Core Viewpoint - The innovative drug sector is experiencing significant growth, with various funds, particularly the Changcheng Pharmaceutical Industry Select Fund, capitalizing on this trend, showcasing impressive returns and a focused investment strategy in innovative drugs [1][2]. Group 1: Market Performance - As of June 20, the Wind Pharmaceutical Index has risen by 23.52% year-to-date, with the innovative drug sector showing a remarkable increase of 20.98%, while the Hong Kong Stock Connect Innovative Drug Index surged by 54.78% [1]. - The Changcheng Pharmaceutical Industry Select Fund A has achieved a return of 71.19% since its inception, significantly outperforming its benchmark (2.31%) and the average return of equity mixed funds (-3.02%) [2]. Group 2: Fund Strategy and Holdings - The fund's top ten holdings account for 67.70% of its assets, focusing on key areas such as chemical preparations, biological products, and medical devices within the innovative drug sector [2]. - The fund has increased its allocation to Hong Kong stocks from 12.42% at the end of 2024 to 35.20% by the first quarter of 2025, capitalizing on the rising valuations in the Hong Kong innovative drug market [4]. Group 3: Industry Dynamics - The innovative drug sector is undergoing a value reassessment, transitioning from a phase of high investment to one of revenue realization, with significant growth in revenue and net profit for A-share and Hong Kong innovative drug companies [5][6]. - The Chinese innovative drug industry is becoming increasingly competitive globally, with a record $51.9 billion in foreign licensing transactions in 2024 and $36.9 billion in the first quarter of 2025 [6]. Group 4: Future Outlook - The supportive policy environment, improving industry fundamentals, and ongoing internationalization are expected to sustain the momentum of the innovative drug sector, with potential for continued growth in both revenue and R&D [9]. - The current valuation of the innovative drug sector remains reasonable, providing opportunities for investment, particularly in the Hong Kong market, where the price-to-earnings ratio is at 31.95, indicating significant room for recovery [8].

Core Viewpoint - The Hong Kong stock market for innovative drugs is experiencing a revaluation opportunity after a prolonged downturn, with significant increases in the biotech sector, particularly for companies like Sihuan Pharmaceutical [1][2] Group 1: Company Overview - Sihuan Pharmaceutical's core product, TY-9591, has shown significant clinical improvements in treating non-small cell lung cancer (NSCLC) compared to the leading drug, Osimertinib [2][4] - The company submitted a Pre-NDA application in April and is expected to submit a conditional NDA application in Q2 of this year, marking a critical milestone for the commercialization of TY-9591 [5][7] Group 2: Market Potential - The NSCLC market in China is substantial, with approximately 85% of lung cancer cases being non-small cell, and EGFR mutations being the most common genetic alterations [5][6] - The market for EGFR-TKI drugs is projected to exceed 20.44 billion yuan in 2024, with a year-on-year growth of 19.5%, indicating a robust demand for innovative treatments [6] Group 3: Competitive Landscape - TY-9591 has demonstrated superior efficacy and safety compared to Osimertinib, particularly in patients with brain metastases, positioning it as a potential game-changer in the lung cancer treatment market [4][6] - The market currently dominated by Osimertinib, which is expected to generate over 8 billion yuan in sales in China in 2024, presents a significant opportunity for Sihuan Pharmaceutical to capture market share with TY-9591 [6][7] Group 4: Investment Sentiment - Recent market activity indicates increasing investor interest in Sihuan Pharmaceutical, with significant net inflows and a rising shareholding among Hong Kong Stock Connect investors [7] - The company's current market capitalization of approximately 6 billion yuan suggests considerable upside potential compared to peers that have seen substantial stock price increases following positive clinical trial results [7]

Group 1 - The stock indices showed mixed performance this week, with a total net outflow of over 17 billion yuan from stock ETFs and cross-border ETFs in the Shanghai and Shenzhen markets [1][4] - The Shanghai Composite Index closed at 3377 points, down 0.25% for the week, while the Shenzhen Component Index closed at 10122.11 points, down 0.6% [2] - Major ETFs related to the technology sector, particularly the Sci-Tech 50 ETF, experienced a decline of over 2% [3][4] Group 2 - The liquor ETF has seen continuous inflows for four weeks, with a net inflow of 1.243 billion yuan this week, indicating strong investor interest [5][8] - In contrast, the Xinchuang-related ETFs faced significant outflows, with the Xinchuang ETF experiencing a net outflow of 1.037 billion yuan [7][8] - The overall market sentiment suggests that the A-share market may maintain a volatile pattern, with attention on geopolitical issues and tariff disputes [4] Group 3 - The liquor industry is expected to continue its bottoming demand trend, with companies actively managing inventory and increasing dividends, which may attract further investment [9] - The innovative drug sector in Hong Kong saw significant trading activity, with the Hong Kong innovative drug ETF achieving a trading volume exceeding 40 billion yuan this week [10][12] - Future prospects for the innovative drug sector appear positive, with potential for value reassessment driven by supportive policies and improved payment conditions [12]

Core Viewpoint - The Hong Kong stock market is witnessing a significant surge in the innovative drug sector, with the Hong Kong Stock Connect Innovative Drug ETF (159570) showing a remarkable increase of 105% over the past year, driven by strong capital inflows and favorable policies [1][2]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (159570) has seen a net inflow of approximately 1.19 billion yuan in the past eight days, bringing its total fund size to 5.622 billion yuan, outperforming its peers [1]. - The innovative drug sector is experiencing a revaluation of its value due to multiple favorable factors, including international expansion and supportive policies [2]. Group 2: Fundamental Factors - The international competitiveness of Chinese innovative drug companies is improving, as evidenced by their contributions to 73 oral presentations at the 2025 ASCO annual meeting, with 11 selected for "Latest Breakthrough Abstracts" [1]. - In the first quarter of 2025, there were 41 overseas licensing transactions by Chinese innovative drug companies, totaling approximately 36.929 billion USD, nearing the total for the entire year of 2023 within just three months [1]. Group 3: Policy Support - The domestic policy environment is continuously improving, providing dual support for the innovative drug industry by protecting profit margins and enhancing quality assessments rather than focusing solely on low prices [2]. - The efficiency of the drug regulatory authority's review and approval processes has also seen notable improvements [2]. Group 4: Investment Outlook - The innovative drug sector is expected to maintain long-term investment value, with the Hong Kong market attracting significant attention from investors due to favorable policies and the performance of medical enterprises [2]. - The innovative drug biotech sector is poised for a surge in interest, particularly with upcoming data releases from major conferences [3]. Group 5: ETF Investment Strategy - Given the current enthusiasm for the innovative drug sector, ETFs are recommended as a more stable investment option compared to individual stocks, allowing for effective risk diversification [4]. - The Hong Kong Stock Connect Innovative Drug ETF (159570) offers a comprehensive exposure to the innovative drug industry, with the top ten holdings accounting for nearly 72% of the total weight [4].

Group 1 - The Hong Kong innovative drug ETF (159567) experienced volatility, with a decline of 1.29% as of the report, after a previous increase of 5.23% [1] - The ETF closely tracks the Hong Kong Stock Connect Innovative Drug Index (987018), reflecting the performance characteristics of listed biotech companies in Hong Kong [1] - Major component stocks such as WuXi Biologics and WuXi AppTec saw gains, indicating positive market sentiment towards the innovative drug sector [1] Group 2 - The systematic valuation increase in the innovative drug sector is seen as a major catalyst for industry allocation, driven by the recognition of Chinese innovative drug companies' business models [2] - Leading companies are entering profitability, and their R&D pipelines are beginning to generate consistent revenue, leading to a systematic valuation uplift [2] - The international competitiveness of Chinese innovative drug products is improving, as evidenced by their contributions at the 2025 ASCO annual meeting [2]

A股生物制品板块午后异动拉升，派林生物涨停，荣昌生物、长春高新、君实生物、百普赛斯、诺诚健华等跟 涨。创新药概念再度活跃，奥赛康封板涨停，博瑞医药、睿智医药涨超10%，海思科、长春高新、微芯生物、 舒泰神等跟涨。 港股市场，今天也是医药绝对主角，涨幅排前12的板块全部与医药有关。其中，中国生物制药一度大涨近 18%，领衔上涨。午后，荣昌生物涨超20%，再鼎医药涨超10%，君实生物、百济神州涨超7%，科伦博泰生物 涨超6.5%，药明康德涨超5%。 那么，究竟是有何利好刺激医药板块大涨？据中国生物制药子公司"正大天晴"公众号，中国生物制药高管在高 盛全球医疗健康年会上透露，近期将有一笔标志性的重磅对外授权交易落地。这一消息可能刺激了创新药板 块。 杀疯了 今天，医药股再度成为市场最亮丽的风景。港股市场涨幅前12名的板块全部与医药有关，中国生物医药一度大 涨近18%，荣昌生物午后异动飙升20%。 消息面上，6月11日，在美国迈阿密举行的第46届高盛全球医疗健康年会上，中国生物制药资本市场负责人雷 鸣对外宣布，今年以来，对外授权交易已成为公司关键战略目标之一。目前公司多项资产具备对外授权潜力， 有望进一步扩大"国际化 ...

Group 1 - The core viewpoint of the articles highlights a positive trend in the Hong Kong pharmaceutical sector, particularly in innovative drugs, with significant gains in related ETFs and stocks [1][2] - The Hong Kong Innovation Drug ETF (159567) has shown a notable increase of over 0.70% with a trading volume exceeding 30 million yuan and a turnover rate of over 1.9% [1] - Several constituent stocks, including Dongyangguang Changjiang Pharmaceutical and King’s Ray Biotechnology, have experienced gains of nearly 4% and over 2% respectively, indicating strong market interest [1] Group 2 - The report from Kaiyuan Securities emphasizes that by 2025, the pharmaceutical industry will see accelerated innovation and improved drug procurement policies, contributing to a stable growth outlook [2] - The aging population and unmet clinical needs are driving long-term growth trends in the pharmaceutical sector, with a focus on innovative drugs and recovery in consumer healthcare [2] - The innovative drug sector is expected to lead a new cycle in the pharmaceutical industry, supported by regulatory improvements and increased corporate innovation capabilities [2]

[Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 [Table_ReportDate] 2025 年 05 月 26 日 [Table_ReportType] 医药生物行业周报（5 月第 4 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（5 月 19 日-5 月 23 日）医药生物板 块收涨 1.78%，跑赢 wind 全 A（-0.63%）和沪深 300 （-0.18%）。从板块来看，其他生物制品（4.09%）、原 料药（4.03%）和医疗研发外包（3.6%）涨幅居前，医 院（-1.07%）、疫苗（0.89%）和血液制品（-0.07%）跌 幅居前。从个股来看，三生国健（100%）为三生制药 关联方，涨幅居前。 2) 创新药开启系统性价值重估。5 月 20 日，三生制药宣 布与辉瑞达成一项总额高达 60.5 亿美元 ...

Group 1: Broker Research Focus - Since May, brokers have conducted research on over 670 listed companies, with high attention on sectors such as electronics, pharmaceuticals, and non-ferrous metals [1][4] - The electronics sector has been the most frequently researched, with over 90 companies being targeted, including Anji Technology and Huanxun Technology, which received attention from at least 25 brokers [3] - The pharmaceutical sector has also seen significant interest, with nearly 60 companies being researched, including Huadong Medicine and Sanyou Medical, with over 15 brokers involved in their investigations [4] Group 2: Military Industry Interest - The defense and military sector has experienced a surge in research interest, with over 20 companies being investigated since May, including Aerospace Nanhu and Xi'an Huada [6] - Aerospace Nanhu has reported a stock price increase of over 102% this year and has a backlog of orders worth 1.4 billion yuan [6][7] - Xi'an Huada has noted a positive recovery in defense sector demand since March, following a slow start to the year [6] Group 3: Stock Rating Adjustments - Since May, nearly 50 stocks have had their ratings adjusted, with 17 stocks being upgraded, including Sifang Co. and Weicai Technology [2][8] - For example, Tianfeng Securities upgraded Sifang Co. from "Hold" to "Buy" due to stable business development [9] - Conversely, over 30 stocks have seen their ratings downgraded, including Wentai Technology, which was downgraded from "Buy" to "Hold" due to changes in its main business structure [9]

Core Viewpoint - The article highlights the increasing focus of brokerage firms on various sectors, particularly electronics, pharmaceuticals, non-ferrous metals, and defense industries, with significant changes in stock ratings and research activities since May. Group 1: Brokerage Research Focus - Brokerage firms have conducted research on over 670 listed companies since May, with high attention on sectors like electronics, pharmaceuticals, and non-ferrous metals, as well as a notable rise in interest in the defense industry [1][5][7]. - The electronics sector has seen over 90 companies researched, with firms like Anji Technology and Huanxun Technology receiving attention from more than 25 brokerages [4][5]. - The pharmaceutical sector has also gained traction, with nearly 60 companies being researched, including Huadong Medicine and Sunlight Nuohe, which are focusing on innovative drug pipelines [5][6]. Group 2: Stock Rating Adjustments - Since May, nearly 50 stocks have had their ratings changed, with 17 stocks being upgraded, such as Sifang Co. and Weicai Technology, indicating a positive outlook on their business developments [2][10]. - Conversely, over 30 stocks have seen downgrades, including Wentai Technology and Tongwei Co., due to concerns over profitability and market conditions affecting their respective sectors [2][11]. - The adjustments in ratings reflect a dynamic response to market conditions and company performance, with analysts actively reassessing their forecasts [10][11].