Core Viewpoint - The innovative drug sector has emerged as a hot investment theme in the capital market this year, driven by a combination of policy, technology, and capital dynamics, leading to a significant recovery in the overall valuation of the pharmaceutical industry and making pharmaceutical-themed funds a major attraction for investors [1][3]. Group 1: Market Performance - Since the beginning of the year, the innovative drug sector has outperformed the market, with stocks like Heng Rui Medicine and BeiGene reaching new highs, contributing to a more than 25% increase in the pharmaceutical and biotechnology index [3]. - In July, the index saw a monthly increase of over 12%, fueled by a wave of mergers among global pharmaceutical giants and successful overseas licensing of domestic innovative drugs [3]. - Over 80% of the more than 200 pharmaceutical-themed funds achieved positive returns year-to-date, with the top-performing fund, Yongying Pharmaceutical Health A, leading with a 34.2% monthly increase [3][4]. Group 2: Investor Sentiment and Fund Flows - The recovery of pharmaceutical funds is notable, with nine out of the top ten actively managed equity funds focusing on the pharmaceutical sector, contrasting sharply with last year's lack of interest [4]. - Recent surveys indicate that investor interest in pharmaceutical funds has reached its highest level since 2021, with over 40% of newly launched funds focusing on healthcare themes [4]. - Northbound capital saw a net purchase of over 8 billion yuan in the pharmaceutical and biotechnology sector in July, leading all sectors [4]. Group 3: Long-term Outlook - The pharmaceutical industry is still valued below its historical median, but the innovation cycle is irreversible, with domestic companies transitioning from "following innovation" to "source innovation" [4]. - The next 3-5 years are expected to see the emergence of globally competitive companies in the pharmaceutical sector, creating excess returns for investors [4][5]. - Analysts suggest that despite increased short-term trading activity, the strategic value of the pharmaceutical sector remains unchanged, recommending investors focus on the innovative drug supply chain, high-end medical devices, and consumer healthcare sectors [5].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百濟神州有限公司 (根據瑞士法律註冊成立的公司) 呈交日期： 2025年8月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06160 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股 ...

Core Insights - The Shanghai Composite Index decreased by 0.37%, while the CSI Hong Kong-Shanghai-Shenzhen 500 Healthcare Index fell by 1.74%, closing at 8507.96 points with a trading volume of 40.594 billion yuan [1] - Over the past month, the CSI Hong Kong-Shanghai-Shenzhen 500 Healthcare Index has increased by 17.84%, 24.27% over the last three months, and 34.48% year-to-date [1] Index Composition - The CSI Hong Kong-Shanghai-Shenzhen 500 Healthcare Index is composed of 11 industry categories, reflecting the overall performance of different sectors within the index [1] - The top ten holdings in the index are: WuXi AppTec (10.42%), Hengrui Medicine (9.97%), BeiGene (9.63%), Innovent Biologics (6.64%), Mindray Medical (6.06%), WuXi Biologics (5.19%), CanSino Biologics (4.4%), China National Pharmaceutical Group (3.36%), CSPC Pharmaceutical Group (3.17%), and United Imaging Healthcare (2.85%) [1] Market Distribution - The market distribution of the CSI Hong Kong-Shanghai-Shenzhen 500 Healthcare Index shows that the Hong Kong Stock Exchange accounts for 37.87%, the Shanghai Stock Exchange for 33.61%, and the Shenzhen Stock Exchange for 28.52% [2] Sector Allocation - The sector allocation within the index includes: Chemical Drugs (36.20%), Pharmaceutical and Biotechnology Services (18.33%), Biopharmaceuticals (18.14%), Medical Devices (11.07%), Traditional Chinese Medicine (8.56%), and Medical Commerce and Services (7.70%) [2] Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] Fund Tracking - Public funds tracking the CSI Hong Kong-Shanghai-Shenzhen 500 Healthcare Index include the China Merchants CSI Hong Kong-Shanghai-Shenzhen 500 Healthcare ETF [3]

Group 1 - Company BeiGene (06160) announced that it will issue 741 ordinary shares due to the exercise of stock options by eligible participants (excluding company directors) from July 1, 2025, to July 31, 2025 [1]

智通财经APP讯，百济神州(06160)发布公告，该公司于2025年7月31日因合资格参与者(公司董事除外) 于2025年7月1日至2025年7月31日期间行使购股权而发行普通股741股。 ...

第 1 頁 共 6 頁 v 1.3.0 B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百濟神州有限公司 (根據瑞士法律註冊成立的公司) 呈交日期： 2025年8月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06160 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | ...

Core Insights - The Chinese life sciences industry is undergoing rapid transformation driven by policy relaxation, technological innovation, the rise of domestic companies, and the development of specialized real estate ecosystems [9][18][39] - The report "Trends in China's Life Sciences" provides a comprehensive overview of current market dynamics, regulatory changes, and future development directions [9] Policy Environment - Nationally, China has relaxed foreign investment restrictions in gene and cell therapy, allowing foreign-owned hospitals in major cities [10][20] - Local governments in cities like Beijing, Shanghai, and Shenzhen are offering targeted subsidies and fast-track approval processes to support biotechnology development [10][27] Industry Innovation and Company Growth - Chinese life sciences companies are shifting from generic drug production to innovative therapies, with firms like CanSino Biologics and BeiGene leading in CAR-T cell therapy and bispecific antibodies [11][29] - These companies are attracting international investment and licensing agreements, enhancing China's position in the global life sciences sector [11][39] Real Estate Development and Regional Hubs - Innovation hubs such as Suzhou BioBay and Shanghai Zhangjiang Hi-Tech Park provide end-to-end support, including shared laboratories and GMP-compliant facilities [12][35] - Second-tier cities like Chengdu and Ningbo are emerging as new growth centers, expanding the life sciences ecosystem [12][35] Owner Perspective - Real estate developers are adapting to industry-specific needs through light-asset models and flexible leasing arrangements [14][45] - While first-tier cities face saturation, demand remains robust in central and western regions, with a focus on sustainability and compliance [14][45] Tenant Perspective - Life sciences tenants are responding to regulatory reforms and increased compliance requirements, seeking flexibility and proximity to talent and infrastructure [15][46] - The highest demand is for GMP-certified laboratories and modular production facilities, emphasizing location advantages and sustainability certifications [15][46] Future Outlook - Growth opportunities lie in AI-driven drug development, personalized medicine, and advanced therapies, supported by government policies [16][39] - Life sciences real estate is evolving from generic parks to specialized, digitally-enabled facilities with high compliance and flexibility [16][39]

Investment Rating - The report maintains an "Outperform" rating for multiple leading innovative drug companies and CXOs in the healthcare sector [2]. Core Insights - The report emphasizes a sustained positive outlook on the innovative drug industry and its supply chain, highlighting the importance of increasing allocations to leading companies in this space [4][6]. - The performance of the Hong Kong stock picks portfolio showed an average increase of 27.1% in July 2025, outperforming the Hang Seng Healthcare Index, which rose by 22.8% [5][9]. - Major business development (BD) and merger & acquisition (M&A) activities in the innovative drug sector are ongoing, with significant deals reported, indicating a robust market environment [6][35][36]. Summary by Sections Investment Focus - The report lists several companies with an "Outperform" rating, including 恒瑞医药 (Hengrui Pharmaceuticals), 迈瑞医疗 (Mindray), 药明康德 (WuXi AppTec), and others [2]. Performance Analysis - The July 2025 Hong Kong stock picks portfolio included companies like 信达生物 (Innovent Biologics) and 百济神州 (BeiGene), with top performers showing significant gains, such as 映恩生物 (DualityBio) at +48.0% [5][10]. - The healthcare sector in Hong Kong saw notable gains, with companies like 华检医疗 (IVD Medical) and 加科思-B (Jacobio Pharmaceuticals) leading the way [6][34]. Market Trends - The report highlights a recovery in the global innovative drug sector, with leading CXO firms like 药明合联 (WuXi XDC) and 药明康德 (WuXi AppTec) reporting strong earnings growth [7][37]. - Optimized centralized procurement policies and steady progress in innovative drug reimbursement are noted, with over 100 drugs applying for inclusion in the innovative drug reimbursement list [7][38][39]. Company-Specific Insights - 石药集团 (CSPC) and 中国生物制药 (Sino Biopharmaceutical) are newly added to the top picks, with strong potential in their respective innovative drug pipelines [4][32]. - The report discusses the promising clinical pipelines of companies like 三生制药 (3SBio) and 信达生物 (Innovent Biologics), indicating robust growth prospects [18][23].

Core Insights - BeiGene has received Priority Medicine (PRIME) designation from the European Medicines Agency (EMA) for its investigational Bruton’s Tyrosine Kinase (BTK) degrader BGB-16673, aimed at treating patients with Waldenström's macroglobulinemia (WM) who have previously been treated with BTK inhibitors [1] - The EMA's Committee for Medicinal Products for Human Use (CHMP) has also issued a positive opinion regarding the orphan drug designation (ODD) application for BGB-16673 for the treatment of WM patients, with a final decision expected in the coming weeks [1]

港股创新药概念多股走强，歌礼制药(01672.HK)、石药集团(01093.HK)涨近3%，中国生物制药 (01177.HK)涨超2%，百济神州(06160.HK)、翰森制药(03692.HK)等跟涨。 ...