Group 1 - The investment philosophy emphasizes buying high-quality growth assets at reasonable prices, aiming for moderate risk and above-average returns [1] - As of September 30, the managed fund has achieved a one-year return of 38.14% and a two-year return of 46.75% [1] Group 2 - The market environment has improved, leading to a revaluation of assets as macroeconomic fundamentals become more optimistic [2] - A steady improvement in the fundamentals of A-share listed companies, along with supportive industrial policies, is expected to enhance operational stability and sustainability [2] Group 3 - Growth assets, particularly in sectors like AI, innovative pharmaceuticals, new consumption, and new energy, are anticipated to perform well [3] - Traditional industries that have reached cyclical lows may benefit from policies aimed at optimizing supply, potentially leading to new upward trends [3] - The demand for robots, as an application of AI, is expected to significantly impact manufacturing and related sectors, while solid-state batteries represent a crucial development in the lithium battery industry [3]

Group 1: ETF Market Overview - The total scale of ETFs in the market reached a historical high of 5.63 trillion yuan as of September 30 this year [1] - Stock ETFs surpassed 3.7 trillion yuan, while bond ETFs exceeded 690 billion yuan, both marking record highs [1] - Stock ETFs saw an increase of 820.82 billion yuan this year, making it the segment with the highest growth [1] - Bond ETFs exhibited significant growth, being the fastest-growing ETF segment [1] - Commodity ETFs and cross-border ETFs also experienced growth rates exceeding 100% [1] Group 2: Public Fund Issuance - A total of 1,138 new funds were issued in the market this year, representing a year-on-year increase of 31.87% compared to 863 last year [2] - Equity funds were the focal point of new issuances, with 823 equity funds accounting for over 70% of the total new funds [2] - The number of stock funds issued reached 644, a remarkable increase of 96.34% compared to 328 in the same period last year [2] Group 3: FOF Products - Although the overall issuance of FOF products is low, there is a strong growth momentum, with 49 FOF products issued this year, marking a 113.04% increase from last year [4] Group 4: Fund Performance - As of September 26, 37 funds in the equity and QDII categories have doubled their returns this year [5] - Among actively managed A-share equity funds, those heavily invested in AI led in returns, with the highest single fund return approaching 190% [5] - In the QDII category, funds targeting the Hong Kong market, particularly in innovative pharmaceuticals, performed well, with four funds exceeding 100% returns [5] Group 5: Gold ETF Growth - Since September, gold ETFs have seen an increase of over 20.9 billion yuan [7] - As of October 9, the total scale of gold ETFs reached 169.485 billion yuan, reflecting a growth of 20.9 billion yuan since early September [8] - Five gold ETFs have surpassed 10 billion yuan in scale [8] Group 6: Public Fund Participation in Private Placements - Public funds have shown increasing enthusiasm for participating in private placements, with total subscription amounts exceeding 30 billion yuan this year, surpassing the total for the previous year [9]

Core Viewpoint - The A-share and Hong Kong stock markets experienced significant fluctuations, with the A-share medical sector facing downward pressure, particularly in the CXO segment, while the innovative drug sector remains a focal point for investors despite recent adjustments [1][5][7]. Group 1: A-share Market Performance - The A-share medical sector opened lower and continued to decline, with major player WuXi AppTec leading the drop at 7.2%, and the largest medical ETF (512170) falling by 2.03% [1]. - The overall trend for the medical sector has been a recent upward movement, indicating potential for rebound despite short-term corrections [1]. Group 2: Hong Kong Market Performance - The Hong Kong medical sector initially showed signs of recovery but faced renewed selling pressure, with innovative drug stocks like Rongchang Bio and Innovent Biologics dropping over 11% [1][5]. - The Hong Kong innovative drug ETF (520880) experienced a decline of 2.25%, losing all moving averages, with a trading volume of 3.69 billion [1][5]. Group 3: Innovative Drug Sector Insights - The innovative drug sector, despite entering a phase of adjustment since September, continues to attract significant investor interest, with the Hong Kong innovative drug ETF (520880) raising over 675 million in the last 20 days [5][7]. - Analysts suggest that the innovative drug sector may see renewed opportunities in Q4, driven by upcoming academic conferences and policy implementations that could support domestic innovation [7]. Group 4: Investment Strategies - Investment strategies in the medical sector are focusing on two main lines: identifying companies with strong Q3 performance and exploring opportunities in innovative drugs for potential rebounds [7]. - The fund manager of the Hong Kong innovative drug ETF (520880) emphasizes the importance of balancing investments within the sector, including medical devices and services that may gain market attention [7].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [1] Core Viewpoints - The impact of the tariff war on the pharmaceutical sector is limited, with a positive outlook on innovation and domestic substitution [1][16] - The ranking of favored sub-industries is: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies [2][10] - Specific stock recommendations include Zhaoli Pharmaceutical, Fangsheng Pharmaceutical, and Dong'e Ejiao from the traditional Chinese medicine sector, and Yuyue Medical and United Imaging Healthcare from the medical device sector [2][11] Summary by Sections Industry Trends - The A-share pharmaceutical index has seen a year-to-date increase of 21.87%, while the Hang Seng Biotechnology Index has increased by 94.11% [5][10] - Recent stock performance highlights include Zhend Medical (+21.00%) and Wanbangde (+12.01%) in A-shares, while Hong Kong stocks like Kaisa Health (+48.84%) have also performed well [5][10] Tariff Policy Analysis - The U.S. tariff policy on pharmaceuticals is expected to have minimal impact on China's pharmaceutical industry, as most exports consist of raw materials [16][22] - The tariff primarily affects brand-name and patented drugs, while generic drugs and raw materials are largely exempt [16][19] R&D Progress and Company Dynamics - Significant advancements in innovative drug development include the initiation of Phase III clinical trials for the first selective CDK2 inhibitor and breakthroughs in ADC treatments for triple-negative breast cancer [5][10] - The report emphasizes the importance of research quality and efficiency in CRO services, which remain unaffected by tariff policies [16][22] Market Performance Review - The pharmaceutical index's P/E ratio stands at 39.05, slightly above historical averages, indicating a robust market outlook despite recent fluctuations [5][10] - The report notes that the recent stock price declines in the innovative drug sector are primarily driven by market sentiment rather than fundamental changes [22]

行 业 及 产 业 医药生物 2025 年 10 月 12 日 本 周 申 万 医 药 生 物 指 数 下 跌 行 业 研 究 / 行 业 点 评 本期投资提示： ⚫ 市场表现：本周申万医药生物指数下跌 1.2%，同期上证指数上涨 0.4%，万得全 A（除 金融石油石化）下跌 0.5%。本周医药生物指数在 31 个申万一级子行业中表现排名第 25 。 各 三 级 板 块 涨 跌 幅 为 ： 原 料 药 （ -0.7% ） 、 化 学 制 剂 （ -2.5% ） 、 中 药 （+1.5%）、血液制品（+1.4%）、疫苗（+0.7%）、其他生物制品（-1.7%）、医疗 设备（-0.2%）、医疗耗材（+0.2%）、体外诊断（-0.6%）、医药流通（+0.8%）、 线下药店（+0.3%）、医疗研发外包（-5.3%）、医院（+1.8%）。当前医药板块整体 估值 30.9 倍，在 31 个申万一级行业(2021)中排名第 10。 本研究报告仅通过邮件提供给 中庚基金 使用。1 《本周医药上涨 3.1%，医保局发布按病种 付费管理暂行办法和医保"双目录"初审 名单，司美在美获批治疗 MASH ——医药 行业周报（2025/ ...

Investment Rating - The report maintains an "Outperform" rating for the industry [8] Core Insights - The report highlights the significant potential of FGF21 as a treatment for MASH (Metabolic Associated Steatotic Liver Disease), with a global patient population potentially reaching nearly 500 million and a market size exceeding $30 billion [5][17] - Recent large-scale business development (BD) deals in the FGF21 space, including Novo Nordisk's $4.7 billion acquisition of Akero Therapeutics and Roche's $3.5 billion acquisition of 89bio, indicate strong interest and investment in this area [5][31] - Key domestic companies to watch include China Biologic Products, Dongyang Sunshine Pharmaceutical, and Huadong Medicine, all of which have promising FGF21-related products in various stages of clinical development [5][31] Summary by Sections 1. Investment Focus on FGF21 - MASH is a common liver disease globally, with a potential patient population of nearly 500 million and a drug market projected to exceed $30 billion [17] - FGF21 shows great promise in addressing core issues of MASH, including significant reductions in liver fat, inflammation improvement, and reversal of fibrosis [23][25] - The global R&D landscape for FGF21 is relatively favorable, with low competition among candidates targeting MASH [25][27] 2. Market Performance Review - The CITIC Pharmaceutical Index rose by 0.3% during the week of September 29 to October 10, 2025, underperforming the CSI 300 Index by 1.2 percentage points [4][42] - Year-to-date, the CITIC Pharmaceutical Index has increased by 23.0%, outperforming the CSI 300 Index by 5.7 percentage points [4][42] - Top-performing stocks during this period included Zhend Medical (+31.8%), Wanbangde (+21.2%), and Changshan Pharmaceutical (+12.9%) [4][59] 3. Clinical Development Highlights - China Biologic Products has a leading position with its single-target FGF21-Fc fusion protein in Phase II clinical trials [31] - Dongyang Sunshine Pharmaceutical's FGF21/GLP-1 fusion protein has shown promising results in reducing liver fat by 47% compared to a 15% reduction in the placebo group [32][34] - Huadong Medicine's multi-target FGF21/GLP-1R/GCGR fusion protein demonstrated a 79% reduction in liver fat in clinical trials, significantly outperforming the placebo [38][40]

Core Insights - The recent escalation of the US-China supply chain and tariff conflict is a continuation of trade frictions since 2018, and it is not a new negative factor for the A-share market. Historical experience shows that such shocks often create phase low points and investment opportunities [2][6][10] - Compared to the tariff shock in April this year, the current market has more favorable conditions, including investor expectations of tariff threats and stronger market resilience due to key resistance levels being surpassed [4][10] - Short-term adjustments are inevitable, but the market still shows resilience, with the potential for new highs after the shock ends. This adjustment may serve as an opportunity to optimize the investment structure [2][10] Industry and Company Analysis - The classic response strategy to the US-China conflict emphasizes self-sufficiency and domestic circulation, suggesting a focus on sectors with relatively low positions and marginal improvements, such as military industry, semiconductors, software self-sufficiency, new consumption, and non-ferrous metals [2][10] - The current market sentiment is bolstered by a stronger willingness of residents to invest, increased protective actions from important institutional investors, and accelerated trends in new industries like artificial intelligence and semiconductors, which provide long-term value during corrections [4][10] - The average guarantee ratio in the market has significantly improved from 261% in April to 287%, enhancing the market's ability to withstand downturns despite a larger scale of financing [4][9][10] - The recent market dynamics indicate that sectors such as gold, copper, cobalt, photovoltaic batteries, lithium battery equipment, wind power, semiconductors, and automotive are experiencing improvements or high levels of prosperity [4][10]

Investment Rating - The report indicates a positive investment outlook for the innovative pharmaceutical sector, suggesting a focus on companies with sustained high growth in performance [3][4][11]. Core Insights - The innovative pharmaceutical industry is expected to continue its high revenue growth trend, with specific attention on companies in the medical devices, CXO, and upstream sectors [3][4]. - The report highlights the performance forecasts for 22 pharmaceutical companies, with several expected to achieve significant profit growth in Q3 2025 [3][4]. - The report emphasizes the importance of monitoring companies that consistently maintain high growth rates, such as 恒瑞医药 (Hengrui Medicine), 迈瑞医疗 (Mindray), and others [3][4][11]. Performance Forecasts - As of October 11, 2025, two pharmaceutical companies have released their Q3 2025 performance forecasts, with 重药控股 (Zhongyao Holdings) expecting a profit growth rate between 39.89% and 117.47%, and ST 诺泰 (ST Nuotai) expecting a growth rate between 5.62% and 13.74% [4]. - The report predicts that five companies will achieve profit growth rates of 40% or more, including 以岭药业 (Yiling Pharmaceutical) and 福瑞股份 (Furui Co.) [3][4]. - Revenue forecasts for 33 pharmaceutical companies indicate that seven companies are expected to achieve revenue growth rates of 40% or more, including 三生国健 (3SBio) and 艾迪药业 (Eddie Pharmaceuticals) [3][4]. Company-Specific Insights - The report provides detailed profit and revenue forecasts for various companies, indicating significant expected growth for companies like 以岭药业 (Yiling Pharmaceutical) with a projected profit increase of 1150% year-on-year [6][9]. - Specific revenue growth rates are forecasted for companies such as 恒瑞医药 (Hengrui Medicine), which is expected to achieve a revenue increase of 12% to 17% [10][11]. - The report includes a valuation table for key companies, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for the coming years [11].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [18]. Core Insights - The report emphasizes the sustained high growth of innovative drugs and suggests focusing on companies with consistently high performance in the innovative drug sector, as well as those in the medical devices, CXO, and upstream segments that are showing significant improvement [3][4]. Performance Forecast - As of October 11, 2025, two pharmaceutical companies have released performance forecasts for Q3 2025, with Heavy Drug Holdings expecting a profit growth rate between 40% and 117%, and ST Nuotai expecting a growth rate between 6% and 14% [4]. - For Q3 2025, the report predicts the following net profit growth rates for 22 pharmaceutical companies: - 5 companies with growth rates of 40% and above: Yiling Pharmaceutical, Furuide, Huakang Clean, Haitai New Light, and Beida Pharmaceutical - 3 companies with growth rates between 20% and 35%: Heng Rui Pharmaceutical, Jianyou Pharmaceutical, and Zuoli Pharmaceutical - 7 companies with growth rates between 10% and 20%: Wo Wu Biological, Jingxin Pharmaceutical, Enhua Pharmaceutical, Xinmai Medical, Kaiyin Technology, Huaxia Eye Hospital, and Qianyuan Pharmaceutical - 6 companies with growth rates between 0% and 10%: Aier Eye Hospital, Kangchen Pharmaceutical, Renfu Pharmaceutical, Weier Pharmaceutical, Jiuzhitang, and Guangyuyuan - 1 company is expected to turn a profit: New Mileage [3][4][6]. Revenue Forecast - The report forecasts revenue growth for 33 pharmaceutical companies in Q3 2025 as follows: - 7 companies with growth rates of 40% and above: San Sheng Guo Jian, Aidi Pharmaceutical, Xinmai Medical, Zejing Pharmaceutical-U, Huakang Clean, Dize Pharmaceutical-U, and Haitai New Light - 9 companies with growth rates between 20% and 40%: Nuo Cheng Jian Hua-U, Bai Ji Shen Zhou-U, Wei Xin Biological, Jun Shi Biological-U, Furuide, Kang Huo Nuo, Meng Ke Pharmaceutical-U, Ke Xing Pharmaceutical, and Qianyuan Pharmaceutical - 10 companies with growth rates between 10% and 20%: Olin Biological, Beida Pharmaceutical, Xinlitai, Wo Wu Biological, Guangyuyuan, Heng Rui Pharmaceutical, Kaili Medical, Kangchen Pharmaceutical, Kaiyin Technology, and Wu Ming Kang De - 3 companies with growth rates between 5% and 10%: Enhua Pharmaceutical, Mai Rui Medical, and Aier Eye Hospital - 4 companies with growth rates between 0% and 5%: Changchun High-tech, Runda Medical, Weier Pharmaceutical, and Yiling Pharmaceutical [3][7][9]. Key Companies to Watch - The report suggests focusing on companies that are expected to maintain high growth in Q3 2025, including Heng Rui Pharmaceutical, Changchun High-tech, Kelong Pharmaceutical, Enhua Pharmaceutical, Mai Rui Medical, Furuide, Xiangsheng Medical, Huakang Clean, Wu Ming Kang De, Kanglong Huacheng, Kailai Ying, Pruisi, and Hanbang Technology [3][4].

Core Viewpoint - Northeast Pharmaceutical has made significant progress in the innovative drug sector with the approval of the clinical trial application for DCTY0801 injection, a CAR-T cell therapy targeting specific gene mutations, marking a key step in the company's strategic development [1][2] Company Developments - The approval of DCTY0801 injection is a crucial milestone in the company's drug development process, enhancing its core competitiveness in tumor treatment [2] - The company plans to strictly adhere to review requirements and improve the risk management plan for DCTY0801 while accelerating the development of other innovative pipelines [1][2] - Northeast Pharmaceutical acquired a 70% stake in DCTY0801's developer, Dingcheng Peptide Source, in 2024, facilitating its entry into the cell therapy field [1] Market Context - The global cell therapy market is experiencing rapid growth, with the CAR-T cell therapy market in China expanding significantly, indicating substantial development potential [2] - High-grade glioma, a common primary brain tumor in China, presents a significant unmet clinical need due to the short survival period and limited treatment options for patients [2]