Core Viewpoint - A significant number of active equity funds are experiencing a performance turnaround, with over 180 funds reaching new historical net asset value highs as of June 25, driven by market uptrends and favorable external factors [1][2]. Group 1: Performance of Active Equity Funds - Over 180 active equity funds have achieved historical net asset value highs, with more than half of these funds established for over a year, and some for nearly 14 years [1][2]. - The fund with the highest increase is Jin Yuan Shun An Yuan Qi, which has risen over 450% since its inception in November 2017, primarily investing in small-cap stocks [2][3]. - Other notable funds include Guangfa Multi-Factor and Dacheng Jingheng, with increases of over 340% and nearly 300% respectively, focusing on quantitative investment strategies [2][3]. Group 2: Overall Market Performance - Approximately 80% of active equity funds have seen positive performance this year, with around 1,100 funds increasing by over 10% [4]. - The fund with the highest overall market increase is Huatai PineBridge Hong Kong Advantage Selection, which has risen over 90%, primarily investing in the Hong Kong pharmaceutical sector [4]. - Longcheng Pharmaceutical Industry Selection has also performed well, with a year-to-date increase of 78.59%, focusing on innovative pharmaceutical stocks [4][5]. Group 3: Investment Strategies and Market Outlook - The market is seeing a consensus on three main investment directions: innovative pharmaceuticals, technology, and dividend stocks, with a "barbell" strategy gaining popularity [6][7]. - Fund managers suggest focusing on high-potential international and commercialized stocks in the innovative pharmaceutical sector, anticipating a strong market continuation [6][7]. - In a declining interest rate environment, dividend assets are becoming increasingly attractive, especially for long-term investors seeking stable returns [7][8].

Core Insights - Recent announcements from domestic pharmaceutical companies highlight significant advancements in innovative drug approvals and international collaborations, indicating a growing competitiveness in the global market [1][2][3] Group 1: Innovative Drug Approvals - Heng Rui Medicine's injection of Rukang Qutuzumab combined with Adebali monoclonal antibody for gastric cancer has received orphan drug designation from the FDA, expediting clinical trials and market registration [2] - The drug is an antibody-drug conjugate targeting HER2, with eight indications included in the breakthrough therapy list by the National Medical Products Administration [2] - DiZhe Medicine's DZD8586 has also received FDA's fast track designation for treatment of relapsed refractory chronic lymphocytic leukemia/small lymphocytic lymphoma [2] Group 2: International Expansion - Heng Rui Medicine has entered into a licensing agreement with GlaxoSmithKline for global exclusive rights to the HRS-9821 project, with an upfront payment of $500 million and potential milestone payments totaling approximately $12 billion [3] - The company has commercialized products in over 40 countries and is conducting over 20 international clinical trials for innovative drugs [2][3] - As of May 2025, 21 domestic innovative drugs have been approved for overseas markets, reflecting a trend of increasing international recognition [4] Group 3: Market Dynamics - The shift from generic to innovative drug development among Chinese pharmaceutical companies has led to a transformation in their global competitiveness [6] - Multinational corporations are seeking new blockbuster products due to patent expirations, creating demand for innovative drugs from China [6] - The establishment of a positive feedback loop is evident as more clinical data from Chinese drugs is disclosed, enhancing recognition and collaboration with multinational companies [6]

Core Insights - The latest net value of Zhongyin Innovation Medical Mixed A (007718) is 2.1723 yuan, reflecting a decline of 3.54%. The fund has shown a one-month return of 12.66%, a six-month return of 78.76%, and a year-to-date return of 80.53% [1]. Fund Performance - The fund ranks 684 out of 4457 in the one-month category, 23 out of 4316 in the six-month category, and 29 out of 4287 in the year-to-date category [1]. Holdings Overview - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 62.83%, with significant positions in companies such as: - Innovent Biologics (8.33%) - Kelun-Biotech (8.15%) - Heng Rui Medicine (8.08%) - CanSino Biologics (8.07%) - New Horizon Health (6.13%) - Bai Li Tianheng (5.99%) - BeiGene (5.97%) - Hansoh Pharmaceutical (4.15%) - Rongchang Biologics (4.05%) - CanSino Biologics-B (3.91%) [1]. Fund Manager Background - Zheng Ning, the fund manager, has a master's degree and has previously held positions at Taikang Asset Management and Zhonggeng Fund Management. He joined Zhongyin Fund Management in 2022 and has been managing the Zhongyin Innovation Medical Mixed Fund since July 1, 2022 [2].

Core Insights - In the first seven months of the year, 600 out of 650 comparable QDII funds saw an increase in net value, representing a 92.31% success rate [1] - The innovation drug sector has rebounded, leading to significant gains for funds heavily invested in this area, with top-performing funds achieving returns exceeding 137% [1] - Several QDII funds, particularly those managed by E Fund, reported increases of over 90%, with four funds exceeding 95% returns, all focused on the innovative drug industry [2] Group 1: Fund Performance - The top-performing QDII funds include Huatai-PineBridge Hang Seng Innovation Drug ETF and others, with returns ranging from 100.48% to 87.44%, attributed to the strong performance of the innovation drug sector [3] - The leading QDII funds, such as Huatai-PineBridge and E Fund, have concentrated their investments in key innovative drug companies, including Innovent Biologics and Sinopharm [2][3] Group 2: Fund Management - The fund manager for the top-performing Huatai-PineBridge funds is Zhao Bei, who has been with the company since 2010 and currently leads the healthcare research team [3] - Zhang Wei, the manager of the top-performing Huatai-PineBridge Hong Kong Advantage Selected Mixed Fund, has a background in pharmaceutical research and has held various roles in the industry [1]

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公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Hansoh Pharmaceutical Group Company Limited 翰森製藥集團有限公司 （於開曼群島註冊成立的有限公司） 董事會召開日期 翰森製藥集團有限公司（「本公司」）董事會（「董事會」）茲通告謹定於二零二五年 八月十八日（星期一）舉行董事會會議，藉以（其中包括）考慮及通過本公司及其附 屬公司截至二零二五年六月三十日止的六個月中期業績及建議中期股息（如有）以 及處理其他事項。 承董事會命 翰森製藥集團有限公司 主席 鍾慧娟 香港，二零二五年八月六日 於本公告日期，董事會成員包括主席兼執行董事鍾慧娟女士、執行董事孫遠女士 及呂愛鋒博士；及獨立非執行董事林國強先生、陳尚偉先生及楊東濤女士。 （股份代號：3692） ...

截至2025年8月6日 10:32，中证香港创新药指数(931787)下跌1.33%。成分股方面涨跌互现，康希诺生物 (06185)领涨12.57%，晶泰控股(02228)上涨6.67%，远大医药(00512)上涨2.83%；君实生物(01877)领跌， 绿叶制药(02186)、三生制药(01530)跟跌。港股创新药ETF(513120)红盘蓄势。 流动性方面，港股创新药ETF盘中换手26.06%，成交43.40亿元，市场交投活跃。拉长时间看，截至8月 5日，港股创新药ETF近1周日均成交121.72亿元。 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。值得注意的是，港股创新药ETF(513120)支持T+0交易，这意味着投资者可以在交易日 内进行多次买卖，极大地提高了资金的使用效率和流动性。 港股创新药ETF紧密跟踪中证香港创新药指数，根据申万二级行业分布，中证香港创新药指数生物制品 +化学制药权重占比达92.5%，这也是当下ETF跟踪的指数中，较为"纯血"的创新药行业指数之一。 数据显示，截至2025年7月31日，中证香 ...

Core Viewpoint - The Hong Kong stock market opened slightly lower on August 6, with innovative drugs continuing to be active, particularly the high-profile Hong Kong Stock Connect innovative drug ETF (520880), which rose by 1.37% in early trading, aiming for a third consecutive daily gain [1]. Group 1: Company Developments - On August 5, Crystal Tech Holdings announced a pipeline collaboration agreement with DoveTree, with a total order scale of approximately HKD 470 billion (USD 59.9 billion), marking one of the largest business development transactions in China's AI pharmaceutical sector by 2025 [2][3]. - Crystal Tech Holdings has received an initial payment of USD 51 million under the final agreement and is entitled to further payments of USD 49 million (to be paid within 180 days), as well as potential milestone payments of up to USD 5.89 billion based on regulatory and commercial achievements, along with royalties based on annual net sales [3]. Group 2: Industry Trends - The domestic innovative drug sector is entering a period of technological breakthroughs, with the National Medical Products Administration reporting that 43 innovative drugs were approved in the first half of the year, a year-on-year increase of 59%, nearing the total of 48 for the entire year of 2024 [3]. - According to China International Capital Corporation, the long-term development trend of the innovative drug industry is promising, supported by domestic engineer advantages, abundant clinical resources, and favorable policies [3]. - The innovative drug sector is expected to benefit from policy reforms in payment systems, enhancing the profitability of innovative drug companies, with many stocks in the sector showing strength as they enter the 2.0 era [3]. Group 3: Market Performance - The Hong Kong Stock Connect innovative drug ETF (520880) passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which focuses on the innovative drug industry chain, primarily consisting of innovative drug research and development companies [4]. - As of July 31, the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has risen by 101.58% year-to-date, significantly outperforming the Hang Seng Index (23.50%) and the Hang Seng Tech Index (22.05%) by 78.08 and 79.53 percentage points, respectively [6][7].

Core Viewpoint - The Hong Kong stock market opened slightly lower on August 6, with innovative pharmaceuticals continuing to be active, particularly the high-profile Hong Kong Stock Connect innovative drug ETF (520880), which rose by 1.37% in early trading, aiming for a third consecutive daily gain [1]. Company Highlights - Crystal Tech Holdings (晶泰控股) announced a pipeline collaboration agreement with DoveTree, with a total order scale of approximately HKD 470 billion (USD 59.9 billion), marking one of the largest business development transactions in China's AI pharmaceutical sector by 2025 [2][3]. - Crystal Tech has received an initial payment of USD 51 million under the final agreement and is entitled to further payments of USD 49 million (to be paid within 180 days), as well as potential milestone payments of up to USD 5.89 billion based on regulatory and commercial achievements, along with royalties based on annual net sales [3]. Industry Trends - The National Medical Products Administration reported that 43 innovative drugs were approved in the first half of the year, a 59% year-on-year increase, nearing the total of 48 for the entire year of 2024 [3]. - According to China International Capital Corporation (中金公司), the long-term development trend of the innovative pharmaceutical industry is promising, supported by domestic engineering talent, abundant clinical resources, and favorable policies [3]. - The innovative drug sector is transitioning from a follower to a leader in innovation, with domestic products expected to significantly participate in the global market over the next decade [3]. Market Performance - The Hang Seng Stock Connect Innovative Drug ETF (520880) is the first ETF to passively track the Hang Seng Stock Connect Innovative Drug Select Index, focusing on the innovative drug industry chain with a high concentration of leading stocks [5]. - As of July 31, the Hang Seng Stock Connect Innovative Drug Select Index has risen by 101.58% year-to-date, outperforming the Hang Seng Index (23.50%) and the Hang Seng Technology Index (22.05%) by 78.08 and 79.53 percentage points, respectively [6].

Group 1 - The core viewpoint is that the Hong Kong innovative drug sector is experiencing significant growth, with the Hong Kong Innovative Drug Selected ETF seeing a rise of 1.2% and notable increases in individual stocks such as Jingtai Holdings and Lepu Biopharma [1] - The Hong Kong Innovative Drug Selected ETF (520690) has attracted substantial capital since its listing on August 1, with a net inflow of 29.54 million yuan over the past three trading days, bringing its total size to 359 million yuan [1] - The ETF tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index, focusing on leading innovative drug companies listed in Hong Kong, including companies like BeiGene, Innovent Biologics, WuXi Biologics, and others [1] Group 2 - The innovative drug sector is expected to remain a core focus within the pharmaceutical industry, with sustained optimism regarding its growth and internationalization [2] - The industry is anticipated to benefit from ongoing policy support, enhancing global competitiveness and commercial profitability [2] - The upcoming adjustments in medical insurance catalogs and the promotion of commercial insurance policies are seen as important catalysts for the innovative drug sector in the second half of the year [1]

Group 1 - The article provides a ranking of open-end funds based on their net asset value growth, highlighting the top 10 funds with significant increases [2][4][5] - The top-performing funds include Huatai-PB Hong Kong Stock Connect Medical Selected Mixed Fund A and C, with net values of 1.2442 and 1.2438 respectively, both showing a growth of 0.05 [2][4] - The article mentions that a total of 28,277 funds have updated their net values, indicating a broad market activity [3] Group 2 - The bottom 10 funds in terms of net value growth include Huafu Health and Entertainment Flexible Allocation Mixed Fund A and C, with significant declines [5] - The article notes that the Shanghai Composite Index experienced a rebound, while the ChiNext Index showed a mixed performance, with a trading volume of 1.61 trillion [7] - The leading sectors include communication equipment, which saw a rise of over 2%, while the aviation and software service sectors lagged [7] Group 3 - The article highlights that the top holdings in the funds are primarily in the pharmaceutical sector, with a concentration of 67.67% in the top 10 holdings of the funds [9] - Notable stocks among the top holdings include Innovent Biologics and WuXi Biologics, which experienced significant daily increases [9] - The funds are categorized into passive index funds tracking the Hong Kong Stock Connect Innovation Drug Index and active mixed funds focusing on the pharmaceutical sector [9]