近期，定增市场话题不断升温，多位重量级基金经理集中亮相百利天恒定增，引发市场高度关注。 9月 23日，中欧基金公告披露，旗下由葛兰管理的中欧医疗健康和中欧医疗创新参与了百利天恒非公开发行 股票的认购。这是葛兰最新现身的定增项目，也再次将市场关注的焦点汇聚到医药主题基金上。 整体 来看，本次百利天恒定增不仅成为医药基金的集中亮相舞台，也折射出在医药板块震荡调整后，公募资 金依然积极把握结构性机会。无论是长期专注医药的主题基金，还是综合型的成长策略产品，都在此次 定增中展现出配置热情，为后续市场表现留下更多想象空间。（证券时报） ...

Core Viewpoint - The A-share market is experiencing a significant rebound, particularly in the Sci-Tech Innovation Board, with the ETF Huatai-PineBridge (589120) showing a notable increase of 1.59% as of 13:54 on September 24, and attracting over 20 million yuan in net subscriptions within three trading days [1][3]. Group 1: ETF Performance - The Huatai-PineBridge Sci-Tech Innovation Drug ETF (589120) has seen strong performance, with most of its constituent stocks rising, including Teva Biopharma up over 3%, and several others like Zai Lab and Eucure Biopharma rising over 2% [3]. - The top ten constituent stocks of the ETF include notable companies such as RYSE Pharmaceuticals (688235) with a weight of 9.92% and a rise of 1.93%, and Eucure Biopharma (688578) with a weight of 8.03% and a rise of 2.27% [4]. Group 2: Market Dynamics - The National Healthcare Security Administration is set to hold a communication meeting in Beijing to discuss negotiations and pricing with companies, marking a significant innovation in this year's healthcare directory adjustments [5]. - The current innovation drug market is driven by the trend of "local innovation - global monetization," which is seen as a key support for the industry's growth [6]. - Analysts from Xinda Securities believe that the trend of innovation in the drug sector is not over, with expectations for continued growth in innovative drugs, medical devices, and AI healthcare [7]. Group 3: Industry Outlook - Tianfeng Securities highlights that the Chinese innovative drug industry has achieved significant results and is now globally competitive, entering a phase of self-sustainability through commercialization [8]. - The industry is supported by favorable policies, a well-structured talent pool, and a collaborative approach between academia and industry, which enhances the efficiency of drug development [9]. - The future outlook suggests that increasing innovation will further unlock commercial value, with China becoming one of the most efficient countries in the drug development process [10].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][8]. Core Insights - The company presented clinical data at the 2025 WCLC conference, which is expected to reshape the first-line treatment landscape for EGFR mutation NSCLC [2]. - The clinical trials for the drug BL-B01D1, both in combination with Osimertinib and as a monotherapy, show promising results, with an overall response rate (ORR) of up to 100% in certain studies [8]. - The company is advancing its innovative drug pipeline, with multiple breakthrough therapy designations for BL-B01D1 across various cancer types [8]. Financial Summary - Total revenue projections for 2025, 2026, and 2027 are estimated at 2.188 billion, 2.525 billion, and 2.182 billion respectively, reflecting a significant decline in 2025 followed by a recovery in 2026 [4][9]. - The net profit attributable to the parent company is forecasted to be -532 million, -1.014 billion, and -1.831 billion for the years 2025, 2026, and 2027 respectively, indicating ongoing financial challenges [4][9]. - The target price for the company's stock is set at 458.30 yuan, based on a valuation of 183.763 billion yuan derived from risk-adjusted cash flow discounting methods [4][8].

【导读】多位知名公募基金经理参与百利天恒新股增发 中国基金报记者 储是 当前，在创新药板块经历震荡调整之际，葛兰、赵蓓和朱少醒等多位知名基金经理出手，参 与 创新药龙头公司 百利天恒增发。 葛兰、赵蓓再次出手 中欧基金葛兰和工银瑞信基金赵蓓旗下基金分别以约6.79亿元、2.79亿元认购百利天恒定 增。 9月23日，中欧基金公告显示，葛兰管理的中欧医疗健康混合基金认购百利天恒185.59万 股，成本共计5.88亿元；中欧医疗创新股票基金认购百利天恒28.55万股，成本共计9050.98 万元。 | 基金名称 | 认购数量 | 总成本(元) | 总成本 占基金 | 账面价值(元) | 账面价 值占基 金资产 | 锁定 | | --- | --- | --- | --- | --- | --- | --- | | (股) | | | 资产净 | | | 期 | | | | | 值比例 | | 浄值比 | | | | | | (%) | | 例(%) | | | 中欧医疗健康混合 1,855,877 | | 588.313.009.00 1.7964 | | 634.171.729.67 | 1. 9365 | 6 ...

葛兰重金出手 9月23日，中欧基金发布关于旗下部分基金投资百利天恒非公开发行股票的公告，根据公告，葛兰 管理的中欧医疗健康混合基金认购百利天恒185.59万股，共计5.88亿元，占该基金资产净值比例 为1.8%。 牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 在近期的医药板块调整行情中，葛兰出手了！ 根据中欧基金公告，葛兰所管的两只基金豪掷6.79亿元，参与了创新药龙头公司百利天恒的增发。 此外，富国基金副总经理朱少醒、知名基金经理范妍等所管基金也参与了该公司的增发。从资金层 面看，在近期创新药板块的调整行情中，大量资金借道创新药主题ETF积极入市。 葛兰管理的另一只基金中欧医疗创新股票基金也认购百利天恒28.55万股，共计9050.98万元，占 该基金资产净值比例为1%。上述基金持股锁定期均为6个月。 根据基金定期报告，过去一年多来，葛兰一直在加仓百利天恒。 2024年底，中欧医疗健康混合基金持有百利天恒187.94万股，今年一季度大手笔加仓214.17万 股，二季度继续增持25.86万股，持股数量增至427.97万股。 截至今年二季度末，百 ...

据天眼查APP显示，四川百利天恒药业股份有限公司成立于2006年08月17日。注册资本40100万人民 币。（数据宝） 9月23日百利天恒大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 8.16 | 2981.06 | 365.51 | 0.00 | 中国国际金融股份有限 | 华泰证券股份有限公 | | | | | | 公司上海分公司 | 司湖南分公司 | 百利天恒9月23日大宗交易平台出现一笔成交，成交量8.16万股，成交金额2981.06万元，大宗交易成交 价为365.51元。该笔交易的买方营业部为中国国际金融股份有限公司上海分公司，卖方营业部为华泰证 券股份有限公司湖南分公司。 证券时报·数据宝统计显示，百利天恒今日收盘价为365.51元，下跌0.84%，日换手率为1.36%，成交额 为5.13亿元，全天主力资金净流出1770.25万元，近5日该股累计上涨2.26%，近5日资金合计净流出 334. ...

Core Insights - The article discusses the recent trends and developments in the pharmaceutical industry, particularly focusing on the performance of innovative drug companies and their clinical trials [5][11][18]. Group 1: Market Performance - The pharmaceutical and biotechnology indices experienced a decline, with the pharmaceutical index dropping by 1.21%, underperforming the Shanghai Composite Index by 0.91 percentage points [5]. - The Hang Seng Healthcare Index fell by 1.55%, and the Hong Kong innovative drug ETF decreased by 1.52% during the same period [5]. Group 2: Company Developments - Xianweida Biotechnology submitted an A1 listing application to the Hong Kong Stock Exchange, with cumulative losses exceeding 1 billion yuan over the past two and a half years [6][7]. - Xianweida's core product, Ecnoglutide, is expected to submit applications for overweight/obesity and type 2 diabetes indications by the end of 2024, with anticipated approval in early 2026 [7][8]. - The company reported no revenue for 2023 and 2024, with losses of 620 million yuan and 486 million yuan, respectively [8]. Group 3: Clinical Trials - Bai Li Tianheng's ADC drug BL-M07D1 has entered a phase III clinical trial for HER2-positive gastric cancer, with a focus on overall survival and progression-free survival as primary endpoints [15][16]. - The SLIMMER study, a significant phase III trial for Ecnoglutide, showed that participants could lose up to 13.8 kg over 48 weeks, with minimal weight regain after stopping the treatment [7]. Group 4: Stock Market Dynamics - The stock of Yaojie Ankang-B experienced extreme volatility, with a price drop from 679.5 HKD to 192 HKD per share, reflecting the high-risk nature of the Hong Kong market for uncommercialized biotech firms [12][13]. - The market's reaction to Yaojie Ankang-B's inclusion in the Hong Kong Stock Connect innovative drug index raised concerns about the decision-making process for including emerging companies in such indices [13]. Group 5: Regulatory Recognition - Yunding Xinyao's core product, Budesonide enteric-coated capsules, has been included in the global kidney disease guidelines, marking it as the only recommended treatment for IgA nephropathy [18].

在近期的医药板块调整行情中，葛兰出手了！ 根据中欧基金公告，葛兰所管的两只基金豪掷6.79亿元，参与了创新药龙头公司百利天恒的增发。此外，富国基金副总经理朱少醒、知名基金经理范妍等 所管基金也参与了该公司的增发。从资金层面看，在近期创新药板块的调整行情中，大量资金借道创新药主题ETF积极入市。 葛兰重金出手 9月23日，中欧基金发布关于旗下部分基金投资百利天恒非公开发行股票的公告，根据公告，葛兰管理的中欧医疗健康混合基金认购百利天恒185.59万 股，共计5.88亿元，占该基金资产净值比例为1.8%。 葛兰管理的另一只基金中欧医疗创新股票基金也认购百利天恒28.55万股，共计9050.98万元，占该基金资产净值比例为1%。上述基金持股锁定期均为6个 月。 | | 序号 品种代码 ⇒ | | 品种简称 | 持仓市值(元) ◆ | 占股票市值比 | 占基金净值比 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | (%) = | (%) = | | 1 | 603259.SH | 药明康德 | 46,029,135.00 | 3,201,326,33 ...

根据中欧基金公告，葛兰所管的两只基金豪掷6.79亿元，参与了创新药龙头公司百利天恒的增发。此外，富国基金副总经理朱少醒、知名基金经理范妍等 所管基金也参与了该公司的增发。从资金层面看，在近期创新药板块的调整行情中，大量资金借道创新药主题ETF积极入市。 葛兰重金出手 9月23日，中欧基金发布关于旗下部分基金投资百利天恒非公开发行股票的公告，根据公告，葛兰管理的中欧医疗健康混合基金认购百利天恒185.59万 股，共计5.88亿元，占该基金资产净值比例为1.8%。 葛兰管理的另一只基金中欧医疗创新股票基金也认购百利天恒28.55万股，共计9050.98万元，占该基金资产净值比例为1%。上述基金持股锁定期均为6个 月。 在近期的医药板块调整行情中，葛兰出手了！ | 基金名称 | 认购数量 (股) | 总成本(元) | 总成本 占基金 | 账面价值(元) | 账面价 值占基 金资产 | 锁定 | | --- | --- | --- | --- | --- | --- | --- | | | | | 资产净 | | | 期 | | | | | 值比例 | | 浄值比 | | | | | | | | 例 (%) | | ...

进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为2981.06万元。该股近5个交易日累 计上涨2.26%，主力资金合计净流入537.68万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：小浪快报 9月23日，百利天恒收跌0.84%，收盘价为365.51元，发生1笔大宗交易，合计成交量8.16万股，成交金 额2981.06万元。 第1笔成交价格为365.51元，成交8.16万股，成交金额2,981.06万元，溢价率为0.00%，买方营业部为中 国国际金融股份有限公司上海分公司，卖方营业部为华泰证券股份有限公司湖南分公司。 ...