Group 1: Fund News - Minsheng Jianyin Fund announced the appointment of Zhu Yongming as the new deputy general manager on May 26, with Ding Hui taking over as the board secretary [1] - Over 80 funds have issued premium risk warnings since May, primarily affecting ETFs investing in markets such as the US, Saudi Arabia, and Germany [1][2] - Several fund companies have terminated cooperation with Minsheng Fund Sales (Shanghai) Co., Ltd., including Dongwu, Yin Hua, and Hua Tai Bai Rui [1] - Dongfanghong Asset Management plans to invest 10 million yuan in its core value mixed securities investment fund [1] Group 2: Notable Fund Manager Insights - Baoying Fund Manager Yao Yi expressed a long-term positive outlook on the growth potential of the innovative drug sector, suggesting investors adopt a longer-term perspective on investment value [2] - Yao Yi noted that while innovative drug stocks have rebounded significantly this year, a technical adjustment may occur after 3 to 4 months of accumulation, but the fundamental trends of the industry remain unchanged [2] Group 3: ETF Market Review - The market experienced fluctuations, with the Shanghai Composite Index down 0.18%, the Shenzhen Component down 0.61%, and the ChiNext Index down 0.68%, with total trading volume at 998.9 billion yuan, a decrease of 11 billion yuan from the previous trading day [3] - The Hong Kong Stock Connect innovative drug ETFs showed strong performance, with the highest increase of 3.88% [3][4] Group 4: Upcoming Fund Focus - The upcoming fund "Postal Savings Bank CSI Interbank Certificate of Deposit AAA Index 7-Day Holding" is an index-type fixed income fund managed by Wu Zhixiao, with a performance benchmark linked to the CSI Interbank Certificate of Deposit AAA Index [6]

Core Viewpoint - The innovative drug sector in China is experiencing significant growth, driven by favorable policies and market dynamics, with expectations for a long-term investment opportunity starting in 2025 [9][10][11]. Group 1: Factors Driving Growth - The innovative drug sector has seen a remarkable performance in 2023, with several thematic funds returning over 40%, and some exceeding 60% [9]. - The sector is expected to enter a revenue growth phase in 2025, with 80% of A-share and Hong Kong-listed innovative drug companies anticipated to see revenue increases following 2024's medical insurance negotiations [10]. - The transition from a reliance on basic medical insurance to a dual-driven model of commercial insurance and medical insurance is expected to enhance the valuation of innovative drug companies [10][11]. Group 2: Investment Opportunities - The current period is viewed as an optimal window for investing in innovative drugs, with a long investment cycle anticipated starting in 2025 [11]. - The innovative drug sector is expected to outperform other segments of the pharmaceutical industry, which are facing declines in performance and valuation [13]. - The Chinese innovative drug companies are now in the first tier globally, particularly in the competitive oncology field, with potential for leading advantages in the next few years [12]. Group 3: Investment Strategies - Investment strategies should focus on the product cycle, growth potential of the sector, and competitive landscape, prioritizing companies with high research barriers and leading global data [15]. - A "three-cycle resonance" strategy is recommended, analyzing industry trends, financial performance, and market cycles to identify companies with significant growth potential [16]. - The "bright line-dark line" framework can be utilized to capture structural opportunities, focusing on both common investment strategies and unique insights into market dynamics [17].

Group 1: Innovation Drugs and Gold ETFs Performance - Innovation drug-themed ETFs have shown significant growth, with the top two funds, WanKe ZhongZheng HongKong Innovation Drug ETF and JingShun ChangCheng HongKong Innovation Drug ETF, reporting net value increases of 9.02% and 9.01% respectively [2] - Other innovation drug ETFs also performed well, with several exceeding an 8% increase in net value [2] - The ASCO annual meeting, scheduled for May 30 to June 3, will showcase research results from companies like BeiGene and Kelun Biotech, which is expected to attract attention from the pharmaceutical industry and investors [2] - Gold-themed ETFs also performed strongly, with six funds reporting net value increases exceeding 6% [2] Group 2: Gold Price Trends - COMEX gold prices increased by 5.35%, while London gold saw a rise of 4.86%, and SHFE gold rose by over 4% [3] - Short-term adjustments in gold prices may occur, but long-term demand for inflation hedging and safe-haven assets is expected to support gold prices [3] Group 3: Fund Flows into Defense and Military ETFs - A total of 31 ETFs saw net inflows exceeding 100 million yuan, with significant inflows into military-themed ETFs such as Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF and Fuguo Zhongzheng Military Leader ETF, each exceeding 900 million yuan [4] - The military industry is anticipated to experience a turning point in orders, driven by new technologies and products aimed at enhancing equipment performance and reducing costs [4] Group 4: Support for Technology Enterprises - Recent policies from seven departments aim to enhance credit support for technology enterprises, with a focus on early-stage investments and long-term financing for hard technology [5] - The establishment of a bond market technology board is proposed to raise long-term, low-interest funds for technological innovation [5]

今年，创新药板块点起星星之火，在政策强力支持和创新双轮驱动下迎来历史性机遇，带动医药板块整 体回暖，医药主题基金净值纷纷触底反弹。 姚艺是近年来业绩表现突出的新生代医药基金经理之一。他医药科班出身，本科毕业于中南大学湘雅医 学院，后在南开大学商学院获得硕士学位。他机缘巧合进入金融行业，2011年开始从事医药行业的研究 工作。 姚艺扎根医药行业研究10余载后，自2021年3月开始管理医药基金。在他担纲基金经理不久的2022年， 就面临医药行业整体下行带来的严峻挑战，彼时整个医药行业甚至不存在景气领域，这给他带来考验的 同时，也为其搭建完善投资框架起到积极作用。 "不预判，重应对。"姚艺将投资观念浓缩成一句话，他认为投资就是做高概率的事情，通过积极进行组 合变化去应对不断变化的市场。在2022年，投资行业遭遇艰难时刻，他并未质疑自己的投资框架，仅将 其视为外部环境的短期影响，待政策放开后迅速布局。 他构建了围绕"景气度、兑现度、辨识度"的投资框架，注重公司基本面与长期价值。 具体来看，景气度方面，他聚焦产业景气周期，布局加速或持续向好的产业与公司，他认为估值稳定是 业绩增长的前提，会优先选择产业或公司处于景气周期 ...

Group 1 - The Hang Seng Biotechnology ETF (159615) opened high on May 23, 2025, with an intraday increase of over 2%, and a turnover of 14.35% amounting to 48.548 million yuan, indicating active market trading [1] - The Hang Seng Biotechnology Index, which the ETF tracks, rose by 1.79%, with constituent stocks such as Kangzheng Pharmaceutical up by 8.82%, Tigermed up by 8.35%, and Ascentage Pharma-B up by 8.10% [1] - As of May 22, 2025, the Hang Seng Biotechnology ETF had a cumulative increase of 7.43% over the past week, ranking first among comparable funds, and its scale grew by 16.4037 million yuan over the past two weeks [1] Group 2 - China’s pharmaceutical giant, Hengrui Medicine, officially listed on the Hong Kong Stock Exchange, opening at a 29.4% increase to 57 HKD, with a market capitalization of 376.4 billion HKD [1] - The 2025 American Society of Clinical Oncology (ASCO) annual meeting is set to take place from May 30 to June 3 in Chicago, which is expected to be a significant catalyst for the innovative drug industry as multiple companies will disclose important clinical and R&D data [1] Group 3 - According to AVIC Securities, the innovative drug industry is expected to become a key investment theme for the year due to multiple factors, including supportive policies and improved payment conditions [2] - The Hang Seng Biotechnology Index reflects the performance of the largest 50 biotechnology companies listed in Hong Kong, with top-weighted stocks including Innovent Biologics, WuXi Biologics, and BeiGene [2] - The report suggests continued investment in innovative drugs, high-end medical devices, and medical consumption sectors, while also identifying relatively undervalued second-tier blue-chip companies [2]

Group 1 - The Hong Kong Innovation Drug Index (987018) has seen a strong increase of 2.33% as of May 21, 2025, with notable gains in constituent stocks such as CanSino Biologics (06185) up 8.87%, Junshi Biosciences (01877) up 8.16%, and Kelun Pharmaceutical (06821) up 7.02% [1] - The Hong Kong Innovation Drug ETF (159567) has risen by 1.56%, marking its fourth consecutive increase, with the latest price reported at 1.3 HKD. Over the past week, the ETF has accumulated an increase of 8.63% [1] - The trading activity for the Hong Kong Innovation Drug ETF has been robust, with an intraday turnover of 10.03% and a transaction volume of 171 million HKD, indicating active market participation. The average daily trading volume over the past month reached 736 million HKD, with the ETF's latest scale reaching 1.667 billion HKD, a new high in nearly a year [1] Group 2 - The CDMO sector is expected to see rapid growth driven by the increasing demand for chemical macromolecules and XDC CDMO production, particularly in polypeptides and oligonucleotides, presenting investment opportunities in the related industry chain [1] - The CRO sector is anticipated to benefit from improving overseas financing conditions and a gradual shift towards a rate-cutting environment, with expectations of revenue recovery for integrated CRO/CDMO and domestic preclinical CROs, suggesting potential valuation recovery opportunities [2] - The CRO sector has been significantly impacted by domestic and international financing challenges, but with supportive domestic policies, there is an expectation for gradual recovery, highlighting investment opportunities in clinical CROs [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the Hang Seng Biotechnology ETF (159615), which surged over 4% and is experiencing active trading, with a turnover of 48.91 million yuan and a turnover rate of 14.78% [1] - The Hang Seng Biotechnology Index increased by 3.14%, with significant gains in constituent stocks such as 3SBio, which rose by 29.93%, and other companies like Rongchang Bio and Innovent Biologics also showing positive movements [1] - 3SBio announced a licensing agreement with Pfizer for the PD-1/VEGF bispecific antibody SSGJ-707, which includes an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion, along with a double-digit percentage royalty on net sales in licensed regions [1] Group 2 - Guojin Securities emphasizes that the innovative drug sector within the pharmaceutical industry is the most noteworthy area for investment, with a focus on capturing opportunities throughout 2025 [2] - The report indicates that leading innovative drug companies are expected to see continued commercial sales and business development performance, particularly in oncology, autoimmune diseases, and chronic conditions, which will support growth and valuation recovery for leading companies in these segments [2] - The news mentions related investment products, including the Hang Seng Biotechnology ETF (159615) and other ETFs, which aim to help investors seize opportunities in the Hong Kong stock market [2]

国元证券指出，5月份开始，将进入业绩真空期，市场关注点由业绩转变为行业和公司基本面变化，我 们继续看好创新药、出海以及集采出清板块。目前我国创新药进入成果兑现阶段，研发进展催化较多， 有望持续作为2025年医药板块投资主线。此外，我国医药市场正处于集中度提升的加速期，并购重组有 望加速，建议重点关注。 5月20日，港股开盘，恒生指数涨0.28%，恒生科技指数涨0.22%，医药股多数上涨。 相关ETF方面，港股创新药ETF（159567）高开2.44%，截至发稿，该ETF涨超3.6%，成交额超1.1亿 元，换手率超7%。成分股中，三生制药涨超30%，信达生物、石药集团、再鼎医药、百济神州等个股 跟涨。 港股创新药ETF（159567）紧密跟踪港股通创新药指数（987018），该指数反映港股通生物科技产业上 市公司的运行特征。 消息面上，据智通财经，跨国药企出手，国产双抗再迎来"天价"交易。三生制药5月20日公告称，公司 与辉瑞就PD-1/VEGF双特异性抗体SSGJ-707订立许可协议，辉瑞将获得该产品在全球（不包括中国内 地）的独家开发及商业化权利。公司将获得1250百万美元首付款及最多4800百万美元的潜在 ...

[Table_subIndustry] 细分行业评级 医药制造业 增持 医药服务业 增持 本报告导读： 持续推荐创新药等投资主线 [Table_Industry] 医药 ——国泰海通医药 2025 年 5 月第一周周报 [Table_Invest] 评级： 增持 制药龙头恒瑞医药港股发行已通过港交所聆讯，有望持续催化创新药行情，持续推 进创新药等投资主线。 投资要点： 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 股票研究 /Table_Date] 2025.05.11 请务必阅读正文之后的免责条款部分 2 of 8 [table_Authors] 余文心分析师 郑琴分析师 谈嘉程分析师 02138676666 02138676666 02138676666 登记编号 S0880525040111 S0880525040108 S0880523070004 2025-05-12 [Table_Summary] 持续推荐创新药等投资主线。持续推荐景气度向上的创新药，维持 恒瑞医药、华东医药、翰森制药、贝达药业、信立泰、科伦药业、 百利天恒、荣昌生物、科伦博泰生 ...

Core Insights - The Chinese innovative drug sector is expected to experience significant growth, with 2025 marking a pivotal year for revenue, profitability, and valuation improvements [11] - The investment philosophy emphasizes a dual focus on commercial value and social impact, aiming to create returns for investors while supporting drug development [1][4] Industry Development - The rapid development of Chinese innovative drug companies is attributed to a decade of efforts, particularly following the drug review and approval reforms initiated in 2015 [3] - The industry has evolved through three stages: from rule followers to challengers, and now to rule makers, demonstrating the capability of Chinese companies to lead in global drug development [3][4] Investment Strategy - The investment approach involves identifying high-growth pharmaceutical sub-sectors and focusing on companies with strong clinical data and product cycles [7][9] - A concentrated investment strategy is employed, typically holding 15 or fewer stocks, with a focus on long-term positions to maximize growth potential [8][10] Market Outlook - 2025 is anticipated to be a year of significant revenue growth for innovative drug companies, with expectations of collective improvements starting from mid-2023 [11] - The shift in the payment system from reliance on insurance to a dual system of commercial insurance and public insurance is expected to enhance the valuation of innovative drugs [11] Global Expansion - The potential for Chinese innovative drugs to enter international markets remains strong, driven by high profit margins and the ability to create local employment opportunities abroad [12] - The concept of "AI+" in pharmaceuticals is viewed with caution, emphasizing that while AI can assist in drug development, traditional methods and clinical expertise remain irreplaceable [13]