Core Viewpoint - The Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index has shown strong performance, with significant increases in constituent stocks, indicating a positive trend in the biopharmaceutical sector [1][3]. Market Performance - As of July 11, 2025, the Biopharmaceutical Index rose by 1.23%, with notable gains from stocks such as Yifang Biotech (+10.31%), Shouyao Holdings (+8.34%), and Te Bao Biotech (+7.18%) [1]. - The Jiashi Science and Technology Medicine ETF (588700) also increased by 1.14%, marking its third consecutive rise [1]. Liquidity and Trading Volume - The Jiashi Science and Technology Medicine ETF recorded a turnover rate of 9.54% and a trading volume of 21.11 million yuan [3]. - Over the past month, the ETF has maintained an average daily trading volume of 33.32 million yuan, ranking first among comparable funds [3]. Fund Growth and Performance - In the last two weeks, the Jiashi Science and Technology Medicine ETF's scale increased by 17.56 million yuan, leading among comparable funds [3]. - The ETF's net value has risen by 37.70% over the past year, with a maximum single-month return of 23.29% since its inception [3]. Top Holdings - As of June 30, 2025, the top ten weighted stocks in the Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare, BeiGene, and Huatai Medical [3][5]. Policy Support and Market Outlook - Recent policy documents have been released to support the high-quality development of innovative drugs, highlighting government backing for the sector [6]. - The number of innovative drugs in development in China has reached over 4,000, representing approximately 30% of the global total [5][6].

Group 1 - The core viewpoint highlights the significant growth and performance of the Kexin Pharmaceutical ETF managed by Jiashi, with a notable increase in trading volume and fund size [2] - As of July 9, the Kexin Pharmaceutical ETF achieved a daily average trading volume of 34.95 million yuan over the past month, ranking first among comparable funds [2] - The fund's size increased by 16.76 million yuan in the past two weeks, also ranking first among comparable funds [2] - The ETF saw a total inflow of 12.84 million yuan over the last ten trading days, indicating strong investor interest [2] - The net value of the Kexin Pharmaceutical ETF rose by 36.83% over the past year, showcasing its strong performance [2] Group 2 - 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 companies including United Imaging Healthcare and BeiGene [2][4] - On July 9, Shanghai Pharmaceuticals announced an expected net profit of 4.45 billion yuan for the first half of 2025, representing a year-on-year increase of approximately 52% [4] Group 3 - Short-term market expectations for overseas transactions in innovative drugs are high, leading to a continuous rise in valuations [5] - China's innovative drug research and development capabilities are competitive globally, and the trend of innovative drugs going overseas is expected to persist [5] - The commercial health insurance sector in China is anticipated to see significant growth in premium income and payout rates, becoming an important source of funding for innovative drugs [5]

Summary of Junshi Biosciences Conference Call Company Overview - **Company**: Junshi Biosciences - **Industry**: Biopharmaceuticals, specifically focusing on oncology and immunotherapy Key Points Financial Performance - In Q1 2025, Junshi Biosciences reported sales of 447 million RMB, a year-on-year increase of over 40% [2][3] - The core product, Toripalimab, achieved sales of 1.5 billion RMB in 2024, reflecting a 67% year-on-year growth [3] - Projected domestic revenue for Toripalimab in 2025 is expected to exceed 2 billion RMB, contributing 500 to 600 million RMB in profit [2][4] Product Development and Pipeline - Toripalimab has received approval for 12 indications in China, with 10 included in medical insurance, providing a first-mover advantage [2][3] - The company is advancing several clinical projects, including: - BTOA monoclonal antibody and PD-1 subcutaneous formulation, with BTOA in Phase III trials for limited-stage small cell lung cancer and classical Hodgkin lymphoma [2][5] - PD-1 subcutaneous formulation expected to be submitted for production by the end of 2025 [5] - DKK1 monoclonal antibody showing promising early data in colorectal cancer [8] Clinical Trials and Research - Junshi is focusing on dual antibodies, particularly PD-1/VEGF, currently in multiple Phase II trials, with promising safety and efficacy data expected to be released in Q3 2025 [6][34] - The company plans to initiate several Phase III trials for Claudin18.2 ADC, CD20-CD3 dual antibody, and PSAKα by the end of 2025 [8][10] Strategic Direction - The company aims to consolidate its market share for Toripalimab while expanding its product pipeline with innovative drugs [7][10] - Junshi is exploring international collaborations to accelerate global expansion and enhance profitability [7][12] Market Trends and Future Outlook - The trend for immunotherapy drugs is moving towards combination therapies with chemotherapy and ADCs [8] - Junshi anticipates significant growth in the PD-1 product line due to an increase in approved indications and a strengthened sales team [30] - The company expects to achieve breakeven by around 2027, with R&D expenses projected to remain between 1.2 to 1.5 billion RMB annually [25][26] Sales and Management Expenses - Sales expenses are expected to grow at a rate lower than revenue growth, maintaining a sales expense ratio below 50% [31] - Management expenses are projected to remain stable at around 400 to 500 million RMB [31] Competitive Landscape - Junshi's PD-1/VEGF dual antibody project retains primary rights, with potential for significant market share in the oncology sector [19] - The company is also developing new molecules, including PD-1, IL-2, and EGFR ADCs, with some in early clinical stages [9][28] Regulatory and Market Challenges - The company is monitoring overseas policy changes, which currently have a limited impact on revenue but could affect future profitability [33] Conclusion - Junshi Biosciences is positioned for growth with a robust pipeline and strategic focus on oncology, aiming to leverage its first-mover advantage in the PD-1 market while expanding its product offerings through innovative therapies and international collaborations.

Core Viewpoint - The Hong Kong stock market for the biopharmaceutical sector experienced a significant rebound today, with several companies showing notable gains [1] Group 1: Company Performance - Rongchang Biopharmaceutical (09995.HK) rose over 7% [1] - Junshi Biosciences (01877.HK) increased by more than 4% [1] - Other companies such as Tigermed (03347.HK), Zai Lab (09688.HK), and Innovent Biologics (02696.HK) also saw their stock prices rise [1]

Core Viewpoint - On July 7, a total of 30 listed companies had their restricted shares unlocked, with a total market value of approximately 15.657 billion yuan [1] Summary by Category Restricted Share Unlocking - Xiamen Xinda (000701) had 4.5378 million shares unlocked under equity incentive restrictions - Qianjiang Motorcycle (000913) had 117,500 shares unlocked under equity incentive restrictions - Shenhuo Co. (000933) had 5.1992 million shares unlocked under equity incentive restrictions - Xiamen Xiangyu (600057) had 28.3365 million shares unlocked under equity incentive restrictions - Inner Mongolia First Machinery (600967) had 20,630 shares unlocked under equity incentive restrictions - Bowei Alloys (601137) had 720,000 shares unlocked under equity incentive restrictions - Kebo Da (603786) had 1.5424 million shares unlocked under equity incentive restrictions - Jianke Co. (301115) had 90,000 shares unlocked under equity incentive restrictions - Jinhai Biological (002688) had 6.411 million shares unlocked under equity incentive restrictions - Tiantian Technology (300587) had 2.1044 million shares unlocked under equity incentive restrictions - Shengbang Co. (301233) had 994,200 shares unlocked under pre-issue restrictions - Zhonglan Environmental (300854) had 797,500 shares unlocked under equity incentive restrictions - Bidetech (605298) had 1.23 million shares unlocked under equity incentive restrictions - Tian'ao Electronics (002935) had 1.8468 million shares unlocked under equity incentive restrictions - Zhongyi Technology (301208) had 510,000 shares unlocked under pre-issue restrictions - Dielian Technology (300679) had 28,710 shares unlocked under equity incentive restrictions - Xishanghai (605151) had 544,000 shares unlocked under equity incentive restrictions - Dingsheng New Materials (603876) had 324,000 shares unlocked under equity incentive restrictions - Keli Sensor (603662) had 118,800 shares unlocked under equity incentive restrictions - Keri Technology (002957) had 451,100 shares unlocked under equity incentive restrictions - Puri Eye Hospital (301239) had 78.8296 million shares unlocked under pre-issue restrictions - Wuzhou Medical (301234) had 49.572 million shares unlocked under pre-issue restrictions - Sanwei Tiandi (301159) had 30.4475 million shares with extended lock-up period unlocked - Hush Silicon Industry (688126) had 11.3603 million shares unlocked - Junshi Biosciences (688180) had 1.8452 million shares unlocked - Olin Bio (688319) had 224,700 shares unlocked - Guoxin Technology (688262) had 71.6493 million shares unlocked - Yahui Pharmaceutical (688176) had 129 million shares unlocked - Lingyun Optical (688400) had 224 million shares unlocked - Aobi Zhongguang (688322) had 34.0322 million shares unlocked [1]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [9]. Core Insights - The pharmaceutical index increased by 3.64% during the week of June 30 to July 4, outperforming both the ChiNext and CSI 300 indices, indicating a positive market sentiment towards innovative drugs and brain-computer interface technologies [14][15]. - The report emphasizes the strong performance of PD-1 Plus drugs, which are seen as a driving force in the current market recovery, supported by significant business development (BD) deals and a favorable industry trend [2][15]. - The outlook for 2025 remains optimistic, focusing on innovative drugs, new technologies, and the restructuring of supply chains [3][16]. Summary by Sections 1. Industry Overview - The pharmaceutical sector is experiencing a rebound, with innovative drugs and brain-computer interfaces leading the charge. The report highlights the importance of PD-1 Plus drugs in this recovery [14][15]. 2. Innovative Drug Selection - PD-1 Plus drugs are gaining traction, with significant overseas collaborations and clinical trial advancements. The report notes that companies like Innovent Biologics and BeiGene are at the forefront of this trend [20][21]. - The report suggests focusing on companies with promising PD-1/IL-2 combinations and those that have successfully entered international markets [23]. 3. Investment Strategies - The report outlines a strategy focusing on core stocks in the innovative drug space, particularly those with strong growth potential and upcoming clinical data releases [3][17]. - Key companies to watch include Innovent Biologics, Zai Lab, and others involved in PD-1 Plus and related technologies [4][17]. 4. Market Performance - The report provides a comparative analysis of the performance of various indices, noting that the innovative drug index has outperformed the broader pharmaceutical index and the CSI 300 index since the beginning of 2025 [41][42]. - The report also highlights the performance of specific stocks within the innovative drug sector, indicating a positive trend for companies like Zai Lab and BeiGene [45]. 5. Future Outlook - The report anticipates continued optimism in the pharmaceutical sector, particularly around innovative drugs and new technologies such as AI in healthcare and rehabilitation robotics [3][16]. - The focus will be on identifying high-growth opportunities in the innovative drug space and leveraging the ongoing restructuring of supply chains [3][19].

Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]

截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海君實生物醫藥科技股份有限公司 呈交日期: 2025年7月4日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01877 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 219,295,700 | RMB | | 1 | RMB | | 219,295,700 | | 增加 / 減少 (-) | | | 41,000,000 | | | | RMB | | 41,000,000 | | 本月底結存 | | | 260,295,700 | RMB | | 1 | RMB | | 260,29 ...

Group 1 - The China Securities Innovation Drug Industry Index (931152) increased by 0.55%, with notable stock performances including Zhenhua Cell (688520) up 16.46%, Rongchang Bio (688331) up 10.65%, and Aosaikang (002755) up 10.00% [1] - The Innovation Drug 50 ETF (159835) has shown a cumulative increase of 33.49% over the past year, indicating significant growth in its market share [1] - The National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, marking a pivotal step in the integration of commercial health insurance into the multi-tiered medical security system [1] Group 2 - Multiple policy releases are seen as significant for the development of innovative drugs, with the introduction of a commercial health insurance innovative drug directory expected to expand market opportunities and encourage pharmaceutical companies to enhance R&D efforts [2] - The domestic innovative drug industry is anticipated to reach a turning point by 2025, shifting from capital-driven growth to profit-driven growth, presenting dual opportunities for performance and valuation recovery [2] - The Innovation Drug 50 ETF closely tracks the China Securities Innovation Drug Industry Index, which selects up to 50 representative listed companies involved in innovative drug R&D to reflect the overall performance of the innovative drug sector [2]

Group 1 - The CSI A500 Index (000510) has shown a positive performance, with notable increases in constituent stocks such as Woer Nuclear Materials (002130) up by 8.85% and Jianfan Biological (300529) up by 8.67% [1] - The CSI A500 ETF leader (563800) has also increased by 0.41%, with a trading volume of 8.12 billion yuan and a turnover rate of 4.66% [2] - The CSI A500 Index reflects the overall performance of 500 representative listed companies across various industries, balancing traditional and emerging sectors, including pharmaceuticals and new energy [2] Group 2 - Goldman Sachs predicts a resilient short-term growth for the Chinese economy, estimating a GDP growth rate of 5.2% for the first half of the year, with potential upward adjustments [2] - Shenwan Hongyuan Securities forecasts a high-level market fluctuation in Q3 2025, with a potential "slow bull" market starting in 2026 [3] - The focus for July includes monitoring mid-term performance of listed companies and significant high-level meetings, with an optimistic outlook on technology sectors and real estate chains [3]