Core Viewpoint - The resurgence of the Hong Kong IPO market is driven by a wave of Chinese companies seeking to expand internationally, with a focus on high-quality firms in sectors like consumer goods, new energy, and pharmaceuticals [1][2][3] Group 1: Market Dynamics - The willingness of mainland companies to list in Hong Kong has increased due to the strategic need for overseas development and the improved performance and liquidity of the Hong Kong market, with the average discount rate of H-shares compared to A-shares decreasing from nearly 40% to around 30% [1][2] - The Hong Kong market is seen as an ideal choice for companies seeking overseas financing due to its active trading environment and openness, which facilitates subsequent refinancing [2][3] Group 2: Investor Preferences - International investors are showing strong interest in high-quality Chinese assets, as evidenced by the overwhelming demand for IPOs from companies like CATL and Heng Rui Pharmaceutical, with significant oversubscription and a high number of orders [3][4] - Investors currently favor large-scale, industry-leading companies or those with strong growth potential, such as Midea Group, CATL, and emerging consumer brands like Mixue and Pop Mart [4][5] Group 3: Competitive Advantages - The Hong Kong Stock Exchange is actively welcoming more technology and biotech companies, reflecting ongoing reforms aimed at enhancing the market's attractiveness [5][6] - Companies are encouraged to highlight their core competencies and unique value propositions, such as market leadership, technological advantages, and growth potential, to achieve higher valuations during the IPO process [6]

Core Insights - The Hong Kong IPO market is experiencing a capital boom in 2025, with nearly $10 billion raised in the first five months, approaching last year's total of $11.3 billion [1] - Major companies like CATL and Hansoh Pharma are accelerating their "A+H" strategy, focusing on hard technology and new consumption sectors [1][2] - Over 150 companies are currently waiting to list in Hong Kong, with many planning to raise over $1 billion [1] - The attractiveness of Hong Kong stocks is expected to increase, with the AH premium likely to narrow [1] Market Trends - 26 mainland companies have listed in Hong Kong this year, raising approximately HKD 74 billion, with A-share companies making up over 57% of this total [2] - The trend of mainland companies listing in Hong Kong has significantly increased compared to the same period in 2024, where only 19 companies raised HKD 9 billion [2] - The hard technology sector is seeing a surge in interest, with companies like Yujing Technology and Horizon Robotics going public [2] IPO Performance - Notable IPOs include CATL, which raised HKD 35.657 billion, and Hansoh Pharma, which raised HKD 9.89 billion [2][4] - The performance of H-shares has occasionally surpassed A-shares, as seen with CATL's H-share price being higher than its A-share price, resulting in an AH premium of -11.06% [3][11] Policy and Market Dynamics - Policy incentives and mechanisms like "flash placements" are attracting mainland companies to Hong Kong [5] - The collaboration between domestic and international regulatory bodies is enhancing the efficiency of overseas listings [5] - The global capital allocation landscape is shifting, making Hong Kong a preferred channel for international long-term capital [5] Future Outlook - The IPO momentum is expected to continue, with a focus on hard technology and new consumption sectors [10] - The trend of Chinese companies seeking international capital through Hong Kong listings is likely to grow, especially as A-share financing becomes more restrictive [9][10] - The narrowing of the AH premium indicates a potential revaluation of Hong Kong stocks, with increased liquidity and improved market conditions [13][14] Investment Opportunities - Investors are encouraged to focus on sectors such as technology, new consumption, and dividend-paying assets [17][18] - The narrowing AH premium can serve as a reference for investment decisions, with technology and consumer sectors showing strong potential [19][22]

Core Viewpoint - The company has received conditional approval from the National Medical Products Administration for its innovative drug, SHR-A1811, which targets HER2 mutations in non-small cell lung cancer (NSCLC) patients, marking a significant advancement in treatment options for this rare mutation type [1][2]. Group 1: Product Approval and Significance - SHR-A1811 is the first antibody-drug conjugate (ADC) approved in China for HER2 mutation NSCLC patients, addressing a critical need as traditional treatments have limited efficacy [1][2]. - The approval is based on the HORIZON-Lung study, which reported a median follow-up of 14.2 months, with an objective response rate (ORR) of 74.5% and a median progression-free survival (mPFS) of 11.5 months [2]. Group 2: Market Context and Competitors - Existing similar products in the market include Kadcyla and Enhertu, with combined global sales projected to reach approximately $6.557 billion in 2024 [3]. - The company has invested around 1.17007 billion yuan in the development of SHR-A1811, indicating a strong commitment to research and development [3]. Group 3: Future Potential and Research - SHR-A1811 is being explored for its potential in first-line treatment for HER2 mutation NSCLC and other cancer types, with eight indications receiving breakthrough therapy designation from the National Medical Products Administration [2].

Core Viewpoint - The Zhongzheng Guangyin Wealth Management Hong Kong-Shenzhen Technology Leaders Index has shown a mixed performance, with a recent increase but a decline over the past three months, indicating volatility in the technology sector [1][2] Group 1: Index Performance - The Zhongzheng Guangyin Wealth Management Hong Kong-Shenzhen Technology Leaders Index rose by 1.15% to 2180.95 points, with a trading volume of 91.926 billion yuan [1] - Over the past month, the index has increased by 1.53%, while it has decreased by 6.24% over the last three months, and it has risen by 9.71% year-to-date [1] Group 2: Index Composition - The index comprises 50 large-cap listed companies from the information technology, biomedicine, and high-end manufacturing sectors, reflecting the overall performance of technology leaders in the mainland and Hong Kong markets [1] - The top ten holdings in the index include Alibaba-W (11.98%), Tencent Holdings (10.74%), Xiaomi Group-W (10.53%), CATL (8.42%), BYD Company (5.81%), and others [1] - The market distribution of the index holdings shows that the Hong Kong Stock Exchange accounts for 49.63%, the Shenzhen Stock Exchange for 28.12%, and the Shanghai Stock Exchange for 22.25% [1] Group 3: Industry Breakdown - The industry composition of the index holdings includes 31.19% in information technology, 23.16% in consumer discretionary, 18.11% in industrials, 15.02% in communication services, and 12.53% in healthcare [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-085 江苏恒瑞医药股份有限公司 关于获得药品注册批准的公告 本公司董事会及全体董事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。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司苏州盛迪亚 生物医药有限公司收到国家药品监督管理局（以下简称"国家药监局"）的通知， 附条件批准公司自主研发的 1 类创新药注射用瑞康曲妥珠单抗（SHR-A1811）上 市，用于治疗存在 HER2（ERBB2）激活突变且既往接受过至少一种系统治疗的不 可切除的局部晚期或转移性非小细胞肺癌（NSCLC）成人患者。这是首个获批用 于 HER2 突变 NSCLC 患者的中国自主研发抗体偶联药物（ADC），现将相关情况公 告如下： 一、药品的基本情况 药品名称：注射用瑞康曲妥珠单抗 批准的适应症：本品单药适用于治疗存在 HER2（ERBB2）激活突变且既往接 受过至少一种系统治疗的不可切除的局部晚期或转移性非小细胞肺癌（NSCLC） 成人患者。 二、药品的其他情况 在 NSCLC 驱动基因变异谱系中，HE ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-087 江苏恒瑞医药股份有限公司 关于获得药品注册批准的公告 本公司董事会及全体董事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。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司福建盛迪医 药有限公司收到国家药品监督管理局（以下简称"国家药监局"）的通知，批准 公司 1 类创新药注射用磷罗拉匹坦帕洛诺司琼（注射用 HR20013）上市，用于预 防成人高度致吐性化疗（HEC）引起的急性和迟发性恶心和呕吐，该产品是中国 首个超长效原研复方止吐针剂。现将相关情况公告如下： 一、药品的基本情况 药品名称：注射用磷罗拉匹坦帕洛诺司琼 受理号：CXHS2300113 处方药/非处方药：处方药 批准的适应症：本品用于预防成人高度致吐性化疗（HEC）引起的急性和迟 发性恶心和呕吐。 二、药品的其他情况 随着肿瘤诊疗水平的不断提高，患者的生存时间得以延长。同时，如何在肿 瘤治疗期间提高患者的生活质量、保障患者的肿瘤治疗顺利且完整地进行，已成 为医患双方日益关注的焦点。化疗相关性恶心呕吐（C ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-086 江苏恒瑞医药股份有限公司 关于获得药品注册批准的公告 注射用卡瑞利珠单抗是人源化抗 PD-1 单克隆抗体，可与人 PD-1 受体结合并 阻断 PD-1/PD-L1 通路，恢复机体的抗肿瘤免疫力，从而形成癌症免疫治疗基础。 国外有多款 PD-1 单克隆抗体获批上市，包括帕博利珠单抗（默沙东，商品名可 瑞达）、纳武利尤单抗（百时美施贵宝，商品名欧狄沃）、cemiplimab（再生元 制药，商品名 Libtayo）和 dostarlimab（葛兰素史克，商品名 Jemperli）等。 国内也有多款同类产品获批上市。经查询EvaluatePharma数据库，2024年抗PD-1 抗体全球销售额合计约为 415.46 亿美元。截至目前，注射用卡瑞利珠单抗相关 项目累计研发投入约 295,947 万元。 苹果酸法米替尼胶囊是公司创新研发的小分子多靶点酪氨酸激酶抑制剂。国 内外有索拉非尼、舒尼替尼、培唑帕尼等多种同类产品获批上市。索拉非尼由拜 耳开发，于 2005 年在美国获批上市；舒尼替尼由辉瑞开发，于 2006 年在美国获 批上市；培唑帕尼由 ...

Core Viewpoint - The article discusses the performance and holdings of the ICBC Frontier Medical Stock C fund, highlighting its recent growth and ranking among similar funds [1]. Fund Performance - The latest net value of ICBC Frontier Medical Stock C is 2.9850 yuan, reflecting a growth of 3.36% [1]. - The fund's return over the past month is 5.06%, ranking 72 out of 1022 similar funds [1]. - Over the last three months, the return is 10.06%, with a ranking of 63 out of 1009 [1]. - Year-to-date, the fund has achieved a return of 12.46%, ranking 107 out of 999 [1]. Fund Holdings - The top ten holdings of ICBC Frontier Medical Stock C account for a total of 59.05% of the fund, with the following key positions: - Heng Rui Medicine: 10.11% - Kelun Pharmaceutical: 8.01% - WuXi AppTec: 7.72% - BeiGene: 6.85% - Xinlitai: 4.90% - Zai Lab: 4.77% - Yuyue Medical: 4.60% - New Horizon: 4.36% - East China Pharmaceutical: 4.20% - Haizhi Pharmaceutical: 3.53% [1]. Fund Background - ICBC Frontier Medical Stock C was established on November 23, 2020, and as of March 31, 2025, it has a total scale of 1.38 billion yuan [1]. - The fund manager is Zhao Bei, who has extensive experience in the healthcare sector [2].

Core Viewpoint - The Shanghai Composite Index opened high and rose, with the CSI 300 Non-Cyclical Industry Index increasing by 0.81% to 4343.05 points, with a trading volume of 153.275 billion yuan [1] Group 1: Index Performance - The CSI 300 Non-Cyclical Industry Index has risen by 1.03% over the past month, declined by 3.86% over the past three months, and decreased by 3.67% year-to-date [1] - The CSI 300 Non-Cyclical Industry Index is composed of listed companies from cyclical and non-cyclical industries, providing diverse investment options for investors [1] Group 2: Index Holdings - The top ten weights in the CSI 300 Non-Cyclical Industry Index are: Kweichow Moutai (7.6%), CATL (5.23%), Midea Group (3.03%), Yangtze Power (2.91%), BYD (2.57%), Wuliangye (1.94%), Heng Rui Medicine (1.9%), Gree Electric (1.62%), Yili Group (1.52%), and SMIC (1.3%) [1] - The market share of the CSI 300 Non-Cyclical Industry Index holdings is 53.92% from the Shanghai Stock Exchange and 46.08% from the Shenzhen Stock Exchange [1] Group 3: Industry Composition - The industry composition of the CSI 300 Non-Cyclical Industry Index includes: Industrial (23.54%), Information Technology (20.07%), Consumer Staples (16.96%), Consumer Discretionary (12.91%), Healthcare (10.09%), Communication Services (6.89%), Utilities (6.00%), and Materials (3.55%) [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Temporary adjustments occur when the CSI 300 Index samples are modified, and companies are removed from the index if they are delisted or undergo significant changes [2] Group 5: Tracking Funds - Public funds tracking the CSI 300 Non-Cyclical Industry Index include: Chang'an 300 Non-Cyclical C and Chang'an 300 Non-Cyclical A [3]

Group 1 - The report highlights the significant interest from global investors in high-quality A-share companies that have listed in Hong Kong, such as Ningde Times and Midea Group, with Ningde Times raising a total of HKD 41 billion and seeing a premium over its A-share price [2][12][36] - The performance of A-share companies that have recently listed in Hong Kong has been strong, with an average year-to-date increase of 4.6% compared to the overall A-share market's 0.7% [3][36] - The report indicates that the recent trend of A-share companies listing in Hong Kong has positively impacted the A-share market, leading to increased valuations and investor interest in core assets [3][36] Group 2 - The report discusses the structural changes in the Hong Kong IPO market, noting a 92.8% increase in fundraising compared to 2023, with 70 IPOs in 2024 and 27 in 2025 so far [12][18] - It emphasizes the growing importance of Hong Kong as a platform for mainland companies to raise capital, with 41 A-share companies planning to list in Hong Kong in 2025 [20][36] - The report outlines the performance of specific companies post-listing, such as Midea Group and Ningde Times, which have shown strong price movements and have influenced their respective sectors positively [28][34]