截至2025年6月12日 11:09，恒生医疗保健指数强势上涨3.52%，成分股中国生物制药上涨15.09%，美中嘉和上涨10.86%，绿叶制药上涨10.32%，再鼎医药、 博安生物等个股跟涨。恒生医疗指数ETF(159557)上涨3.10%。拉长时间看，截至2025年6月11日，恒生医疗指数ETF近1周累计上涨6.85%，涨幅排名可比基 金第一。 | 涨幅 | 成交额 | 近1月 涨幅 | | --- | --- | --- | | 超3.1% | 超3000万 | 可比基金 | | | | 第 | | 近2周 新增规模 | 近1年超越基准 年化收益 | 持有1年 盈利概率 | | 可比基金 | 1.33% | 100.00% | | 第 | | | | 费率 | 跟踪指数估值 | 关联基金 | | 可比基金 | 近3年 | 018432(A类) | | 最低 | 低位 | 018433(C类) workers (2001) 1 - groups and and and and and the may be and the may be the may be the may be the | 近期，多款创新 ...

Core Viewpoint - The performance of the Sci-Tech Innovation Pharmaceutical Index ETF has shown significant growth in both trading volume and scale, indicating strong investor interest and confidence in the sector [3][5][6]. Liquidity - The Sci-Tech Innovation Pharmaceutical Index ETF had an intraday turnover of 9.12%, with a transaction volume of 20.17 million yuan. Over the past week, the average daily transaction volume reached 50.98 million yuan, ranking first among comparable funds [3]. Scale - In the past year, the Sci-Tech Innovation Pharmaceutical Index ETF's scale increased by 143 million yuan, achieving notable growth and ranking first among comparable funds [3]. Shares - The ETF's shares grew by 120 million in the past year, also ranking first among comparable funds [3]. Top Holdings - As of May 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 51.6% of the total weight. The leading stocks include: - United Imaging Healthcare (8.97%) - BeiGene (7.05%) - Huaitai Medical (5.85%) - Aierx (4.91%) - Baillie Tianheng (4.77%) - Zai Lab (4.75%) - BGI Genomics (4.17%) - Junshi Biosciences (4.15%) - Aibo Medical (3.33%) - Teva Biopharma (3.25%) [5]. Market Response - Following the American Society of Clinical Oncology (ASCO) annual meeting, there has been a positive market response, highlighting the competitiveness and innovation of Chinese pharmaceutical companies in new drug development [5][6]. Innovation Pipeline - The proportion of domestic companies' innovative drug data presented at ASCO has been increasing, with 73 studies selected for oral presentations in 2025, indicating a strong focus on innovation within the industry [6]. Investment Opportunities - Investors without stock accounts can access opportunities in the Sci-Tech Innovation Board biopharmaceutical sector through the Sci-Tech Biopharmaceutical ETF linked fund (021061) [6].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百濟神州有限公司 (根據瑞士法律註冊成立的公司) 呈交日期： 2025年6月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 (2)第一章節/1/A/1部所列股份并非来自本公司股權計劃授权的股份池。請參考後續證券變動月報表，以了解股權计划股份池中未来可发行的股份剩余数量。 (3)第一章節/1/A部所述開始及結束日期的結存数量不包括向公司的託管公司發行的普通股，該等股份用以換取相應數量的美國存託股份,旨在確保其託管公司可隨時動用 美國存託股份用於滿足受限制股份單位的歸屬及不時行使任何期權。详情請參考後續證券變動月報表。 (4)第一章節/1/A部所述開始及結束日期的結存数量包括2025年5月21日向本公司全資子公司BG NC 2, Lt ...

Group 1: Liquidity and Performance of Sci-Tech Pharmaceutical Index ETF - The Sci-Tech Pharmaceutical Index ETF had a turnover rate of 16.48% during the trading session, with a transaction volume of 37.98 million yuan, indicating active market trading [2] - Over the past week, the average daily transaction volume of the ETF reached 48.92 million yuan, ranking first among comparable funds [2] - In the past year, the ETF's scale increased by 154 million yuan, achieving significant growth and ranking first in new scale among comparable funds [2] - The ETF's shares grew by 130 million units in the past year, also ranking first in new shares among comparable funds [2] - As of June 10, the net value of the ETF increased by 25.51% over the past year [2] - The highest monthly return since inception was 23.29%, with the longest consecutive monthly gains being 4 months and a maximum increase of 21.76% [2] - The average monthly return during the rising months was 8.18%, with a historical one-year profit probability of 69.81% [2] Group 2: Market Trends and Investment Opportunities - The Central Committee of the Communist Party of China and the State Council issued opinions to improve the basic medical insurance drug catalog adjustment mechanism and to develop a commercial health insurance innovative drug catalog [3] - A report from Dongwu Securities indicated that there were 73 oral presentations from China at the 2025 ASCO, marking a historical high, with 89 out of 184 ADC pipeline studies coming from China, accounting for approximately 48.4% of the total [3] - The agency believes that the competitiveness of domestic innovative drugs in the global market is continuously improving, and international investors' confidence in Chinese innovative drug companies is increasing [3] - Domestic innovative drugs are transitioning from "catching up" to "leading," presenting significant investment opportunities [3] - Investors without stock accounts can access the Sci-Tech Biopharmaceutical ETF linked fund (021061) to capitalize on opportunities in the Sci-Tech Board biopharmaceutical sector [3]

Summary of Conference Call Notes Industry Overview - The conference focuses on the innovative pharmaceutical sector, particularly the PD-(L)1 Plus treatment landscape, which is becoming a competitive area for overseas pharmaceutical companies [1][2]. Key Insights and Arguments - **Market Performance**: The pharmaceutical sector has shown strong performance recently, with significant volatility in innovative drugs. The core stocks have remained relatively stable during adjustments, driven by short-term trading dynamics [3]. - **Investment Outlook**: There is a strong bullish sentiment towards the innovative drug market, supported by solid underlying logic and clear industry trends. Key innovative drug targets, especially those with BD expectations or PD-1 Plus logic, are expected to perform well even during market corrections [3]. - **Investment Strategy**: Four main investment lines are recommended: Chinese supermarkets, generic drug opportunities, re-evaluation of small-cap pipelines, and large overseas pharmaceuticals. The strategy includes a combination of buying and random rotation for explosive growth [3]. - **Focus Areas**: Attention is drawn to the PD-1 Plus logic, particularly the potential upgrade from PD-1/VEGF to PD-1/IL-2. Upcoming opportunities related to the ADA conference in late June and advancements in medical technology (brain-computer interfaces, rehabilitation robots, AI in healthcare) are highlighted [3]. - **2025 Outlook**: Optimism prevails for the pharmaceutical sector, with expectations of a structural bull market. Focus areas include innovative drugs, new technologies, and industry restructuring [3]. Clinical Data Insights - **Sinda's PD-1/IL-2 (IBI363) Data**: - In non-small cell lung cancer (wild-type), the 1-1.5 mg/kg group showed an ORR of 25.9% and a median OS of 15.3 months, while the 3 mg/kg group had an ORR of 36.7% and a median PFS of 9.3 months, suggesting a potential median OS of 20-25+ months [3]. - In lung adenocarcinoma (wild-type), the low-dose group (0.6/1.5 mg/kg) had an ORR of 13.08% and a median PFS of 2.7 months, while the high-dose group (3 mg/kg) showed an ORR of 24% and a median PFS of 5.6 months, with a potential median OS of 25-30 months [3]. - The data indicates a high OS/PFS ratio, particularly in lung adenocarcinoma, which is rare and suggests a potential to limit metastatic tumors [3][4]. Competitive Landscape - **PD-1 Plus Market**: The PD-(L)1 market is substantial, estimated at around $40 billion, and is undergoing innovation. Major multinational corporations are actively investing in PD-1 Plus, contributing to rising upfront payments in business development [6]. - **Key Companies to Watch**: Notable companies in the PD-1 Plus space include Sinda, Hengrui, BeiGene, Kangfang Biotech, Rongchang Biotech, Aosaikang, and Zhimeng Junshi [6]. Sector-Specific Updates - **Innovative Drugs**: The index for innovative drugs rose by 0.34% last week, with a positive long-term outlook driven by clinical data and business development catalysts [6]. - **Generic Drugs**: The index increased by 1.69%, outperforming the pharmaceutical index. Key events include the approval of a compound release tablet by Shenda and the acceptance of a conditional listing application for a hemophilia drug [6]. - **Traditional Chinese Medicine & Pharmacies**: The Chinese medicine index rose by 0.39%, while pharmacies increased by 1.67%, with a focus on policy impacts and operational strategies [6]. - **Medical Devices**: The medical device index rose by 1.11%, with attention on equipment updates and market recovery [6]. - **Life Sciences**: The life sciences sector saw an average increase of 1.47%, with a focus on operational recovery and investment trends [6]. Additional Considerations - **Stock Selection**: Emphasis on companies with clean shareholding structures, low stock prices, and positive future operational trends. Monitoring monthly operational data and overall consumption data is crucial [7].

Group 1 - The core viewpoint of the news is the performance and holdings of the Industrial and Commercial Bank of China Medical Healthcare Stock Fund, which has shown positive returns in various time frames [1] - The latest net value of the fund is 2.7270 yuan, with a growth of 1.79% [1] - The fund's performance over the past month has yielded a return of 8.91%, ranking 96 out of 1025 in its category [1] - Over the last six months, the fund has achieved a return of 13.01%, ranking 146 out of 989 [1] - Year-to-date, the fund has returned 19.66%, ranking 96 out of 999 [1] Group 2 - The top ten holdings of the fund account for a total of 39.79%, with significant positions in companies such as Heng Rui Pharmaceutical (8.90%) and WuXi AppTec (5.12%) [1] - The fund was established on November 18, 2014, and as of March 31, 2025, it has a total scale of 2.724 billion yuan [1] - The fund is managed by Zhao Bei and Ding Yang, both of whom have extensive experience in the healthcare sector [2]

Core Viewpoint - The Chinese pharmaceutical industry is transitioning from "generic drugs" to "innovative drugs," creating a golden development period for companies with core R&D capabilities, driven by policy support, capital influx, and market demand [1] Group 1: Reasons for Optimism in the "Innovative Drug" Sector - Policy Benefits: National strategic support for the shift from "generic" to "innovative" drugs [1] - Market Demand: Aging population and consumption upgrades ensure strong long-term growth [1] - Technological Breakthroughs: Chinese innovative drugs are gradually moving towards global markets, with companies like BeiGene achieving overseas licensing [1] Group 2: Notable A-Share Innovative Drug Companies - Hengrui Medicine (600276): Leading innovative drug company with the highest R&D investment in China, exceeding 6 billion in 2023, covering oncology, autoimmune diseases, and metabolic diseases [3] - BeiGene (688235): A benchmark for Chinese innovative drugs going global [5] - Innovent Biologics (01801.HK): One of the "PD-1 Four Little Dragons" with a rich pipeline [5] - Rongchang Biologics (688331): Leader in the ADC sector [7] - Kelun Pharmaceutical (002422): Transitioning from an infusion leader to innovative drugs [7] - East China Pharmaceutical (000963): Driven by both medical aesthetics and innovative drugs [7] - Kangfang Biologics (09926.HK): Leader in the dual antibody sector [7] Group 3: Market Trends and Dynamics - Accelerated inclusion of innovative drugs in medical insurance, leading to explosive sales growth [4] - New listing regulations for the Sci-Tech Innovation Board/B-shares allow unprofitable biotech companies to go public, improving the financing environment [4] - The aging population in China exceeds 280 million, with increasing treatment demands for diseases like cancer, diabetes, and cardiovascular issues [4] - Rising per capita medical expenditure and enhanced patient payment capabilities for high-end innovative drugs [4] Group 4: Investment Recommendations - Long-term holding of core leaders like Hengrui and BeiGene is advised [9] - Attention to emerging players in niche sectors such as ADC, dual antibodies, and GLP-1 drugs [9] - Monitoring of R&D risks, including clinical failures and price reductions in medical insurance [9]

Group 1 - The report emphasizes the active overseas commercialization of innovative drugs, with several domestic innovative drugs presenting excellent data at the ASCO conference, highlighting ongoing business development (BD) opportunities and clinical progress of key pipelines [3][39]. - Key companies such as BeiGene, Innovent Biologics, and others are expected to achieve significant milestones, including BeiGene's projected non-GAAP operating profit of $45 million in 2024 and a positive cash flow in 2025 [3][4]. - The report notes that the Hong Kong pharmaceutical sector has shown strong performance, with the Hang Seng Healthcare Index rising approximately 42% year-to-date, driven by the successful execution of BD transactions and the internationalization of domestic innovative drugs [14][39]. Group 2 - The report outlines the financial forecasts for key companies, indicating that BeiGene's revenue is expected to grow from 36.69 billion HKD in 2025 to 44.36 billion HKD in 2026, with a significant increase in net profit from 1.25 billion HKD to 4.56 billion HKD [4]. - The innovative drug sector is projected to see a revenue increase of 30% year-on-year in 2024, with total revenue reaching 71.88 billion HKD, while the overall loss for innovative drug companies is expected to narrow by 29% [35][36]. - The report highlights the increasing number of license-out transactions, with 81 transactions in 2024 totaling $45 billion, reflecting a 28% year-on-year growth, and a notable deal between 3SBio and Pfizer involving a $1.25 billion upfront payment [43][44]. Group 3 - The report indicates that the pharmaceutical sector is undergoing a transformation, with leading companies like Hansoh Pharmaceutical and China National Pharmaceutical Group achieving revenue growth rates of 21% and 10% respectively in 2024 [35]. - The medical services sector is facing pressure due to the impact of healthcare insurance policies and macroeconomic conditions, which may affect growth in consumer medical services [39]. - The CXO sector is showing signs of improvement, with a focus on the recovery of orders, indicating a potential rebound in performance [39]. Group 4 - The report provides a comparative analysis of valuations, noting that the overall valuation of Hong Kong pharmaceuticals is lower than that of A-share and overseas pharmaceuticals, with a median PE of 15x for Hong Kong compared to 24.7x for A-share [12][14]. - The report highlights the significant performance disparity among sub-sectors, with innovative drugs and pharma benefiting from ongoing BD transactions and a favorable valuation correction, while medical services are under pressure [18][39]. - The report also mentions the increasing trend of dual-listed pharmaceutical companies, with the number rising from 5 in 2017 to 20 currently, indicating a growing interest in the Hong Kong market [23].

Core Viewpoint - The innovation speed and cost-effectiveness of Chinese biopharmaceutical companies have surpassed that of American companies, leading to a surge in stock prices for several Chinese biopharma firms [1][2]. Group 1: Market Performance - On June 9, 2023, Chinese biopharmaceutical companies saw a collective stock price increase, with Kelun-Botai (6990.HK) rising nearly 6% to a market cap exceeding HKD 80 billion, BeiGene (688235.SH) up over 8%, and Junshi Biosciences (688180.SH) up over 5% [1]. - The optimism surrounding original drug licensing contributed to the stock price increases, particularly following data presentations from Chinese companies at the recent ASCO annual meeting [1]. Group 2: International Interest - In recent months, American and European pharmaceutical companies have invested billions in acquiring Chinese-developed drugs, yielding returns for these companies [2]. - During the ASCO conference, BioNTech's resale of a tumor dual-antibody drug acquired from China's Pumice Biotech for over USD 10 billion to Bristol-Myers Squibb (BMS) highlighted the market's excitement [2]. - BMS is betting on a dual-antibody drug targeting PD-L1 and VEGF for treating various solid tumors, which shows potential to replace Merck's leading cancer drug, Keytruda [2]. Group 3: Competitive Landscape - The valuation of Chinese innovative drugs is considered reasonable by multinational companies, as they seek products with patent protection for lifecycle management [4]. - China has surpassed the U.S. in the number of clinical trials and has seen a significant increase in patent filings, attracting multinational pharmaceutical companies [4]. - AstraZeneca announced a USD 2.5 billion investment to establish a research center in Beijing, reflecting the growing interest in China's biopharmaceutical sector [4]. Group 4: Innovation and Development - Chinese biopharmaceutical companies have made rapid advancements in innovation over the past decade, although they still have a long way to go in achieving "original innovation" [4]. - The PD-L1/VEGF dual-antibody drug represents a significant innovation compared to traditional combination therapies, offering easier administration and potential cost reductions [4]. - Local companies like Kelun-Botai and InnoCare Pharma are actively investing in the development of antibody-drug conjugates (ADCs) in the competitive oncology market [4]. Group 5: Clinical Achievements - On June 6, 2023, Kelun-Botai's ADC drug, SKB264, received approval from the National Medical Products Administration (NMPA) and became the first TROP2 ADC drug approved for lung cancer indications globally [5]. - InnoCare Pharma presented data at ASCO indicating that its HER3-targeting ADC drug has potential comparable to Kelun-Botai's SKB264 for treating EGFR-resistant non-small cell lung cancer [5].

截至2025年6月9日 11:07，创新药企ETF(560900)上涨3.86%，盘中换手9.64%，成交311.37万元。跟踪指 数中证创新药产业指数(931152)强势上涨3.77%，成分股百利天恒(688506)上涨10.71%，众生药业 (002317)上涨9.99%，百济神州(688235)上涨8.14%，迪哲医药(688192)，信立泰(002294)等个股跟涨。 信达证券表示， ADA会议是中国创新药企业向海外展示GLP-1领域研发实力的重要窗口，有望带动 GLP-1 产业链相关行情。在CXO 和生命科学上游产业链方面，创新药企业投融资修复及授权BD获得的 资金，有望带动药企加码研发投入并加速研发项目推进速度。 中信建投证券指出，创新药方面，近期研发突破及新药获批上市驱动创新药板块表现强劲，中国创新药 在全球市场展现出强大的竞争力。 创新药企ETF紧密跟踪中证创新药产业指数，中证创新药产业指数从主营业务涉及创新药研发的上市公 司证券中，选取不超过50只最具代表性上市公司证券作为指数样本，以反映创新药产业上市公司证券的 整体表现。 伴随AI驱动新一轮科技浪潮的兴起，摩根资产管理整合旗下"全球视野投 ...