本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 股票名称 ["嘉实中证港股通创新药ETF发起联接A"] 板块名称 ["创新药"] 政策利好、创新药投资、市场估值 看多看空 国内预计政策端大概率定调积极，美联储降息大方向不变，且当前股市估值适中、性价 比较高，同时看好创新药投资方向，所以看多A股。 和讯自选股写手 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场，不构成与和讯相关的任何投 资建议。在作出任何投资决定前，投资者应根据自身情况考虑投资产品相关的风险因素，并于需要时咨 询专业投资顾问意见。和讯竭力但不能证实上述内容的真实性、准确性和原创性，对此和讯不做任何保 证和承诺。 本月，国内重磅会议与海外美联储议息会议将召开，引发全球资本关注，市场观望情绪浓厚，成交量萎 缩。这种"等待"反映出大家对政策力度和美联储利率政策的担忧。不过，今年房地产走弱，国内复苏略 低于预期，预计政策端积极；美联储降息大方向不变。今日组合发车，高权组合比例25%，低权组合比 例30%。近期看好创新药投资方向，多个组合调仓新增嘉实中证港股通创新药ETF发起联接A。环球日 积月累发车，组合成立以来收益率佳 ...

Core Viewpoint - The Hong Kong innovative drug sector has shown signs of recovery after a period of decline, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising by 1.09% on December 4, ending a four-day losing streak and indicating a significant rebound in market sentiment [1][8]. Market Performance - The Hong Kong innovative drug sector has been in a phase of adjustment since early September, with the Hong Kong Stock Connect Innovative Drug ETF (520880) index experiencing a decline of nearly 16% from its previous high, suggesting that prior high-risk levels have been adequately released [3][11]. - The ETF's trading volume reached 248 million yuan, reflecting increased market activity and interest in the sector [1][8]. Positive News Factors - Two major positive developments have been reported: the launch of the Chinese drug price registration system on December 2, which provides market price references for drug imports and exports, and the anticipated release of the new basic medical insurance drug list and the first commercial insurance innovative drug list by the end of the week, which could optimize the payment structure for innovative drug companies [3][11]. Investment Outlook - Short-term forecasts from CITIC Securities suggest that innovative drugs are expected to be a primary upward trend in the market heading into 2026, supported by a robust domestic demand base and comprehensive manufacturing capabilities within the pharmaceutical industry [5][13]. - The current market conditions may present a favorable opportunity for medium to long-term investments in core innovative drug assets, as the sector is entering a critical phase of "innovation realization and global layout" [5][11]. ETF Characteristics - The Hong Kong Stock Connect Innovative Drug ETF (520880) is noted for its significant concentration in leading stocks, with the top ten holdings accounting for 72.57% of the index, indicating a strong representation of core innovative drug companies [6][14]. - The ETF is characterized by its focus on pure innovative drug companies, excluding CXO firms, and aims to provide comprehensive coverage of the innovative drug development sector [5][13].

Core Viewpoint - The A-share market experienced fluctuations, but the innovative drug sector showed resilience with significant inflows into the "20CM New Species" innovative drug ETF, indicating strong investor interest in this segment [1][5]. Group 1: Market Performance - As of 10:58 on December 4, the "20CM New Species" innovative drug ETF (589120) rose over 1.7%, marking a strong rebound after three consecutive days of decline [1]. - The innovative drug ETF attracted over 19 million yuan in capital over three days leading up to December 3 [1]. Group 2: Component Stocks Performance - Most component stocks of the innovative drug ETF saw gains, with notable increases including Olin Biologicals up over 8%, Rongchang Bio up over 4%, and Zai Lab up over 3% [3]. - The top ten component stocks of the ETF include U-Z**** with a 2.16% increase and Bai Li Da Heng with a 1.94% increase, reflecting a generally positive trend among leading companies [4]. Group 3: Company Developments - Olin Biologicals announced its application for a Hong Kong listing, projecting a revenue of 305 million yuan for the first half of 2025, a year-on-year increase of approximately 35% [5]. - Zai Lab disclosed plans to issue H-shares and has received orphan drug designation from the FDA for its product ZG006, aimed at treating neuroendocrine cancer [5]. Group 4: Industry Outlook - The innovative drug sector is expected to maintain momentum, with a focus on "data validation" and "value reassessment" as key investment themes [6]. - China's innovative drug capabilities are gaining global recognition, with a significant increase in the number and value of license-outs for innovative drugs [7]. - The number of clinical trials for innovative drugs in China has risen from 1,473 in 2020 to 2,539 in 2024, indicating a compound annual growth rate of over 15% [9].

Core Viewpoint - The focus is on the potential of dual antibodies and ADC (antibody-drug conjugates) in the oncology sector, highlighting their broad therapeutic applications and significant overseas commercial potential [1] Group 1: Oncology Sector Insights - The oncology field, particularly dual antibodies and ADC products, is seen as having extensive potential due to the complexity of solid tumor indications [1] - There is a notable overseas commercial potential for these innovative drug segments [1] Group 2: CXO and R&D Services - The recovery in domestic and international innovative drug R&D and financing is expected to sustain a high level of prosperity in the CXO (Contract Research Organization) sector, especially in the ADC and broader XDC (various conjugated drugs) fields [1] Group 3: Investment Strategy and Market Outlook - The development and clinical trials of innovative drugs typically require several years for approval and commercialization, indicating a gradual rather than immediate market performance [1] - The innovative drug sector is anticipated to experience more frequent and significant milestone events by 2026, suggesting that both short-term trading opportunities and long-term investment strategies could perform well in this sector [1]

Core Viewpoint - Insurance capital is actively entering the market, with significant investments in listed companies, indicating a trend of increasing confidence in the market and potential for future growth [2][9]. Group 1: Investment Activities - On November 26, Taikang Life announced an increase in its stake in Fuhong Hanlin, raising its holding to 5.10%, triggering a mandatory disclosure [2][6]. - This marks the second time in 2025 that Taikang Life has made a significant investment, having previously participated as a cornerstone investor in Fengcai Technology's IPO [7][9]. - In total, 25 listed companies have been targeted by insurance capital this year, with 33 instances of stake increases, surpassing the total from the previous four years combined [4][9]. Group 2: Financial Metrics - Prior to the recent purchase, Taikang Life held 7.8186 million shares of Fuhong Hanlin, representing 4.78% of its H-share capital. After acquiring an additional 518,500 shares, the total holding is now 8.3371 million shares [6]. - The investment in Fuhong Hanlin was made at a price of HKD 67.07 per share, totaling approximately HKD 34.77 million, which translates to about CNY 5.13 billion based on the exchange rate [6]. - For the first half of 2025, Fuhong Hanlin reported revenue of CNY 2.82 billion, a year-on-year increase of 2.67%, and a net profit of CNY 390 million, up 0.99% [7]. Group 3: Market Trends - The insurance sector has seen a notable resurgence in stake increases, with 33 announcements made by various insurance companies by November 27, 2025, marking a significant increase compared to previous years [9][10]. - Analysts attribute this trend to several factors, including low interest rates, the need for asset diversification, and supportive policies encouraging long-term capital investment in the stock market [10][11]. - The most favored sectors for insurance capital include banking, public utilities, transportation, and energy, with a notable focus on high-dividend stocks [10][11].

上海市人民政府办公厅印发《上海市全面深化药品医疗器械监管改革促进医药产业高质量发展的若干措 施》，其中提出，推动药品领域改革。支持符合条件的创新药临床试验审评审批时限缩短至30个工作 日，并积极推广试点经验。 中泰证券认为，业绩真空期，持续看好创新药投资机会。伴随三季报披露完毕，市场进入较长的业绩真 空期，四季度业绩有一定关注度但是相对较弱，市场更为关注2026年一季度的情况，以奠定2026年全年 的经营情况与行情。建议：1）把握创新药调整后的机会，创新药经历了阶段的调整，短期收益得到一 定兑现，预期有所回落，股价位置更为合理；而产业逻辑和基本面仍在积极推进。2）布局2026年的经 营改善，2025年市场期待的困境反转或经营改善有一定程度的体现，比如今年的CRO/CDMO、生命科 学上游等创新产业链，伴随自身出清、需求回暖等迎来持续改善。 兴业证券认为，近期创新药板块情绪回落，随着BD持续落地，当前板块景气度可持续，"创新+国际 化"创新药产业趋势不变，短期调整后创新药板块弹性进一步提升。同时，可继续重点关注基本面已开 始改善的创新药产业链，当前在投融资数据、订单和业绩层面均看到向好趋势。 ...

Core Viewpoint - The article analyzes the investment capabilities of Zhang Jintao, the fund manager of Huabao Medical Biology A, highlighting his strategic focus on the pharmaceutical industry's cyclical nature and the potential for significant returns in the innovative drug sector [3][4][32]. Fund Manager Information - Zhang Jintao has extensive experience in securities research and investment management, having worked with various financial institutions before joining Huabao Fund Management in April 2021 [6][30]. - Since taking over Huabao Medical Biology A on May 7, 2021, the fund has achieved a total scale of 629 million yuan, outperforming nearly 80% of its peers in the pharmaceutical theme fund category [7][30]. Investment Strategy - Zhang's investment framework is centered around the "industry cycle," integrating policy, industry, and valuation dimensions to capture the cyclical movements of the global pharmaceutical industry [3][32]. - The current phase of the Chinese innovative drug industry is viewed as a harvest period following a decade of R&D investment, with a shift in driving logic from domestic medical insurance expansion to global market share competition [3][4][16]. Portfolio Construction - The fund maintains a high allocation to innovative drugs, reflecting Zhang's belief that the industry is at the beginning of a harvest phase [3][20]. - The strategy involves focusing on companies expected to launch significant products or experience rapid growth in the next 2-3 years, aiming for alpha returns within the innovative drug sector [15][20]. Dynamic Optimization - Zhang emphasizes the importance of dynamic portfolio management, adjusting stock positions based on market conditions and individual company performance [26][27]. - The fund's turnover rate is primarily driven by optimizing non-core holdings, while the top ten positions remain stable unless there are significant changes in fundamentals [26][27]. Performance Metrics - Since Zhang's tenure, Huabao Medical Biology A has recorded a cumulative excess return of 40.27%, significantly outperforming the overall pharmaceutical index [8][10]. - The fund's annualized return and volatility metrics indicate a strong performance relative to peers, although it exhibits slightly weaker defensive characteristics [11][12].

Group 1: Report Summary - The report analyzes the investment value of Zhang Jintao, a fund manager at Huabao Fund, with a focus on his performance in managing Huabao Pharmaceutical Biology A [1][4]. - Zhang Jintao has developed an investment methodology that combines industry cycle analysis with a multi - dimensional framework, showing strong adaptability in the current era of global opportunities for Chinese innovative drugs [5][20]. - Since Zhang Jintao took office, Huabao Pharmaceutical Biology A has achieved above - average returns among pharmaceutical theme funds, outperforming nearly 80% of its peers, with relatively strong offensive capabilities [4][16]. Group 2: Fund Manager Information 2.1 Fund Manager Introduction - Zhang Jintao has worked in multiple financial institutions, including Huatai United Securities, ABC Fortune Fund, etc. He joined Huabao Fund in April 2021 and has served as the fund manager of multiple funds since May 2021 [4][10]. 2.2 Management Product Introduction 2.2.1 Representative Product - Zhang Jintao has managed Huabao Pharmaceutical Biology A (240020.OF) since May 7, 2021, with a total scale of 629 million yuan as of September 30, 2025 [11]. 2.2.2 Representative Product Net Value Performance - After Zhang Jintao took office, excluding the 3 - month construction period, Huabao Pharmaceutical Biology A significantly outperformed the All - Index Pharmaceutical Index, achieving a cumulative positive excess return of 40.27% [12]. - In terms of performance among peers, it ranks in the upper - middle position, but its risk - control indicators such as volatility are relatively weak. Overall, it still has good cost - effectiveness [16]. Group 3: Fund Manager Investment Ability Analysis 3.1 Investment Scope - Guided by Industry Cycle and Anchored by Market Value Space - Zhang Jintao's investment system is based on a deep understanding of the "five - year cycle" of the pharmaceutical industry. He believes that the Chinese innovative drug industry has entered the stage of results realization after a long - term R & D investment period [21]. - He has constructed a "policy - industry - valuation" three - dimensional decision - making framework. The policy dimension focuses on understanding policy intentions; the industry dimension focuses on verifying industry and company fundamentals; the valuation dimension calculates the long - term target market value to evaluate risk - return ratios [21][22]. 3.2 Holding Characteristics - Portfolio Construction Highlights Industry Thinking - Zhang Jintao highly concentrates on the innovative drug sector, aiming to obtain alpha returns within the innovative drug industry by focusing on companies with upcoming blockbuster products or in the rapid - volume - growth stage [20][30]. - He also strategically allocates about 8% of the portfolio to the CXO sector as a supplement and risk - hedge. His average holding period is about 1 - 2 years, and he emphasizes dynamic adjustment [30]. 3.3 Operational Characteristics - Keeping Pace with the Times and Dynamically Optimizing - Zhang Jintao maintains a high stock position, believing that it is difficult to obtain excess returns through position timing in the pharmaceutical industry. Instead, he focuses on stock selection [35]. - The portfolio's turnover mainly comes from the optimization of non - core positions. The top ten heavy - holding stocks remain relatively stable, while the tail positions are adjusted more frequently to track new industry trends [35]. - The holding concentration is adjusted dynamically according to the industry stage, with a relatively dispersed strategy in the early stage and a gradually increasing concentration as the industry trend becomes clearer [35]. Group 4: Conclusion - Zhang Jintao's investment methodology combines industry - level strategic judgment with individual - stock tactical selection, showing strong adaptability and viability in the context of the global opportunities for Chinese innovative drugs [45][46]. - Huabao Pharmaceutical Biology A, under his management, has achieved good performance among pharmaceutical theme funds, with relatively strong offensive capabilities but slightly weaker defensiveness [44].

Core Viewpoint - The article discusses how non-professional investors can effectively invest in innovative pharmaceuticals despite the high risks and complexities associated with the industry [3]. Group 1: Challenges for Non-Professional Investors - High entry barriers exist due to complex terminology and concepts in the innovative drug sector, making it difficult for non-professionals to understand [4]. - The learning curve is steep as investors need to familiarize themselves with various disease categories and their subdivisions [4]. - The fast-paced nature of the industry means that new developments can occur rapidly, making it challenging to stay updated [4]. Group 2: Investment Stages in Innovative Pharmaceuticals - The investment stages in innovative pharmaceuticals are categorized as follows: no BD expectations, emergence of BD expectations, BD expectations being realized, entering key clinical trials overseas, key clinical data readouts, overseas approval, and sales ramp-up [4]. - The primary growth in the innovative drug sector is driven by overseas expansion, particularly through overseas licensing and business development (BD) [4]. Group 3: Strategies for Non-Professional Investors - Selecting targets that have been certified by multinational corporations (MNCs) is crucial, as these drugs have undergone rigorous evaluation, increasing the likelihood of success [5]. - The optimal investment timing is during the phase when BD expectations are realized and before entering key clinical trials, as this stage offers the highest certainty [5]. - Long-term investors may consider the phase following key clinical data readouts and approvals, although this phase may require a longer investment horizon [5]. Group 4: Additional Investment Approaches - Investing in innovative drug ETFs or funds can provide a diversified exposure to the sector, reducing individual stock risk [8]. - It is important to choose ETFs or funds that focus purely on innovative drugs, as many may include unrelated assets that could underperform [8]. - The innovative drug sector is characterized by significant volatility, making right-side trading preferable to avoid losses during downturns [8]. Group 5: Summary of Investment Opportunities - The simplest path for non-professional investors is to target MNC-certified companies with significant drug approvals, leveraging the credibility of established firms [9]. - Beyond MNC-certified targets, there are numerous investment opportunities in the innovative drug space, including academic conferences, clinical data readouts, and commercial developments, though these require more in-depth research [9].

Core Viewpoint - The innovative drug sector is experiencing a strong rebound, with the Kexin Innovative Drug ETF (589720) rising over 3%, and a net inflow of over 270 million yuan in the past 10 days [1]. Group 1: Market Performance - The Kexin Innovative Drug ETF (589720) focuses on innovative drug companies listed on the Sci-Tech Innovation Board, tracking 30 representative high-quality companies [1]. - The ETF is primarily composed of high-growth biotech firms, with a 20% limit on price fluctuations, making it more aligned with sector volatility [1]. Group 2: Future Outlook - Dongwu Securities projects that innovative drugs will remain the main investment theme through 2026 due to several factors, including the international competitiveness of innovative drugs, explosive growth in business development (BD) overseas, significant market capitalization potential, and a transition to profitability [1]. - Key focus areas for innovative drugs include the next generation of ADC+2.0 IO and small nucleic acids [1].