Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical sector, specifically recommending innovative drugs and devices [1][5][26]. Core Insights - The report emphasizes the sustained high prosperity in innovative drugs, recommending companies such as Jiangsu Heng Rui Medicine, 3SBio, Sichuan Kelun Pharmaceutical, and Huadong Medicine with an "Outperform" rating. It also highlights Biopharma/Biotech companies with promising pipelines and increasing performance, maintaining an "Outperform" rating for companies like PATEO, Innovent Biologics, BeiGene, CSPC Innovation Pharmaceutical, and Acrobiosystems [5][26]. - The report notes that the A-share pharmaceutical sector slightly underperformed the market in the fourth week of June 2025, with the Shanghai Composite Index rising by 1.9% and the SW Pharmaceutical and Biological Technology Index rising by 1.6% [27][28]. - The report identifies sub-sectors such as Medical service (+2.9%), Medical equipment (+2.1%), and pharmaceutical commerce (+2.1%) as performing relatively well during the same period [13][27]. Summary by Sections Continuous Recommendation of Innovative Drugs and Devices - The report continues to recommend innovative drugs and devices, highlighting the high prosperity in this area and maintaining "Outperform" ratings for several key companies [5][26]. Performance of A-Shares Pharmaceutical Sector - In the fourth week of June 2025, the A-share pharmaceutical sector slightly underperformed the broader market, with a relative premium rate of 78.33% compared to all A-shares [15][27]. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong pharmaceutical sector also slightly underperformed the market, with the Hang Seng Healthcare Index rising by 2.9% and the Biological Technology Index by 2.2% [23][28]. - In the U.S., the S&P 500 Healthcare Select Sector rose by 1.5%, underperforming the S&P 500, which rose by 3.4% during the same period [29].

Group 1 - The Hong Kong IPO market has seen significant growth in the first half of the year, with 43 new listings, an increase of 13 companies or 43.33% compared to the same period last year [1] - Total funds raised from these IPOs reached HKD 1,067.13 billion, a remarkable increase of 688.54% from HKD 135.33 billion in the previous year, surpassing the total for the entire year of 2024 [1] - Notably, three companies raised over HKD 10 billion each, all of which are mainland enterprises: CATL (HKD 410.01 billion), Hengrui Medicine (HKD 113.74 billion), and Haitian Flavoring and Food (HKD 101.29 billion) [1] Group 2 - The main sectors driving the IPO activity include technology, consumer goods, and pharmaceuticals, with 10 companies from the pharmaceutical sector and 10 from technology [3][4] - The Hong Kong Stock Exchange has implemented reforms to attract more quality tech companies, including lowering the market capitalization threshold for specialized tech companies [4] - The average subscription multiple for IPOs in Hong Kong has surged to over 600 times, the highest in nearly six years, indicating strong investor interest [6] Group 3 - The IPO market is expected to remain active, with 220 companies currently in the IPO queue, a significant increase from 80 applications in the previous year [8] - Predictions suggest that the total IPO fundraising for the year could exceed HKD 2,000 billion, with around 80 new companies expected to list [9] - The Hong Kong IPO market has outperformed other global exchanges, with a 24% share of global fundraising, highlighting its status as a key international financial hub [8]

2025年上半年，香港新股市场以"井喷"增长交出亮眼成绩单。据港交所及多家权威机构数据显示，截至 6月30日，港交所已完成40宗首次公开募股（IPO）项目，募资总额达1067.13亿港元，同比激增 688.54%，不仅超越2024年全年募资规模，更以绝对优势登顶全球资本市场榜首。 2025年上半年，港股IPO市场呈现"量价齐升"态势。Wind数据显示，40宗IPO项目平均募资额达26.68亿 港元，其中宁德时代、恒瑞医药、海天味业三家A股龙头企业的募资规模均超百亿港元，合计贡献超 718亿港元，占总额的67%。宁德时代以约410亿港元的募资额刷新港股纪录，成为全球最大IPO项目； 恒瑞医药、海天味业分别募资113.73亿港元和101.28亿港元，跻身全球IPO融资额前十。 德勤报告指出，2025年上半年港交所IPO募资额大幅领先纳斯达克（713亿港元）和纽交所，全球占比 达24%，与A股合计占比33%，凸显香港作为国际金融枢纽的核心地位。安永进一步预测，全年港股IPO 募资额有望突破2000亿港元，新上市公司或达80家。 本轮IPO热潮中，"A+H"双平台模式成为显著趋势。除宁德时代、恒瑞医药等龙头企业外，三 ...

整体来看，尽管市场存在一定的不确定性，特别是在外部挑战方面，但随着经济内生动能的稳步复苏，加上财政政策的支持，市场上行的空间依然存 在。 经历近期调整后，下半年各个市场行情将如何演绎？会有哪些风口涌现？有哪些公司的故事会值得市场剖析？为此搜狐号财经推出【探寻下半年经济风 口】征文活动，2025年6月5日至2025年7月8日欢迎发文带上#下半年市场走势 或#商业新动向话题参与活动，亦可以通过#7月财经优质内容自荐 投递优 质观点。 2025年以来，市场确实经历了不同的阶段。年初时，全球地缘政治环境的变化以及以DeepSeek为代表的科技领域的发展成为了市场的主导因素。 DeepSeek作为一家在人工智能领域取得显著进展的公司，其技术进步和应用对市场产生了积极的影响。 进入第二季度，特别是5月份以来，随着创新药板块的表现抢眼，该领域的投资也吸引了大量资金流入。这反映了市场对于具有高增长潜力行业如生物 科技的关注度提升。 同时，外资对于中国市场的乐观态度以及国内机构对下半年A股市场的看好，表明了投资者对于中国经济复苏和政策支持的信心增强。多家券商认为， 下半年A股市场有望呈现"先震荡、后向上"的走势，并强调新消费、 ...

【环球网财经综合报道】上半年正式收官，港股IPO市场热度持续攀升。数据显示，今年上半年港交所完成43宗IPO项目，同比增加13家，增幅 43.33%；募资总额达1067.13亿港元，较去年同期增长688.54%，超2024年全年募资额。 谈及港股IPO火热原因，高盛亚洲相关人士指出，中国经济刺激政策带动全球投资者关注中国资产，监管支持力度大，上市企业质量高。中信证 券研报预计，A股公司港股发行潮或在2025年下半年，多家A股上市公司将分拆子公司赴港上市。 展望下半年，德勤预计2025年全年香港新股市场80只新股融资2000亿港元，除25只"A+H"新股外，多数项目来自科技、传媒、电信及消费业。德 勤相关负责人表示，若无重大负面干扰，对香港2025年争取全球IPO市场领先地位持审慎乐观态度。（陈十一） 从单个项目募资规模看，募资超100亿港元的IPO项目有宁德时代、恒瑞医药、海天味业3家；募资20亿至100亿港元的有三花智控等5家。 港交所上市通道迎来申报热潮，截至6月30日，220家企业处于IPO排队状态，较2024年同期显著增长，仅6月27日就有16家内地企业递表申请主板 上市，其中科技行业占10家。 "A ...

Core Viewpoint - The FTSE China A50 Index shows a mixed performance with significant rebounds in the banking sector, while the semiconductor sector experiences notable declines, and both the liquor and automotive sectors see slight decreases. Banking Sector - The banking sector has rebounded significantly, indicating a positive market sentiment towards financial institutions [1]. Semiconductor Sector - The semiconductor sector is facing a downward trend, with notable declines in stock prices for companies like Cambrian and Hygon, which dropped by 5.89% and 3.04% respectively [3]. Liquor Sector - The liquor sector shows slight declines, with Kweichow Moutai, Shanxi Fenjiu, and Wuliangye experiencing minor decreases in stock prices of 0.21%, 1.33%, and 0.16% respectively [3]. Automotive Sector - The automotive sector, represented by companies like BYD and Great Wall Motors, also sees slight declines, with stock prices dropping by 0.17% and 0.28% respectively [3]. Oil and Gas Sector - The oil and gas sector shows a mixed performance, with China Petroleum and China Shipping experiencing slight increases in stock prices of 0.35% and 1.64% respectively [3]. Coal Sector - The coal sector remains stable, with China Shenhua showing a slight increase of 0.91%, while Shaanxi Coal and Chemical remains unchanged [3]. Power Sector - The power sector, including companies like China Yangtze Power, shows a positive trend with a stock price increase of 1.13% [4]. Internet Services Sector - The internet services sector, represented by Dongfang Wealth, shows a minor increase of 0.21% in stock price [4]. Food and Beverage Sector - The food and beverage sector, including companies like Haitian Flavoring, shows a slight increase of 0.36% [4]. Consumer Electronics Sector - The consumer electronics sector, represented by companies like Industrial Fulian and Luxshare Precision, shows slight declines of 0.89% and 0.75% respectively [4]. Home Appliances Sector - The home appliances sector shows a positive trend with Gree Electric and Haier Smart Home experiencing increases of 1.02% and 0.45% respectively [4]. Chemical Products Sector - The chemical products sector, represented by Wanhua Chemical, shows a positive trend with a stock price increase of 0.84% [4]. Telecommunications Sector - The telecommunications sector, represented by China Unicom, remains stable with no change in stock price [4].

创新药产业链观点更新+25Q2 业绩前瞻 20250630 摘要 创新药产业链基本面逐步企稳回升，CXO 订单自去年开始复苏，中报业 绩表现出色，为核心细分领域。恒瑞、华东、中国生物制药等公司预计 二季度及全年业绩均实现双位数增长。 医保政策及行业会议成催化剂。医保目录调整、商保目录制定方案为潜 在增量因素，WCLC、ESMO 及 Ash 会议等行业大会以及 BD 项目落地 推动创新药发展。 市场情绪回落，可关注中大市值创新药公司如百济、恒瑞、信达、康方 和石药，以及迪哲、易方泽锦等中小市值公司。创新药产业链中，以出 海业务为主的 CDMO 公司业绩亮眼，如药明康德、药明合联和凯莱英。 药明康德全年收入目标 430 亿，预计增长 15%以上，净利润增速更快； 药明合联全年预期收入增速 35%以上；凯莱英全年预期收入增速 15% 以上。康龙化成 Q2 预计维持 10%左右的收入和利润增速。 国内条线公司业绩复苏较慢，上游已现复苏信号。百普赛斯和浩元医药 今年整体业绩良好，多数公司预期收入增速在 20%以上。器械板块多数 公司仍处于清库存状态，IVD 条线海外市场表现较好。 Q&A 2025 年第二季度医药板块的 ...

NO.1 恒生港股通创新药指数即将修订，明确剔除CXO公司 6月30日，恒生港股通创新药指数宣布修订编制方案，新增了剔除CXO（医药外包）公司的规则。根据 新的编制方案，修订后的指数成份股全部为创新药企，是目前ETF跟踪的指数中首批"纯度"达到100%的 创新药指数。 易方达基金指数研究部总经理庞亚平表示，CXO公司主要提供服务，并不直接获取创新药的核心知识 产权，一般也不参与创新药专利研发和商业化成功后获取的专利授权收益。因此，剔除CXO后，恒生 港股通创新药指数能够聚焦创新药核心公司，更纯粹地表征本轮创新药产业发展趋势。 点评：此次规则修订后，恒生港股通创新药指数拟剔除CXO企业，这一调整将提高港股创新药企业在 指数内的权重，使得该指数能更好反映创新药产业发展的核心趋势与估值逻辑。 NO.2 恒瑞医药斑秃药物获批上市 6月30日，恒瑞医药公告称，公司收到国家药品监督管理局的通知，批准公司自主研发的1类创新药硫酸 艾玛昔替尼片（SHR0302片）新增适应证，用于成人重度斑秃患者。硫酸艾玛昔替尼片是一种高选择性 的JAK1抑制剂，可通过抑制JAK1信号传导发挥抗炎和抑制免疫的生物学效应。除此次获批的斑秃外， ...

就单个项目募资规模来看，今年以来，港股募资规模超过100亿港元的IPO项目有3个，分别为宁德时代、恒瑞医药、海天味业；募资规模20亿至 100亿港元的IPO项目有5个，分别为三花智控、蜜雪集团、赤峰黄金、南山铝业国际、古茗。 上半年正式收官，港股IPO市场热度持续攀升。 Wind数据显示，今年上半年，港交所完成43宗首次公开募股（IPO）项目，较去年同期增加13家，增幅为43.33%；募资总额达到1067.13亿港元， 较去年同期的135.33亿港元增长688.54%，募资金额已超过2024年全年的881.47亿港元。 2025年上半年，港股IPO融资额超过10亿港 | | | 2025年上半年 | | | 2024年上半年 | | | --- | --- | --- | --- | --- | --- | --- | | 排名 | 公司 | 证券交易所 | 融资额 (亿港元) | | 排名 公司 | 证券交易所 | | 1 | 宁德时代 | 港交所 | 410 | 1 | Puig Brands | 马德里证券交易所 | | 2 | JX Advanced Metals | 东京证券交易所 | 232 | ...

从IPO企业融资额看，今年上半年，港交所43家IPO上市企业中，17家企业IPO融资额超10亿港元，8家 企业IPO融资额超20亿港元，6家企业IPO融资额超30亿港元，IPO融资额前三名分别为宁德时代、恒瑞 医药、海天味业，IPO融资额分别为410.06亿港元、113.74亿港元、101.29亿港元。此外，三花智控、蜜 雪集团、赤峰黄金、南山铝业国际、古茗等公司IPO融资额均超20亿港元。 据记者不完全统计，今年以来，A股上市公司赴港上市明显提速，包括宁德时代、恒瑞医药、海天味 业、三花智控、吉宏股份、赤峰黄金、钧达股份、峰岹科技、均胜电子、安井食品、百利天恒、天岳先 进、东鹏饮料、南华期货、三只松鼠、赛力斯等已向港交所递表，其中宁德时代、恒瑞医药、海天味 业、三花智控、吉宏股份、赤峰黄金、钧达股份等7家A股上市公司已上市；而2022年至2024年，A股上 市公司赴港上市的数量分别为4家、1家和3家。 香港交易所董事总经理徐经纬在上周末召开的2025上市公司论坛上表示，"A+H"上市成为2025年的关键 主题，"A+H"项目的发行趋势在第二季度越发明显。目前有超过30家A股企业已递交H股上市申请，另 有超过 ...