Core Viewpoint - The innovative drug concept is gaining strength in the market, with notable stocks experiencing significant increases, indicating a positive trend in the pharmaceutical sector [1] Group 1: Stock Performance - Harbin Sanlian and Anglikang both reached the daily limit increase, reflecting strong investor interest [1] - Other companies such as Shutaishen, Asia-Pacific Pharmaceutical, Duori Pharmaceutical, Yipinhong, Shanghai Yizhong, and Jinshiyao also saw price increases, contributing to the overall positive sentiment in the sector [1]

（文章来源：每日经济新闻） 海通国际此前表示，近期多起BD密集落地，有望催化创新药行情。如10月16日普瑞金宣布与Kite达成 1.2亿美元首付款、总计最高可达15.2亿美元里程碑付款交易；维立志博宣布与Dianthus达成2000万美元 首付款、总金额最高可达10亿美元交易；10月17日翰森制药、奥赛康也分别宣布与罗氏、Visara达成交 易。 恒生医药ETF（159892）重仓股信达生物在港交所公告，其与武田制药达成全球战略合作，旨在加速推 进信达生物新一代IO及ADC疗法开发。本次合作包括两款后期在研疗法IBI363及IBI343，以及一款早期 研发项目IBI3001的选择权。 信达生物将获得12亿美元的首付款，包括以认购事项方式获得的1亿美元的战略股权投资。信达生物另 外有权获得合计最高可达102亿美元的潜在里程碑付款，本次合作交易总金额最高可达114亿美元。此 外，信达生物还将获得每个候选药物在大中华区以外的潜在销售分成。在美国市场，双方就IBI363将采 用利润损失共担模式。 ...

114亿美元，这一金额不仅刷新国内药企对外合作纪录，更标志着本土管线首次以"全球共研"姿态，与 跨国巨头共同冲击千亿级肿瘤市场。 中国创新药重磅！最新消息，信达生物与武田制药达成114亿美元战略合作。信达生物将获得12亿美元 首付款（含1亿美元的溢价战略股权投资）以及潜在里程碑付款，同时还将获得最高可达十几百分比的 高位的销售分成。 | | | 港股通创新药ETF (520880) 标的指数 | | | --- | --- | --- | --- | | | | 前十成份股权重高达71.63%,龙头优势显著 | | | મદાસ | 简称 | 权重(%) | 总市值(亿港元) | | 6160.HK | 三济神州 | 10.47 | 3,304 | | 1177.HK | 中国生物制药 | 10.01 | 1,527 | | 1093.HK | 行句儿初 | 9.58 | 1,080 | | 1801.HK | 信达生物 | 9.20 | 1,652 | | 9926.HK | 康方生物 | 8.86 | 1,301 | | 1530.HK | 三生制药 | 7.28 | 730 | | 3692.HK | ...

Core Viewpoint - The strategic collaboration between Innovent Biologics and Takeda Pharmaceutical, valued at $11.4 billion, marks a significant milestone in China's innovative drug sector, aiming to penetrate the global oncology market [1][3]. Group 1: Collaboration Details - Innovent will receive an upfront payment of $1.2 billion, which includes a $100 million premium for strategic equity investment, along with potential milestone payments and a high sales revenue share [1][3]. - This partnership is the first of its kind for a domestic pipeline to engage in "global co-development" with a multinational giant, targeting the $200 billion global oncology market [3][5]. Group 2: Pipeline Focus - The collaboration centers on two innovative pipelines: IBI363 and IBI343, which have been previously discussed in industry conferences and reports as potential next-generation oncology drugs [5][6]. - IBI363 targets the PD-1 upgrade market, addressing key issues such as efficacy in PD-1 resistant patients and expanding the applicability of immunotherapy to "cold tumors" like pancreatic and liver cancers [8][10]. - IBI343 focuses on precision treatment for gastrointestinal cancers, with a significant objective response rate of 58%, far exceeding traditional chemotherapy [10][13]. Group 3: Strategic Implications - Takeda's investment aims to fill the market gap during the PD-1 patent expiration phase, betting on the differentiated potential of Innovent's pipelines as future growth engines [6][8]. - Innovent's involvement in clinical design and commercialization decisions through a global co-development model enhances its long-term capabilities in global trial operations and market access [13]. - The partnership exemplifies the alignment of China's innovative drug capabilities with multinational commercialization expertise, positioning Innovent as a key player in defining new competitive landscapes in the global market [13].

Market Overview - A-shares have shown a continuous fluctuation since the fourth quarter, with the Shanghai Composite Index returning to 3900 points on October 21, 2023, and all three major A-share indices closing higher [1][2] - As of October 21, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index reported increases of 1.36%, 2.06%, and 3.02% respectively, with year-to-date increases of 16.84%, 25.57%, and 43.99% [2] New Investor Activity - In September 2023, A-share new account openings reached 2.9372 million, a year-on-year increase of 60.73% and a month-on-month increase of 10.83%, marking the second-highest monthly figure of the year [2][3] - Institutional new account openings also reached 10,914, the second-highest monthly record in nearly four years [2] Investment Strategies - Multiple public funds have released their fourth-quarter strategies, with a general optimism towards the long-term performance of the Chinese stock market, particularly in sectors like technology, robotics, and innovative pharmaceuticals [3][5] - Some institutions, such as招商基金, express caution regarding short-term performance, indicating that further market increases may require additional policy or economic support [3] Sector Performance - The AI, innovative pharmaceuticals, and technology sectors have shown significant performance this year, with the STAR Market Composite Index, STAR 50, and Shanghai Pharmaceutical Index increasing by 44.65%, 42.21%, and 13.14% respectively [4] - Funds focusing on these sectors have also reported impressive returns, with some achieving over 175% year-to-date returns [4] Debt Market Outlook - The bond market is currently experiencing a "stock-bond seesaw" effect, with the ten-year government bond yield rising to 1.8552% as of October 21, 2023, up nearly 20 basis points since June 30 [7] - Institutions like招商基金 believe that the bond market will not enter a sustained "bear" phase, but caution that credit bonds may lack independent trends due to market fluctuations [7][8]

"我们致力于在产业发展的早期阶段识别出具备核心竞争力和持续创新能力的公司，并通过深度跟踪与 动态评估，把握企业成长的关键节点。"吴刚表示，在具体投研实践中，南土资产注重从宏观趋势、产 业逻辑与公司治理三个维度构建投资框架。公司不仅关注技术的前沿性，更注重技术的商业化落地与产 业链协同效应。 据了解，南土资产重点布局人工智能、机器人、创新药三大赛道，形成了系统的投资研究框架。在人工 智能方面，公司重点关注海外产业链与国产化率提升的领域；在机器人方面，公司看好中国制造能力与 AI技术的深度融合；在创新药方面，公司重点关注中国企业在全球研发体系中日益提升的竞争力。 吴刚表示，南土资产的投资方法论建立在深度产业研究的基础上，公司不仅关注企业的当前价值，更看 重其未来的成长空间。从早期关注传统价值股，到近年来重点布局科技创新领域，对成长性的追求始终 是公司投资进化的核心驱动力。通过深入的产业链研究和企业调研，南土资产力求在科技创新领域实现 从1到N的价值发现。 打造协同发展新范式 在谈及私募机构与科创企业的关系时，吴刚用"共同成长"来概括其中的双向赋能价值。作为科技创新企 业的重要资金支持方，南土资产在提供资本支持的同 ...

Core Insights - The company emphasizes the importance of technology innovation as a core driver for China's economic transformation, focusing on sectors such as artificial intelligence, robotics, and innovative pharmaceuticals [3][4][8] Group 1: Investment Focus - The company maintains a long-term holding ratio of 50%-70% in technology innovation enterprises since the establishment of the Sci-Tech Innovation Board in 2019 [3] - The investment strategy is built on identifying companies with core competitiveness and continuous innovation capabilities at early stages of industry development [4] - The company is particularly focused on enhancing the domestic supply chain and increasing the localization rate in the artificial intelligence sector [3][4] Group 2: Investment Methodology - The investment methodology is based on deep industry research, focusing not only on current value but also on future growth potential [4] - The company constructs its investment framework from three dimensions: macro trends, industry logic, and corporate governance [3] Group 3: Collaborative Development - The company adopts a "co-growth" approach, providing not only capital support but also strategic value and resource empowerment to the companies it invests in [5] - A notable case involved the company increasing its investment in a Sci-Tech Innovation Board enterprise during a downturn, helping the company recover and achieve significant stock price growth [5] Group 4: Social Responsibility - The company integrates social responsibility into its business model, donating performance-related earnings to the Tiger Action Public Welfare Fund, benefiting nearly 100,000 left-behind children [7] - The company believes that social responsibility is a crucial support for healthy organizational development, enhancing its stability and competitive edge [7] Group 5: Future Outlook - The company plans to continue exploring investment opportunities in cutting-edge fields such as artificial intelligence and biomedicine, while also focusing on innovative public welfare models [8]

在人工智能方面，公司重点关注海外产业链与国产化率提升的领域；在机器人方面，公司看好中国制造 能力与AI技术的深度融合；在创新药方面，公司重点关注中国企业在全球研发体系中日益提升的竞争 力。 ● 本报记者 刘英杰 近日，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进知名私募机构南土资产，围绕 科技创新投资逻辑、私募与科创企业双向赋能、行业责任担当等议题展开深入交流，共同探索主观多头 私募在支持科技创新与实体经济中的独特价值。 据悉，"星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具专业投 资能力与合规治理水平的私募管理机构。本次调研旨在推动优秀投资理念的行业共享，助力构建科技、 资本与实体经济良性循环的生态体系。 构建科创投资生态圈 南土资产创始人吴刚在接受中国证券报记者专访时表示，公司始终坚信，科技创新是引领中国经济转型 的核心驱动力。自2019年科创板设立以来，南土资产就将科创企业作为重点投资方向，持仓比例长期保 持在50%-70%。国内私募行业最初多以传统行业为主要投资方向，但南土资产在科技创新领域逐渐形成 了独特的投资理念和研究框架。 "我们致力于在产业发展的 ...

Core Viewpoint - Luo Xin Pharmaceutical (002793) is experiencing fluctuations in stock performance and investor sentiment, with recent developments indicating a mixed outlook for the company and the pharmaceutical industry as a whole. Group 1: Stock Performance - As of October 21, 2025, Luo Xin Pharmaceutical's stock closed at 5.47 yuan, down 0.18%, with a turnover rate of 3.84% and a trading volume of 416,500 shares, amounting to a transaction value of 227 million yuan [1]. - On October 21, 2025, the net outflow of funds from major investors was 21.91 million yuan, while retail investors saw a net inflow of 25.77 million yuan [4]. Group 2: Shareholder Information - The total number of shareholders as of October 20, 2025, was 48,304, with 30,338,341 shares held by deep stock connect investors as of September 30, 2025 [2][3]. - The total number of shareholders as of September 30, 2025, was 38,267 [3]. Group 3: Company Operations and Financials - The company reported significant improvement in performance driven by the innovative drug Tegoprazan, with net profit turning positive in the first half of 2025 [3]. - The company maintains a complete industrial chain from raw materials to formulations, producing over 150 varieties of products across various forms, including tablets and injections [3]. - The company emphasizes that its operations are ongoing and that there has been no disruption in business activities despite market challenges [3].

Core Viewpoint - The A-share market shows a positive long-term outlook, with significant interest in sectors such as technology, robotics, and innovative pharmaceuticals, despite some short-term caution from certain institutions [1][3][5]. Market Performance - As of October 21, the Shanghai Composite Index returned to 3900 points, with the three major A-share indices closing up by 1.36%, 2.06%, and 3.02% respectively [2]. - Year-to-date, the A-share indices have seen substantial increases of 16.84%, 25.57%, and 43.99% [2]. - New account openings in September reached 2.9372 million, a year-on-year increase of 60.73% and a month-on-month increase of 10.83%, marking the second-highest monthly figure of the year [2]. Investment Strategies - Various public funds have released their fourth-quarter strategies, indicating a preference for sectors like AI, innovative pharmaceuticals, and technology [4][5]. - Institutions such as Ping An Fund and HSBC Jintrust have highlighted opportunities in the AI industry chain, humanoid robots, and solid-state batteries [4][5]. Sector Focus - The technology sector, particularly AI and innovative pharmaceuticals, has shown remarkable performance, with indices like the Sci-Tech Innovation Index and the Shanghai Medical Theme Index rising by 44.65% and 13.14% respectively year-to-date [4]. - Funds focusing on technology have reported impressive returns, with some achieving over 175% year-to-date [4]. Bond Market Outlook - The bond market is expected to remain stable, with the ten-year government bond yield rising to 1.8552% as of October 21, up nearly 20 basis points since June 30 [7]. - Institutions like China Merchants Fund suggest that the bond market will not enter a prolonged bearish phase, but caution that credit bonds may lack independent trends due to market fluctuations [7][8].