Group 1 - The Hong Kong stock market experienced a significant pullback on May 30, yet the innovative drug sector saw gains, with notable increases in stocks such as CSPC Pharmaceutical rising over 8% and others like Fosun Pharma and Zai Lab increasing over 5% [1] - The Hong Kong innovative drug ETF (159567) attracted over 200 million yuan in net inflows over the past 20 trading days, indicating high market interest [1] - The development of innovative drugs in China is driven by the transformation of generic drug companies and the emergence of biotech firms, supported by unmet clinical needs and the urgency of multinational pharmaceutical companies to fill their pipelines as they approach patent cliffs [1] Group 2 - The innovative drug ETF (159567) tracks the National Index of Hong Kong Innovative Drugs, with 90% of its weight in innovative drug companies, positioning it to benefit from trends such as AI-enabled drug development and the international expansion of domestic innovative drugs [2] - The innovative drug ETF (159992) encompasses leading companies in the innovative drug industry chain, benefiting from both AI advancements and the introduction of new healthcare policies targeting high-priced innovative drugs [2] - The investment value of domestic innovative drug companies is increasingly highlighted in the current market environment, with recent sector pullbacks attributed more to external policy expectations rather than fundamental changes [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the Hong Kong Stock Connect Innovative Drug ETF, which has achieved a 68.7% increase over the past year, ranking first among similar indices [1][3] - The ETF has seen significant trading activity, with a recent trading volume of 572 million yuan and a turnover rate of 14.22%, indicating high liquidity [1] - The upcoming 2025 American Society of Clinical Oncology (ASCO) annual meeting is expected to showcase significant advancements in cancer treatment, with a focus on innovative therapies [1][2] Group 2 - Chinese innovative drug companies are gaining international recognition, with a record number of 71 original research results presented at the ASCO meeting, indicating a growing global presence [2] - The ASCO meeting is anticipated to further update clinical data and reports, potentially increasing interest in innovative drugs [2] - The positive cycle of innovation, commercialization, and reinvestment in research is being validated, with expectations that "License out + equity cooperation" will become mainstream for international expansion [2] Group 3 - The National Index for Hong Kong Stock Connect Innovative Drugs has a low price-to-earnings ratio of 27.25, indicating a favorable valuation position [3] - The index's constituent stocks are heavily concentrated in the biopharmaceutical and chemical drug sectors, which together account for 94.2% of the index [3] - The ETF has the lowest fee rate among similar products, which reduces holding costs and enhances liquidity through T+0 trading [3]

Core Viewpoint - The company plans to adjust certain sub-projects and funding amounts within its fundraising projects to enhance the efficiency of fund utilization while keeping the total investment amount unchanged for the "Innovative Drug R&D Project" [2][3][4]. Fundraising Basic Information - The company was approved to issue 70 million A-shares at a price of RMB 53.95 per share, raising a total of RMB 3,776.5 million. After deducting issuance costs of RMB 31.7 million, the net amount raised was RMB 3,744.8 million, with actual funds received amounting to RMB 3,759.4 million [4]. Fundraising Project Overview - As of December 31, 2024, the company has outlined the usage of funds raised from the 2022 A-share issuance, focusing on various clinical research projects [5]. Specific Changes and Adjustments - New sub-projects added include JS207, JS107, JS125, JT002, JS203, and JS015, with funding sourced from reductions in other sub-projects [6][8][9][10][11][12]. - The company plans to allocate RMB 76.67 million to JS207 for clinical trials in lung cancer, breast cancer, liver cancer, and colorectal cancer [7]. - JS107 will receive RMB 37.8 million for clinical trials targeting gastric and pancreatic cancers [9]. - JS125 will be allocated RMB 16 million for clinical trials in colorectal cancer [12]. - JT002 will receive RMB 15.95 million for clinical trials in allergic rhinitis [10]. - JS203 will be allocated RMB 11 million for clinical trials in lymphoma [11]. - JS015 will receive RMB 3 million for clinical trials in gastrointestinal tumors [12]. Reasons for Changes - The adjustments are based on the progress of ongoing research and market competition, aiming to optimize resource allocation and focus on projects with higher international potential and competitive advantages [5][6]. Company Capabilities - The company possesses strong drug discovery and development capabilities, with a comprehensive R&D system covering various therapeutic areas, including oncology and autoimmune diseases [28][29]. - The company has established a complete technical system for drug development, including multiple key technology platforms [29][30]. - The management team is experienced, with expertise across the entire drug development lifecycle [30][31]. Impact of Changes - The adjustments are expected to improve the efficiency of fund utilization and accelerate the progress of R&D projects, aligning with the company's long-term development strategy [33][37].

太平洋证券医药组研究观点分享 文章转自2025年5月17日太平洋医药团队报告 ，分析师： 谭紫媚/ 张懿 投资要点 以下文章来源于谭谈药市 ，作者谭紫媚 张懿 谭谈药市 . 恩必普和明复乐促进神经系统领域稳健增长 公司一方面通过医院渠道加大患者教育，另一方面在零售药店大力推广恩必普胶囊剂型，提升卒中患者出院后持续用药的可及性，促进恩必普继续保持稳健增 长。 2024年2月，明复乐获批第二项新适应症，用于急性缺血性卒中患者的溶栓治疗（发病<4.5h）。通过学术推广和医院开发，有望快速增长贡献增量。 在102例EGFR突变非鳞NSCLC患者中，ORR为39.2%，DCR达93.1%； 其中单纯EGFR-TKI耐药的EGFR敏感突变非鳞NSCLC（n=19）：ORR高达63.2%，DCR为 94.7% ；而EGFR-TKI和含铂化疗双耐药的EGFR敏感突变非鳞NSCLC（n=78）：ORR为33.3%，DCR为92.3%。SYS6010在EGFR-TKI耐药NSCLC患者中展现的高 缓解率，验证其有望克服TKI耐药问题。 2024年8月26日，公司启动了SYS6010联合奥希替尼一线治疗EGFR突变型局部晚期或转移 ...

5月29日，A股主要股指全线走高，深证成指、创业板指涨超1%；港股大幅拉升，恒生指数涨超1%，恒生科技指数涨超2%。 具体来看，A股市场三大股指盘中强势上扬，北证50指数大涨近3%。截至收盘，沪指涨0.7%报3363.45点，深证成指涨1.24%报10127.2点，创业板指涨1.37%报 2012.55点，北证50指数涨2.73%，沪深北三市合计成交12136亿元，较此前一日增加近1800亿元。 场内超4400股飘红，半导体板块拉升，概伦电子、广立微20%涨停；创新药概念活跃，睿智医药、益方生物、舒泰神20%涨停，常山药业涨超15%再创新高；数据 要素概念崛起，雄帝科技、万马科技、天阳科技、朗新集团等20%涨停；无人物流车、环卫车等无人驾驶概念延续强势，玉禾田连续两日涨停，云内动力、通达电 气斩获4连板。 值得一提的是，久盛电气、拉卡拉、贝斯美、国芳集团、融发核电、赢通通讯、王子新材、东风科技、信雅达等多股尾盘拉升涨停。此外，东星医疗、安正时尚、 博瑞传播等尾盘一度涨停，后又打开。 港股方面，截至发稿，石药集团涨超12%，药明生物涨约10%，药明康德、华虹半导体涨近7%；老铺黄金盘中一度涨超9%，突破900港 ...

消息面上，5月30日-6月3日，2025年美国临床肿瘤学会（ASCO）年会将在美国芝加哥举行。今年 ASCO年会上，中国研究者共计70余项原创研究入选口头报告。交银国际指出，2025ASCO摘要中，中 国创新药入选数量再创新高，印证中国创新药企研发竞争力实现跨越式突破，国际影响力日渐提高。 ASCO大会召开在即，LBA重磅数据即将揭晓，创新药板块有望迎来关注热潮、并有望在未来推动更多 出海交易达成，市场情绪与板块估值将进入正向修复通道。 此外，特朗普关税措施被"叫停"，带动市场情绪回暖。当地时间5月28日，美国联邦法院阻止了美国总 统特朗普在4月2日"解放日"宣布的关税政策生效，并裁定特朗普越权，对向美国出口多于进口的国家征 收全面关税。上述裁定暂停了特朗普绝大多数的关税举措——全球统一关税、对中国和其他国家加征的 关税，以及对中国、加拿大和墨西哥征收的芬太尼相关关税，均因该裁定而暂停。 智通财经APP获悉，医药股走势强劲，截至发稿，药明巨诺-B(02126)涨19.3%，报2.06港元；君实生物 (01877)涨13.59%，报20.65港元；昭衍新药(06127)涨13.38%，报12.54港元；加科思- ...

Core Insights - The Hong Kong stock market saw a significant surge in the innovative drug sector, with major stocks like WuXi AppTec and Junshi Biosciences experiencing gains of over 8% [1] - The total transaction amount for domestic innovative drugs reaching overseas has hit $45.5 billion this year, with an upfront payment of $2.2 billion, indicating a strong growth trajectory [1] - The price-to-earnings ratio of the Hong Kong innovative drug index has decreased from 64 times in February to 27 times, highlighting an attractive valuation for investors [1] Group 1: Market Performance - The Hong Kong innovative drug ETF (159567) rose over 2%, with real-time trading volume exceeding 500 million yuan, reflecting high market activity [1] - The average daily trading volume over the past five trading days for the innovative drug ETF was 699 million yuan, indicating strong investor interest [1] Group 2: Industry Trends - The innovative drug sector is benefiting from increased health awareness and an aging population, leading to a growing demand for pharmaceuticals [1] - The innovative drug ETF (159992) tracks a comprehensive index that includes both global CXO leaders and domestic generic drug companies, positioning it to benefit from various market trends [2] - The retail market for prescription drugs in China continues to grow steadily, with biological products and innovative drugs being the main drivers of this growth [2]

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown strong performance, with significant increases in constituent stocks, reflecting a robust trend in the healthcare sector in Hong Kong [3][5]. Group 1: Market Performance - As of May 29, 2025, the HSHCI rose by 1.59%, with notable gains from WuXi AppTec (7.47%), WuXi Biologics (6.84%), and WuXi PharmaTech (4.22%) [3]. - The Hang Seng Healthcare ETF (513060) increased by 1.40%, with a recent price of 0.51 yuan, and has accumulated a 5.25% rise over the past two weeks [3]. - The ETF's trading volume reached 276 million yuan, with a turnover rate of 3.13% [3]. Group 2: Clinical Research and Innovation - The 2025 American Society of Clinical Oncology (ASCO) annual meeting will take place from May 30 to June 3, 2025, in Chicago, showcasing over 70 research studies from Chinese scholars [3]. - The inclusion of multiple domestic innovative drug studies at the ASCO conference indicates a thriving domestic pharmaceutical research environment, particularly in oncology [3]. Group 3: ETF Performance Metrics - The Hang Seng Healthcare ETF has a total size of 8.78 billion yuan, ranking in the top third among comparable funds [5]. - The ETF has seen a net value increase of 38.61% over the past year, ranking 16 out of 118 QDII equity funds [5]. - The ETF's highest monthly return since inception was 28.34%, with an average monthly return of 6.79% [5]. Group 4: Risk and Return Analysis - The ETF's Sharpe ratio for the past year is 1.27, indicating the highest return for a given level of risk among comparable funds [5]. - The ETF has experienced a relative drawdown of only 0.45% this year, the smallest among comparable funds [5]. Group 5: Valuation and Tracking Accuracy - The HSHCI's latest price-to-earnings ratio (PE-TTM) is 24.44, indicating a valuation lower than 90.15% of the past year [6]. - The ETF's tracking error over the past month is 0.022%, the highest tracking precision among comparable funds [6]. Group 6: Top Holdings - The top ten weighted stocks in the HSHCI account for 57.06% of the index, including companies like Innovent Biologics (4.44%) and WuXi Biologics (0.43%) [6][8].

"2020年1月启动研发，2022年6月启动国内关键Ⅰ期临床研究，2023年1月向国家药品监督管理局递 交创新药上市申请，该药品历时5年终于上市。"山东盛迪医药制剂研究所负责人郭创龙介绍，瑞格列汀 是中国首个自主研发的二肽基肽酶-4抑制剂类药品，二甲双胍则是常见降糖药，两者作用方式不同，很 多患者需同时服用。"而瑞格列汀二甲双胍片是两种单药的复方制剂，患者以后只需要服用这一种药即 可，减轻了患者服药负担。"郭创龙介绍。 该药品的上市，标志着山东盛迪医药有限公司在创新药研发领域取得重要突破。 又一1类创新药获批上市 济南现代医药产业动能澎湃 5月22日，国家药品监督管理局（NMPA）官网显示，山东盛迪医药有限公司申报的1类创新药瑞格 列汀二甲双胍片（I）/（II）（瑞霖唐）获批上市。这是该公司获批的首个1类创新药，也是济南第4款 创新药，将造福糖尿病患者。 糖尿病已经成为继肿瘤、心脑血管病之后，第三位严重危害人类健康的慢性疾病。该药品正是用于 治疗成人2型糖尿病的。 创新药陆续上市的背后，是近年来济南市大力发展现代医药产业的结果。 现代医药是济南市13条标志性产业链之一。近年来，该市先后出台多个政策文件支撑产业 ...

星标 ★ IPO日报 精彩文章第一时间推送 近期，福建广生堂药业股份有限公司（300436.SZ，下称"广生堂"）发布定增预案，拟向不超过35名特定对象发行股票不超过4778.01万股，募集 资金总额不超过9.77亿元，扣除发行费用后全部用于创新药研发项目、中药传统名方产业化项目及补充流动资金。 目前，本次定增已获深交所受理。 AI制图 持续亏损 据悉，广生堂成立于2001年，2015年登陆创业板，是国内抗乙肝病毒药物领域的头部企业，核心产品包括恩替卡韦、拉米夫定等仿制药。 然而，受药品集采降价冲击，其仿制药业务收入持续下滑。 2021年至2024年，公司抗乙肝药物带来的营业收入分别为1.68亿元、1.55亿元、1.22亿元、1.06亿元， 毛利率从2021年的51.06%降至2023年 的42.29%。 另外，叠加创新药研发高投入等因素，公司经营业绩已经连续四年亏损。 2021年至2024年，公司归母净利润分别为-0.35亿元，-1.27亿元、-3.49亿元、-1.56亿元，累计亏损超6亿元。 制图：李昕 本次定增募资项目中，创新药研发项目总投资额为6.31亿元，用于创新药物临床研发，拟使用募集资金投资额为 ...