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，概不會對因本公告全部或任何部分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。 Zai Lab Limited 再鼎醫藥有限公司* （於開曼群島註冊成立的有限公司） （股份代號：9688） 授出購股權及受限制股份單位 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。董事會謹此宣佈，於2025 年12月1日（美國東部時間），本公司根據2024年股權激勵計劃向3名承授人授出可認購 合共11,800股美國存託股份的購股權並向6名承授人涉及合共22,665股美國存託股份的受 限制股份單位。 授出2024年股權激勵計劃項下的購股權 本公司根據2024年股權激勵計劃條款向3名承授人授出11,800份購股權（以美國存託股 份計）。 購股權授出詳情如下： | 授出日期： | 2025年12月1日（美國東部時間） | | --- | --- | | 承授人數目： | 3 | | 承授人類型： | 本集團僱員參與者 | | 所授出購股權數目 | 11,800 | | （以美國 ...

Core Insights - The Hong Kong Stock Connect Innovative Drug ETF (工银, 159217) experienced a net redemption of 2.867 million yuan on December 1, ranking 15th out of 198 in cross-border ETF net outflows [1] - As of December 1, the fund's latest size is 5.56 billion yuan, down from 5.59 billion yuan the previous day, with a net outflow accounting for 0.05% of the previous day's size [1] - Over the past 5 days, the fund faced a net redemption of 4.3125 million yuan, ranking 53rd out of 198 in cross-border ETF net outflows [1] - In the last 10 days, the fund saw a net subscription of 129 million yuan, ranking 34th out of 198 in cross-border ETF net inflows [1] - Over the past 20 days, the fund had a net subscription of 251 million yuan, ranking 36th out of 198 in cross-border ETF net inflows [1] Fund Details - The Hong Kong Stock Connect Innovative Drug ETF (工银, 159217) was established on March 26, 2025, with an annual management fee of 0.40% and a custody fee of 0.07% [1] - The fund tracks the Hong Kong Stock Connect Innovative Drug Index (987018) [1] - As of December 1, the fund's total shares are 3.865 billion, with a total size of 5.56 billion yuan [1] Liquidity and Performance - As of December 1, the fund's cumulative trading amount over the last 20 trading days is 13.981 billion yuan, with an average daily trading amount of 699 million yuan [2] - The current fund managers are Liu Weilin and Jiao Wenlong, with returns of 43.85% and 63.95% respectively since their management began [2] Top Holdings - The fund's top holdings include: - 百济神州 (10.84%, 314.54 million shares, 589 million yuan) - 康方生物 (10.77%, 454.20 million shares, 586 million yuan) - 信达生物 (10.43%, 644.10 million shares, 567 million yuan) - 中国生物制药 (9.82%, 7184.50 million shares, 534 million yuan) - 石药集团 (7.72%, 4908.40 million shares, 420 million yuan) - 三生制药 (7.41%, 1469.60 million shares, 403 million yuan) - 翰森制药 (5.50%, 908.20 million shares, 299 million yuan) - 科伦博泰生物-B (3.55%, 41.14 million shares, 193 million yuan) - 再鼎医药 (2.79%, 621.62 million shares, 151 million yuan) [2] Comparative Analysis - Other ETFs tracking the Hong Kong Stock Connect Innovative Drug Index include: - 汇添富国证港股通创新药ETF (159570) with a size of 23.978 billion yuan and a recent average daily trading amount of 2.652 billion yuan [2] - 港股创新药ETF (159567) with a size of 8.460 billion yuan and a recent average daily trading amount of 1.457 billion yuan [2] - 南方国证港股通创新药ETF (159297) with a size of 1.459 billion yuan and a recent average daily trading amount of 0.115 billion yuan [2] - 鹏华国证港股通创新药ETF (159286) with a size of 0.607 billion yuan and a recent average daily trading amount of 0.088 billion yuan [2]

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 0.23% on November 27, with a trading volume of 1.149 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 26, 2024, the fund's shares totaled 9.88 billion, with a total size of 8.495 billion yuan, reflecting a significant increase in both shares and size compared to the previous year [1] Fund Performance - The fund's share count increased by 2398.89% and its size increased by 2148.37% from 3.95 million shares and 378 million yuan on December 31, 2024 [1] - Over the last 20 trading days, the cumulative trading amount reached 31.987 billion yuan, with an average daily trading amount of 1.599 billion yuan [1] - Since the beginning of the year, the cumulative trading amount has been 263.006 billion yuan, with an average daily trading amount of 1.201 billion yuan over 219 trading days [1] Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 68.86% during the management period [2] - The top holdings of the fund include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and China National Pharmaceutical Group, with significant percentages of the portfolio allocated to these stocks [2] - The largest holding is BeiGene, accounting for 10.62% of the portfolio, followed closely by CanSino Biologics at 10.55% and Innovent Biologics at 10.21% [2]

Group 1: Core Insights - The current wave of innovative drugs is driven by China's participation in new technologies, with advancements in ADC, bispecific antibodies, second-generation IO, and GLP-1 [1] - The global pharmaceutical transaction volume has steadily increased, with total transaction amounts rising from $56.9 billion to $187.4 billion over the past decade, while China's transaction amounts surged from $3.1 billion to $57.1 billion [1] - By 2024, China's transaction volume is expected to account for approximately 30% of global pharmaceutical transactions [1] Group 2: Sector Analysis - In oncology, the combination of IO and ADC therapies remains strong, with significant transactions in the PD-1 bispecific antibody space; the sales of Pembrolizumab are projected to reach $29.482 billion in 2024 [2] - The autoimmune disease sector is witnessing a shift as older drugs face patent expirations, with new opportunities emerging in Th2 and Th17 pathways; Dupilumab is expected to lead with $14.1 billion in sales in 2024 [2] - The cardiovascular and metabolic disease market continues to grow, with GLP-1 receptor agonists projected to exceed $50 billion in global sales in 2024 [3] Group 3: Future Technologies - New technologies such as next-generation ADCs, TCE therapies, universal/in vivo CART technologies, gene therapy, and small nucleic acid technologies are anticipated to lead future disease treatments [4]

Core Viewpoint - The Hong Kong innovative drug sector is experiencing significant growth, with leading stocks such as Sangfor and CSPC Pharmaceutical rising over 6% and 8% respectively, driven by positive market sentiment and key developments in the industry [1][2]. Group 1: Market Performance - The Hong Kong innovative drug ETF (520880) opened high and increased by over 3%, with more than 70% of its portfolio invested in leading innovative drug stocks [1]. - Sangfor Pharmaceutical and CSPC Pharmaceutical both saw their stock prices increase significantly, indicating strong market performance in the innovative drug sector [1][2]. Group 2: Industry Developments - Sangfor Pharmaceutical plans to spin off its minoxidil brand, Mandi International, for a listing on the Hong Kong Stock Exchange [1]. - CSPC Pharmaceutical received approval for clinical trials of its ActRIIA/B antibody JMT206 injection, aimed at treating obesity [1]. Group 3: ETF Insights - The fund manager of the Hong Kong innovative drug ETF highlighted that the innovative drug sector is seeing continuous catalysts, with significant business development transactions exceeding $1 billion this year [2]. - The ETF is positioned to benefit from upcoming industry conferences and the expected release of innovative drug insurance negotiations results in December [2]. - The index tracked by the ETF has a high concentration of leading stocks, with the top ten holdings accounting for over 71% of the index weight, providing a strong representation of the innovative drug sector [3].

来源：新浪基金∞工作室 港股创新药ETF（159567）现任基金经理为马君。马君自2024年1月3日管理（或拟管理）该基金，任职 期内收益68.04%。 最新定期报告显示，港股创新药ETF（159567）重仓股包括百济神州、康方生物、信达生物、中国生物 制药、中国生物制药、石药集团、三生制药、翰森制药、科伦博泰生物-B、再鼎医药，持仓占比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）06160百济神州10.62%436.35万8.17亿09926 康方生物10.55%630.20万8.12亿01801信达生物10.21%893.55万7.86亿01177中国生物制药9.62%9966.80万 7.41亿08027中国生物制药9.62%9966.80万7.41亿01093石药集团7.56%6809.40万5.83亿01530三生制药 7.25%2038.75万5.58亿03692翰森制药5.39%1260.00万4.15亿06990科伦博泰生物-B3.48%57.08万2.68亿 09688再鼎医药2.73%862.34万2.10亿 港股创新药ETF（159567）成立于2024年1月3日，基金全 ...

Core Insights - The Hong Kong innovative drug sector is experiencing a rebound, with the Hong Kong Stock Connect innovative drug ETF (520880) rising by 1.66% at one point [1] - Major stocks such as Sanofi, Kelun-Biotech, and Hengrui Medicine saw increases of over 4%, while stocks like China Resources Pharmaceutical and Fuxing Pharmaceutical faced adjustments [1] Industry Trends - The innovative drug industry is shifting from a quantity-driven approach to a quality-driven one, entering a phase where product efficacy is paramount [3] - There is a growing focus on differentiated and internationalized pipelines, with an emphasis on products that can generate profits [3] - Oral peptide drugs, such as PCSK9 inhibitors and IL-23 antagonists, are showing promising clinical data and have the potential to reshape treatment paradigms [3] Market Dynamics - Chinese innovative pharmaceutical companies are deeply involved in global drug development, with the number of clinical trials ranking first worldwide, particularly in cell therapy, ADCs, and bispecific antibodies [3] - By 2024, it is expected that 38% of globally approved new drugs will have their first launch in China, highlighting the country's growing importance in the pharmaceutical landscape [3] - The upcoming expiration of patents for multinational corporations (MNCs) is creating opportunities for Chinese assets, which are becoming significant sources for important projects [3] ETF Performance - The Hong Kong Stock Connect innovative drug ETF (520880) and its linked funds are passively tracking the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which includes top-weighted stocks like BeiGene, China Biologic Products, and Innovent Biologics [3]

Core Viewpoint - The article emphasizes the need to shift the focus in innovative drug investment from "people" to "assets," highlighting the importance of molecules, technologies, and pipelines with significant therapeutic potential and commercial value in the biopharmaceutical sector [5][6]. Group 1: Investment Strategy - Vivo Capital has adopted a new approach called the "accelerator" model, which involves selecting high-quality drug assets globally and establishing new companies (NewCo) to introduce them to China, leveraging China's integrated advantages in clinical trials and resource allocation [6][12]. - The firm has raised $740 million for its public market strategy and currently manages over $7.5 billion in assets, indicating a robust investment capacity [6][8]. - The traditional VC model in biopharmaceuticals is deemed ineffective, as it has led to resource misallocation and excessive reliance on capital markets, which can jeopardize drug development when IPO opportunities diminish [8][9]. Group 2: Market Dynamics - In the first half of 2025, China saw a total upfront payment of approximately $2.64 billion for innovative drug license-out transactions, surpassing the primary market financing total of about $1.62 billion [8]. - The article notes a significant gap between the investment in innovative drugs (approximately $200 billion over the past decade) and the projected annual sales of domestic innovative drugs in 2024 (around 60 billion RMB, or less than $10 billion) [9]. - The article highlights that the investment returns in sectors like food, pharmaceuticals, and aviation are often marginally negative due to their substantial social value, advising investors from non-biopharmaceutical sectors to be cautious [9]. Group 3: Asset Development and Evaluation - The asset development process involves a five-tier evaluation system, including assessments from the original technology company, Vivo Capital, the NewCo board, development partners, and potential buyers [13]. - The decision to advance or halt a project is influenced by both scientific data and dynamic market competition, ensuring efficient resource allocation [13]. - Vivo Capital's investment strategy has evolved through three iterations, culminating in the establishment of the "accelerator" model, which focuses on resource allocation around promising assets [13][19]. Group 4: Leadership and Team Dynamics - The selection of leadership for new ventures is critical, with a focus on finding "drivers" who possess international perspectives and resource integration capabilities rather than traditional founders [18]. - The article emphasizes the need for a collaborative approach among various talent types, including those who identify market needs, researchers, and business development professionals [15][16]. - The challenge lies in accurately assessing individuals' capabilities in a complex and high-barrier industry, where misalignment can lead to resource misallocation [16]. Group 5: Market Outlook - The article expresses optimism about the long-term prospects of the Hong Kong stock market for innovative drugs, despite a recent correction, citing improved asset quality compared to three years ago [20][21]. - Factors contributing to the positive outlook include regulatory alignment with international standards, the return of overseas experts, the rise of specialized service platforms, and substantial capital inflows [21][22]. - The article notes that global pharmaceutical companies currently have approximately $1.2 trillion in available funds, creating opportunities for domestic innovative drug companies to engage in business development transactions [23].

11月21日，美国三大股指全线收涨，道琼斯工业指数涨1.08%报46245.41点，标普500指数涨0.98%报6602.99点，纳斯达克指数涨0.88%报22273.08点。本 周，道琼斯工业指数跌1.91%，标普500指数跌1.95%，纳斯达克指数跌2.74%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | | 道琼斯工业平均 | 46245.41 | 493.15 | 1.08% | 8.70% | | 纳斯达克指数 | 22273.08 | 195.03 | 0.88% | 15.34% | | 标普500 | 6602.99 | 64.23 | 0.98% | 12.26% | 欧洲三大股指收盘涨跌不一，德国DAX指数跌0.8%报23091.87点，法国CAC40指数涨0.02%报7982.65点，英国富时100指数涨0.13%报9539.71点。本周， 德国DAX指数跌3.29%，法国CAC40指数跌2.29%，英国富时100指数跌1.64%。 中概股多数上涨，纳斯达克中国金龙指数涨1.23%。个股方面，涂鸦智能涨超6% ...

Core Viewpoint - Wuhan Binhui Biotechnology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, focusing on cancer immunotherapy with a pipeline that includes oncolytic viruses, nucleic acid therapies, and protein biologics [1][3] Company Overview - Founded in 2010, Binhui Biotechnology has completed 13 rounds of financing, raising over 1.5 billion yuan, with a post-money valuation of 3.22 billion yuan as of June 30, 2025 [1] - The company has attracted investments from notable firms such as Yangtze River Pharmaceutical Group and China International Capital Corporation [1] Product Pipeline - The core product BS001 is the world's first oncolytic virus candidate using a type II herpes simplex virus (HSV-2) that has entered Phase III trials, targeting melanoma and expanding to colorectal cancer and glioblastoma [3] - BS006, another significant product, is the first dual-antibody oncolytic virus to enter clinical stages, focusing on difficult-to-treat solid tumors [3] - Additional early-stage pipelines include nucleic acid therapies BR003, BS051, and protein biologics BR016 [3] Financial Performance - The company reported revenues of 981,000 yuan in 2023, 1.725 million yuan in 2024, and 140,000 yuan in the first half of 2025, with a 44% year-on-year decline in the first half of 2025 [3] - Net losses were 110 million yuan in 2023, 113 million yuan in 2024, and 44.215 million yuan in the first half of 2025, totaling over 270 million yuan in losses over two and a half years [3] - As of June 30, 2025, cash and cash equivalents stood at 166 million yuan, with a projected net loss of 113 million yuan in 2024, indicating a runway of approximately 1.5 years [3] Market Outlook - The oncolytic virus market in China is projected to grow from 2.7 billion yuan in 2023 to 3.5 billion yuan in 2024, representing a growth rate of 29.6%, but with a low penetration rate of about 12.4% [4] - Patient awareness of oncolytic virus therapies is limited, and most products are not included in medical insurance, leading to high treatment costs exceeding 100,000 yuan per course [4] Competitive Landscape - Binhui Biotechnology's BS001 faces challenges similar to those of Amgen's T-VEC, which has limited indications and complex administration methods that restrict its clinical application [5] - The company must build a robust sales network and train medical staff to effectively promote its products, as its current sales and marketing team is underrepresented [6] - Established pharmaceutical companies are also investing in oncolytic virus therapies, creating a competitive environment for Binhui Biotechnology [6]