Core Viewpoint - ICBC Medical Care Stock (000831) has experienced a decline of 1.27% on June 19, with a latest net value of 2.56 yuan, marking a cumulative drop of 7.84% over five consecutive trading days [1] Group 1: Fund Performance - The fund was established in November 2014, with a total scale of 2.724 billion yuan and a cumulative return of 156.40% since inception [1] - As of the end of 2024, institutional investors hold 0.41 million shares, accounting for 3.55% of total shares, while individual investors hold 11.19 million shares, making up 96.45% of total shares [1] Group 2: Fund Management - Current fund manager Zhao Bei has a master's degree and has been with ICBC Credit Suisse since 2010, serving as the fund manager since November 18, 2014 [2] - The current fund manager Ding Yang holds a doctoral degree and joined ICBC Credit Suisse in December 2017, taking over as fund manager on May 5, 2023 [2] Group 3: Portfolio Holdings - As of March 31, 2025, the top ten holdings of ICBC Medical Care Stock account for a total of 39.79%, with major positions including: - Heng Rui Medicine (8.90%) - WuXi AppTec (5.12%) - Aier Eye Hospital (4.94%) - BeiGene (3.77%) - Zai Lab (3.52%) - New Horizon Health (3.27%) - Mindray Medical (2.80%) - Yuwell Medical (2.76%) - United Imaging Healthcare (2.47%) - Innovent Biologics (2.24%) [3]

Core Viewpoint - The announcement details a change in the shareholding structure of Nuo Cheng Jian Hua Pharmaceutical Co., Ltd, indicating a reduction in the stake held by major shareholders, specifically King Limited and Success Growth Limited, from 8.08% to 7.54% [1][2]. Group 1: Shareholding Changes - The total shareholding percentage of King Limited and Success Growth Limited decreased from 8.08% to 7.54% [1][2]. - The number of shares held by these shareholders reduced from 14,239,205.4 thousand shares to 13,290.0430 thousand shares [1][2]. - The change in shareholding does not trigger mandatory tender offer obligations and does not violate any prior commitments [1]. Group 2: Impact on Company Governance - The primary shareholder has not changed, indicating that the governance structure and ongoing operations of the company will not be significantly affected [2]. - The company will continue to fulfill its information disclosure obligations regarding any future changes in shareholding [2].

诺诚健华医药有限公司 关于持股 5%以上股东权益变动 触及 1%刻度的提示性公告 投资者 King Bridge Investments Limited 及其一致行动人 Success Growth Limited 保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 | A | 股代码：688428 | 股简称：诺诚健华 A | 公告编号：2025-020 | | --- | --- | --- | --- | | 港股代码：09969 | | 港股简称：诺诚健华 | | 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少√ | | --- | --- | --- | | 权益变动前合计比例 | 8.08% | | | 权益变动后合计比例 | 7.54% | | | 本次变动是否违反已作出的承诺、意 向、计划 | 是□ 否√ | | | 是否触发强制要约收购义务 | 是□ 否√ | | 2、信息披露义务人信息 | 信息披露义务人名称 | | | 投资者身份 | 统一社会信用代码 | | --- | -- ...

金十数据6月19日讯，科创板累计已有54家未盈利企业上市。目前已有22家企业上市后实现盈利，还有 32家尚未实现摘"U"。根据《科创成长层指引》要求，上述32家公司将自指引（正式稿）发布之日起纳 入科创成长层。具体来看，32家尚未摘"U"的存量公司包括：泽璟制药、君实生物、前沿生物、青云科 技、和辉光电、精进电动、百济神州、迪哲医药、迈威生物、翱捷科技、亚虹医药、首药控股、海创药 业、云从科技、益方生物、奥比中光、盟科药业、诺诚健华、信科移动、星环科技、裕太微、云天励 飞、天智航、奇安信、寒武纪、亿华通、埃夫特、慧智微、芯联集成、智翔金泰、盛科通信、中巨芯。 （上证报） 32家科创板未盈利公司将纳入科创成长层 ...

Core Viewpoint - The stock price of Innovent Biologics (688428.SZ, 09969.HK) has doubled since the beginning of the year, driven primarily by the strong performance of its flagship product, Oubatinib [1][2]. Group 1: Stock Performance - As of June 18, the A-share price increased from 12.32 CNY to 24.93 CNY, a rise of over 102% [1] - The Hong Kong stock price rose from 6.12 HKD to 13.28 HKD, an increase of nearly 117% [1]. Group 2: Company Overview - Innovent Biologics is a commercial-stage biopharmaceutical company focused on unmet clinical needs in oncology and autoimmune diseases, aiming to develop first-in-class or best-in-class innovative drugs [1]. Group 3: Product Performance - Oubatinib, a second-generation BTK inhibitor, is the company's first commercialized product and is central to its strategy, with ongoing development for multiple blood cancer targets and four autoimmune disease indications, including multiple sclerosis [1]. Group 4: Revenue and Financials - Oubatinib's sales for 2024 are projected at 1 billion CNY, a year-on-year increase of 49.14%, contributing 99% to the company's performance [2]. - Oubatinib's revenue has consistently accounted for over 90% of Innovent's total revenue in recent years, leading to a gradual reduction in losses from 887 million CNY in 2022 to 441 million CNY in 2024 [2]. - In Q1 2025, total revenue grew by 129.9% year-on-year to 380 million CNY, primarily due to Oubatinib's continued growth and a licensing agreement with Prolium [2]. Group 5: Future Outlook - Innovent Biologics plans to increase R&D investment, advance clinical development and commercialization of its pipeline products, expand business collaborations, and leverage artificial intelligence technology, expecting continued revenue growth and reduced losses in 2025 [3].

截至2025年6月19日 09:37，恒生医疗保健指数(HSHCI)强势上涨1.32%，成分股信达生物(01801)上涨5.53%，晶泰控股(02228)上涨4.37%，诺诚健华(09969)上 涨3.46%，亚盛医药-B(06855)，美中嘉和(02453)等个股跟涨。恒生医疗ETF(513060)上涨1.26%，最新价报0.56元。流动性方面，恒生医疗ETF盘中换手 3.37%，成交2.71亿元。拉长时间看，截至6月18日，恒生医疗ETF近1周日均成交28.68亿元，居可比基金第一。 2025年6月20日-23日，第85届美国糖尿病协会科学会议（ADA）将在美国芝加哥召开，ADA大会是糖尿病研究与治疗领域的权威学术盛会之一，预计GLP-1 类药物的多靶点升级与减重治疗新策略将受到广泛关注。此次会议将有多家国内医药企业展示其在相关领域的最新研究成果和进展，建议关注。 国开证券指出，年初以来，创新药板块在政策、出海、业绩等多方面推动下，市场关注度高，叠加此前已经过较长时间调整，市场表现较为抢眼。目前个股 表现虽出现些许分化，但我们仍维持此前观点，认为创新药仍是行业最重要的投资主线之一。人工智能技术快速发展，医 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced the implementation of the "1+6" policy measures to enhance the role of the Sci-Tech Innovation Board (STAR Market) as a "testing ground" for reforms, aiming to better support innovative companies and improve the capital market ecosystem [1]. Group 1: Policy Measures - The "1" in the "1+6" policy refers to the establishment of a Sci-Tech Growth Tier on the STAR Market, which will allow unprofitable companies to list under the fifth set of standards, targeting high-potential tech firms with significant breakthroughs and ongoing R&D investments [1]. - The "6" includes six reform measures such as introducing a professional investor system, expanding the applicability of the fifth set of standards, and improving refinancing systems for STAR Market companies [1]. Group 2: Market Environment - The STAR Market's fifth set of listing standards previously faced a "zero acceptance" situation, but the recent policy shift signals a positive change for unprofitable biotech companies, indicating a more favorable financing environment [1][4]. - Data shows that in 2024, the number of biotech companies listed on A-shares decreased significantly, with only five companies raising a total of 2.561 billion yuan, reflecting a year-on-year decline of 77.27% in the number of listings and 87.91% in total fundraising [4][6]. Group 3: Company Performance - Among the 20 companies that listed under the fifth set of standards, 19 have successfully developed 45 drugs that have been approved or are under review, showcasing strong growth potential despite market challenges [5][8]. - In 2024, these companies collectively generated revenues of 14.339 billion yuan, a staggering increase of 445% year-on-year, with several companies exceeding 1.5 billion yuan in revenue [6][7]. Group 4: International Trends - The Hong Kong Stock Exchange's "18A" listing rules have opened doors for unprofitable biotech companies, leading to a surge in mainland companies seeking IPOs in Hong Kong, with nine biotech firms raising a total of 2.525 billion yuan in 2024 [10]. - The trend of "going out" is becoming a common strategy among innovative drug companies, as they seek to navigate the current capital market challenges and explore more favorable listing environments [10][11].

Core Insights - The latest net value of ICBC Medical Care Stock (000831) is 2.5970 yuan, reflecting a decrease of 0.65% [1] - The fund has shown a monthly return of 3.76%, ranking 221 out of 922 in its category, a six-month return of 11.08% with a ranking of 162 out of 898, and a year-to-date return of 13.95%, ranking 134 out of 901 [1] Fund Holdings - The top ten holdings of ICBC Medical Care Stock account for a total of 39.79%, with the largest positions being: - Heng Rui Medicine (8.90%) - WuXi AppTec (5.12%) - Aier Eye Hospital (4.94%) - BeiGene (3.77%) - Zai Lab (3.52%) - New Horizon Health (3.27%) - Mindray Medical (2.80%) - Yuyue Medical (2.76%) - United Imaging Healthcare (2.47%) - Innovent Biologics (2.24%) [1] Fund Management - ICBC Medical Care Stock was established on November 18, 2014, and as of March 31, 2025, it has a total scale of 2.724 billion yuan [1] - The fund is managed by Zhao Bei and Ding Yang, with Zhao having extensive experience in healthcare research and fund management since joining ICBC Credit Suisse in 2010 [2]

Group 1 - The first "doubling fund" in the public fund market for 2025 is the Huatai-PineBridge Hong Kong Advantage Selection A, which has achieved a 99.5% year-to-date return as of June 13, 2025, leading the entire market [1][2] - Among the top 10 funds for year-to-date returns in 2025, 8 are heavily invested in pharmaceutical companies, particularly in the innovative drug sector [1][2] - The innovative drug sector has seen significant growth, with the Wind Innovative Drug Concept Index rising over 25% and the Hang Seng Innovative Drug Index increasing over 53% since April 9, 2025 [2][3] Group 2 - Notable stocks in the innovative drug sector have experienced substantial price increases, with Shuyou Pharmaceutical leading at a 478.84% increase, followed by Sanofi Health at 129.81% [3][4] - The top-performing funds have a high concentration of investments in innovative drug companies, with the most frequently held stock being Kelong Biotechnology-B, which has also doubled in price [4][5] - Fund managers of the top-performing funds are predominantly new faces, with half of them having less than two years of investment experience [5][6] Group 3 - Zhang Wei, the manager of Huatai-PineBridge Hong Kong Advantage Selection A, has maintained a strong focus on the pharmaceutical sector, with the fund's top holdings consistently being in the biopharmaceutical industry [7][8] - The fund has shown resilience despite previous years of losses, with a significant recovery in 2025 attributed to the performance of its long-held innovative drug stocks [9][10] - Zhang Wei's investment strategy emphasizes long-term perspectives and stability in holdings, focusing on companies with global competitiveness and growth potential in the pharmaceutical and biotech sectors [10][11] Group 4 - The performance disparity among active equity funds in 2025 is notable, with 12 funds experiencing declines of over 20%, including several managed by Jin Zicai [13][14] - Jin Zicai's aggressive investment style has led to high turnover rates and concentrated positions, which can result in significant volatility [15][16] - The overall market sentiment towards innovative drugs remains positive, with expectations for continued growth driven by domestic medical demand recovery and supportive policies [10][11]

Market Overview - The pharmaceutical and biotechnology index increased by 1.40%, outperforming the CSI 300 index by 1.66 percentage points and the ChiNext index by 1.28 percentage points, ranking 5th among 31 sub-industries [3] - The Hong Kong Hang Seng Medical Health Index rose by 8.84%, surpassing the Hang Seng Index by 8.55 percentage points [3] Company R&D Progress Tracking - Recent clinical application submissions include BG-C9074 from BeiGene and AK131 from CanSino Biologics, as well as IND applications for HRS-4729, HRS-6093, and HRS-7172 from HengRui Medicine [4] - Ongoing clinical trials include the Phase III trials for the 611 anti-IL4Rα antibody from 3SBio and bosakitug from Zhengda Tianqing, as well as Phase II trials for mesutoclax from Innovent Biologics and Phase I trials for HW201877 from Renfu Pharmaceutical [4] Weekly Insights - The acceleration of AI technology application and product innovation in the pharmaceutical sector is noteworthy, with significant developments in AI drug discovery [5] - The AI drug Rentosertib, developed by Insilico Medicine, has shown rapid progress, with its Phase IIa clinical study results published in Nature Medicine [5] - A strategic R&D collaboration between CSPC Pharmaceutical and AstraZeneca aims to leverage AI for discovering new oral small molecule candidates, indicating a trend of Chinese pharmaceutical companies engaging in global innovation through AI platforms [5] AI Technology in Healthcare - AI applications are expanding in medical large models, medical imaging, and diagnostics, with notable products like the "YuanZhi" medical large model from United Imaging, the "RuiYing AI+" solution from Mindray, and the DNBSEQ-E25Flash semiconductor sequencer from BGI [6] - The continuous evolution of AI is expected to address human limitations in healthcare, enhancing precision, efficiency, and accessibility [6] 2025 Annual Investment Strategy - The investment strategy emphasizes a structural selection of opportunities based on payment willingness and ability, considering demographic changes, policy frameworks, and economic conditions [7] - Key focus areas include hospital payment support for innovative drugs and devices, expanding consumer demand for blood products and home medical devices, and the upward cycle of overseas payments for heparin and respiratory joint inspections [7]