Core Viewpoint - The FTSE China A50 Index shows mixed performance across various sectors, with the semiconductor sector leading gains while banking, insurance, and liquor sectors exhibit varied results [1][6]. Sector Summaries Semiconductor Sector - Notable gains were observed in the semiconductor sector, with companies like North Huachuang and Cambricon Technologies increasing by 2.25% and 3.79% respectively [3]. - Market capitalizations for key players include North Huachuang at 237.49 billion, Cambricon at 253.68 billion, and Haiguang Information at 326.78 billion [3]. Banking and Insurance - The banking and insurance sectors showed mixed results, with China Pacific Insurance and China Life Insurance experiencing slight declines of 0.12% and 0.20% respectively [3]. - China Life Insurance has a market capitalization of 1,006.11 billion, while China Pacific Insurance stands at 383.86 billion [3]. Liquor Industry - The liquor sector, represented by companies like Kweichow Moutai and Wuliangye, displayed minor fluctuations, with Kweichow Moutai increasing by 0.07% and Wuliangye decreasing by 0.61% [3]. - Kweichow Moutai's market capitalization is 1,763.87 billion, while Wuliangye's is 214.17 billion [3]. Automotive Sector - The automotive sector saw a decline in major players like BYD, which fell by 1.02%, while Great Wall Motors remained stable with a slight increase of 0.19% [3]. - BYD's market capitalization is 182.91 billion, and Great Wall Motors is at 281.32 billion [3]. Energy Sector - The energy sector, including China Petroleum and China Shenhua, showed stable performance, with China Shenhua increasing by 1.48% [3]. - China Petroleum has a market capitalization of 1,562.99 billion, while China Shenhua stands at 805.07 billion [3]. Other Sectors - The food and beverage sector, represented by companies like Haitian Flavoring and Citic Securities, showed slight declines, with Citic Securities down by 0.68% [4]. - Market capitalizations for these companies include Haitian Flavoring at 226.58 billion and Citic Securities at 406.82 billion [4].

Core Viewpoint - The Hong Kong stock market is experiencing a significant surge in IPO activities, with a record number of applications and financing amounts, driven largely by the "A+H" listing trend. Group 1: IPO Applications and Market Activity - On June 27, 16 mainland companies submitted IPO applications to the Hong Kong Stock Exchange, with 5 already listed on A-shares, indicating a strong interest in dual listings [1][3]. - As of June 29, there are 188 companies that have applied for listing on the Hong Kong Stock Exchange, excluding those that have withdrawn or become invalid [5]. - The total IPO financing amount in Hong Kong has reached approximately $14 billion this year, making it the highest globally among stock exchanges [2][7]. Group 2: Sector Distribution and Trends - Among the 16 companies that submitted applications, 10 are from the technology sector, 4 from healthcare, 1 from food, and 1 from consumer goods [4]. - The "A+H" listing trend is a major driver of the IPO boom in Hong Kong, with over 30 A-share companies having submitted H-share listing applications [6]. Group 3: Financing Statistics - In the first half of the year, the Hong Kong stock market saw 40 IPOs, raising approximately 104.7 billion yuan, while the total financing from placements reached 137.9 billion yuan, both exceeding the total for the previous year [9]. - There are 5 IPO projects in Hong Kong this year that have raised over 10 billion HKD each, including major companies like CATL and Heng Rui Medicine [10].

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 2025ADA 重磅数据披露，关注减脂增肌、 Amylin 及口服赛道 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 06 月 29 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -9% -5% -1% 3% 7% 11% 15% 19% 23% 27% 2024/7/1 2024/10/29 2025/2/26 2025/6/26 医药生物 沪深300 相关研究 《科研服务拐点已至，关注皓元医药、 毕得医药、百奥赛图等》 2025-06-23 《线上 618 大促收官+国补持续，关注 国产家用医疗器械放量机遇》 2025-06-21 东吴证券研究所 1 / 27 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为 1.6%、6.2%，相对沪深 300 的超额收益分别为-0.4%、6.6%；本周、年初至今 H 股生物科技指数涨 跌幅分别为 2.7%、52.7%，相对于恒生科技指数跑赢-1.5%、32.2%； 本周 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [2] Core Insights - The report highlights the emergence of multiple promising weight loss drugs showcased at the 2025 ADA conference, focusing on AMYR and ActRII target drugs, which exhibit excellent clinical data and are expected to become core targets for future weight loss drug development [6][15] - The report emphasizes the potential of oral and ultra-long-acting drugs in the weight loss and glycemic control market, which are anticipated to open new incremental market opportunities [8][31] - The report recommends several pharmaceutical and biotechnology companies as investment targets, including Heng Rui Medicine, East China Medicine, and others across various segments such as CXO, research services, traditional Chinese medicine, raw materials, medical devices, and retail pharmacies [9] Summary by Sections 1. Weight Loss Drug Developments - The 2025 ADA conference showcased several potential pipeline drugs for weight loss, with a focus on AMYR and ActRII target drugs, which are expected to lead future developments in this area [15] - AMYR-targeted drugs, such as eloralintide from Eli Lilly, demonstrated superior efficacy and safety compared to GLP-1 drugs, indicating a promising future for this class of drugs [16][18] - ActRII-targeted drugs, particularly Bimagrumab, showed significant weight loss results, with 100% of weight loss coming from fat, suggesting a new standard for high-quality weight loss therapies [28][29] 2. Oral and Ultra-Long-Acting Drugs - The report identifies oral GLP-1RA drugs as a new trend in the weight loss and glycemic control market, with several companies presenting promising clinical data at the 2025 ADA conference [31][32] - The ultra-long-acting drug Maridebart cafraglutide demonstrated effective weight loss results with extended dosing intervals, enhancing patient compliance and treatment simplicity [33][34] 3. Recommended Investment Targets - The report lists various companies across different segments as recommended investment targets, including pharmaceutical and biotechnology firms, CXO companies, research service providers, traditional Chinese medicine manufacturers, raw material suppliers, medical device companies, and retail pharmacies [9]

整理 | GLP1减重宝典内容团队 随着全球肥胖症和2型糖尿病（T2DM）发病率持续攀升，开发新型高效的治疗药物成为医学研究的重要方向。GLP-1/GIP双受体激动 剂通过同时激活胰高糖素样肽-1（GLP-1）和葡萄糖依赖性促胰岛素释放多肽（GIP）受体，实现控糖和减重的双重效果，在提高治疗 效率的同时降低剂量相关的不良反应。目前，已有十余种此类药物进入临床阶段，仅有一款正式上市，HRS9531的研发进度在全球位 列第二。 在第85届美国糖尿病协会年会（ADA 2025）上，恒瑞医药自主研发的GLP-1/GIP双受体激动剂HRS9531公布了三项最新研究成果：两 项评估注射剂型在超重或肥胖人群中的疗效与安全性，一项探讨口服制剂在健康人群中的药效、代谢动力学及耐受性。本文对这三项研 究内容进行梳理和总结，展示中国在该领域的最新进展。 研究一：HRS9531注射液在中国超重/肥胖人群中的疗效与安全性（Ⅱ期） 研究目的 本项Ⅱ期临床研究旨在评估HRS9531每周一次皮下注射在未合并糖尿病的中国超重或肥胖成人中的体重管理效果及安全性。 安全性 不 良 事 件 发 生 率 为 HRS9531 组 91.8% ， 安 慰 ...

● 本报记者 傅苏颖 近期，国内创新药产业海外授权密集落地，迈威生物等药企接连达成海外授权合作。业内人士认为，近 年来，多项创新药相关政策大力支持医药企业创新，同时随着跨国公司专利悬崖密集到来，专利药销售 出现下滑压力，中国创新药获青睐。今年以来，在研发创新和国际化的助力之下，国内创新药行业高景 气可期。 海外授权密集落地 我国创新药进入收获期 6月27日，国家药品监督管理局官网披露，近日，国家药监局批准信达生物申报的1类创新药玛仕度肽注 射液（商品名：信尔美）上市。该药品上市为患者提供了新的治疗选择。在此前的5月29日，国家药监 局集中批准11款创新药上市，其中多款为1类创新药。 国联民生证券认为，创新药或将逐步进入兑现期。2025年预计是国内创新药授权出海的重要年份，自 2018年国家药品集采政策实施以后，国内企业纷纷开始从仿制药向创新药转型，至今7年时间，已陆续 进入兑现期。部分先驱创新药企业有望实现盈亏平衡，利润端转正。 例如恒瑞医药坚持科技创新和国际化双轮驱动发展战略，业绩稳健增长。恒瑞医药始终锚定创新研发， 累计研发投入达460亿元，目前在全球设立了14个研发中心，全球研发团队超5500人。已在国 ...

（原标题："锣不够用了"！港股IPO火爆，GP收益显著回升，有机构大赚26倍！） "锣不够用了"！如此形容2025年的港交所一点也不为过。 6月26日，港交所迎来了3家公司集体鸣锣——周六福、圣贝拉、颖通控股。这般热闹的场景在今年的港交所频繁上演。就在6月10日，容大科技、 新琪安和MetaLight这3家公司也同日登陆港股市场。 在近期举办的2025陆家嘴金融论坛上，港交所行政总裁陈翊庭表示，当前港股IPO排队企业超160家，仅5月就有40多家企业递表。火热的港股背 后，是一群GP的狂欢。 据执中ZERONE统计，2025年以来，赴港上市企业的创投机构渗透率高达75%，与去年同期相比高出约2%。"相比去年，我们所投资的企业今年 去港股上市的积极性和热情更高了。"深圳一家VC机构负责人对记者表示。 市场风向转变 赴港IPO成佳选 今年港股IPO市场火热有目共睹。6月12日，安永发布2025年上半年《中国内地和香港IPO市场》报告（以下简称"报告"）。报告显示，2025年上 半年，港交所预计约有40家公司首发上市，筹资额约140亿美元（约合1087亿港元），筹资额占全球总筹资额的24%，排在全球首位。 然而，在 ...

Core Insights - The recent surge in licensing deals for Chinese biotech companies, such as the $12.5 billion upfront payment for a PD-1/VEGF dual antibody by Pfizer, indicates a new record for domestic innovative drugs entering global markets [1][2] - The Hang Seng Innovation Drug Index has risen over 70% this year, reflecting renewed investor interest in the innovative drug sector, reminiscent of the pre-2020 market boom [1] Group 1: Licensing Deals and Market Dynamics - Concerns have emerged regarding whether the current business development (BD) trend signifies that Chinese pharmaceutical companies are "selling seedlings" [2] - Most licensing deals involve a license-out model, retaining domestic rights while granting commercial rights in overseas markets, which is a common practice in global resource allocation [2][4] - The majority of BD projects are still in early clinical stages, with many in preclinical or Phase I, indicating that these transactions are about sharing risks rather than selling mature products [2][3] Group 2: Challenges and Strategic Choices - The global drug development landscape is characterized by long R&D cycles, high costs, and low success rates, making it challenging for Chinese companies to independently manage global Phase III trials and commercialization [3][4] - Licensing out is a rational strategy for Chinese biotech firms to collaborate with global giants, sharing risks and resources in an uncertain environment [3][4] Group 3: Industry Transition and Global Positioning - Chinese biotech is in a transitional phase, with some companies focusing on domestic commercialization while others leverage BD strategies for global expansion [4][5] - A Morgan Stanley report indicates that global licensing deals reached $56.8 billion in Q1 2025, with a significant portion involving early-stage assets, highlighting the market's recognition of early-stage projects [4] Group 4: Risk Sharing and Collaboration - BD transactions are not merely short-term solutions but are strategic choices to lock in certain returns amid uncertainty, allowing companies to avoid overextending resources [6][7] - High-value licensing deals often serve as validation signals, enhancing the credibility and market perception of the involved biotech firms [7][8] Group 5: Capacity Building and Resource Optimization - Chinese biotech firms are leveraging their strengths in early-stage development while relying on global partners to fill gaps in international clinical execution and regulatory approval processes [9][10] - The collaboration between Chinese firms and global players is seen as a means to enhance efficiency and expedite the commercialization of innovative drugs [12] Group 6: Financing Trends and Strategic Evolution - The financing landscape for Chinese biotech has shifted dramatically, with a significant decline in capital inflow since 2021, leading to a reliance on BD transactions as a primary funding mechanism [16][18] - In 2023, upfront payments from BD transactions exceeded 21 billion RMB, surpassing IPO financing, indicating a shift in how companies approach funding [16][18] Group 7: Future Pathways and Strategic Recommendations - The future of Chinese biotech lies in optimizing mechanisms and building a robust institutional and capital framework to support innovation and growth [28] - Strategies such as establishing a national fund for pharmaceutical innovation and facilitating access to capital markets for biotech firms are essential for sustaining growth and development [28]

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-095 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 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"）子公司北京盛迪医 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"）核准签发关于 HRS-8829 注射用浓溶液的《药物临床试验批准通知书》，将于近期开展临床试 验。现将相关情况公告如下： 一、药物的基本情况 药物名称：HRS-8829 注射用浓溶液 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025 年 4 月 10 日受理的 HRS-8829 注射用浓溶液临床试验申请符合药品注册的有关要 求，同意本品开展"拟用于治疗急性缺血性卒中"适应症的临床试验。 二、药物的其他情况 HRS-8829 为小分子药物，拟用于治疗急性缺血性卒中。临床前研究显示， HRS-8829 可以显著降低神经功能评分、减少脑梗死和脑水肿、抑制炎症因子表 达、改善脑神经元数量减少和抑制脑细胞凋 ...

Market Overview - The FTSE China A50 Index components showed a significant decline, with many stocks closing in the red, particularly in the banking sector [1][5]. Insurance Sector - China Pacific Insurance had a market capitalization of 387.40 billion, with a trading volume of 1.207 billion, experiencing a decrease of 0.68 (-1.81%) [3]. - China Life Insurance had a market capitalization of 355.57 billion, with a trading volume of 3.833 billion, down by 0.62 (-1.08%) [3]. - Ping An Insurance reported a market capitalization of 1,037.26 billion, with a trading volume of 10.68 billion, declining by 0.24 (-2.67%) [3]. Alcohol Industry - Kweichow Moutai had a market capitalization of 1,762.56 billion, with a trading volume of 54.04 billion, down by 3.19 (-1.78%) [3]. - Wuliangye Yibin reported a market capitalization of 215.28 billion, with a trading volume of 19.14 billion, decreasing by 0.55 (-0.46%) [3]. - Shanxi Fenjiu had a market capitalization of 462.61 billion, with a trading volume of 9.74 billion, down by 16.91 (-1.19%) [3]. Semiconductor Sector - Northern Huachuang had a market capitalization of 232.26 billion, with a trading volume of 17.24 billion, decreasing by 3.40 (-0.78%) [3]. - Cambricon Technologies reported a market capitalization of 244.42 billion, with a trading volume of 48.08 billion, down by 25.00 (-4.10%) [3]. - Haiguang Information had a market capitalization of 323.08 billion, with a trading volume of 23.89 billion, declining by 2.75 (-1.94%) [3]. Automotive Sector - BYD had a market capitalization of 282.79 billion, with a trading volume of 46.33 billion, down by 3.20 (-0.95%) [3]. - Great Wall Motors reported a market capitalization of 1,836.54 billion, with a trading volume of 3.08 billion, remaining unchanged [3]. - Beijing-Shanghai High-Speed Railway had a market capitalization of 182.56 billion, with a trading volume of 6.01 billion, down by 0.07 (-1.20%) [3]. Oil and Shipping Sector - China COSCO Shipping had a market capitalization of 686.25 billion, with a trading volume of 7.22 billion, down by 0.12 (-1.37%) [3]. - Sinopec reported a market capitalization of 1,577.64 billion, with a trading volume of 10.47 billion, increasing by 0.04 (+0.27%) [3]. - China National Petroleum Corporation had a market capitalization of 232.97 billion, with a trading volume of 8.30 billion, down by 0.05 (-0.88%) [3]. Coal Industry - China Shenhua Energy had a market capitalization of 793.35 billion, with a trading volume of 59.85 billion, down by 0.11 (-0.27%) [3]. - Shaanxi Coal and Chemical Industry reported a market capitalization of 187.11 billion, with a trading volume of 9.74 billion, down by 1.80 (-0.71%) [3]. - Contemporary Amperex Technology Co., Ltd. (CATL) had a market capitalization of 1,144.34 billion, with a trading volume of 7.75 billion, increasing by 0.23 (+1.21%) [3]. Other Sectors - China Nuclear Power had a market capitalization of 192.10 billion, with a trading volume of 4.50 billion, down by 0.89 (-2.86%) [4]. - Yangtze Power reported a market capitalization of 739.43 billion, with a trading volume of 6.81 billion, down by 0.04 (-0.43%) [4]. - Dongfang Fortune had a market capitalization of 364.13 billion, with a trading volume of 194.29 billion, down by 0.09 (-0.39%) [4].