Group 1 - The core point of the news is the performance of the Zhongyin Innovation Medical Mixed A fund, which has shown significant growth in its net value and returns over various time frames [1] - As of April 21, 2025, the latest net value of Zhongyin Innovation Medical Mixed A is 1.6127 yuan, reflecting a growth of 2.27% [1] - The fund's one-month return is 14.21%, ranking 9th out of 4672 similar funds; the three-month return is 36.72%, ranking 18th out of 4599; and the year-to-date return is 34.02%, ranking 36th out of 4590 [1] Group 2 - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.60%, with significant positions in companies such as Heng Rui Pharmaceutical (9.81%), Innovent Biologics (8.55%), and others [1] - The fund was established on November 13, 2019, and as of December 31, 2024, it has a total scale of 2.02 billion yuan [1] - The fund manager, Zheng Ning, has a background in asset management and has held various positions in the industry since 2022 [2]

Core Points - The China-Hong Kong-US Technology Index has shown a decline of 14.62% over the past month, 3.85% over the past three months, and 3.32% year-to-date [1] - The index is composed of high liquidity and high market capitalization technology companies listed in Hong Kong and the US, calculated using an equal-weighted method [1] - The index's top ten holdings include companies such as SMIC (3.61%), BYD (3.23%), and Alibaba (2.55%) [1] Market Composition - The Nasdaq Global Select Market accounts for 40.10% of the index, followed by the Hong Kong Stock Exchange at 36.04% and the New York Stock Exchange at 22.41% [2] - The industry breakdown of the index shows that Information Technology comprises 38.88%, Consumer Discretionary 20.37%, and Healthcare 14.75% [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - New technology companies that rank in the top five by market capitalization in their respective regions will be quickly included in the index after their eleventh trading day [2]

Investment Rating - The report maintains an investment rating of "Outperform" with a target price set for leading stocks [5]. Core Insights - The recent positive results from Eli Lilly's oral GLP-1 small molecule Orforglipron in Phase 3 clinical trials indicate a significant advancement in diabetes treatment, potentially allowing for a complete oral medication regimen before insulin use [2][15]. - The global market for GLP-1 drugs is substantial, with projected sales of approximately $51.8 billion in 2024, of which $37.71 billion (73%) is attributed to diabetes products, suggesting strong future growth potential for oral GLP-1 small molecules [20][21]. Summary by Sections New Drug Market Review - From April 14 to April 20, 2025, the top five companies in the new drug sector by stock price increase were: Boan Biotechnology (68.01%), Fuhong Hanlin (18.71%), Junsheng Tai (16.20%), Nothland (11.00%), and Yifang Biotechnology (10.48%). The top five companies with stock price declines were: Youzhiyou (-21.19%), Beihai Kangcheng (-16.57%), Aidi Pharmaceutical (-9.48%), Geely Pharmaceutical (-7.84%), and Haishike (-7.54%) [1][11]. Key Analysis of New Drug Industry - Eli Lilly's Orforglipron demonstrated a significant reduction in HbA1c levels, with an average decrease from a baseline of 8.0% to between 1.3% and 1.6%. Over 65% of patients achieved an A1C level of ≤6.5%, and the average weight loss for patients on the highest dose was 7.9% [15][16]. New Drug Approvals and Applications - This week, three new drugs or new indications were approved for market entry in China, with 299 new drugs receiving IND approvals and 38 new IND applications accepted [3][24]. Domestic New Drug Industry Highlights - Notable approvals include the full human monoclonal antibody injection for psoriasis by Kangfang Biotechnology and a new generation BCL2 inhibitor for chronic lymphocytic leukemia by BeiGene [4][6]. Overseas New Drug Industry Highlights - Key developments include the approval of Eli Lilly's oral GLP-1 receptor agonist Orforglipron and the approval of Leqembi for Alzheimer's disease in the EU [7].

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [7]. Core Insights - The report highlights the emergence of the "Protein Degradation 2.0" era, focusing on domestic companies involved in this field [12][18]. - The pharmaceutical sector is expected to experience a structural bull market in 2025, driven by supportive policies for commercial health insurance and innovation in drug development [14]. Summary by Sections Recent Review - During the week of April 14-18, the Shenwan Pharmaceutical Index decreased by 0.36%, outperforming the ChiNext Index but underperforming the CSI 300 Index [12]. - The market showed a recovery with small-cap innovative drugs performing well, while the overall pharmaceutical sector remained volatile [13]. Future Outlook - Short to medium-term strategies focus on self-sufficiency in research instruments and upstream components, deepening the exploration of innovative drugs, and identifying high-growth companies based on Q1 reports [14]. - By 2025, a positive trading atmosphere is anticipated, with structural growth likely in the pharmaceutical sector [14]. Investment Strategy - **Pharmaceutical Style Rhythm**: Key companies include innovative drug firms such as Sanofi, BeiGene, and others focusing on self-sufficiency like BGI Genomics and others [15]. - **Pharmaceutical Industry Logic**: Emphasis on innovative drugs with commercial potential, self-sufficiency in medical devices, and new technologies like AI in medicine [16]. Protein Degradation Sector - The report discusses the rapid advancement in the targeted protein degradation (TPD) field, with over 95 projects in clinical development globally, including 35 in China [24]. - Notable domestic companies in the TPD space include Innovent Biologics, BeiGene, and others, with several new drugs recently approved for clinical trials [26][25]. Subsector Performance - The innovative drug index decreased by 0.60% during the week, while the generic drug sector saw a 1.80% increase, indicating a shift in market focus [36]. - The traditional Chinese medicine index outperformed the overall pharmaceutical index, highlighting a potential area for investment [43]. Key Events - The report notes significant events such as the approval of innovative drugs by companies like CanSino Biologics and the performance of various pharmaceutical firms in their quarterly reports [41][34].

登录新浪财经APP 搜索【信披】查看更多考评等级 A股代码：688235 A股简称：百济神州 公告编号：2025-016 港股代码：06160 港股简称：百济神州 美股代码：ONC 百济神州有限公司 关于召开2024年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 1、会议召开时间：2025年4月29日（星期二）上午09:00-10:00 2、会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 二、说明会召开的时间、地点 1、会议召开时间：2025年4月29日（星期二）上午09:00-10:00 2、会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 三、参加人员 参加此次说明会人员包括： 总裁、首席运营官兼中国区总经理：吴晓滨博士； 全球研发负责人：汪来博士； 4、投资者可于2025年4月22 ...

Group 1 - The core index of the China Securities Hong Kong Technology Index reflects the overall performance of leading technology companies listed in Hong Kong, selected based on market capitalization, R&D investment, and revenue growth [1][2] - The China Securities Hong Kong Technology Index has seen a decline of 15.90% over the past month, an increase of 13.74% over the past three months, and a year-to-date increase of 13.70% [1] - The top ten holdings of the index include Xiaomi Group-W (12.3%), Alibaba-W (11.35%), Tencent Holdings (9.92%), BYD Company (8.16%), Meituan-W (7.21%), JD Group-SW (6.39%), NetEase-S (5.66%), Baidu Group-SW (4.24%), SMIC (4.0%), and BeiGene (3.22%) [1] Group 2 - The industry composition of the index shows that consumer discretionary accounts for 41.51%, communication services for 23.64%, information technology for 22.87%, healthcare for 11.57%, and industrials for 0.41% [2] - The sample of the China Securities Hong Kong Technology Index is adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the Hong Kong technology sector include the Southern China Securities Hong Kong Technology ETF and the China Merchants China Securities Hong Kong Technology ETF [3]

A 股代码：688235 A 股简称：百济神州 公告编号：2025-016 港股代码：06160 港股简称：百济神州 美股代码：ONC 百济神州有限公司 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 4、投资者可于 2025 年 4 月 22 日（星期二）至 4 月 28 日（星期 一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@beigene.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 百济神州有限公司（以下简称"公司"）将于 2025 年 4 月 29 日 发布公司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 4 月 29 日（星 期二）上午 09:00-10:00 举行 2024 年度业绩说明会，就投资者关心的 问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度 的经营成果及财务指标的具体情况 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company has established itself as a global leader in innovative drug development, particularly in oncology, and is experiencing a pivotal operational turnaround [1][14]. - The company is leveraging its leading position in hematological malignancies with its flagship product, Zebutini, which has achieved significant market share in the U.S. [1][3]. - The company is expanding its pipeline with a focus on various cancer types, aiming to enter clinical research for 13 new molecular entities (NMEs) in 2024 [2][28]. Financial Performance - The company’s revenue is projected to grow significantly, with estimates of 27.21 billion yuan in 2024, 36.66 billion yuan in 2025, and 46.04 billion yuan in 2026, reflecting year-on-year growth rates of 56.2%, 34.7%, and 25.6% respectively [3][4]. - The company has shown a continuous improvement in profitability, with expectations of achieving positive GAAP operating profit by 2025 [2][3]. - The revenue from Zebutini is expected to reach 2.644 billion USD in 2024, representing a year-on-year increase of 105% [25]. Product Pipeline and Development - The company is advancing multiple products in its pipeline, including Sonrotoclax and BTK CDAC, with significant clinical milestones expected in 2025 [2][28]. - The company has a diverse range of drug forms and is exploring various molecular types for high-incidence cancers, including breast cancer and lung cancer [2][28]. - The company has established a robust global commercialization capability, having successfully launched its products in multiple markets [3][5]. Market Position - The company is recognized as the first biotech firm to be listed on NASDAQ, Hong Kong Stock Exchange, and Shanghai Stock Exchange, highlighting its global presence [1][14]. - The company’s strategic partnerships with leading global firms enhance its market position and development capabilities [15][20].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company has established itself as a global leader in innovative drug development, particularly in oncology, with a focus on blood cancers and solid tumors. It has achieved significant milestones, including the approval of its first original drug in the U.S. and listing on multiple stock exchanges [1][14]. - The company is expected to reach a turning point in its operations, with projected revenues of $4.9 billion to $5.3 billion in 2025 and a positive GAAP operating profit anticipated for the same year [2][3]. Financial Projections - Revenue forecasts for 2024-2026 are estimated at 27.21 billion yuan, 36.66 billion yuan, and 46.04 billion yuan, respectively, with year-on-year growth rates of 56.2%, 34.7%, and 25.6% [3][4]. - The company is expected to achieve a positive net profit of 3.33 billion yuan by 2026, following a significant reduction in losses in the preceding years [4][30]. Product Pipeline and Market Position - The company has a robust pipeline with 13 new molecular entities (NMEs) expected to enter clinical trials in 2024, focusing on high-incidence cancers such as breast cancer and lung cancer [2][28]. - Key products include Zebutinib, which has become the leading BTK inhibitor in the U.S. CLL market, and Tislelizumab, which is advancing in global commercialization [1][2]. Market Dynamics - The company has demonstrated strong global commercialization capabilities, with a significant portion of its revenue derived from the U.S. market, which accounted for 52% of total product sales in 2024 [25]. - The report highlights the company's strategic focus on developing best-in-class therapies and expanding its market presence through innovative drug development and partnerships with leading global firms [1][20].

Core Viewpoint - The China Ocean Medical Care Theme Stock A has experienced a decline of 0.85% on April 17, with a net value of 1.05 yuan, marking a cumulative drop of 1.95% over three consecutive trading days [1] Group 1: Fund Performance - The fund was established in March 2012 with a total size of 564 million yuan and has achieved a cumulative return of 165.78% since inception [1] - As of the end of 2024, the top ten holdings of the fund account for a total of 59.15% of the portfolio [2] Group 2: Holder Structure - As of the end of 2024, institutional investors hold 5.9 million shares, representing 10.54% of the total shares, while individual investors hold 49.8 million shares, accounting for 89.46% of the total [1] Group 3: Fund Management - The current fund manager, Ms. Liang Jingjing, has a master's degree in pharmaceutical chemistry from Peking University and has held various research positions in the pharmaceutical sector before becoming the fund manager [1]