"AI 原生 100" 是虎嗅科技组推出针对 AI 原生创新栏目，这是本系列的第「 10 」篇文章。 人类从未停止过与癌症、阿尔滋海默症、艾滋病等疾病等抗争。 但苦于新药研发的速度，这场疾病抗争史迟迟未能出线质的改变。而以生成式AI为基础的大模型的出现，正在从根本上改变这一进程。 第一缕夕阳透过会议室玻璃窗，与C12的创始人兼CEO陈志刚的对话已经进行了两个半小时。生研湾，我们这次谈话发生的地方，是大量新药的创新源头。 陈志刚正在做的，是一个针对实验室场景的通用机器人——这个机器人将会先被用在新药研发，之后泛化到新材料和化工等场景。 他厚厚的镜片反射出一道光——那是比窗外阳光更锐的东西，此时，全球药物研发行业创新浪潮正汹涌来袭，AI已成为这场创新风暴的核心驱动力，这场 能力，比10年前更大、更足。 2022年，陈志刚的公司C12成立，尝试将垂直领域的AI Agent与具身智能结合，突破湿实验（虎嗅注：湿实验通常涉及生物样本、化学物质或其他液体材料 的操作和处理。这类实验往往需要特定的实验室条件,如无菌环境、温度控制等）的效率瓶颈。 一年多前，他做了一个决定，将机器人的解决场景收敛到"纯化"的步骤，而不是湿实验 ...

Core Insights - The pharmaceutical industry is experiencing rapid advancements in drug discovery driven by artificial intelligence (AI), with AI-generated drugs moving into clinical stages this year [1][4] - Chinese innovative companies are leading globally in AI drug development, with McKinsey describing AI as a "once-in-a-century opportunity" for the pharmaceutical sector [1][5] Group 1: AI in Drug Discovery - AI is transforming drug design from "probabilistic collisions" to "atomic-level precision engineering," enabling faster and more accurate molecular design [4] - The success rate of AI-generated drug molecules in Phase I clinical trials has reached 80% to 90%, significantly higher than the historical average of 50% [4][5] - A notable study from Beijing Union Medical College and an AI pharmaceutical company demonstrated the ability to discover new targets and design new molecules using generative AI [5][9] Group 2: Investment and Financing - Nearly $10 billion has flowed into AI drug development globally in the first half of this year, indicating strong investor confidence in the sector [6][8] - The largest AI drug financing in China this year was approximately $123 million for the company Insilico Medicine, exceeding its target [6] - Major collaborations between multinational companies and Chinese firms are emerging, such as AstraZeneca's partnership with CSPC Pharmaceutical Group, valued at up to $5.3 billion [7][8] Group 3: Future Directions - The focus for companies is on advancing AI-discovered drugs from Phase I to Phase II and later clinical trials, addressing data bottlenecks in AI drug development [8] - Enhancing data sharing, standardization, and modeling algorithms is crucial for improving AI's capabilities in drug discovery [8][9] - Accurate data, including molecular information and biochemical interactions, is essential for AI to learn and propose useful drug candidates [9]

Core Viewpoint - The Hong Kong medical ETF (159366) has seen significant gains, driven by the booming market for innovative drugs and medical devices, with a notable increase of over 25% in the past month and a continuous rise for five consecutive days [1][4]. Group 1: ETF Performance - The Hong Kong medical ETF (159366) rose by 1.96% to 1.564, reflecting strong market interest [2]. - Over the past 5 days, the ETF has increased by 11.40%, and over the past 20 days, it has risen by 23.54% [2]. - The ETF is noted for having the highest concentration of CXO companies in the market, focusing on AI drug development, CXO, and medical devices [6]. Group 2: Company Developments - MicroPort Medical announced that Shanghai Shenda Capital has become a strategic shareholder, indicating the active role of merger funds in supporting local biopharmaceutical leaders [4]. - The strategic investment aims to enhance MicroPort Medical's position as a leader in high-end medical device innovation in China [4]. Group 3: Industry Insights - The National Healthcare Security Administration recently held a forum to discuss support for innovative drugs and medical devices, highlighting the significant policy, research, manufacturing, and market advantages of China's innovative drug and device sector [4]. - CXO leader WuXi AppTec reported a net profit of 8.56 billion yuan, a year-on-year increase of 101.9%, with a strong order backlog indicating robust growth potential [5]. - Market analysts suggest focusing on sectors with stable growth, particularly medical devices and pharmaceuticals, as the impact of centralized procurement is gradually diminishing [6].

从信息化、数字化到如今的智能化，在每一轮信息革命的浪潮中，医疗健康领域始终是新技术的试验场 与先行区。当前，大模型技术正加速向多模态融合方向演进，生成式人工智能持续为医疗服务赋能。 无论是AI辅助诊断突破传统诊疗效率的瓶颈，还是加速AI药物研发中候选化合物的筛选周期，技术革 新正为全球医疗健康领域注入前所未有的创新动力。 然而，在技术迅猛发展的背后，产业落地的现实挑战也逐步显现——从数据治理到临床转化，从技术伦 理到全球普惠，医疗AI在跨越实验室与真实世界的"断层带"时，正面临多重结构性矛盾的考验。 面对这一系列挑战，究竟该如何应对？7月26日至28日，2025世界人工智能大会在上海多场馆同步拉开 帷幕。本次大会以"智能时代同球共济"为主题，涵盖会议、展览等五大板块，聚焦AI基础设施、科学智 能等十大领域。据悉，本次大会迎来800余家企业参展，3000余项前沿展品集中亮相，其中包括40余款 大模型、50余款AI终端及100余款全球首发/中国首秀新品，规模创历届之最。 在医疗AI领域从"技术可行"迈向"规模应用"的关键跨越阶段，产业亟需破解标准缺失、生态分散、转化 困难等瓶颈问题。对此，大会期间，安永大中华区生 ...

为持续向投资者普及ETF基础知识，招商证券携手十大基金公司，联合全景网共同举办2025年招商证 券"招财杯"ETF实盘大赛系列直播，旨在帮助投资者提升资产配置与风险管理能力，促进ETF市场的健 康发展。 2025年7月24日，"招财杯"ETF实盘大赛系列直播邀请到了银华基金指数投资分析师辛迪，一起探讨 《创新药板块崛起，后市还有哪些机会？》。 辛迪表示，经过近几年的快速发展，我国已成为全球创新药领域的重要力量，尤其在研发管线规模、靶 点覆盖及国际化合作方面表现突出，而众多创新药企也将开始进入成果兑现阶段，中国创新药行业或正 在进入厚积薄发的"收获期"。 "总体而言，政策、资本、产业因素共振，中国创新药行业长期成长逻辑坚实。"辛迪进一步表示，"我 认为创新药估值仍有非常充足的上扬空间。" 部分企业业绩超预期，创新药或步入"收获期" 辛迪：从基本面来看，我们认为创新药仍是当前医药板块中产业趋势最为明确且具备未来成长空间的子 行业，全年维度创新药作为医药板块的投资主线不会变化，创新药大时代已然到来。此外，7月中报业 绩预告/快报陆续披露，GLP-1景气赛道、困境反转的原料药等表现亮眼，从半年报情况看，部分企业 H1 ...

Core Viewpoint - The article highlights the strong performance of several funds focusing on innovative pharmaceuticals in Hong Kong, indicating the beginning of a golden era for Chinese pharmaceuticals, with a focus on high-barrier, high-certainty market opportunities in innovative drug companies [2][11]. Fund Performance - The Huatai-PineBridge Hong Kong Advantage Select Fund, managed by Zhang Wei, reported a year-to-date net value growth rate of 133.73%, leading the public fund performance rankings [4]. - The fund's top holdings include Innovent Biologics -B, with a stock price increase of over 250%, and other significant gains from companies like 3SBio and CSPC Pharmaceutical Group, which saw increases of 390% and 90%, respectively [4][11]. - Another fund, the Bank of China Hong Kong Stock Connect Pharmaceutical Fund, managed by Zheng Ning, achieved a year-to-date net value growth rate of 105.43%, ranking among the top three in equity fund performance [4]. Investment Strategies - Fund managers are focusing on core single-product tracks, technology breakthrough segments, and AI-enabled drug development as key investment areas [10][12]. - The article notes a shift in the Chinese innovative drug sector from narrative-driven growth to industry logic-driven growth, with expectations for accelerated globalization and innovation in the next 3 to 5 years [11][12]. Market Outlook - The pharmaceutical industry is expected to see a recovery in domestic medical demand and behavior, with significant policy support for innovative drugs anticipated to improve the payment, access, and investment landscape [11]. - The article emphasizes the importance of cash flow generation from leading innovative drug companies as a key factor for long-term growth [12].

Core Insights - The article highlights the strategic advancements of Shijiazhuang Pharmaceutical Group, particularly its focus on innovation and international collaboration in drug development [1][4][10] Group 1: Innovation and Research - Shijiazhuang Pharmaceutical has achieved significant milestones in innovation, including 11 licensed-out projects and a strategic partnership with AstraZeneca worth $5.33 billion [3][4] - The company has established eight major research and development platforms, with over 200 innovative drug projects currently in progress [8] - The R&D investment is projected to reach 5.7 billion yuan in 2024, maintaining a high growth rate over the past decade [8] Group 2: Globalization and Collaboration - The company emphasizes the importance of international collaboration, viewing licensing as a means to leverage mature markets and advanced research systems [4][10] - Shijiazhuang Pharmaceutical has set up five global R&D centers and has received over 30 overseas clinical approvals, including 16 FDA fast-track or orphan drug designations [4][8] Group 3: Local Ecosystem Support - The local government of Shijiazhuang has actively supported the pharmaceutical industry, providing 290 million yuan in rewards since 2021, with 79.25 million yuan allocated to Shijiazhuang Pharmaceutical [9][10] - The city aims to create a conducive environment for the pharmaceutical sector, with plans to double the company's revenue within five years [9][10]

Group 1 - The core viewpoint of the article highlights the performance and investment strategy of the AI Fund Dongcai Vision Growth Mixed Initiation A (018088), which reported a profit of 652,900 yuan in Q2 2025, with a net value growth rate of 7.02% [2][3] - The fund focuses on long-term investments in pharmaceutical and medical stocks, with a unit net value of 0.866 yuan as of July 18 [2][3] - The fund manager, Sun Chenyang, oversees two funds that have both achieved positive returns over the past year, with the Dongcai Excellence Growth Mixed Initiation A showing the highest growth rate of 51.42% [2][3] Group 2 - The fund's management indicated a strategic shift towards the innovative drug industry chain, emphasizing the potential of AI in drug development, disease diagnosis, and surgical treatment [3] - AI's role in enhancing the accuracy and efficiency of medical diagnoses and treatments is noted, with expectations for increased investment in AI pharmaceuticals and medical applications [3] - The fund's recent performance metrics show a three-month net value growth rate of 23.86%, a six-month growth rate of 36.14%, and a one-year growth rate of 50.53%, positioning it favorably among comparable funds [3] Group 3 - As of June 27, the fund's Sharpe ratio since inception is 0.0874, indicating its risk-adjusted return [7] - The maximum drawdown since inception is reported at 48.55%, with the largest quarterly drawdown occurring in Q1 2024 at 30.58% [11] - The fund has maintained an average stock position of 92.39% since inception, with a peak of 94.38% in H1 2024 [14] Group 4 - As of Q2 2025, the fund's total assets amount to 9.6956 million yuan [16] - The top ten holdings of the fund include companies such as MicroPort Medical, Hongbo Pharmaceutical, and Tigermed, reflecting its focus on the healthcare sector [19]

Core Viewpoint - The rise of innovative drug themes is driven by a combination of policy, technology, and capital, marking a significant transition in China's pharmaceutical industry from generics to innovation [1] Historical Context of Innovative Drugs - Before 2015, China's pharmaceutical industry was dominated by generics, with long drug approval cycles (averaging 3-5 years) and low R&D investment (less than 5% of revenue) [2] - Key players like Hengrui Medicine and BeiGene began to focus on innovative drug development, with Hengrui launching the first domestic PD-1 inhibitor in 2014 [3] Current Landscape and Policy Support - By 2025, the National Medical Products Administration (NMPA) aims to significantly reduce clinical trial review times from 60 days to 30 days, with pilot projects averaging only 23.8 working days [5] - In the first half of 2025, 43 innovative drugs were approved, with over 90% being domestic products, particularly in oncology [5] - New policies in Beijing allow for direct hospital admission of innovative drugs without the need for a drug committee meeting, enhancing access [5] Technological Advancements and Internationalization - Chinese pharmaceutical companies are increasingly competitive globally, with significant advancements in areas like ADC and bispecific antibodies [5] - In the first half of 2025, over 70 overseas licensing transactions were recorded, with total transaction amounts reaching $48 billion, including a record $1.25 billion upfront payment for a PD-1/VEGF bispecific collaboration [6] Market Dynamics and Investment Trends - The innovative drug sector is expected to enter a three-year upward cycle driven by frequent major business development (BD) transactions and improving profitability for leading companies [7] - The innovative drug index in Hong Kong has seen a year-to-date increase of over 34%, reflecting strong market recognition of long-term value [9] Key Players and Financial Performance - Hengrui Medicine, with a market cap of approximately 379.78 billion yuan, leads in R&D investment and has a robust pipeline, including a PD-1 inhibitor with cumulative sales exceeding 20 billion yuan [10] - BeiGene, with a market cap of around 369.47 billion yuan, has achieved significant international sales, with its drug Zanubrutinib generating over 8 billion yuan in global sales in the first half of 2024 [11] Emerging Trends and Future Outlook - The integration of AI in drug development is expected to enhance efficiency, with projections indicating the AI pharmaceutical market could exceed $3 billion by 2030 [16] - The innovative drug market in China is anticipated to reach approximately 2.3 trillion yuan by 2030, with a compound annual growth rate of 24.1% [16]

Core Viewpoint - The report outlines the performance and investment strategy of the Yongying CSI Hong Kong Stock Connect Medical Theme ETF for the second quarter of 2025, highlighting a significant net asset value growth and a positive market outlook for the healthcare sector in Hong Kong [1][5]. Fund Product Overview - The fund is an exchange-traded fund (ETF) focused on the Hong Kong medical sector, with a total fund share of 47,333,072 as of the end of the reporting period [3]. - The fund aims to closely track the performance of the underlying index, targeting an annual tracking error of less than 4% and a daily tracking deviation of less than 0.35% [3]. - Investment strategies include stock investment, bond investment, asset-backed securities, derivatives, and financing strategies [3]. Financial Indicators and Fund Performance - As of the end of the reporting period, the fund's net asset value per share was 1.2596 RMB, with a net asset value growth rate of 25.96%, compared to a benchmark return of 7.70% [6]. - The underlying index, the CSI Hong Kong Stock Connect Medical Theme Index, increased by 10.69% during the quarter, continuing its strong performance from the previous quarter [5]. Investment Portfolio Report - The fund's total assets were primarily allocated to stocks, accounting for 86.76% of the total assets, with no holdings in bonds or asset-backed securities [8]. - The healthcare sector represented 77.64% of the fund's net asset value, indicating a strong focus on this industry [10]. Management Report - The fund manager has adhered to a disciplined investment research and decision-making process, ensuring compliance with relevant regulations and maintaining fair treatment of all investment portfolios [4]. - The fund management team, led by a manager with 8 years of experience, has implemented strict investment authorization and management systems to mitigate risks [4][5]. Other Important Information - The fund experienced a significant change in shareholding, with a total of 316,000,000 shares issued since the fund's inception, and a total of 151,000,000 shares redeemed during the reporting period [12]. - There is a noted risk of liquidity and redemption due to a single investor holding over 20% of the fund's total shares [12].