Group 1 - The core viewpoint of the news is the performance and holdings of the Industrial and Commercial Bank of China Medical Healthcare Stock Fund, which has shown significant growth in recent months and has a diversified portfolio in the healthcare sector [1][3] - The latest net value of the fund is 2.9160 yuan, reflecting a growth of 2.50%. The fund's return over the past month is 12.94%, ranking 280 out of 1035 in its category. Over the past six months, the return is 29.37%, ranking 125 out of 1001, and since the beginning of the year, the return is 27.95%, ranking 148 out of 991 [1] - The top ten holdings of the fund account for a total of 44.59%, with significant investments in companies such as Heng Rui Pharmaceutical (7.52%), Kelun Pharmaceutical (6.50%), and BeiGene (5.08%) [1] Group 2 - The fund was established on November 18, 2014, and as of June 30, 2025, it has a total scale of 2.797 billion yuan. The fund managers are Zhao Bei and Ding Yang [1] - Zhao Bei has extensive experience in the healthcare sector, having served as the fund manager for various healthcare-related funds since 2014, while Ding Yang joined the company in December 2017 and has been involved in managing healthcare investment funds [2]

信达证券指出，短期关注基孔肯雅热疫情受益标的：①疫苗板块，2024年多数疫苗企业业绩承压，疫苗 端的业绩负面情绪已逐步被市场所消化，叠加疫苗企业具备创新属性，在"创新"主题的大环境下，疫苗 板块或有望迎来估值修复。②药店板块，在医保个账改革以及医保监管驱严的背景下，2024年药店端业 绩端受冲击。多数药店企业正在寻求新业态发展趋势，诸如一心堂战略往药妆店方向发展，引入美护、 保健食品、潮玩等非药品类，非药品类或将是未来药店的重点突围方向，其不仅能提升自己单店产出， 同时也能改善自身盈利能力。此前市场对药店板块的情绪均较低，新业态的引入或将引发市场新的关注 点，若2025H2业绩端呈现出逐季改善趋势，药店板块或有望迎估值修复。③诊断板块，诊断板块前期 新冠疫情的基数基本消化，而基孔肯雅热可能带来新的需求。 科创生物医药ETF紧密跟踪上证科创板生物医药指数，上证科创板生物医药指数从科创板市场中选取50 只市值较大的生物医药、生物医学工程、生物农业、生物质能、其他生物业等领域上市公司证券作为指 数样本，反映科创板市场代表性生物医药产业上市公司证券的整体表现。 数据显示，截至2025年6月30日，上证科创板生物医药指 ...

截至7月25日，科创医药ETF嘉实近1年净值上涨52.17%，指数股票型基金排名482/2938，居于前16.41%。从收益能力看，截至2025年7月25日，科创医药ETF 嘉实自成立以来，最高单月回报为23.29%，最长连涨月数为5个月，最长连涨涨幅为23.50%，上涨月份平均收益率为7.43%。 数据显示，截至2025年6月30日，上证科创板生物医药指数前十大权重股分别为联影医疗、百济神州、惠泰医疗、百利天恒、艾力斯、泽璟制药、君实生 物、博瑞医药、华大智造、益方生物，前十大权重股合计占比50.3%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 688271 | 联影医疗 | 2.05% | 9.73% | | 688235 | 百济神州 | 1.63% | 6.04% | | 688617 | 惠泰医疗 | 0.97% | 5.69% | | 688506 | 百利天恒 | 4.41% | 5.35% | | 688578 | 艾力斯 | 1.66% | 4.76% | | 688266 | 泽璟制药 | 3.01% | 4.53% | ...

Investment Rating - The report maintains a positive outlook on innovative drugs and the industry chain, recommending continuous attention to this sector [1][5][24]. Core Viewpoints - The report highlights the sustained high prosperity of innovative drugs, with a focus on companies likely to see a revaluation, such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, and Huadong Medicine. It also emphasizes Biopharma/Biotech companies with innovative pipelines entering a growth phase, including PATEO, Innovent Biologics, BeiGene, and others [1][5][24]. - The A-share pharmaceutical sector outperformed the market in the third week of July 2025, with a 4.0% increase compared to a 0.7% rise in the Shanghai Composite Index. The report notes that the premium of the pharmaceutical sector relative to all A-shares is currently at a normal level of 86.8% [7][25][16]. - The Hong Kong pharmaceutical sector showed outstanding performance, with the Hang Seng Healthcare index rising by 12.0% and the Hong Kong Biotechnology index increasing by 13.6% during the same period [21][25]. Summary by Sections 1. Continuous Focus on Innovative Drugs and Industry Chain - The report emphasizes the ongoing high demand for innovative drugs and recommends companies such as Heng Rui Medicine, Hansoh Pharmaceutical, and others for potential investment [1][5][24]. 2. Performance of A-Shares Pharmaceutical Sector - In the third week of July 2025, the A-share pharmaceutical sector led with a 4.0% increase, outperforming the overall market. Notable sub-sectors included chemical raw materials and chemical preparations, with gains of 7.0% and 6.8% respectively [7][11][25]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong pharmaceutical sector performed exceptionally well, with significant gains in the Hang Seng Healthcare and Biotechnology indices. In contrast, the U.S. pharmaceutical sector underperformed, with a decline of 2.5% in the S&P 500 Healthcare Select Sector [21][25].

数据显示，截至2025年6月30日，上证科创板生物医药指数前十大权重股分别为联影医疗、百济神州、惠泰医疗、百利天恒、艾力斯、泽璟制药、君实生 物、博瑞医药、华大智造、益方生物，前十大权重股合计占比50.3%。 截至2025年7月24日 13:23，上证科创板生物医药指数强势上涨1.66%，成分股三生国健上涨8.54%，康希诺上涨8.40%，心脉医疗上涨7.92%，ST诺泰、爱博 医疗等个股跟涨。科创医药ETF嘉实(588700)上涨1.74%， 冲击3连涨。 流动性方面，科创医药ETF嘉实盘中换手16.97%，成交3387.72万元，市场交投活跃。拉长时间看，截至7月23日，科创医药ETF嘉实近1周日均成交4293.97 万元，排名可比基金第一。 规模方面，科创医药ETF嘉实近1年规模增长1.19亿元，实现显著增长，新增规模位居可比基金第一。份额方面，科创医药ETF嘉实近1年份额增长6750.00万 份，实现显著增长，新增份额位居可比基金第一。 截至7月23日，科创医药ETF嘉实近1年净值上涨48.37%，指数股票型基金排名442/2936，居于前15.05%。从收益能力看，截至2025年7月23日，科创医药 ...

不同于其他硬科技企业，生物药企，尤其是创新药企因特殊的行业属性——产品在上市前需要经过严格的实验过程及审批路径，往往面临更长的投入期与更 大的不确定性，对资本的依赖程度也更高。 从A股生物医药企业上市实践看，截至2025年6月30日，109家登陆科创板的药企中，其中20家通过第五套标准上市，包括艾力斯、君实生物、荣昌生物、神 州细胞等；另有百济神州、百利天恒、诺诚健华3家上市时未盈利的创新药企业采用红筹企业等其他标准登陆科创板。 文 |谦同咨询 科创板自设立之初便立足于科创企业的发展实际，面向具有高成长性的科技企业设置了五套上市标准。其中，仅标准一对企业净利润提出要求，其余标准更 侧重于市值、营收、研发能力等维度，为尚未盈利但具备技术优势和发展潜力的企业提供了多元化的上市路径。 科创板第五套标准对盈利不做要求，核心是"预计市值不低于40亿元+阶段性研发成果"，适用于尚未商业化但技术领先、市场前景明确的创新企业。长期以 来，科创板第五套被视为未盈利生物医药企业的专属通道。按照第五套成功发行上市的20家企业全部为生物医药企业。 自2025年6月科创第五套重启以来，禾元生物已率先一步过会，并于7月18日快速获得注册 ...

截至2025年7月22日 10:52，上证科创板生物医药指数上涨0.95%，成分股苑东生物上涨8.00%，百奥泰上涨6.99%，博瑞医药上涨5.60%，君实生物上涨 3.63%，百利天恒上涨2.81%。科创医药ETF嘉实(588700)上涨1.14%。拉长时间看，截至2025年7月21日，科创医药ETF嘉实近1周累计上涨5.83%。 数据显示，截至2025年6月30日，上证科创板生物医药指数前十大权重股分别为联影医疗、百济神州、惠泰医疗、百利天恒、艾力斯、泽璟制药、君实生 物、博瑞医药、华大智造、益方生物，前十大权重股合计占比50.3%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 688271 | 联影医疗 | 2.18% | 9.73% | | 688235 | 百济神州 | 1.08% | 6.04% | | 688617 | 惠泰医疗 | -0.06% | 5.69% | | 688506 | 百利天恒 | 2.81% | 5.35% | | 688578 | 艾力斯 | 0.48% | 4.76% | | 688266 | 泽璟制药 ...

每年的营业收入都在快速增长。2024 年，公司实现营业收入 35 亿元，同比增 长接近 80%，归母净利润 14 亿元，同比增长 120%。今年第一季度，公司实 现营业收入 10 亿元，同比增长接近 50%。公司的净利率和毛利率也表现优秀， 2024 年的净利率为 40%，同比增长 8 个百分点。 伏美替尼在市场上的前景如何？ 艾力斯 20250716 摘要 艾力斯公司核心产品伏美替尼已获批多个适应症，并积极推进更多注册 临床试验，覆盖典型和非典型突变辅助治疗、20 外显子插入、脑转移及 pack 突变等，市场潜力巨大。 伏美替尼一线、二线适应症获批后销售额迅速增长，2024 年达 35 亿元， 同比增长 77%。临床数据显示，其在无进展生存期（PFS）、客观缓解 率（ORR）和安全性方面均优于奥希替尼。 伏美替尼在 EGFR 突变脑转移患者中表现突出，颅内客观缓解率 （ORR）达 66%，颅内疾病控制率为 100%，中枢神经系统无进展生 存期（CNS PFS）显著延长，降低疾病进展或死亡风险达 60%。 伏美替尼在 EGFR 20 外显子插入突变中显示出较好的疗效，客观缓解 率（ORR）分别达到 78%和 ...

Core Viewpoint - The Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index has shown strong performance, with significant increases in constituent stocks, indicating a positive trend in the biopharmaceutical sector [1][3]. Market Performance - As of July 11, 2025, the Biopharmaceutical Index rose by 1.23%, with notable gains from stocks such as Yifang Biotech (+10.31%), Shouyao Holdings (+8.34%), and Te Bao Biotech (+7.18%) [1]. - The Jiashi Science and Technology Medicine ETF (588700) also increased by 1.14%, marking its third consecutive rise [1]. Liquidity and Trading Volume - The Jiashi Science and Technology Medicine ETF recorded a turnover rate of 9.54% and a trading volume of 21.11 million yuan [3]. - Over the past month, the ETF has maintained an average daily trading volume of 33.32 million yuan, ranking first among comparable funds [3]. Fund Growth and Performance - In the last two weeks, the Jiashi Science and Technology Medicine ETF's scale increased by 17.56 million yuan, leading among comparable funds [3]. - The ETF's net value has risen by 37.70% over the past year, with a maximum single-month return of 23.29% since its inception [3]. Top Holdings - As of June 30, 2025, the top ten weighted stocks in the Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare, BeiGene, and Huatai Medical [3][5]. Policy Support and Market Outlook - Recent policy documents have been released to support the high-quality development of innovative drugs, highlighting government backing for the sector [6]. - The number of innovative drugs in development in China has reached over 4,000, representing approximately 30% of the global total [5][6].

Group 1 - The core viewpoint highlights the significant growth and performance of the Kexin Pharmaceutical ETF managed by Jiashi, with a notable increase in trading volume and fund size [2] - As of July 9, the Kexin Pharmaceutical ETF achieved a daily average trading volume of 34.95 million yuan over the past month, ranking first among comparable funds [2] - The fund's size increased by 16.76 million yuan in the past two weeks, also ranking first among comparable funds [2] - The ETF saw a total inflow of 12.84 million yuan over the last ten trading days, indicating strong investor interest [2] - The net value of the Kexin Pharmaceutical ETF rose by 36.83% over the past year, showcasing its strong performance [2] Group 2 - The top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index account for 50.3% of the index, with leading companies including United Imaging Healthcare and BeiGene [2][4] - On July 9, Shanghai Pharmaceuticals announced an expected net profit of 4.45 billion yuan for the first half of 2025, representing a year-on-year increase of approximately 52% [4] Group 3 - Short-term market expectations for overseas transactions in innovative drugs are high, leading to a continuous rise in valuations [5] - China's innovative drug research and development capabilities are competitive globally, and the trend of innovative drugs going overseas is expected to persist [5] - The commercial health insurance sector in China is anticipated to see significant growth in premium income and payout rates, becoming an important source of funding for innovative drugs [5]