Core Insights - The reactivation of the fifth listing standard on the Sci-Tech Innovation Board (STAR Market) aims to support high-growth technology companies, particularly in the biopharmaceutical sector, by allowing companies without profits to list based on expected market capitalization and R&D achievements [1][19] - The biopharmaceutical industry, especially innovative drug companies, faces longer investment periods and higher uncertainty due to strict regulatory requirements for product approval, making them highly reliant on capital [1][19] - Since the reactivation in June 2025, companies like He Yuan Bio and Bei Xin Life have made significant progress, signaling a positive outlook for other biopharmaceutical firms still in clinical stages [2] Market Performance - The innovative drug sector has seen a remarkable stock performance in 2025, driven by favorable policy changes, relaxed procurement policies, and the growth of commercial health insurance, which enhances market expectations for innovative drugs [3] - The 20 companies that successfully listed under the fifth standard have achieved a total market capitalization of 364.12 billion, with an average increase of 79.10% since the beginning of 2025 [3][7] Financial Performance - In 2024, the 20 companies reported a combined revenue exceeding 14.3 billion, a year-on-year growth of 45%, with 16 companies generating over 1 billion in revenue [12][16] - The total R&D expenses for these companies accounted for 67% of their total revenue, indicating a high dependency on external financing for continued innovation [16][18] R&D and Innovation - The 20 companies listed under the fifth standard have collectively developed 45 drug varieties, with 22 classified as first-class new drugs or innovative biological products, covering various advanced therapeutic areas [8][10] - The number of candidate products in the R&D pipeline for these companies has exceeded 200, showcasing their commitment to innovation and market expansion [8] Regulatory Environment - The reactivation of the fifth standard reflects a shift in regulatory focus towards recognizing the inherent risks and long timelines associated with technology innovation, moving away from traditional financial metrics [19][20] - The introduction of a "Sci-Tech Growth Tier" aims to enhance information disclosure and regulatory oversight for companies listed under the fifth standard, ensuring a balance between support and supervision [22]

Group 1: ETF Performance - The liquidity of the Kexin Pharmaceutical ETF (嘉实) showed an intraday turnover of 18.19%, with a transaction volume of 40.9491 million yuan, indicating active market trading [3] - Over the past week, the Kexin Pharmaceutical ETF (嘉实) experienced a scale increase of 16.9597 million yuan, ranking first among comparable funds [3] - The Kexin Pharmaceutical ETF (嘉实) saw a share increase of 7.5 million shares over the past week, also ranking first among comparable funds [3] - As of July 21, the Kexin Pharmaceutical ETF (嘉实) has achieved a net value increase of 43.45% over the past year, placing it in the top 16.56% among 2,929 index equity funds [3] 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 联影医疗 (9.73%), 百济神州 (6.04%), and 惠泰医疗 (5.69%) [5][3] - The highest monthly return since inception for the Kexin Pharmaceutical ETF (嘉实) was 23.29%, with the longest consecutive monthly increase being 5 months and an average monthly return of 7.43% [3] Group 3: Market Trends - Huazhong Securities maintains a bottom-up view of the pharmaceutical sector, emphasizing the importance of hard technology innovations, particularly in innovative drugs and devices, which are becoming market hotspots [6] - The recent announcement from the Shanghai Sunshine Pharmaceutical Procurement Network regarding the 11th batch of national centralized procurement includes 55 drug varieties, with key principles focusing on stability, quality assurance, and anti-competitive practices [5]

截至07月22日09:56，科创生物医药ETF（588250.SH）上涨1.08%，其关联指数科创生物（000683.SH） 上涨1.10%；主要成分股中，博瑞医药上涨5.91%，君实生物-U上涨4.04%，百济神州-U上涨1.74%，泽 璟制药-U上涨1.87%，联影医疗上涨0.87%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 消息面上，国家医保局召开医保支持创新药械系列座谈会首场会议，围绕"对创新药械开展医保综合价 值评价"议题进行研讨，市场预期政策端对创新药械支持力度有望强化，带动创新药概念股集体走强。 该消息对科创生物医药ETF成分股中的创新药企业形成直接利好，尤其是君实生物-U、百济神州-U等创 新药标的涨幅居前，反映出市场对行业政策环境的积极预期。 券商研究方面，西南证券指出BD加速创新药重估，持续看好创新药及产业链、AI医疗、脑机接口等结 构性机会，生命科学领域行业扩容大格局仍将持续，国产替代势在必行，并以奥浦迈为例说明其细胞培 养基产品管线快速拓展，截至25Q1已有258个药品研发管线使用其产品。中信建投则强调化学制药行业 集采规则优化推动企业向质量竞争转型，同 ...

6年前，肩负着支持科技创新"前沿阵地"与改革"试验田"的重任，科创板掀开了中国资本市场注册制改 革的新篇，重塑资本服务实体经济的底层逻辑。 6年来，汇聚起589家"硬科技"企业的科创板从未停止探索与创新的步伐。一个月前，《关于在科创板设 置科创成长层 增强制度包容性适应性的意见》（以下简称《科创板意见》）发布，为服务科技创新和 新质生产力发展再度加码。 当前，新一轮科技革命和产业变革深入发展，面对科技型企业对资本市场提出的更加多样化需求，"以 在科创板设置专门层次为抓手，重启未盈利企业适用科创板第五套标准上市"，正是科创板给出的最新 答卷。 以集成电路为例，科创板集成电路上市公司达120家，涵盖芯片设计、制造、封测、设备、材料、软件 等产业链各环节，汇聚了中芯国际、中微公司、沪硅产业等主要行业龙头，逐步形成链条完整、协同创 新的发展格局，推动提升了我国集成电路产业的自主化水平。 与此同时，一批科创板公司持续推动前沿技术发展和产业变革，面向人工智能、基因技术、量子信息等 未来产业正加快布局。当前，我国科技领域，特别是在人工智能、商业航天、低空经济等领域取得较大 突破，更大力度支持这些行业企业发展、为投资者提供分 ...

Investment Rating - The investment rating for the industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 5.89%, ranking third among 31 primary industries, outperforming the CSI 300 index which rose by 1.92% [5][17] - The sub-industries of medical research outsourcing and chemical preparations saw significant gains of 13.94% and 8.43% respectively, while offline pharmacies experienced a decline of 3.91% [5][17] - As of July 18, 2025, the overall PE (TTM) for the pharmaceutical and biotechnology industry is 30.09x, up from 28.52x in the previous period, indicating an upward trend in valuation but still below the average [6][22] - The top three sub-industries by PE (TTM) are vaccines (57.37x), hospitals (37.75x), and other biological products (36.95x), while pharmaceutical circulation has the lowest valuation at 15.84x [6][22] Industry Review - The report highlights that 37 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 2.182 billion yuan, with 4 companies increasing their holdings by 145 million yuan and 33 companies reducing theirs by 2.328 billion yuan [6] Important Industry News - The National Medical Products Administration (NMPA) approved the BCL-2 inhibitor "Lisatinib" for market entry, marking it as the first domestic product of its kind [8] - The NMPA also approved "Recombinant Human Albumin Injection (Rice)" as the first of its kind in China [8] - The eleventh batch of national procurement rules has been optimized, significantly reducing policy uncertainty for innovative drugs [9] Investment Recommendations - The report suggests continued attention to pharmaceutical companies with innovative capabilities and those with high-end and cost advantages in generic drugs, especially in light of the optimized procurement rules that favor high-quality production and cost-effective generics [9]

来源：新浪证券-红岸工作室 资料显示，上海君实生物医药科技股份有限公司位于上海市浦东新区平家桥路100弄6号7幢16层,香港铜 锣湾希慎道33号利园1期19楼1918室，成立日期2012年12月27日，上市日期2020年7月15日，公司主营业 务涉及单克隆抗体药物和其他治疗型蛋白药物的研发与产业化,单克隆抗体药物研发的技术服务与技术 转让等。主营业务收入构成为：药品销售84.18%，技术许可及特许权使用收入12.08%，其他(补 充)3.73%。 截至3月31日，君实生物股东户数2.94万，较上期增加0.24%；人均流通股25987股，较上期减少0.23%。 2025年1月-3月，君实生物实现营业收入5.01亿元，同比增长31.46%；归母净利润-2.35亿元，同比增长 17.01%。 机构持仓方面，截止2025年3月31日，君实生物十大流通股东中，华夏上证科创板50成份ETF （588000）位居第六大流通股东，持股3025.34万股，相比上期减少505.06万股。易方达上证科创板 50ETF（588080）位居第八大流通股东，持股2158.33万股，相比上期减少86.92万股。香港中央结算有 限公司位居第 ...

Core Viewpoint - The special verification opinion issued by Beijing Hankun Law Firm confirms that Shanghai Wankexin Biotechnology Partnership (Limited Partnership) does not have an actual controller, which is significant for its equity changes [2][9]. Group 1: Company Overview - Shanghai Wankexin Biotechnology Partnership (Limited Partnership) is registered in the China (Shanghai) Free Trade Zone with a total capital contribution of 763.01 million RMB [3][5]. - The executing partner of Wankexin is Shanghai Shanshi Biomedical Management Consulting Co., Ltd., which holds a 0.001% partnership share [4][6]. Group 2: Equity Structure - The partnership structure includes Shanghai Shanshi Biomedical Management Consulting Co., Ltd. (0.001%), Shanghai Biomedical M&A Private Fund Partnership (Limited Partnership) (80.209%), and Shanghai Pharmaceutical (Group) Co., Ltd. (19.790%) [5][6]. - The total capital contribution of the partnership is set to change to 763.01 million RMB following the entry of a new partner, Shanghai Pharmaceutical (Group) Co., Ltd., which will contribute 151 million RMB [5][6]. Group 3: Control Structure - The executing partner, Shanghai Shanshi Biomedical, has the authority to represent the partnership and make decisions regarding partnership affairs, indicating that it acts as the controlling entity [6][9]. - Shanghai Shanshi Biomedical is jointly owned by Shanghai Shanshi Capital Management Co., Ltd. and Lubuqa Enterprise Management Consulting Partnership (Limited Partnership), each holding 50% of the shares [7][9]. Group 4: Conclusion - The verification opinion concludes that there is no single shareholder capable of controlling the shareholder meeting or board of directors of Shanghai Shanshi Biomedical, thus confirming that both Shanghai Wankexin and Shanghai Shanshi Biomedical do not have an actual controller [9][10].

Core Viewpoint - The rise of innovative drug themes is driven by a combination of policy, technology, and capital, marking a significant transition in China's pharmaceutical industry from generics to innovation [1] Historical Context of Innovative Drugs - Before 2015, China's pharmaceutical industry was dominated by generics, with long drug approval cycles (averaging 3-5 years) and low R&D investment (less than 5% of revenue) [2] - Key players like Hengrui Medicine and BeiGene began to focus on innovative drug development, with Hengrui launching the first domestic PD-1 inhibitor in 2014 [3] Current Landscape and Policy Support - By 2025, the National Medical Products Administration (NMPA) aims to significantly reduce clinical trial review times from 60 days to 30 days, with pilot projects averaging only 23.8 working days [5] - In the first half of 2025, 43 innovative drugs were approved, with over 90% being domestic products, particularly in oncology [5] - New policies in Beijing allow for direct hospital admission of innovative drugs without the need for a drug committee meeting, enhancing access [5] Technological Advancements and Internationalization - Chinese pharmaceutical companies are increasingly competitive globally, with significant advancements in areas like ADC and bispecific antibodies [5] - In the first half of 2025, over 70 overseas licensing transactions were recorded, with total transaction amounts reaching $48 billion, including a record $1.25 billion upfront payment for a PD-1/VEGF bispecific collaboration [6] Market Dynamics and Investment Trends - The innovative drug sector is expected to enter a three-year upward cycle driven by frequent major business development (BD) transactions and improving profitability for leading companies [7] - The innovative drug index in Hong Kong has seen a year-to-date increase of over 34%, reflecting strong market recognition of long-term value [9] Key Players and Financial Performance - Hengrui Medicine, with a market cap of approximately 379.78 billion yuan, leads in R&D investment and has a robust pipeline, including a PD-1 inhibitor with cumulative sales exceeding 20 billion yuan [10] - BeiGene, with a market cap of around 369.47 billion yuan, has achieved significant international sales, with its drug Zanubrutinib generating over 8 billion yuan in global sales in the first half of 2024 [11] Emerging Trends and Future Outlook - The integration of AI in drug development is expected to enhance efficiency, with projections indicating the AI pharmaceutical market could exceed $3 billion by 2030 [16] - The innovative drug market in China is anticipated to reach approximately 2.3 trillion yuan by 2030, with a compound annual growth rate of 24.1% [16]

Core Insights - The report emphasizes the flourishing approval of new drugs and highlights the importance of focusing on technological tracks and opportunities within the industry chain [1][5] - It suggests a dual growth strategy combining internal and external growth, particularly in the context of the imminent patent cliff for IO1.0 and the increasing recognition of Chinese innovative pharmaceutical companies globally [5] Industry Overview - The report notes a significant recovery in domestic healthcare policies, including the integration of commercial insurance into the medical insurance system and the inclusion of high-priced innovative drugs in the Class B medical insurance catalog [5] - The overall revenue growth rate for chemical pharmaceutical companies in 2024 is projected at 4.10%, a substantial increase from 0.24% in 2023, while the net profit growth rate is expected to be 51.66% [12][15] Investment Opportunities - Short-term focus is recommended on certain tracks with high certainty, such as IO+ADC, while long-term investments should target new technologies with significant potential, including small nucleic acids and CAR-T [5] - The report categorizes various technological tracks for investment, including combinations of PD-1 with other mechanisms and innovative solutions for unmet clinical needs [5] Company Valuations - The report provides a comparative valuation of unprofitable innovative pharmaceutical companies, highlighting their market capitalizations and projected revenues for 2024 to 2027 [6] - It also presents a comparative valuation of profitable innovative pharmaceutical companies, detailing their market capitalizations and projected net profits for the same period [8] Performance Review - The report reviews the performance of pharmaceutical companies in 2024 and Q1 2025, noting that while the overall industry faced temporary pressure, gross profit margins have steadily improved [12][15] - It highlights that many small and mid-cap innovative pharmaceutical companies have turned profitable in Q1 2025, indicating a positive trend in the sector [18]

Group 1 - The Shanghai Stock Exchange has released the "Self-Regulatory Supervision Guidelines for Companies Listed on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the guideline's implementation [1] - Newly registered unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing [1] Group 2 - Investors participating in the subscription and trading of newly registered stocks in the Sci-Tech Growth Tier must sign a "Risk Disclosure Statement for the Sci-Tech Growth Tier" [2] - The 32 existing companies that have not yet removed the "U" designation include: Zejing Pharmaceutical, Junshi Biosciences, Frontier Biotech, Qingyun Technology, Hehui Optoelectronics, Jingjin Electric, BeiGene, Dize Pharmaceutical, Maiwei Biotech, Aojie Technology, Yuhong Pharmaceutical, Shouyao Holdings, Haichuang Pharmaceutical, CloudWalk Technology, Yifang Biotech, Obsidian Optics, Mengke Pharmaceutical, Nuo Cheng Jianhua, Xinke Mobile, Xinghuan Technology, Yutai Micro, Yuntian Lifa, Tianzhihang, Qi Anxin, Hanwujin, Yihua Tong, Aifute, Huizhiwei, Xinlian Integrated, Zhixiang Jintai, Shengke Communication, and Zhongjuxin [2]