Core Viewpoint - The Agricultural Bank of China Healthcare Fund (000913) has shown positive performance with a recent net value of 1.9672 yuan, reflecting a growth of 0.83% [1]. Performance Summary - The fund's one-month return is 2.34%, ranking 946 out of 1025 in its category [1]. - Over the past six months, the fund has achieved a return of 43.83%, ranking 46 out of 986 [1]. - Year-to-date, the fund's return stands at 43.08%, with a ranking of 88 out of 976 [1]. Holdings Overview - The top ten holdings of the Agricultural Bank of China Healthcare Fund account for a total of 51.10% of the portfolio, with the following key positions: - Heng Rui Medicine: 8.16% - Zai Lab: 7.99% - Xin Li Tai: 5.84% - Hotgen Biotech: 5.63% - Kelun Pharmaceutical: 5.02% - HAOYOBIO: 4.36% - BeiGene: 3.61% - Eucure Biopharma: 3.58% - Ausun Pharmaceutical: 3.52% - Bide Pharmaceutical: 3.39% [1]. Fund Details - The Agricultural Bank of China Healthcare Fund was established on February 10, 2015, and as of June 30, 2025, it has a total asset size of 1.441 billion yuan [1]. - The fund manager is Meng Yuan, who has a master's degree and has held various positions in the financial sector, including roles at Bank of China Fund Management and Agricultural Bank of China Asset Management [1].

周四（8月21日），A股市场全天震荡调整，三大指数涨跌不一。午后市场抛压逐渐加重，沪指在大金 融顶盘靠近3800点失败后回落，场内炸板率激增。两市全天成交额2.42万亿元，连续7个交易日突破2万 亿元。盘面上，市场热点持续轮动，个股跌多涨少，全市场超3000只个股下跌。 展望后市，浙商证券认为，考虑到本轮牛市的性质是"系统性'慢'牛"，"雨露均沾"是行情"底色"，因 此"大金融+泛科技"的搭配有望持续战胜基准。建议适度忽略短线走势，在重要支撑附近分别增加短 线、中线配置。行业配置方面，继续采取"大金融+泛科技"均衡配置（银行、非银等金融+国防军工/计 算机//电子等科技成长）。 【ETF全知道热点收评】重点聊聊化工、制药和金融科技等三个行业主题的交易和基本面情况。 一、化工板块狂飙，化工ETF（516020）摸高1.89%！机构：化工板块供需格局预期改善，估值底部弹 性空间充足 化工板块今日继续猛攻！反映化工板块整体走势的化工ETF（516020）开盘后持续上攻，盘中场内价格 涨幅一度达到1.89%，尾盘有所回落，但截至收盘，仍有1.16%的涨幅。 成份股方面，钛白粉、复合肥、氮肥等板块部分个股涨幅居前。截至 ...

Core Insights - The article highlights the profitability achievements of Beijing-based innovative pharmaceutical companies, particularly Baijiahong and Nocare, marking a significant milestone in their development journey [1][2]. Group 1: Company Performance - Baijiahong reported a net profit of 450 million yuan in the first half of the year, achieving profitability for the first time [1][3]. - Nocare achieved a net profit of 18 million yuan in the first quarter, marking its first quarterly profit, with a significant reduction in net loss to 36 million yuan in the first half of the year [4]. Group 2: Product Sales and Market Expansion - Baijiahong's innovative drug, Zebutinib, generated global sales of 12.527 billion yuan in the first half, a year-on-year increase of 56.2%, with notable growth in the U.S. (51.7%) and Europe (81.4%) [3]. - The sales of another cancer drug, Trelatuzumab, reached 2.643 billion yuan, reflecting a 20.6% increase, driven by new indications approved in China [3][4]. Group 3: R&D and Future Prospects - Baijiahong has established a new R&D center in Changping, covering over 47,000 square meters and equipped with advanced laboratories, supporting the development of over 40 products in clinical and commercialization stages [2][3]. - Nocare is expanding its pipeline with its core product, Obutinib, which is also being tested for autoimmune diseases, potentially unlocking new market opportunities [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported significant financial performance in H1 2025, with total revenue of $2.433 billion, a year-on-year increase of 45%, and a GAAP net profit of $95.59 million, marking a turnaround from losses [1][13] - The company is expected to achieve continuous revenue growth, with projected revenues for 2025-2027 at $38.00 billion, $45.91 billion, and $54.04 billion respectively [6][10] Financial Performance - In Q2 2025, total revenue reached $1.315 billion, a 42% year-on-year increase, with GAAP net profit of $94.32 million, also reflecting a significant recovery [1][13] - The company has successfully reduced its R&D expenses, with a R&D expense rate of 40% in Q2 2025, down 9 percentage points year-on-year [2][32] - Sales and management expenses were $538 million in Q2 2025, with a corresponding expense rate of 41%, a decrease of 7 percentage points year-on-year [2][28] Product Performance - The core product, Zebutinib, achieved global sales of $950 million in Q2 2025, a 49% year-on-year increase, with strong growth in the US and Europe [3][17] - The second key product, Tislelizumab, also showed robust growth, with total revenue of $194 million in Q2 2025, a 22% year-on-year increase [3][22] Future Milestones - The company anticipates several key milestones in the next 18 months, including multiple drugs entering Phase III clinical trials or filing for market approval [4][5] - Notable upcoming events include the expected approval of Tislelizumab for early-stage non-small cell lung cancer in the EU and the initiation of Phase III trials for other products [4][5] Revenue Guidance - The company has updated its revenue guidance for 2025, raising the total revenue forecast from $4.9-5.3 billion to $5.0-5.3 billion, reflecting confidence in product performance [11][12]

Investment Rating - The report maintains a "Buy" rating for the blood cancer drug industry [3][6]. Core Insights - The blood cancer market is expanding due to innovative therapies, with significant advancements in precision diagnosis, prognosis stratification, and targeted therapies such as CAR-T and TCE, leading to improved patient survival and quality of life [5][8]. - The number of patients with blood cancer who have survived for five years or more is approximately 4 million globally, which is three times the number of new patients, indicating a growing market for long-term treatments [5][13]. - The high cost of blood cancer drugs and the emergence of blockbuster products are driving market growth, with several drugs expected to exceed $10 billion in sales by 2024 [5][17]. Summary by Sections 1. Blood Cancer Market Expansion - The proportion of new blood cancer patients is less than 10% of all new cancer cases, with a steady increase in incidence rates [8]. - Blood cancer patients have a long survival period, resulting in a large population of existing patients [13]. - The high cost of blood cancer treatments contributes to the frequent emergence of blockbuster drugs [17]. 2. Clinical Diagnosis and Treatment of Blood Cancer - Blood cancers are classified based on cell origin, differentiation, and affected sites, including leukemia, lymphoma, and multiple myeloma [19][20]. - Treatment for acute leukemia primarily involves chemotherapy or targeted combination therapies to improve survival rates [24]. - Lymphoma treatment varies by subtype, with Rituximab being a cornerstone therapy [23]. - Multiple myeloma treatment focuses on CD38 monoclonal antibodies, with ongoing exploration of solutions for relapsed and refractory cases [23]. 3. Analysis of Popular Targets and Therapies - The BTK field is seeing intense competition, with new products emerging to address resistance issues [5]. - The BCL-2 area is advancing with differentiated designs and optimized dosing strategies [5]. - The BCR-ABL TKI domain is witnessing the introduction of third-generation inhibitors that show superior efficacy [5]. 4. Company Profiles - BeiGene is focusing on a comprehensive product matrix to cover CLL/SLL indications [5]. - Innovent Biologics is building a diversified product portfolio centered around Oubreti [5]. - Ascentage Pharma is developing third-generation BCR-ABL inhibitors and BCL-2 inhibitors to create competitive advantages [5]. - Diligent Pharma is innovating with a globally first high-selectivity JAK1 inhibitor and a dual-target LYN/BTK inhibitor [5]. 5. Investment Recommendations - The blood cancer sector presents numerous investment opportunities due to its complexity and the variety of treatment subfields [5]. - The long survival cycle of blood cancer patients and the high costs of drug treatments indicate a significant market potential [5].

Group 1 - The core viewpoint of the news highlights the strong performance of the biotech sector in the STAR Market, with the STAR Biomedicine Index rising by 1.39% and individual stocks like CanSino and Huaxi Bio showing significant gains [1] - In 2024, the retail pharmacy (DTP) innovative drug sales are projected to reach 88.7 billion yuan, marking a year-on-year growth of 16.6%, while the first quarter of 2025 is expected to see sales of 23.3 billion yuan, a 15.0% increase [1] - The innovative drug sector continues to maintain double-digit growth, significantly outpacing the growth of tiered hospitals, indicating a qualitative leap in channel value [1] Group 2 - According to Shenwan Hongyuan, the innovative drug sector has experienced rapid growth in product revenue and external licensing over the past three years, with significant BD transactions this year driving a trend of expansion across the overall sector [1] - The adjustment of the medical insurance catalog will include commercial insurance for innovative drugs for the first time, which is expected to further support the sector [1] - The STAR Biomedicine ETF closely tracks the STAR Biomedicine Index, which consists of 50 large-cap companies in the biomedicine and related fields, reflecting the overall performance of representative companies in the sector [2]

Core Viewpoint - The Hong Kong biopharmaceutical stocks experienced a general increase, driven by government support for the industry, particularly emphasized by Premier Li Qiang during his recent visit to Beijing [1] Industry Summary - The biopharmaceutical sector in Hong Kong saw significant stock price increases, with notable gains including 5% for Fuhong Hanlin, 3.6% for King’s Ray Biopharmaceutical, and over 3% for WuXi AppTec [1] - Premier Li Qiang highlighted the need for enhanced high-quality technological supply and policy support to promote the development of the biopharmaceutical industry, aiming to produce more high-quality and efficient new drugs [1] - Continuous high-level endorsements from the government signal a strong commitment to supporting the biopharmaceutical industry, especially in the current economic context [1] Company Summary - Fuhong Hanlin (02696) latest price: 83.000, change: +5.06% [1] - King’s Ray Biopharmaceutical (01548) latest price: 17.940, change: +3.64% [1] - WuXi AppTec (02268) latest price: 59.600, change: +3.38% [1] - Other companies with notable increases include: - Keren Biotechnology (06990) +3.29% - Kangfang Biopharmaceutical (09926) +2.83% - Rongchang Biopharmaceutical (09995) +2.87% - Junshi Biosciences (01877) +2.69% - BeiGene (06160) +2.60% [1]

Core Viewpoint - The Chinese government emphasizes the need to enhance high-quality technological supply and policy support to promote the upgrading of the biopharmaceutical industry, focusing on the development of innovative and effective new drugs to improve public health and well-being [2][4]. Group 1: Industry Development - The biopharmaceutical industry is identified as a strategic emerging industry that is crucial for public health and well-being [7]. - There is a significant market potential in the health industry, with a broad outlook for the development of innovative drugs [4]. - The government aims to strengthen original innovation and tackle key core technologies, leveraging both government and market resources to foster innovation [7]. Group 2: Innovation and Research - The focus is on increasing technological innovation efforts, particularly in new targets, new compounds, and new mechanisms of action [4]. - The government encourages the establishment of collaborative research efforts and the cultivation of high-end talent in the life sciences field [4]. - There is a push for the integration of artificial intelligence to enhance various stages of drug development, clinical trials, diagnosis, treatment, and production [7]. Group 3: Policy Support and Collaboration - The government plans to provide policy support in areas such as talent development and financing to nurture high-quality enterprises [4]. - There is an emphasis on optimizing the operational models of innovation platforms to create replicable and scalable experiences [5]. - The government seeks to enhance the synergy between product research, regulatory approval, and management to improve the application of high-level innovative drugs [7].

Core Insights - The Chinese government emphasizes the importance of the biopharmaceutical industry for enhancing public health and aims to accelerate innovation and development in this sector [2][4]. Group 1: Government Initiatives - The government plans to increase high-quality technological supply and policy support to promote the biopharmaceutical industry's upgrade and innovation [2][4]. - There is a focus on strengthening original innovation and tackling key core technologies, leveraging both government and market resources to achieve breakthroughs [4]. Group 2: Industry Development - The biopharmaceutical market in China is seen as having significant growth potential, with a strong emphasis on developing innovative drugs with high clinical value and transformation potential [3]. - Companies are encouraged to deepen international cooperation and enhance their innovation and competitiveness through policy support in talent and financing [3]. Group 3: Research and Collaboration - The government advocates for collaborative research efforts targeting new drug targets, compounds, and mechanisms, aiming to produce significant original results and cultivate high-end talent in life sciences [2][3]. - There is a push for the establishment of shared research platforms and one-stop R&D solutions to facilitate the integration of medical and engineering fields, as well as industry-academia collaboration [3]. Group 4: Technology Integration - The integration of artificial intelligence in various stages of drug development, clinical trials, and production is highlighted as a means to enhance the industry's development [4]. - The government aims to optimize policies related to drug procurement and negotiation mechanisms to support the application of high-level innovative drugs [4].

Core Insights - The Chinese government emphasizes the importance of accelerating the development of the biopharmaceutical industry, focusing on high-quality technological supply and policy support to enhance innovation and produce more effective drugs [1][2] Group 1: Government Initiatives - The government aims to strengthen original innovation and tackle key core technologies in the biopharmaceutical sector, leveraging both government and market resources to foster innovation [2] - There is a significant market potential in the health industry, with a focus on identifying innovative drug projects with high clinical value and transformation potential [1][2] Group 2: Research and Development - The government encourages collaborative research efforts targeting new drug targets, compounds, and mechanisms, aiming to produce major original achievements and cultivate high-end talent in life sciences [1] - The establishment of shared research platforms is promoted to accelerate the transformation of biopharmaceutical innovations, providing comprehensive support for the entire research and development cycle [2] Group 3: Industry Collaboration - The government advocates for deepening international cooperation among enterprises to enhance innovation and competitiveness in the biopharmaceutical sector [1] - There is a call for optimizing the operational models of innovation platforms to create replicable and scalable practices [2]