Group 1 - The Hong Kong innovative drug sector continues to rise, with the Hang Seng Innovative Drug Index up by 3.0% as of 10:48, and notable gains in stocks such as Innovent Biologics up over 6%, CanSino Biologics and CSPC Pharmaceutical Group up over 5% [1] - The Hang Seng Innovative Drug ETF (159316) has seen a trading volume exceeding 400 million yuan, with net inflows for four consecutive trading days, bringing its latest scale to 1.8 billion yuan [1] - The National Healthcare Security Administration has officially announced the preliminary review list of drugs for the 2025 medical insurance and commercial insurance innovative drug directory, featuring new drugs including the "million-dollar cancer drug" CAR-T products and several "first and only in the world" products [1] Group 2 - CITIC Securities anticipates a significant increase in innovative drug catalyst events in September, and the recent technology switch has alleviated the short-term speculative money previously accumulated in the sector, suggesting that innovative drugs may continue to rise after this adjustment [1] - The Hang Seng Innovative Drug Index has officially adjusted to exclude contract research organizations (CROs), achieving a "100% purity" index that more accurately reflects the overall performance of China's innovative drug companies [1] - Backtesting indicates that since the index's launch on July 10, 2023, the annualized return and Sharpe ratio have improved after excluding CROs, making the Hang Seng Innovative Drug ETF (159316) the only product tracking this index, aiding investors in precisely positioning themselves for opportunities in the innovative drug industry [1]

Core Viewpoint - The biopharmaceutical sector is experiencing significant growth, with the Biopharmaceutical ETF (159839) reaching new highs and individual stocks like Changchun High-tech (000661) and Rongchang Bio (688331) showing strong performance [1][4]. Group 1: ETF Performance - The Biopharmaceutical ETF (159839) increased by 3.18%, reaching a record high since its launch [1]. - Over the past week, the ETF has seen a cumulative increase of 0.99% [1]. - The ETF's trading volume was 5.11%, with a total transaction value of 31.17 million yuan [1]. Group 2: Fund Flows - The ETF experienced a net outflow of 12.21 million yuan recently, but over the last ten trading days, there were net inflows on seven days, totaling 22.71 million yuan [3]. - The ETF's scale grew by 3.96 million yuan in the past week, ranking it in the top third among comparable funds [3]. Group 3: Company Insights - Changchun High-tech reported a revenue of 6.603 billion yuan for the first half of 2025, a slight decrease of 0.54% year-on-year, with a net profit of 983 million yuan, down 42.85% [4]. - The company is shifting from a single product focus to a diversified strategy, with increased R&D investment of 1.335 billion yuan, up 17.32% year-on-year [4]. - The company is advancing multiple innovative projects in key therapeutic areas, including oncology and immunology [4]. Group 4: Industry Trends - The overall pharmaceutical industry is seeing a slowdown in revenue and profit growth, but the CXO and innovative drug sectors are performing well, with CXO revenue up 14.16% and net profit up 64.03% in the first half of 2025 [5]. - The innovative drug sector is experiencing high growth in product revenue and licensing deals, indicating a positive trend for the industry [5]. - There is a recommendation to focus on leading CXO companies and innovative drug firms with significant market potential [5].

Group 1 - The medical sector is active, with the largest medical ETF (512170) reaching a peak price of 0.395 yuan, just 1 cent below the high of 0.396 yuan from September 24 of the previous year [1] - The ETF has seen a trading volume exceeding 720 million yuan, with a premium rate of 0.33% [1][3] - Key stocks in the ETF, including Huatai Medical, United Imaging, and WuXi AppTec, have shown significant gains, with increases of over 6%, 5%, and 4% respectively [2][3] Group 2 - The medical ETF (512170) passively tracks the CSI Medical Index, which has a current PE valuation of 36 times, still below 60% of the time over the past decade [3] - The recent China Medical Device Supervision International Conference emphasized support for high-end medical device innovation, with 52 innovative products approved this year [3] - The biopharmaceutical sector has shown marginal improvement in mid-year performance, with a 2% year-on-year increase in net profit for Q2 2025 [3]

阿里巴巴财报超预期，恒生科技有望回归AI叙事。截至8月29日，恒生科技指数ETF（513180）标的指 数的最新估值（PETTM）为21.23倍，处于指数2020年7月27日发布以来约17.72%的估值分位点，即当 前估值低于指数发布以来82%以上的时间。恒生科技当前仍处于历史相对低估区间，在美联储降息预期 升温、阿里巴巴财报超预期的催化下，高弹性、高成长等特性使其具备更大的向上动能。没有港股通账 户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资产。（场外联接A/C： 013402/013403） 每日经济新闻 华鑫证券指出，随着2025年中报逐步披露，以及南向回流、美元走弱带动流动性边际改善，长期需关注 美联储降息和进入实质性QE的节奏。该机构认为，恒指将在九月逐步筑底，并在四季度完成年内第二 轮上涨行情。优先关注中报景气度改善和流动性敏感板块两条主线。 财通证券指出，2018年以来美元/港元7次从弱方保证线回落、利好外资流入港股。其中4次恒科业绩趋 势上行、指数上涨，另外3次业绩趋势下行、指数下跌。当前汇率压力缓解，同时业绩端出现触底迹 象，叠加"反内卷"基调正式形成，积极把握恒 ...

Group 1 - The pharmaceutical sector experienced a significant rise on September 1, with the drug ETF (562050) increasing by over 2%, reaching a new high since its listing [1] - Key stocks in the sector, such as Changchun High-tech and Health元, hit the daily limit, while Huahai Pharmaceutical and BeiGene rose by over 7% [1] - The drug ETF passively tracks the pharmaceutical index, with its top ten weighted stocks including Pianzaihuang, Yunnan Baiyao, and Kelun Pharmaceutical [1][3] Group 2 - The National Medical Products Administration approved 52 innovative medical device products this year, indicating a positive trend in the industry [3] - Fosun Pharma announced the overseas authorization of its self-developed immune-regulating small molecule inhibitor, showcasing innovation in the sector [3] - The pharmaceutical and chemical drug industries are expected to present structural opportunities in 2025, according to Tianfeng Securities [4] Group 3 - The pharmaceutical sector showed signs of recovery in the first half of 2025, with revenue and net profit growth rates of 6.9% and 56.1%, respectively, and an increase in gross margin to 77.7% [3] - The innovative drug segment is becoming a crucial focus within the pharmaceutical sector [3]

截至2025年9月1日 09:53，国证疫苗与生物科技指数(980015)强势上涨2.56%，成分股义翘神州(301047) 上涨11.23%，长春高新(000661)上涨10.00%，百济神州(688235)上涨9.98%，我武生物(300357)，荣昌生 物(688331)等个股跟涨。疫苗ETF鹏华(159657)上涨2.62%，最新价报0.74元。 疫苗ETF鹏华紧密跟踪国证疫苗与生物科技指数，国证疫苗生科指数由业务涉及生物科技产业的50家证 券组成，反映沪深北交易所生物科技产业中优质上市公司的整体表现。 数据显示，截至2025年8月29日，国证疫苗与生物科技指数(980015)前十大权重股分别为复星医药 (600196)、长春高新(000661)、智飞生物(300122)、沃森生物(300142)、万泰生物(603392)、华兰生物 (002007)、丽珠集团(000513)、药明康德(603259)、昭衍新药(603127)、辽宁成大(600739)，前十大权重 股合计占比64.01%。 疫苗ETF鹏华(159657)，场外联接A：021292；联接C：021293；联接I：022794。 消息面上 ...

国内政策方面，国家医保局于8月28日正式公布通过2025年医保及商保创新药目录调整初步形式审查药 品名单。两份目录均以新药为主，"百万抗癌药"CAR-T产品、多个"全球首个且唯一"的产品出现在目录 当中。 9月首个交易日，港股创新药盘中走强，高纯度+高弹性标的——港股通创新药ETF（520880）早盘高 开后短暂震荡，随后迅速拉升，场内价格现涨2．39%，重返所有均线上方。 | · 6 19 59 159 · 520880.SH(UC測設通创新码ETF) 2025/09/01 收0.642 幅2.39%(0.015) 开0.631.滴 0.642 图 | 综合解 F9 前震民 超级叠加 面试 工具 @ (1 ) | 0.642 +0.015 +2.39% | | UC港設通创新药ETF ① | F X | | --- | --- | --- | --- | --- | --- | | MAS 0.6231 MA10 0.6291 MA20 0.6231 | 2025/07/07-2025/09/01(41日)▼ a2 | SSE CNY 10:20:22 变型中 | | | 520880 | | | | | ...

Core Insights - The innovative drug sector is experiencing a significant surge, with companies like Maiwei Biotech hitting a 20% limit up and Baiji Shenzhou rising over 7%, both reaching historical highs [1] - The National Healthcare Security Administration officially announced the preliminary review list of drugs for the 2025 medical insurance and commercial insurance innovative drug directory on August 28, focusing primarily on new drugs [1] - The directories feature "million-dollar" CAR-T products and several "first and only in the world" products, indicating a strong emphasis on groundbreaking therapies [1] Company Performance - Maiwei Biotech achieved a 20% increase, marking a significant milestone in its stock performance [1] - Baiji Shenzhou's stock rose over 7%, also reaching a historical high [1] - Other companies such as Changchun High-tech and Baihua Medicine also hit the limit up, while Zhixiang Jintai, Kangchen Pharmaceutical, Puris, and Wuwei Biotech all saw increases exceeding 10% [1]

Core Viewpoint - The A-share market is experiencing a strong upward trend, with key indices showing positive movements, particularly in sectors like chips, solid-state batteries, and digital currencies, while other sectors like military and finance are underperforming [1][2]. Group 1: Market Performance - As of September 1, the Shanghai Composite Index rose by 0.24%, the Shenzhen Component Index increased by 0.57%, and the ChiNext Index gained 1.23% [1]. - Chip stocks continued to perform strongly, with companies like Tailin Micro and Liyang Chip hitting the daily limit, and others like Huahong Semiconductor and Allwinner Technology rising over 10% [2]. Group 2: Institutional Insights - According to招商证券, the market is likely to maintain a trend of oscillating upward, driven by the accumulation of profit effects and continuous inflow of incremental funds [3]. - 中信证券 suggests focusing on four key areas for investment in September: resources, innovative pharmaceuticals, consumer electronics, and military sectors, highlighting the potential for precious metals and copper due to a possible Fed rate cut [4]. - 东方证券 indicates that the market structure is showing significant differentiation, with technology stocks leading the market, and anticipates a continued oscillating upward trend for major indices, although the upward space may be limited [5].

Core Insights - The Hong Kong stock market for innovative drugs has surged over 100% this year, significantly outperforming the Hang Seng Index, restoring market confidence in the innovative drug industry [1][4]. Industry Overview - The current market rally is driven by a threefold resonance of policy, fundamentals, and capital, rather than short-term boosts [4]. - The National Healthcare Security Administration's inclusion of innovative drugs with high clinical value into commercial insurance payment has opened new monetization pathways [4]. - Fund managers are optimistic about the second half of the year, viewing it as a crucial window for long-term investments in the innovative drug sector [4]. Company Highlights - Zhaoke Ophthalmology has submitted applications for three major products: Atropine eye drops, Cyclosporine A eye gel, and Bevacizumab injection, indicating both short-term performance certainty and long-term growth potential [4][5]. - The Atropine eye drops (NVK002) are positioned to become the second low-concentration Atropine product in China, with applications for both 0.01% and 0.02% concentrations already accepted [5][6]. - The Cyclosporine eye gel addresses the inconvenience of medication for moderate to severe dry eye patients, with a unique once-daily formulation that enhances patient experience [6][7]. - Bevacizumab injection (TAB014) is expected to be an economical treatment option for wet age-related macular degeneration (wAMD), addressing a significant market need [7]. Research and Development Pipeline - Zhaoke Ophthalmology is advancing its mid-term pipeline focused on clinical needs and long-term pipeline targeting cutting-edge technologies [8][10]. - The BRIMOCHOL™ PF drug for presbyopia has entered Phase II clinical trials in China, with promising results from previous Phase III trials in other regions [8][9]. - The company is also developing ZKY001 for corneal repair, which has the potential to expand into multiple corneal disease applications [9][10]. Global Expansion and Production Capabilities - Zhaoke Ophthalmology is accelerating its global expansion, forming partnerships in emerging markets to facilitate the international launch of core products [11][12]. - The company has established production capabilities that meet international standards, enhancing its ability to serve both domestic and global markets [13]. - A comprehensive sales strategy is being implemented, covering both offline and online channels to maximize product accessibility [14]. Conclusion - Zhaoke Ophthalmology is transitioning from a phase of invisible preparation to one of value realization, with a market capitalization of approximately 2 billion RMB and cash reserves of 1.05 billion RMB [15]. - The current market valuation is seen as just the starting point for the company's value release, with several catalysts expected as core products progress towards commercialization [15].