根据加科思发布的中期业绩，集团期内取得4566.4万元人民币，去年同期为零收入;公司拥有人应占亏 损5899.4万元，同比收窄65.1%。公告称，收入增长主要得益于艾力斯许可协议的里程碑付款。 消息面上，《纽约时报》近日报道称，特朗普政府正在讨论一项行政命令，拟对美国制药企业收购中国 研发的创新药物设限。草案若实施，可能切断美国药企获取中国实验性药物的渠道，并加剧供应链风 险。申万宏源研报指出，该草案的落地概率极低，并再次强调了中国创新药板块的投资价值，表示"创 新升级+盈利拐点+出海BD常态化"三重逻辑支撑后续行情。 智通财经APP获悉，加科思-B(01167)涨超5%，截至发稿，涨8.61%，报11.23港元，成交额1.17亿港元。 ...

Group 1 - The core viewpoint is that China's innovative drugs are entering a stage of realization, with significant R&D progress and resilience against trade frictions, expected to remain a key investment theme in the pharmaceutical sector until 2025 [1] - The Guotai Innovation Drug ETF (589720) focuses on innovative drug companies listed on the Sci-Tech Innovation Board, tracking a representative index of 30 high-quality companies, primarily in high-growth biotech, with a 20% limit on daily price fluctuations to better align with sector volatility [1] - Since the "924 market" period, the Sci-Tech Innovation Drug Index has outperformed major Hong Kong innovative drug indices, with returns from September 24, 2024, to August 29, 2025, showing increases of 122% for the Sci-Tech Innovation Drug Index, 116% for the Hong Kong innovative drug index, and 107% for the Hang Seng Hong Kong Connect innovative drug index [1] Group 2 - The Sci-Tech Innovation Drug Index is expected to provide better participation in the resilience of the Sci-Tech Innovation Board during periods of increased market risk appetite [1]

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 9月10日，港股创新药板块以大跌开盘，歌礼制药、基石药业、中国生物制药、百济神州、石药集团等 集体重挫，A股创新药也同步走低。然而盘中行情的演绎凸显了这一板块的韧性：多只个股低开高走， 相关ETF也日内反弹超5%，其中恒生医药板块拉升幅度更为明显。 对于一些利空消息的解读，多名基金经理认为：此类政策方向早已有所体现，因此预计不会带来新的实质 性影响。然而，即使医药板块韧性凸显，且长期投资机遇已逐渐清晰，但基金经理也提示风险，认为创新 药短期扰动难免，对中小市值企业盲目追捧的情绪或将回落，当前可关注产品已上市并贡献业绩，或临床 阶段居后、BD（商务拓展）确定性较高的中大型创新药企业。 创新药日内走出"深V"行情 9月10日，A股与港股的创新药板块大幅低开，悲观行情源于外媒报道—特朗普政府正在起草一项行政命 令，拟对中国的药品实施严格的限制，特别是针对实验室药物。 年初至今的创新药行情并非单纯的资金涌入，好转的基本面才是核心催化因素。 然而，10日的行情验证了当下创新药板块依旧具备强大的韧性，在早盘低开 ...

创新药板块短期整理，资金积极把握低吸机会，持续借道ETF吸纳"便宜筹码"。 本周一（9月8日），港股通创新药ETF（520880）跟踪的恒生港股通创新药精选指数"提纯"修订生效， 全面剔除药明系等CXO个股，同时新纳入14只纯正创新药企业，正式成为一只不含CXO、纯度100%的 创新药指数。 | | | | 港股通创新药ETF (520880) 标的指数"提纯",创新药含量升至100%! | | | | | --- | --- | --- | --- | --- | --- | --- | | | 4685 | 部标 | 总市值(亿元)HKD | 代码 | 德穆 | GEO(亿元)HKD | | | 1276.HK | 恒瑞医药 | 5,286.19 | 6185.HK | 康希诺生物 | 180.92 | | | 9995.HK | 荣昌省副 | 564.26 | 0460.HK | 四环医药 | 155.81 | | | 1877.HK | 君实生物 | 492.03 | 2629.HK | MIRXES-B | 114.30 | | 纳入 | 9606.HK | 映恩生物-B | 354.61 | 07 ...

Core Viewpoint - The article highlights the rise of female fund managers in the traditionally male-dominated private equity sector, showcasing their unique resilience, insights, and rigorous risk control, which have led to impressive returns in the investment landscape [1]. Group 1: Overview of Female Fund Managers - As of August 29, 2025, there are 185 female private equity fund managers with performance records on the platform, with the majority (110) from subjective private equity, 38 from quantitative private equity, and 37 from mixed strategies [2]. - The geographical distribution shows that 34.05% of female fund managers are based in Shanghai, followed by Shenzhen (26), Beijing (24), Hangzhou (15), and Guangzhou (9) [2]. - In terms of core strategy, over 50% (95) of female fund managers employ stock strategies, while 23 use multi-asset strategies, 22 focus on futures and derivatives, and 19 on bonds [2]. Group 2: Experience and Company Size - Among the female fund managers, 99 have over 10 years of experience, and 18 have over 20 years [3]. - More than 50% (97) of female fund managers are from private equity firms with assets under 500 million, while 30 are from firms with over 2 billion, with only 4 from top-tier firms (over 5 billion) [3]. Group 3: Notable Female Fund Managers - The top female fund managers include Li Bei from Banxia Investment, He Ruilin from Qianhai Bopu Asset, Lin Xue from Jiupeng Asset, and Jia Yiming from Chengyi Private Equity, all managing funds between 5 billion to 10 billion [4][5]. - Li Bei, known as the "private equity witch," has over 10 years of experience and manages two products with a total scale of approximately 304 million, achieving significant returns [6][11]. - He Ruilin, with a master's degree from Xiamen University, has a focus on sectors like new energy and technology, managing three products totaling approximately 322 million [7][12]. Group 4: Performance Rankings - The article lists the top 20 female fund managers based on their performance this year, with Li Jiajia from Haokun Shengfa Asset leading with an average return of ***% across four products [11][13]. - The average return for the top 32 female fund managers this year is ***%, with a total product scale of approximately 11.55 billion [7][13]. - In the past year, Li Jiajia also ranks first among female fund managers, with her products achieving an average return of ***% [12][15].

Group 1 - The company announced the establishment of a new partnership for investment in the pharmaceutical industry, involving its wholly-owned subsidiary Beihai Ruizhi Venture Capital Co., Ltd. [1] - The total committed capital for the new partnership, Shenzhen Luohu Donghai Ruizhi Pharmaceutical Industry Partnership (Limited Partnership), is set at 200 million yuan, with Beihai Ruizhi contributing 58 million yuan, representing 29% of the total commitment [1]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Index decreased by 0.2%, while the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index fell by 0.1%. Conversely, the CSI Innovative Drug Industry Index, CSI Biotechnology Theme Index, and CSI 300 Medical and Health Index all increased by 0.1% [1] - The Hang Seng Innovative Drug ETF (159316) experienced a growth of approximately 1 billion yuan in size over the past month, reaching a new historical high of nearly 2 billion yuan [1] Group 2 - The Hang Seng Innovative Drug ETF tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Index, which focuses on leading innovative drug companies in Hong Kong, comprising no more than 40 stocks involved in innovative drug research, development, and production [2] - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index has been tracking since 2017 and includes 50 stocks from the medical device, biopharmaceutical, chemical drug, and other sectors within the Hong Kong Stock Connect [2] - The CSI Innovative Drug Industry Index focuses on leading innovative drug companies in the A-share market, consisting of no more than 50 stocks involved in innovative drug research and development [2] - The CSI Biotechnology Theme Index targets leading biotechnology companies in the A-share market, including no more than 50 stocks involved in gene diagnosis, biopharmaceuticals, and other human biotechnology sectors [2] - The CSI 300 Medical and Health Index covers leading companies in the medical and health industry within the CSI 300 Index, encompassing various segments of the future health industry, including chemical pharmaceuticals, medical services, and medical devices [2]

Group 1: Core Views - The market has shown significant profit-making effects this year, with fund managers identifying three main investment themes: innovative drugs, beneficiaries of "anti-involution" policies, and AI [2] - The innovative drug sector is viewed as the most promising and consensus-driven investment theme among fund managers, indicating a long-term bullish outlook rather than short-term speculation [4][5] - Fund managers express differing opinions on investment strategies within these themes, particularly regarding the timing and nature of commercial opportunities [4][6] Group 2: Innovative Drugs - The innovative drug sector is expected to experience a golden turning point, with significant value release anticipated as many companies approach commercialization [4][5] - Fund managers highlight the importance of favorable policies and market conditions, with 2025 being a pivotal year for revenue growth in the innovative drug sector [5] - The investment cycle for innovative drugs is projected to extend over the next few years, with many domestic drugs expected to enter the commercial phase by 2027 [6] Group 3: "Anti-Involution" Policies - Fund managers agree that "anti-involution" policies will have a profound impact on the market, potentially improving corporate profitability and reshaping traditional industry valuations [9] - There is a consensus that these policies could alleviate excessive competition and enhance the profitability of leading companies [9][10] - However, opinions diverge on the specific beneficiaries of these policies, with some managers cautious about their impact on sectors like solar and new energy [12] Group 4: AI Applications - The AI sector is widely regarded as a key driver of future global economic growth, transcending traditional technology categories [14] - Fund managers show a consensus on the importance of computing infrastructure as a primary investment focus, while opinions vary on specific AI application areas [15] - Some fund managers express caution regarding certain AI applications, particularly in autonomous driving and robotics, due to rapid technological changes and competitive uncertainties [16]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Index (HSSCID) increased by 0.74%, while the Hang Seng Innovative Drug ETF (159316) rose by 1.10%, marking a three-day consecutive increase [1] - As of September 1, the latest scale of the Hang Seng Innovative Drug ETF reached 1.968 billion, a record high since its establishment [1] - In the past five trading days, there were net inflows into the Hang Seng Innovative Drug ETF on four occasions, totaling 362 million [1] Group 2 - The National Medical Products Administration indicated that the "14th Five-Year Plan" has seen significant policy dividends for the pharmaceutical industry, with 210 innovative drugs and 269 innovative medical devices approved, showing a trend of accelerated growth [1] - China's biopharmaceutical market has become the second largest globally, with approximately 30% of the world's innovative drugs under research [1] - The total amount of external authorization for innovative drugs in the first half of 2025 approached 66 billion, reflecting increasing global recognition of Chinese innovative drugs [1] Group 3 - According to Zhongtai Securities, the pharmaceutical industry's fundamentals improved significantly in Q2 2025, with a notable reduction in the decline of revenue and profit, particularly in the chemical preparation sector, which saw a 11.5% year-on-year increase in net profit [2] - Despite overall pressure on the pharmaceutical sector in the first half of the year, innovative drugs remain the most promising sub-sector with clear growth potential [2] - The upcoming WCLC 2025 conference is expected to disclose multiple innovative drug clinical data, serving as a catalyst for the sector [2] Group 4 - The Hang Seng Innovative Drug ETF closely tracks the Hang Seng Innovative Drug Index, which reflects the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [2] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index (HSSCIHKI) is the only "100% purity" innovative drug index in the market, focusing on companies holding core patents and directly participating in innovative drug R&D and commercialization [2]

Group 1 - The core indices related to the Hong Kong and A-share pharmaceutical sectors have shown significant increases, with the CSI Hong Kong Stock Connect Healthcare Index rising by 5.1%, the Hang Seng Stock Connect Innovative Drug Index by 4.8%, the CSI Innovative Drug Industry Index by 4.6%, the CSI Biotechnology Theme Index by 4%, and the CSI 300 Healthcare Index by 3.6% [1][5][9][13][15] - The Hang Seng Innovative Drug ETF (159316) has seen continuous capital inflow for four consecutive trading days, with its latest scale exceeding 1.8 billion yuan, marking a historical high [1] Group 2 - The CSI Hong Kong Stock Connect Healthcare Index focuses on leading stocks in the Hong Kong healthcare sector, comprising 50 stocks from medical devices, biopharmaceuticals, chemical drugs, and other healthcare-related companies [3] - The CSI Innovative Drug Industry Index targets leading innovative drug companies in the A-share market, consisting of no more than 50 stocks involved in innovative drug research and development [7] - The CSI Biotechnology Theme Index centers on leading biotechnology companies in the A-share market, including no more than 50 stocks related to gene diagnosis, biopharmaceuticals, blood products, and other human biotechnology [11] - The CSI 300 Healthcare Index encompasses leading companies in the A-share healthcare sector, covering chemical pharmaceuticals, medical services, medical devices, and other segments of the future health industry [15]