Group 1 - The core viewpoint of the news highlights the strong performance of the Hang Seng Biotechnology ETF (159615), which surged over 4% and is experiencing active trading, with a turnover of 48.91 million yuan and a turnover rate of 14.78% [1] - The Hang Seng Biotechnology Index increased by 3.14%, with significant gains in constituent stocks such as 3SBio, which rose by 29.93%, and other companies like Rongchang Bio and Innovent Biologics also showing positive movements [1] - 3SBio announced a licensing agreement with Pfizer for the PD-1/VEGF bispecific antibody SSGJ-707, which includes an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion, along with a double-digit percentage royalty on net sales in licensed regions [1] Group 2 - Guojin Securities emphasizes that the innovative drug sector within the pharmaceutical industry is the most noteworthy area for investment, with a focus on capturing opportunities throughout 2025 [2] - The report indicates that leading innovative drug companies are expected to see continued commercial sales and business development performance, particularly in oncology, autoimmune diseases, and chronic conditions, which will support growth and valuation recovery for leading companies in these segments [2] - The news mentions related investment products, including the Hang Seng Biotechnology ETF (159615) and other ETFs, which aim to help investors seize opportunities in the Hong Kong stock market [2]

截至2025年5月20日 09:37，中证港股通医药卫生综合指数(930965)强势上涨3.03%，石药集团(01093)上涨6.90%，先声药业(02096)上涨6.67%，康哲药业 (00867)，诺诚健华(09969)等个股跟涨。 港股医药ETF(159718)上涨3.10%， 冲击3连涨。最新价报0.73元。拉长时间看，截至2025年5月19日，港股医药ETF近1周累计上涨3.50%。 截至2025年5月20日 09:37，中证医药及医疗器械创新指数(931484)强势上涨1.33%，成分股华海药业(600521)上涨10.00%，川宁生物(301301)上涨5.37%，科 伦药业(002422)上涨4.78%，神州细胞(688520)，智飞生物(300122)等个股跟涨。医疗创新ETF(516820)上涨0.87%，最新价报0.35元。拉长时间看，截至2025 年5月19日，医疗创新ETF近1周累计上涨1.48%。 流动性方面，医疗创新ETF盘中换手0.76%，成交1194.23万元。拉长时间看，截至5月19日，医疗创新ETF近1年日均成交4774.83万元。 流动性方面，港股医药ETF盘中换手4. ...

截至2025年5月20日 09:35，恒生医疗保健指数(HSHCI)强势上涨2.69%，成分股三生制药(01530)上涨33.93%，欧康维视生物-B(01477)上涨7.44%，再鼎医药 (09688)上涨6.39%，石药集团(01093)，诺诚健华(09969)等个股跟涨。恒生医疗ETF(513060)高开高走上涨2.48%，冲击3连涨。最新价报0.50元。流动性方 面，恒生医疗ETF盘中换手2.6%，成交2.66亿元。拉长时间看，截至5月19日，恒生医疗ETF近1月日均成交12.37亿元，居可比基金第一。 湘财证券指出，近期在国家鼓励创新大背景下创新药产业链表现活跃，虽然医药工业复苏仍有待验证，行业受医保控费压力仍在，但多层次的支付体系正在 建立，医疗需求的刚性将共同推动行业企稳回升，建议关注高成长及预期改善两大方向，具体而言：（1）高成长：医药外包服务中的ADCCDMO、减肥药 产业链多肽CDMO等方向公司。（2）预期改善：盈利能力有望触底回升的第三方检验医学实验室，消费医疗中的眼科及口腔等方向的公司。 恒生医疗ETF紧密跟踪恒生医疗保健指数，恒生医疗保健指数提供一项市场参考指标，反映在香港上市、主要 ...

2025.05. 19 本文字数：2606，阅读时长大约5分钟 作者 | 第一财经 曹璐 今年以来，历经四年连跌的医药板块似乎迎来一波曙光，不少医药主题基金净值回暖明显。Wind数 据显示，截至5月16日，超八成医药相关主题基金上涨，11只产品涨幅超30%，其中长城医药产业精 选A以42.48%的年内回报领跑，这类产品的业绩首尾差距已经超过53个百分点。 业 绩 分 化 背 后 ， 港 股 创 新 药 的 强 势 表 现 尤 为 瞩 目 ， 相 关 指 数 （ 港 股 通 创 新 药 指 数 ） 年 内 上 涨 28.37%，重仓与否也成为医药主题产品的业绩"胜负手"。那么，港股创新药为何会有如此亮眼的表 现，这是否意味着医药赛道已经重新崛起？ "创新药是大类科技资产里基本面相对扎实的品种，预计今年其股价走势有望比过去几年更加顺 畅。"长城基金基金经理梁福睿对第一财经表示，创新药这波强势行情的底层逻辑在于，科技资产牛 的背景下，创新药产业的逻辑在不断强化。 交银医疗健康基金经理徐嘉辰则认为，创新药年初以来的行情不是偶然，也不完全是科技创新风格的 外溢，而是中国创新企业的国际竞争力明显提升，伴随的是整个中国创新 ...

金融界2025年5月19日消息，富国精准医疗混合A(005176) 最新净值2.7316元，增长0.66%。该基金近1个 月收益率0.44%，同类排名2203|2340；近3个月收益率24.62%，同类排名10|2329；今年来收益率 22.59%，同类排名40|2318。 富国精准医疗混合A股票持仓前十占比合计69.71%，分别为：百利天恒（9.66%）、海思科（9.65%）、 科伦药业（9.10%）、惠泰医疗（9.05%）、泽璟制药-U（7.84%）、恒瑞医药（5.95%）、诺诚健华-U （5.29%）、新诺威（5.11%）、百济神州-U（4.91%）、佐力药业（3.15%）。 公开资料显示，富国精准医疗混合A基金成立于2017年11月16日，截至2025年3月31日，富国精准医疗 混合A规模37.46亿元，基金经理为赵伟。 简历显示：赵伟先生:中国,硕士研究生。历任葛兰素史克(上海)医药研发有限公司药物化学部助理研究 员、广发证券股份有限公司投资自营部医药研究员、招商基金管理有限公司研究部医药组组长及招商基 金管理有限公司国际业务部基金经理助理。现任农银汇理基金管理有限公司基金经理。2019年11月8日 ...

Group 1 - The core point of the news is the performance and holdings of the Ping An Medical Health Mixed C fund, which has shown significant growth in recent months and has a concentrated portfolio in the healthcare sector [1][3] - As of May 19, 2025, the latest net value of the fund is 2.0524 yuan, reflecting a growth of 1.97%. The fund's one-month return is 1.13%, three-month return is 27.69%, and year-to-date return is 30.00% [1] - The top ten stock holdings of the fund account for a total of 83.49%, with significant positions in companies such as Kangfang Biotech (9.32%), BeiGene (9.13%), and Zai Lab (8.87%) [1] Group 2 - The Ping An Medical Health Mixed C fund was established on November 28, 2023, and as of March 31, 2025, it has a total scale of 1.339 billion yuan [1] - The fund manager, Zhou Sicong, has a strong background in the investment industry, having previously worked at various fund management companies and managing multiple funds focused on healthcare and competitive advantages [2]

业绩首尾相差超53个百分点 今年以来，历经四年连跌的医药板块似乎迎来一波曙光，不少医药主题基金净值回暖明显。Wind数据 显示，截至5月16日，超八成医药相关主题基金上涨，11只产品涨幅超30%，其中长城医药产业精选A 以42.48%的年内回报领跑，这类产品的业绩首尾差距已经超过53个百分点。 业绩分化背后，港股创新药的强势表现尤为瞩目，相关指数（港股通创新药指数）年内上涨28.37%， 重仓与否也成为医药主题产品的业绩"胜负手"。那么，港股创新药为何会有如此亮眼表现，这是否意味 着医药赛道已经重新崛起？ "创新药是大类科技资产里基本面相对扎实的品种，预计今年其股价走势有望比过去几年更加顺畅。"长 城基金基金经理梁福睿对第一财经表示，创新药这波强势行情的底层逻辑在于，科技资产牛的背景下， 创新药产业的逻辑在不断强化。 交银医疗健康基金经理徐嘉辰则认为，创新药年初以来的行情不是偶然，也不完全是科技创新风格的外 溢，而是中国创新企业的国际竞争力明显提升，伴随的是整个中国创新药产业链系统性升级的成果体 现。 港股创新药成业绩关键 今年以来，沉寂多时的医药板块整体走出回暖行情，多只医药主题基金业绩上涨。Wind数据显 ...

Investment Rating - The report maintains a "Strong Buy" rating for the pharmaceutical sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The pharmaceutical sector has shown resilience with a weekly increase of 1.27%, outperforming the CSI 300 index by 0.16 percentage points, ranking 11th among 31 sectors [7][26]. - The report highlights the potential recovery of the industry due to favorable policies and the gradual rebound of the hospital market, which was previously impacted by anti-corruption measures and centralized procurement [4][26]. - The focus on innovative therapies is expected to drive significant growth, with an emphasis on domestic BIC/FIC innovative drugs showing steady improvement in both quantity and quality [4][26]. Summary by Sections 1. Pharmaceutical Sector Performance - The pharmaceutical sector's weekly performance was +1.27%, with sub-sectors such as Traditional Chinese Medicine II (+1.73%), Medical Services (+1.45%), and Chemical Pharmaceuticals (+1.44%) showing notable gains [7][26]. 2. Key Company Ratings - Companies such as Aosaikang (002755.SZ) and Cloudtop New Medicine (01952.HK) received "Buy" ratings, while Renfu Pharmaceutical (600079.SH) and Dize Pharmaceutical (688192.SH) were rated as "Hold" [1][4]. 3. Notable Industry News - BeiGene initiated a head-to-head Phase III clinical trial for BGB-16673, a targeted BTK PROTAC drug, which has shown promising results in earlier trials [26][27]. - AbbVie received FDA approval for its c-Met targeted ADC drug, marking a significant milestone in the ADC product line [29][30]. 4. Investment Recommendations - The report recommends focusing on high-quality targets within the formulation sector, particularly companies with efficient management and strong product pipelines, such as Aosaikang and Dize Pharmaceutical [4][26].

Industry News - The price of pneumonia vaccine has dropped to 25 yuan per dose, a nearly 90% decrease from the previous market price of approximately 200 yuan per dose [2] - Several innovative pharmaceutical companies reported strong performance in Q1 2025, with Innovent Biologics achieving a revenue of 381 million yuan, a year-on-year increase of 129.92%, and a net profit of 17.97 million yuan [3] - BeiGene reported a revenue of 8.048 billion yuan in Q1 2025, a year-on-year increase of 50.2%, with losses narrowing from 1.908 billion yuan to 94.5 million yuan [3][4] - Other companies like Zai Lab, Junshi Biosciences, and Rongchang Biopharmaceutical also reported significant reductions in losses during the same period [4] Company Events - HAOOB responded to the regulatory letter regarding its annual report, stating that its desensitization drug business is developing well and that it has provided adequate risk disclosures [5] - Duzheng Biotechnology has been approved for listing on the New Third Board, with projected revenues of 415 million yuan and 417 million yuan for 2023 and 2024, respectively [6] - Novo Nordisk announced a leadership change, with CEO Lars Jørgensen stepping down after eight years due to recent market challenges and stock price volatility [7] - Jiuzhoutong is investing in the medical beauty and health industry, committing 22.99 million yuan to establish a fund for investments in pharmaceuticals, medical devices, and anti-aging sectors [8] - WuXi AppTec's affiliate Hanbang Technology has officially listed on the STAR Market, projecting Q1 revenue between 145 million and 162 million yuan, with a year-on-year growth of 5.13% to 17.53% [9] - Heng Rui Pharmaceutical has launched a global public offering of H-shares, planning to issue approximately 224.52 million shares, with a potential maximum fundraising amount of 13.08 billion HKD [10] - Saint Bella has received approval from the China Securities Regulatory Commission to initiate its IPO process in Hong Kong, planning to issue up to 192 million shares [11] Public Opinion Warning - Li Chuyuan, the former chairman of Guangzhou Pharmaceutical Group, has been expelled from the party and removed from public office due to serious violations of discipline and law [12]

Group 1 - Several innovative pharmaceutical companies have reached a profitability turning point or continued to narrow losses in Q1, driven primarily by self-sustaining growth from the continuous expansion of main products [1] - In Q1, Innovent Biologics achieved revenue of 380 million yuan, a year-on-year increase of 129.9%, with a net profit of 14 million yuan. BeiGene reported revenue of 8.048 billion yuan, a year-on-year increase of 50.2%, with losses narrowing from 1.908 billion yuan to 94.503 million yuan [1] - The Hong Kong innovative drug sector has seen high profitability continue to digest valuations, with the Hong Kong innovative drug index's price-to-earnings ratio dropping from 64 times on February 21 to 25 times on May 19, highlighting significant value for current investments [1] Group 2 - The Hong Kong innovative drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, with 90% of its weight in innovative drug companies, positioning it to benefit from trends such as AI-enabled drug development and the expansion of domestic innovative drugs overseas [2] - The innovative drug ETF (159992) tracks an index that includes leading companies in the innovative drug industry chain, benefiting from advancements in AI, the export of domestic innovative drugs, and the introduction of new insurance policies for high-priced innovative drugs [2] - Huaxin Securities believes the innovative drug sector currently exhibits significant investment value, with Chinese companies establishing technological advantages in cutting-edge fields and attracting attention from large multinational pharmaceutical companies [2]