Group 1: Domestic Innovative Drugs - The clinical trial HARMONi-A for AK112, a core product of Kangfang Biotech, shows statistically significant overall survival (OS) benefits for second-line EGFR mutation non-small cell lung cancer (2L EGFRm NSCLC) [1] - AK112 has initiated 13 registrational/Phase III clinical studies globally, covering multiple high-incidence cancers such as lung cancer, cholangiocarcinoma, and triple-negative breast cancer, indicating its broad clinical potential [1] - Over 40 Chinese studies have been selected for presentation at the 2025 World Lung Cancer Conference (WCLC) in Barcelona, highlighting the increasing international recognition of domestic research [1] Group 2: Industry Performance - Fosun Pharma reported a revenue of 19.514 billion RMB and a net profit of 1.702 billion RMB for the first half of 2025, with innovative drug revenue exceeding 4.3 billion RMB, a year-on-year increase of 14.26% [2] - The operating cash flow for Fosun Pharma reached 2.134 billion RMB, up 11.90% year-on-year, while the company continues to optimize its asset structure by disposing of non-core assets totaling over 2 billion RMB since the beginning of 2025 [2] - As of August 28, 2025, the Hong Kong Innovation Drug Index fell by 2.17%, but the Hong Kong Innovation Drug ETF saw a 5.62% increase over the past month, with the top ten weighted stocks accounting for 70.59% of the index [2] Group 3: Financing and Market Trends - As of August 27, 2025, the latest financing buy-in for the Hong Kong Innovation Drug ETF was 761 million RMB, with a net inflow of 191 million RMB [3] - The global pharmaceutical transaction volume reached 456 deals in the first half of 2025, a 32% year-on-year increase, with a total transaction value of 130.4 billion USD, up 58% year-on-year, indicating growing recognition of Chinese enterprises in global innovative drugs [3] - The approval time for innovative drug clinical trials has been shortened to 30 working days, further promoting industry recovery [3]

Group 1 - The Hong Kong stock market experienced a collective adjustment, with the Hong Kong Stock Connect Innovative Drug ETF (159570) seeing a significant decline for three consecutive days, dropping over 2% during intraday trading, and achieving a transaction volume exceeding 3.3 billion HKD, with over 43 million HKD raised in a single day [1] - The Innovative Drug ETF (159570) has recorded a net inflow of funds for 28 consecutive days, accumulating over 7.1 billion HKD in the last 20 days, indicating strong investor interest [1] - As of August 26, the latest scale of the Innovative Drug ETF (159570) exceeded 18.9 billion HKD, maintaining a leading position in terms of scale and liquidity [1] Group 2 - Major component stocks of the ETF, including Kangfang Biotech and China Biopharmaceutical, experienced declines of over 3% and 2.5% respectively, reflecting a broader downturn in the sector [2][5] - Kangfang Biotech successfully raised 3.52 billion HKD through the placement of new shares and existing shares to advance the development of innovative antibody drugs, focusing on proprietary intellectual property [2] - The World Lung Cancer Conference (WCLC) is scheduled for September 6-9, 2025, in Barcelona, where Chinese pharmaceutical companies will showcase innovative research results, highlighting the growing importance of domestic innovation in the pharmaceutical sector [3] Group 3 - Recent data from the WCLC indicates that Kangfang Biotech will present clinical research data for its drug AK112, while other companies like Hengrui Medicine and Legend Biotech will also report their clinical findings, showcasing the competitive landscape of innovative drug development [3] - A report from Ping An Securities highlights the emergence of PD-1/VEGF dual antibodies as a significant area of focus, with several companies, including BioNTech and Kangfang Biotech, advancing their clinical trials in this space [4][6] - The Innovative Drug ETF (159570) has shown a remarkable increase of over 109% within the year, outperforming other indices in the healthcare sector, indicating strong market performance and investor confidence in innovative drug companies [7][8]

来源：市场投研资讯 （来源：广发基金） 今年上半年，港股的表现可谓惊艳。AI、新消费、创新药等板块轮番领涨，恒生指数和恒生科技指数 一度冲在全球涨幅榜前列，成为资本市场的"优等生"。然而，6月中旬之后，港股的热度似乎被按下了 暂停键，走势不温不火，甚至持续跑输A股。很多投资者开始疑惑：港股怎么了？还能不能买？ 我们认为，这波回调并非基本面恶化，而更像是一次"喘口气"的阶段性调整。随着港元汇率波动、互联 网板块盈利预期下修等短期压力逐步消化，港股反而可能迎来一轮机会。 01 港元汇率小插曲：流动性先热后冷 但好景不长，5月中旬后港币迅速转向贬值，6月26日触及弱方兑换保证，金管局反手回收约1200亿港 元，HIBOR利率回升，市场热度降温。这其实是从异常宽松回归常态的过程，调整不可避免。 好消息是，这种流动性冲击往往短暂，预计1-2周内HIBOR回升或将进入尾声。换句话说，现在的波 动，可能正是为下一轮机会蓄水。 02 外卖价格战的阴霾正在散去 7月下旬，恒生指数遭遇小幅盈利预期下修，恰逢美团、京东、阿里等电商巨头的外卖价格战愈演愈 烈。资本市场担心这种"内卷"会长期侵蚀利润，互联网板块承压明显。 港股的水位， ...

Core Viewpoint - Yiling Pharmaceutical, a leader in innovative traditional Chinese medicine, reported a significant increase in net profit for the first half of 2025, with a year-on-year growth of 26.03%, reaching 669 million yuan, and a proposed cash dividend of 3 yuan per 10 shares, totaling 501 million yuan [1] Group 1: Financial Performance - The company achieved a net profit of 669 million yuan in the first half of 2025, marking a 26.03% increase year-on-year [1] - The non-recurring net profit also saw a year-on-year growth of 27.08%, amounting to 641 million yuan [1] - A cash dividend of 3 yuan per 10 shares is proposed, with a total dividend payout of 501 million yuan [1] Group 2: Research and Development - Yiling Pharmaceutical's R&D investment reached 399 million yuan in the first half of 2025, accounting for 9.87% of revenue, positioning the company among the top in the traditional Chinese medicine industry [2] - The company has received recommendations for its core products in cardiovascular medications, indicating strong clinical value recognition [2] - Multiple new traditional Chinese medicine products are progressing through the approval process, including "Qi Fang Bi Tong Pian" for allergic rhinitis and "Ban Xia Bai Zhu Tian Ma Granules" for various conditions [3][4] Group 3: Product Portfolio Expansion - The company has established a matrix of patented traditional Chinese medicine products, with significant revenue growth in non-cardiovascular and respiratory products, increasing by 53.18% year-on-year [5] - The company is expanding its product line to cover eight major clinical disease systems, enhancing its market presence [5] - The gradual market introduction of new traditional Chinese medicines is expected to provide stable market shares and sustainable growth for the company [5] Group 4: Chemical Drug Development - Yiling Pharmaceutical is also advancing in the chemical and biological drug sectors, with four innovative drug candidates entering clinical stages [6] - The company has made progress with its chemical drugs, including the IND approval for "G201-Na Capsule" for assisted reproduction [7][8] - The ongoing development in chemical drugs complements the company's traditional Chinese medicine offerings, supporting long-term growth [6][9]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company has shown rapid growth in performance, driven by innovation, with a significant increase in revenue and net profit in the first half of 2025 [4][9] - The company is increasing its research and development (R&D) investments, which are becoming a key growth engine, and is making progress in global expansion [4][6][9] Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved revenue of RMB 15.761 billion, a year-on-year increase of 15.88% - The net profit attributable to shareholders was RMB 4.450 billion, up 29.67% year-on-year, while the adjusted net profit was RMB 4.273 billion, reflecting a growth of 22.43% [4][9] R&D and Innovation - The company invested a total of RMB 3.871 billion in R&D during the first half of 2025, with RMB 3.228 billion classified as expense R&D [4][9] - Six new innovative drugs were approved for market launch, contributing to over 60% of the company's revenue from innovative drug sales [9] Valuation and Earnings Forecast - The forecasted net profit for 2025-2027 is RMB 6.706 billion, RMB 7.978 billion, and RMB 9.208 billion respectively, with corresponding earnings per share (EPS) of RMB 1.01, RMB 1.20, and RMB 1.39 [6][8] - The price-to-earnings (P/E) ratios are projected to be 62.4x, 52.5x, and 45.4x for 2025, 2026, and 2027 respectively [6][8]

Core Viewpoint - Dongwu Securities report indicates that Hisco achieved a net profit attributable to shareholders of 129 million yuan in the first half of 2025, a year-on-year decrease of 21.79% [1] Financial Performance - Overall gross margin stands at 72.96%, an improvement compared to the projected 71.46% for the entire year of 2024 [1] - Sales expenses for the first half of 2025 amounted to 727 million yuan, with a stable expense ratio of 36.35% [1] - Research and development expenses reached 342 million yuan, reflecting a year-on-year increase of 59.22%, supporting the development of the company's innovative drug pipeline [1] Revenue Breakdown - Revenue from anesthesia products in the first half of 2025 was 796 million yuan, showing a year-on-year growth of 54% [1] - Parenteral nutrition revenue was 206 million yuan, a year-on-year decline of 19.39% [1] - Revenue from antiemetic drugs for cancer reached 163 million yuan, marking a year-on-year increase of 19.9% [1] Strategic Outlook - The core anesthesia product, remifentanil, is experiencing rapid sales growth, facilitating the company's transition towards innovative drug sales [1] - Remifentanil is expected to be launched overseas soon, with multiple pipelines already included in medical insurance, which will become a new growth point for performance [1] - The company has sufficient catalysts for future innovative pipelines, maintaining a "buy" rating [1]

"银行系"基金公司上银基金，在投研体系建设、团队构建等方面持续发力，旗下权益、固收产品整体业绩均较出色 投资时间网、标点财经研究员 齐文健 今年A股市场一扫往日阴霾，行情一路走强，先后冲破3500点、3600点、3700点、3800点四大关键点位。尤其是近期上证指数屡屡将高点"记录"刷新。不 过Wind数据显示，8月27日，上证指数遭遇小幅波动，收于3800.35点。 此时，扎实的投研积累无疑是基金公司捕获投资机会的最好"工具"。投资时间网、标点财经研究员注意到，近年来，监管部门也多次出台有关规定、文 件，引导基金公司加强投研能力建设。 上银基金作为"银行系"公募基金公司的一员，在投研建设方面如何做的呢？ 据投资时间网、标点财经研究员了解，自成立以来，上银基金不断完善投研实力，持续推进投研平台化、一体化建设。投资决策委员会总体引领，下设权 益、固收、海外3大专业委员会协同作战，同时设立宏观策略、信评、转债、行业研究、量化、FOF专业小组，形成专业立体的研究框架。 投研团队成员具备专业背景与行业经验，且在深耕各自擅长领域的基础上不断拓展能力圈，形成投研优势的有效互补。秉承"价值为体，成长为翼"的投资 理念，上银 ...

Group 1 - The Shanghai and Shenzhen 300 Pharmaceutical Health Index decreased by 1.2% at midday, while the CSI Biotech Theme Index fell by 1.5% [1] - The CSI Innovative Drug Industry Index dropped by 1.6%, and the Hang Seng Hong Kong Stock Connect Pharmaceutical Health Comprehensive Index declined by 2.7% [1] - The Hang Seng Innovative Drug ETF (159316) saw a net subscription of 22 million shares during the same period [1] Group 2 - The Hang Seng Innovative Drug Index focuses on leading innovative drug companies in Hong Kong, consisting of no more than 40 stocks involved in innovative drug research and development [2] - The index experienced a decline of 2.8% at midday, with a rolling price-to-earnings ratio of 57.6 times as of July 10, 2023 [2] - The CSI Hong Kong Stock Connect Pharmaceutical Health Comprehensive Index, which includes 50 stocks from the medical device, biopharmaceutical, and chemical drug sectors, fell by 2.7% with a rolling price-to-earnings ratio of 30.2 times [2] Group 3 - The CSI Innovative Drug Industry Index, which focuses on leading innovative drug companies in A-shares, decreased by 1.6% at midday, with a rolling price-to-earnings ratio of 53.1 times [2] - The CSI Biotech Theme Index, which includes up to 50 stocks involved in gene diagnostics, biopharmaceuticals, and other biotechnology sectors, fell by 1.5% with a rolling price-to-earnings ratio of 55.9 times [2] - The Shanghai and Shenzhen 300 Pharmaceutical Health Index, which covers companies in the pharmaceutical and healthcare sectors, decreased by 1.2% at midday, with a rolling price-to-earnings ratio of 32.1 times [3]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board (STAR Market) indices showed significant gains, with the STAR 50 Index up by 3.7%, the STAR Growth Index up by 2.8%, the STAR Composite Index up by 1.3%, and the STAR 100 Index up by 0.7% as of midday close [1] - The STAR 50 ETF (588080) recorded a trading volume of nearly 3 billion yuan during the half-day session [1] Group 2 - The STAR 50 Index consists of 50 stocks with large market capitalization and good liquidity, prominently featuring "hard technology" companies, with over 60% in the semiconductor sector and more than 75% combined in medical devices, software development, and photovoltaic equipment [2] - The STAR 100 Index includes 100 stocks with medium market capitalization and good liquidity, focusing on small and medium-sized innovative enterprises, with over 80% in electronics, biomedicine, and electrical equipment [2] - The STAR Composite Index covers all securities in the STAR Market, focusing on core frontier industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals, encompassing all 17 primary industries listed on the STAR Market [2] - The STAR Growth Index is composed of 50 stocks with high growth rates in revenue and net profit, with nearly 75% in the electronics and biomedicine sectors [2]

Market Performance - The Shanghai Composite Index rose by 0.07%, the Shenzhen Component Index increased by 0.56%, and the ChiNext Index gained 1.26% on August 28 [1] - The Sci-Tech Innovation 50 Index surged over 3% during the morning session [1] Sector Highlights - CPO and other computing hardware stocks showed strong performance, with companies like Tianfu Communication and Dekeli reaching new highs [1] - Semiconductor stocks experienced a rally, with SMIC rising over 10% and Cambrian increasing by over 5%, both hitting historical highs [1] - The satellite internet concept stocks were active, with companies such as Sanwei Communication and Xingwang Yuda hitting the daily limit [1] Declining Sectors - The innovative drug concept faced fluctuations, with Nanxin Pharmaceutical dropping over 10% [1]