Core Insights - The CSI Hong Kong 300 Biopharmaceutical Index (H300 Biopharmaceuticals) reported a value of 958.77 points, showing a significant upward trend [1] - The index has increased by 2.89% over the past month, 34.24% over the past three months, and 47.43% year-to-date [1] - The index is designed to reflect the overall performance of different industries in the Hong Kong market, based on the CSI industry classification standards [1] Index Composition - The CSI Hong Kong 300 Biopharmaceutical Index consists entirely of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - The index is composed solely of the biopharmaceutical sector, indicating a focused investment strategy [1] Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [2] - Events such as delisting, mergers, or changes in industry classification will prompt corresponding adjustments to the index samples [2]

| A | 股代码：688428 | 股简称：诺诚健华 A | 公告编号：2025-015 | | --- | --- | --- | --- | | 港股代码：09969 | | 港股简称：诺诚健华 | | 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过发送智能短信等形式，根据股权登记日 的股东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、 议案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票 一键通服务用户使用手册》（下载链接：https://vote.sseinfo.com/i/yjt_help.pdf）的 提示步骤直接投票，如遇拥堵等情况，仍可通过原有的交易系统投票平台和互联 网投票平台进行投票。 若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线等方 式向公司反馈，感谢广大投资者对公司的关注与支持！ 特此公告。 诺诚健华医药有限公司董事会 2025 年 5 月 7 日 1 诺诚健华医药有限公司 关于股东大会开设网络投票提 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the pharmaceutical sector [2][5]. Core Views - The pharmaceutical sector has seen a 0.49% increase this week, outperforming the CSI 300 index by 0.93 percentage points, ranking 9th among 31 first-level industries [8][28]. - The report highlights the positive impact of favorable policies on the pharmaceutical sector, suggesting a gradual recovery in industry sentiment. It recommends focusing on high-quality targets in the formulation sector and emphasizes the potential of innovative therapies and domestic drug replacements [5][28]. Summary by Sections Industry Performance - The pharmaceutical sector's performance this week was a 0.49% increase, with sub-sectors such as pharmaceutical commerce rising by 3.12% and medical services by 1.69%. In contrast, biological products and traditional Chinese medicine II saw declines of 0.87% and 1.01%, respectively [8][28]. Key News - Baiyi Shenzhou's BCL-2 inhibitor "Sonrotoclax" has been submitted for market approval, targeting specific types of lymphoma and leukemia [28][29]. - Merck KGaA announced a $3.9 billion acquisition of SpringWorks, enhancing its portfolio in the oncology space [28][30]. Key Announcements - Baili Tianheng received approval for two Phase II clinical trials for its innovative drug BL-B01D1, aimed at treating recurrent or metastatic cervical cancer and advanced endometrial cancer [32][33].

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss developments in the AI computing power sector and nuclear fusion technology, highlighting advancements in domestic capabilities and international collaborations [1][2][3][4]. Key Insights and Arguments 1. **AI Computing Power Demand**: - The demand for domestic AI computing power is expected to maintain a high growth trend in the long term, driven by innovations in algorithms and architectures [2]. - DeepSeek has released the Prover-V2 model with 671 billion parameters, which supports efficient training and deployment, indicating a significant upgrade from its predecessor [1]. 2. **Strategic Partnerships**: - Companies like润建股份 and拓维信息 are actively engaging in the domestic computing ecosystem, collaborating with major tech firms like Huawei to develop integrated hardware and software solutions [2]. - The partnership with Huawei aims to create a comprehensive technology stack from computing hardware to application software, enhancing the deployment of AI models [2]. 3. **Nuclear Fusion Developments**: - The completion of the world's largest superconducting electromagnetic system for the ITER project marks a significant milestone in nuclear fusion technology [3]. - The system's components, including the central solenoid, are crucial for the operation of the fusion reactor, showcasing advancements in China's nuclear fusion capabilities [3][4]. 4. **Investment and Market Trends**: - There is a notable increase in investments in the nuclear fusion sector, with multiple entities bidding for projects, indicating a growing interest and potential for future growth in this field [3]. - The market is witnessing a rotation of hot sectors, with AI, robotics, and computing power stocks showing significant activity and investment interest [8][14]. Additional Important Content - **Technological Innovations**: The DeepSeek-Prover-V2 model utilizes a mixture of experts (MoE) architecture and supports long context processing, which is essential for complex mathematical proofs [1]. - **Market Performance**: The trading volume for stocks related to AI and computing power has increased, with a notable number of stocks reaching new highs, reflecting investor confidence in these sectors [8][14]. - **Collaborative Efforts**: Companies are forming joint ventures and partnerships to enhance their capabilities in both AI and nuclear sectors, indicating a trend towards collaborative innovation [4][16]. This summary encapsulates the critical developments and insights from the conference call records, focusing on the advancements in AI computing power and nuclear fusion technology, along with the strategic partnerships and market trends shaping these industries.

Core Insights - The Chinese innovative drug industry is experiencing a positive trend, with increasing industry prosperity and significant breakthroughs in product development by various companies [1][2][3] - The AACR annual meeting showcased the strength of Chinese innovative drug research, with 126 companies presenting nearly 300 new drug research results [2] - Several companies reported impressive financial results, indicating a recovery and growth in the sector [4][5][6] Industry Developments - The AACR meeting highlighted the growing influence of Chinese innovative drugs, with over 80 ADC studies and nearly 40 bispecific antibody studies presented [2] - Notable approvals include the new BTK inhibitor from Innovent Biologics and the PD-1/VEGF bispecific antibody from Kangfang Biotech, both receiving regulatory approval for cancer treatment [3] - The industry is seeing a trend of improved financial performance, with companies like Heng Rui Pharma reporting a 22.63% increase in revenue and a 47.28% increase in net profit [4] Financial Performance - Heng Rui Pharma achieved a revenue of 27.985 billion yuan, with a net profit of 6.337 billion yuan, reflecting strong growth [4] - Bai Li Tian Heng reported a staggering 936.31% increase in revenue to 5.823 billion yuan, turning a profit due to a significant upfront payment from a global pharmaceutical partner [4] - Shen Zhou Cell's revenue reached 2.513 billion yuan, marking a 33.13% increase, with the company achieving profitability for the first time [5] Market Catalysts - The innovative drug sector is being catalyzed by various factors, including overseas licensing, domestic policy support, and clinical data advancements [7] - Recent policies in Beijing and Shenzhen aim to accelerate innovation in the pharmaceutical industry, offering financial incentives for successful drug approvals [7] - Investment trends show a significant increase in domestic innovative drug financing, with a 51.78% year-on-year growth in March [7] Future Outlook - Industry experts believe that continued policy support will provide better development opportunities for differentiated innovative drugs in China [8] - The focus on innovation and internationalization remains a core strategy for the industry, with expectations for faster approval processes and supportive pricing mechanisms [8]

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [4] Core Insights - The innovative drug sector has seen a significant increase in institutional preference, with the total heavy positions in Biotech innovative drugs reaching 57.62 billion, a quarter-on-quarter increase of 62% [9][19] - The heavy positions in Biotech innovative drugs accounted for 1.90% of the total market heavy positions, up by 0.79 percentage points, and 19.43% of the heavy positions in the pharmaceutical industry, up by 6.36 percentage points [9][21] - The report highlights that the preference for innovative drugs is driven by continuous revenue and profit realization from domestic sales and overseas licensing, along with anticipated catalysts from upcoming academic conferences in Q2 [19][21] Weekly New Drug Market Review - From April 28 to May 2, 2025, the top five companies in the new drug sector by stock price increase were: Aidi Pharmaceutical (19.49%), Kelun-Botai Biological (17.02%), Lepu Biopharma (16.09%), Connora (13.61%), and Canaan Pharma (13.60%) [15][17] - The top five companies by stock price decrease were: Kangfang Biopharma (-11.22%), Yiming Oncology (-10.03%), Dongyao Pharmaceutical (-6.90%), Maibo Pharmaceutical (-6.52%), and Ascentage Pharma (-5.63%) [15][17] New Drug Application Approvals and Acceptances - No new drug or new indication applications were approved this week; however, six new drug or new indication applications were accepted, including Biocodex's Sitalopram Capsules and BeiGene's Sotoclar Tablets [33][34] New Drug Clinical Application Approvals and Acceptances - This week, 33 new drug clinical applications were approved, and 36 new drug clinical applications were accepted [37][39]

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [4] Core Insights - The innovative drug sector has seen a significant increase in institutional preference, with the total heavy positions in Biotech innovative drugs reaching 57.62 billion, a quarter-on-quarter increase of 62% [9][19] - The heavy positions in Biotech innovative drugs accounted for 1.90% of the total market heavy positions, up by 0.79 percentage points, and 19.43% of the heavy positions in the pharmaceutical industry, up by 6.36 percentage points [9][21] - The report highlights that the preference for innovative drugs is driven by continuous revenue and profit realization from domestic sales and overseas licensing, along with anticipated catalysts from upcoming academic conferences in Q2 [19][21] Weekly New Drug Market Review - From April 28 to May 2, 2025, the top five companies in the new drug sector by stock price increase were: Aidi Pharmaceutical (19.49%), Kelun-Botai Biopharmaceutical (17.02%), Lepu Biopharmaceutical (16.09%), Connora (13.61%), and Canaan Pharma (13.60%) [15] - The top five companies by stock price decrease were: Kangfang Biopharmaceutical (-11.22%), Yiming Oncology (-10.03%), Dongyao Pharmaceutical (-6.90%), Maibo Pharmaceutical (-6.52%), and Ascentage Pharma (-5.63%) [15] Weekly New Drug Industry Analysis - The report analyzed the latest heavy positions of all funds in the innovative drug sector as of March 31, 2025, focusing on A-share and Hong Kong Biotech companies [19] - The heavy positions in Biotech innovative drugs represented 6.11% of the total market circulation value, an increase of 0.90 percentage points [24][31] Weekly New Drug Approval & Acceptance Status - No new drug or new indication applications were approved this week; however, six new drug or new indication applications were accepted, including Biocodex's Sitalopram Capsules and BeiGene's Sotoclar Tablets [33][34] Weekly New Drug Clinical Application Approval & Acceptance Status - This week, 33 new drug clinical applications were approved, and 36 new drug clinical applications were accepted [37]

生物科技板块的强劲表现带动相关主题基金收益飙升。据Wind数据，截至4月30日，在今年来收益率排名前20的权益基金中，9只为医药主题基金，收益率 均在40%以上。其中，长城医药产业精选在一季度大幅加仓医药股，对第一大重仓股泽璟制药增持约1.84万股，对第二大重仓股信达生物增持约4.85万股， 对诺诚健华增持16.2万股，对益方生物、康弘药业等亦有大幅增持。 平安核心优势混合同样在一季度积极调仓，康方生物升为第一大重仓股，增持约4.5万股；诺诚健华新进为前十大重仓股，持有28.08万股。其对百济神州、 百利天恒、艾力斯也有不同程度加仓。知名基金经理葛兰管理的中欧医疗健康混合一季度净值大幅反弹，科伦药业新进入前十大重仓股，迈瑞医疗、东阿阿 胶、华润三九等个股被减持。 【环球网财经综合报道】Wind数据显示，今年以来，港股生物科技板块强势崛起，恒生香港上市生物科技指数（HSHKBIO）累计上涨32.83%，跑赢同期恒 生科技指数。多只细分领域龙头股股价创新高，荣昌生物年内涨幅达到187.5%，三生制药、康宁杰瑞制药-B等涨幅超过120%，信达生物、百济神州、诺诚 健华等涨幅超过40%。 有业内人士表示，2025年或 ...

Core Viewpoint - The AI Fund ICBC Healthcare Stock (000831) reported a profit of 209 million yuan for Q1 2025, with a weighted average profit per fund share of 0.1864 yuan, indicating a net value growth rate of 8.25% during the reporting period [3]. Fund Performance - As of April 24, the fund's unit net value was 2.502 yuan, with a three-month net value growth rate of 11.10%, ranking 32 out of 54 comparable funds [4]. - The fund's six-month net value growth rate was 4.38%, ranking 25 out of 54, while the one-year growth rate was 1.54%, ranking 37 out of 54 [4]. - Over the past three years, the fund's net value growth rate was -13.87%, ranking 22 out of 46 [4]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.0859, ranking 20 out of 44 comparable funds [10]. - The maximum drawdown over the past three years was 40.75%, with the largest single-quarter drawdown occurring in Q3 2022 at 24.01% [12]. Fund Holdings and Strategy - As of Q1 2025, the fund's total assets amounted to 2.724 billion yuan [16]. - The top ten holdings included companies such as Heng Rui Medicine, WuXi AppTec, and Mindray Medical, indicating a focus on leading firms in the healthcare sector [18]. - The fund manager noted a stabilization trend in consumer medical demand, with a cautious outlook on whether this trend can sustain or improve [3]. Long-term optimism remains for advancements in refractive surgery technology, increased penetration in myopia prevention, and growth in dental implants and medical aesthetics [3].

Group 1 - The core viewpoint of the news is the performance and holdings of the Industrial and Commercial Bank of China Medical Healthcare Stock Fund, which has shown positive growth in recent months and has a diversified portfolio in the healthcare sector [1][3]. - As of April 30, 2025, the latest net value of the fund is 2.5180 yuan, reflecting a growth of 1.82%. The fund's return over the past month is 2.07%, ranking 41 out of 469 in its category. Over the past three months, the return is 11.71%, ranking 45 out of 467, and since the beginning of the year, the return is 10.49%, ranking 44 out of 465 [1]. - The fund's total assets amount to 2.724 billion yuan as of March 31, 2025, and it was established on November 18, 2014. The fund managers are Zhao Bei and Ding Yang [1]. Group 2 - The top ten holdings of the fund account for a total of 39.79%, with significant investments in companies such as Heng Rui Pharmaceutical (8.90%), WuXi AppTec (5.12%), and Aier Eye Hospital (4.94%) [1]. - Zhao Bei, the fund manager, has extensive experience in the healthcare sector, having been with ICBC Credit Suisse Asset Management since 2010 and managing the healthcare fund since its inception in 2014. Ding Yang, the co-manager, has a strong academic background and joined the firm in 2017 [2].