华福证券认为，港股创新药（含Pharma）为医药板块中最强势的板块，其次为创新药产业链CRO板 块，创新药已成为市场认可的主线之一，个股方面从主流一二线标的，行情亦在向有创新药布局或BD 预期的中药或仿制药标的扩展。短期创新药建议积极拥抱龙头和一线标的。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 消息面上，据央视新闻，6月13日国务院常务会议召开研究优化药品和耗材集采有关举措。会议指出， 要加强药品和耗材集采政策评估，总结经验、补齐短板，推动集采工作规范化制度化常态化开展。要更 好促进"三医"协同发展和治理，完善公立医院补偿机制，支持医药企业提高创新能力，更好满足群众多 元化就医用药需求。要加强对药品和耗材生产、流通、使用全链条质量监管，扎实推进仿制药质量和疗 效一致性评价，让人民群众用药放心安心。 东吴证券指出，创新药BD推动及优秀临床数据下，看好的医药子行业排序分别为：创新药>CXO>中药 >医疗器械>药店>医药商业等。具体标的选择思路：从成长性角度选股，主要集中创新药领域；从左侧 角度选股，主要集中在CXO、医疗器械。 6月16日，创新药概念小幅 ...

Group 1 - Several A-share companies have made progress in their plans to list in Hong Kong since June, including Haitai Flavor Industry and Sanhua Intelligent Control, which have initiated their IPO processes [1] - As of June 15, 2023, five A-share companies have successfully listed in Hong Kong this year, raising a total of 56 billion HKD [1] - Over 50 A-share companies have officially announced their intentions to list in Hong Kong, indicating a growing trend [1] Group 2 - The "A+H" dual listing model is gaining popularity among leading A-share companies, driven by the need for overseas expansion and efficient foreign currency financing [2] - The China Securities Regulatory Commission has expedited the approval process for companies seeking to list in Hong Kong, particularly for those with a market capitalization exceeding 10 billion HKD [2] - Listing in Hong Kong not only meets the overseas business expansion needs of A-share companies but also increases the proportion of international investors [2] Group 3 - Foreign institutional ownership in some A-share companies is already significant, with Midea Group and CATL having over 24% and 22% of their free-floating shares held by foreign investors, respectively [3] - The total foreign ownership of A-shares is capped at 30% for any single company, which encourages companies to seek additional international investment through Hong Kong listings [4] Group 4 - The return of international long-term capital is a major driver for A-share companies to list in Hong Kong, with many international institutions participating in the H-share international placement lists of companies like CATL and Heng Rui Pharmaceutical [4] - International long-term investors prefer industry leaders and companies with clear profit paths and lower risks, which aligns with the profiles of many A-share companies seeking Hong Kong listings [4] Group 5 - The liquidity of the Hong Kong market has significantly improved, with the Hang Seng Index and Hang Seng Tech Index both showing over 15% gains year-to-date [5] - The average daily trading volume in the Hong Kong market has increased by 120% year-on-year, indicating heightened investor interest [5] - The Hong Kong Securities and Futures Commission is implementing strategies to enhance market attractiveness and competitiveness [5] Group 6 - There has been a notable return of international capital to both A-share and Hong Kong markets, suggesting a potential restructuring of global asset allocation [6] - Hong Kong is positioned as a key financing platform for mainland companies looking to expand internationally, especially in response to global supply chain challenges [6]

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [1] Core Insights - The recent surge in significant transactions, particularly in the innovative drug sector, is driving a revaluation of drug values, especially for PD-1/VEGF dual antibodies [2] - The Chinese pharmaceutical market is witnessing a notable increase in transaction volume and value, with a 34% year-on-year increase in the number of transactions and a 222% increase in total transaction value in Q1 2025 [2] - The upcoming ADA conference is expected to showcase key clinical data and collaborations in the weight loss and muscle gain sectors, indicating a strong focus on GLP-1 drugs [3] - The gout treatment market presents substantial growth potential, with a projected increase in the number of patients in China from 170 million in 2020 to 240 million by 2030 [4] - The PD-1/VEGF dual antibody is positioned to challenge existing global drugs, with significant transactions indicating strong market interest [5] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 1.66% over the past week and ranked 5th in terms of weekly gains [18] - Over the past month, the pharmaceutical industry outperformed the CSI 300 index by 9.26%, ranking 1st among 31 primary industry indices [21][23] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index has a current PE (TTM) of 34.88, slightly above the 5-year historical average of 33.02 [40] 3. Recent Research Achievements - The report highlights various recent research outputs from the pharmaceutical team, including insights into the growth of blood products and the impact of policy support on inhalation formulations [46] 4. Recent Industry Policies and News - The report outlines significant recent policies aimed at improving governance in the pharmaceutical sector, including measures to combat corruption and enhance regulatory oversight [48] - Notable industry news includes the approval of multiple innovative drugs and collaborations among major pharmaceutical companies, indicating a vibrant market environment [49][50]

Group 1 - AstraZeneca announced a strategic research collaboration with CSPC focusing on high-priority targets to advance the discovery and development of novel oral drug candidates for multiple chronic diseases [1] - The collaboration will utilize CSPC's AI-driven drug discovery platform to identify and optimize small molecules with therapeutic potential for immune diseases [1] - The AI pharmaceutical sector is experiencing rapid iteration and transformation, with significant applications in preclinical drug discovery, indicating a promising long-term growth potential for AI in the pharmaceutical industry [1][2] Group 2 - Traditional pharmaceutical companies are increasingly recognizing the importance of AI technology in drug development, leading to deeper collaborations with AI firms [2] - Companies like Heng Rui Medicine are leveraging AI to enhance the efficiency and reduce costs in the drug development process, focusing on innovative drugs for oncology and autoimmune diseases [3] - WuXi AppTec is positioning itself as a leader in AI pharmaceuticals by integrating self-developed technology platforms and strategic partnerships to facilitate intelligent transformation in drug development [3]

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector's potential for a reversal in 2025, highlighting innovative drugs and left-side sector recovery as the main investment opportunities [4][44]. Core Insights - The innovative drug sector remains in a high prosperity state, with significant collaborations continuing to emerge. The upcoming 85th American Diabetes Association (ADA) Scientific Sessions in June 2025 is expected to provide important clinical and research updates from endocrine and metabolic drug companies, suggesting investment opportunities in this area [11][44]. - The report emphasizes the increasing approval and quality of new drugs in China, indicating a recovery in the innovative drug sector that has been undervalued for several years. The global recognition of China's technological capabilities is also drawing renewed attention from capital markets towards domestic pharmaceutical companies [27][44]. - The report suggests focusing on leading companies with international expansion and innovation progress, such as Heng Rui Medicine, BeiGene, Innovent Biologics, and others, as well as ADC leaders like Keren Pharmaceutical and Bai Li Tianheng [27][44]. Summary by Sections Pharmaceutical Sector - UroGen Pharma's FDA approval of Zusduri, the first and only drug for treating recurrent low-grade intermediate-risk non-muscle invasive bladder cancer, marks a significant breakthrough in drug delivery systems [20][21]. - The report highlights the progress in chronic disease metabolism, with Eli Lilly's oral Lp(a) lowering drug being considered for breakthrough therapy designation, indicating a growing pipeline of innovative treatments [23][27]. - Merck's oral PCSK9 inhibitor Enlicitide has shown positive results in Phase III trials, representing a significant advancement in cholesterol management therapies [28][29]. Medical Devices - The launch of the MAGLUMI X10, a high-speed automated chemiluminescence immunoassay analyzer, reflects the increasing demand for innovative medical devices in China [33][35]. - The investment by Xianjian Technology in Jianhu Medical to develop electrophysiology products indicates a strategic move to enhance capabilities in high-end medical devices [36][38]. Medical Services - The successful initiation of China's first invasive brain-computer interface clinical trial signifies a major advancement in medical technology, with potential applications for improving the quality of life for patients with spinal cord injuries and amputations [39][40]. - The report anticipates rapid growth in related industries, including high-end imaging equipment and surgical robots, driven by technological advancements and policy support [40]. Traditional Chinese Medicine - The approval of Fangsheng Pharmaceutical's innovative traditional Chinese medicine product marks a significant step in the development of new drugs in this sector, with an expected increase in new drug applications in the coming years [41][43].

Mergers and Acquisitions - Bozhong Precision plans to acquire 70% stake in Shanghai Wodian for 420 million yuan, aiming to enter the automotive intelligent equipment market and establish a diversified business model of "3C + new energy + automotive" [1] Shareholding Changes - Hengrui Medicine's senior vice president plans to reduce holdings by up to 47,670 shares, representing 0.007% of the total share capital due to personal financial needs [2] - Guomao Co., Ltd.'s actual controller plans to reduce holdings by up to 19,772,600 shares, accounting for 3% of the total share capital, with a minimum selling price not lower than the IPO price [3] - Baoli International's shareholder plans to reduce holdings by up to 27,468,000 shares, representing 3% of the total share capital after excluding repurchased shares, due to personal financial needs [4] Risk Matters - Yong'an Pharmaceutical warns of high speculation risk as its stock price has surged significantly, deviating from the market trend, although there are no major changes in fundamentals [5] - ST Kevin alerts investors about rational investment and risk awareness due to a cumulative price deviation of 12.32% over three trading days, confirming no violations of fair information disclosure [6] - Annie Co. states that there are no undisclosed significant matters, despite a cumulative price deviation exceeding 20% over two trading days, and confirms stable operational conditions [7]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4][54]. Core Viewpoints - The report highlights that the AD (Alzheimer's Disease) treatment sector is expected to see significant advancements, with a recommendation to focus on companies like Tonghua Jinma and Dongcheng Pharmaceutical [3][9]. - The report emphasizes the importance of innovation, international expansion, and the aging population as key themes driving the industry forward [22][43]. - The pharmaceutical index has shown a positive performance, with a 1.40% increase from June 9 to June 13, outperforming the CSI 300 index by 1.66% [5][22]. Summary by Sections 1. AD Treatment Developments - The report notes that Alzheimer's Disease (AD) is a major global health challenge, with 51.62 million cases worldwide in 2019, including 13.14 million in China [9][10]. - The innovative oral drug, Succinyl-8-hydroxy-aminoguanidine, developed by Tonghua Jinma, has shown promising results in clinical trials and is expected to be a significant player in the AD treatment market [5][21]. 2. Industry Perspectives - The report indicates that the pharmaceutical sector is transitioning from traditional growth drivers to innovative solutions, with a focus on domestic innovation and international market expansion [22][43]. - The aging population is driving demand for chronic disease treatments, and the report suggests that the healthcare payment system is evolving to support this growth [41][43]. 3. Market Performance - The report provides a detailed analysis of stock performance, noting that 218 stocks increased in value while 263 decreased during the reporting period [5][22]. - Specific stocks such as Yiming Pharmaceutical and Sai Sheng Pharmaceutical have shown significant gains, while others like Renmin Tongtai have experienced notable declines [25][26]. 4. Investment Recommendations - The report recommends focusing on innovative pharmaceutical companies and those with strong international expansion capabilities, such as Heng Rui Pharmaceutical and Keren Pharmaceutical [43][44]. - It also highlights the importance of investing in sectors related to aging and outpatient consumption, suggesting companies like Kunming Pharmaceutical and Yuyue Medical [44].

Summary of Key Points Core Viewpoint - The announcement details a share reduction plan by a senior executive of Jiangsu Hengrui Medicine Co., Ltd. due to personal financial needs, which involves selling up to 0.007% of the company's total shares within a specified timeframe [1][2]. Group 1: Shareholder Information - The shareholder involved in the reduction plan is Sun Jieping, a director and senior vice president of the company, who currently holds 1,907,032 shares, representing 0.029% of the total shares [1]. - The shares held by Sun Jieping were acquired through equity incentives (1,883,032 shares) and other means (24,000 shares) [1]. Group 2: Reduction Plan Details - The planned reduction involves selling no more than 476,700 shares, which is up to 0.007% of the total share capital [1]. - The reduction will occur through centralized bidding from July 7, 2025, to October 6, 2025, with the selling price determined by market conditions at the time of sale [1]. - The reason for the reduction is stated as personal financial needs [1]. Group 3: Compliance and Regulations - The reduction plan complies with relevant laws and regulations, including the Securities Law and the Management Rules for Share Reduction by Shareholders of Listed Companies [2]. - The company will ensure that the reduction is conducted in accordance with the regulations and will fulfill its information disclosure obligations during the process [2].

一、减持主体的基本情况 1 董监高持股的基本情况：截至本公告披露日，江苏恒瑞医药股份有限 公司（以下简称"公司"）董事、高级副总裁孙杰平先生持有公司股份 1,907,032 股，占公司总股本的 0.029%。 减持计划的主要内容：因个人资金需求原因，董事、高级副总裁孙杰 平先生拟自本公告披露之日起 15 个交易日后的 3 个月内（窗口期不减 持），通过集中竞价交易方式减持其所持有的公司股份合计不超过 476,700 股,即减持比例不超过其本人持有公司股份的 25%，且不超过 公司总股本的 0.007%。减持价格按照减持实施时的市场价格确定。若 减持计划实施期间公司有派息、送股、资本公积金转增股本、增发、 配股等除权除息事项，上述拟减持股份数量将相应进行调整。 其他方式取得：24,000股 上述减持主体无一致行动人。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-092 江苏恒瑞医药股份有限公司 董监高减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 股东名称 ...

Core Viewpoint - The Hong Kong stock market for innovative pharmaceuticals is experiencing a resurgence, with significant increases in stock prices and a record number of companies filing for IPOs, indicating a potential value reassessment after a prolonged downturn [2][4][12]. Group 1: Market Activity - As of mid-June, 18 innovative pharmaceutical companies have submitted applications to list on the Hong Kong Stock Exchange, with 7 of these occurring in just the first half of June, setting a historical record [1][3]. - The Hang Seng Innovative Pharmaceutical Index has rebounded to 51% of its historical high from July 2021, reflecting a recovery in market sentiment [5][12]. - Over 80% of the 18 newly listed pharmaceutical companies in Hong Kong have seen their stock prices rise since the beginning of 2025 [12]. Group 2: Investment Trends - The market is witnessing a shift in investor sentiment, with many previously cautious investors now eager to engage in the sector, driven by increased capital flow and favorable policy changes [4][16]. - The trend of License-out transactions has gained momentum, with the first quarter of 2025 seeing 41 such deals totaling $36.93 billion, indicating a significant increase in market activity compared to previous years [19][20]. - The proportion of mainland Chinese capital invested in the Hang Seng Innovative Pharmaceutical Index has risen from 18% at the beginning of the year to 22.6% [31]. Group 3: Company Performance - Notable companies like 3SBio and Innovent Biologics have seen their market capitalizations soar, with 3SBio's value tripling to over HKD 50 billion and Innovent's market cap exceeding HKD 100 billion [2][12]. - New listings are performing well, with companies like InnoCare Pharma seeing significant gains on their debut, indicating a shift in market dynamics [13]. Group 4: Future Outlook - The industry is optimistic about the future, with discussions among company founders shifting from survival strategies to expansion and acquisition plans [11][16]. - However, there are concerns about the sustainability of this growth, as the reliance on License-out deals may not provide a long-term solution without systemic support from the healthcare payment system [34][36].