Group 1 - The core point of the article is the quarterly review changes announced by FTSE Russell, which will take effect after the market closes on September 19, 2025 [1] - The FTSE China A50 Index will include companies such as BeiGene, Neway, WuXi AppTec, and Zhongji Xuchuang [1] - Companies being removed from the FTSE China A50 Index include China National Nuclear Power, China Unicom, Guodian Nari, and Wanhua Chemical [1]

Core Insights - FTSE Russell announced significant adjustments to the FTSE China A50 Index and other related indices, effective after the market close on September 19, 2025 [2] - The adjustments include the inclusion of several innovative pharmaceutical and CPO sector stocks, while traditional dividend stocks have been removed from the FTSE China A50 Index [2][4] Group 1: Index Adjustments - The FTSE China A50 Index will now include stocks such as BeiGene (百济神州-U), Xinyisheng (新易盛), WuXi AppTec (药明康德), and Zhongji Xuchuang (中际旭创) [2][3] - Stocks removed from the index include China Nuclear Power (中国核电), China Unicom (中国联通), Guodian NARI (国电南瑞), and Wanhua Chemical (万华化学) [2][3] Group 2: Performance Metrics - Zhongji Xuchuang's stock price reached 426.19 CNY per share with a year-to-date increase of 246.45%, making it the second-largest company by market capitalization on the ChiNext board [4] - Xinyisheng's stock price increased nearly 350% year-to-date, with a total market capitalization of 367.4 billion CNY [6] - WuXi AppTec's stock price rose over 100% year-to-date, with a market capitalization of 325.5 billion CNY [6] - BeiGene's stock price also increased over 100% year-to-date, with a market capitalization of 280.7 billion CNY [6] Group 3: Stocks Removed and Their Performance - The stocks removed from the FTSE China A50 Index experienced declines in stock price year-to-date: China Nuclear Power down 14.55%, China Unicom down 2.14%, Guodian NARI down 1.43%, and Wanhua Chemical down 0.56% [6] - The latest market capitalizations for the removed stocks are 180.2 billion CNY for China Nuclear Power, 171.6 billion CNY for China Unicom, 171.7 billion CNY for Guodian NARI, and 209.4 billion CNY for Wanhua Chemical [6] Group 4: Other Index Adjustments - The FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index also underwent adjustments, with the FTSE China 50 Index remaining unchanged [8] - The FTSE China A150 Index added stocks such as China Nuclear Power and China Unicom while removing stocks like BeiGene and WuXi AppTec [8] - The FTSE China A200 Index included stocks like Huahong Semiconductor and Shengyi Technology while removing others [8] - The FTSE China A400 Index added 34 stocks including Yipinhong and Changfei Fiber, while also removing 34 stocks [8]

Core Viewpoint - FTSE Russell announced significant adjustments to the FTSE China A50 Index and other related indices, effective after the market close on September 19, 2025, with a focus on including innovative pharmaceutical and CPO sectors while removing traditional dividend stocks [1]. Group 1: Index Adjustments - The FTSE China A50 Index will include stocks such as BeiGene-U, Xinyi Solar, WuXi AppTec, and Zhongji Xuchuang, while excluding China Nuclear Power, China Unicom, Guodian NARI, and Wanhua Chemical [1][2]. - The FTSE China A150 Index will add China Nuclear Power, China Unicom, Huahong Semiconductor, Guodian NARI, and others, while removing BeiGene-U, and several other stocks [4]. - The FTSE China A200 and A400 indices will also undergo adjustments, with various stocks being added and removed based on market capitalization changes [4]. Group 2: Stock Performance - Zhongji Xuchuang's stock price reached 426.19 CNY per share with a year-to-date increase of 246.45%, making it the second-largest company by market capitalization on the ChiNext board at 473.5 billion CNY [3]. - Xinyi Solar's stock price has surged nearly 350% year-to-date, with a market capitalization of 367.4 billion CNY; WuXi AppTec's stock price increased over 100%, with a market cap of 325.5 billion CNY; BeiGene-U also saw a similar increase with a market cap of 280.7 billion CNY [3]. - The stocks being removed from the index, such as China Nuclear Power and China Unicom, experienced year-to-date declines of 14.55% and 2.14%, with market capitalizations of 180.2 billion CNY and 171.6 billion CNY, respectively [3].

作为国际资金主要跟踪标的之一，富时中国A50指数迎来重磅调整。 9月3日，富时罗素宣布富时中国50指数、富时中国A50指数、富时中国A150指数等的季度审核变更。该变更将于2025年9月19日星期五收盘后（即2025年9 月22日星期一）生效。 其中，近期关注度极高的创新药和CPO板块有多股入选富时中国A50指数，例如百济神州-U、新易盛、药明康德、中际旭创；同时删除了中国核电、中国 联通、国电南瑞、万华化学等传统红利股。 | ਜੀਮ // | | | | --- | --- | --- | | 股票简称 | 本地代码 | 国际代码 | | 百济神州-U | 688235 | BNHPM91 | | 新易盛 | 300502 | BD761B9 | | 药明康德 | 603259 | BHWLWV4 | | 中际旭创 | 300308 | BFFJRM7 | 【导读】富时罗素宣布对富时中国A50等指数进行调整 以即将被纳入该指数的中际旭创为例，截至9月3日收盘，该公司股价报426.19元/股，年内累计涨幅高达246.45%，远超同期大盘涨幅；总市值达4735亿 元，超过东方财富，成为创业板市值第二大公司。 另 ...

Core Viewpoint - The recent surge in the stock prices of Chinese innovative drug companies, particularly BeiGene and Hengrui Medicine, reflects a significant shift in the market's perception of the innovative drug sector, driven by successful product commercialization and strategic business development deals [2][4][10]. Group 1: Company Performance - BeiGene achieved its first half-year profit with a net profit of approximately 4.50 billion yuan, surpassing its goal of achieving operational profitability for the year [3]. - The company's stock price reached a new high of 346 yuan per share, leading to a market capitalization exceeding 500 billion yuan [2][5]. - Hengrui Medicine's market capitalization has decreased significantly from a peak of 600 billion yuan in early 2021 to around 477.74 billion yuan, indicating a widening gap in market performance between the two companies [2][6]. Group 2: Market Dynamics - The innovative drug sector in China is experiencing a resurgence, with a notable increase in licensing deals, totaling 72 transactions in the first half of 2025, amounting to 60 billion USD, a 16% increase from the previous year [4]. - The Hang Seng Hong Kong Stock Connect Innovative Drug Index has risen from a low of 1774.67 points to 4170.13 points, reflecting a cumulative increase of 134.98% [4]. Group 3: Strategic Developments - BeiGene's recent business development deal with Royalty Pharma, involving an upfront payment of 885 million USD for rights to a monoclonal antibody, has been a key driver of its stock price increase [5]. - The company retains rights to a portion of the sales revenue from the drug, which has not yet been launched in China, thereby alleviating financial pressure from R&D investments [5]. Group 4: International Expansion - BeiGene's revenue from international markets accounted for over 63% of its total revenue in 2024, compared to Hengrui Medicine's overseas revenue of only 2.56% [10]. - In the first half of the year, BeiGene's revenue distribution was 51.86% from the US, 34.22% from China, and 11.14% from Europe, showcasing its strong international presence [11]. Group 5: R&D and Future Prospects - BeiGene is focusing on developing its pipeline for solid tumors, with key products expected to enter late-stage clinical trials by 2026 [15]. - The company has a robust global R&D team of over 3,700 people, enabling it to conduct trials across six continents and collaborate with regulatory bodies in over 45 countries [18]. - The strategic emphasis on rapid clinical data generation and a data-driven approach to R&D is expected to enhance the company's ability to replicate its success in other therapeutic areas [17].

Core Viewpoint - The recent surge in the stock prices of Chinese innovative drug companies, particularly BeiGene and Hengrui Medicine, reflects a significant shift in the market dynamics and investor confidence in the innovative drug sector in China [1][2][10]. Group 1: Company Performance - BeiGene's stock price reached a new high of 346 CNY per share on September 2, 2023, with a market capitalization exceeding 500 billion CNY, marking a significant milestone for the company [2][7]. - In the first half of the year, BeiGene achieved a net profit of approximately 450 million CNY, marking its first half-year profitability [2][6]. - Hengrui Medicine's market capitalization has decreased from a peak of 600 billion CNY in early 2021 to around 477.7 billion CNY, indicating a widening gap in market performance between the two companies [2][8]. Group 2: Market Dynamics - The innovative drug sector in China is experiencing a transformation, with a notable increase in licensing transactions, which reached 72 deals in the first half of 2025, totaling 60 billion USD, a 16% increase from the previous year [3][10]. - The Hang Seng Hong Kong Stock Connect Innovative Drug Index has seen a significant rise of 134.98% from its lowest point, reflecting renewed investor confidence in the sector [3]. Group 3: Strategic Developments - BeiGene's recent business development (BD) deal with Royalty Pharma, involving an upfront payment of 885 million USD for rights to a monoclonal antibody, has been a key driver of its stock price increase [6][10]. - The company has strategically focused on international markets, with over 63% of its revenue coming from outside China, compared to Hengrui's 2.56% [10][19]. Group 4: R&D and Future Prospects - BeiGene is advancing its pipeline with a focus on blood cancers and solid tumors, with several products expected to enter late-stage clinical trials by 2026 [15][16]. - The company has established a robust global R&D team of over 3,700 personnel, enabling it to conduct trials across six continents [16][17]. Group 5: Competitive Landscape - Hengrui Medicine remains a strong player in the market, with a recent deal with GSK worth up to 120 billion USD, highlighting its established brand and extensive R&D capabilities [8][10]. - Despite Hengrui's strong pipeline, BeiGene's focus on innovative drugs and internationalization has attracted more investor interest in recent years [10][19].

Core Viewpoint - FTSE Russell announced significant adjustments to the FTSE China A50 Index, which will take effect after the market closes on September 19, 2025, impacting key stocks in the innovative drug and CPO sectors while removing traditional dividend stocks [2]. Group 1: Index Adjustments - The FTSE China A50 Index will include stocks such as BeiGene-U, Xinyi Solar, WuXi AppTec, and Zhongji Xuchuang, while excluding China Nuclear Power, China Unicom, Guodian NARI, and Wanhua Chemical [2][4]. - The FTSE China A150 Index will add stocks like China Nuclear Power and China Unicom, while removing BeiGene-U and WuXi AppTec [8]. - The FTSE China A200 and A400 indices will also undergo adjustments, with various stocks being added and removed [8]. Group 2: Stock Performance - Zhongji Xuchuang's stock price reached 426.19 CNY per share with a year-to-date increase of 246.45%, making it the second-largest company by market capitalization on the ChiNext board at 473.5 billion CNY [5]. - Xinyi Solar's stock price increased nearly 350% year-to-date, with a total market capitalization of 367.4 billion CNY; WuXi AppTec's stock rose over 100% with a market cap of 325.5 billion CNY; BeiGene-U also saw a similar increase with a market cap of 280.7 billion CNY [7]. - The stocks being removed from the index, such as China Nuclear Power and China Unicom, experienced declines in stock prices of 14.55% and 2.14% respectively, with their latest market capitalizations at 180.2 billion CNY and 171.6 billion CNY [7].

Group 1 - FTSE Russell announced changes to the FTSE China 50 Index and FTSE China A50 Index, effective after market close on September 19, 2025 [2][3] - The FTSE China A50 Index will include new A-shares: BeiGene Ltd (688235.SH), Neway Valve (300502.SZ), WuXi AppTec (603259.SH), and Zhongji Xuchuang (300308.SZ) [2] - The index will remove A-shares: China National Nuclear Power (601985.SH), China Unicom (600050.SH), Guodian Nanjing Automation (600406.SH), and Wanhua Chemical (600309.SH) [2] Group 2 - The FTSE China A50 Index is a significant reference for overseas investors, and historical adjustments have attracted substantial passive capital from abroad [3] - The FTSE China 50 Index remains unchanged, with only the list of candidate stocks updated, including China Hongqiao (01378), Hansoh Pharmaceutical (03692), Huatai Securities (06886), JD Health (06618), and New China Life Insurance (01336) [3]

[Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 [行业Table_Industry] : 医药生物 日期: shzqdatemark 2025年09月03日 | [Table_Author] 分析师: | 张林晚 | | --- | --- | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | | SAC 编号: | S0870523010001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -4% 2% 9% 15% 22% 28% 34% 41% 47% 09/24 11/24 01/25 04/25 06/25 08/25 医药生物 沪深300 [Table_ReportInfo] 相关报告： 《脑机接口临床转化推进，实际应用加速 落地》 ——2025 年 08 月 25 日 《银诺医药登陆港交所，关注国产 GLP-1 商业化落地进程》 ——2025 年 08 月 19 日 《七部门联合发文，2030 年脑机接口产业 创新能力有望显著提升》 ——2025 年 08 月 ...

Group 1 - FTSE Russell announced changes to the FTSE China 50 Index and FTSE China A50 Index, effective after market close on September 19, 2025 [1] - The FTSE China A50 Index will include companies such as BeiGene Ltd (688235.SH), Xinyisheng (300502.SZ), WuXi AppTec (603259.SH), and Zhongji Xuchuang (300308.SZ) [1] - Companies removed from the FTSE China A50 Index include China National Nuclear Power (601985.SH), China Unicom (600050.SH), Guodian Nanjing Automation (600406.SH), and Wanhua Chemical (600309.SH) [1] Group 2 - The FTSE China A50 Index serves as an important reference for overseas investors, and historical adjustments to the index typically attract significant passive capital from abroad [1] - The FTSE China 50 Index remains unchanged, with only the list of candidate stocks updated to include China Hongqiao Group (01378), Hansoh Pharmaceutical (03692), Huatai Securities (06886), JD Health (06618), and New China Life Insurance (01336) [1]