Group 1 - The core viewpoint of the news is the positive momentum in the innovative drug sector, driven by government support and market confidence [3][4]. - The National Medical Insurance Administration held a meeting to discuss support for innovative drugs, emphasizing "true support for innovation" and the principle of "no procurement for new drugs" [3]. - The innovative drug sector is experiencing a significant increase in outbound business development (BD), with over 50 transactions expected in the first half of 2025, totaling more than $48 billion [3][4]. Group 2 - According to Everbright Securities, the core logic of the innovative drug sector is the acceleration of Chinese innovative drug pipelines going global, with 81 license-out transactions expected in 2024, amounting to $45 billion [4]. - The innovative drug ETF (517110) has shown strong performance, with a 6.79% increase in the past week and a 16.58% increase in the past month, reflecting the overall positive trend in the sector [4]. - The performance of the innovative drug ETF has outpaced traditional indices, with year-to-date returns of 43.95% compared to the Shanghai and Shenzhen 300 index's 3.83% [5].

截至2025年7月22日10:12，恒生港股通创新药指数(HSSCID)强势上涨2.66%，恒生创新药ETF(159316) 上涨2.70%，盘中换手26.65%，成交1.89亿元，市场交投活跃。 截至7月21日，恒生创新药ETF(159316)最新规模达6.90亿元，最新份额达4.67亿份，均创成立以来新 高。 从资金净流入方面来看，恒生创新药ETF(159316)近5天获得连续资金净流入，合计"吸金"6817.35万 元。 消息面上，7月15日，国家医保局介绍，第十一批国家组织药品集中采购工作日前启动，经过三阶段筛 选，55个品种纳入第十一批集采报量范围。明确第十一批国家集采坚持"新药不集采、集采非新药"原 则，释放出集采政策向创新药倾斜的积极信号。 光大证券指出，医保基金的稳健运行与集采政策的精准优化，正协同作用于创新药行业，雄厚的医保基 金结存为创新药纳入医保后的支付提供了可靠保障，患者可及性显著提升，市场需求有望进一步释放。 此外，近期多家药企创新药品种频繁出海，验证了我国创新药研发能力，政策上的进一步扶持有助于激 发药企研发投资，利好行业长远发展。 恒生创新药ETF紧密跟踪恒生创新药指数，恒生创新 ...

Core Viewpoint - The AI Fund, Fuquo Healthcare Industry Mixed A/B, reported a profit of 123 million yuan for Q2 2025, with a weighted average profit per fund share of 0.4137 yuan, indicating a net value growth rate of 13.44% during the period [3][15]. Fund Performance - As of July 21, the fund's unit net value was 4.035 yuan, with a fund size of 972 million yuan [3][15]. - The fund's performance over various time frames includes a 27.77% growth rate over the last three months, 47.21% over the last six months, and 39.04% over the last year, ranking it 54/138, 56/138, and 72/133 among comparable funds respectively [4]. - The fund's three-year Sharpe ratio stands at 0.0561, ranking 50/105 among comparable funds [8]. - The maximum drawdown over the last three years was 37.73%, with a single quarter maximum drawdown of 28.29% occurring in Q1 2021 [11]. Investment Strategy - The fund manager indicated a continued allocation to A-share innovative drugs and a balanced investment in certain medical device stocks, anticipating a significant leap in domestic innovative drug companies starting in the second half of 2024 [3]. - The fund has maintained a high average stock position of 90.27% over the last three years, with a peak of 94.12% expected by the end of Q3 2024 [14]. Holdings Concentration - As of Q2 2025, the fund's top ten holdings include companies such as Bai Li Tian Heng, Zejing Pharmaceutical, and Hot景生物, indicating a high concentration in specific stocks [17].

Group 1 - The Hong Kong stock market showed a collective increase, with the Hong Kong Stock Connect Innovation Drug ETF (159570) rising over 3%, and its trading volume exceeding 1 billion yuan, with a net inflow of nearly 5 billion yuan in the last 60 days [1] - As of July 18, the latest scale of the Hong Kong Stock Connect Innovation Drug ETF (159570) surpassed 10 billion yuan, setting a new historical record, leading in scale and liquidity among its peers [1] - The underlying index of the Hong Kong Stock Connect Innovation Drug ETF (159570) is fully invested in the innovative drug industry chain, with the top ten holdings accounting for nearly 72% of the total weight [6] Group 2 - The innovative drug sector is supported by a robust medical insurance fund structure, with total income projected at 34,913.37 billion yuan and total expenditure at 29,764.03 billion yuan by the end of 2024 [3] - Recent procurement policies favor innovative drugs, indicating a positive shift towards supporting new drug development, which is expected to enhance market demand and patient accessibility [3] - The global market for autoimmune disease treatments is projected to reach 119.35 billion USD by 2027, highlighting the significant growth potential in this sector [5] Group 3 - The Hong Kong Stock Connect Innovation Drug ETF (159570) has shown a remarkable increase of 62.78% in the first half of 2025, outperforming other medical indices [7] - The ETF's underlying assets are primarily Hong Kong stocks, allowing for T+0 trading, which enhances liquidity and trading flexibility [7] - The index has demonstrated strong performance over the past five years, with varying annual returns, indicating its resilience and growth potential in the innovative drug sector [8]

AI基金富国新机遇灵活配置混合A（004674）披露2025年二季报，第二季度基金利润5067.72万元，加权平均基金份额本期利润0.1751元。报告期内，基金净 值增长率为10.03%，截至二季度末，基金规模为6.46亿元。 该基金属于灵活配置型基金。截至7月21日，单位净值为2.071元。基金经理是张弘，目前管理3只基金。其中，截至7月21日，富国新机遇灵活配置混合A近 一年复权单位净值增长率最高，达43.63%；富国阿尔法两年持有期混合最低，为27.45%。 基金管理人在二季报中表示，本基金报告期内提升了仓位，主要增持方向集中在创新药、AI 相关以及非银金融。中期而言，我们认为AI可能是个长趋势， 需要积极寻找机会，而中国创新药逐步进入收获期，相应公司市值提升或许刚开始。2025 年是十四五最后一年，即将编制十五五规划，从规划中力争寻找 到一些投资机会。 截至7月21日，富国新机遇灵活配置混合A近三个月复权单位净值增长率为18.74%，位于同类可比基金81/880；近半年复权单位净值增长率为25.98%，位于 同类可比基金36/880；近一年复权单位净值增长率为43.63%，位于同类可比基金65/880 ...

Group 1 - The core viewpoint of the article emphasizes the importance of the new measures to support the high-quality development of innovative drugs, particularly the inclusion of innovative drugs in commercial insurance directories, which marks a significant step for market access in this sector [1] - The National Healthcare Security Administration is promoting reforms in medical insurance payment methods, which is expected to provide a broader space for the development of commercial insurance, enhancing its role in the multi-level medical security system [1] - The innovative drug industry in China is anticipated to continue its rapid development, with upstream industries such as research reagents and CXO gradually recovering, leading to improved performance expected in the 2025 mid-year reports [1] Group 2 - The article expresses optimism about the innovative drug sector, overseas expansion, and the clearing of centralized procurement, indicating that innovative drugs are entering a phase of realization of results, with significant research and development progress expected to catalyze investment opportunities in 2025 [1] - The concentration of the pharmaceutical market is accelerating, and mergers and acquisitions are expected to increase, indicating a trend towards consolidation within the industry [1] - The Guotai ETF (517110) tracks the SHS Innovative Drug Index (931409), which selects listed companies involved in biopharmaceuticals and chemical pharmaceuticals from both A-share and Hong Kong markets, reflecting the overall performance of companies with innovative research and development capabilities [1]

7月22日，港股创新药再度走强，高纯度+高弹性标的港股通创新药ETF（520880）场内价格现涨逾 3%，再攀新高。 | 序号 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 1513 | 丽珠医药 | 1 | 40.500 | 4 200 | | | 2 | 3933 | 联邦制药 | | 16.640 | 1.220 | 7.91% | | 3 | 9688 | 更鼎医药 | | 29.200 | 1.850 | 6.76% | | 4 | 1548 | 金斯瑞生物科技 | | 17.440 | 1.020 | 6.21% | | 5 | 9969 | 诺诚健华 | Mr. | 19.020 | 0.840 | 4.62% | | 6 | 9926 | 康方生物 | While | 146.900 | 6.400 | 4.56% | | 7 | 2162 | 康诺亚-B | | 62.650 | 2.550 | 4 74% | | 8 | 6990 | 科伦博泰生物-E W | | 39 ...

截至07月22日09:56，科创生物医药ETF（588250.SH）上涨1.08%，其关联指数科创生物（000683.SH） 上涨1.10%；主要成分股中，博瑞医药上涨5.91%，君实生物-U上涨4.04%，百济神州-U上涨1.74%，泽 璟制药-U上涨1.87%，联影医疗上涨0.87%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 消息面上，国家医保局召开医保支持创新药械系列座谈会首场会议，围绕"对创新药械开展医保综合价 值评价"议题进行研讨，市场预期政策端对创新药械支持力度有望强化，带动创新药概念股集体走强。 该消息对科创生物医药ETF成分股中的创新药企业形成直接利好，尤其是君实生物-U、百济神州-U等创 新药标的涨幅居前，反映出市场对行业政策环境的积极预期。 券商研究方面，西南证券指出BD加速创新药重估，持续看好创新药及产业链、AI医疗、脑机接口等结 构性机会，生命科学领域行业扩容大格局仍将持续，国产替代势在必行，并以奥浦迈为例说明其细胞培 养基产品管线快速拓展，截至25Q1已有258个药品研发管线使用其产品。中信建投则强调化学制药行业 集采规则优化推动企业向质量竞争转型，同 ...

AI基金富国红利混合A（012578）披露2025年二季报，第二季度基金利润3959.68万元，加权平均基金份额本期利润0.0691元。报告期内，基金净值增长率为 7.12%，截至二季度末，基金规模为5.5亿元。 该基金属于偏股混合型基金。截至7月21日，单位净值为1.128元。基金经理是孙彬，目前管理8只基金。其中，截至7月21日，富国融丰两年定期开放混合A 近一年复权单位净值增长率最高，达28.28%；富国上证50基本面精选股票发起式A最低，为5.39%。 基金管理人在二季报中表示，2025 年二季度市场较为活跃。组合上看，我们重点配置在创新药、银行以及有色金属。宏观的巨大不确定性使得整体市场的 波动在加大，市场出现错误定价的机会也在增多，组合也适当增加了换手率去发掘潜在投资机会。我们认为创新药的行情可能仍未走完，但是之后的股价波 动或将增大，组合在二季度末稍微降低了创新药的持仓比例。出海仍然是我们长期最看好的方向，组合的基本盘主要靠出海企业支撑。 截至7月21日，富国红利混合A近三个月复权单位净值增长率为12.36%，位于同类可比基金93/256；近半年复权单位净值增长率为13.36%，位于同类可比基 ...

Group 1: Leadership Changes - Xiaoyi Helen Huang has resigned as Chairman of Fidelity Fund due to personal reasons, effective July 18, with Shaojie Li appointed as the new Chairman [1] - Zhang Shunguo has been appointed as the new Chief Supervisor of Industrial Fund, effective July 18, previously serving as Vice General Manager [2] - Liu Jian has been appointed as Vice General Manager of Tongtai Fund, having previously been promoted to Assistant General Manager earlier this year [6][7] Group 2: Investment Trends - Central Huijin Asset Management has significantly increased its holdings in multiple broad-based ETFs, with total purchases exceeding 190 billion yuan in the second quarter [3] - The innovative drug sector has seen the emergence of four "doubling funds" in 2023, with the top performer, Huatai-PB Hong Kong Advantage Selection, achieving a 133.72% increase [4] - Zhang Kun's fund management has shown notable changes, including the addition of JD Health to the top ten holdings and a reduction in Tencent Holdings [5] Group 3: Market Performance - On July 21, the market experienced a strong upward trend, with both the Shanghai Composite Index and the ChiNext Index reaching new highs for the year, led by sectors such as cement, machinery, and steel [8]