Core Viewpoint - The A-share and H-share innovative drug/biotechnology sectors continue to rise, driven by significant licensing agreements and strong clinical results from domestic companies [1][3]. Group 1: Market Performance - The Hang Seng Biotechnology ETF (513280) rose over 2%, while the Biopharmaceutical ETF (159839) increased by more than 1% [1]. - The Hang Seng Biotechnology ETF is noted for its low management fee of 0.15%, making it a unique option in the market [1][7]. - The year-to-date performance of the Hang Seng Biotechnology ETF has exceeded 37%, outperforming the Hang Seng Tech Index by over 17 percentage points [7]. Group 2: Licensing Agreement - A significant licensing agreement was established between 3SBio and Pfizer for the PD-1/VEGF bispecific antibody SSGJ-707, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [1][3]. - This transaction marks the highest licensing amount recorded for a domestic pharmaceutical company [1]. - The agreement is expected to enhance 3SBio's financial returns and support its research and development capabilities [3][4]. Group 3: Clinical Development - SSGJ-707 has shown promising clinical results, with excellent overall response rates (ORR) and disease control rates (DCR) in non-small cell lung cancer (NSCLC) patients [3][4]. - The drug has received breakthrough therapy designation from the CDE and has FDA IND approval, indicating its potential for first-line treatment in specific cancer types [3][4]. - Ongoing clinical studies are also being conducted for SSGJ-707 in colorectal cancer and gynecological tumors [3]. Group 4: Industry Outlook - The pharmaceutical industry is expected to benefit from policies encouraging innovation, with a focus on globally competitive innovative drug companies [5][6]. - The CXO sector is anticipated to recover in 2025, with a return to positive growth following previous adjustments [6]. - The raw material drug sector is gradually returning to normal supply-demand dynamics, contributing to performance improvements [6].
中国药企点燃全球双抗市场，三生制药、康方生物涨超7%！T+0交易的恒生生物科技ETF(513280)涨超2%！