Group 1 - Hong Kong pharmaceutical stocks experienced a collective surge, with notable increases in companies such as CSPC Pharmaceutical Group and United Laboratories, both rising over 7% [1][2] - Other companies like Luye Pharma, Kelun Pharmaceutical, and Innovent Biologics also saw significant gains, with increases exceeding 6% [1][2] - The market is reacting positively to the upcoming 2025 American Society of Clinical Oncology (ASCO) annual meeting, where several innovative drug companies will showcase their research results [2] Group 2 - Analysts suggest that the Chinese innovative drug sector is entering a phase of result realization, with many research advancements expected to drive continued investment interest in the pharmaceutical sector through 2025 [3] - The collaboration between 3SBio and Pfizer regarding the PD-1/VEGF dual antibody SSGJ-707 is seen as a catalyst for Chinese innovative drug companies to accelerate integration into the global industry chain [2]

Core Viewpoint - The Chinese innovative pharmaceutical sector is gaining international recognition, highlighted by significant deals and promising clinical data, leading to increased interest in related ETFs [1][3][4]. Group 1: Market Performance - The innovative drug ETF (517110) has rebounded nearly 15% since early April, reflecting strong performance in the pharmaceutical sector [1]. - The biopharmaceutical ETF and vaccine ETF also showed positive movements, with respective increases of 1.17% and 0.89% [2]. Group 2: ASCO Conference Insights - At the 2025 ASCO conference, over 70 research outcomes from Chinese pharmaceutical companies were presented, showcasing advancements in ADC and bispecific antibody technologies [3]. - Notable performances include Zai Lab's ZG005 and Huahai Pharmaceutical's HB0025, which exceeded expectations in early clinical trials for cervical and endometrial cancers, respectively [3]. Group 3: Business Development Trends - Recent business development (BD) activities in the innovative drug sector have seen record-breaking upfront payments, such as the $12.5 billion upfront payment from Pfizer for a PD-1/VEGF bispecific antibody from 3SBio [4][7]. - The increase in upfront payments and total deal values indicates growing international recognition of Chinese innovative drugs [7]. Group 4: Future Outlook - The innovative drug sector is expected to benefit from ongoing BD transactions, advancements in artificial intelligence across the pharmaceutical value chain, and the implementation of new healthcare policies [7]. - The overall sentiment and valuation in the pharmaceutical sector may improve due to domestic policy optimizations and a recovery in medical equipment procurement [7].

Core Viewpoint - The Hong Kong pharmaceutical sector, particularly the innovative drug segment, is experiencing a significant surge, driven by recent high-profile collaborations and a shift towards international competitiveness among Chinese pharmaceutical companies [1][11]. Group 1: Innovative Drug Collaborations - Pfizer's collaboration with 3SBio involves a record-breaking upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion, boosting confidence in the international capabilities of Chinese innovative drugs [1][5]. - Other notable collaborations include a $200 million upfront payment from United Pharmaceuticals to Novo Nordisk and a $175 million upfront payment from Hengrui Medicine to Merck, indicating a trend of increasing international partnerships [5]. - The average price-to-earnings (P/E) ratio for the Hong Kong pharmaceutical sector is currently at 15 times, significantly lower than the 24 times for both A-shares and U.S. stocks, suggesting a strong value proposition for investors [7]. Group 2: Technological Advancements - Chinese pharmaceutical companies are transitioning from "generic followers" to "innovation leaders," with R&D costs being only one-third of those in the U.S. and clinical trial durations reduced by 30% [1][2]. - Companies like Decipher Biosciences and Kintor Pharmaceutical are leveraging AI to enhance drug development efficiency, with significant improvements in response rates for clinical trials [1][2]. Group 3: Upcoming ASCO Conference - The 2025 ASCO Annual Meeting, scheduled for May 30 to June 3, will feature over 500 oral presentations and 2,700 poster presentations, with 71 original research projects from Chinese scholars, potentially leading to further stock price increases for involved companies [3][4]. Group 4: Market Dynamics and Valuation - The Hong Kong healthcare index has seen a nearly 20% increase prior to the announcement of 3SBio's contract, with a subsequent 4% rise following the news, indicating strong market interest [1]. - The current valuation levels are at historical lows, with some stocks trading below their net asset values, providing a significant safety margin for investors [7][8]. Group 5: Policy and Market Support - Recent policy changes have reduced pressures from centralized procurement, allowing innovative drugs to enter insurance coverage more rapidly, which is expected to enhance profitability for companies with genuine innovation capabilities [9]. - The government's support for biopharmaceuticals and the anticipated release of a new innovative drug directory could unlock over 300 billion yuan in market space, benefiting leading therapies like BeiGene's PD-1 inhibitors [9]. Group 6: Investment Trends - There has been a notable increase in capital inflow into the Hong Kong pharmaceutical sector, with net inflows into innovative drug ETFs exceeding 5 billion yuan since the second quarter [10]. - Active pharmaceutical funds are increasing their holdings in Hong Kong stocks, reflecting a growing confidence in the sector's potential for recovery and growth [10][11].

行业投资评级 强于大市 |维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 7533.02 | | 52 周最高 | 8490.25 | | 52 周最低 | 6070.89 | 行业相对指数表现 2024-05 2024-08 2024-10 2024-12 2025-03 2025-05 -18% -14% -10% -6% -2% 2% 6% 10% 14% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 证券研究报告：医药生物|行业周报 发布时间：2025-05-26 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:陈成 SAC 登记编号:S1340524020001 Email:chencheng@cnpsec.com 近期研究报告 《特朗普计划降低美国药品价格，CXO 企业有望受益》 - 2025.05.19 医药生物行业报告 （2025.05.19-2025.05.25） 三生制药创出海交易新纪录，中国创新药企或迎 Lisence out 密集收获期 l 一周观点：三生制药重磅 ...

证券研究报告：医药生物|行业周报 发布时间：2025-05-26 行业投资评级 强于大市 |维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 7533.02 | | 52 周最高 | 8490.25 | | 52 周最低 | 6070.89 | 行业相对指数表现 2024-05 2024-08 2024-10 2024-12 2025-03 2025-05 -18% -14% -10% -6% -2% 2% 6% 10% 14% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:陈成 SAC 登记编号:S1340524020001 Email:chencheng@cnpsec.com 近期研究报告 《特朗普计划降低美国药品价格，CXO 企业有望受益》 - 2025.05.19 医药生物行业报告 （2025.05.19-2025.05.25） 三生制药创出海交易新纪录，中国创新药企或迎 Lisence out 密集收获期 l 一周观点：三生制药重磅 ...

创新药带动医药板块回暖 数据显示，自年初低位以来，恒生医疗保健指数上涨达到31.89%，远超同期恒生科技指数和恒生中国 企业指数。A股市场中，创新药指数和申万医药生物一级行业指数分别上涨超过24%和10%，同样超过 同期上证指数、沪深300、全A等主要指数表现。 证券时报记者梳理发现，A股全市场282只医药主题基金（A/C份额分开计算，下同）中，超251只基金 实现年内正收益，其中，年内业绩涨幅超过20%的基金达66只，港股创新药带来的强劲行情正悄然蔓延 到医药市场多个板块。 不过，目前市场上的医疗主题基金的业绩表现，也呈现出显著的分化态势，年内业绩首尾相差超过60个 百分点，业绩分化的重要原因在于持仓标的不同，涨幅居前的基金重仓持有港股医药公司，业绩居后的 基金仓位基本为A股公司。以中银基金郑宁管理的中银港股通医药C为例，截至5月23日，该基金年内业 绩回报达50.5%，业绩核心来源于港股的翰森制药、科伦博泰生物-B、康方生物等。另外，医药主动权 益基金也明显跑赢被动指数基金。 谈及近期医药市场回暖，万民远表示："无论是从政策端、需求端，还是企业创新端来看，医药行业最 困难的时刻或许已经过去，行业的投资筹码 ...

Core Viewpoint - The approval of Heng Rui Medicine's innovative drug, Regaglitin Metformin, marks a significant advancement in the domestic innovative drug sector, filling a gap in the market for Type 2 diabetes treatment [1] Group 1: Market Performance - Heng Rui Medicine's stock surged over 25% following the drug approval, reflecting strong market enthusiasm for the Hong Kong innovative drug sector [1] - The Hong Kong innovative drug index's price-to-earnings ratio dropped from 64 times on February 21 to 27 times on May 23, indicating a significant reduction in valuation and highlighting attractive investment opportunities [1] Group 2: Industry Trends - The innovative drug sector is experiencing a positive trend, with notable collaborations such as the record-setting upfront payment from 3SBio to Pfizer, showcasing the growing potential of domestic innovative drugs in international markets [1] - The innovative drug ETF (159567) tracks the National Index and has a 90% weight in innovative drug companies, positioning it to benefit from trends like AI-driven drug development and the expansion of domestic innovative drugs [2] Group 3: Clinical Research Advancements - The innovative drug sector has shown significant investment value due to breakthroughs in clinical research and drug development, with promising results expected from multiple domestic innovative drug studies at the upcoming 2025 ASCO conference [3] - New treatment options for non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC) have demonstrated high objective response rates (ORR) and progression-free survival (PFS), indicating strong potential for commercialization [3]

本周（5月19日至23日，下同），三大指数全线调整。分行业来看，贵金属、汽车、包装等行业板块涨 幅居前，互联网、工业机械、酒类等行业板块跌幅靠前。市场上分化较为严重。 利好频发 在消息面上，本周LPR迎来年内首降，1年期降至3%，5年期以上降至3.5%，均下降10个基点。中国人 民银行行长潘功胜日前主持召开金融支持实体经济座谈会并讲话。会议重申，要实施好适度宽松的货币 政策，满足实体经济有效融资需求，保持金融总量合理增长。 近日，利好频发。 5月23日召开的国务院常务会议审议通过了《制造业绿色低碳发展行动方案（2025— 2027年）》。 会议指出， 推进制造业绿色低碳发展是大势所趋，要加快绿色科技创新和先进绿色技术推广应用，强 化新型工业化绿色底色。要推进传统产业深度绿色转型， 结合大规模设备更新等政策实施，积极应用 先进装备和工艺，加快重点行业绿色改造升级。要引领新兴产业高起点绿色发展，加大清洁能源、绿色 产品推广，提升资源循环利用水平。要加强共性技术攻关，完善重点领域标准， 优化相关政策，健全 绿色制造和服务体系，更好支持和帮助企业转型升级。 此前一日（5月22日），国新办举行新闻发布会，介绍科技金融政 ...

过去一周（5月19日—5月23日），A股三大指数集体下跌。截至5月23日收盘，上证指数报3348.37点， 周跌0.57%；深成指报10132.41点，周跌0.46%；创业板指报2021.50点，周跌0.88%。 具体来看，近31%的个股周内实现上涨，93股周涨超15%，18股周跌超15%。按照申万一级行业分类， 医药生物、有色金属、汽车、家用电器、煤炭等多个板块涨幅居前，计算机、机械设备、通信、电子、 非银金融等多个板块下跌。 哪些个股领涨？哪些个股领跌？21投资通每周持续为你透视。 最牛股三生国健双抗新药授权辉瑞，周涨近100% 本期牛股榜中，三生国健（688336.SH）以99.96%的周涨幅夺魁，慧博云通（301316.SZ）以69.00%的 涨幅位居第二，滨海能源（000695.SZ）、丽人丽妆（605136.SH）、海辰药业（300584.SZ）、王子新 材（002735.SZ）周涨幅超50%。本期牛股榜十只个股过去一周累计涨幅均超过43%。 最牛股三生国健属于生物科技行业、化学药品产业链： 公开资料显示，三生国健是中国首批专注于创新型抗体药物研究并持续积极创新，拥有研、产、销一体 化成熟平台，专 ...

"医药行业最困难的时刻可能已经过去了。" 融通基金 基金经理万民远的一句感慨道出了众多医药基金经理、基民和股民多年持仓的坚守与转折。随着港 股创新药的牛市行情仍在持续演进，今年不少基民发现，自己持有亏损多年的医药基金开始赚钱了。 近期港股创新药板块持续走强，医药股、医药基金投资价值再次引起市场关注。证券时报·券商中国记者采访 国泰基金麻绎文、景顺长城基金金璜、融通基金万民远、金鹰基金欧阳娟、华富基金廖庆阳、诺安基金唐晨等 多位基金经理，围绕市场反弹动因、全年主线逻辑及细分赛道机会展开深度解读。 接受采访的多位基金经理均认为，港股创新药板块的上涨并非短期情绪驱动，而是政策红利、产业升级、全球 化突破等长周期逻辑的集中体现。尽管短期需关注政策落地节奏与外部环境变化，但中国创新药从"跟 跑"到"领跑"的趋势已然确立，在全球产业链中的价值重估进程方兴未艾。对于投资者而言，把握创新药出海 与技术融合主线，兼顾低估值修复与业绩兑现逻辑，或是分享产业升级红利的关键。 医药行业最困难时刻或已过去 Wind数据显示，年初低位以来，恒生医疗保健指数（HSHCI.HI）上涨达到31.89%，远超同期恒生科技指数和 恒生中国企业指数 ...