Core Viewpoint - The Hong Kong stock market is experiencing a collective rise, particularly in the innovative drug sector, with leading CXO company WuXi AppTec seeing a significant increase in stock price after its earnings report [1][3]. Group 1: Market Performance - The Hong Kong stock market is showing strong performance, with the innovative drug sector leading the gains, particularly the CXO segment [1]. - WuXi AppTec's stock rose over 13% following its earnings report, contributing to the overall strength of the CXO sector [1][3]. - The Hong Kong Stock Connect innovative drug ETF (159570) increased by 1.4%, with trading volume surpassing 1.6 billion RMB, and has attracted over 5 billion RMB in the last 60 days [1][3]. Group 2: Company Earnings - WuXi AppTec reported an expected revenue of 20.8 billion RMB for the first half of 2025, representing a year-on-year growth of approximately 20.64% [3]. - The net profit attributable to shareholders is projected to be around 8.561 billion RMB, showing a year-on-year increase of about 101.92% [3]. - Adjusted net profit is expected to be approximately 6.315 billion RMB, reflecting a year-on-year growth of about 44.43% [3]. Group 3: Industry Outlook - According to Fengzheng Securities, the innovative drug sector is expected to enter a new upcycle, driven by the recovery of domestic demand and potential interest rate cuts in the U.S. [4]. - The CDMO sector is anticipated to recover quickly due to its reliance on orders from large overseas pharmaceutical companies [4]. - Guotai Junan Securities indicates that the CDMO industry has reached a bottom and is poised for recovery, with strong performance expected in 2025 [4]. Group 4: Policy and Market Dynamics - The upcoming commercial insurance policy for innovative drugs is expected to open up long-term payment avenues for the sector [7]. - The National Healthcare Security Administration has emphasized comprehensive policy support for innovative drugs, which is likely to enhance their market potential [7]. - The commercial health insurance market in China is projected to grow significantly, with premium income expected to reach 977.3 billion RMB in 2024, a year-on-year increase of 8.2% [7]. Group 5: Investment Opportunities - The Hong Kong Stock Connect innovative drug ETF (159570) has a high concentration in innovative drug companies, with the top ten holdings accounting for nearly 72% of the index [8]. - The ETF has shown a remarkable performance, with a 62.78% increase in the first half of 2025, outperforming other medical indices [8]. - The underlying assets of the ETF are Hong Kong stocks, allowing for T+0 trading, which enhances liquidity for investors [8].

Core Viewpoint - The pharmaceutical sector is experiencing a surge in sentiment due to the strong performance of leading CXO companies, leading to significant increases in related ETFs in both A-shares and Hong Kong stocks [1][2]. Group 1: CXO Company Performance - WuXi AppTec expects to achieve revenue of approximately 20.8 billion yuan in the first half of 2025, representing a year-on-year growth of about 20.64% [2]. - The net profit attributable to shareholders is projected to be around 8.56 billion yuan, showing a year-on-year increase of approximately 101.92% [2]. - The adjusted net profit is expected to be about 6.31 billion yuan, reflecting a year-on-year growth of approximately 44.43% [2]. - The company continues to focus on its unique "integrated, end-to-end" CRDMO business model, expanding new capabilities and optimizing production processes [2]. Group 2: Market Trends and Investment Sentiment - The global healthcare investment and financing amount is showing signs of recovery, with a projected growth rate of 25.3% in total financing for 2024 [2]. - The recovery in orders for CXO services is evident, with major companies reporting significant increases in their order backlogs [5][6]. - The trend of Chinese innovative drugs going global is gaining recognition in the capital market, indicating a strong future for the industry [6]. Group 3: ETF Performance - The Biopharmaceutical ETF (159839) has seen a rise of over 2%, with significant inflows for three consecutive days [1]. - The Hang Seng Biotechnology ETF (513280) increased by 1.5%, marking it as the only ETF tracking the Hang Seng Biotechnology Index to receive net inflows this year [7]. - The Biopharmaceutical ETF focuses on industry leaders, enhancing its potential for higher returns and volatility [7].

7月11日，AH股创新药板块齐走高，A股药明康德涨停，常山药业涨超15%，港股药明康德、药明 合联均涨超10%。截至发稿，A股医药生物板块主力资金净流入超55亿元，其中，药明康德主力净 流入超10亿元，常山药业主力净流入超5亿元。 2025.07. 11 本文字数：527，阅读时长大约1分钟 作者 | 一财资讯 招银国际认为，短期来看，创新药估值受市场对出海交易预期影响而攀升，但需理性看待其股价上升 空间。创新药行业具有高风险、长周期、高回报的特征，出海交易的达成往往需要较长时间的研发积 累。 微信编辑 | 七三 推荐阅读 "黄金平替"，单日大跌6%！ 消息面上，7月以来，创新药板块频频迎来政策利好。昨日，国家医保局公布《2025年国家基本医 疗保险、生育保险和工伤保险药品目录及商业健康保险创新药品目录调整工作方案》，明确2025年 基本医保药品目录调整和商业健康保险创新药品目录制定将同步进行。而在1日，重磅政策《支持创 新药高质量发展的若干措施》印发。 中金公司表示，创新药产业投资趋势明确，向上传导或有产业链机会。长期看，中国创新药已进入渐 进式创新时代，开始具备国际竞争力；中期看，具备竞争力的临床数据和M ...

Core Insights - The Chinese government emphasizes the importance of strengthening pharmaceutical innovation and research to support public health and the development of innovative drugs and medical devices [1] - The trend of Chinese innovative drugs going global is gaining momentum, with significant increases in business development (BD) transactions and funding [2][3] - The pharmaceutical sector is expected to recover in 2025, driven by high-value BD transactions and an improving policy environment [3][4] Industry Developments - The Chinese innovative drug market is projected to see a surge in international collaborations, with over 80 BD projects completed by 2025, indicating a growing global competitiveness [2] - In Q1 2025 alone, BD transactions reached 41, with a total value of approximately 369.29 billion USD, nearing the total for the previous year [2] - Major transactions include the licensing of PD-1/VEGF dual antibody SSGJ-707 to Pfizer for 60.5 billion USD and the global rights for Tislelizumab to Vor Bio for up to 42.3 billion USD [2] Company Highlights - Companies like 基石药业-B (02616) showcased innovative products at the AACR annual meeting, highlighting their advancements in clinical research [5] - 和誉-B (02256) received priority review for its CSF-1R inhibitor for treating TGCT, indicating regulatory support for innovative therapies [6] - 和铂医药 (02142) entered a significant strategic partnership with AstraZeneca, securing 1.75 billion USD in upfront payments and potential milestone payments totaling up to 44 billion USD [6] - 信达生物 (01801) aims to achieve 20 billion RMB in product sales by 2027, with multiple catalysts expected in the coming years, including potential drug launches and data readouts [7]

【环球时报报道 记者 杨沙沙】编者的话：据美国《华尔街日报》等外媒报道，中国生物科技正迎 来"DeepSeek时刻"。今年以来，中国创新药企巨额"出海"BD（Business Development，商务拓展）交易 频现，其中沈阳三生制药5月宣布向辉瑞授予公司自主研发的突破性PD-1/VEGF双特异性抗体SSGJ-707 在全球（不包括中国内地）的开发、生产、商业化权利，其12.5亿美元首付款创下最高纪录。以前，中 国药企被认为"内卷"严重且缺乏创新性，但从去年年底至今，中国创新药企业出海BD形成了一个高 潮。从引进海外知识产权，到现在反向输出，中国创新药企引起全世界关注。中国从何时开始在制药领 域发力？目前处于哪个梯队？未来中国药企还有哪些增长点？ " 有点像国产手机或是电动汽车 " 《华尔街日报》援引生物医药行业研究机构DealForma的数据说，2020年中国在5000万美元以上的医药 交易中占比不足5%，而到2024年这一比例已上升至近30%。 "这个比例非常可观。"位于硅谷的全球医药创新资本（H7 BioCapital）创始人及首席执行官李梦遥告诉 记者，包括信达、百济神州等中国药企，在海外布局成绩 ...

Market Overview - The market experienced a strong upward trend, with the Shanghai Composite Index stabilizing above 3500 points. Real estate stocks surged in the afternoon, with several stocks such as Huaxia Happiness and Deep Deep Housing A hitting the daily limit. Major financial stocks continued to perform well, with the four major banks reaching historical highs. The photovoltaic sector also saw a rebound, particularly in the organic silicon segment, with multiple stocks hitting the daily limit. Overall, over 2800 stocks in the Shanghai and Shenzhen markets rose, with a total transaction volume of 1.51 trillion yuan [1]. Real Estate Sector - The real estate sector saw significant gains, with stocks like Sifang New Materials and Yucheng Development hitting the daily limit. The National Development and Reform Commission emphasized increasing investment in new urbanization, which catalyzed the market. Additionally, around 20 cities, including Chongqing and Shenyang, have supported and optimized the "commercial to public" policy this year [4][5]. - According to the China Index Academy, to alleviate insufficient effective demand, some cities may further relax purchase and loan restrictions, while also accelerating the construction of affordable housing and optimizing land supply structures to promote a stable and healthy real estate market [5]. Pharmaceutical Sector - The pharmaceutical sector remained active, with stocks like Saily Medical and Lianhuan Pharmaceutical hitting the daily limit. Merck announced a $10 billion acquisition of Verona Pharma to enhance its COPD treatment product line. The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, which include 16 initiatives to strengthen support for innovative drug research and development [6][7]. - The trend of Chinese innovative drugs going global is expected to enhance profitability and market space, leading to improved industry valuation levels. The adjustment plan for the national medical insurance directory and commercial insurance innovative drug directory is anticipated to be implemented in November [8]. Hydrogen Energy Sector - The hydrogen energy sector showed strong performance, with stocks like Huaguang Huaneng and Tianwo Technology hitting the daily limit. The emphasis on developing hydrogen energy as part of a new energy system was highlighted during a recent inspection by the General Secretary in Shanxi [9][10]. - The strategic position of hydrogen energy has been established, with local policies supporting its development. The renewable energy green hydrogen production capacity is expected to reach over 400,000 tons by 2025 in the Sanbei region. The construction of hydrogen pipelines is also entering a capital-intensive phase, with major state-owned enterprises as primary investors [10]. Other Notable Sectors - Other sectors such as consumer goods and finance showed localized activity, while military and digital currency high-priced stocks experienced declines [11]. - The market is also witnessing a focus on performance as the mid-year reporting period approaches, with expectations for continued improvement in the performance of innovative drugs and their supply chains [8].

截至2025年7月10日 13:14，上证科创板生物医药指数上涨0.14%，成分股微芯生物上涨5.56%，悦康药业上涨3.38%，智翔金泰上涨2.93%，迈威生物上涨 2.47%，康希诺上涨2.15%。科创医药ETF嘉实(588700)红盘震荡。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 688271 | 联影医疗 | -0.65% | 8.97% | | 688235 | 百济神州 | 0.93% | 7.05% | | 688617 | 惠泰医疗 | 1.16% | 5.85% | | 688578 | 艾力斯 | 0.84% | 4.91% | | 688506 | 百利天恒 | -1.12% | 4.77% | | 688266 | 泽璟制药 | 1.34% | 4.75% | | 688114 | 华大智造 | 0.46% | 4.17% | | 688180 | 君实生物 | -1.48% | 4.15% | | 688050 | 爱博医疗 | -0.13% | 3.33% | | 688278 | 特宝生物 | 0.01% | ...

Market Overview - The pharmaceutical sector experienced a significant surge on July 10, with stocks such as Seer Medical, Lianhuan Pharmaceutical, and Kangchen Pharmaceutical hitting the daily limit [1] - Seer Medical recorded a price of 25.61 with a rise of 10.01%, Lianhuan Pharmaceutical reached 13.62 with a 10.02% increase, and Kangchen Pharmaceutical was at 40.68 with a 10.01% gain [2] Key Events - Merck, a major U.S. pharmaceutical company, announced its intention to acquire UK-based Verona Pharma for approximately $10 billion to enhance its product line for chronic obstructive pulmonary disease (COPD) [3] - Former President Trump threatened to impose a 200% tariff on pharmaceuticals, although this may not take effect immediately, allowing pharmaceutical companies a one-year buffer [3] - The National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, including 16 initiatives to enhance support for R&D and encourage clinical application [3] Institutional Insights - The trend of Chinese innovative drugs entering international markets is expected to grow over the next 3-5 years, driven by improved innovation capabilities and profitability of Chinese pharmaceutical companies, which will enhance industry valuation levels [4] - The upstream raw material drug sector has seen a valuation adjustment, now positioned at relatively low levels, with the commercialization of GLP-1 products expected to drive growth in upstream peptide raw materials [4] - As the mid-year reporting period approaches, performance metrics will become a focal point for the market, with expectations for continued improvement in innovative drugs and their supply chains [4]

Core Insights - The Chinese innovative pharmaceutical industry has transitioned from imitation to breakthrough innovation over the past decade, facing a critical transformation point influenced by policy, capital cycles, and global competition [1][2][4]. Policy Influence - Policies serve as a guiding force for the innovative pharmaceutical industry, directly impacting resource allocation and value evolution [4]. - Comprehensive policy support across drug development, insurance payment, regulatory approval, and financial backing is essential for the breakthrough development of innovative drugs [4]. Capital Dynamics - The capital landscape is undergoing significant changes, with trends of "internal acceleration" and "BD transformation" emerging in the innovative pharmaceutical sector [4]. - Despite challenges, the innovative drug sector is experiencing a surge in patent procurement by multinational pharmaceutical companies, indicating the competitiveness of Chinese innovative drugs [5][6]. - The current valuation environment in the capital market is complex, necessitating a balanced approach to maintain core competitiveness while adapting to market realities [4][6]. Globalization Trends - The trend of internationalization is becoming a critical factor for the innovative pharmaceutical industry, with significant improvements in molecular design diversity and global clinical trial activities [6]. - The Chinese innovative drug market has become the second largest globally, reflecting enhanced recognition of Chinese pharmaceutical companies in international markets [6][7]. Industry Consensus - The industry is currently in a cyclical adjustment phase, requiring differentiated strategies to overcome homogenized competition and effectively advance drug pipelines [7]. - A consensus emerged during the closed-door meeting that emphasizes the need for policy guidance, capital support, and a global perspective to navigate cyclical fluctuations and achieve value creation [7].

Market Overview - On July 9, A-shares showed mixed performance with the Shanghai Composite Index down 0.13%, Shenzhen Component Index down 0.06%, and the ChiNext Index up 0.16%, indicating narrow fluctuations in the market [1] - The overall market saw only about 1,800 stocks rising [1] Sector Performance - In the sector performance, Media (1.35%), Agriculture, Forestry, Animal Husbandry and Fishery (0.65%), and Commercial Trade (0.48%) were the top gainers, while Non-ferrous Metals (-2.26%), Chemicals (-0.85%), and Electronics (-0.82%) faced the largest declines [8] Hong Kong Market - On the same day, major indices in the Hong Kong market collectively declined, with the Hang Seng China Enterprises Index down 0.52%, reflecting a cautious market sentiment and a strong wait-and-see atmosphere among investors [6] Hot Topics Hong Kong Pharmaceuticals - A leading innovative pharmaceutical company recently received approval for multiple clinical trials, showcasing China's growing competitiveness in innovative drug development [8] - A series of policies aimed at expediting review and approval processes, optimizing medical insurance access, and facilitating overseas entry are paving the way for Chinese innovative drugs to enter global markets [8] - According to Aijian Securities, the trend of Chinese innovative drugs going global is expected to gain recognition in the capital market, with significant potential for profitability and market expansion over the next 3-5 years [8] Banking Sector - The banking sector showed strength, with some state-owned banks reaching new highs during the day [9] - CITIC Securities noted that the banking sector is expected to continue its upward trend in the third quarter, supported by stable financial indicators and long-term capital inflows [9] - The profitability outlook for listed banks is stabilizing, with expectations of year-on-year growth in the first half of the year due to the effects of loan repricing and a stable bond market [9]