Core Viewpoint - The article discusses the current premium rates of AH shares, highlighting the top and bottom performers in terms of premium rates and deviation values as of September 3rd. Summary by Category Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 815.25%, followed by Hongye Futures (03678) at 248.75% and Andeli Juice (02218) at 242.67% [1] - The top ten AH stocks by premium rate include Fudan Zhangjiang (01349) at 232.78% and Sinopec Oilfield Service (01033) at 219.48% [1] Bottom AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest premium rate at -12.29%, followed by Hengrui Medicine (01276) at -1.12% and China Merchants Bank (03968) at 7.33% [1] - Other notable mentions include Midea Group (00300) at 7.91% and Zijin Mining (02899) at 8.22% [1] Deviation Values - Northeast Electric (00042) also has the highest deviation value at 38.79%, with Zhejiang Shibao (01057) at 26.93% and Dongfang Securities (03958) at 24.77% [1] - Conversely, BYD Company (01211) shows the lowest deviation value at -46.31%, followed by Longpan Technology (02465) at -27.67% and Great Wall Motors (02333) at -24.78% [1][2] Additional Insights - The article provides a detailed table of the top and bottom AH stocks based on premium rates and deviation values, indicating significant disparities in market performance among these companies [1][2]

Core Viewpoint - Heng Rui Medicine has shown strong performance in the stock market, with significant price increases and new clinical trial approvals for innovative drugs [1] Group 1: Stock Performance - Heng Rui Medicine (600276.SH) saw a peak increase of 6.61% to 73.42 CNY, marking a new high since June 16, 2021, with a year-to-date increase of approximately 60% [1] - Heng Rui Medicine (1276.HK) rose by 8.14% to 87.05 HKD, approaching a historical closing high, with a trading volume of 1 billion HKD and a market capitalization of 577.8 billion HKD [1] - Since its listing on the Hong Kong Stock Exchange on May 23, the stock price has increased by 97.62% from the issue price of 44.05 HKD [1] Group 2: Drug Approvals - The company announced that its subsidiary, Suzhou Shengdiya Biopharmaceutical Co., Ltd., received approval from the National Medical Products Administration for clinical trials of SHR-A2009, an antibody-drug conjugate targeting HER3, which has no similar drugs approved globally [1] - Additionally, the company received approval for clinical trials of HRS-7172 tablets, a new type of small molecule inhibitor for cancer treatment, with no similar drugs approved domestically or internationally [1]

视频拍摄：梁远浩、许树星 剪辑：谢和洋 记者丨郑康喜 编辑丨喻淑琴 南方财经全媒体集团（以下简称：南方财经）日前组织全媒体记者和产业研究员走进广州开 发区、黄埔区，深入调研生物医药产业高质量发展情况。此次调研，南方财经专门邀请了智 谷趋势、易简财经、抱朴财经、观点、郭施亮、广东老妙等一批优质财经大V共同参与，这也 意味着南方财经"新媒体内容生态建设伙伴计划"正式启动。 生物医药产业是全球科技革命与产业变革的核心赛道之一，其表现是衡量区域经济高质量发 展的关键指标。自2017年以来，广州开发区、黄埔区生物医药企业主体数从1000家增长到 4800家，增长3.8倍，每年新增新药临床批件近百件，连续4年全省第一，截至目前已累计获 批创新药品种12个，数量占全省一半。调研团队此次实地走访了云舟生物、百吉生物、康方 药业、恒瑞医药等当地重点生物医药企业，并与黄埔区相关部门、生物医药企业代表开展座 谈，围绕营商环境、产业政策、药品监管、创新载体等主题深入交流。（ 点这里，看广州开 发区生物医药产业如何从跟跑到领跑 ） 由南方财经发起的"新媒体内容生态建设伙伴计划"，旨在与优质财经内容创作者建立"内容共 创、技术共享、人才 ...

Core Insights - The Chinese biopharmaceutical market has become the second largest globally, with innovative drugs accounting for approximately 30% of global research and development [1] - During the "14th Five-Year Plan" period, China approved 210 innovative drugs and 269 innovative medical devices, showing a trend of accelerated growth [1] - The total amount of innovative drug licensing from China reached nearly $66 billion in the first half of 2025, indicating increasing global recognition of Chinese innovative drugs [1] R&D Investment - In the chemical preparation sector, the top ten pharmaceutical companies spent a total of 17.636 billion yuan on R&D in the first half of 2025, a year-on-year increase of 12.66% [2] - BeiGene led the sector with R&D expenses of 7.278 billion yuan, accounting for 41.54% of its total revenue, marking a 9.8% increase year-on-year [2] - Other companies like Hengrui Medicine and Fosun Pharma also invested over 1 billion yuan in R&D, reflecting a strong emphasis on innovation [1][2] Oncology Drug Development - Oncology remains a core focus for Chinese innovative pharmaceutical companies, with significant investments in R&D from firms like BeiGene and Hengrui Medicine [3] - BeiGene is developing several promising products in the hematological oncology space, including the BTK inhibitor Bruton and two late-stage products with global potential [3] - The global oncology drug market is expected to reach $328.6 billion by 2026, with China's market projected to grow to 376 billion yuan by 2026 and further to 755.1 billion yuan by 2031, reflecting a compound annual growth rate of 16.0% from 2024 to 2031 [4] Market Dynamics - The demand for oncology products is driving revenue for many pharmaceutical companies, with Hansoh Pharmaceutical reporting that its innovative oncology product Ameluz generated approximately 4.531 billion yuan in revenue, accounting for 60.9% of total revenue [5] - The industry is entering a phase of diverse development, with significant opportunities in ADC (antibody-drug conjugates) and other innovative therapies [5] - The five-year survival rate for cancer patients in China has improved from 40.5% in 2018 to 43.7% in 2022, indicating progress in cancer prevention and treatment [5] Technological Advancements - AI and digital technologies are reshaping the pharmaceutical R&D landscape, with new guidelines from the FDA aimed at integrating AI into preclinical research [7] - The competition in the oncology sector is intensifying, with a significant number of similar products in development, particularly in the dual-antibody and single-antibody markets [8] - The industry is focusing on creating a closed-loop research ecosystem that connects clinical needs with laboratory innovations to accelerate the translation of research into clinical applications [9]

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [8]. Core Viewpoints - The report expresses strong confidence in the innovative drug sector, particularly highlighting the progress of the PD-1/VEGF bispecific antibody drug, Ivosidenib, in its international multicenter Phase III clinical trials for high PD-L1 expressing NSCLC [2][22]. - Ivosidenib has shown significant overall survival (OS) benefits in the HARMONi-A study, confirming its clinical value beyond progression-free survival (PFS) [2][23]. - The report suggests that Ivosidenib's efficacy and safety are consistent across different ethnicities and regions, enhancing its international market potential [2][23]. Summary by Sections Market Review - Last week, the A-share pharmaceutical and biotechnology index fell by 0.65%, underperforming the CSI 300 index by 3.37 percentage points [1][17]. - The Hong Kong Hang Seng Medical Health Index dropped by 3.41%, lagging behind the Hang Seng Index by 1.96 percentage points [1][17]. Company Updates - Recent clinical applications include new undertakings for AK152 injection by Kangfang Biopharma and 9MW3811 injection by Maiwei Biopharma [33]. - Ongoing Phase III clinical trials include HS-20094 by Hansoh Pharmaceutical and TaiTasi by Rongchang Biopharma [33]. Clinical Research Progress - Ivosidenib is expanding its clinical research into various tumor types, including first-line treatments for high-incidence cancers and immune-resistant indications [3][31]. - The report recommends focusing on innovative companies involved in VEGF bispecific antibodies, such as Sanofi, Rongchang Biopharma, Junshi Biosciences, and Innovent Biologics [3]. Investment Strategy for 2025 - The report emphasizes a structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: hospital payments, out-of-pocket payments, and overseas payments [3]. - Key recommendations include Heng Rui Medicine, Mindray Medical, United Imaging Healthcare, and Yuyue Medical [3].

参与调研的智谷趋势总编辑黄怡表示，智谷趋势今年把广东生物医药产业作为智库研究和内容创作的重 要主题，南方财经组织的这场调研活动满足了不少财经大V的共同需求，内容充实、收获满满，期待南 方财经与财经自媒体今后能围绕共同感兴趣的经济话题展开更多探讨。 南方财经全媒体集团（以下简称：南方财经）日前组织全媒体记者和产业研究员走进广州开发区、黄埔 区，深入调研生物医药产业高质量发展情况。此次调研，南方财经专门邀请了智谷趋势、易简财经、抱 朴财经、观点、郭施亮、广东老妙等一批优质财经大V共同参与，这也意味着南方财经"新媒体内容生 态建设伙伴计划"正式启动。 生物医药产业是全球科技革命与产业变革的核心赛道之一，其表现是衡量区域经济高质量发展的关键指 标。自2017年以来，广州开发区、黄埔区生物医药企业主体数从1000家增长到4800家，增长3.8倍，每 年新增新药临床批件近百件，连续4年全省第一，截至目前已累计获批创新药品种12个，数量占全省一 半。调研团队此次实地走访了云舟生物、百吉生物、康方药业、恒瑞医药等当地重点生物医药企业，并 与黄埔区相关部门、生物医药企业代表开展座谈，围绕营商环境、产业政策、药品监管、创新载体等 ...

Group 1 - The core viewpoint highlights the recent surge in the stock prices of innovative pharmaceutical companies in China, with notable increases in companies such as Four Seasons Pharmaceutical, Hengrui Medicine, and WuXi AppTec [1] - Foreign investments have intensified in Chinese innovative drug companies, with significant share purchases by entities like the Government of Singapore Investment Corporation (GIC) and BlackRock [1] - GIC increased its stake in Hengrui Medicine by acquiring 40.22 million shares at an average price of 12.7133 HKD per share, raising its ownership from 1.62% to 6.37% [1] Group 2 - The domestic innovative drug sector has experienced rapid growth, with 83 licensing agreements reached this year, totaling approximately 84.53 billion USD, including upfront payments of 4.32 billion USD [2] - The upcoming World Conference on Lung Cancer (WCLC) from September 6-9, 2025, is expected to showcase 35 oral presentations by Chinese scholars, highlighting the clinical data of domestic new drugs [2] - There is optimism regarding the value recovery of core assets in the second half of the year, as noted by Zhongyou Securities [2]

Market Overview - On September 2, the Hong Kong stock market saw all three major indices decline, failing to maintain the previous day's upward momentum[9] - Southbound capital recorded a net inflow of HKD 9.281 billion on the same day[9] - Major tech stocks generally fell, with Kuaishou down over 2%, and Meituan, Alibaba, Baidu, and JD.com each down over 1%[9] Sector Performance - Semiconductor and chip stocks experienced a pullback, with Shanghai Fudan down nearly 8%[9] - ZTE Corporation's stock dropped over 7% due to second-quarter earnings falling short of market expectations, reporting revenue of CNY 71.553 billion, a year-on-year increase of 14.51%, and a net profit of CNY 5.058 billion, a year-on-year decrease of 11.77%[9] - Automotive stocks showed gains, with expectations of a 10% year-on-year increase in national retail sales of passenger vehicles in 2025[9] Banking and Oil Sector - Banking stocks rose, with Agricultural Bank of China up nearly 3%, and other major banks also seeing gains[9] - As of the end of August, 42 listed banks reported a total revenue exceeding CNY 2.9 trillion, a year-on-year increase of over 1%[9] - Oil stocks strengthened as international oil prices rose, with WTI crude up 0.94% to USD 64.61 per barrel, and Brent crude up 1.01% to USD 68.16 per barrel[9] U.S. Market Impact - On September 2, U.S. stock indices collectively fell as investors weighed the latest developments in trade tensions[9] - A U.S. appeals court ruled that many of Trump's global tariffs were illegal, which could lead to the federal government potentially having to refund tens of billions of dollars, further straining the fiscal situation[9] - The yield on the 10-year U.S. Treasury bond rose above 4.3%, while the 30-year yield reached 4.99%, the highest level since July 18[12]

Group 1 - Recent surge in innovative pharmaceutical stocks, with notable increases: Four Seasons Pharmaceutical up 8% to HKD 1.62, Hengrui Medicine up 6.46% to HKD 85.7, and WuXi AppTec up 5.46% to HKD 64.65 [1] - Foreign investments in Chinese innovative drug companies have intensified, with Singapore's GIC increasing its stake in Hengrui Medicine by acquiring 40.22 million shares at an average price of HKD 12.7133, totaling approximately HKD 5.11 billion [1] - GIC also purchased 80.4 million shares of Base Pharmaceuticals for HKD 635 million, raising its stake to 5.49%, while BlackRock acquired a 5.1% stake in 3SBio [1] Group 2 - Domestic innovative drug licensing has seen rapid growth, with 83 licensing agreements totaling USD 84.531 billion and upfront payments of USD 4.321 billion reported this year [2] - The upcoming World Conference on Lung Cancer (WCLC) from September 6-9, 2025, will feature 35 oral presentations by Chinese scholars, highlighting the anticipation for clinical data on domestic new drugs [2] - There is optimism for the value recovery of core assets in the second half of the year, as noted by Zhongyou Securities [2]