Core Viewpoint - The focus of investment has shifted from AI to innovative pharmaceuticals, with significant interest and funding directed towards the latter, as evidenced by attendance at recent strategy meetings and substantial capital inflows into the sector [1][4]. Group 1: Market Trends - Innovative pharmaceuticals have seen a surge in investment, with southbound funds increasing their holdings by 55.14 billion, three times more than new consumer sectors [4]. - The healthcare sector's share of Hong Kong stock trading volume has risen from less than 5% a year ago to 15% [4]. - The top ten public funds this year are dominated by innovative pharmaceutical funds, indicating a shift in market sentiment and investment strategies [4][5]. Group 2: Fund Manager Insights - Fund manager Zhou Sicong has noted a correlation between the performance of innovative pharmaceuticals and AI, suggesting that when one sector performs well, the other may not [2][3]. - Zhou has observed that TMT fund managers are increasingly involved in innovative pharmaceuticals, indicating a broader interest in the sector [3]. - The current market dynamics have led to a new generation of fund managers emerging as leaders in the innovative pharmaceutical space, while traditional managers have struggled [5][21]. Group 3: Investment Opportunities - The introduction of ADC (Antibody-Drug Conjugates) has proven the value of innovative pharmaceuticals, leading to significant licensing deals and collaborations with major global pharmaceutical companies [10][11]. - The potential for licensing out agreements is projected to account for nearly 30% of global sales in the coming years, highlighting a key growth area for innovative pharmaceuticals [11]. - The market is increasingly recognizing the strength of Chinese innovative pharmaceuticals, with a shift in how these assets are valued and perceived globally [12][21]. Group 4: Valuation and Market Sentiment - The traditional valuation methods for innovative pharmaceuticals are being challenged, with new metrics emerging that reflect the changing landscape of the industry [17][18]. - The current excitement around innovative pharmaceuticals is contrasted with previous market downturns, suggesting a more optimistic outlook for the sector moving forward [21][22]. - Despite concerns about potential bubbles in the market, there is a growing belief in the long-term potential of Chinese innovative pharmaceuticals to surpass their global counterparts [21][22].

Investment Rating - The report provides a neutral (N) rating for RemeGen and Junshi Biosciences, with price targets of Rmb 63 and Rmb 35 respectively [20][24]. Core Insights - The recent stock price rallies of RemeGen and Junshi are attributed to their developments in PD-1xVEGF bispecific antibodies (bsAbs), with RemeGen's stock jumping approximately 18% and Junshi's by about 6% on June 12, 2025 [2]. - RemeGen's potential out-licensing deal for telitacicept and ongoing trials for RC178 are key drivers of investor interest, while Junshi's JS207 is undergoing multiple Phase 2 trials, indicating strong market expectations for both companies [5][6]. Summary by Sections RemeGen - RemeGen's stock performance is driven by expectations of a telitacicept out-licensing deal and positive clinical data presentations at the ERA Congress 2025 [5]. - The company is advancing its Phase 3 trial for telitacicept in IgAN, with potential approval in China anticipated [5]. - RemeGen has initiated a Phase 1 trial for RC178, a PD-1xVEGF bsAb, with over 100 patients enrolled and ongoing Phase 2 trials in NSCLC [5][6]. Junshi Biosciences - Junshi's stock sentiment is influenced by the ongoing trials of its PD-1xVEGF bsAb, JS207, which is in several Phase 2 trials [6]. - Management suggests that JS207 has shown comparable efficacy to other bsAbs and may have a better safety profile based on Phase 1 data [6]. - Junshi is exploring a broader range of indications in its Phase 2 trials compared to RemeGen, with potential registrational trials for JS207 expected in late 2025 or early 2026 [6]. Comparative Analysis - Both RemeGen and Junshi are developing PD-1xVEGF bsAbs, with market expectations for out-licensing opportunities [6]. - RemeGen may have slightly more clinical data available than Junshi, but Junshi is exploring a wider range of indications in its trials [6]. - The business development potential for both companies will largely depend on the clinical efficacy and safety of their respective products [6].

Group 1 - Heptagon Pharma announced the latest progress in its core patent rights protection, with the National Intellectual Property Administration maintaining the validity of its "combination molecule" patent, which involves the use of transgenic animals to produce fully human heavy chain antibodies (HCAb) [1] - The "combination molecule" patent is central to Heptagon Pharma's Harbour Mice® platform, which has established collaborations with several well-known pharmaceutical companies globally, indicating significant commercial value [1] Group 2 - Yunnan Baiyao's JZ-14 capsule, a first-in-class small molecule immunomodulator developed by its subsidiary, has received clinical trial approval, showing significant immunomodulatory and anti-proliferative activity in ulcerative colitis and various tumor models [2] - Successful clinical translation of JZ-14 could fill a gap in the immunomodulation field and expand Yunnan Baiyao's presence in chemical drug innovation [2] Group 3 - Rongchang Bio's product, Taihetai (RC18), has received orphan drug designation from the European Commission for the treatment of myasthenia gravis, which provides various policy supports including scientific advice on development plans and a ten-year market exclusivity post-approval [3] Group 4 - Merck's Clesrovimab (MK-1654) injection application is proposed for priority review by the National Medical Products Administration, aimed at preventing lower respiratory tract infections caused by RSV in newborns and infants entering or born during the RSV season [4] - Clesrovimab's long-acting protective characteristics may alter the current RSV prevention landscape, necessitating attention to its competitive differentiation from vaccines and pricing strategies [4]

Economic Indicators - Multiple economic indicators showed improvement in May, with a significant rebound in consumption growth [1][11] - The market is experiencing rapid rotation among sectors, indicating clear structural opportunities despite a background of reduced trading volume [1][11] Stock Market Performance - US stock markets experienced a decline, with major indices falling: Dow Jones down 299.29 points (-0.7%), S&P 500 down 50.39 points (-0.84%), and Nasdaq down 180.12 points (-0.91%) [4][3] - Technology stocks faced pressure, with Tesla leading the decline at nearly 4%, and other major companies like Apple, Microsoft, and Amazon also experiencing losses [4] Foreign Exchange Market - In May, the foreign exchange market in China remained stable, with a net inflow of $33 billion from non-bank sectors [5] - The demand for foreign exchange decreased, while the willingness to settle foreign exchange remained stable, indicating a rational and orderly market [5] Commodity Market - Oil prices rebounded significantly due to risks in the Middle East, with WTI crude oil futures rising 4.3% to $73.27 per barrel and Brent crude oil increasing 4.4% to $76.45 [4] - Gold prices faced a slight decline, with COMEX gold futures down 0.3% to $3406.9 per ounce [4] Corporate Developments - BOE announced plans to acquire a 30% stake in Rainbow Optoelectronics for a base price of 4.849 billion yuan, aiming to enhance competitiveness [8] - Guoxin Technology successfully tested a new quantum-resistant encryption card, indicating advancements in information security products [9] - Rongchang Bio's drug, Tai Itasip, received orphan drug designation from the EU, which will provide policy support for its development [10]

Core Insights - The pharmaceutical-themed funds are dominating the performance rankings for the first half of the year, with nine out of the top ten funds being pharmaceutical-focused, led by Huatai-PineBridge Hong Kong Advantage Select A, which achieved a 103.67% return [1][2] - The strong performance of these funds is driven by multiple factors, including breakthroughs in innovative drug development, recovery of liquidity in the Hong Kong stock market, and restructuring of valuation systems through cross-border business development transactions [1][2] Fund Performance - The average return of the top ten actively managed equity funds exceeds 69%, with notable performances from Changcheng Pharmaceutical Industry Select A and Yongying Pharmaceutical Innovation Smart Select A, achieving returns of 87.73% and 79.79% respectively [2] - Huatai-PineBridge Hong Kong Advantage Select A is highlighted as a "doubling fund" for the year, marking a significant achievement in the market [2] Market Dynamics - The pharmaceutical sector is experiencing a "double hit" in profitability and valuation in 2025, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index showing a year-to-date increase of 70.09% [3] - The performance of pharmaceutical funds is significantly influenced by their exposure to Hong Kong stocks, with the Hang Seng Healthcare Index rising by 54.59%, outperforming the A-share innovative drug index, which increased by 24.15% [3] Investment Strategy - Huatai-PineBridge Hong Kong Advantage Select A has benefited from investments in leading companies in the Hong Kong innovative drug and medical device sectors, capitalizing on improved overseas liquidity and favorable industry policies [4] - The introduction of financing channels for unprofitable biotech companies in Hong Kong has allowed competitive biotech firms to enter the market, with many now in advanced stages of research and commercialization [4] Future Outlook - The pharmaceutical industry is expected to maintain long-term investment value driven by demographic aging, consumption upgrades, and technological innovation, although caution is advised regarding potential overvaluation of certain stocks [6] - The current market for innovative drugs is characterized by high valuations and volatility, with expectations for a rebalancing between these factors in the near future [6][7] - The valuation of leading companies and key stocks is anticipated to be reassessed, with a focus on the long-term potential of authorized products and revenue realization from commercial partnerships [7]

随着上半年公募基金业绩收官战进入倒计时，医药主题基金以碾压性优势席卷收益榜单。 Wind数据显示，截至6月14日，公募主动权益类基金前十名中竟有9只医药主题产品，汇添富香港优势精选A更 以103.67%的收益率率先撞线"翻倍基"，暂居收益率榜首，2025年半程 悬念花落谁家 ，值得期待。 多位公募业内人士对券商中国记者表示，这场由创新药研发突破、港股流动性复苏、跨境BD交易重构估值体 系等多重动能驱动的医药盛宴，不仅改写了年度基金排名格局，更折射出资本市场对"中国创新"力量的重估与 期待。 医药基金霸屏公募半年业绩榜 随着6月过半，半年度公募主动权益基金的业绩排名即将出炉。年初至今，医药板块延续强势表现，多只医药 主题基金凭借精准布局和行业红利实现业绩爆发，市场无重大变化之下，医药基金将成为半年度收益最大的赢 家。 以汇添富香港优势精选A为例，此前披露的一季报显示，一季度末前十大重仓股分别是荣昌生物、科伦博泰生 物-B、信达生物、和黄医药、康诺亚-B、翰森制药、康方生物、诺诚健华、来凯医药-B、百济神州，创新药概 念股占据绝大多数。 唐晨对记者表示，香港联交所于2018年推出18A上市规则，较科创板更早地为未 ...

红星资本局6月15日消息，创新药板块持续演绎下，已有公募基金产品年内收益率超过100%。 截至6月13日收盘，汇添富旗下重仓港股创新药的汇添富香港优势精选，年内总收益达到103.67%，暂时位居基金业绩榜首。据wind统计，距离A股上半年收 官还剩半个月时间，把握住创新药行情的多只基金，年内业绩已经大幅跑赢其他赛道产品。 红星资本局注意到，随着创新药基金"霸屏"收益榜，一则"电子研究群也在聊创新药"的消息引发热议，不少投资者也在社交平台询问"还能上车吗？"对此， 基金经理内部也有不同观点。 医药主题基金"苦尽甘来" 年内首只"翻倍基"出炉 今年以来，历经四年深度调整的医药板块迎来曙光，不少医药主题基金表现亮眼。红星资本局根据wind数据不完全统计发现，截至6月13日，260只（仅计算 初始基金，下同）名称中带有"医"或"药"的基金中，228只年内取得正收益，占比为87.69%，有88只收益率超过30%，63只收益率过40%。 其中，创新药主题基金不仅领涨整个医药板块，而且领涨市场。6月13日晚公布的基金净值数据显示，由张韡管理的汇添富香港优势精选QDII基金，年内收 益率达到103.67%，成为年内首只"翻倍 ...

Core Viewpoint - The A-share pharmaceutical sector, particularly the innovative drug segment, has shown strong performance, with R&D investment becoming a critical variable for company success in a competitive environment [1] Group 1: R&D Investment Overview - The total R&D expenditure of A-share pharmaceutical companies has steadily increased over the past three years, reaching 111.11 billion yuan in 2022, 118.50 billion yuan in 2023, and projected to be 121.01 billion yuan in 2024 [2][3] - The chemical pharmaceutical sector leads in R&D spending, with an expected 2024 expenditure close to 60 billion yuan, followed by the medical device sector at over 23 billion yuan and the biological products sector at 16.87 billion yuan [2][3] Group 2: R&D Intensity - The R&D intensity, measured as the ratio of R&D expenditure to revenue, ranks the biological products sector highest at 13.01%, followed by chemical pharmaceuticals at 10.87% and medical devices at 9.68% for 2024 [4][5] Group 3: Performance of Key Sectors - Despite overall pressure on performance, the chemical pharmaceutical sector has shown consistent growth, with net profits increasing from 21.68 billion yuan in 2022 to 34.44 billion yuan in 2024 [3][14] - The medical device sector has faced significant declines, with net profits dropping from 80.28 billion yuan in 2022 to 33.18 billion yuan in 2024, a nearly 59% decrease [3][14] Group 4: Leading Companies in R&D Investment - Among biological products companies, Changchun High-tech leads with an average R&D investment of 2.26 billion yuan over the past three years, showing a growth of over 60% from 1.66 billion yuan in 2022 to 2.69 billion yuan in 2024 [10][11] - In the chemical pharmaceutical sector, BeiGene has the highest average R&D investment at 12.70 billion yuan, with a significant reduction in losses from 13.64 billion yuan in 2022 to 4.98 billion yuan in 2024 [12][14] - In the medical device sector, Mindray Medical tops the list with an average R&D investment of 3.66 billion yuan, maintaining stable profit growth despite overall sector challenges [16][17]

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-033 | | --- | --- | --- | | 港股代码：09995 | 港股简称：榮昌生物 | | 荣昌生物制药（烟台）股份有限公司 关于公司核心药品专利获得期限补偿的提示性公告 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、准确性和完整性承担法律责任。 近日，荣昌生物制药（烟台）有限公司（以下简称"公司"或"荣昌生物"）收到 国家知识产权局下发的《药品专利权期限补偿审批决定》，现将相关情况公告如下： 一、 涉及药品专利基本情况 专利号：ZL200710111162.2 专利名称：优化的 TACI-Fc 融合蛋白 专利申请日：2007 年 6 月 15 日 涉及药品：注射用泰它西普 二、 药品专利权期限补偿审批决定主要内容 按照中国专利法及其实施细则相关规定，决定给予该专利药品专利权期限补偿，补 偿天数 1827 天，原专利权期满终止日 2027 年 6 月 15 日，现专利权期满终止日 2032 年 6 月 15 日。药品专利权期限补偿期间，其保护范围限于国务院药品监 ...

Core Viewpoint - Rongchang Biopharma has received a patent term compensation decision from the National Intellectual Property Administration, extending the patent protection for its drug TACI-Fc fusion protein until June 15, 2032, which enhances its market exclusivity and competitive edge in the Chinese market [1] Summary by Relevant Sections - **Patent Information** - The patent number is ZL200710111162.2, with the application date of June 15, 2007, and the original expiration date of June 15, 2027 [1] - The compensation period granted is 1827 days, extending the patent protection [1] - **Impact on Company Strategy** - The extension aligns with the company's strategic development plan, providing an additional 5 years of market protection for its core product [1] - This extension is expected to significantly enhance the drug's exclusive sales window in the Chinese market, contributing to long-term performance growth and strengthening the company's core competitiveness [1]