Core Viewpoint - The rise of the innovative drug sector in the first half of 2025 has become a significant highlight in the investment market, driven by policy support, technological breakthroughs, and market demand, leading to outstanding performance of related funds and marking a critical battle for active equity funds to prove their worth [1][15]. Group 1: Performance of Active Equity Funds - In the first half of 2025, active equity funds have outperformed broad-based indices, with the average return of equity mixed funds at 4.81% and 75% of these funds achieving positive returns [3]. - The top-performing funds in the first half of 2025 include 汇添富香港优势精选A with a return of 86.48%, 中信建投北交所精选两年定开A at 82.45%, and 长城医药产业精选A at 75.18% [5][6]. Group 2: Innovative Drug Sector Growth - The innovative drug sector has experienced explosive growth in the first half of 2025, with the 万得创新药概念指数 rising over 21% and the 恒生创新药指数 increasing by more than 66% [4]. - The top holdings of 汇添富香港优势精选 include stocks like 荣昌生物 and 科伦博泰生物-B, which have shown significant price increases, with 荣昌生物's stock price rising over 370% year-to-date [9][10]. Group 3: ETF Performance - The innovative drug sector has also played a crucial role in the performance of ETFs, with 汇添富国证港股通创新药ETF leading the market with a return of 68.98% [12][13]. - Other notable ETFs in the innovative drug space include 银华国证港股通创新药ETF and 华泰柏瑞恒生创新药ETF, both achieving returns above 67% [12]. Group 4: Long-term Investment Value - The innovative drug industry, after years of stagnation, is now recognized for its market value and commercial potential, highlighting the importance of long-term investment strategies [14][15]. - The historical context shows that since 2010, the A-share market has shifted towards structural opportunities, with sectors like healthcare, consumption, and technology becoming the main drivers of economic growth [20].

Group 1 - Foreign institutions conducted a total of 4,766 research visits to A-share companies in the first half of 2025, with over 1,000 visits to companies on the Shenzhen Main Board, ChiNext, and STAR Market [2][3] - Huichuan Technology was the most favored A-share company, receiving 485 visits from foreign institutions, followed by Mindray Medical with 299 visits [3] - Point72, a prominent hedge fund, led the research visits with 116 in the first half of 2025, focusing on 84 companies including Huichuan Technology, Xiaogoods City, and Aopute [3] Group 2 - Multiple foreign institutions hold an optimistic view on the performance of A-shares in the second half of 2025, citing strong market resilience and increased confidence in Chinese assets [3][4] - Morgan Stanley Fund believes that the current external environment does not pose substantial pressure on A-shares, viewing short-term disturbances as manageable [4] - Invesco's CIO for mainland China and Hong Kong anticipates the continuation and expansion of the "old for new" consumption policy, which is expected to drive economic growth in the coming months [4]

第一财经记者了解到，信达生物GLP-1类减重创新药玛仕度肽已于7月3日在北京大学人民医院开出 全国首张处方。北京大学人民医院纪立农教授为一位超重并伴有脂肪肝的患者开具处方，标志着该药 物在全国正式进入商业化。 ...

Group 1 - The report highlights that innovative drugs are leading the pharmaceutical sector's market trends, with valuations expected to continue recovering [3][7][10] - The trend of innovative drugs going overseas is accelerating, which is likely to sustain the main market momentum [3][28] - The report indicates that the overall performance of the pharmaceutical sector faced pressure in Q1 2025, with a year-on-year revenue decline of 4.34% and a net profit drop of 8.87% [4][5] Group 2 - The report notes that the commercialization of domestic biotech innovative drug companies is entering a stable phase, with a significant revenue increase of 36% year-on-year in 2024, reaching 92.43 billion yuan [29][57] - It is projected that the domestic market for innovative drugs could reach 446 billion yuan by 2030, assuming a compound annual growth rate of 30% over the next six years [57][61] - The report emphasizes that the existing overseas licensing deals could yield a sales share of approximately 14.5 billion USD, based on conservative estimates of project success [61][62] Group 3 - The report suggests that there are opportunities for gradual recovery in various sub-sectors, including CXO, traditional Chinese medicine, and retail pharmacies, as operational improvements are expected [3][28] - The report identifies a significant increase in the holdings of innovative drug stocks by public funds, with a notable rise in the proportion of biotech innovative drug holdings [14][24] - The report outlines that the innovative drug sector is expected to benefit from breakthroughs in medical technology, including surgical robots and AI in healthcare [3][4][28]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 授出受限制股份單位 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。於2025年6月30 日，董事會薪酬委員會根據2016期權及激勵計劃的條款向二百一十六名承授人授 出涉及合共43,839股美國存託股份的受限制股份單位。 2016期權及激勵計劃項下的受限制股份單位 於2025年6月30日，董事會薪酬委員會根據2016期權及激勵計劃的條款授予二百 一十六名承授人合共43,839股美國存託股份受限制股份單位。該等受限制股份單 位相當於569,907股股份，約佔本公告之日公司發行股份總數的0.04%。 授出受限制股份單位詳情 受限制股份單位詳情如下： 1 授出日期： 2025年6月30日 承授人數目： 二百一十六名 已授出受限制股份單位涉及 的相關股份數目： 569,90 ...

Group 1: ETF Performance - The liquidity of the Kexin Pharmaceutical ETF managed by Jiashi showed a turnover rate of 5.93% with a transaction volume of 13.27 million yuan [2] - Over the past month, the average daily transaction volume reached 38.52 million yuan, ranking first among comparable funds [2] - In the past week, the Kexin Pharmaceutical ETF saw a significant scale increase of 16.98 million yuan, also ranking first among comparable funds [2] - The ETF's share increased by 15 million shares in the past week, marking a notable growth and leading among comparable funds [2] - In the last three days, the ETF experienced continuous net inflows, with a maximum single-day net inflow of 10.41 million yuan, totaling 18.13 million yuan [2] Group 2: Historical Performance - As of July 2, 2025, the Kexin Pharmaceutical ETF's net value increased by 30.63% over the past year [2] - The highest monthly return since inception was 23.29%, with the longest consecutive monthly gains being five months and the maximum gain during this period being 23.50% [2] - The average return during the months of increase was 7.43%, with a historical one-year profit probability of 73.77% [2] Group 3: Index Composition - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index accounted for 50.3% of the total index [2] - The top stocks include: - United Imaging Healthcare (8.97% weight, +0.35% change) - BeiGene (7.05% weight, -0.05% change) - Huatai Medical (5.85% weight, -1.19% change) - Aier Eye Hospital (4.91% weight, -0.14% change) - Baillie Gifford (4.77% weight, +1.51% change) - Zai Lab (4.75% weight, +2.29% change) - BGI Genomics (4.17% weight, -0.73% change) - Junshi Biosciences (4.15% weight, +2.18% change) - Aibo Medical (3.33% weight, +0.25% change) - Teva Pharmaceutical (3.25% weight, -0.22% change) [4] Group 4: Policy Support - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, focusing on key issues faced by the industry [4] - The measures include 16 specific actions across five areas, aiming to provide comprehensive support for innovative drug research, access, hospital use, and multi-channel payment [4] Group 5: Industry Outlook - According to Industrial Securities, the innovative drug sector's prosperity is expected to be sustainable, with a focus on "innovation + internationalization" as the core direction of the pharmaceutical sector [5] - The sector is benefiting from policy support, enhanced global competitiveness, and the realization of commercial profitability [5] - Investors without stock accounts can access opportunities in the biopharmaceutical sector through the Kexin Pharmaceutical ETF Jiashi linked fund [5]

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7月2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 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06160 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股 ...

从主力资金连续性进行观察，共有53只个股主力资金连续3个交易日以上持续净流入，连续流入天数最 多的是正帆科技，该股已连续12个交易日净流入；连续净流入天数较多的还有骄成超声、南模生物等， 主力资金分别连续流入9天、8天。主力资金连续流出的个股有100只，连续流出天数最多的是普元信 息，该股已连续13个交易日净流出；连续净流出天数较多的还有成大生物、隆达股份等，主力资金分别 连续流出12天、12天。（数据宝） 主力资金净流入排名 | 代码 | 简称 | 主力资金净流入（万元） | 主力资金流入率（%） | 涨跌幅（%） | 换手率（%） | | --- | --- | --- | --- | --- | --- | | 688047 | 龙芯中科 | 15547.09 | 8.92 | 6.43 | 3.05 | | 688235 | 百济神州 | 11134.27 | 13.10 | 3.65 | 3.11 | | 688019 | 安集科技 | 10190.21 | 11.29 | 5.01 | 3.41 | | 688136 | 科兴制药 | 9780.36 | 14.10 | 15.62 | 8.32 ...

Core Viewpoint - The former president of Takeda China, Dan Guohong, will join BeiGene on August 18, taking the role of General Manager for Greater China, Central Asia, and South Asia, reporting to BeiGene's President and COO, Wu Xiaobin [1] Group 1 - Dan Guohong's appointment is expected to strengthen BeiGene's leadership in the specified regions [1] - The transition reflects BeiGene's strategy to enhance its operational capabilities in Greater China and surrounding areas [1]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) increased by 0.93% as of July 1, 2025, with notable gains from stocks such as Rongchang Biopharmaceutical (688331) up 7.21% and Shanghai Yizhong (688091) up 3.61% [1] - Starting July 1, 2025, a new policy mandates that all drug sales must include a verification code for medical insurance reimbursement, with full traceability of drug codes required by January 1, 2026, which is expected to enhance drug circulation regulation and impact the entire pharmaceutical industry chain [1] - The current bull market in innovative drugs is driven by the improvement of China's pharmaceutical innovation capabilities, with a trend towards international collaboration in new drug development expected to enhance profitability and market potential for Chinese pharmaceutical companies [2] Group 2 - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare (688271) and BeiGene (688235) [3] - The Sci-Tech Biopharmaceutical ETF closely tracks the performance of the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index, which includes 50 large-cap companies in various biopharmaceutical sectors [2]