股海思科涨停，巨头恒瑞医药涨超6%；太极集团、以岭药业等中药 龙头涨超2%。 把握中国龙头药企价值重估机遇，配置工具关注国内首只药ETF（562050）。聚焦A股50大龙头药企， 重仓创新药，兼顾中药，且完全不含医疗和CXO。 同时看好医疗器械、CXO，可以关注A股最大医疗ETF（512170）。聚焦"医疗器械+医疗服务"，与AI 医疗高相关，覆盖6只CXO龙头股。场外联接基金（A类 162412 / C类 012323）。 风险提示：医疗ETF及其联接基金被动跟踪中证医疗指数，该指数基日为2004.12.31，发布于 2014.10.31。药ETF被动跟踪中证制药指数，该指数基日为2011.12.30，发布日期为2013.7.15，2020- 2024年分年度历史收益分别为：41.61%、-9.10%、-21.09%、-3.70%、-6.53% ，指数成份股构成根据该 指数编制规则适时调整，其回测历史业绩不预示指数未来表现。文中指数成份股仅作展示，个股描述不 作为任何形式的投资 ...

Group 1 - The pharmaceutical sector experienced a positive trend on July 28, with the Medical Innovation ETF (516820) rising by 0.79%, and key stocks such as Hengrui Medicine (600276) increasing by 6.21% [1] - Hengrui Medicine announced a deal with GSK, granting exclusive global rights to the HRS-9821 project and up to 11 additional projects, with GSK paying a $500 million upfront fee [1] - If all projects are exercised and milestones achieved, Hengrui could receive potential milestone payments totaling approximately $12 billion, enhancing its innovation brand and overseas performance [1] Group 2 - According to Industrial Securities, the upcoming mid-year report season is expected to show performance similar to Q1, with sustainable growth in sub-sectors like innovative drugs and the innovative drug supply chain [2] - The overall performance in other segments is anticipated to remain stable, with some companies in the medical device sector showing promising results based on their operational trends [2] - The total healthcare expenditure in China is projected to continue stable and sustainable growth, with a focus on identifying sub-sectors that can outperform the industry average, emphasizing innovation, consumption upgrades, and high-end manufacturing as key themes [2]

Market Performance - As of July 28, 2025, the CSI 300 Index decreased by 0.11%, with mixed performance among constituent stocks [1] - Leading stocks included Hengrui Medicine, which rose by 7.34%, and Top Group, which increased by 2.65% [1] ETF Activity - The CSI 300 ETF recorded a trading volume of 126 million yuan on the day, with an average daily trading volume of 1.125 billion yuan over the past year [3] - The ETF's scale increased by 8.432 billion yuan this month, with a significant growth in shares by 7.601 billion [3] - The ETF experienced continuous net inflows over the past three days, totaling 86.022 million yuan, with a peak single-day net inflow of 58.667 million yuan [3] - Leveraged funds are actively participating, with the latest margin buying amounting to 9.6366 million yuan and a margin balance of 1.009 billion yuan [3] Performance Metrics - The CSI 300 ETF's net value increased by 9.50% over the past six months, with a maximum single-month return of 25.64% since inception [3] - The longest consecutive monthly gain was six months, with a maximum increase of 18.39%, and an average monthly return of 4.63% [3] - Over the past three months, the ETF outperformed the benchmark with an annualized return of 9.16% [3] Market Outlook - Guotai Junan Securities indicated that the downward trend in risk-free interest rates in 2025 is a key driver for the rise of the Chinese stock market, positively impacting valuations across blue-chip and growth stocks [4] - Galaxy Securities noted the rapid rotation in the market and increasing attention on undervalued sectors, suggesting that investments with a safety margin are currently more appealing [4] Top Holdings - As of June 30, 2025, the top ten weighted stocks in the CSI 300 Index accounted for 22.76%, including Kweichow Moutai, CATL, and Ping An Insurance [5] - The top ten stocks by weight are as follows: Kweichow Moutai (-0.91%, 4.19%), CATL (1.02%, 3.15%), Ping An Insurance (1.33%, 2.83%), and others [7] Investment Opportunities - Investors without stock accounts can access core A-share assets through the CSI 300 ETF linked fund (160724) for low-position investments [7]

恒瑞医药已累计达成15笔对外授权合作，而这次的合作，属于首付款较高的一笔。 其他11 个项目涉及肿瘤、呼吸、自免和炎症等多个治疗领域的创新药物，目前均处于非临床研究阶 段。恒瑞医药将主导这些项目的研发，最晚至完成包括海外受试者数据的Ⅰ期临床试验。 这次合作，GSK 将向恒瑞医药支付 5 亿美元的首付款。如果所有项目均获得行使选择权且所有里程碑 均已实现， 恒瑞医药将有资格获得未来基于成功开发、注册和销售里程碑付款的潜在总金额约120 亿美 元。恒瑞医药将有权向GSK收取相应的分梯度的销售提成（不包括中国）。 恒瑞医药表示，本协议的签署有助于拓宽 HRS-9821 和多个在肿瘤、呼吸、自免和炎症等治疗领域创新 产品的海外市场。 赴港上市成功后的恒瑞医药（600276.SH、01276.HK），又签下对外授权合作大单。 对外授权合作已成为恒瑞医药业绩增长来源之一。截至目前，公司已累计达成15笔对外授权合作，而这 次的合作，属于首付款较高的一笔。 7月28日早间，恒瑞医药发布公告称，与英国企业GSK（葛兰素史克）达成协议，将HRS-9821 项目的 全球独家权利（不包括中国）和至多 11 个项目的全球独家许可的独家 ...

Group 1 - The core viewpoint is that the Chinese innovative drug sector is gaining global recognition, with increasing clinical data presence at international academic conferences and rising BD authorization amounts and numbers, indicating enhanced global market acceptance of Chinese innovative drugs [2] - The innovative drug ETF (560900) has shown a strong performance, with a 1.57% increase as of July 28, 2025, and a 7.04% increase over the past two weeks, reflecting positive market sentiment [1] - The latest scale of the innovative drug ETF reached 55.51 million yuan, marking a six-month high, with a significant increase in shares by 3 million, leading the comparable funds [1] Group 2 - The support from medical insurance policies for innovative drugs is characterized by a "full chain, high intensity" approach, which includes accelerated inclusion of new drugs into the medical insurance catalog and optimized payment methods, further promoting rapid clinical application [2] - The innovative drug ETF closely tracks the CSI Innovative Drug Industry Index, which selects up to 50 representative listed companies involved in innovative drug research and development to reflect the overall performance of the innovative drug industry [2] - The rise of AI-driven technology waves has prompted Morgan Asset Management to integrate its "Global Vision Investment Technology" product line, aiding investors in seizing investment opportunities in quality technology enterprises globally [2]

借道ETF T+0买港股创新药>>> 恒瑞医药（600276）涨幅扩大至7.59%，医药龙头ETF(515950)持有该股票9.78%，当前涨幅为1.24%， 成交额645.34万元，近1月份额减少8400万份。 ...

Core Insights - Hengrui Pharma has entered into agreements with GSK to develop up to 12 innovative medicines, enhancing Hengrui's globalization strategy and providing new growth opportunities for GSK beyond 2031 [1][5] - GSK will pay $500 million in upfront fees for the agreements, which include a license for a potential best-in-class PDE3/4 inhibitor (HRS-9821) for treating chronic obstructive pulmonary disease (COPD) [1][6] Group 1: Agreements and Financials - The agreements grant GSK an exclusive worldwide license for HRS-9821, aimed at treating COPD as an add-on maintenance treatment [2][8] - The total potential value of future success-based payments to Hengrui Pharma could reach approximately $12 billion if all programmes are optioned and milestones achieved [6] Group 2: Development and Collaboration - Hengrui Pharma will lead the development of the additional 11 programmes up to the completion of phase I trials, with GSK having the option to further develop and commercialize them [4][8] - The collaboration is expected to leverage GSK's R&D expertise and global clinical network, accelerating the development of innovative therapies [5][6]

港股开盘，恒指开涨0.2%，科指开涨0.37%。创新药板块多数高开，恒瑞医药(01276.HK)开涨10.65%， 中国生物制药(01177.HK)开涨2.36%。 ...

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].