作者：A股君 根据公开信息，君实生物于2020年7月在科创板上市，通过资本市场获得80多亿元融资，有力支持了临 床项目和研发储备的推进。公司研发的创新型疗法已在中美两国获批上市，为相关疾病患者提供了新的 治疗选择。 截至2025年7月30日15时，君实生物-U股价报39.12元，较前一交易日下跌1.88元。当日开盘价为40.60 元，最高触及41.55元，最低下探至39.00元，成交量为187189手，成交金额达7.53亿元。 君实生物-U属于生物医药行业，专注于创新药物的研发与商业化。公司产品涵盖抗肿瘤、自身免疫、 抗感染等多个治疗领域，其核心产品已在全球超过35个国家和地区获批上市。目前公司拥有5项商业化 产品，在创新药领域具有重要地位。 本文源自：金融界 当日主力资金净流出7000.54万元，占流通市值的0.23%。 风险提示：股市有风险，投资需谨慎。 ...

中国经济网北京7月30日讯 君实生物(688180.SH)今日收报39.12元，跌幅4.59%。 君实生物于2020年7月15日在上交所科创板上市，发行数量为8713万股，发行价格为55.50元/股，保荐 机构、主承销商为中国国际金融股份有限公司，联席主承销商为国泰君安证券股份有限公司、海通证券 股份有限公司（2家公司现已合并为国泰海通证券股份有限公司）。 上市首日，君实生物股价最高报220.40元，此后该股一路震荡下滑，目前该股处于破发状态。 君实生物首发募集资金总额为48.36亿元，扣除发行费用后，募集资金净额为44.97亿元，较原计划多 17.97亿元。君实生物2020年7月8日发布的招股说明书显示，公司计划募集资金27.00亿元，分别用于创 新药研发项目、君实生物科技产业化临港项目、偿还银行贷款及补充流动资金。 君实生物上市发行费用为3.39亿元，其中保荐机构中金公司（601995）及联席主承销商国泰海通证券股 份有限公司获得保荐及承销费用3.20亿元，容诚会计师事务所（特殊普通合伙）获得审计、评估及验资 费用590.00万元，北京市嘉源律师事务所获得律师费用616.50万元。 君实生物2022年度向 ...

从资金流向上来看，当日生物制品板块主力资金净流出2.98亿元，游资资金净流入1.68亿元，散户资金净 流入1.3亿元。生物制品板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688136 | 科兴制药 | 47.06 | -6.76% | 8.01万 | 3.86 Z | | 688336 | 三生国健 | 53.43 | -4.59% | 7.91万 | 4.32亿 | | 688180 | 君实生物 | 39.12 | -4.59% | 18.72万 | 7.53亿 | | 688331 | 荣昌生物 | 66.70 | -4.48% | 10.06万 | 6.81亿 | | 688105 | 诺唯赞 | 25.39 | -3.97% | 5.30万 | 1.36 Z | | 688137 | 近岸蛋白 | 45.79 | -3.92% | 1.83万 | 8490.57万 | | 300485 | 赛开药业 | 66"FI | -3.60% | 41.56万 | ...

港股生物医药板块午后走弱，荣昌生物(09995.HK)跌超7%，君实生物(01877.HK)跌超6%，再鼎医药 (09688.HK)、复宏汉霖(02696.HK)等跟跌。 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) increased by 0.73% as of July 28, 2025, with notable gains from companies such as Junshi Biosciences (688180) up 3.74% and Zai Lab (688266) up 3.30% [1] - The recent outbreak of Chikungunya fever in Guangdong Province has led to nearly 3,000 new local cases, primarily concentrated in Foshan and Guangzhou, with a cumulative total exceeding 4,800 confirmed cases [1] - The Sci-Tech Biopharmaceutical ETF (588250) rose by 0.82%, with the latest price reported at 1.23 yuan [1] Group 2 - Short-term focus on beneficiaries of the Chikungunya fever outbreak includes the vaccine sector, which may see valuation recovery due to market sentiment stabilizing despite anticipated performance pressure in 2024 [2] - The pharmacy sector is adapting to changes in medical insurance and regulatory environments, with companies like Yao Yi Tang exploring new business models, such as health and beauty products, to enhance profitability [2] - The diagnostics sector may experience renewed demand due to the Chikungunya fever, following the normalization of COVID-19 related demand [2] Group 3 - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare (688271) and BeiGene (688235) [3]

Core Viewpoint - The article highlights the strong performance and liquidity of the Science and Technology Innovation (Sci-Tech) Pharmaceutical ETF managed by Harvest, indicating significant growth in both trading volume and fund shares over the past year [2][4]. Group 1: Liquidity and Trading Performance - The Sci-Tech Pharmaceutical ETF by Harvest recorded a turnover rate of 15.19% during trading, with a transaction volume of 30.598 million yuan, reflecting active market participation [2]. - As of July 25, the average daily trading volume over the past week was 46.0799 million yuan, ranking first among comparable funds [2]. - The fund's shares increased by 67.5 million over the past year, also ranking first among comparable funds [2]. Group 2: Fund Performance and Returns - The net value of the Sci-Tech Pharmaceutical ETF increased by 52.17% over the past year, placing it in the top 16.41% among 2,938 index equity funds [2]. - Since its inception, the fund achieved a maximum monthly return of 23.29%, with the longest consecutive monthly gains lasting 5 months and a maximum cumulative increase of 23.50% [2]. - The average return during the months of increase was 7.43% [2]. Group 3: Key Holdings and Market Outlook - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 50.3% of the index, with leading companies including United Imaging Healthcare, BeiGene, and Huatai Medical [2][4]. - Based on the current fundamentals of the pharmaceutical sector, which has undergone four years of adjustment, the market outlook suggests a positive trend for innovative drugs and the overall pharmaceutical sector [4][5]. - The recommendation is to focus on innovative drugs as the primary investment theme, while also considering sectors like CRO&CDMO and specialty raw materials that are expected to perform well [5].

Group 1 - The core viewpoint is that the Chinese innovative drug sector is gaining global recognition, with increasing clinical data presence at international academic conferences and rising BD authorization amounts and numbers, indicating enhanced global market acceptance of Chinese innovative drugs [2] - The innovative drug ETF (560900) has shown a strong performance, with a 1.57% increase as of July 28, 2025, and a 7.04% increase over the past two weeks, reflecting positive market sentiment [1] - The latest scale of the innovative drug ETF reached 55.51 million yuan, marking a six-month high, with a significant increase in shares by 3 million, leading the comparable funds [1] Group 2 - The support from medical insurance policies for innovative drugs is characterized by a "full chain, high intensity" approach, which includes accelerated inclusion of new drugs into the medical insurance catalog and optimized payment methods, further promoting rapid clinical application [2] - The innovative drug ETF closely tracks the CSI Innovative Drug Industry Index, which selects up to 50 representative listed companies involved in innovative drug research and development to reflect the overall performance of the innovative drug industry [2] - The rise of AI-driven technology waves has prompted Morgan Asset Management to integrate its "Global Vision Investment Technology" product line, aiding investors in seizing investment opportunities in quality technology enterprises globally [2]

Core Viewpoint - The rapid growth of overseas licensing transactions by Chinese innovative pharmaceutical companies marks the beginning of a commercial explosion in the industry, with expectations for significant sales and revenue increases in the coming years [1][5][6]. Group 1: Market Growth and Trends - The total amount of overseas licensing transactions by Chinese pharmaceutical companies is projected to reach $51.9 billion in 2024, a 36% increase from the previous year, and exceed $60.8 billion in the first half of 2025 [6]. - The innovative drug sector in China is expected to experience a convergence of three pivotal turning points: explosive sales of previously approved drugs, substantial increases in overseas revenue, and an overall upgrade in the industry's profit model [1][8]. - The cumulative increase in the A-share Innovative Drug 50 ETF is 21%, while the Hong Kong Hang Seng Innovative Drug ETF has surged by 56% [4]. Group 2: Industry Evolution - Since the 2015 reform of drug and medical device review and approval systems, the Chinese innovative drug industry has transitioned from a focus on capability building to a phase of full-scale market realization [1][24]. - The number of approved innovative drugs in China has surged to over 40 in 2024, nearly a tenfold increase since 2015, with R&D investment rising from approximately 50 billion yuan to over 121 billion yuan [24][26]. Group 3: Licensing and Collaboration - Chinese innovative pharmaceutical companies are increasingly binding themselves to leading multinational firms through licensing agreements, which are seen as a means to share risks and enhance R&D capabilities [12][13]. - The trend of overseas licensing is expected to continue, driven by the strong demand from multinational companies for external innovative assets amid patent cliffs [8][12]. Group 4: Future Catalysts and Innovations - The period from 2023 to 2026 is anticipated to be critical for the industry, with a significant number of drugs expected to enter the market, leading to accelerated revenue growth [8][9]. - Emerging technologies such as AI and brain-computer interfaces (BCI) are reshaping drug innovation and treatment methodologies, with AI significantly reducing the time and cost of drug development [17][20]. Group 5: Challenges and Strategic Considerations - Concerns exist regarding the potential for Chinese companies to "sell seedlings," meaning they may be too eager to license early-stage assets for short-term gains, potentially missing out on larger future opportunities [11][12]. - The industry faces challenges related to the high-risk nature of innovative drug development, with many biotech firms having to downsize or exit the market during recent capital downturns [25][26].

Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualan Biological Engineering-B, and others [3]. Core Insights - The pharmaceutical sector has shown a 1.90% increase this week, outperforming the CSI 300 index by 0.21 percentage points. Sub-sectors such as pharmaceutical outsourcing, vaccines, and medical consumables performed well, while innovative drugs lagged behind [6][42]. - The report emphasizes the potential of the 4-1BB target in cancer treatment, particularly the PD-L1/4-1BB bispecific antibodies, which may address the limitations of PD-1/PD-L1 monotherapy [5][16][17]. Summary by Sections Industry Viewpoints and Investment Recommendations - 4-1BB is recognized as a promising target for tumor therapy, enhancing T cell activation and survival, which is crucial for effective immune responses against cancer [16]. - Investment strategies focus on the innovative drug sector, driven by increased liquidity and risk appetite, with a recommendation to pay attention to companies with strong pipelines in bispecific antibodies and ADCs [6][38]. Pharmaceutical Industry Market Performance - The pharmaceutical sector's overall P/E ratio is reported at 30.67 times, with a premium of 40.37% compared to the overall A-share market excluding financials [42]. Company Dynamics - Notable company developments include: - LIZHU Group's successful Phase III trial for a monoclonal antibody for psoriasis [43]. - Baiyang Pharmaceutical's planned share reduction by its major shareholder [43]. - Mylab's new medical device approval, enhancing market competitiveness [44]. Industry Dynamics - The report highlights the increasing focus on innovative drug development and the potential for significant market opportunities in the context of upcoming patent expirations for key small molecule drugs [38].

Group 1: ETF Performance - The liquidity of the Kexin Pharmaceutical ETF managed by Jiashi showed a turnover rate of 16.97% with a transaction volume of 33.88 million yuan, indicating active market trading [2] - Over the past year, the Kexin Pharmaceutical ETF has seen a significant growth in scale, increasing by 119 million yuan, ranking first among comparable funds [2] - The net asset value of the Kexin Pharmaceutical ETF has risen by 48.37% over the past year, placing it in the top 15.05% among index equity funds [2] Group 2: Stock Performance - The top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index account for 50.3% of the index, with leading stocks including United Imaging Healthcare and BeiGene [2] - Recent stock performance includes United Imaging Healthcare with a rise of 2.04% and BeiGene with a slight increase of 0.21%, while Huatai Medical saw a decline of 2.71% [4] Group 3: Industry Trends - The biopharmaceutical industry is entering a dual-driven phase of policy and technology, with innovation drug support policies advancing to phase 2.0 [5] - The medical device sector is experiencing a core trend of replacement and technology export, with regulatory upgrades promoting innovation and industry breakthroughs [5] - State-owned capital entering the biopharmaceutical sector is injecting financial vitality, accelerating R&D investment and industry chain integration [5] Group 4: Licensing Agreements - Chinese innovative pharmaceutical companies are reporting significant "Licence Out" transactions, with Kexin Pharmaceuticals announcing a deal with ERIGEN for an exclusive overseas licensing agreement worth up to 1.32 billion USD [4]