Core Viewpoint - The article discusses the common pharmaceutical indices in A-shares and Hong Kong stocks, their classifications, current valuations, and available funds for investment opportunities in the pharmaceutical sector [1]. Group 1: Classification of Indices - The common indices in A-shares and Hong Kong stocks are categorized into four types: broad-based indices, strategy indices, industry indices, and thematic indices [5][6][7][8][9]. - Broad-based indices select stocks based on market capitalization and cover various industries [6]. - Strategy indices are based on broad-based indices but apply specific investment strategies, catering to diverse investor needs [7]. - Industry indices focus on specific sectors, such as pharmaceuticals, and are essential for long-term societal development [8]. - Thematic indices are related to specific themes like technology and renewable energy, covering multiple industries but not as extensively as broad-based indices [9]. Group 2: Pharmaceutical Industry Insights - The pharmaceutical industry is highlighted as a naturally profitable sector due to its essential nature in human life [11][12]. - Demand for pharmaceuticals remains stable regardless of economic downturns or natural disasters [13]. - Over decades, the pharmaceutical industry has consistently performed well, with the CSI Pharmaceutical Index (code 000933) showing a growth of over six times from 1000 points in December 2004 to 7602 points by April 2025 [15][16]. Group 3: Sub-industry Indices - The pharmaceutical sector includes three main sub-industry indices: medical services, biotechnology, and innovative drugs [18]. - The medical industry comprises medical services and devices, with a significant number of funds available for investment [19]. - Biotechnology focuses on gene diagnostics, biopharmaceuticals, blood products, and human biotechnology, showing comparable long-term returns to the medical sector [20]. - Innovative drugs primarily involve pharmaceutical companies, with many firms operating in both biotechnology and innovative drugs [22]. Group 4: A-shares and Hong Kong Stocks Pharmaceutical Indices - A summary of common pharmaceutical indices in A-shares and Hong Kong stocks is provided, including representative indices and their respective sub-indices [26]. - The CSI Pharmaceutical Index represents large and mid-cap pharmaceutical stocks, while the Full Pharmaceutical Index covers a broader range of companies [28][30]. - The Hong Kong Hang Seng Medical Care Index is the primary pharmaceutical index in Hong Kong, with similar definitions to the A-share pharmaceutical indices [33][34]. Group 5: Historical Performance and Valuation - The A-share pharmaceutical industry has experienced several bull and bear markets, with annualized returns of 10.5% for the CSI Pharmaceutical Index and 10.91% for the Full Pharmaceutical Index [42]. - The pharmaceutical indices are currently at relatively low valuation levels, with price-to-earnings ratios generally higher than price-to-book ratios due to fluctuations in industry profitability [47][48]. - The historical performance of the CSI Medical Index shows an annualized return of 9.47%, indicating potential for higher long-term returns as it rebounds from current lows [60]. Group 6: Index Funds - Various index funds related to pharmaceutical indices are available in both A-shares and Hong Kong stocks, with similar fee structures [51]. - The scale of these funds is generally small, reflecting their recent establishment [52].

Group 1 - The stock market showed strength on May 14, with both the ChiNext Index and Shanghai Composite Index rising over 1%, while the Hong Kong Hang Seng Index increased by 2% and the Hang Seng Tech Index rose by over 2% [1] - Popular ETFs such as the Biopharmaceutical ETF (159859) and the Innovative Drug Hong Kong-Shanghai ETF (517380) turned positive in the afternoon, with the Innovative Drug ETF up 0.35% and key components like China National Pharmaceutical Group and Hengrui Medicine rising over 3% [1] - The Biopharmaceutical ETF tracks the National Biopharmaceutical Index, which includes the top 30 stocks in the biopharmaceutical sector based on market capitalization and liquidity, reflecting the overall performance of the industry [1] Group 2 - The 36th Pharmaceutical Economic Information Conference was held in Guangzhou from May 12 to 14, focusing on drug regulation policies, industry trends, and high-quality development in the pharmaceutical sector [2] - According to Founder Securities, the pharmaceutical and biotechnology sector's Q1 2025 financial reports showed stable revenue and profit performance, with notable improvements in certain sub-sectors, particularly in pharmaceutical R&D outsourcing, which achieved over 10% growth in both revenue and profit [2] - The market sentiment towards the pharmaceutical industry has improved, with a noticeable increase in equity fund allocations since Q1 2024, driven by a systematic valuation increase in the innovative drug sector [2]

Core Viewpoint - The recent policy announced by Trump to align U.S. drug prices with the lowest global prices could lead to a significant decrease in prescription drug prices in the U.S., potentially by 30% to 80%, raising concerns among pharmaceutical companies, especially those exporting to the U.S. [1][2] Group 1: Market Performance - As of May 13, 2025, the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index (930965) rose by 2.42%, with notable increases in stocks such as BeiGene (06160) up 4.15% and Innovent Biologics (01801) up 3.14% [1] - The Hong Kong Pharmaceutical ETF (159718) opened high and increased by 2.04%, with a latest price of 0.70 yuan, and a one-month cumulative increase of 3.32% [1] - The CSI Pharmaceutical and Medical Device Innovation Index (931484) increased by 0.87%, with stocks like East China Pharmaceutical (000963) rising by 2.23% [4] Group 2: Trading Volume and Liquidity - The Hong Kong Pharmaceutical ETF had a turnover of 1.72% during the trading session, with a transaction volume of 4.0999 million yuan, and an average daily transaction volume of 95.7602 million yuan over the past month [1] - The latest scale of the Medical Innovation ETF (516820) reached 1.588 billion yuan [4] Group 3: Index Composition - The top ten weighted stocks in the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index accounted for 60.54% of the index, including BeiGene (06160) and WuXi Biologics (02269) [5] - The top ten weighted stocks in the CSI Pharmaceutical and Medical Device Innovation Index represented 66.51% of the index, featuring companies like Hengrui Medicine (600276) and WuXi AppTec (603259) [8]

Industry Overview - The cholesterol-lowering drug industry is crucial for preventing and treating cardiovascular diseases, with a growing patient population due to aging and increasing rates of dyslipidemia [1][8] - The prevalence of dyslipidemia among the elderly is high, with 47% of individuals over 60 affected, while the rate among those aged 18 and above has risen from 18.6% in 2002 to 35.6% in 2023 [8][10] Market Development - The cholesterol-lowering drug market in China is projected to grow from CNY 252.94 billion in 2023 to CNY 265.95 billion in 2024, despite a slowdown due to national procurement policies [10][20] - Sales distribution shows that 57% of sales come from hospitals, while 43% are from retail markets [10] Drug Categories - Cholesterol-lowering drugs are categorized into statins, fibrates, niacin, bile acid sequestrants, PCSK9 inhibitors, and monoclonal antibodies targeting angiopoietin-like protein 3 [3][12] - Statins dominate the market with a 76.58% share, but innovative drugs like PCSK9 inhibitors are gaining traction [12][22] Competitive Landscape - The market is experiencing significant changes, with foreign companies like Pfizer and Sanofi leading the high-end market, while local firms like Yuyuan Health and Jingxin Pharmaceutical focus on mid to low-end markets [14][16] - Competition is shifting from price to efficacy, safety, and brand service, with an expected increase in market concentration through mergers and international collaborations [14][22] Company Highlights - Jingxin Pharmaceutical focuses on the development and sales of statins and is expanding into combination therapies and new drug targets [16] - Yuyuan Health has developed a PCSK9-targeting siRNA drug, YKYY015, which is in clinical trials and has received IND approval in the U.S. [18] - The revenue of Yuyuan Health is projected to decline by 9.9% in 2024, with cardiovascular drug sales down by 20.73% [18] Future Trends - The market for cholesterol-lowering drugs is expected to continue expanding due to an increasing patient population and unmet treatment needs, with projections indicating a compound annual growth rate above a certain percentage [20][21] - Innovation in drug development is on the rise, with companies investing in new targets like Lp(a) and PCSK9 inhibitors, enhancing treatment options for patients [21][22]

简历显示：赵伟先生:中国,硕士研究生。历任葛兰素史克(上海)医药研发有限公司药物化学部助理研究 员、广发证券股份有限公司投资自营部医药研究员、招商基金管理有限公司研究部医药组组长及招商基 金管理有限公司国际业务部基金经理助理。现任农银汇理基金管理有限公司基金经理。2019年11月8日 至2021年3月5日担任农银汇理中小盘混合型证券投资基金基金经理。2020年1月13日至2021年3月5日担 任农银汇理行业成长混合型证券投资基金基金经理。2020年1月21日至2021年3月5日任职农银汇理创新 医疗混合型证券投资基金基金经理。2017年6月20日至2021年3月5日担任农银汇理医疗保健主题股票型 证券投资基金基金经理。曾任农银汇理中国优势灵活配置混合型证券投资基金基金经理。2021年03月加 入富国基金管理有限公司,2021年7月6日起担任富国精准医疗灵活配置混合型证券投资基金基金经理。 2024年04月23日起担任富国科创板两年定期开放混合型证券投资基金基金经理。 金融界2025年5月12日消息，富国精准医疗混合A(005176) 最新净值2.6542元，下跌3.50%。该基金近1个 月收益率-2.01%， ...

【导读】医药板块，突传利空 大家好，特朗普突然对医药出手了！ 特朗普计划降低美国药品价格，医药股暴跌 5月12日，虽然市场整体大涨，但创新药板块却逆市大跌。 | 代码 | 名称 . | 涨幅%1 | 现价 | | | --- | --- | --- | --- | --- | | 688062 | 迈威生物-U K -10.96 | | 17.80 | | | 688532 | 自济神州-U K -9.04 | | 221.50 | | | e8826e | 淺環制药-U K | -1.81 | 91.73 | | | 688192 | 迪哲医药-U K | -7.36 | 52.23 | | | 300204 | 舒泰神 | -6.36 | 10.31 | | | 688206 | 百利天恒 ાર | -6.08 | 262.99 | | | 002294 | 信立泰 R | -5.75 | 38'22 | | | 002675 | 东诚药业 R | -5.60 | 13.99 | | | 688068 | 热景生物 ાર | -5.39 | 103.50 | | | 688382 | 益方生物-U K | ...

Investment Rating - The report maintains a positive investment rating for the healthcare sector, particularly focusing on specific companies and segments within the industry [3]. Core Insights - The report emphasizes the recovery of medical device tenders and highlights investment opportunities in segments such as blood dialysis and ultrasound, with a focus on domestic replacements [1][2]. - It suggests that leading companies in the chain pharmacy sector are likely to increase market share due to the exit of smaller players [1]. - The report identifies several key areas for investment, including innovative drugs, CXO services, traditional Chinese medicine, vaccines, and medical devices, among others [1]. Summary by Sections 1. CXO Sector - The CXO sector is expected to see valuation recovery due to supportive innovation policies and a reduction in geopolitical risks [7]. 2. Innovative Drugs - The report notes a slight increase in the A-share chemical preparation sector and highlights recent approvals for innovative drugs, suggesting a focus on ongoing R&D progress [12][67]. 3. Traditional Chinese Medicine - The performance of the traditional Chinese medicine sector has lagged behind broader market indices, indicating potential for future growth [20]. 4. Blood Products - The report highlights the strong pricing power of manufacturers in the blood products sector, driven by increased demand for immunoglobulin products [22]. 5. Vaccine Sector - The vaccine sector is facing challenges due to low birth rates, but there are opportunities in specific areas such as HPV vaccines [26]. 6. Upstream Pharmaceutical Supply Chain - The report suggests focusing on companies with strong brand recognition and overseas growth potential in the chemical and biological reagent sectors [28]. 7. IVD Sector - The IVD sector is expected to benefit from the implementation of centralized procurement policies, which may accelerate domestic replacements [31]. 8. Medical Devices - The report recommends attention to the domestic continuous glucose monitoring (CGM) market, particularly in relation to GLP-1 drugs [37]. 9. Medical Services - The report suggests focusing on eye and dental medical service companies, anticipating a boost from consumer stimulus policies [42]. 10. Offline Pharmacies - The report indicates that leading pharmacy chains are stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [45]. 11. Raw Materials - The report emphasizes the importance of quality and cost management in the raw materials sector, suggesting a focus on companies with strong product capabilities [48]. 12. Innovative Instruments - The report highlights the potential for AI applications in the medical device sector, particularly in surgical navigation and pathology screening [51]. 13. Instrument Equipment - The report notes that the scientific instrument sector is expected to recover as demand improves and more domestic support policies are introduced [56]. 14. Low-value Consumables - The report suggests that the low-value consumables sector may see investment opportunities as the industry cycle improves [59].

Summary of Key Points Core Viewpoint The Hong Kong IPO market has seen significant activity from May 5 to May 11, with 8 companies submitting applications, 3 companies passing hearings, 1 company going public, and 3 companies listing. Group 1: IPO Applications - A total of 8 companies submitted IPO applications, including Zhongqi Yunlian, MIRXES, YS Intelligent, Xidi Zhijia, Tong Shifu, Zhejing Electronics, Zhongding Integration, and Fuyou Payment [2][3] - Zhongqi Yunlian, established in 2015, is a leading independent digital financial platform in China, with a projected revenue of 6.52 billion RMB in 2022, increasing to 9.91 billion RMB by 2024 [3] - MIRXES, founded in 2014, specializes in miRNA technology for disease screening, with projected revenues of approximately 177.59 million USD in 2022, growing to 202.83 million USD by 2024 [4][5] - YS Intelligent, focusing on AI-driven pharmaceutical solutions, has raised over 500 million USD from notable investors and has a post-money valuation of 1.33 billion USD [6] - Xidi Zhijia, a provider of autonomous driving solutions, reported revenues of 310.56 million RMB in 2022, expected to reach 410 million RMB by 2024 [7] - Tong Shifu, established in 2013, leads the copper cultural products market in China with a 35% market share, projecting revenues of 503 million RMB in 2022 [8] - Zhejing Electronics, a pioneer in smart cockpit solutions, reported revenues of approximately 214 million RMB in 2022, with expectations of growth [9] - Zhongding Integration, a provider of smart logistics solutions, reported revenues of approximately 1.643 billion RMB in 2022, with a projected increase [11] - Fuyou Payment, a digital payment technology platform, reported revenues of approximately 1.142 billion RMB in 2022, with growth anticipated [12] Group 2: Companies Passing Hearings - Heng Rui Pharmaceutical, a leading innovative pharmaceutical company, reported revenues of 21.275 billion RMB in 2022, expected to grow to 27.985 billion RMB by 2024 [13][14] - Ningde Times, a leader in battery manufacturing, is expected to raise between 4 billion to 5 billion USD in its IPO, with a market share of 37.9% in the global battery market by 2024 [15][16] - Jihong Co., a dual-driven company in cross-border e-commerce and paper packaging, reported revenues of 5.376 billion RMB in 2022, with growth expected [17] Group 3: IPO and Listings - Green Tea Group is set to launch its IPO, offering 168 million shares at a price of 7.19 HKD per share, with significant interest from cornerstone investors [18] - Boleton, listed on May 7, priced at 18 HKD per share, saw a closing price of 24.9 HKD, reflecting a 38% increase [19] - Hu Shang Ayi, listed on May 8, had an opening price of 190.6 HKD, closing at 158.4 HKD, a 40.03% increase from its issue price [20] - Jun Da Co., also listed on May 8, opened at 22.2 HKD and closed at 26.6 HKD, marking a 20.09% increase [20] Group 4: Market Developments - The Hong Kong Stock Exchange has launched a "Tech Company Fast Track" to facilitate IPO applications for technology and biotech companies, allowing for confidential submissions [21]

Group 1: China Market Focus - The report highlights the importance of policy packages in stabilizing market expectations amid trade tensions, with a focus on stocks like Sungrow Power and Heng Rui Pharmaceutical [9][15][22] - The report emphasizes the potential for growth in the energy storage system (ESS) sector, particularly for Sungrow Power, due to increasing demand for grid upgrades in Europe [23] - Heng Rui Pharmaceutical is noted for its strong innovation capabilities, with expectations for record revenue and profit in 2024, driven by a significant share of innovative drug sales [23] Group 2: Japan Market Focus - The report indicates that Japan's economic growth is being hampered by trade wars, with a focus on stable high-dividend stocks [30][32] - The anticipated performance of high-dividend stocks such as KDDI and MS&AD Insurance is highlighted, as they are expected to continue to perform well despite economic uncertainties [41] - The report mentions that if Japan cannot secure tariff reductions from the U.S., it may face significant political risks [41] Group 3: Australia Market Focus - The report discusses the Labor Party's significant election victory and its historical correlation with strong performance in the energy and materials sectors [46][50] - Northern Star and Lynas Rare Earths are identified as key stocks that may benefit from increased demand for resources, particularly in the context of global shifts away from reliance on Chinese supply [56] - The report notes that historically, the Australian stock market has seen an average increase of 7.5% in the year following a Labor victory, with energy and materials sectors performing particularly well [56]

Market Overview - The Shanghai Composite Index rose by 0.82% on May 12, with 27 out of 28 sectors experiencing gains, led by defense and military industry (up 4.80%) and electric equipment (up 2.69%) [2] - The agriculture, forestry, animal husbandry, and fishery sector saw the largest decline at 0.49%, followed by the pharmaceutical and biological sector, which fell by 0.27% [2] Capital Flow Analysis - The net inflow of capital in the two markets reached 19.145 billion yuan, with 19 sectors experiencing net inflows [2] - The defense and military industry had the highest net inflow of 5.401 billion yuan, while the electric equipment sector followed with a net inflow of 3.977 billion yuan [2] Pharmaceutical and Biological Sector Performance - The pharmaceutical and biological sector experienced a decline of 0.27%, with a net outflow of 635 million yuan [3] - Out of 475 stocks in this sector, 264 stocks rose, while 190 stocks fell, with 2 stocks hitting the daily limit [3] - The top three stocks with net inflows were Mindray Medical (1.12 billion yuan), Lao Baixing (953.421 million yuan), and Tonghua Jinma (621.272 million yuan) [3][4] - The stocks with the highest net outflows included Hengrui Medicine (-2.549253 billion yuan), Borui Medicine (-924.796 million yuan), and Xingqi Eye Medicine (-790.486 million yuan) [5][6]