Hengrui Pharma(SH:600276) Xin Lang Cai Jing·2025-07-28 06:15Group 1 - Heng Rui Medicine announced a License-out collaboration with GlaxoSmithKline (GSK) with a total potential value of up to $12.5 billion, covering an innovative respiratory drug in clinical stages and up to 11 candidates in non-clinical stages [1] - Following the announcement, Heng Rui Medicine's A-shares hit the daily limit, reaching a four-year high, while H-shares surged over 16%, marking a new high since listing [1] - The innovative drug ETFs saw significant activity, with the A-share innovative drug ETF (515120) rising over 2% and reaching a near two-year high, while the Hong Kong innovative drug ETF (513120) increased nearly 1% [1] Group 2 - Haitong International emphasizes the ongoing focus on innovative drugs and the industry chain, highlighting the high prosperity of innovative drugs and the potential for value re-evaluation in Pharma [2] - The market is expected to experience rotation, with assets at historical low valuations likely to see a new round of valuation increases, alongside opportunities arising from the World AI Conference [2] - The second half of the year should focus on recovery lines, such as the revival of medical device procurement and the recovery of demand in life sciences due to global biotech financing [2] Group 3 - Innovative Drug ETF (515120) closely tracks the CSI Innovative Drug Industry Index, investing in A-share innovative drug industry companies [3] - Hong Kong Innovative Drug ETF (513120) tracks the CSI Hong Kong Innovative Drug Index and supports T+0 trading, enhancing liquidity and capital efficiency [3] - Medical ETF Leader (560260) focuses on leading companies in the medical industry, including medical services, devices, and information technology [3]