Group 1 - The pharmaceutical and biotechnology sector has seen significant growth recently, driven by continuous policy support and the ongoing performance of innovative drugs and CXO companies [1] - The introduction of measures to support the high-quality development of innovative drugs and the 11th batch of centralized procurement notifications are crucial for the pharmaceutical and medical device sectors [1] - WuXi AppTec's net profit attributable to the parent company increased by 101.92% year-on-year, indicating a potential turning point for the sector's performance [1] Group 2 - The medical device sector benefited from optimized centralized procurement rules, with exports of medical instruments and devices increasing by 5.2% year-on-year in June, while imports rose by 9.1% [1] - Policies supporting innovative drugs span the entire chain from research and development to market access and payment, with ongoing progress in the commercial insurance innovative drug catalog [1] - The Guotai ChiNext Medical ETF (159377) tracks the ChiNext Medical Index (399275), which can experience daily fluctuations of up to 20%, reflecting the overall performance of listed companies in the biopharmaceutical, medical device, and healthcare service sectors [1]

Group 1 - The innovative drug concept is experiencing a rebound, with companies like Haikang Science nearing a trading limit and reaching historical highs in stock prices [1] - Several companies, including Shouyao Holdings, Zhaoyan New Drug, Medisi, Changshan Pharmaceutical, Kailaiying, and Dizhe Pharmaceutical, have seen stock price increases of over 5% [1] - On August 12, the National Healthcare Security Administration announced the preliminary review results for the 2025 medical insurance catalog and commercial insurance innovative drug catalog, with 534 drugs passing the basic medical insurance catalog review and 121 drug generic names passing the commercial insurance innovative drug catalog review [1] Group 2 - High-priced innovative drugs, including the CAR-T cancer treatment priced in the millions, are pushing for inclusion in the commercial insurance innovative drug catalog, seeking new payment avenues for innovative drugs [1]

Group 1 - The Hong Kong stock market for innovative drugs is experiencing a rebound, with stocks like Innovent Biologics, Kintor Pharmaceutical, and BeiGene showing strength, as the Hang Seng Innovative Drug Index rose by 1.1% as of 9:40 AM [1] - The Hang Seng Innovative Drug ETF (159316) saw a trading volume exceeding 50 million yuan, marking its highest scale at 1.16 billion yuan since inception, following four consecutive trading days of capital inflow [1] - The National Healthcare Security Administration announced the preliminary review of 121 drug generic names for the commercial insurance innovative drug directory, with monoclonal antibody injections being the main focus, particularly PD-(L)1 monoclonal antibodies, involving companies like Lepu Biopharma, Hengrui Medicine, and others [1] Group 2 - CITIC Securities expressed a long-term positive outlook on the innovative drug sector, emphasizing the importance of innovation-driven strategies, internationalization, and reforms in outpatient marketing models [1] - The new compilation scheme for the Hang Seng Innovative Drug Index has officially taken effect, excluding CXO companies and focusing solely on innovative drug firms, achieving a "purity" of 100% [1] - Backtesting indicates that the adjusted index has higher annualized returns and Sharpe ratios since its release on July 10, 2023, with the Hang Seng Innovative Drug ETF (159316) being the only product tracking this index, aiding investors in accurately grasping industry trends [1]

Core Viewpoint - The A-share market is experiencing a strong upward trend, with major indices reaching new highs, driven by increased liquidity and positive investor sentiment [2][3][4]. Market Performance - The Shanghai Composite Index surpassed 3674.4 points, marking a new high since December 17, 2021, with a peak of 3677 points around 10:00 AM [3]. - The trading volume in the Shanghai and Shenzhen markets exceeded 610 billion yuan within the first half hour, indicating a significant increase of over 30 billion yuan compared to the previous day [3]. - More than 1800 stocks in the market saw gains, with notable activity in military and computing hardware sectors [3]. Sector Analysis - Military stocks are showing strong performance, with several companies, including Changcheng Military Industry and Zhongbing Hongjian, rising over 5% [3]. - Computing hardware stocks are also active, with companies like New Yisheng and Industrial Fulian reaching historical highs, and Guangku Technology hitting a 20% limit up [3]. - Analysts suggest focusing on sectors with high growth potential, such as AI, computing power, and innovative pharmaceuticals, which are expected to benefit from the influx of retail and foreign capital [8]. Investment Strategy - The investment logic in A-shares is shifting towards individual stock selection (alpha logic) rather than sector performance (beta logic) [6][7]. - Analysts recommend a "barbell strategy" that balances investments between technology growth and high-dividend stocks, while closely monitoring policy signals and foreign capital movements [9]. - Long-term market performance will depend more on corporate earnings and industry transformation rather than mere leverage expansion [9].

Core Viewpoint - The A-share market is experiencing a significant upward trend, with major indices reaching new highs, driven by liquidity and positive investor sentiment [2][4][5]. Market Performance - The A-share market opened strongly, with the Shanghai Composite Index surpassing 3674.4 points, marking a new high since December 17, 2021 [2]. - The trading volume in the Shanghai and Shenzhen markets exceeded 610 billion, indicating increased market activity compared to the previous day [4]. Sector Highlights - The military industry stocks are notably active, with several stocks, including Changcheng Military Industry and Zhongbing Hongjian, rising over 5% [4]. - Computing hardware stocks continue to perform well, with companies like New Yisheng and Industrial Fulian reaching historical highs [5]. Investment Trends - Analysts suggest a shift in A-share investment logic, emphasizing the importance of individual stock performance (α logic) over broader industry trends (β logic) [6][7]. - There is a growing focus on sectors with high growth potential, such as AI, computing power, and innovative pharmaceuticals, as well as stable dividend-paying sectors like brokerage and insurance [7][8]. Risk and Strategy - The high margin financing balance indicates a recovery in risk appetite, but caution is advised regarding the cyclical amplification effects of leveraged funds [8]. - A "barbell strategy" is recommended, balancing investments between technology growth and high-dividend stocks while monitoring policy signals and foreign capital movements [8].

Group 1 - The core viewpoint of the article highlights the significant rise in the pharmaceutical and biotechnology sector, driven by both policy support and strong performance from leading CXO companies [1] - Recent policies, including measures to support the high-quality development of innovative drugs and notifications regarding centralized procurement of drugs, are expected to have a substantial impact on the pharmaceutical and medical device sectors [1] - The CXO sector has shown a recovery trend, with major companies reporting good performance, indicating a potential turning point for the sector's earnings [1] Group 2 - The Guotai Innovative Drug ETF (517110) has seen an increase of over 1.77%, reflecting market attention on the dual drivers of policy and performance [1] - The SHS Innovative Drug Index (931409), which the Guotai ETF tracks, selects listed companies involved in innovative drug research and related businesses, focusing on R&D investment and innovation capabilities [1] - Investors without stock accounts can consider the Guotai CSI Hong Kong-Shenzhen Innovative Drug Industry ETFs (014118 and 014117) as alternative investment options [2]

Core Insights - The pharmaceutical and biotechnology sector has seen significant growth recently, driven by ongoing trends in innovative drugs and CXO markets [1] - Recent policies, including measures to support high-quality development of innovative drugs and notifications regarding the 11th batch of national drug centralized procurement, are crucial for the pharmaceutical and medical device sectors [1] - CXO leading companies that have disclosed their performance show a positive recovery trend, indicating a potential turning point for the sector's performance [1] Policy Developments - The introduction of the "Several Measures to Support the High-Quality Development of Innovative Drugs" and the notification on the 11th batch of centralized procurement are significant for the pharmaceutical and medical device sectors [1] - The ongoing centralized procurement process is expected to benefit pharmaceutical and medical device companies that adapt to the optimized procurement rules [1] Market Performance - The CXO sector has experienced substantial growth this month, attributed to improved overseas demand and a gradual recovery in orders [1] - The innovative drug policy support window is seen as an opportunity for investors, with a focus on the progress of commercial insurance innovative drug catalog and companies with better-than-expected semi-annual report performances [1] Investment Opportunities - The Guotai Innovation Drug ETF (589720) tracks the Innovation Drug Index (950161), which can fluctuate by up to 20% in a single day [1] - The index focuses on representative new drug research and development companies in the technology innovation field, emphasizing high R&D investment and innovation capabilities [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 交易简要内容：华润双鹤药业股份有限公司(以下简称"华润双鹤"或"公司")拟投资设立华润双鹤生物 医药产业基金(呼和浩特)投资合伙企业(有限合伙)(暂定名，以工商核准名为准，以下简称"华润双鹤产 业基金"或"该基金")，基金目标募集规模为5亿元人民币，公司及全资子公司双鹤(北京)生物技术有限公 司(以下简称"双鹤生物")拟以自有资金出资不超过8,700万元人民币，占基金总出资额的比例不超过 17.40%。 ● 本次交易构成关联交易，不构成重大资产重组。 ● 本次交易金额超过3,000万元，未超过公司2024年度经审计净资产的5%，已经董事会审议批准，无需 提交股东会审议。 ● 过去12个月内，除日常关联交易及本次交易外，公司拟以自有资金4,000万元人民币与华润医药投资 有限公司等11家合伙人共同投资设立华润医药(成都)创新投资基金合伙企业(有限合伙)(以下简称"华润 医药产业投资基金二期")，基金目标募集规模为10亿元人民币，公司出资比例为4.00%。除前述交 ...

Group 1 - The Hong Kong stock market has been active since early 2025, even leading global markets at one point, with an average daily trading volume increasing by approximately 80% compared to the same period last year [1] - Despite a weakening overall Chinese economic backdrop and ongoing external disturbances, a structural market trend has emerged, with sectors experiencing rotation and outperforming most broad-based indices in the A-share market [1] - Key sectors such as AI, new consumption, and innovative pharmaceuticals have significantly outperformed the majority of A-share indices since the beginning of the year [1] Group 2 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which is compiled by China Securities Index Company and selects up to 50 quality companies from the technology sector listed within the Stock Connect range [1] - This index aims to comprehensively reflect the overall performance of securities from technology companies that can be invested in through the Stock Connect channel, featuring stocks with significant growth potential and market volatility characteristics [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 此為本公司刊發的自願公告。不能保證本集團最終能夠成功開發並推廣其四價流 感病毒亞單位疫苗至所有預期適用年齡群體。本公司股東及潛在投資者於買賣本 公司證券時務請審慎行事。 承董事會命 江蘇中慧元通生物科技股份有限公司 執行董事、董事長兼總經理 安有才先生 Ab&B Bio-Tech CO., LTD. JS 江蘇中慧元通生物科技股份有限公司 香港，2025年8月13日 （於中華人民共和國成立的股份有限公司） 於本公告日期，董事會成員包括：(i)執行董事安有才先生、李潤香女士及何一鳴 先生；(ii)非執行董事程千文先生、于建林先生及杜沐先生；及(iii)獨立非執行董 事李向明先生、李曉青女士及陳乘貝先生。 （股份代號：2627) 自願性公告 本公告乃由江蘇中慧元通生物科技股份有限公司（「本公司」，連同其附屬公司「本 集團」）自願刊發，旨在向本公司股東（「股東」）及潛在投資者提供有關本公司最新 發展之資料。 ...