Group 1 - The core viewpoint of the articles highlights the strong performance of public funds in the third quarter, with 55 funds achieving a net value growth rate exceeding 100% year-to-date, indicating a positive investment experience for holders [1][2] - A significant portion of these high-performing funds, including those focused on innovative pharmaceuticals and advanced manufacturing, have substantial management scales exceeding 10 billion yuan, demonstrating a commitment to long-term investment strategies [1][2] - The innovative pharmaceutical fund has consistently held top positions in quality pharmaceutical companies, with over 70% of its total market value concentrated in its top ten holdings, reflecting a strong belief in the potential of the pharmaceutical sector [1] Group 2 - The advanced manufacturing fund, with a management scale over 10 billion yuan, has also shown a focus on key industrial stocks, with over 40% of its total assets in its top ten holdings, indicating a strategic approach to investment [2] - Analysts note that China's innovation-driven policies have accelerated the development of core technology sectors such as artificial intelligence and semiconductors, creating favorable conditions for funds focused on high-growth areas [2] - The successful performance of many funds in the first three quarters of the year is attributed to three core characteristics: industry focus, low turnover rates, and consistent strategies, which align with the principles of long-term investment [2][3]

Core Viewpoint - The innovative drug sector has rebounded strongly since September, driven by the upcoming 2025 National Negotiation, with significant trading activity observed in the Hang Seng Innovative Drug ETF (520500) on the first trading day of November [1]. Group 1: Market Activity - The Hang Seng Innovative Drug ETF (520500) recorded a half-day trading volume of 1.105 billion yuan on November 1, 2025, indicating active market participation [1]. - The ETF's trading volume has increased significantly, with total trading amounts of 604 million yuan and 1.654 billion yuan on October 30 and 31, respectively, compared to an average daily trading volume of 584 million yuan since October [1]. Group 2: Policy Developments - The 2025 National Medical Insurance Directory negotiations commenced on October 30, 2025, introducing a commercial health insurance innovative drug directory, marking a shift from a "basic insurance only" model to a "medical insurance + commercial insurance" collaborative payment approach [1]. - A total of 535 drug generic names were approved for the basic drug directory, while 121 were approved for the commercial insurance innovative drug directory, with 79 names submitted for both directories [1]. Group 3: Industry Outlook - The establishment of the commercial insurance innovative drug directory is expected to diversify payment methods, particularly benefiting high-value innovative drugs and multinational pharmaceutical products, potentially opening up new growth opportunities for the industry [1]. - The Hang Seng Innovative Drug ETF (520500) is designed to track companies involved in innovative drug research, development, and production, focusing on firms with strong R&D capabilities [1]. - As of October 31, 2025, the top five constituents of the index include BeiGene, China Biologic Products, Innovent Biologics, Kelun-Biotech, and CanSino Biologics, reflecting the index's focus on high-potential companies in the innovative drug sector [1].

Core Viewpoint - The Hong Kong Stock Connect Innovative Drug ETF (Southern, 159297) has shown significant market activity, with a recent increase of 3.38% and a trading volume of 170 million yuan, indicating strong investor interest in the innovative drug sector [1] Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (Southern, 159297) reached a new high in both scale and shares since its inception as of October 31 [1] - The ETF has experienced net inflows for 4 out of the last 5 trading days, totaling 18.9 million yuan [1] - The index it tracks, the National Certificate Hong Kong Stock Connect Innovative Drug Index, rose by 3.67%, with notable increases in component stocks such as Senhwa Biosciences (up 10.11%) and Kanglongda (up 8.80%) [1] Group 2: Policy and Industry Insights - The ongoing negotiations for the National Medical Insurance drug list are complemented by a new commercial health insurance innovative drug directory, aimed at providing new payment channels for high-value innovative drugs [1] - The CAR-T cell drug, Rukiyou Lunsai injection from WuXi AppTec, is making progress in negotiations to be included in the commercial health insurance innovative drug directory, with a listed price of 1.29 million yuan per injection [1] - Open Source Securities notes that the current innovative drugs included in both medical insurance and commercial insurance are in the early stages of volume growth, with potential for rapid revenue increases as policies continue to support innovative drugs [2] Group 3: Institutional Investment Trends - According to Guotou Securities, the proportion of all funds heavily invested in Biotech innovative drug companies has increased to 27.53%, reflecting a 2.61 percentage point rise, indicating growing institutional interest in the innovative drug sector [2] - The increasing allocation of funds to the innovative drug sector suggests a strong market recognition of its long-term development potential [2]

Group 1 - The core viewpoint is that the innovative drug market may soon restart due to reduced geopolitical risks between China and the US, positive earnings reports from companies like Innovent Biologics and Hengrui Medicine, and supportive policies for innovative drugs [1][2] - Recent quarterly reports from the pharmaceutical sector have confirmed the performance of innovative drug companies, indicating a potential recovery in the market [1][2] - The innovative drug sector has experienced a correction since August 2025, which is considered sufficient in duration, with leading stocks entering an absolute return zone [1][2] Group 2 - In the medical device sector, leading companies are showing signs of performance turning points, and attention should be paid to their issuance in the Hong Kong stock market [2] - The current environment is viewed as a high-probability zone for medium to long-term investments in the biopharmaceutical sector, with recommendations for balanced allocations across different market segments [2] - The Hong Kong Stock Connect Innovative Drug ETF (520880) and its associated funds track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which includes leading innovative drug companies [2][3] Group 3 - The first drug ETF (562050) launched this year focuses on leading companies in the pharmaceutical sector, including chemical drugs, biological drugs, and traditional Chinese medicine [3] - The Medical ETF (512170) is the largest in its category, focusing on medical devices and services, with significant holdings in companies like Mindray Medical and Aier Eye Hospital [3] - These ETFs are becoming effective tools for investors to capture opportunities in the pharmaceutical and medical sectors, each with its specific focus [3]

Core Viewpoint - The technology sector experienced significant declines, prompting a structural shift in market funds towards the innovative drug sector, which saw notable gains on the same day [1][3]. Group 1: Market Performance - The innovative drug sector rose by 3.91% amidst a downturn in the technology sector, successfully breaking through the 20-day moving average with increased trading volume, signaling positive market sentiment [3]. - The innovative drug sector had been in a downward trend since August but began to stabilize and form a bottom pattern in October [3]. Group 2: Multiple Sclerosis (MS) Market - The global market for MS drugs is projected to reach approximately $18.5 billion in 2024, with a significant portion of sales coming from third-generation products, particularly CD20 monoclonal antibodies [6]. - CD20 monoclonal antibodies are expected to account for over 60% of the MS drug sales in 2024, with the drug Ocrelizumab projected to generate sales of 7.64 billion yuan, reflecting a year-on-year growth of 7.4% [6]. Group 3: Chemical Pharmaceutical Industry - The global chemical pharmaceutical market grew from $1,038 billion in 2019 to $1,128 billion in 2023, with expectations to reach $1,156 billion in 2024 [10]. - In China, the chemical pharmaceutical market size was 883.9 billion yuan in 2022, with a year-on-year growth of 4.4%, projected to increase to 945 billion yuan by 2024 [10]. Group 4: Innovative Drug Sector Performance - In the first half of 2025, 21 A-share innovative drug companies reported revenues of 28.69 billion yuan, a year-on-year increase of 42%, while net losses narrowed significantly [11]. - The second quarter of 2025 saw these companies achieve revenues of 15.34 billion yuan, a 39% increase year-on-year, with net losses reduced by 97% [11][12]. Group 5: Future Outlook - Continued policy support for innovative drugs is expected to enhance performance, with an increase in product launches anticipated to drive revenue growth [15]. - The active business development (BD) transactions in the innovative drug sector in the first half of 2025 are expected to bolster the apparent performance of related companies [15].

Core Insights - The article discusses the significant growth and potential of China's innovative pharmaceutical sector, highlighting key trends and market dynamics that suggest a promising future for the industry [6][7][30]. Group 1: Market Performance - The overseas licensing transaction amount reached $84.5 billion, accounting for 33% of global transaction volume [2]. - The Hang Seng Healthcare Index has seen a year-to-date increase of 100.7%, while the Hang Seng Hong Kong Stock Connect Innovative Drug Index has risen nearly 115.9% [3]. - The Hong Kong healthcare sector has raised more capital through IPOs this year than in the past three years combined [4]. Group 2: IPO Activity - Since September, over 12 pharmaceutical companies have submitted IPO applications to the Hong Kong Stock Exchange [5]. - As of October 23, 2025, the Hong Kong Stock Exchange is processing approximately 300 listing applications, with half from new economy sectors such as artificial intelligence and biotechnology [5]. Group 3: Innovative Drug Development - In the first three quarters of 2025, China's innovative drug company Legend Biotech's CAR-T therapy Carvykti achieved sales of $1.332 billion in the U.S., marking it as the first domestic innovative drug to surpass $1 billion in sales [6]. - The first half of 2025 saw the National Medical Products Administration approve 40 innovative drugs, nearing the total for the entire year of 2024 [6]. Group 4: Future Outlook - The innovative drug sector is expected to continue its growth trajectory into 2026, driven by favorable policies and improving market conditions [7][30]. - The differentiation within the pharmaceutical sector is anticipated to persist, with innovative drugs likely to outperform traditional sectors [31][32]. Group 5: Investment Strategies - Investors are advised to focus on the trends of "innovation, overseas expansion, and demand improvement" as key areas for potential growth [7]. - The article emphasizes the importance of understanding the dynamics of the innovative drug market, including the potential for high returns despite inherent risks [27][30]. Group 6: Challenges and Risks - Concerns remain regarding whether Chinese innovative drug companies can successfully commercialize their products overseas, which is seen as a significant risk factor [23][24]. - The article notes that the current phase of overseas expansion is characterized by a reliance on licensing agreements rather than joint development or independent market entry [15][18]. Group 7: Competitive Landscape - The article highlights the competitive nature of the innovative drug sector, with a significant number of companies vying for leadership in key therapeutic areas [25][26]. - The emergence of a "2.0" phase in overseas expansion indicates a shift towards more collaborative and independent development strategies among Chinese pharmaceutical companies [15][16]. Group 8: Future Opportunities - The article identifies several promising areas for growth, including innovative drugs, medical devices, and sectors benefiting from demand recovery [30][33]. - The potential for Chinese companies to establish themselves in global supply chains, particularly in emerging markets, is also noted as a significant opportunity [29].

公司資料表 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資料表的內容概不負 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資料表全部 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。 公司名稱（股份代號）：百濟神州有限公司(06160)（「本公司」） 股份簡稱：百濟神州 本資料表旨在向公眾提供有關本公司於指定日期的資料。該等資料無意作為本公 司及╱或其證券之完整資料摘要。 摘要內容 文件類型 日期 | A.豁免 | 於2025年5月27日的最新版本 | | --- | --- | | B.存託協議 | 於2025年5月27日的最新版本 | | C.稅項 | 於2025年5月27日的最新版本 | | D.法律及規例 | 於2025年5月27日的最新版本 | 責任聲明 於本公告日期，本公司董事謹此共同及個別對本資料表所載資料的準確性承擔全 部責任，並在作出一切合理查詢後確認，據彼等所深知及所確信，資料在所有重 大方面均屬準確及完整，並無誤導或欺詐成分，亦無遺漏任何其他事項而導致任 何資料不準確或產生誤導。 董事亦共同及個別承諾，於上次刊發後資料有重大變動時公佈經修訂的公司資 ...

Group 1: Market Performance - The Hong Kong Innovative Drug Selected ETF (520690) increased by 0.22%, with the latest price at 0.89 yuan as of October 29, 2025 [3] - The ETF recorded a turnover of 4.25% during the trading session, with a total transaction value of 21.78 million yuan [3] - Over the past year, the average daily transaction volume of the ETF was 120 million yuan [3] Group 2: Clinical Data and Industry Insights - Grail presented initial data from its multi-cancer early detection product Galleri at the 2025 ESMO annual meeting, showing a positive predictive value of 61.6% and a specificity of 99.6% [3] - Among the detected new cancers, 69.3% were in stages I-III, with a tissue origin accuracy of 91.7% [3] - Guosen Securities views this data as a significant milestone in the multi-cancer early detection field, suggesting Galleri could enhance existing screening systems [3] Group 3: Company Earnings and Trends - Over 280 pharmaceutical and biotech companies, including Heng Rui Pharmaceutical and WuXi AppTec, reported strong Q3 results, driven by advancements in R&D pipelines and new drug launches [3] - The overall industry is exhibiting a positive trend characterized by "innovation as a foundation and overseas expansion" [3] Group 4: CDMO Sector Performance - Lonza, a leading overseas CDMO, reported strong Q3 results, maintaining a revenue growth forecast of 20-21% for the year, with core EBITDA margins between 30-31% [4] - Medpace has seen consecutive growth in new orders for two quarters, indicating a recovering financing environment for U.S. small and mid-sized biotech firms [4] - WuXi AppTec exceeded Q3 performance expectations and raised its full-year guidance, further confirming the positive outlook for the CXO industry [4] Group 5: ETF Size and Inflows - The latest size of the Hong Kong Innovative Drug Selected ETF reached 512 million yuan, marking a new high since its inception [4] - The ETF's share count also hit a record high of 574 million shares [4] - In the past five days, the ETF experienced continuous net inflows, with a peak single-day net inflow of 31.48 million yuan, totaling 82.81 million yuan in net inflows [4]

Core Insights - The launch of the "1+6" reform for the Sci-Tech Innovation Board (STAR Market) includes the establishment of a growth tier, with 32 existing companies included at the outset, aiming to enhance the market's depth and breadth [1] Group 1: Financing and Economic Impact - The 32 existing companies in the growth tier raised a total of 105.2 billion yuan through IPOs, significantly contributing to R&D investments and commercial capacity [1] - Among these, 27 companies raised over 1 billion yuan, with BeiGene and Chipone Integrated Circuits each raising over 10 billion yuan [1] Group 2: Market Capitalization - The total market capitalization of the 32 companies has reached approximately 1.22 trillion yuan, with a combined market cap nearing 1.5 trillion yuan when including other markets [1] - 20 of these companies have a market cap exceeding 10 billion yuan, with notable leaders like Cambricon and BeiGene [1] Group 3: Revenue Performance - In 2024, the 32 companies collectively achieved a revenue of 67.6 billion yuan, with 29 companies surpassing 100 million yuan in revenue [2] - The largest revenue contributor, BeiGene, exceeded 27 billion yuan, while the total revenue for the first half of 2024 was 40.7 billion yuan [2] Group 4: Profitability Trends - Despite facing losses due to high R&D costs and depreciation, the companies are showing signs of reduced losses, with a total loss of 21.1 billion yuan in 2024, a decrease of 3.8 billion yuan from 2023 [2] - 19 companies reported a year-on-year reduction in losses for 2024 [2] Group 5: R&D Investment - The 32 companies invested a total of 30.6 billion yuan in R&D in 2024, with a median R&D expenditure to revenue ratio of 65.4%, leading the STAR Market [3] - Ten companies reported R&D expenditures exceeding 100% of their revenue [3]

Core Insights - He Yuan Bio, a pioneer in "rice-based hematopoiesis" innovative drugs, is set to debut on the Sci-Tech Innovation Board, marking it as the first incremental enterprise in the Sci-Tech Growth Layer [1] - The Sci-Tech Growth Layer currently includes 13 innovative pharmaceutical companies with a total market capitalization of nearly 500 billion yuan, which have collectively facilitated the approval of 25 new drugs since their listing [1] - The establishment of the fifth set of listing standards on the Sci-Tech Board has enabled unprofitable companies to issue shares, significantly boosting the innovative drug sector and attracting substantial investment, with cumulative financing exceeding 1 trillion yuan since 2019 [1][2] Company Performance - The innovative pharmaceutical companies are transitioning from R&D investment phases to commercial revenue generation, with a projected total revenue of 31.9 billion yuan in 2024, reflecting a year-on-year growth rate of 54.39% [2] - These companies have achieved an average annual compound growth rate of 52.33% in revenue since 2019, significantly outpacing the sector's average growth [2] R&D Achievements - A total of 20 new drugs classified as "global new" have been launched, with 10 innovative drugs recognized as "breakthrough therapies" by the National Medical Products Administration [3] - Four original innovative drugs from Chinese companies, including BeiGene and Junshi Biosciences, have received FDA approval for the U.S. market, highlighting the international recognition of these firms [3] - The companies have engaged in potential overseas transactions totaling nearly 5 billion USD this year, indicating strong international market confidence in the innovative drug capabilities of the Sci-Tech Growth Layer [3]