美国法院叫停特朗普关税政策市场风险偏好回升，港股三大指数持续走高，恒生科技指数大幅上涨 2.46%，恒生指数、国企指数分别上涨1.35%及1.37%，恒指升超300点，市场迎来一波久违小高潮。 | 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | Concession of the control of 800000 | DE CARDE LETTRADE 恒生指数 | 1 | 23573.38 | +315.07 | 1.35% | | 800700 | 恒生科技指数 | | 5301.92 | +127.28 | 2.46% | | 800100 | 国企指数 | | 8559.71 | +115.84 | 1.37% | 盘面上，此前走势不断分化的大型科技股再度集体上涨助力大市向好，其中，美团大涨6.6%，快手涨 近5%，京东涨超4%；此前受关税影响下跌的行业多数出现反弹行情，尤其是生物医药股和苹果概念股 涨幅明显，其中，君实生物大涨近15%，药明生物大涨10%；中资券商股、半导体股、重型机械股、餐 饮股、家电股、 ...

Industry Investment Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The ASCO conference has showcased significant data from several domestic innovative drugs, highlighting opportunities for innovation and performance resonance [1][4] - The report emphasizes the increasing competitiveness and international influence of Chinese pharmaceutical companies, with a record number of original research results presented at ASCO [4][5] - The report suggests a positive outlook for the innovative drug sector, driven by favorable policies and low valuations compared to historical averages [4] Summary by Sections Market Performance - The Hang Seng Index fell by 2.4% during the week, while the Hang Seng Healthcare Index decreased by 1.0%, ranking 7th among 12 industry indices [4][22] - Sub-industry performance varied, with life sciences tools and services up by 3.4%, and biotechnology down by 4.9% [4][22] Company Ratings and Valuations - The report provides a detailed valuation summary for various companies, with most rated as "Buy" and a few as "Neutral" or "Sell" [3][42] - Notable companies with "Buy" ratings include: - AstraZeneca (AZN US) with a target price of 93.30 and a current price of 70.96 [3] - BeiGene (6160 HK) with a target price of 208.80 and a current price of 146.00 [3] - Innovent Biologics (1801 HK) with a target price of 60.00 and a current price of 59.55 [3] ASCO Conference Highlights - The 2025 ASCO conference featured 71 original research results from Chinese pharmaceutical companies, with 11 studies presented as Late Breaking Abstracts [5][6] - Companies like Innovent Biologics and Rongchang Biologics showcased promising clinical data for their innovative therapies [5][6] Investment Recommendations - The report recommends focusing on companies with strong growth potential and clear profitability timelines, such as Rongchang Biologics, Kangfang Biologics, and Innovent Biologics [4] - It also highlights the potential for prescription drug companies like Xiansheng Pharmaceutical and Hansoh Pharmaceutical to expand their valuations due to high growth rates [4] Recent Approvals and Developments - Rongchang Biologics received approval for a new indication for its drug in treating myasthenia gravis [20] - Innovent Biologics published positive results for its dual receptor agonist in a prominent medical journal [20] - BeiGene's clinical research for its drug in small cell lung cancer has shown promising results [20]

Group 1: Pharmaceutical Sector Performance - Pharmaceutical stocks are showing strong performance, with WuXi AppTec (02126) up 19.3% at HKD 2.06, Junshi Biosciences (01877) up 13.59% at HKD 20.65, and Zai Lab (06127) up 13.38% at HKD 12.54 [1] - The upcoming 2025 American Society of Clinical Oncology (ASCO) annual meeting in Chicago is expected to boost market sentiment, with over 70 original research projects from Chinese researchers selected for oral presentations [1] - According to CICC International, the number of Chinese innovative drugs included in the 2025 ASCO abstracts has reached a new high, indicating a significant breakthrough in the R&D competitiveness of Chinese pharmaceutical companies [1] Group 2: Market Reactions to Tariff Measures - The market sentiment has improved following a federal court ruling that blocked former President Trump's tariff measures, which were announced on April 2 [2] - The court's decision has suspended most of Trump's tariff initiatives, including global uniform tariffs and additional tariffs on countries exporting more than they import, particularly affecting China, Canada, and Mexico [2]

2025年5月27日，公告数据显示，兴证全球合熙混合型证券投资基金将于2025年6月4日至6月25日公开发售，该基金由兴证全球基金管理有限公司管理，托管 人为招商银行股份有限公司。拟任基金经理为陈聪先生，理学硕士。历任美林证券量化分析师、IHS Markit衍生品主管、兴证全球基金研究员、投资经理、 基金经理助理。现任兴全沪港深两年持有期混合型证券投资基金基金经理（2022年11月16日起至今）。 在管产品来看，兴全沪港深两年持有期混合型证券投资基金成立于2020年5月，成立以来收益为-23.87%，跑输业绩基准21.51%。由林翠萍管理发行，陈聪于 2022年11月16日参与管理。截至2025年5月28日，该基金近三年跑输业绩基准22.76%；虽然近一年该基金上涨20.04%，但仍跑输业绩基准3.32%；具体到陈 聪管理至今，其任职回报为7.28%，但仍跑输业绩基准19.47%。 | 信息 | | | | YTD | 近3月 | | --- | --- | --- | --- | --- | --- | | 状 | 正常申购 | 兴全沪港深两年持有混合 | | 11.20% | -0.03% | | 犬态 ...

数据显示，截至2025年5月28日，中证港股通创新药指数(931250)前十大权重股分别为信达生物 (01801)、百济神州(06160)、药明生物(02269)、康方生物(09926)、石药集团(01093)、中国生物制药 (01177)、三生制药(01530)、翰森制药(03692)、再鼎医药(09688)、药明康德(02359)，前十大权重股合计 占比71.68%。 有数据显示，年初至今，国产创新药出海交易总金额已达455亿美元，首付款已达22亿美元，2025年全 年有望创新高。其中，三生制药12.5亿美元BD交易首付款刷新历史纪录。 规模方面，港股创新药50ETF近3月规模增长2.89亿元，实现显著增长。份额方面，港股创新药50ETF近 3月份额增长2.10亿份。 从估值层面来看，港股创新药50ETF跟踪的中证港股通创新药指数最新市盈率（PE-TTM）仅24.96倍， 处于近1年11.9%的分位，即估值低于近1年88.1%以上的时间，处于历史低位。 截至2025年5月29日午间收盘，中证港股通创新药指数强势上涨2.81%，成分股君实生物上涨12.76%， 药明合联上涨11.28%，药明生物上涨9.19 ...

Group 1 - The innovative drug sector is experiencing multiple favorable developments, with the Guotai Innovative Drug ETF (517110) leading the market and showing strong performance [1] - The ASCO annual meeting, a major platform for biopharmaceutical companies to present clinical research results, will take place from May 30 to June 3, 2025, in Chicago, showcasing significant clinical data from domestic innovative drug companies [1] - The inclusion of multiple domestic innovative drug research projects in the ASCO conference reflects the vigorous state of domestic pharmaceutical R&D and the progress made in cancer treatment [1] Group 2 - The Chinese innovative drug industry is rapidly reshaping the international pharmaceutical market, with leading domestic companies expected to achieve record high revenues and net profits in 2024 [2] - As of now, the total transaction amount for domestic innovative drugs reaching overseas has reached $45.5 billion, with upfront payments totaling $2.2 billion, indicating a strong growth trajectory [2] - The retail market for prescription drugs continues to grow steadily, with biological products and innovative drugs being the main drivers, highlighting the increasing penetration of innovative drugs in the market [2] Group 3 - The Chinese innovative drug industry is transitioning from a phase of capital bubble to a stage of genuine achievements, gaining recognition from multinational corporations [3] - The demand for pharmaceuticals is increasing due to rising health awareness and an aging population, creating opportunities for various pharmaceutical sectors [3] - The Guotai Innovative Drug ETF (517110) provides a way to invest in leading stocks within the innovative drug sector, capitalizing on the rapid industry growth [3]

Market Overview - A-shares market showed an overall upward trend in the morning, with major indices rising to varying degrees, particularly strong performances from the EDA concept and automotive sectors [1][4] - The North Stock 50 Index and ChiNext Index performed well, indicating a stronger market compared to previous trading days [4] Sector Performance - According to Shenwan's primary industry classification, several sectors including computer, automotive, electronics, pharmaceutical biology, machinery equipment, comprehensive, and national defense military industry saw intraday gains exceeding 1.5% [5] - EDA concept sector exhibited robust performance with an overall increase of over 6%, featuring stocks like Gelaun Electronics hitting the daily limit, and Guangliwei and Huada Jiutian rising over 15% [7] - The automotive sector also experienced fluctuations, with Jinlong Automobile hitting the daily limit and several other companies like Dongfeng Motor and Hanma Technology rising over 5% [7] New Listings - A new stock, Guqi Down Material, was listed today, with its price surging over 220% at one point, leading to a temporary halt due to hitting the trading limit [2][9] - Guqi Down Material focuses on high-spec down products, primarily goose and duck down, and has established partnerships with notable brands such as HLA and Bosideng [10] Hong Kong Market - The Hong Kong market saw a slight overall increase, with the Hang Seng Index constituents like WuXi Biologics and Shenzhou International leading the gains [12] - The Hang Seng Technology Index constituents, particularly XPeng Motors, experienced significant gains, with a rise of over 8% following the launch of new models [13] - However, Kingsoft Corporation faced a decline, with a drop of over 8% after reporting a revenue of RMB 2.338 billion for Q1 2025, reflecting a 9% year-on-year increase but a 16% quarter-on-quarter decrease [14]

港股午评：港股主要股指早盘拉升 生物医药股上涨 金十数据5月29日讯，港股早盘主要股指震荡拉升，恒生科技指数半日收涨1.56%，恒生指数半日收涨 0.64%。板块个股方面，大型科技股集体拉升上扬，美团(03690.HK)涨超5%，快手(01024.HK)、网易 (09999.HK)涨近3%，百度(09888.HK)、阿里巴巴(09988.HK)、京东(09618.HK)均涨超1%。生物医药早 盘时段大幅拉升，药明巨诺(02126.HK)涨超19%，药明生物(02269.HK)、药明合联(02268.HK)等均涨超 8%。小鹏汽车(9868.HK)今日早盘强势，盘中一度拉升涨近9%，日前小鹏MONA M03加推Max、Plus新 版型，上市1小时大定12566台。 ...

Market Performance in Hong Kong - ZhongAn Online (06060) surged over 8%, with a cumulative increase of over 50% this month, benefiting from stablecoin legislation that positively impacts its virtual asset business [1] - Education stocks collectively rose, with China Education Group (0839) up over 5% and New Oriental (9901) up over 2% [1] - Kingsoft (03888) fell over 6% as Q1 revenue missed expectations [1] - Export stocks strengthened, with Shenzhou International (02313) rising nearly 5% amid a U.S. federal court blocking Trump's tariff policy [1] - Gold stocks collectively declined as international gold prices fell to $3,250 [1] - Apple-related stocks rose collectively, with AAC Technologies (02018), Q Technology (01478), and Sunny Optical (02382) each up over 2% [1] - Junshi Biosciences (01877) increased over 6% after receiving approval for two new indications, accelerating clinical progress of its pipeline [1] - XPeng Motors-W (09868) rose over 6% as the new MONA M03 version saw over 12,000 pre-orders within an hour [1] - Pop Mart (09992) increased over 4% as Labubu 3.0 sparked a global phenomenon, with its brand POPOP set to open its first official store [1] - CRO concept stocks strengthened, with WuXi Biologics rising over 8% and WuXi AppTec and Zai Lab each up over 4% following the U.S. International Trade Court's decision to halt Trump's tariffs [1] - Hongteng Precision (06088) rose over 6% as NVIDIA's data center revenue surged over 70%, resolving previous overheating issues [1] - Tongcheng Travel (00780) increased over 4% with accelerated net profit growth in Q1, as institutions remain optimistic about OTA platform performance [1] - WuXi AppTec-B (02126) surged over 20% after the acceptance of a new indication application for Regorafenib [1] Market Performance in U.S. - NVIDIA (NVDA.US) rose nearly 6% after reporting strong Q1 results and projecting shipments of Blackwell Ultra for Q2 of fiscal 2026 [2] - AI software provider C3.ai (AI.US) soared over 12% with Q4 revenue growth of 26% year-over-year, reaching $109 million [2] - Software giant Salesforce (CRM.US) rose nearly 6% after reporting Q1 revenue of $9.8 billion, an 8% year-over-year increase, and raising its full-year revenue guidance [2] - HP Inc. (HPQ.US) fell nearly 15% after lowering its full-year earnings forecast due to increased costs from tariffs, reporting Q2 net revenue of $13.22 billion [2] - Spero Therapeutics (SPRO.US) surged 245% after successful Phase 3 trial results for a urinary tract infection drug [2] - JZXN (JZXN.US) jumped nearly 25% as the company plans to acquire 1,000 bitcoins within the next year [2] - Joby Aviation (JOBY.US) soared over 28% after receiving a $250 million investment from Toyota, which had previously committed a total of $500 million [2] Additional U.S. Market Highlights - Abercrombie & Fitch (ANF.US) rose nearly 15% as its fiscal outlook indicated that tariffs would not impact sales [3] - ZTO Express (ZTO.US) rose over 4.5% with a Q1 net profit growth of 40.9% [5] - Manbang Group (YMM.US) initially rose over 4%, closing up 1.7%, with Q1 operating profit increasing 1.7 times [5] - Tempus AI (TEM.US) fell nearly 20% after a short-seller report questioned its AI capabilities [5]

Core Insights - The Hong Kong stock market saw a significant surge in the innovative drug sector, with major stocks like WuXi AppTec and Junshi Biosciences experiencing gains of over 8% [1] - The total transaction amount for domestic innovative drugs reaching overseas has hit $45.5 billion this year, with an upfront payment of $2.2 billion, indicating a strong growth trajectory [1] - The price-to-earnings ratio of the Hong Kong innovative drug index has decreased from 64 times in February to 27 times, highlighting an attractive valuation for investors [1] Group 1: Market Performance - The Hong Kong innovative drug ETF (159567) rose over 2%, with real-time trading volume exceeding 500 million yuan, reflecting high market activity [1] - The average daily trading volume over the past five trading days for the innovative drug ETF was 699 million yuan, indicating strong investor interest [1] Group 2: Industry Trends - The innovative drug sector is benefiting from increased health awareness and an aging population, leading to a growing demand for pharmaceuticals [1] - The innovative drug ETF (159992) tracks a comprehensive index that includes both global CXO leaders and domestic generic drug companies, positioning it to benefit from various market trends [2] - The retail market for prescription drugs in China continues to grow steadily, with biological products and innovative drugs being the main drivers of this growth [2]