这只基金为全世界规模排名靠前的主动管理新兴市场基金。截至5月底，基金的前五大重仓股 为台积电、腾讯控股、华住集团、Kotak Mahindra Bank Ltd、美团等。5月，该基金减持了 腾讯控股和美团，减持幅度分别为5.31%和24.77%。在此期间，该基金还增持宁德时代 22.16%，增持阿里巴巴14.79%。前25大重仓股中，基金对恒瑞医药增持幅度最大。 该基金的时任基金经理Justin Leverenz 曾经撰文表示看好中国医药行业。 6月，Justin Leverenz撰文表示，过去五年，中国已从跟随者变成药物研发的先锋。中国跨 越传统化学药物和生物制药的研发阶段，直接跃入新型复杂治疗模式的前沿。 同一篇文章表示，目前，中国生物技术创新领域的领军企业包括传统生物技术或制药公司， 以及CRDMO（合同研发制造组织）公司。CRDMO企业与生物技术、生物制药公司在药物研 发和商业化的各个环节开展合作。中国企业在血液肿瘤治疗领域确立了全球临床和商业领先 地位。中国已成为全球制药和生物技术巨头寻求临床管线的重要市场。在向制药公司进行生 物技术对外授权的交易中，中国占比从2019—2020年的4%增至2023 ...

大金融早间再度全线走强，券商股领涨。医药股继续保持强势，出现涨停潮，其中，联环药业（600513）五日四涨停。 今日早盘，A股继续强势上攻，上证指数再创9个月来新高，上证50、沪深300均创年内新高，深证成指、创业板指等亦纷纷创出阶段性新高。不过下跌个 股略多于上涨个股，成交呈放大趋势。 | 名称 | 序 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 上证指数 | 15 | 3546.50 | 36.82 | 1.05% | | 深证成指 | 2 | 10731.19 | 100.06 | 0.94% | | 北证50 | 3 | 1419.97 | 11.80 | 0.84% | | 万得全A | 4 | 5448.22 | 49.28 | 0.91% | | 科创50 | 5 | 993.56 | 13.57 | 1.39% | | 创业板指 | 6 | 2215.53 | 25.95 | 1.19% | | 沪深300 | 7 | 4054.44 | 44.42 | 1.11% | | 中证500 | 8 | 6045.06 | 62.01 | ...

Group 1 - The CRO (Contract Research Organization) sector is experiencing a surge in stock prices, with notable increases in companies such as Boteng Co., Ltd. (20% increase), Kailaiying (10% increase), and WuXi AppTec (9.99% increase) [1][2][3] - The Hong Kong CXO concept stocks also saw significant gains, with Kailaiying and WuXi AppTec both rising over 10% [3][4] - WuXi AppTec is projected to achieve approximately RMB 20.8 billion in revenue for the first half of 2025, representing a year-on-year growth of about 20.64%, and an adjusted net profit of approximately RMB 6.315 billion, reflecting a year-on-year increase of about 44.43% [4][5] Group 2 - The growth in performance for WuXi AppTec is attributed to its focus on meeting customer demands, expanding capabilities, and optimizing production processes [5] - The CXO sector is expected to benefit significantly from the current high demand for innovative drugs, with a new upturn in the life sciences and CXO sectors anticipated [5][6] - Analysts predict that the CXO sector will see a recovery in domestic front-end business due to supportive industrial policies and improved investment conditions [6] Group 3 - The current wave of innovation in the pharmaceutical sector is seen as a significant turning point, with a shift from following trends to creating original products, indicating a fundamental change in the industry [7][8] - Large multinational pharmaceutical companies are increasingly purchasing innovative drug patents from China, driven by pressures to lower drug prices and the expiration of patents [8]

2025.07. 11 作者 | 一财资讯 截至午盘，上证指数涨1.05%，深成指涨0.94%，创业板指涨1.19%。全市场超2800只个股上涨。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | NN | 3546.50 | 36.82 | 1.05% | | 399001 | 深证成指 | र | 10731.19 | 100.06 | 0.94% | | 399006 | 创业板指 | S | 2215.53 | 25.95 | 1.19% | 盘面上，稀土永磁、大金融板块全线爆发，CRO、小金属板块涨幅居前，PCB、游戏板块走弱。 "黄金平替"，单日大跌6%！ 具体到个股来看，北方稀土、东方财富、药明康德获净流入28.01亿元、20.78亿元、16.07亿元。 净流出方面，ST华通、沃尔核材、金安国纪遭抛售4.67亿元、4.06亿元、3.06亿元。 机构观点 德讯投资顾问刘奎军认为，本周沪指带量站上3500点，主要做多动能来自银行等金融板块，市场情 绪回暖虽充足，但赚钱效应 ...

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index up 0.48% to 3509.68 points, the Shenzhen Component Index up 0.47% to 10631.13 points, and the ChiNext Index up 0.22% to 2189.58 points [1] Trading Volume and Sector Performance - The combined trading volume of the Shanghai, Shenzhen, and North markets reached 151.53 billion yuan. Sectors such as silicon energy, new urbanization, and innovative pharmaceuticals showed significant gains [2] - In Shandong province, nearly 60% of stocks rose, with notable performances including Puliang Software hitting the daily limit, and Donghong Co., Jinding Mining, Shandong Fiberglass, and Wohua Pharmaceutical also reaching the daily limit [2] New Urbanization Initiatives - The new urbanization sector was particularly active, with stocks like New City, Huaxia Happiness, and Chongqing Construction hitting the daily limit. Donghong Co. is involved in municipal infrastructure construction and urban renewal projects [2] - The National Development and Reform Commission emphasized the goal of achieving basic new urbanization by 2035, focusing on high-quality advancement in key areas [2] Silicon Energy Sector - The silicon energy sector continued to strengthen, with companies like Tuori New Energy achieving three consecutive daily limits. Several silicon wafer companies have raised their prices, with increases ranging from 8% to 11.7% [2] Innovative Pharmaceuticals - The innovative pharmaceutical sector was active, with companies like Saily Medical, Lianhuan Pharmaceutical, and Haishike hitting the daily limit. The report from CICC highlighted the international competitiveness of Chinese innovative drugs, supported by recent clinical data disclosures [3] - Longcheng Securities noted that the A-share market is steadily rising, breaking previous highs, with a positive trading sentiment and emerging new market leaders [3]

Core Viewpoint - The Hang Seng Technology Index has seen an increase of 2% in early trading, while the Hang Seng Index has risen by 1.83%, indicating positive market sentiment towards sectors such as innovative pharmaceuticals, cryptocurrencies, Chinese brokerage firms, insurance, and non-ferrous metals [1] Sector Summaries - **Innovative Pharmaceuticals**: This sector is experiencing significant gains, contributing to the overall positive performance of the market [1] - **Cryptocurrencies**: The cryptocurrency sector is also showing strong upward movement, reflecting growing investor interest [1] - **Chinese Brokerage Firms**: The shares of Chinese brokerage firms are among the top gainers, indicating a favorable outlook for this segment [1] - **Insurance**: The insurance sector is witnessing notable increases, suggesting robust market conditions [1] - **Non-Ferrous Metals**: This sector is performing well, contributing to the overall rise in the Hang Seng Index [1]

Core Points - The National Healthcare Security Administration (NHSA) has announced a series of adjustments to the basic medical insurance directory and the first version of the commercial health insurance innovative drug directory, with the new directories expected to be officially published between October and November 2023 [1][2][6] Group 1: Policy Changes and Implications - The introduction of the commercial health insurance innovative drug directory is seen as a long-awaited opportunity for the industry, allowing for more market opportunities for high-priced drugs [2][4] - The NHSA emphasizes the importance of respecting the market position of commercial health insurance during the directory adjustment process, allowing insurance companies and industry experts to participate in price negotiations [5][10] - The new directory will include innovative drugs that exceed the basic medical insurance scope but have significant clinical value, with a focus on unique drugs approved between January 1, 2020, and June 30, 2025 [10][11] Group 2: Market Response and Growth Potential - The investment market has reacted positively, with innovative drug concept stocks rising by 7.76% within a week, indicating strong investor interest [7] - The self-funded market for innovative drugs in China is projected to grow from 320 billion yuan in 2024 to 1 trillion yuan by 2030, highlighting significant growth potential [6] - The introduction of the commercial health insurance directory is expected to provide more payment opportunities for high-priced "life-saving" drugs, particularly in the cell therapy and rare disease sectors [9][12][14] Group 3: Challenges and Industry Dynamics - Despite the positive outlook, not all players in the market will benefit equally, and the industry may face a significant shake-up akin to the centralized procurement process [8][25] - The NHSA's new policies aim to address issues of drug homogeneity and competition, with a focus on data openness to enhance the efficiency of innovative drug development [26][30] - The competitive landscape is expected to intensify, particularly for PD-1 drugs, as clinical performance will be linked to insurance renewals, increasing the pressure on companies to demonstrate efficacy [33]

Core Viewpoint - The Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index has shown strong performance, with significant increases in constituent stocks, indicating a positive trend in the biopharmaceutical sector [1][3]. Market Performance - As of July 11, 2025, the Biopharmaceutical Index rose by 1.23%, with notable gains from stocks such as Yifang Biotech (+10.31%), Shouyao Holdings (+8.34%), and Te Bao Biotech (+7.18%) [1]. - The Jiashi Science and Technology Medicine ETF (588700) also increased by 1.14%, marking its third consecutive rise [1]. Liquidity and Trading Volume - The Jiashi Science and Technology Medicine ETF recorded a turnover rate of 9.54% and a trading volume of 21.11 million yuan [3]. - Over the past month, the ETF has maintained an average daily trading volume of 33.32 million yuan, ranking first among comparable funds [3]. Fund Growth and Performance - In the last two weeks, the Jiashi Science and Technology Medicine ETF's scale increased by 17.56 million yuan, leading among comparable funds [3]. - The ETF's net value has risen by 37.70% over the past year, with a maximum single-month return of 23.29% since its inception [3]. Top Holdings - As of June 30, 2025, the top ten weighted stocks in the Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare, BeiGene, and Huatai Medical [3][5]. Policy Support and Market Outlook - Recent policy documents have been released to support the high-quality development of innovative drugs, highlighting government backing for the sector [6]. - The number of innovative drugs in development in China has reached over 4,000, representing approximately 30% of the global total [5][6].

撰文丨王聪 编辑丨王多鱼 排版丨水成文 食管癌 是癌症相关死亡的第七大常见原因，其中， 食管鳞状细胞癌 （ESCC） 是全球最常见的食管癌类型。免疫检查点抑制剂 （例如抗 PD-1、PD-L1 和 CTLA-4 单抗） 与基于铂类药物的化疗相结合，已成为晚期食管鳞状细胞癌的标准治疗方法，并带来了显著的生存获益。然而，仅有 10%-20% 的食管鳞状细 胞癌患者能长期存活，因为大多数患者会对这些药物产生耐药性。 晚期食管鳞状细胞癌的二线治疗采用 伊立替康 （Irinotecan） ，但其疗效也有限，客观缓解率 （ORR） 不超过 10%。 因此，迫切需要开发新的有效治疗策略，以克服当前疗法的局限性，提高食管鳞状细胞癌患者的生存率。 2025 年 7 月 10 日， 北京大学肿瘤医院 鲁智豪 、 沈琳 、 龚继芳 等人在国际顶尖医学期刊 Nature Medicine 上发 表了题为： A bispecific antibody–drug conjugate targeting EGFR and HER3 in metastatic esophageal squamous cell carcinoma: a ph ...

Core Viewpoint - Dongyangguang Pharmaceutical is set to become the first H-share company to undergo a merger and introduction listing, with its IPO application approved by the Hong Kong Stock Exchange, indicating significant advancements in technology, internationalization, and policy alignment [1] Group 1: Business Development - Dongyangguang's flagship product, Kewai, has generated substantial cash flow since its launch in 2006, with sales of Oseltamivir (including Kewai) maintaining the top position in the national market, accounting for 54.8% of the market share in 2024 [2][4] - The company's revenue from chronic disease treatment drugs has increased from 13.6% in 2022 to 26.6% in 2024, reflecting a strategic shift from reliance on flu medications to a diversified innovative pharmaceutical enterprise [4][6] Group 2: Innovation and R&D - Dongyangguang has established a robust R&D capability, focusing on innovative drugs since its inception, with advanced AI-driven models and a comprehensive R&D platform covering the entire lifecycle of chemical and biological drugs [6][8] - The company currently has 150 approved drugs globally and over 100 drugs in development, with several first-class innovative drugs already launched or in the application process in the Chinese market [7] Group 3: Internationalization Strategy - The company has signed a significant licensing agreement with Apollo in the UK worth $938 million, showcasing the international recognition of its drug portfolio [8] - Dongyangguang is one of the few companies capable of submitting applications to the US FDA and is expected to be the first to launch a long-acting insulin analog in the US without the need for Phase III clinical trials [8][9] Group 4: Market Position and Future Outlook - With the support of China's policies for innovative drug development, Dongyangguang is positioned as a leader in the global pharmaceutical market, leveraging its full-chain innovation capabilities to enhance R&D efficiency and international market access [9][11] - The company plans to integrate with Dongyangguang Changjiang Pharmaceutical to enhance its R&D, production, and commercialization capabilities, aiming for a successful listing on the Hong Kong Stock Exchange by August 2025 [11]