Group 1 - A-shares indices collectively rose in the afternoon of August 21, with significant movements in sectors such as liquid cooling servers, copper-clad laminates, circuit boards, and optical communications [1] - The recent surge in trading volume, exceeding 2.8 trillion yuan on August 18, indicates potential short-term volatility, although the overall valuation remains reasonable [1] - The China International Capital Corporation (CICC) highlighted that the current market performance is driven by capital inflow, earnings support, and a decrease in external risks, suggesting a favorable environment for small-cap and growth styles [2] Group 2 - The CICC recommends focusing on sectors with strong performance since June, particularly in AI/computing, innovative pharmaceuticals, and non-ferrous metals, which are expected to benefit from industry upgrades [2] - The brokerage and insurance sectors are anticipated to show high earnings elasticity due to increased retail investor participation [2] - The "dual innovation" potential market is represented by the Science and Innovation 50 ETF (159783), which tracks the top 50 companies in the Science and Innovation Board and the Growth Enterprise Market, providing a way for investors to access core assets in these sectors [2]

Investment Rating - The report maintains a "Buy" rating for Hansoh Pharmaceutical [2][9][16] Core Views - Hansoh Pharmaceutical's 1H25 revenue increased by 14.3% year-on-year to Rmb7.43 billion, with net profit rising by 15.0% to Rmb3.14 billion, exceeding expectations due to strong sales of innovative drugs and BD collaboration revenue [5][12][16] - The company's gross margin remained stable at 91.1%, while the selling expense ratio decreased by 2.0 percentage points to 24.5% [5][12] - R&D expenses grew by 20.4% to Rmb1.44 billion, with the R&D expense ratio increasing to 19.4% from 18.4% in 1H24 [5][12] Revenue and Profitability - Innovative drugs and collaborative products contributed Rmb6.15 billion in revenue, a 22.1% increase year-on-year, accounting for 82.7% of total revenue [6][13] - Oncology product sales reached Rmb4.53 billion, representing 61% of total revenue, driven by the sales ramp-up of Ameile and Hansoh Xinfu [6][13] - The CNS and anti-infective sectors generated Rmb768 million and Rmb735 million in sales, respectively, together accounting for 20% of total revenue [6][13] Future Growth Drivers - The company has over 40 innovative drugs in development and more than 70 ongoing clinical trials across oncology and non-oncology fields [7][14] - Eight innovative drugs entered clinical stages for the first time in 1H25, with three new phase III pivotal registration trials initiated [7][14] - Successful licensing of HS-20094 (GLP-1/GIP) to Regeneron, with significant upfront and milestone payments, indicates strong collaboration potential [8][15] Financial Forecasts - EPS forecasts for 2025, 2026, and 2027 have been raised to Rmb0.88, Rmb0.95, and Rmb1.06, respectively [9][16] - The target price has been adjusted from HK$25.1 to HK$43.8, indicating a 22% upside potential [9][16] - Projected revenue and net profit growth rates for the coming years are 15.13% and 20.13% for 2025, respectively [10][19]

Investment Rating - The investment rating for the company is "Buy" [4][9]. Core Insights - The company achieved a revenue of HKD 6.107 billion in the first half of 2025, representing a year-on-year growth of approximately 1.0%, with a 2.0% increase in RMB terms. Excluding the impact of the tenth batch of centralized procurement price reductions, the revenue in RMB terms increased by about 13.0% [1][4]. - The nuclear medicine oncology segment recorded revenue of approximately HKD 421.78 million, a significant increase of about 105.5% compared to the same period in 2024 [1][2]. - The company's net profit attributable to shareholders was HKD 1.169 billion, with a slight decline of about 5.9% after excluding the impact of Telix investments [1][3]. - The company continues to invest in research and development, with total R&D expenditures amounting to approximately HKD 1.022 billion [1]. Summary by Sections Performance Overview - In the first half of 2025, the company reported a revenue of HKD 6.107 billion, a year-on-year increase of approximately 1.0%. In RMB terms, the revenue grew by about 2.0%, and excluding the impact of price reductions from centralized procurement, the growth was around 13.0% [1][4]. - The nuclear medicine oncology segment saw revenue of approximately HKD 421.78 million, up about 105.5% from approximately HKD 207.24 million in the same period of 2024 [1][2]. Product Development and Pipeline - The company is focusing on innovation-driven product structure optimization, with revenue from innovative and barrier products accounting for 51.0%, an increase of 14.9 percentage points year-on-year [2]. - The company has successfully advanced its nuclear medicine innovation products globally, with over 900 employees in the nuclear medicine oncology sector [2]. Financial Forecast - Revenue projections for 2025-2027 are estimated at HKD 12.254 billion, HKD 13.376 billion, and HKD 14.779 billion, representing year-on-year growth rates of 5.2%, 9.2%, and 10.5% respectively [3]. - The net profit attributable to shareholders is projected to be HKD 2.185 billion, HKD 2.462 billion, and HKD 2.706 billion for the same period, with growth rates of -11.5%, 12.7%, and 9.9% respectively [3].

Core Viewpoint - The innovative drug sector is experiencing a rebound, with the Hong Kong Stock Connect Innovative Drug ETF (520880) showing a price increase of 1.36% on August 21, following two days of decline, indicating a positive market sentiment towards innovative pharmaceuticals [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) recorded a trading volume of 2.78 billion yuan, reflecting strong investor interest [1]. - Key stocks in the innovative drug sector, such as King’s Ray Biotechnology and Lepu Biopharma, saw price increases of over 6%, while others like Livzon Pharmaceutical and Crystal Technology rose by more than 5% [1][2]. Group 2: Company Performance - Livzon Pharmaceutical reported a revenue of approximately 6.272 billion yuan for the first half of the year, a slight decrease of 0.17% year-on-year, but net profit increased by 9.4% to about 1.281 billion yuan [2]. - The company has 39 products in the research pipeline, with 13 in the registration phase and 4 in Phase III clinical trials, indicating a robust development strategy [2]. Group 3: Policy and Industry Outlook - Recent government initiatives emphasize enhancing high-quality technological supply and policy support for the biopharmaceutical industry, aiming to boost innovation and production of effective new drugs [3]. - China International Capital Corporation (CICC) expresses optimism about the long-term development of the innovative drug industry, highlighting the advantages of domestic engineering talent, rich clinical resources, and supportive policies [3]. - The innovative drug sector is transitioning into a 2.0 era, with expectations for significant participation in the global market over the next decade, supported by improved cash flow and R&D cycles [3]. Group 4: Index Performance - The Hang Seng Stock Connect Innovative Drug Select Index has seen a cumulative increase of 101.58% year-to-date as of July 31, significantly outperforming other indices [6]. - The index has shown exceptional performance compared to the Hang Seng Index and the Hang Seng Technology Index, exceeding their returns by 78.08 and 79.53 percentage points, respectively [6].

Group 1 - The A-share market is experiencing a "slow bull" new cycle driven by institutional reforms, optimized capital structure, and economic momentum transformation [1] - The recent performance of the ChiNext index shows a decline, particularly in AI hardware sectors such as liquid-cooled servers and PCB [1] - The Huaxi Securities report emphasizes that the improvement in investor return mechanisms is a fundamental basis for sustaining the "slow bull" market [1] Group 2 - The Science and Technology Innovation Board (STAR Market) indices, represented by the Sci-Tech 100 and Sci-Tech 200, have shown significant gains since June [2] - Nearly half of the companies on the STAR Market are signaling a reversal, indicating a bottoming out of profits since the second half of 2024 [2] - The Sci-Tech Innovation 50 ETF (159783) tracks the top 50 companies with the largest market capitalization and pure technology attributes from both the ChiNext and STAR Market [2]

从业绩表现来看，"924行情"以来，科创新药指数跑赢主要港股创新药指数！2024年9月24日至2025 年6月30日市场反弹期间，科创新药/港股创新药/恒生港股通创新药指数涨幅分别为75%/70%/70%，科 创新药指数或有助于在市场风险偏好回升时更好地分享科创板的弹性。 注：数据来源：Wind，如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现 仅供分析参考，不预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中 提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产 品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 科创创新药ETF国泰（589720）聚焦科创板创新药企业，跟踪汇聚30家代表性优质公司的上证科创 板创新药指数，以高成长biotech为主，产品20%涨跌幅限制使其更贴合板块波动。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱 ...

Group 1 - The core viewpoint of the articles highlights the significant growth in global pharmaceutical transactions, with a projected 32% increase in the number of deals and a 58% increase in total transaction value, reaching $130.4 billion in the first half of 2025 [1] - Chinese companies contributed nearly 50% of the transaction value and over 30% of the transaction volume, indicating the global recognition of the value of Chinese innovative drugs [1] - The GLP-1 market is expanding, with Novo Nordisk and Eli Lilly's related products achieving sales exceeding $33.6 billion in the first half of the year, and expected to surpass $60 billion for the entire year [1] Group 2 - In the CAR-T field, Chinese companies are performing exceptionally well, with Legend Biotech and Johnson & Johnson's BCMA CAR-T generating sales of $808 million in the first half of the year, and domestic firms leading in the development of new targets like CD7 CAR-T [1] - The CXO industry is gradually recovering after supply-side adjustments, with 72 license-out transactions in the first half of 2025, and upfront payments exceeding the total financing in the primary market for the first time [1] - The Guotai Innovation Drug ETF (589720) tracks the Innovation Drug Index (950161), which selects listed companies focused on innovative drug development from the Sci-Tech Innovation Board, covering sectors like biopharmaceuticals and chemical pharmaceuticals [1]

申联生物(688098)21日盘中股价大幅波动，截至发稿，该股跌约12%，成交近5亿元。此前的4个交易 日，该股已斩获3个涨停板。 公司日前在公告中指出，经自查，公司目前日常经营情况正常，未发生重大变化。市场环境或行业政策 未发生重大调整，产品研发、生产和销售等情况未出现大幅波动，内部生产经营秩序正常。 公司关注到近期市场对创新药业务关注度较高。公司于2025年2月6日披露《关于全资子公司对外投资暨 关联交易的公告》，公司通过全资子公司上海本天成生物医药有限公司向世之源增资6000万元并取得世 之源20.48%的股份，公司开始布局人用创新药领域。世之源拥有艾滋病治疗单克隆抗体药物(UB-421)、 抗过敏Anti-IgE单克隆抗体药物(UB-221)以及抗单纯疱疹病毒单克隆抗体药物(UB-621)等管线在中国内 地的临床及商业化权利。公司于2025年8月11日披露《申联生物医药(上海)股份有限公司投资者关系活 动记录表》，公司发布信息后，部分媒体也发布了相关报道。 截至公告披露日，世之源三个创新药管线尚处于不同的研发阶段。其中，UB-221已由世之源在中国内 地全面开启临床II期试验；UB-421与UB-62 ...

Core Viewpoint - The Hong Kong stock market shows mixed performance, with the Hong Kong Stock Connect Innovative Drug ETF (159570) rebounding after two days of decline, indicating strong investor interest and significant capital inflow [1][8]. Group 1: ETF Performance - The Hong Kong Stock Connect Innovative Drug ETF (159570) experienced a nearly 1% increase, with trading volume surpassing 1.1 billion HKD, and a net inflow of 32 million HKD on the day, marking 23 consecutive days of net inflow, totaling over 1 billion HKD in the last 20 days [1]. - As of August 19, the latest scale of the Hong Kong Stock Connect Innovative Drug ETF (159570) exceeded 16.5 billion HKD, leading in both scale and liquidity [1]. Group 2: Stock Performance - Most constituent stocks of the Hong Kong Stock Connect Innovative Drug ETF (159570) showed positive performance, with notable increases including Rongchang Bio up over 4%, and several others like Yuanda Pharmaceutical and King’s Ray BioTech up over 3% [3]. - A detailed performance table shows various stocks with their respective changes, highlighting the mixed performance across the sector [4]. Group 3: Company Financials - H Company reported a significant increase in its financial performance for the first half of 2025, achieving a revenue of 15.76 billion CNY, a year-on-year growth of 15.88%, and a net profit of 4.45 billion CNY, up 29.67% [4][6]. - The company’s operating cash flow reached 4.3 billion CNY, reflecting a 41.80% increase, with R&D investment totaling 3.87 billion CNY, of which 3.23 billion CNY was capitalized [6][7]. Group 4: Market Outlook - The outlook for the Hong Kong stock market remains optimistic, with improving profitability in the innovative drug sector and a high earnings forecast rate, suggesting a potential lead over A-shares in the upcoming market cycle [8]. - The introduction of a new initial review directory for innovative drugs by the National Healthcare Security Administration is expected to provide additional growth opportunities, with 121 out of 141 drug names passing the initial review [9]. Group 5: Upcoming Events - The 2025 World Lung Cancer Conference (WCLC) is scheduled for September 6-9 in Barcelona, which will showcase significant research outcomes from domestic innovative drugs [5][9].

Group 1 - Recent industry capital buybacks demonstrate confidence in industry development, with Heng Rui announcing a plan to repurchase A-shares worth 1 to 2 billion yuan for employee stock ownership plans [1] - The performance assessment indicators for the company include innovative drug sales revenue, the number of new molecular entity IND approvals, and the number of innovative drug NDA applications accepted, with unlocking ratios set at 100%, 90%, and 0% [1] - The Vice President of China Biopharmaceutical repurchased 1 million shares, reflecting confidence in the company's development [1] Group 2 - Continuous policy support for the healthy development of the industry is highlighted, with a key leader emphasizing the need for high-quality technological supply and policy support to enhance the biopharmaceutical industry's quality and innovation [1] - On August 11, the Hang Seng Hong Kong Stock Connect Innovative Drug Index was officially adjusted to exclude CXO, becoming a "pure" innovative drug index, which more accurately reflects the overall performance of China's innovative pharmaceutical companies [1] - Historical performance of the index is expected to improve significantly after the exclusion of CXO, with the Hang Seng Innovative Drug ETF (159316) being the only ETF product tracking this index [1]