招银国际认为，受益于创新药出海交易、国内集采政策优化、创新药丙类医保目录落地、医疗设备招标 复苏、内需复苏等积极因素推动，医药行业有望在2025年继续迎来估值修复。 港股通科技ETF紧密跟踪中证港股通科技人民币指数，中证港股通科技指数从港股通范围内选取50只市 值较大、研发投入较高且营收增速较好的科技龙头上市公司证券作为指数样本,以反映港股通内科技龙 头上市公司证券的整体表现。 截至2025年5月20日 09:43，港股通科技ETF(513860)上涨1.29%，最新价报0.71元，成交2075.11万元。 成分股方面，三生制药涨超29%，信达生物、再鼎医药、零跑汽车涨超4%。 消息面上，2025年5月19日，三生制药(01530.HK)及其全资附属公司沈阳三生制药有限责任公司(沈阳三 生)与辉瑞公司(辉瑞)订立了独家许可协议。根据协议，三生制药将PD-1/VEGF双特异性抗体(研发代 码:SSGJ-707)的中国外全球权益授权给辉瑞，同时辉瑞还获得了该产品在中国市场商业化的选择权。 拉长时间看，截至5月19日，港股通科技ETF近1周日均成交1.89亿元，居可比基金第一。 规模方面，港股通科技ETF最新规模达 ...

Group 1 - The Hong Kong stock market opened strong on May 20, with the Hong Kong Innovation Drug ETF (159570) rising over 3.6% and quickly surpassing a transaction volume of 4 billion [1] - The Hong Kong Innovation Drug ETF has seen a net inflow of over 2.2 billion in the last 60 days, indicating strong investor interest in the innovative drug sector [1] - On May 20, 2023, 3SBio announced a partnership with Pfizer, granting exclusive rights for the global development, production, and commercialization of its proprietary PD-1/VEGF bispecific antibody SSGJ-707 outside of mainland China [1] Group 2 - According to the agreement, 3SBio will receive a non-refundable upfront payment of $1.25 billion and up to $4.8 billion in milestone payments related to development, regulatory approval, and sales [1] - 3SBio will also receive a tiered sales royalty based on product sales in the licensed territories, and Pfizer will purchase $100 million worth of common stock in 3SBio upon the agreement's effective date [1] - The majority of the popular component stocks in the Hong Kong Innovation Drug ETF saw gains, with 3SBio rising over 30% [3] Group 3 - The 2025 ASCO Annual Meeting, recognized as a major oncology conference, will take place from May 30 to June 3, 2025, in Chicago, Illinois [3] - Several innovative drug companies are expected to disclose significant data at the ASCO meeting, with 3SBio set to present Phase 2 data for SSGJ-707 in non-small cell lung cancer [3] - The recent U.S. drug price reduction executive order may lead to global pharmaceutical companies adjusting their pricing strategies, with China's innovative drugs potentially becoming a preferred choice for business development transactions [4][5] Group 4 - The U.S. executive order aims to provide the best price for prescription drugs, but its short-term impact on innovative drug prices is expected to be limited due to the lack of implementation details and potential legal challenges [5] - Long-term pressures on U.S. drug prices are anticipated as Medicare and Medicaid expenditures are projected to grow from $1.5 trillion to $2.0 trillion from 2020 to 2024, with an annual growth rate of 7.0% [5] - The Hong Kong Innovation Drug ETF (159570) has a high concentration in innovative drugs, with over 85% of its weight in innovative drug stocks, making it a prominent player in the market [6]

[Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业周报 2025 年 05 月 19 日 [Table_Title] 持续看好创新药领域 ——医药生物行业周报（2025.5.12-2025.5.16） [Table_Summary] 报告要点： 医药板块本周小幅跑赢沪深 300 指数 2025 年 5 月 12 日至 5 月 16 日，申万医药生物指数上涨 1.27%，跑 赢沪深 300 指数 0.15pct，在 31 个申万一级行业指数中排名第 11。 2025 年初至今，申万医药生物指数上涨 2.48%，跑赢沪深 300 指数 3.64pct，涨跌幅在 31 个申万一级行业指数中排名第 11。截至 2025 年 5 月 16 日，医药板块估值为 26.80 倍（TTM 整体法，剔除负值）， 相对于沪深 300 估值溢价率为 141.06%。 本周拓新药业、永安药业和森萱医药等表现较好 涨幅排名前十的个股分别为：拓新药业（+45.03%）、永安药业 （+32.05%）、森萱医药（+23.85%）、哈三联（+23.84%）、普利退 （+20.00%）、川宁生物（+18.73%）、新赣江（ ...

[Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业周报 2025 年 05 月 19 日 [Table_Title] 持续看好创新药领域 ——医药生物行业周报（2025.5.12-2025.5.16） [Table_Summary] 报告要点： 医药板块本周小幅跑赢沪深 300 指数 2025 年 5 月 12 日至 5 月 16 日，申万医药生物指数上涨 1.27%，跑 赢沪深 300 指数 0.15pct，在 31 个申万一级行业指数中排名第 11。 2025 年初至今，申万医药生物指数上涨 2.48%，跑赢沪深 300 指数 3.64pct，涨跌幅在 31 个申万一级行业指数中排名第 11。截至 2025 年 5 月 16 日，医药板块估值为 26.80 倍（TTM 整体法，剔除负值）， 相对于沪深 300 估值溢价率为 141.06%。 本周拓新药业、永安药业和森萱医药等表现较好 涨幅排名前十的个股分别为：拓新药业（+45.03%）、永安药业 （+32.05%）、森萱医药（+23.85%）、哈三联（+23.84%）、普利退 （+20.00%）、川宁生物（+18.73%）、新赣江（ ...

Group 1 - Several innovative pharmaceutical companies have reached a profitability turning point or continued to narrow losses in Q1, driven primarily by self-sustaining growth from the continuous expansion of main products [1] - In Q1, Innovent Biologics achieved revenue of 380 million yuan, a year-on-year increase of 129.9%, with a net profit of 14 million yuan. BeiGene reported revenue of 8.048 billion yuan, a year-on-year increase of 50.2%, with losses narrowing from 1.908 billion yuan to 94.503 million yuan [1] - The Hong Kong innovative drug sector has seen high profitability continue to digest valuations, with the Hong Kong innovative drug index's price-to-earnings ratio dropping from 64 times on February 21 to 25 times on May 19, highlighting significant value for current investments [1] Group 2 - The Hong Kong innovative drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, with 90% of its weight in innovative drug companies, positioning it to benefit from trends such as AI-enabled drug development and the expansion of domestic innovative drugs overseas [2] - The innovative drug ETF (159992) tracks an index that includes leading companies in the innovative drug industry chain, benefiting from advancements in AI, the export of domestic innovative drugs, and the introduction of new insurance policies for high-priced innovative drugs [2] - Huaxin Securities believes the innovative drug sector currently exhibits significant investment value, with Chinese companies establishing technological advantages in cutting-edge fields and attracting attention from large multinational pharmaceutical companies [2]

Macro Commentary - The US economy shows signs of slowing down, with significant declines in retail and manufacturing output due to tariff impacts, particularly affecting durable goods like automobiles and electronics [2] - Despite the slowdown, unemployment claims remain stable, indicating that the service sector is less affected, and employment in this sector remains robust [2] - Inflation is expected to rebound temporarily from May to August, with the Federal Reserve likely to maintain interest rates until September, when a potential rate cut may occur [2] Industry Commentary - The Chinese pharmaceutical sector is experiencing a strong trend in innovative drug exports, with several significant business development transactions occurring despite recent tariff tensions [5][6] - The MSCI China Healthcare Index has risen by 14.9% since early 2025, although it has underperformed compared to the broader MSCI China Index [5] - The US innovative drug prices are unlikely to decrease in the short term due to recent executive orders, but long-term pressures on healthcare spending are anticipated [7] Company Initiation - The report covers Angelalign Technology (6699 HK), a leading provider of invisible orthodontic solutions in China, which has maintained a market share of 42% in the domestic market [9][10] - The company is expected to achieve a revenue compound annual growth rate (CAGR) of 23.8% from 2019 to 2024, with a projected CAGR of 18.0% from 2024 to 2027 [9] - Angelalign is expanding internationally, with a goal to cover over 50 countries and achieve significant revenue growth from overseas markets, which is expected to account for 30% of total revenue by 2024 [11][12]

S1130518080002 yuan_wei gjzq.com.cn S1130514100001 zhaohc gjzq.com.cn S1130523080002 heguanzhou gjzq.com.cn 投资逻辑 本周医药行情演绎较为缓和，整体温和上行但涨幅弱于其他大部分一级行业。年报一季报落幕，医药板块仍在寻找和 调整方向进程中，预计交易调整完成后新一轮行情即将展开。我们在前期年报一季报复盘报告中指出，医药政策端、 基本面、市场面的压制因素已经基本出清，同时 2024 年医药业绩基数前高后低，基数压力逐季度下降，我们非常看 好 2025 年下半年医药板块成功实现景气度反转，业绩端增速止跌回升，回到增长趋势。 药品：本周，科济药业发布了通用型 CAR-T 的临床数据，海思科的镇痛新药安瑞克芬获批上市。全球生物医药创新 正随着基础科学发现的不断新突破和新技术手段的应用而得到加速发展，包括中国在内的创新药企也将会有更多里程 碑式突破的新分子或治疗手段得到商业化应用。本土创新药企正在日益崭露出国际领先的创新实力，在营收业绩、对 外授权合作以及国际权威会议与期刊上发布的优异临床数据方面都展现出靓丽成果。我 ...

消息面上，百济神州近日发布的2025年一季度财报显示，公司一季度营业收入达到80.48亿元，较上年 同期的53.59亿元增长50.2%。公司归母净利润为亏损9450.3万元，较上年同期的亏损19.08亿元，实现了 显著减亏，几近扭亏为盈。近日诺诚健华也披露2025年一季报，实现营业收入3.81亿元，同比增长 129.92%，归母净利润为0.18亿元，同比增长112.62%。诺诚健华在本报告期内扭亏为盈。港股创新药企 基本面持续向好。 小而美、高弹性：港股创新药ETF（159567）跟踪国证港股通创新药指数，创新药企业权重90%为全市 场医药主题类指数中最高，有望把握AI赋能创新药研发、国产创新药出海、商业健康保险逐步完善的 创新药利好浪潮。 大而全：创新药ETF（159992）跟踪创新药指数，该指数布局创新药产业链龙头企业，既汇聚全球CXO 龙头企业，又包含国内仿创药企龙头，有望同时受益于AI赋能创新药、国产创新药出海、针对高价创 新药的医保丙类目录出台等。 中金公司认为，创新药板块在当前市场环境下展现出较强的投资价值。尽管4月份全球股市因美国加征 关税政策而阶段性承压，但创新药因其主要依赖知识付费模式，包括 ...

Group 1 - The Hang Seng Medical Index ETF has shown significant liquidity with a turnover of 1% and a transaction volume of 2.6148 million yuan, with an average daily transaction volume of 27.4616 million yuan over the past month [2] - The ETF's scale has increased by 28.6087 million yuan in the past month, ranking first among comparable funds, with a share increase of 12 million units in the last two weeks, also the highest among peers [2] - In terms of capital inflow, the ETF has seen net inflows on 5 out of the last 8 trading days, totaling 14.5271 million yuan [2] - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 23.4, which is in the 4.36% percentile over the past year, indicating a valuation lower than 95.64% of the time in the past year, suggesting historical low valuations [2] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 57.09% of the index, including companies like WuXi Biologics and BeiGene [2] Group 2 - Since the reform of new drug research and development policies in 2015, China's innovative drug industry has developed a strong ecosystem, integrating excellent resources in preclinical and clinical stages, which has gained recognition from multinational corporations (MNCs) [3] - The pharmaceutical and biotechnology sector's Q1 2025 financial reports show stable revenue and profit performance, with notable improvements in certain sub-industries, indicating a return of market enthusiasm for the sector [3] - There is a recommendation to focus on international biotech companies, revaluation of innovative pipelines in generic companies, and companies in the CXO industry with significant order and operational improvements [3] - Investors without stock accounts can access investment opportunities in the Hong Kong medical sector through the Hang Seng Medical Index ETF linked fund (018433) [3]

中邮证券表示，受益于海外投融资市场的率先复苏，需求端逐步恢复，CXO&上游公司订单增速提升， 行业拐点已过。CXO板块收入端恢复良好增长态势，盈利能力持续修复，利润端改善趋势更为显著， 基本面已呈现向上趋势。优质、高效、低成本的产品及服务为核心壁垒，我国制药业优势持续巩固，有 望在全球市场占据更高市场份额。中国创新药经过数十年发展，正在进入收获期，叠加政策友好性和市 场流动性提升，国内创新药市场前景光明。建议重点关注肿瘤、自免、减重、阿尔兹海默症、NASH、 脱发、乙肝等领域。 甬兴证券表示，百济神州凭借泽布替尼在欧美市场份额的提升保持收入规模的增长、恒瑞医药也多次实 现创新药的对外授权，我们认为国产创新药的竞争力正在持续提升，看好国产创新药的出海前景。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 5月14日港股低开低走，医药生物板块逆市走强。热门ETF方面，港股创新药ETF（159567）盘中震荡 走高，截至发稿涨1.01%。换手率超7%，成交额快速突破1亿元，交投活跃。 成分股方面，三生制药涨超4%，康希诺生物、凯莱英涨超3%，晶泰控股、再鼎医药、科 ...