AI基金银华医疗健康量化股票发起式A（005237）披露2025年二季报，第二季度基金利润70.42万元，加权平均基金份额本期利润0.0363元。报告期内，基金 净值增长率为3.25%，截至二季度末，基金规模为2277.19万元。 该基金属于标准股票型基金，长期投资于医药医疗股票。截至7月17日，单位净值为1.253元。基金经理是马君和杨腾。 基金管理人在二季报中表示，我们看好创新药产业链的发展前景。从业绩表现来看，创新药企业 2025 年以来产品管线出海加速，授权价格也有逐步上涨的 态势，从首付款到里程碑付款增厚企业业绩，后续产品上市后在海外销售或有爆发式增长，创新药在整个医药行业中脱颖而出，成为内部表现最为强劲的子 板块。 截至7月17日，银华医疗健康量化股票发起式A近三个月复权单位净值增长率为12.97%，位于同类可比基金47/54；近半年复权单位净值增长率为18.70%，位 于同类可比基金47/54；近一年复权单位净值增长率为19.99%，位于同类可比基金45/53；近三年复权单位净值增长率为-15.15%，位于同类可比基金29/46。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩 ...

通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 截至6月30日，基金近三年夏普比率为-0.0515，位于同类可比基金533/874。 AI基金西部利得港股通新机遇混合A（008861）披露2025年二季报，第二季度基金利润53.96万元，加权平均基金份额本期利润0.0189元。报告期内，基金净 值增长率为3.14%，截至二季度末，基金规模为1764.93万元。 该基金属于灵活配置型基金。截至7月17日，单位净值为0.658元。基金经理是陶星言和胡超。 基金管理人在二季报中表示，我们二季度逐步兑现了涨幅较大估值相对合理的科技、新能源车和消费类公司，同时加仓了景气度较高、政策持续利好、且后 续有管线催化的创新药方向，同时提升了对本港稳定高分红资产的配置，在市场短期缺乏明确主线背景下策略采取哑铃配置。 截至7月17日，西部利得港股通新机遇混合A近三个月复权单位净值增长率为16.63%，位于同类可比基金129/880；近半年复权单位净值增长率为31.25%，位 于同类可比基金22/880；近一年复权单位净值增长率为32.92%，位 ...

Core Viewpoint - The AI Fund Agricultural Bank Healthcare Stock (000913) reported a profit of 142 million yuan for Q2 2025, with a weighted average profit per fund share of 0.1565 yuan, and a net asset value growth rate of 10.67% during the reporting period [2] Fund Performance - As of the end of Q2 2025, the fund's scale was 1.441 billion yuan [13] - The fund's unit net value as of July 17 was 1.875 yuan [2] - The fund's one-year cumulative net value growth rate was 38.71%, ranking 24 out of 53 comparable funds [2] - The fund's three-month cumulative net value growth rate was 26.79%, ranking 28 out of 54 comparable funds [2] - The fund's six-month cumulative net value growth rate was 42.95%, ranking 22 out of 54 comparable funds [2] - The fund's three-year cumulative net value growth rate was -9.44%, ranking 24 out of 46 comparable funds [2] Risk Metrics - The fund's three-year Sharpe ratio was -0.143, ranking 33 out of 46 comparable funds [7] - The maximum drawdown over the past three years was 40.52%, ranking 23 out of 46 comparable funds [8] - The highest single-quarter maximum drawdown occurred in Q1 2021, at 28.61% [8] Investment Strategy - The fund manager defined investment keywords for 2025 as innovation, medical AI, self-control, and state-owned enterprise reform [2] - The average stock position over the past three years was 90.34%, compared to the industry average of 88.16% [11] - The fund reached its highest stock position of 93.72% at the end of Q3 2020 and its lowest of 84.43% at the end of Q3 2024 [11] Top Holdings - As of the end of Q2 2025, the fund's top ten holdings included companies such as Heng Rui Medicine, Zejing Pharmaceutical, and Xinlitai [15]

金十数据7月18日讯，野村发表报告，料百济神州(06160.HK)第二季收入按年升33%至12亿美元，与市 场预期一致。该行料公司季内毛利率按年升0.3%至85.4%，季度纯利5500万美元，对比去年同季1.2亿美 元亏损。该行料公司下半年收入按年升37%至29亿美元，受惠百悦泽全球销售持续增长，亦预期公司下 半年录得盈利1.19亿美元。该行相信公司全年收入49亿至53亿美元，有望达成全年销售及经营溢利指 引。该行维持对百济神州H股买入评级，目标价由206.6港元上调至209.92港元，并上调对公司今年收入 及盈利预测分别2.1%及2%。 野村料百济神州有望达成全年销售及经营溢利指引 上调目标价至209.92港元 ...

Core Insights - The article discusses the phenomenon of "middlemen profiting" in the innovative drug industry, highlighted by the strategic collaboration between BMS and BNT, which involved a $9 billion deal for the drug BNT327, originally licensed from Chinese company Pumice Biotech [1][2] - The rapid increase in valuations and the perceived undervaluation of Chinese biotech firms are emphasized, with examples illustrating how companies like Pumice and Hengrui have faced challenges in capturing the full value of their innovations [1][2][3] Summary by Sections Strategic Collaborations - BMS and BNT's partnership to develop BNT327 is valued at $9 billion, with Pumice Biotech originally licensing the drug for $55 million [1] - Hengrui Pharmaceuticals licensed its asthma drug SHR-1905 to Aiolos Bio for $25 million upfront, which was later sold to GSK for $10 billion, showcasing the significant markup in valuations [2] Market Dynamics - The article highlights the immature valuation system for innovative drug companies in China and their limited international operational capabilities, leading to unfavorable deals [2][3] - The quality of clinical data and the lack of unique assets hinder Chinese companies' bargaining power in the global market [3] Evolution of BD Transactions - The evolution of business development (BD) transactions in China is outlined, with three phases: exploration (pre-2014), development (2015-2019), and explosion (2020-present) [4][5] - The surge in BD transactions is attributed to the establishment of numerous innovative drug companies post-2010 and regulatory changes that encouraged innovation [5][6] License-in and License-out Trends - License-in transactions dominated initially, allowing companies to mitigate risks and shorten development timelines, but led to inflated prices and market bubbles [6][7] - License-out transactions have recently surpassed License-in, indicating a shift in strategy as companies seek immediate cash flow amid financial pressures [8] New Business Models - The emergence of the NewCo model allows companies to retain longer-term control over their product pipelines while attracting investment, marking a shift from traditional licensing agreements [13][14] - The NewCo model has gained traction among various biotech firms, enabling them to better manage their assets and secure funding [13][15] Future Outlook - The article concludes that while "cheap sales" of assets may continue, Chinese biotech firms are increasingly integrating into the global ecosystem, necessitating a focus on maximizing value within the international value chain [15][16]

从消息面来看，近期，创新药板块的利好消息不断。接下来，这个板块的行情是否会持续下去呢？ 创新药概念股集体爆发 自6月底以来，创新药板块一路上行，最近几天更是加速上涨。7月17日，创新药板块指数涨幅超过3%，成都 先导、迈威生物、维康药业、塞力医疗、力生制药、亚太药业、信立泰等近20只相关概念股涨停或涨超10%。 7月17日，创新药领域又传来一则好消息。据北京日报报道，近日，我国自主研发的、抗呼吸道合胞病毒的创 新药——齐瑞索韦列入世界卫生组织儿童药物优化优先清单，有望为全球儿童带来可及、可负担的有效治疗。 据报道，世界卫生组织儿童药物优化（PADO）项目通过凝聚监管机构、资助方与制造商共识，推动有紧迫需 求的儿童药物加速开发，工作内容包括确定研发的重点优先产品及其理想的产品特性。 创新药板块，再次掀起涨停潮！ 今日（7月17日），A股三大指数集体拉升，截至收盘，沪指涨0.37%，深证成指涨1.43%，创业板指涨1.76%。 盘面上，创新药、CPO、AI硬件等方向领涨。其中，创新药概念股集体大涨，成都先导、塞力医疗、力生制药 等近20只相关概念股涨停或涨超10%。 在港股市场上，创新药概念股也集体爆发，截至收盘 ...

港股生物医药股盘初拉升，康方生物(09926.HK)涨超8%，泰格医药(03347.HK)涨超4%，百济神州 (06160.HK)、复宏汉霖(02696.HK)均涨近4%，金斯瑞生物科技(01548.HK)涨超3%。 ...

特此公告。 百济神州有限公司董事会 A股代码：688235 A股简称：百济神州 公告编号：2025-027 港股代码：06160 港股简称：百济神州 美股代码：ONC 百济神州有限公司 自愿披露关于公司举行业绩电话会议的公告 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、准确性和完整性依法承 担法律责任。 百济神州有限公司（以下简称"公司"）将于美国东部时间 2025 年 8 月 6 日（星期三）发布根据美国公认会计原则及美国证券交易委员 会适用规则编制的截至 2025 年 6 月 30 日止第二季度未经审计财务业绩 并同步发布根据中国企业会计准则编制的 2025 年半年度主要财务数据 公告。 公司管理团队将于美国东部时间 2025 年 8 月 6 日（星期三）上午 8 时（即北京时间 2025 年 8 月 6 日（星期三）晚上 8 时）举行业绩电话 会议。业绩电话会议将进行网络直播，可通过公司网站投资者关系页面 进 入 ， 网 址 为 https://ir.beonemedicines.com 、 https://sseir.beonemedicine ...

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） 相关ETF 百濟神州有限公司（「本公司」）謹此公佈，本公司將於2025年8月6日（星期三） （即 香港聯交所交易時間之後）報告其根據美國公認會計原則及美國證券交易委員會 適用規則編製的截至2025年6月30日止第二季度的未經審核財務業績。本公司董 事會審計委員會將於2025年8月6日（香港時間）審閱及批准2025年第二季度的財 務業績。 財務業績發佈後，本公司將於美國東部時間2025 年8 月6 日（星期三）上午八時正 （即香港時間2025年8月6日（星期三）下午八時正）舉行電話會議。 電話會議將以網路直播方式進行，網絡直播鏈接可從本公司網站的投資者關係頁 面訪問，網址為 https://ir.beonemedicines.com , https://hkexir.beonemedicin ...

Group 1 - The National Medical Products Administration (NMPA) has accepted the marketing application for Baiyue Shenzhou's Talatuzumab injection, which is intended for the treatment of adult patients with extensive-stage small cell lung cancer (ES-SCLC) who have failed at least second-line treatment [1] - Talatuzumab is a first-in-class DLL3/CD3 bispecific antibody that may bring breakthrough advancements in the treatment of SCLC, a type of lung cancer with a high rate of incidence and mortality [1][2] - SCLC accounts for approximately 15% of all lung cancer cases, with about 70% of patients diagnosed at the extensive stage, leading to a median overall survival (mOS) of only 4 to 5 months after initial treatment [1] Group 2 - DLL3 protein is considered a highly attractive therapeutic target in SCLC, with up to 96% of SCLC patients expressing this protein [2] - Talatuzumab utilizes an innovative T-cell engaging (BiTE) structure, which allows for effective targeting of tumor cells and T-cells, potentially making it a novel therapy for SCLC [2] - Interim analysis from a global Phase 3 clinical trial presented at the 2025 American Society of Clinical Oncology annual meeting showed that Talatuzumab treatment resulted in a median overall survival of 13.6 months, significantly extending survival by 5.3 months compared to standard chemotherapy [2]