爆款、上市、融资、出海，这是今年中国创新药产业的四大关键词。这些动作绝非一朝一夕的博弈，而 是历经过去数年的资本"寒潮"、行业波动和周期冷暖后，自我倒逼、奋力突围、穿越周期的结果。 把镜头拉回上海。去年上海三大先导产业规模达1.8万亿元，其中生物医药产业规模超9800亿元。今 年，这一数字有望突破万亿大关。行业迎来拐点，企业何尝不是。"上海药圈新拐点"系列报道，将独家 专访三家扎根上海的上市药企掌舵人，共同讲述当全球创新药行业进入"中国时间"，作为上海打造生物 医药产业高地的侧影，他们如何腾挪和突破，迎接属于自己的新拐点。 节目第三集，将走进老牌科创板上市药企——君实生物。它是第一个国产PD-1药物的拥有者，也是第 一批带着国产创新药出海的中国公司之一。它曾在三年内，实现了两款抗新冠新药的商业化，目前总市 值约400亿元。在新任总经理邹建军的掌舵之下，这家扎根上海13年的创新药企，今年能否迎来新的发 展拐点，第一财经记者将与之深度对话。 ...

Core Insights - The article highlights the emergence of "ten-bagger" stocks in the A-share and Hong Kong markets over the past year, particularly in the pharmaceutical, non-bank financial, and computer sectors [1][2][5] - These ten-bagger stocks typically exhibit characteristics of small market capitalization and high growth in performance [5][6] A-share and Hong Kong Market Overview - From August 2024 to July 2025, A-shares produced 7 ten-bagger stocks, while Hong Kong saw 14 ten-bagger stocks among those with an average daily trading volume exceeding 10 million HKD [2] - The average market capitalization of the identified ten-bagger stocks is approximately 19.47 billion RMB, with a median market capitalization of 10.08 billion RMB [5] Industry Analysis Pharmaceutical Sector - The pharmaceutical industry has seen significant growth, with four ten-bagger stocks: Gilead Sciences, Deciphera Pharmaceuticals, Kintor Pharmaceutical, and Hengrui Medicine, driven by performance reversal expectations, policy benefits, and incremental business opportunities [6][9] - The industry is expected to achieve a net profit of 140.57 billion RMB in 2024, a decrease of 12.97% year-on-year, but an improvement compared to the previous year's decline of 18.90% [6] Non-bank Financial Sector - The non-bank financial sector includes ten-bagger stocks such as Shenwan Hongyuan, Yao Cai Securities, and Guotai Junan International, benefiting from performance recovery and policy support [10] - The securities industry is projected to see a revenue increase of 11.15% year-on-year in 2024, with net profit expected to rise by 21.35% [10] Computer Sector - The computer sector's ten-bagger stocks, including Aijun Software, Lian Di Information, and Kingsoft Cloud, are primarily linked to AI concepts and financial applications [11] - Aijun Software has expanded its offerings in big data and AI, while Lian Di Information has seen significant growth in financial sector orders [11] Notable Individual Stocks - Gilead Sciences has capitalized on the growing global market for GLP-1 weight loss drugs, achieving significant clinical results with its oral GLP-1R agonist [9] - Kintor Pharmaceutical has made breakthroughs in CAR-T therapy for solid tumors, showcasing its potential in the cell therapy field [9] - Hengrui Medicine's advancements in antibody drug development have led to significant collaborations with international pharmaceutical companies [8]

Core Viewpoint - The company, Shanghai Junshi Biosciences Co., Ltd. (复宏汉霖), has successfully launched its self-developed anti-PD-1 monoclonal antibody, Hanshuo, in India, marking a significant milestone in its global expansion strategy [1]. Group 1 - Hanshuo is the world's first anti-PD-1 monoclonal antibody approved for first-line treatment of extensive-stage small cell lung cancer (ES-SCLC) [1]. - The drug has been approved for marketing in nearly 40 countries and regions, including China, the UK, Germany, India, Indonesia, and Singapore [1]. - In India, Hanshuo received approval from the Central Drugs Standard Control Organization in June 2025, becoming the first anti-PD-1 monoclonal antibody approved for this indication [1]. Group 2 - The company's partner, Intas, will be responsible for the commercialization of Hanshuo in India, aiming to benefit more patients [1]. - The president of the company, Huang Wei, emphasized the strategic vision of benefiting global patients and highlighted the efficient operation of their global supply system [1]. - Since its launch, Hanshuo has benefited over 110,000 patients worldwide, expanding the accessibility of global immunotherapy [1].

格隆汇8月1日丨海特生物(300683.SZ)于投资者互动平台表示，公司会与专业的国际咨询机构合作积极 推进创新药的出海工作，目前暂无创新药出海业务。 ...

编前语：指数化投资正成为资本市场深化改革的关键枢纽，在《促进资本市场指数化投资高质量发展行 动方案》指引下，我国指数化投资进入"质效双升"新阶段。为把脉ETF高质量发展，央广网推出ETF观 察室专题栏目，锚定高质量发展使命，追踪投资新动向，共筑指数投资新生态。 从行业对外授权情况来看，今年以来，我国创新药企业屡屡达成"天价授权交易"，逐步打破国外垄断， 实现从"跟跑"到"并跑"再到"领跑"的转变，创新药出海整体上呈现出"金额攀升、领域多元、模式创 新"等特点。 例如，5月份，三生制药与辉瑞达成潜在交易总额60.5亿美元的海外权益授权许可，并刷新国产创新药 出海最高首付款记录。6月份，石药集团宣布与阿斯利康达成协议，利用其AI药物发现平台开发新型口 服小分子候选药物，交易潜在总金额达53.3亿美元。7月份，恒瑞医药与英国制药巨头葛兰素史克 （GSK）达成120亿美元的合作协议，将HRS-9821项目除中国区外的全球独家权利和至多11个项目除中 国区外的全球独家许可的独家选择权有偿许可给GSK。 同时，政策面也再次为创新药发展带来"及时雨"。7月1日，国家医保局、国家卫健委联合印发《支持创 新药高质量发展的若干措 ...

Group 1 - The core viewpoint of the article highlights the recent fluctuations in the Hong Kong Stock Connect Innovative Drug ETF (520880), which saw a peak increase of over 3% before closing down by 1.6% on July 31 [1] - Despite market volatility, there is strong investor enthusiasm, with a significant inflow of funds amounting to 4.65 billion CNY on a single day, and a total net inflow of 6.59 billion CNY over three days [1][2] - The fund's scale has surged to 9.86 billion CNY, representing a 140% increase since its launch on July 7 [1][2] Group 2 - The Hong Kong Stock Connect Innovative Drug ETF (520880) passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which focuses on the innovative drug industry chain, primarily comprising innovative drug research and development companies [4] - The Hang Seng Hong Kong Stock Connect Innovative Drug Select Index has seen a cumulative increase of 101.58% year-to-date as of July 31, significantly outperforming the Hang Seng Index and the Hang Seng Technology Index by 78.08 and 79.53 percentage points, respectively [6][7] - The index will undergo a significant adjustment to exclude companies primarily engaged in CXO services, thereby focusing solely on innovative drug R&D firms, enhancing its purity to 100% [8][11] Group 3 - The ongoing trend in the innovative drug sector is driven by the increasing number of outbound orders and the realization of commercial profits, with over 50 transactions amounting to more than 48 billion USD in the first half of 2025 [11] - The differentiation between innovative drug companies and CXO service providers is crucial, as CXOs do not directly reflect the international competitiveness of Chinese innovative drugs [11] - The adjustment in the index composition is expected to mitigate the impact of CXOs on the innovative drug market, showcasing a more robust upward trend in the industry [11]

Core Viewpoint - The innovation drug sector in China has experienced a significant bull market this year, leading to a wave of "value re-evaluation" among listed companies in this field [3][4]. Group 1: Market Performance - As of July 31, 2025, major indices in the innovation drug sector have shown remarkable rebounds, with the Hong Kong Stock Connect Innovation Drug Index rising over 100% from its low at the beginning of the year, and the Shanghai Stock Exchange STAR Market Innovation Drug Index increasing by over 80% [4]. - Sixteen innovation drug funds have doubled their returns this year, with the leading fund, managed by Zhang Wei, achieving a return of 139% [6][10]. - The total scale of the aforementioned 16 funds increased from 11.1 billion to 36.6 billion, representing a growth of over 200% [10]. Group 2: Investment Trends - The surge in stock prices of innovation drug companies has attracted significant investor interest, leading to a substantial increase in the scale of medical ETFs, which grew by 37.4 billion this year, with innovation drug ETFs alone increasing by 31.5 billion [11]. - The scale of the Hong Kong Stock Connect Innovation Drug ETF skyrocketed from less than 700 million to nearly 12 billion [12]. Group 3: Industry Dynamics - The rise of China's innovation drug sector is attributed to a decade-long industrial upgrade initiated in 2015, supported by policy incentives and an increase in overseas orders for innovative drugs [14]. - The market is witnessing a divergence in opinions regarding the future development of innovation drugs, with concerns about excessive speculation and inflated valuations for many individual stocks [15][17].

Core Insights - The 13th Venture Capital Conference highlighted the growing internationalization of China's innovative pharmaceuticals, with overseas licensing transactions nearing last year's total in the first half of 2023, marking China's transition from a market participant to a rule-maker in the global pharmaceutical landscape [1] - The conference featured discussions on the structural and global pathways for Chinese innovative drugs to enter international markets, emphasizing the competitive pricing and the development of a skilled workforce in the industry [2][3] Group 1: Industry Trends - The presence of traditional Big Pharma in business development (BD) for innovative drugs has increased, indicating a shift in the market dynamics and the competitive pricing of Chinese innovative drugs on a global scale [2] - The innovative drug sector is experiencing profound changes, with domestic researchers now adept at conducting studies that meet international standards, and a talent pool emerging that understands innovative drug development [2] - The total BD amount in the first half of the year exceeded that of the entire previous year, suggesting a strong upward trend in the industry [3] Group 2: Company Developments - Weigang Holdings has established three biotechnology-related funds with a total scale of 800 million yuan, aiming to provide specialized and market-oriented services to life science companies in the Guangming District [1] - Kangfang Biotech is highlighted as a typical representative of Chinese innovative drug companies making strides towards international markets, with expectations for the emergence of trillion-yuan market cap companies in the future [3] - Six biopharmaceutical companies showcased their developments at the conference, representing the rising "hardcore strength" of China's biopharmaceutical sector [3]

Core Insights - The "Biopharmaceutical Industry and Finance Matching Conference" was successfully held, focusing on topics such as the internationalization of innovative drugs [1] - China's innovative drug overseas licensing transactions in the first half of the year approached the total for the previous year, indicating a shift from participant to rule-maker in the global pharmaceutical market [1] - The establishment of three biotechnology-related funds with a total scale of 800 million yuan by Weiguang Holdings highlights the growing investment in the biopharmaceutical sector [1] Industry Trends - The presence of traditional big pharmaceutical companies in the business development (BD) market for innovative drugs is increasing, with competitive pricing for Chinese innovative drugs on a global scale [2] - The industry is undergoing significant changes, with domestic clinical researchers now familiar with international standards for innovative drug research and a talent pool capable of international collaboration [2] - The trend of Chinese innovative drugs going international is expected to accelerate, driven by cost advantages and institutional benefits [3] Investment Opportunities - The total BD amount for innovative drugs in the first half of the year exceeded that of the entire previous year, indicating a positive outlook for the second half [3] - Companies like Kangfang Biotech are emerging as typical representatives of Chinese innovative drug firms entering the international market, suggesting potential for future billion-dollar valuation companies [2][3] - Six biopharmaceutical companies showcased their capabilities at the conference, representing the rising "hardcore strength" of China's biopharmaceutical sector [3]

Core Viewpoint - The innovative drug sector in China is entering a phase of explosive growth, with a significant increase in the number of approved innovative drugs and a strong emphasis on international market expansion [1][2][4]. Group 1: Approval and Market Dynamics - In the first half of this year, China approved 43 innovative drugs, marking a 59% year-on-year increase and setting a record for the highest number of approvals in history [1][4]. - Among the approved drugs, 40 were developed by Chinese companies, highlighting the rapid transformation of policy benefits into strong industry growth [1][4]. - The approval process has become more efficient, with the average approval time for innovative drugs expected to reach 8.8 months by mid-2025, nearing the FDA's average of 7.9 months [6][7]. Group 2: Therapeutic Areas and Innovations - Antitumor drugs remain the dominant category, accounting for approximately 40% of the approved innovative drugs [5]. - Notable approvals include the first GCG/GLP-1 dual receptor agonist for weight loss and the first domestically developed high-selectivity JAK1 inhibitor for autoimmune diseases [5]. - The approval of several new drugs in various fields, including rare diseases, reflects the expanding therapeutic landscape in China [5][6]. Group 3: International Expansion and Collaboration - Chinese innovative drug companies are increasingly seeking opportunities in overseas markets, with the total amount of License-out transactions nearing $66 billion in the first half of 2025 [11]. - The establishment of new companies abroad has become a mainstream model for Chinese firms to enter the European and American markets, facilitating compliance with international standards [11][12]. - The global clinical trial landscape is also evolving, with Chinese companies conducting 39% of global oncology trials, a significant increase from previous years [10]. Group 4: Ecosystem and Policy Support - A complete ecosystem from basic research to clinical translation and payment innovation is essential for the sustainable development of China's innovative drugs [2][14]. - Recent policy initiatives, including the establishment of a commercial insurance directory for innovative drugs, aim to enhance payment mechanisms and support the industry [16]. - The focus on building a robust domestic innovation ecosystem is crucial for mitigating risks associated with over-reliance on external markets and capital [14][16].