Core Viewpoint - The current "medication" market rally is distinct from previous ones, with leading gains concentrated in innovative pharmaceutical companies, particularly strong performance in the Hong Kong stock market [1][2] Group 1: Market Performance - On June 9, both Hong Kong and A-share innovative pharmaceutical sectors saw significant gains, with the Hang Seng Innovative Drug ETF rising by 4.08% and the Hong Kong Stock Connect Medical ETF increasing by 4.25% [3] - Notable individual stock performances included 3SBio (01530.HK) reaching a peak of 22.5 HKD, just shy of its historical high, and a 260% increase in its stock price since February [3] - The A-share innovative drug index rose by 31.5% and the Hong Kong innovative drug index surged by 61.54% since April 9, with several stocks doubling in value [4] Group 2: Catalysts for Growth - The surge in innovative drug stocks is attributed to multiple factors, including recent approvals for 11 innovative drugs from eight companies and promising clinical data for major diseases [5] - The upcoming 2025 ASCO annual meeting will feature 73 research studies from China, a 30% increase from the previous year [5] Group 3: Long-term Positive Factors - Many leading companies are approaching breakeven points, with significant revenue growth reported, particularly for Ascentage Pharma (332.31% growth) [7][8] - The overseas licensing deals have seen substantial increases, with a record-breaking deal of 6.05 billion USD for 3SBio's drug rights to Pfizer [9] - The overall licensing-out transactions in the innovative drug sector have surged, with 41 transactions in Q1 2024 alone, totaling 36.93 billion USD [9] Group 4: Policy Support - Recent policy changes are favorable for innovative drug companies, including optimized centralized procurement policies and increased support for innovative drugs in government reports [10] - The 2024 government work report includes 38 new innovative drugs in the medical insurance catalog, the highest ever, with plans for further optimization in 2025 [10] Group 5: Market Outlook - The valuation of the pharmaceutical sector remains relatively safe compared to other growth industries, with a current TTM P/E ratio of 27.1 times [11] - Some analysts suggest that the innovative drug sector is transitioning from following to leading in the global market, indicating a new era for domestic innovation [11] - However, there are concerns about potential short-term volatility due to rapid price increases and profit-taking by investors [11]

Group 1 - The report emphasizes the active overseas commercialization of innovative drugs, with several domestic innovative drugs presenting excellent data at the ASCO conference, highlighting ongoing business development (BD) opportunities and clinical progress of key pipelines [3][39]. - Key companies such as BeiGene, Innovent Biologics, and others are expected to achieve significant milestones, including BeiGene's projected non-GAAP operating profit of $45 million in 2024 and a positive cash flow in 2025 [3][4]. - The report notes that the Hong Kong pharmaceutical sector has shown strong performance, with the Hang Seng Healthcare Index rising approximately 42% year-to-date, driven by the successful execution of BD transactions and the internationalization of domestic innovative drugs [14][39]. Group 2 - The report outlines the financial forecasts for key companies, indicating that BeiGene's revenue is expected to grow from 36.69 billion HKD in 2025 to 44.36 billion HKD in 2026, with a significant increase in net profit from 1.25 billion HKD to 4.56 billion HKD [4]. - The innovative drug sector is projected to see a revenue increase of 30% year-on-year in 2024, with total revenue reaching 71.88 billion HKD, while the overall loss for innovative drug companies is expected to narrow by 29% [35][36]. - The report highlights the increasing number of license-out transactions, with 81 transactions in 2024 totaling $45 billion, reflecting a 28% year-on-year growth, and a notable deal between 3SBio and Pfizer involving a $1.25 billion upfront payment [43][44]. Group 3 - The report indicates that the pharmaceutical sector is undergoing a transformation, with leading companies like Hansoh Pharmaceutical and China National Pharmaceutical Group achieving revenue growth rates of 21% and 10% respectively in 2024 [35]. - The medical services sector is facing pressure due to the impact of healthcare insurance policies and macroeconomic conditions, which may affect growth in consumer medical services [39]. - The CXO sector is showing signs of improvement, with a focus on the recovery of orders, indicating a potential rebound in performance [39]. Group 4 - The report provides a comparative analysis of valuations, noting that the overall valuation of Hong Kong pharmaceuticals is lower than that of A-share and overseas pharmaceuticals, with a median PE of 15x for Hong Kong compared to 24.7x for A-share [12][14]. - The report highlights the significant performance disparity among sub-sectors, with innovative drugs and pharma benefiting from ongoing BD transactions and a favorable valuation correction, while medical services are under pressure [18][39]. - The report also mentions the increasing trend of dual-listed pharmaceutical companies, with the number rising from 5 in 2017 to 20 currently, indicating a growing interest in the Hong Kong market [23].

每经记者｜肖芮冬 每经编辑｜赵云 6 月 9 日，市场全天震荡走高，创业板指领涨。截至收盘，沪指涨 0.43% ，深成指涨 0.65% ，创业板指涨 1.07% 。 板块方面，创新药、足球概念、稀土永磁、可控核聚变等板块涨幅居前，贵金属等少数板块下跌。 全市场超 4100 只个股上涨。沪深两市全天成交额 1.29 万亿元，较上个交易日放量 1344 亿。 在上周五短暂整理后，今天A股继续小幅放量上攻。 沪指日线已经五连涨，盘中一度站上3400点关口，为5月15日以来首次。 然而，即便创新药板块再掀涨停潮，带动医药股全天走强，主要股指却在临近上午收盘时出现回落震 荡； 尾盘最后3分钟，场内仍有资金尝试拉动沪指上攻，却最终收于3399.77。 若把沪指点位视作大盘情绪指标，要稳稳站上3400点，目前还缺了什么？ 创新药，批量涨停 站稳3400点，还差了点什么？ 从日内走势来看，沪指于10:17前后首次站上3400点，后续直到14:56:50附近，即将进入竞价阶段时，才 再度短暂突破，但最后收于3399.77点。 | 14:56:51 | 3400.624 | 1.93亿 | | --- | --- | --- | ...

| 序号 | 证券代码 | 证券简称 | 年涨跌幅% | 基金管理人 | | --- | --- | --- | --- | --- | | 1 | 159570 | 港股通创新药ETF | 57.96 | 汇添富县金 | | 2 | 520500 | 恒生创新药ETF | 57.66 | 华泰柏瑞基金 | | 3 | 159567 | 港股创新药ETF | 56.86 | 销花童等 | | ব | 520700 | 港股创新药ETF基金 | 56.74 | 万家基金 | | 5 | 513120 | 港股创新药ETF | 56.00 | 广发基金 | | 6 | 159506 | 恒生医疗ETF | 55.12 | 富国套金 | | 7 | 513780 | 港股创新药50ETF | 53.56 | 景顺长城基金 | | 8 | 159615 | 恒生生物科技ETF | 50.65 | 南方县金 | | ਰੇ | 513280 | 恒生生物科技ETF | 50.37 | 汇添富基金 | | 10 | 159892 | 恒生医药上 | $ 49.79 / | 花直直等 | | 11 | 159303 | 但生 ...

证 券 研 究 报 告 行业周报 重估延续，趋势分化 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1. 重磅交易落地持续推升创新价值，未来将逐步分化 创新出海是本轮创新药价值重估的重要推动因素，其价值的锚点在于BD估值水平的变化，尤其是EGFR/PD-1为代表的双抗。 从康方生物与SUMMIT THERAPEUTICS 的合作开始到6月2日，BMS与BioNTech达成一项超90亿美元的交易，海外MNC 对EGFR/PD-1的价值认知和交易金额的快速提高。国内BD单个项目金额也显著提升，多个重磅交易落地，根据医药魔方数 据，2025年Q1，中国医药交易数量同比增加34%，而交易总金额同比增加222%。创新价值重估的过程也从biotech公司延 伸至三生制药、石药集团等Pharm一类公司，以及更多的转型创新公司。中国创新药的研发效率优势，以及不断更新的研 发管线，海外MNC面临的专利悬崖问题，我们认为未来创新药出海的趋势将持续强化，并支撑创新药的整体估值。从细分 方向上看，除肿瘤和自免等MNC聚焦的治疗领域之外，国内 ...

创新药爆发 机构表示看好行业有望迎来系统性投资机会 金十数据6月9日讯，今天上午，A股概念板块涨幅榜前列被多个医药细分板块"霸屏"，CRO、化学制 药、创新药、医疗服务等板块大涨。由于市场担忧2025年美国临床肿瘤学会大会闭幕后，创新药板块缺 乏后续催化剂，上周后半周，创新药板块连续调整。爱建证券表示，本轮创新药行情反映了未来3—5年 维度，中国创新药出海的产业趋势。目前，中国医药产业在ADC、双抗、细胞治疗等领域处于全球创 新第一梯队，在研发和生产端的成本优势、技术平台优势明显。同时，在与全球MNC（跨国企业）不 断达成重磅BD（商务拓展）交易的推动下，中国创新药在全球市场的认可度和影响力快速提升，进一 步推动创新出海加速，形成"正反馈"的良性循环。平安医药精选基金经理周思聪表示， 2025年是中国 创新药行业的"三个元年"——收入放量元年、盈利跨越元年和估值抬升元年，行业有望迎来系统性投资 机会。 （中证金牛座） ...

华福证券表示，2020年至2024年，创新药BD交易总金额从92亿美元提高到523亿美元，首付款金额从6 亿美元提升到41亿美元。2025年初至今，创新药出海交易总金额已达455亿美元，首付款已达到22亿美 元，全年有望创新高。 6月9日，创新药概念股持续活跃，相关ETF方面，港股创新药50ETF（513780）早盘涨5.14%，成交额 超3.36亿元。成分股中，金斯瑞生物科技涨超15%，诺诚健华、云顶新耀、信达生物等多股跟涨。资金 流向方面，截至6月6日，该ETF近5个交易日有3个交易日获资金净流入，累计净流入额超6300万元。 资金流向方面，截至6月6日，该ETF5个交易日有3个交易日获资金净流入，累计净流入额超6300万元。 消息面来看，据中证报，今年以来，创新药板块表现十分亮眼，尤其是港股创新药，在近期市场震荡中 走出了独立行情。港股创新药"霸榜"ETF涨幅榜，多只相关ETF今年以来涨幅超过50%。机构认为，港 股作为布局创新药的核心市场，可优先关注具备全球竞争力的前沿领域稀缺标的。 截至6月9日，中证港股通创新药指数前十大成分股累计权重71.5%，包含信达生物、百济神州、药明生 物等A股稀缺优质标的 ...

6月9日，港股市场高开高走，港股创新药板块再度领涨。港股创新药指数成份股中，金斯瑞生物科 技涨超16%，诺诚健华涨超13%，云顶新耀、东阳光长江药业、泰格医药涨超7%，君实生物、信达生 物、晶泰控股涨超6%。港股创新药ETF（159567）过去5个交易日日均成交额超12亿元，市场热度较 高。 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，6月9日最新市盈率 仅为30倍，不足3个月前的一半，当前布局性价比突出。 小而美、高弹性：港股创新药ETF（159567）跟踪国证港股通创新药指数，创新药企业权重90%为 全市场医药主题类指数中最高，有望把握AI赋能创新药研发、国产创新药出海、商业健康保险逐步完 善的创新药利好浪潮。 大而全：创新药ETF（159992）跟踪创新药指数，该指数布局创新药产业链龙头企业，既汇聚全球 CXO龙头企业，又包含国内仿创药企龙头，有望同时受益于AI赋能创新药、国产创新药出海、针对高 价创新药的医保丙类目录出台等。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完 ...

创新药ETF天弘(517380)是全市场唯一一只跟踪恒生沪深港创新药精选50指数的ETF产品，该指数覆盖 了沪、深、港三地创新药龙头，十大权重股包括百济神州、药明康德、恒瑞医药、泰格医药等细分领域 龙头，创新药"浓度"极高。同时，该ETF及联接基金（A类：014564，C类：014565）采用量化指标优 化。 中国银河证券表示，医药板块经历较长时间调整，整体估值处于较低水平，且公募持仓低配，2025年在 支持引导商保发展的政策背景下，支付端有望边际改善，创新药械有望获益。医药行情将迎来持续性修 复，结构性机会依然存在，从短期和中长期确定性增长角度来选择标的，看好创新药产业链在今年持续 良好表现。 6月9日，A股、港股创新药板块集体走强，恒生沪深港创新药精选50指数持续走强。 相关ETF方面，据Wind金融终端显示，截至发稿，创新药ETF天弘（517380）涨3.74%，暂居全市场 ETF涨幅榜前三、行业ETF涨幅榜第一。成分股中，金斯瑞生物科技涨超11%，汇宇制药-W涨超9%， 诺泰生物、诺诚健华-U、博腾股份、泰格医药等股涨幅居前。 世纪证券表示，创新药方向不断有出海消息，以百时美施贵宝与BioNTech达 ...

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 中国创新药在 ASCO 表现超预期，关注信达 生物、科伦博泰等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 环码生物 RNA 创新药获 FDA IND 默示许可；PROTAC 雌激素受体降 解剂向 FDA 递交 NDA；国产九价 HPV 疫苗获批上市，填补高端疫苗 空白 6 月 6 日，环码生物宣布，其自研的环形 RNA 新药 HM2002 获 FDA 新药临床试验申请（IND）默示许可。该药为全球首款完成患者给 药的环形 RNA 类药物，曾于 1 月获中国 NMPA IND 批准。6 月 7 日， Arvinas 与辉瑞联合宣布，已向 FDA 递交 Vepdegestrant 的新药申请 （NDA），该药为全球首个口服 PROTAC 雌激素受体降解剂，适用于 ER+/HER2-乳腺癌患者。6 月 4 日，由翔安实验室与厦门大学等联合研 制的国产九价 HPV 疫苗获国家药监局批准上市，成为我国首个自主供 应的九价 HPV 疫苗，标志中国正式成为继美国后第二个具备高价 HPV 疫苗自主可控能力的国家。 ◼ 具体配 ...