专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 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！ 10月16日至18日，2025可持续全球领导者大会在上海世博园区召开。粤开证券董事长郭川舟受邀出席大 会，并做主旨演讲。 他介绍，粤开证券背靠广州经开区——这一粤港澳大湾区内经济总量与科技创新水平均位居前列的核心 区域。基于此，公司在服务科技金融方面主要从三个层面展开，其中"转型"是首要任务。自2017年起， 集团及粤开证券在战略与主营业务上实现了全面转型。八年来，通过持续收购与整合，包括完成对粤开 证券的并购，公司构建了新的主营业务生态，目前旗下拥有三家上市公司，覆盖能源发电、生物医疗器 械及新能源板块，并成功发行了广东省首单产业园区REIT。集团亦是中国服务业企业500强及全国唯一 一家"双百企业"区属国企。 在服务科技产业的具体模式上，郭川舟指出是以"投资引领"为核心。他举例称，自并购粤开证券后，投 资板块持续聚焦"高精尖"领域，代表性项目包括投资了科创板生物医药市值领军企业百济神州，以及小 鹏汽车、文远知行等知名公司。持续的收并购不仅是资产提升、实现产业投资退出 ...

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index has shown a slight increase of 0.21%, with notable gains from companies such as Sangfor Technologies and Dige Medical [3] - The ETF tracking the Sci-Tech 100 Index has also risen by 0.22%, with a cumulative increase of 1.81% for the month as of October 15, 2025 [3] - The liquidity of the Sci-Tech 100 Index ETF is strong, with a turnover rate of 1.93% and a transaction volume of 1.26 billion yuan [3] - Recent partnerships in the AI sector, such as the collaboration between Yuke and Haiguang Information, highlight the growing demand for AI computing power [4] - OpenAI's significant cloud computing contract with Oracle, valued at 300 billion USD, indicates a surge in global AI computing needs [4] Market Performance - The Sci-Tech 100 Index ETF has experienced a scale increase of 4.64 million yuan over the past month, ranking second among comparable funds [4] - The ETF's share count has grown by 2.76 million shares in the same period, also placing it second among comparable funds [4] - Despite recent net outflows of 1.56 million yuan, the ETF has attracted a total of 4.61 billion yuan over the last 16 trading days [4] Index Composition - The Sci-Tech 100 Index is composed of 100 medium-sized, liquid stocks selected from the Sci-Tech Innovation Board, reflecting the overall performance of different market capitalizations [5] - As of September 30, 2025, the top ten weighted stocks in the index account for 24.32% of the total index, including companies like Hua Hong Semiconductor and BeiGene [5]

Core Viewpoint - BeiGene's stock has shown significant volatility, with a year-to-date increase of 78.46%, but a recent decline over the past five and twenty trading days [1] Group 1: Stock Performance - As of October 16, BeiGene's stock price was 287.36 CNY per share, with a market capitalization of 442.73 billion CNY [1] - The stock experienced a 2.03% increase during the trading session on October 16, with a trading volume of 2.47 billion CNY and a turnover rate of 0.76% [1] - Year-to-date, the stock has risen by 78.46%, but it has decreased by 5.62% over the last five trading days and 9.35% over the last twenty trading days [1] Group 2: Financial Performance - For the first half of 2025, BeiGene reported a revenue of 17.518 billion CNY, representing a year-on-year growth of 46.03% [2] - The net profit attributable to shareholders for the same period was 450 million CNY, showing a significant increase of 115.63% year-on-year [2] Group 3: Shareholder Information - As of June 30, 2025, the number of BeiGene's shareholders was 23,300, a decrease of 3.90% from the previous period [2] - The average number of circulating shares per shareholder increased by 4.11% to 4,976 shares [2] - Among the top ten circulating shareholders, notable changes included an increase in holdings by China Europe Medical Health Mixed A and a decrease by Wan Jia You Xuan [2]

Group 1 - A-shares and Hong Kong stocks in the innovative pharmaceutical sector have rebounded, with significant gains in related stocks and ETFs [1][3][5] - The largest medical ETF in A-shares (512170) saw a trading volume of 589 million yuan, recovering 1.34% on the day [1] - The innovative drug sector is experiencing a collective rise, with notable stocks like Huahai Pharmaceutical increasing by 7.59% [3] Group 2 - The Hong Kong innovative drug ETF (520880) rose by 2.12%, with 35 out of 37 constituent stocks gaining, led by Green Leaf Pharmaceutical with an 8.31% increase [5][7] - Recent funding trends indicate a significant inflow into the innovative drug sector, with over 1.29 billion yuan added in the last three days [7] - Upcoming catalysts include the European Society for Medical Oncology (ESMO) annual meeting, which may showcase significant research results from Chinese innovative drugs [7] Group 3 - Investment strategies suggest focusing on innovative drugs, with specific ETFs like the Hong Kong innovative drug ETF (520880) and the A-share drug ETF (562050) highlighted for their potential [8] - The medical ETF (512170) is noted for its inclusion of CXO companies, which account for 26.77% of its weight [8] - The medical ETF is the largest in the market, with a scale of 26.4 billion yuan, while the drug ETF is the only one tracking the China Pharmaceutical Index [9]

Core Viewpoint - The innovative drug sector experienced a significant rally, with the innovative drug index rising by 2.35% as of the midday close on October 15, 2025, driven by strong performances from various companies [1][2]. Group 1: Market Performance - The innovative drug index (886015.TI) closed at 1366.835, reflecting a gain of 2.35%, equivalent to an increase of 31.422 points [2]. - Notable stock performances included Guangshentang, which surged by 20% to 122.65, and several other companies such as Shutaishen and Anglikang, which saw gains of 14.4% and 10.01%, respectively [2][3]. Group 2: Upcoming Events - The European Society for Medical Oncology (ESMO) conference is set to take place from October 17 to 21, 2025, in Berlin, Germany, where significant clinical research results and data are expected to be disclosed [3][4]. Group 3: Business Development Opportunities - There is growing market anticipation for the release of clinical data from domestic innovative drugs and business development (BD) collaborations, with 83 overseas BD transactions recorded in the first eight months of 2025, totaling 845 billion yuan, marking a 62.81% increase compared to the entire year of 2024 [4]. Group 4: Company Earnings Forecast - Several innovative drug companies are expected to report strong earnings for the third quarter of 2025, with Shengnuo Bio projecting a net profit of 114 million to 140 million yuan, representing a year-on-year increase of 100.53% to 145.10% [5]. - Boteng Co. anticipates a net profit of 73.2 million to 88.2 million yuan, indicating a turnaround from losses, driven by a 17% to 21% increase in revenue [5]. Group 5: Industry Outlook - Analysts express optimism regarding the innovative drug sector, anticipating stabilization and rebound due to upcoming catalysts such as BD and medical insurance negotiations [6]. - Long-term trends indicate that the Chinese pharmaceutical industry has transitioned to new growth drivers, particularly in innovative drugs, which are expected to significantly contribute to the growth of Chinese pharmaceutical companies over the next 5 to 10 years [7].

Core Insights - The Chinese biopharmaceutical industry is transitioning from traditional importation to independent innovation, with a projected increase in licensing-out transactions for innovative drugs reaching nearly $66 billion in the first half of 2025, surpassing the total of $51.9 billion for all of 2024 [1][2] - The rise of innovative drug development presents both opportunities and challenges for Chinese biopharmaceutical companies, with a need for enhanced capabilities in first-in-class drug development and global clinical research [2][3] Industry Trends - The trend towards global new drug development includes three main pathways: licensing projects to multinational companies, relying on contract R&D services, and fully independent global commercialization [2] - Despite advancements, first-in-class drugs remain scarce in China, indicating a need for increased investment in basic life sciences research [2][3] Data and Statistics - In the first half of 2023, overseas licensing amounts in China's pharmaceutical sector exceeded $60 billion, marking a significant shift from a generic drug powerhouse to a new drug exporter [2][3] - Shanghai leads the nation in licensing-out transactions, with 38 deals in 2024 amounting to $30.7 billion, representing 35% of the national total [3][5] Innovation and Collaboration - The integration of big data and artificial intelligence is transforming biopharmaceutical research, with high-quality data being crucial for accelerating new drug development [3][6] - Shanghai is fostering an innovative ecosystem that supports the entire chain from innovation to clinical transformation, with significant participation from top international pharmaceutical and medical device companies [5][6] Future Developments - Shanghai aims to enhance its role as a global biopharmaceutical innovation hub by promoting foundational research, clinical trials, and production processes [6]

Group 1 - The core point of the news is that BeiGene's stock has experienced a decline of 10.81% over the past four days, with a current price of 273.71 CNY per share and a market capitalization of 421.699 billion CNY [1] - BeiGene was founded on October 28, 2010, and went public on December 15, 2021, focusing on the research, development, production, and commercialization of innovative drugs [1] - The company's main revenue source is from drug sales, accounting for 99.10% of total revenue, while collaboration income contributes 0.90% [1] Group 2 - According to data, one fund under Xinda Australia has a significant holding in BeiGene, specifically the Xin'ao New Target Flexible Allocation Mixed A Fund (003456), which held 600 shares, representing 0.12% of the fund's net value [2] - The fund has incurred a floating loss of approximately 6,264 CNY today, with a total floating loss of 19,900 CNY during the four-day decline [2] - The Xin'ao New Target Flexible Allocation Mixed A Fund was established on October 19, 2016, with a current size of 3.261 million CNY and has achieved a year-to-date return of 3.01% [2]

Summary of BeiGene Conference Call Company Overview - **Company**: BeiGene - **Industry**: Biotechnology and Pharmaceuticals Key Points and Arguments 1. **Global Commercialization Strategy**: BeiGene adopts a global commercialization strategy, leveraging Chinese patient resources and efficient clinical execution to reduce costs and accelerate global clinical trials, collaborating with international pharmaceutical companies like Novartis and Amgen [2][3] 2. **Core Product - Zanubrutinib**: Zanubrutinib has been approved in over 70 countries globally, becoming the leading BTK inhibitor for new patients in the U.S., surpassing the first-generation BTK inhibitor ibrutinib, significantly driving revenue growth for the company [2][5] 3. **Expansion into Solid Tumors**: BeiGene has made significant progress in the solid tumor field, with upcoming data releases for ADC, ProTech, and CDK, marking the company's transition from a focus on hematological malignancies to a broader oncology treatment approach [2][5] 4. **Clinical Trial Efficiency**: The company utilizes the cost and efficiency advantages of clinical trials in China, with 25% of global clinical patients from China and over 40% from Europe and North America, supporting simultaneous domestic and international product registrations [2][7] 5. **Upcoming Milestones**: Key milestones in the coming years include data readouts for ADC, ProTech, and CDK, as well as the submission of a BCL-2 inhibitor for U.S. market approval, which is expected to enhance the cure rate for frontline lymphoma patients [2][8] 6. **Unique Position in Chinese Innovation Drug Industry**: BeiGene is the only independent innovative drug company with global R&D and commercialization capabilities, making it a rare entity in the A-share and Hong Kong markets [3] 7. **Comprehensive Treatment Landscape**: In hematological malignancies, BeiGene has established a complete treatment portfolio including BTK, CDK, and BCL-2 inhibitors, with zanubrutinib expected to capture over 50% of the U.S. market share for CLL [4][12] 8. **BCL-2 Inhibitor Development**: The company is developing a new generation BCL-2 inhibitor, which is expected to achieve significant sales, potentially reaching $3 to $5 billion, and is currently undergoing global Phase III clinical trials [14][22] 9. **CDK Inhibitor Market**: BeiGene's CDK4/6 inhibitors are crucial in breast cancer treatment, with the global market exceeding $13 billion and projected to reach $16 to $18 billion [17][21] 10. **Broad Oncology Pipeline**: The company is actively developing treatments for various solid tumors, including lung and gastrointestinal cancers, with multiple products in clinical stages [20] Other Important but Overlooked Content 1. **Zanubrutinib's Competitive Edge**: Zanubrutinib's success is attributed to its superior product profile, showing better progression-free survival (PFS) and safety compared to ibrutinib, and being included in treatment guidelines [11][12] 2. **Impact of IRA Legislation**: The IRA legislation may have long-term effects on drug pricing, but currently, zanubrutinib has not faced price pressure, and its annual price has increased [13] 3. **Market Positioning**: BeiGene's international management team and shareholder structure, including significant overseas funds, support its global operations and strategic positioning [6][22] This summary encapsulates the critical insights from the conference call, highlighting BeiGene's strategic initiatives, product developments, and market positioning within the biotechnology industry.

Core Insights - The Chinese innovative pharmaceutical industry is experiencing a "double hit" in performance and valuation due to policy support, R&D breakthroughs, and value reassessment [1] - Many innovative drug stocks have doubled in price this year, with pharmaceutical-themed funds averaging a nearly 40% increase in net value over the past year [1] - The industry is entering a long-term growth trajectory, with current valuations still considered attractive by both domestic and foreign institutions [1] Group 1: Stock Performance - Several innovative drug companies have seen significant stock price increases, with companies like Shuyou Shen, Rongchang Bio, and Anglikang all experiencing over 100% growth year-to-date as of October 9 [1] - Pharmaceutical-themed funds have also shown strong performance, with the average net value increasing nearly 40% over the past year, and some funds, such as Penghua Innovation Upgrade Mixed A, seeing gains exceeding 100% [1] Group 2: Institutional Interest - There has been a surge in institutional research on Chinese innovative drug companies, with companies like Baiji Shenzhou and Baili Tianheng receiving attention from 213 and 186 institutions respectively [2] - Notable foreign institutions, including State Street Bank and BlackRock, have participated in the research of these companies, indicating growing international interest [2] Group 3: Industry Trends - The innovative drug sector is transitioning from "burning cash on R&D" to "product volume expansion," marking the beginning of a profit harvest period [3] - Chinese innovative drug companies have significantly improved their R&D capabilities and gained international recognition, positioning themselves in the global first tier in terms of pipeline quantity [3] - The industry is expected to achieve a systematic value reassessment, driven by comprehensive policy support and high levels of R&D and clinical efficiency [2][3]

Core Viewpoint - The patent dispute between BeiGene and Pharmacyclics LLC has concluded, with Pharmacyclics deciding not to appeal the final decision from the USPTO, marking a significant resolution for BeiGene's flagship product, Zebrutinib, which has achieved over $1 billion in global sales in 2023 [2][4][5]. Group 1: Patent Dispute Resolution - Pharmacyclics LLC, a subsidiary of AbbVie, has opted not to appeal the USPTO's decision regarding the patent dispute with BeiGene, allowing both parties to voluntarily withdraw the lawsuit filed in 2023 [2][3]. - The lawsuit claimed that BeiGene's Zebrutinib infringed upon Pharmacyclics' patent rights, specifically the "803 patent," which was granted in June 2023, just seven months after Zebrutinib's market approval [4][5]. - The USPTO ruled that the claims of the "803 patent" were overly broad and lacked inventiveness, leading to its invalidation, which has now been finalized with the withdrawal of the lawsuit [5]. Group 2: Financial Impact and Market Position - Zebrutinib, a BTK inhibitor developed by BeiGene, was the first innovative drug from China to be approved in the U.S. based on Chinese clinical data, achieving sales of $1.3 billion in 2023 [4][5]. - The resolution of the patent dispute is crucial as over 51.86% of BeiGene's revenue in the first half of 2023 came from the U.S. market, making it the company's largest revenue source [5]. Group 3: Ongoing Patent Risks - Despite the resolution of the Zebrutinib patent case, BeiGene still faces ongoing patent litigation from AbbVie regarding another compound, BGB-16673, which has received priority drug designation from the EMA [3][6]. - The company has stated its intention to vigorously defend against these allegations and has filed a motion to dismiss the lawsuit set for December 2024 [6]. Group 4: Industry Context - The patent dispute highlights the increasing patent risks faced by Chinese pharmaceutical companies as they expand internationally, with 4.1% of the pharmaceutical manufacturing sector encountering intellectual property disputes abroad [7][9]. - Recent reports indicate that 22 out of 29 new patent litigation cases involving Chinese biopharmaceutical companies were filed in the U.S., underscoring the challenges in navigating international patent laws [7][8].