数据是个宝 数据宝 投资少烦恼 QDII基金和股票型基金资金均呈现净流出。 本周，A股小幅震荡。ETF份额本周增加38.62亿份，达到28096.56亿份；总规模增加521.81亿元，达到40672.53亿元。 本周资金净流入115.4亿元。分类型来看，另类投资基金、货币市场型基金、债券型基金的资金分别净流入181.25亿元、13.95亿元和11.87亿元；国际 （QDII）基金和股票型基金的资金分别净流出11.56亿元和80.11亿元。 创新药ETF霸屏涨幅榜 据证券时报·数据宝统计，场内投资类型为股票型的ETF中，有超800只ETF本周复权单位净值增长率录得正值，6只港股创新药相关ETF周涨幅超10%。 工银国证港股通创新药ETF本周上涨10.95%，涨幅居首。该基金最新流通规模达26.73亿元，基金份额升至25.74亿份，均创上市来新高。 广发基金投顾团队认为，创新药走强主要是因为估值低、市场热、有支撑三大因素。创新药是成长风格里的价格洼地，近10年PE分位数较低，多数公司 正处于低于合理估值的阶段。虽然港股指数反弹行情较强，但从中信一级行业来看，医疗板块的反弹幅度不高。 创新药是"真"创新。相比于当前 ...

长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 安稳小股东 来源：雪球 最近A股最靓的仔是创新药 ，恒生医疗ETF直接冲击4连涨 ， 近一周涨幅超7.6% 。 对于创新药 ， 这肯定不是炒作 ， 而是行业周期 。 其实最近医药板块有点 " 逆市突围 " 的意思 。 本周大盘涨0.96% ， 生物医药板块整体却跌了 0.36% ， 可创新药逆势大涨 ， 背后藏着三个关键信号 。 一是政策东风 ， 北京刚出台的 《 支持创新医药高质量发展若干措施 》 堪称 " 王炸 " ， 把临 床试验启动时间压缩到20周以内 ， 多中心试验伦理审查互认率提高到90%以上 。 这意味着什么 ？ 以前药企从研发到上市可能要耗5年 ， 现在至少能缩短1-2年 。 更绝的是 ， 北京还鼓励AI赋能药物研发 ， 计划建成5个基于器官的高质量数据集 ， 数据规模达50TB 。 这 就是加速加速再加速 。 二是国产创新药正在改写全球规则 ， 比如映恩生物刚完成港股IPO ， 这家成立才6年的公司 ， 已经有12款自研ADC药物管线 ， 7款进入临床 ， 还和BioNTech 、 百 ...

AI基金东吴医疗服务股票A（013940）披露2025年一季报，第一季度基金利润719.02万元，加权平均基金份额本期利润0.0918元。报告期内，基金净值增长 率为18.83%，截至一季度末，基金规模为4473.8万元。 该基金属于标准股票型基金，长期投资于医药医疗股票。截至4月23日，单位净值为0.583元。基金经理是毛可君，目前管理3只基金。其中，截至4月23日， 东吴医疗服务股票A近一年复权单位净值增长率最高，达17.37%；东吴双三角股票A最低，为-8.68%。 基金管理人在一季报中表示，展望后市，短期来看，国际贸易博弈对市场或有较大冲击，避险情绪或阶段性主导，但中长期看我们依然相对看好我国创新药 为代表的的医药产业发展趋势。 截至4月23日，东吴医疗服务股票A近三个月复权单位净值增长率为17.18%，位于同类可比基金19/54；近半年复权单位净值增长率为8.09%，位于同类可比 基金12/54；近一年复权单位净值增长率为17.36%，位于同类可比基金11/54；近三年复权单位净值增长率为-26.68%，位于同类可比基金36/46。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比 ...

消息面上，相关机构近期表示，创新药仍处于产业加速向上的周期，今年也有强基本面的兑现支撑。在 既往ADC、PD1/VEGF等技术爆发之后，TCE、ProTac等新技术已经看到萌芽开花；同时，创新药从可 预期的BD潮走向盈利潮，以往大家对创新药的疑虑是研究壁垒高、企业没盈利，因此不敢投，但随着 未来企业的收入高增速带动利润的快速提升，就进入了投资者可理解的范畴内。 港股创新药板块高盈利持续消化估值。港股创新药指数2月21日市盈率为64倍，4月24日最新市盈率仅为 27倍，不足两个月前的一半，当前布局性价比突出。 4月24日，港股市场低开震荡，港股创新药板块全面爆发。港股创新药指数成分股中，凯莱英涨超 17%，荣昌生物、亚盛医药-B、康方生物涨超7%，信达生物、联邦制药涨超6%，康龙化成、三生制药 涨超4%。港股创新药ETF（159567）连续2个交易日成交额超9亿元，市场关注度较高。 西南证券表示，创新药板块的投资价值在于其背后的新质生产力和高质量发展的大背景。随着各地政府 不断出台支持创新药的政策，如北京、深圳等地发布的支持创新药政策，这些政策不仅加强了对创新药 械研发、生产、审批、使用的全链条支持，还促进了健 ...

本文来自彭博终端，终端用户可运行NSN STYJUDT0AFB4 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 全球市场版图日新月异，彭博行业研究（Bloomberg Intelligence）为您的企业战略助力。在 制药与生物技术领域，无论是全球行业资讯与热点，还是制药管线里程碑及催化剂事件、财务 预测…… BI涵盖广泛且深度的关键信息，旨在为您的决策提供可靠且具有竞争力的洞见支撑。 扫描二维码 立即订阅 彭博生物制药双周报 本期主题： 中国药企瞄准肥胖症领域研发管线引起诺和诺德和默克的关注 (彭博行业研究)——中国药企正寻求解决国内肥胖率不断上升的问题，其中信达生物最有希 望推出可比肩诺和诺德和礼来的高效治疗药物，而恒瑞医药、联邦制药等企业或将进一步提 高疗效标准。中国本土研发管线由GLP- 1类药物主导，已引起诺和诺德和默克等国际巨头的 关注，但要让西方药企保持兴趣，还需要持续创新。 中国可能成为减肥药生产企业的必争之地 数据来源：公司文件、彭博行业研究 恒瑞医药或将提高中国减肥药的疗效标准 恒瑞医药HRS9 5 3 1的一项中期研究显示，该药物可使中国成年人体重减轻1 6 . 7%（经安慰 ...

Core Viewpoint - Chinese pharmaceutical companies are focusing on developing treatments for obesity, with significant interest from international giants like Novo Nordisk and Merck in their pipelines [3][4]. Group 1: Market Overview - The obesity rate in China is rising, with projections indicating that by 2030, up to 140 million adults may be affected [4]. - Novo Nordisk's Wegovy and Eli Lilly's Zepbound are expected to be approved in China in Q2 and Q3 of 2024, respectively [5]. - The Chinese market is becoming a battleground for both international and local pharmaceutical companies due to the increasing prevalence of obesity [4]. Group 2: Key Players and Products - Innovators like Innovent Biologics, Hengrui Medicine, and United Pharmaceuticals are leading the development of GLP-1 class drugs, with promising assets such as IBI362, HRS9531, UBT251, and GZR18 [4][5]. - Hengrui's HRS9531 shows a weight reduction of 16.7% in mid-stage studies, outperforming competitors [8]. - United Pharmaceuticals' UBT251 has demonstrated a 16.6% weight loss in early trials, indicating strong potential in the competitive GLP-1 market [9]. Group 3: Competitive Landscape - Over 100 companies globally are developing obesity treatments, with about one-third being Chinese firms, focusing primarily on GLP-1 based therapies [6]. - The competition in the GLP-1 space is intense, with a need for continuous innovation to maintain interest from Western pharmaceutical companies [6]. - The emergence of new therapies, such as triple agonists, may provide opportunities for long-term partnerships with Western firms [6].

Group 1 - The U.S. government has implemented a 10% "minimum benchmark tariff" on trade partners, with certain exemptions for pharmaceuticals and other products [1][2] - The pharmaceutical sector has reacted negatively in the market, with significant declines in various related sectors, including medical services and biopharmaceuticals, with drops ranging from 9.55% to 14.69% [1] - The exemption of pharmaceuticals from the tariff is due to the high reliance of the U.S. on imported active pharmaceutical ingredients (APIs), with 80% of APIs sourced from abroad [2][3] Group 2 - Local pharmaceutical companies have reported minimal impact from the tariff changes, as the tariffs do not apply to innovative drug licensing and trade [5][6] - Companies like Mindray Medical and others have proactively prepared for potential tariff impacts by adjusting their supply chains and inventory strategies [6][5] - The focus on high-quality innovation is emphasized as a key strategy for the Chinese pharmaceutical industry to navigate the challenges posed by tariffs and global competition [8][7] Group 3 - The number of innovative drugs developed by Chinese companies is rapidly increasing, with projections indicating that by the end of 2024, there will be 3,575 active innovative drugs, surpassing the U.S. [7] - Chinese pharmaceutical companies are actively expanding into international markets, with significant license-out transactions and collaborations with multinational corporations [7][8] - The "NewCo" model is emerging as a viable path for Chinese biopharmaceutical companies to innovate and expand internationally, despite geopolitical challenges [8]

Core Insights - The pharmaceutical and biotechnology sector experienced a 0.98% increase in the fourth week of March, outperforming the overall market, driven by a 4.59% rise in the chemical preparation sector, with innovative drugs as the core driver [1] Group 1: Local Policy Developments - Sichuan Province has introduced a comprehensive policy to enhance the clinical application of innovative drugs, addressing key pain points in the promotion of these drugs [1] - The policy mandates that medical institutions hold a pharmacy meeting within one month of an innovative drug being listed, ensuring procurement is completed within two months, significantly reducing the time from approval to clinical use [1] - The payment mechanism has been innovatively adjusted, allowing for flexible payment arrangements for high-priced innovative drugs, alleviating cost control pressures on hospitals and increasing doctors' willingness to use these drugs [1][2] Group 2: International Licensing Transactions - Recent weeks have seen a surge in overseas licensing agreements by domestic innovative pharmaceutical companies, highlighting the global market's increasing recognition of Chinese innovation pipelines [3] - A notable agreement between Federated Pharmaceuticals and Novo Nordisk for the UBT251 drug demonstrates the advanced research capabilities in the metabolic disease field and the cutting-edge nature of domestic multi-target agonist technology [3] - Heng Rui Medicine's licensing of its small molecule drug HRS-5346 to Merck, with an upfront and milestone payment exceeding $1.7 billion, marks a significant shift in the international licensing landscape, showcasing breakthroughs in domestic small molecule innovation [3] - Projections indicate that the total value of domestic innovative drug license-out transactions will reach $51.9 billion in 2024, a 26% year-on-year increase, with a notable rise in upfront payment proportions [3] Group 3: Industry Outlook - The synergy between policy and industry efforts is expected to inject strong momentum into the sector, with innovative pharmaceutical companies possessing differentiated technology platforms likely to enter a value reassessment phase [4]

今日港股回调，创新药再度逆市上涨！港股通创新药ETF（159570）强势大涨近3%，成交额继续爆量，盘中成交近5亿元！上周五成交额再度刷新历史，天 量成交16.49亿元！资金持续乐观，上周累计获资金净流入近2亿元，今日盘中再获净申购4300万份！ 港股通创新药ETF（159570）成分股多数飘红：乐普生物涨超12%，百济神州涨超5%，信达生物涨超3%，晶泰控股涨超2%，康方生物、药明生物、科伦博 泰生物涨超1%。 资金狂涌创新药，港股通创新药ETF（159570）近60日"吸金"近10亿元，融资余额保持历史高位，反映杠杆资金布局意愿！最新规模19.27亿元创上市新 高，1个月实现规模翻倍！ 【机构：医药见底回暖，创新药主线强化】 光大证券认为，医药行情见底回暖，优化集采政策有望稳定资产盈利能力。近期，医药行情整体已显现见底回暖迹象，从2025.1.2~2025.3.27期间，港股创 新药指数上涨26.28%，跑赢恒生科技1.20pp。2025年工作报告提出"优化药品集采政策"，有望优化产业竞争环境，仿制药利润压缩接近尾声，竞争格局趋于 稳定，龙头白马企业凭借技术壁垒与产能优势，盈利能力有望企稳。后集采时代，行 ...

Core Viewpoint - The innovative drug sector has rebounded significantly, with the Hong Kong innovative drug index showing a year-to-date increase of 26.28%, outperforming the Hang Seng Technology Index at 25.09% [4][3]. Group 1: Market Performance - The innovative drug index in A-shares rose by 3.06%, while the Hong Kong biotechnology index surged by 5.28%, with many stocks reaching new highs [1]. - On March 27, the medical and biological sector saw strong gains, with companies like Rongchang Bio and Maiwei Bio-U rising over 10% [3]. - Multiple medical-themed funds experienced daily gains exceeding 5%, with many funds reaching new highs for the year [8]. Group 2: Growth Drivers - The rebound in the innovative drug sector is attributed to improved market sentiment and macroeconomic factors, with expectations for significant revenue growth in 2025 as many companies enter a product launch phase [4][16]. - Recent collaborations, such as the strategic partnership between Heber Pharma and AstraZeneca, have catalyzed stock price increases in the innovative drug sector [4][5]. - The global recognition of China's innovative drug industry is reflected in the 50% share of domestic innovative drugs authorized for global distribution since 2025 [6]. Group 3: Financial Performance - Several innovative drug companies reported high growth in revenues for 2024, with Xinda Bio achieving a revenue of 9.42 billion yuan, a 51.8% year-on-year increase [15]. - The overall performance of the innovative drug sector is expected to improve, with one-third of companies projected to become profitable by 2025, driven by policy changes and market dynamics [16][14]. Group 4: Future Outlook - The innovative drug industry is anticipated to enter a revenue growth phase by 2025, with significant improvements in profitability expected by 2026 and 2027 [16]. - Factors such as AI-driven efficiencies, improved financing conditions, and supportive fiscal policies are expected to enhance the industry's growth trajectory [16].