人民财讯9月15日电，今年，市场主线轮动加速，人工智能、创新药、人形机器人、固态电池等热门主 题轮番走强，大幅反弹行情频频上演。若深挖这轮行情的核心推手，出海逻辑的支撑作用不容忽视。当 下，出海标的已从前期的线索蜕变为市场的重要隐形主线，既能释放出高速增长的业绩，又催生大量投 资机会，孕育出批量翻倍股。面对这一趋势，基金经理纷纷将其纳入重点配置范畴，随着行情逐步演 绎，部分布局精准的基金已率先进入收获阶段。从中长期视角看，基金经理普遍认为出海仍是国内企业 重要的增长来源。 ...

Group 1 - The core theme of the market this year revolves around the "going abroad" logic, which has become a significant hidden mainline supporting various high-growth sectors such as artificial intelligence, innovative pharmaceuticals, humanoid robots, and solid-state batteries [1][2] - The "going abroad" logic has transformed from a supplementary option in technology growth to a central element in investment portfolios for many fund managers, indicating its increasing importance in the market [2][5] - There has been a notable overlap between popular thematic stocks and "going abroad" targets, with over 420 stocks doubling in value this year, and more than 110 of these having over 30% of their revenue from overseas [3][4] Group 2 - Fund managers have increasingly included companies with significant overseas revenue in their portfolios, contributing positively to fund performance, as seen in the case of the Huatai Baichuan Quality Growth Mixed Fund achieving a 107.05% return [4][5] - The consensus around the "going abroad" investment logic has grown, with over a thousand funds mentioning it in their semi-annual reports, reflecting a shift towards valuing companies that can compete globally [5][6] - High overseas revenue companies in sectors like AI hardware, innovative pharmaceuticals, and consumer goods have seen significant stock price increases this year, indicating strong market performance driven by international sales [6][8] Group 3 - The trend of "going abroad" is viewed as a long-term growth source for domestic companies, with fund managers optimistic about the potential for Chinese brands to expand internationally, especially in sectors with competitive advantages [8][9] - The focus on overseas operations is expected to continue, with fund managers highlighting the importance of identifying companies with strong international business capabilities in sectors like innovative pharmaceuticals and AI [7][9] - The shift from traditional manufacturing to more advanced sectors, including R&D and brand development, is evident as companies adapt to global market demands [6][7]

药捷安康作为一家2014年成立的创新药企，主要从事小分子创新药研发，暂无产品获批上市，过去三年累计亏损8.7亿元。公司股价近期的上涨，起始于9 月10日披露核心产品替恩戈替尼一项临床试验获得临床默示许可的公告，此后3个交易日，市值激增近480亿港元。 药捷安康董事长吴永谦，官网截图 一款产品从二期临床试验到获批上市，需要经历多个关键节点，药捷安康的"临床故事"真有这么高的含金量吗？ 一则公告拉动480亿港元市值？ 业内人士：太夸张了 9月12日，药捷安康-B（02617.HK）用最高超130%、单日上涨77.09%的涨幅，诠释了当下港股创新药板块的疯狂。截至当日收盘，药捷安康总市值达到 764亿港元，排在港股创新药板块第12位。药捷安康也是今年港股创新药概念股中唯一的"十倍股"，6月23日挂牌上市以来，在不到3个月时间里股价涨幅 达到1363.88%。 目前，替恩戈替尼还没有对外披露临床数据，只有公司官方微信公众号文章中提到过，临床前试验结果表明，替恩戈替尼与氟维司群的联合用药针对内分 泌治疗耐药的乳腺癌细胞具有药理学协同作用。 替恩戈替尼最受关注的，是在胆管癌方面解决FGFR（成纤维生长因子受体）领域耐药的 ...

Core Insights - 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] Domestic Demand - There is a strong and growing domestic demand for high-quality innovative drugs, 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%, while H-share companies reported 42.13 billion yuan, up about 10% [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, with several drugs contributing to this growth due to expanded indications [2][3] Revenue Growth and Market Dynamics - Innovative drugs from companies like Bai Jie Shen Zhou and Yi Fan Medicine have seen significant sales growth, with Bai Jie Shen Zhou's flagship product achieving 1.19 billion yuan in sales, a 36.5% increase, and Yi Fan's products growing by 169.57% [3] - The Chinese innovative drug industry is in a rapid development phase, benefiting from both domestic insurance market expansion and overseas market opportunities, leading to a trend towards profitability [3] Policy Support - The Chinese government has been actively supporting the development of innovative drugs, with 149 innovative drugs included in the national insurance catalog since 2018, significantly improving the accessibility of new and effective medications [4] - Companies like Jingxin Pharmaceutical and Bei Da Pharmaceutical have reported early signs of revenue growth from drugs that have recently been included in the insurance catalog, demonstrating the positive impact of policy support [4] Future Outlook - The year 2025 is anticipated to be a turning point for revenue growth among innovative drug companies, with 80% of A-share and H-share companies expected to see significant revenue increases following insurance negotiations [5] - The introduction of a commercial health insurance catalog for innovative drugs is expected to alleviate the financial burden on patients and enhance the market for innovative drugs [5][6] R&D 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 of future products [7] - Companies like Heng Rui Medicine and Bai Jie Shen Zhou are significantly investing in R&D, with Heng Rui reporting 3.87 billion yuan in R&D spending and over 100 innovative products in clinical development [7] Global Positioning - China is becoming a significant player in global drug development, holding nearly 30% of the global market share, with a notable number of first-in-class drug pipelines and technology licensing agreements [8] - The past years of investment in innovative drug development are expected to yield substantial results around 2025, although caution is advised regarding potential future investment slowdowns [8]

Core Viewpoint - The innovative drug sector is experiencing a significant resurgence, with the Oriental Red Medical Upgrade Fund achieving an annual return of 82.35% as of August 22, 2025, driven by a focus on fundamental changes in the market rather than speculative investments [1][2]. Group 1: Investment Strategy - The Oriental Red Medical Innovation Mixed Fund, managed by Jiang Qi and Gao Yi, emphasizes innovative drugs as a key investment focus, anticipating market differentiation where funds will favor truly innovative companies [2][9]. - Jiang Qi employs a unique industry classification system, dividing the pharmaceutical sector into 18 sub-industries and further refining high-growth areas based on growth potential and technological innovation [3][4]. - The investment approach is guided by two main principles: policy direction and growth rate, with a focus on sectors benefiting from national strategic shifts and those exhibiting a compound annual growth rate of 20% [3][4]. Group 2: Market Trends and Future Outlook - The innovative drug market is expected to see a wave of new products entering clinical stages, with 2026-2027 identified as critical years for the sector's growth, particularly in overseas market submissions [7][8]. - Recent policy measures, such as the introduction of a "commercial insurance innovative drug catalog," are anticipated to enhance the valuation logic for innovative drugs and direct resources toward leading companies with strong commercialization capabilities [8]. - The current market sentiment may lead to a shift in investment focus towards innovative companies with deep value, as the initial excitement subsides and rationality returns to the market [8][9].

Group 1 - The private equity market in China has seen a significant recovery this year, with over 8,000 new private securities investment funds registered, marking an increase of over 80% year-on-year [1][2] - Stock strategies have emerged as the dominant force in the private equity issuance market, accounting for over 60% of new products, with 5,343 new stock strategy private funds registered, representing a growth of 92.68% compared to the same period last year [1][2] - The recovery in the private equity market is driven by three main factors: the ongoing structural market trends in A-shares and Hong Kong stocks, improved regulatory frameworks enhancing investor confidence, and strong performance of quantitative strategies attracting investor interest [2] Group 2 - Despite recent fluctuations in the A-share and Hong Kong markets, the influx of new capital remains strong, with high demand for quantitative long strategy products, indicating continued investor interest in equity assets [3] - Investors show low redemption intentions and maintain expectations for ongoing structural market trends, with a growing need for reallocation of household savings towards advantageous industries [3] - The healthcare and technology sectors are particularly favored by private equity firms, with significant research activity in the pharmaceutical and electronic industries, indicating a focus on high-potential companies [4][5][6] Group 3 - The pharmaceutical sector has seen over 1,000 research engagements from private equity firms, with leading companies like Mindray Medical, Anjieshi, and Aibo Medical being the most frequently researched [5] - The electronic sector follows closely with nearly 1,000 research engagements, highlighting companies such as Crystal Optoelectronics, Feikai Materials, and Anji Technology as key focuses [6] - Investment strategies are directed towards emerging growth sectors with sustainable performance, including AI technology and innovative pharmaceuticals, as well as competitive companies benefiting from favorable economic policies [6]

Core Viewpoint - The Chinese innovative pharmaceutical 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 for innovative drugs [1] Domestic Demand - The demand for high-quality innovative drugs in China is significantly increasing, with A-share innovative drug companies reporting a revenue of 28.69 billion yuan in the first half of the year, a year-on-year growth of approximately 42%, while H-share companies reported 42.13 billion yuan, a growth of about 10% [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, with several drugs contributing to this growth due to expanded indications [2][3] - Other companies such as BeiGene and Yifan Pharmaceutical also reported substantial revenue growth from their innovative products, indicating a robust domestic market for innovative drugs [3] Policy Support - The Chinese government has been actively supporting the development of innovative drugs through policy reforms, with 149 innovative drugs included in the national medical insurance directory since 2018, significantly improving the accessibility of new drugs [4] - The introduction of commercial health insurance for innovative drugs is expected to alleviate the financial burden on patients and enhance the market for innovative drugs [5][6] Research and Development Investment - Despite the growth in revenue, 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 of future products [7] - Companies like Heng Rui Medicine and BeiGene are significantly investing in R&D, with substantial portions of their revenue allocated to developing new drugs [7][8] Global Positioning - China is becoming a significant player in global drug development, holding nearly 30% of the global market share, with a notable increase in first-in-class drug pipelines and technology licensing [8] - The past years of investment during the "innovation drug bubble" period are expected to yield significant results in the coming years, particularly around 2025 [8]

Core Viewpoint - The recent surge in the stock price of药捷安康-B (02617.HK) reflects the current frenzy in the Hong Kong innovative drug sector, with a remarkable increase of 1363.88% since its listing on June 23, 2023, making it the only "tenfold stock" in the sector this year [1][2]. Group 1: Stock Performance - On September 12, 2023,药捷安康-B experienced a peak increase of over 130% and a daily rise of 77.09%, reaching a total market capitalization of 764 billion HKD, ranking 12th in the Hong Kong innovative drug sector [1][2]. - From September 10 to September 12, the stock price rose by 172.86%, and the market value increased by approximately 480 billion HKD, with the total market capitalization briefly touching 1 trillion HKD [4][11]. Group 2: Clinical Development - The stock price surge was triggered by the announcement on September 10 that the core product,替恩戈替尼, received clinical implied permission for a Phase II trial targeting hormone receptor-positive, HER2-negative metastatic breast cancer [4][6]. -替恩戈替尼 is a multi-target kinase inhibitor (MTK) that has shown pharmacological synergy in preclinical trials against endocrine-resistant breast cancer cells, although no clinical data has been publicly disclosed yet [6][7]. Group 3: Market Dynamics - The stock's rise is also attributed to its inclusion in the Hong Kong Stock Connect program, which allows mainland investors to participate directly, enhancing market activity [8][9]. - The limited float of shares, with only 15.28 million shares available for trading out of a total of 397 million shares, contributed to the stock's volatility and high trading amplitude of 131.09% with a turnover rate of only 4.74% [11].

Group 1 - The core viewpoint of the news is that the innovative drug sector is experiencing a significant rebound, with both A-share and H-share innovative drug ETFs showing strong performance, indicating a bullish sentiment in the market [1][3][6] - The Hong Kong Stock Connect innovative drug ETF (520880) has seen a premium trading throughout the day, reflecting strong capital inflow, with over 160 million yuan invested during recent dips, marking eight consecutive days of capital accumulation [1][3] - Major stocks within the Hong Kong Stock Connect innovative drug ETF have collectively rebounded, with notable gains from companies such as Kangfang Biotech, which rose over 6%, and others like Innovent Biologics and CSPC Pharmaceutical, which increased by over 2% [3][4] Group 2 - The recent performance of the innovative drug ETF (520880) is attributed to a strategic adjustment in its underlying index, which now excludes CXO companies and focuses solely on innovative drug research and development, enhancing its ability to reflect industry trends accurately [5][6] - China's position in global new drug research has improved, with over 20% of new drugs in development worldwide originating from the country, highlighting the potential for continued growth in the innovative drug sector [6] - The low valuation of the Hong Kong innovative drug sector, combined with a high number of business development deals and ongoing interest in areas like small nucleic acids and oral GLP-1, suggests strong future growth potential [6]

每经记者｜金喆 每经编辑｜董兴生 9月12日，药捷安康-B（02617.HK）用最高超130%、单日上涨77.09%的涨幅，诠释了当下港股创新药 板块的疯狂。截至当日收盘，药捷安康总市值达到764亿港元，排在港股创新药板块第12位。药捷安康 也是今年港股创新药概念股中唯一的"十倍股"，6月23日挂牌上市以来，在不到3个月时间里股价涨幅达 到1363.88%。 药捷安康作为一家2014年成立的创新药企，主要从事小分子创新药研发，暂无产品获批上市，过去三年 累计亏损8.7亿元。公司股价近期的上涨，起始于9月10日披露核心产品替恩戈替尼一项临床试验获得临 床默示许可的公告，此后3个交易日，市值激增近480亿港元。 一款产品从二期临床试验到获批上市，需要经历多个关键节点，药捷安康的"临床故事"真有这么高的含 金量吗？ 一则公告拉动480亿港元市值？业内人士：太夸张了 9月10日，药捷安康发布公告称，公司核心产品替恩戈替尼联合氟维司群治疗经治失败的激素受体阳性 （HR+）且人表皮生长因子受体2阴性或低表达（HER2-）的复发或转移性乳腺癌II期临床试验，已于 2025年9月10日获得国家药品监督管理局的临床默示许可。 ...