Core Viewpoint - Zhongyin International has raised the target price for Innovent Biologics (01801.HK) to HKD 82 and maintains a "Buy" rating following positive data updates on IBI363 presented at the ASCO conference [1] Financial Projections - The revenue forecasts for Innovent Biologics for 2025, 2026, and 2027 have been increased to RMB 11.4 billion, RMB 14.2 billion, and RMB 17.9 billion respectively [1] Regulatory Developments - The US FDA has granted Fast Track designation for IBI363 for the treatment of advanced non-small cell lung cancer and melanoma, while the National Medical Products Administration has awarded it Breakthrough Therapy designation [1] Clinical Trials - The company plans to initiate two Phase III clinical trials in the second half of the year [1]

Core Insights - Innovent Biologics has received a second Breakthrough Therapy Designation (BTD) from China's NMPA for IBI363, a bispecific antibody fusion protein targeting squamous non-small cell lung cancer (sqNSCLC) [1][3] - IBI363 has also received Fast Track Designations (FTDs) from the U.S. FDA for sqNSCLC and melanoma, highlighting its potential in treating immunotherapy-resistant cancers [1][8] - The drug aims to address unmet clinical needs in patients who have progressed after anti-PD-(L)1 immunotherapy and platinum-based chemotherapy [1][4] Company Overview - Innovent Biologics is a leading biopharmaceutical company founded in 2011, focusing on developing high-quality medicines for various diseases, including oncology and autoimmune disorders [9] - The company has launched 15 products and has multiple assets in various stages of clinical trials, including 3 new drug applications under regulatory review [9] - Innovent collaborates with over 30 global healthcare companies, enhancing its research and development capabilities [9] Clinical Development - IBI363 has shown promising results in Phase 1 clinical studies, demonstrating manageable safety and encouraging efficacy in immunotherapy-resistant patients [2][6] - The drug's dual mechanism of action combines PD-1 blockade and IL-2-driven T-cell expansion, potentially reshaping the tumor microenvironment [3][5] - Innovent is accelerating global development for IBI363, with ongoing clinical studies in China, the U.S., and Australia targeting various tumor types [7]

Group 1 - The Hang Seng Index closed up 0.6%, while the Tech Index rose by 0.57% [1] - Most sectors in the market experienced gains, with significant strength in the consumer and pharmaceutical sectors [1] - Pop Mart (09992.HK) and Mixue Group (02097.HK) both saw their stock prices increase by over 5%, reaching historical highs [1] - Innovent Biologics (01801.HK) experienced a notable rise of over 14% [1]

Core Viewpoint - The Hong Kong stock market experienced a slight decline, but the innovative drug sector showed significant movement, with Innovent Biologics surging 17% in a single day, leading to a strong rebound in related ETFs [1] Group 1: Market Performance - The largest thematic ETF in the Hong Kong market, the Hong Kong Innovative Drug ETF (513120), was the most actively traded, with a turnover rate exceeding 38% and a transaction volume close to 40 billion yuan by 11:30 AM [1] - The surge in innovative drugs is attributed to multiple industry catalysts, enhancing market confidence [1] Group 2: Industry Catalysts - The China National Medical Products Administration issued 11 innovative drug approvals at the end of May, boosting expectations for commercialization among pharmaceutical companies [1] - High-quality research results from domestic innovative drugs were showcased at the American Society of Clinical Oncology (ASCO) and American College of Rheumatology (ACR) meetings, validating the value of leading pharmaceutical pipelines and business development capabilities [1] Group 3: Investment Strategy - Investors are encouraged to construct a strategy that includes the Hong Kong Innovative Drug ETF (513120), Medical ETF Leader (560260), and Pharmaceutical and Health ETF (159938) to capture opportunities across the entire innovative drug supply chain [1] - The three ETFs form a closed loop: the Hong Kong Innovative Drug ETF addresses R&D breakthroughs, the Medical ETF Leader focuses on industrialization, and the Pharmaceutical and Health ETF captures commercialization [2] Group 4: ETF Details - The Hong Kong Innovative Drug ETF (513120) tracks the China Securities Hong Kong Innovative Drug Index, with a current P/E ratio of 27 times and a valuation at the 18th percentile historically [4] - The Medical ETF Leader (560260) focuses on medical devices and services, with a P/E ratio of 31 times and a valuation at the 20th percentile historically [4] - The Pharmaceutical and Health ETF (159938) covers the pharmaceutical and health industry, with a P/E ratio of 35 times and a valuation at the 43rd percentile historically [4]

Group 1 - The Hang Seng Index increased by 0.72% during the midday trading session [1] - The Hang Seng Tech Index rose by 1.01% [1] - Innovent Biologics saw a significant increase of over 15% in its stock price [1] Group 2 - Meituan's stock price increased by over 4% [1] - Pop Mart's stock price rose by over 3% [1]

Group 1 - The Hong Kong stock market saw a broad increase in early trading, with the healthcare sector performing actively, particularly the Hang Seng Healthcare Index ETF (159557) which rose by 3.56% with a turnover rate of 8.1% [1] - Among the constituent stocks, Innovent Biologics surged over 17%, while Zai Lab and China National Pharmaceutical Group both increased by more than 8% [1] - The 2025 American Society of Clinical Oncology (ASCO) annual meeting is highlighted as a significant event, showcasing the latest research from local companies such as Diagreat Pharmaceuticals, Kelun Pharmaceutical, and China National Pharmaceutical Group, with over 70 original research presentations from Chinese researchers [1] Group 2 - Donghai Securities noted that the recent presentation of numerous domestic innovative drug projects at the ASCO meeting indicates the growing international recognition of local innovative pharmaceutical companies, suggesting that innovative drugs are a key investment theme within the healthcare sector [1] - The report emphasizes investment opportunities in sub-sectors such as medical devices, traditional Chinese medicine, chain pharmacies, and medical services [1] - Changjiang Securities pointed out that domestic innovative drugs are currently undervalued, with some products showing potential to be the best in their class globally, supporting the outlook for these drugs to gain international market presence and valuation upside [2]

本文源自：金融界 摩根大通此前发布研报称，信达生物旗下PD-1/IL-2alpha-bias双特异性抗体融合蛋白产品IBI363及和重 组人源抗CLDN18.2偶联物(ADC)IBI343最新研究数据都令人鼓舞，认为两款药物拥有较大潜力，因此 将潜在内地销售额预测上调，并新增两款候选药物的潜在美国市场销售额预测，因为预期信达可能将该 两项资产授权出海或自行启动全球开发。 广发证券表示，当前时点，重申重视港股创新药的配置价值，原因在于：增速降档阶段，出海并建立全 球比较优势的产业大概率对应股市的超额收益；当前资本市场的关注焦点正悄然从传统的地产和政策周 期转向更具长期战略意义的中美科技博弈。特别是在经历年初DeepSeek大模型横空出世带来的情绪提 振后，投资者开始系统性重估中国在关键技术领域的突围潜力。 没有股票账户的投资者可以通过港股创新药ETF基金（520700）联接基金（A：023481；C：023482） 便捷布局。 金融界6月4日消息，截至10：35，港股创新药ETF基金（520700）涨4.00%，盘中换手率超55.40%，成 交额超1.52亿，市场交投活跃。热门成分股方面，信达生物涨超17%，泰 ...

截至2025年6月4日 10:16，中证香港创新药指数(931787)强势上涨5.04%，成分股君圣泰医药-B(02511)领 涨17.44%，信达生物(01801)上涨17.14%，开拓药业-B(09939)上涨9.70%，泰格医药(03347)，再鼎医药 (09688)等个股跟涨。港股创新药ETF(513120)上涨4.56%，涨幅居全市场ETF第二！ 冲击4连涨。 流动性方面，港股创新药ETF盘中换手23.32%，成交23.69亿元，市场交投活跃。拉长时间看，截至6月 3日，港股创新药ETF近1周日均成交37.57亿元。规模方面，港股创新药ETF最新规模达98.55亿元，居 全市场港股医药类ETF第一。 信达证券表示，国产创新药板块近年来展现出强劲的投资价值和发展潜力，主要得益于政策支持、技术 进步以及资本市场对高质量医药企业的认可。随着中国创新药从"拼数量""拼速度"向"拼质量""拼创 新"的转变，行业整体的研发能力和产品差异化优势不断提升，形成了较为明确的竞争壁垒。 港股创新药ETF(513120)，（联接A:019670，联接C:019671）：紧密跟踪中证香港创新药指数，投资港 股创新药产业。值 ...

截至2025年6月4日 09:53，信达生物(01801)上涨14.37%，再鼎医药(09688)上涨7.45%，诺诚健华(09969) 上涨5.43%，科伦博泰生物-B(06990)，中国生物制药(01177)等个股跟涨。香港医药ETF(513700)上涨 2.55%。 若投资者看好港股医药板块长期发展，可借助相关 ETF 布局。例如香港医药ETF(513700)，能有效跟踪 板块整体表现，分散个股风险。通过这类 ETF，投资者可一键打包众多优质港股医药标的，分享行业 发展红利。 香港医药ETF紧密跟踪中证港股通医药卫生综合指数，中证港股通医药卫生综合指数从港股通范围内选 取50只流动性较好、市值较大的医疗卫生行业上市公司证券作为指数样本，以反映港股通范围内医药卫 生上市公司证券的整体表现。 数据显示，截至2025年5月30日，中证港股通医药卫生综合指数(930965)前十大权重股分别为百济神州 (06160)、药明生物(02269)、信达生物(01801)、石药集团(01093)、康方生物(09926)、京东健康(06618)、 中国生物制药(01177)、三生制药(01530)、翰森制药(03692)、 ...

今日港股小幅飘红，T+0交易的港股通创新药ETF（159570）大涨3.88%，成交额快速突破5亿元！资金积极涌入，盘中狂揽净流入超2100万元，昨日更是巨 幅"吸金"超9100万元！ 格持续提升；（2）交易类型日益多元化；（3）管线BD阶段逐步前移。展望未来，中国创新药仍处于蓬勃发展期，建议重点关注国内拥有FIC/BIC管线的标 的。（来源：《医药行业周报：创新药BD高潮迭起，持续看好中国资产潜力》） 港股通创新药ETF（159570）标的指数成分股集体大涨：信达生物大涨超15%，石药集团、康方生物涨超3%，三生制药、中国生物制药涨超2%，百济神州 涨超1%。 消息面上，信达生物在2025年美国临床肿瘤学会（ASCO）年会上口头报告了全球首创（First-in-class）PD-1/IL-2α-bias双特异性抗体融合蛋白IBI363治疗晚 期非小细胞肺癌的临床I期研究数据，这也是继结直肠癌和黑色素瘤之后IBI363今年ASCO大会的第三项口头报告。在免疫治疗耐药的鳞状非小细胞肺癌和野 生型肺腺癌中，都观察到了可控的安全性、令人鼓舞的疗效及长期生存获益趋势。值得一提的是，信达生物肿瘤管线在此次ASCO会议上 ...