Core Viewpoint - The Chinese innovative drug sector has shown remarkable performance in the capital market this year, driven by record-high business development (BD) amounts for overseas expansion and a rapid growth in domestic revenue, indicating a shift from a "cash-burning" model to a "cash cow" model [1][2]. Group 1: Domestic Demand - The demand for high-quality innovative drugs in China is continuously being released, with A-share innovative drug companies achieving a revenue of 28.69 billion yuan in the first half of the year, a year-on-year increase of approximately 42% [2]. - Leading companies like Heng Rui Medicine reported a 14.5% increase in innovative drug sales revenue to 7.57 billion yuan, primarily from the domestic market [2]. - Other companies such as Bai Jie Shen Zhou and Yi Fan Medicine also reported significant revenue growth, with Bai Jie Shen Zhou's flagship product achieving a 36.5% increase in sales [3]. Group 2: Policy Support - The Chinese government has been actively supporting the development of innovative drugs, with 149 innovative drugs included in the national medical insurance directory since 2018 [4]. - The National Healthcare Security Administration has indicated that by May 2025, the cumulative payment for negotiated drugs will reach 410 billion yuan, driving related drug sales to exceed 600 billion yuan [4]. - New policies are being introduced to address pricing and reimbursement challenges for innovative drugs, including the establishment of a commercial health insurance directory for innovative drugs [5]. Group 3: Research and Development Investment - Despite revenue growth, many innovative drug companies are increasing their R&D investments, creating a positive cycle of revenue growth leading to increased R&D and a rich pipeline [7]. - Heng Rui Medicine invested 3.87 billion yuan in R&D, with over 100 innovative products in clinical development [7]. - The overall trend indicates that companies are focusing on building a robust pipeline to sustain future revenue growth [7]. Group 4: Global Positioning - China currently holds nearly 30% of the global drug R&D market share, with a significant number of first-in-class drug pipelines [8]. - The country has become an important source of global pharmaceutical innovation, with a notable increase in technology licensing and overseas expansion [8]. - The past years of investment during the "innovation drug bubble" period are expected to yield significant results in the coming years [8].

Group 1 - CRO concept stocks experienced a rise in early trading, with notable increases in share prices for companies such as 康龙化成 (up 8.11% to HKD 25.58), 昭衍新药 (up 6.27% to HKD 24.76), 药明生物 (up 4.88% to HKD 38.26), and 凯莱英 (up 4.33% to HKD 101.3) [1] - On September 12, the National Medical Products Administration of China announced a new policy to complete the review and approval of clinical trial applications for innovative drugs within 30 working days, effective immediately [1] - The new policy applies to clinical trial applications for innovative drugs that meet one of three specified criteria, further accelerating the approval process for certain applications [1] Group 2 - Concerns have arisen in the market regarding the U.S. administrative draft, with 华福证券 noting that the "Biological Safety Act" has undergone 10 changes since the end of 2023 [2] - The stock price response of representative CXO companies to the progress of the "Biological Safety Act" has shown a trend of desensitization, with current stock prices recovering and reaching new highs [2] - The ongoing BD wave in China's innovative drug sector reflects the advantages of talent resources, research efficiency, and cost, indicating that U.S. policies will not significantly impact the competitiveness of China's innovative drug industry [2]

Group 1 - CRO concept stocks experienced a significant rise, with 康龙化成 (03759) up 8.11% to HKD 25.58, 昭衍新药 (06127) up 6.27% to HKD 24.76, 药明生物 (02269) up 4.88% to HKD 38.26, and 凯莱英 (06821) up 4.33% to HKD 101.3 [1] - On September 12, the National Medical Products Administration announced a new policy to complete the review and approval of clinical trial applications for innovative drugs within 30 working days after acceptance, effective immediately [1] - The new policy applies to innovative drug clinical trials that meet one of three criteria: traditional Chinese medicine, chemical drugs, and biological products of Class 1 [1] Group 2 - Concerns have arisen in the market regarding the U.S. administrative draft, with 华福证券 noting that the "Biosafety Act" has undergone 10 changes since the end of 2023 [2] - The stock price response of representative CXO companies to the progress of the "Biosafety Act" has become desensitized, with current stock prices recovering and reaching new highs [2] - The ongoing BD wave in China's innovative drug sector reflects the advantages of talent resources, research efficiency, and research costs, indicating that U.S. policies will not significantly impact the globally competitive Chinese innovative drug industry [2]

Group 1 - The ChiNext index rose over 2%, with the STAR Market following suit, indicating strong performance in the hard technology sector [1] - The Double Innovation Leader ETF (588330) saw an intraday price increase of over 1.7%, with a real-time transaction amount exceeding 720 million yuan, reflecting active trading [1] - The semiconductor sector is experiencing significant growth, with companies like Shengbang Co. and Tuojing Technology seeing substantial stock price increases [5] Group 2 - The National Development and Reform Commission and the National Energy Administration issued a plan aiming for a new energy storage capacity of 180 GW by 2027, with an investment of approximately 250 billion yuan [2] - The semiconductor industry is poised for growth due to the Ministry of Commerce's anti-dumping investigation into imported analog chips from the U.S., which may expand the market for domestic manufacturers [3] - The Double Innovation Leader ETF has shown a cumulative increase of 31.5% over the past month, leading all broad-based indices in market performance [4] Group 3 - The ETF focuses on strategic emerging industries, selecting 50 large-cap companies from the STAR and ChiNext boards, covering sectors like new energy, semiconductors, and medical devices [8] - The ETF provides a low-entry investment option, allowing investors to participate in the technology sector with a lower capital requirement compared to direct investments in individual stocks [8] - The current market environment is characterized by a shift towards technology innovation and high-end manufacturing, with AI and innovative pharmaceuticals expected to drive future growth [6]

9月15日早盘，港股通创新药震荡上扬。港股通创新药ETF（520880）100%聚焦创新药研发类公司，场 内持续溢价交易，截至发稿成交额超2．3亿元。上周，520880连续5日吸金合计超5.1亿元，多头势力强 劲。 | 分时 多日 1分 · | | | | | | | F9 盘前盘后 露加 九$ 图线 工具 (2 )> | | | | | | | 港股通创新药ETF ① | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.65 | | | | | 520880[建設通创新的ETF] 10:45 价 0.653 廠庆 0.004[0.62%) 均 ... | | | | ម្រ 1.007. | | 0.653 +0.004 +0.62% | | | | TOANO A | | | | | | | | | | | | 0.6796 | | SSE CNY 10:45:44 交易中 | | | | | T40 / 8 + | | 0.65 ...

Core Insights - The stock price of Haisun Pharmaceutical experienced a decline of 2.01% on September 15, trading at 66.29 CNY per share with a total market capitalization of 7.955 billion CNY [1] - The company has seen a significant stock price increase of 230.46% year-to-date, but has recently faced a decline of 14.88% over the past five trading days [1] Company Overview - Haisun Pharmaceutical, established on January 15, 2003, and listed on January 12, 2017, is located in Nanjing Economic and Technological Development Zone, Jiangsu Province [2] - The company's main business includes the research, production, and sales of chemical preparations, raw materials, and intermediates, with a revenue composition heavily weighted towards cardiovascular drugs at 87.12% [2] Financial Performance - For the first half of 2025, Haisun Pharmaceutical reported a revenue of 309 million CNY, reflecting a year-on-year growth of 30.46%, and a net profit attributable to shareholders of 29.16 million CNY, up 17.87% year-on-year [2] - The company has distributed a total of 161 million CNY in dividends since its A-share listing, with 18 million CNY distributed over the past three years [3] Shareholder Information - As of September 10, the number of shareholders for Haisun Pharmaceutical increased to 21,800, a rise of 10.57%, while the average circulating shares per person decreased by 9.56% to 3,773 shares [2]

Core Viewpoint - As of September 15, 2023, Aosaikang's stock price has shown significant volatility, with a year-to-date increase of 76.65% but a recent decline in the last 20 days by 15.41% [1] Financial Performance - For the first half of 2025, Aosaikang reported a revenue of 1.007 billion yuan, representing a year-on-year growth of 9.20%, and a net profit attributable to shareholders of 160 million yuan, which is a substantial increase of 111.64% [2] - Cumulative cash dividends since Aosaikang's A-share listing amount to 721 million yuan, with 111 million yuan distributed over the past three years [3] Shareholder Structure - As of August 20, 2023, Aosaikang had 18,300 shareholders, a decrease of 1.26% from the previous period, with an average of 50,724 circulating shares per shareholder, an increase of 1.28% [2] - Notable changes in institutional holdings include new entries such as Yongying Pharmaceutical Innovation Mixed Fund and Hong Kong Central Clearing Limited, while some funds like China Europe Medical Health Mixed Fund have exited the top ten shareholders list [3] Market Activity - On September 15, 2023, Aosaikang's stock experienced a decline of 2.03%, trading at 22.24 yuan per share, with a total market capitalization of 20.642 billion yuan [1] - The stock has seen a net inflow of 3.5584 million yuan from major funds, with significant buying activity accounting for 11.74% of total transactions [1]

Core Viewpoint - BeiGene's stock has shown significant growth this year, with a year-to-date increase of 99.95%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of September 15, BeiGene's stock price reached 321.96 CNY per share, with a trading volume of 8.29 billion CNY and a turnover rate of 2.27%, resulting in a total market capitalization of 496.04 billion CNY [1]. - The stock has experienced a 1.25% increase over the last five trading days, a 32.49% increase over the last 20 days, and a 28.58% increase over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a stock trading list) once this year, with the most recent appearance on September 2 [1]. Group 2: Financial Performance - For the first half of 2025, BeiGene reported a revenue of 17.518 billion CNY, representing a year-on-year growth of 46.03%, and a net profit attributable to shareholders of 450 million CNY, which is a 115.63% increase compared to the previous period [2]. - The number of shareholders decreased by 3.90% to 23,300 as of June 30, 2025, while the average number of circulating shares per person increased by 4.11% to 4,976 shares [2]. Group 3: Shareholder Composition - As of June 30, 2025, the fourth largest shareholder is 中欧医疗健康混合A (China Europe Medical Health Mixed A) with 4.8254 million shares, an increase of 1.2436 million shares from the previous period [2]. - 万家优选 (Wanjia Youxuan) is the sixth largest shareholder with 3 million shares, a decrease of 500,000 shares [2]. - 新进股东 (new shareholder) 南方中证500ETF (Southern CSI 500 ETF) holds 1.7259 million shares [2].

成份股方面，多只新进股表现惹眼。MIRXES-B大涨6%，荣昌生物、映恩生物-B涨超2%；上周股价狂 飙超205%大牛股药捷安康-B大幅回调，领跌逾12%。此外，权重股多数拉涨，石药集团涨3%，中国生 物制药涨逾1%。 9月8日，港股通创新药ETF（520880）跟踪的恒生港股通创新药精选指数"提纯"修订正式生效，完全剔 除CXO，专注精选创新药研发类公司，晋级成为"不含CXO、100%聚焦创新药研发"的纯正创新药指 数，更加精准地反映我国创新药企的整体表现，在创新药行情启动时有望展现更强进攻性。 港股通创新药ETF（520880）是全市场首只跟踪该指数的ETF产品，最新规模超17亿元，上市以来日均 成交额5．21亿元，在同指数ETF中规模最大、流动性最佳，并且支持日内T+0交易，不受QDII额度限 制，投资更灵活，资金效率更优。场外投资者可以关注港股通创新药ETF（520880）联接基金： 025221。 | | | | | 港股通创新药ETF (520880) 标的指数 "提纯",别除CXO, 100%聚焦创新药研发 | | | | | | --- | --- | --- | --- | --- | -- ...

Company Overview - Tiger Med is a clinical research service provider based in Hangzhou, China, specializing in I-IV phase clinical trials, data management, and medical testing services [1][2] - The company was established on December 15, 2004, and went public on August 17, 2012 [1] Financial Performance - For the first half of 2025, Tiger Med reported a revenue of 3.25 billion yuan, a year-on-year decrease of 3.21%, and a net profit attributable to shareholders of 383 million yuan, down 22.22% year-on-year [2] - The company has distributed a total of 2.46 billion yuan in dividends since its A-share listing, with 1.15 billion yuan distributed over the last three years [3] Stock Performance - As of September 15, Tiger Med's stock price increased by 2.02% to 62.24 yuan per share, with a market capitalization of 53.59 billion yuan [1] - Year-to-date, the stock has risen by 14.58%, but it has seen a decline of 7.37% over the last five trading days and 10.45% over the last 20 days [1] Shareholder Structure - As of June 30, 2025, Tiger Med had 51,500 shareholders, a decrease of 4.14% from the previous period [2] - The top shareholders include various funds, with notable changes in holdings among major institutional investors [3]