2025 年 7 月 8 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 23,888 | -0.76 | 40.13 | | 恒生国企 | 8,609 | -0.46 | 49.23 | | 恒生科技 | 5,230 | -0.08 | 38.93 | | 上证综指 | 3,473 | 0.35 | 16.75 | | 深证综指 | 2,074 | -0.49 | 12.87 | | 深圳创业板 | 2,130 | -1.57 | 12.63 | | 美国道琼斯 | 44,406 | -0.94 | 17.82 | | 美国标普 500 | 6,230 | -0.79 | 30.61 | | 美国纳斯达克 | 20,413 | -0.92 | 35.98 | | 德国 DAX | 24,074 | 0.58 | 43.71 ...

创新药概念反复走强 联环药业2连板 智通财经7月8日电，创新药概念反复走强，联环药业走出2连板，睿智医药、广生堂涨超10%，前沿生 物、赛升药业、北陆药业、亿帆医药、美迪西等多股涨超5%。中金公司研报称，长期看，中国创新药 在经历跟随创新沉淀后，已经进入渐进式创新时代，开始具备国际竞争力。同时，一二级融资的便利， 国际形势趋缓带来产业链CXO/科研上游等领域的衍生投资机会。 ...

A股单抗概念盘初活跃，赛升药业、海南海药均涨超9%，以岭药业、中源协和、复旦张江等个股跟 涨；消息面上，港股基石药业与欧洲药企Gentili就舒格利单抗达成合作，创新药出海有望再次提振。 ...

港股开盘，恒生指数开涨0.17%，恒生科技指数开涨0.28%；创新药概念反弹，远大医药(00512.HK)涨 超5%；芯片股回升，上海复旦(01385.HK)涨1.5%。 ...

恒生指数开盘涨0.17%，恒生科技指数涨0.28%。创新药概念反弹，远大医药涨超5%。 ...

药物分子形式 生物制剂(Biologics) 小分子(SMOL) 偶联药物(XDC)||基因药物(genetic medicine) 小核酸药物(siRNA) | 分子胶(molecular qlue) 其他平台技术(platform technology) 拜耳作为深度融入中国创新生态的跨国药企龙头企业, 持续加大对中国创新的关注以及资源投入,积极携手中国的 创新力量,不断探索合作创新的更多可能,旨在合力发掘并 带来中国的下一个"重磅创新"。 我们宣布即日起正式启动拜耳中国"共创·新药"大赛, 诚挚邀请中国创新者及生物技术公司提交并展示具有突破创新 潜力的研发管线、在研药物分子或新型技术,具体范围如下: 目标治疗领域 Precision Oncology 精准实体肿瘤治疗 Precision Cardiorenal Diseases 精准心肾疾病治疗 Immunology & Inflammation 免疫学及炎症 研发管线阶段 从早期临床前候选化合物(pre-PCC) 到临床概念验证 (clinical PoC) 参选项目将经过拜耳中国及全球研发与BD专家组成的 评审委员会从创新水平、关键数据、推进速度以 ...

Group 1 - In the first half of the year, 576 out of 650 comparable QDII funds saw an increase in net value, representing 88.62% of the total [1] - The innovative drug sector has rebounded, leading to significant gains for funds heavily invested in this area, with top performers including Huatai-PB Hong Kong Advantage Selected Mixed Fund A and C, achieving returns of 86.00% and 85.64% respectively [1] - The top ten holdings of the leading funds include companies such as Rongchang Biologics, Kelun Pharmaceutical, and Innovent Biologics, indicating a strong focus on innovative pharmaceuticals [1] Group 2 - Thirteen QDII funds recorded gains exceeding 50% in the first half of the year, with four from E Fund Management, all focused on the innovative drug industry [2] - The top holdings of these high-performing funds include Hansoh Pharmaceutical, Kelun Pharmaceutical, and Innovent Biologics, showcasing a concentrated investment strategy in the healthcare sector [2] - Other ETFs such as GF CSI Hong Kong Innovative Drug ETF and Huatai-PB Hang Seng Innovative Drug ETF also reported gains above 50%, benefiting from the strong performance of the innovative drug sector [2] Group 3 - The top ten holdings of the ICBC New Economy Mixed Fund include Kelun Pharmaceutical, Innovent Biologics, and Hansoh Pharmaceutical, reflecting a strategic focus on high-growth healthcare companies [3] - Funds tracking indices related to Southeast Asian technology and oil sectors have underperformed, indicating sector-specific challenges within the QDII fund landscape [3] Group 4 - The performance rankings of QDII funds show that the top three funds are Huatai-PB Hong Kong Advantage Selected Mixed Fund C, A, and GF CSI Hong Kong Innovative Drug ETF, with net value growth rates of 86.00%, 85.64%, and 57.12% respectively [4] - The bottom-performing funds primarily track indices related to Southeast Asian technology and oil, with significant negative returns [4]

Core Insights - The approval of over 20 innovative Class 1 drugs by the National Medical Products Administration in the first five months of this year marks a record high for the same period in the past five years [1] - The commercial health insurance sector is accelerating innovation to ensure that advanced medical services are accessible and affordable for consumers [1][2] - The market size for innovative drugs and medical devices in China is projected to reach 162 billion yuan in 2024, reflecting a 16% increase from 2023 [1] Group 1: Market Dynamics - The personal out-of-pocket expense for innovative drugs and devices remains high at 49%, while medical insurance fund expenditures account for approximately 44%, and commercial health insurance only covers about 7.7% [1] - The expansion of commercial insurance coverage for innovative drugs aligns with policy directives aimed at enhancing health insurance service levels [2] Group 2: Insurance Innovations - New insurance products, such as Xinhua Insurance's "Medical Worry-Free Insurance," are extending coverage to medications and medical devices purchased outside of hospitals, addressing patient needs for advanced medical resources [3] - Ant Group's insurance platform has upgraded its "Good Medical Insurance" series to include reimbursement for over 1,500 advanced drugs and devices, enhancing coverage for imported and original research drugs [3] Group 3: Payment Mechanisms - A multi-tiered payment mechanism has emerged, primarily driven by market-oriented commercial health insurance, which includes various types of insurance such as inclusive insurance, million medical insurance, and critical illness insurance [4] - The total compensation amount for innovative drugs and devices from commercial health insurance is estimated to be around 12.4 billion yuan in 2024, representing 7.7% of the innovative drug market size [4] Group 4: Challenges and Considerations - The introduction of new drugs and technologies presents challenges for insurance companies, as they may increase treatment costs and claims [5] - Insurance companies are focusing on balancing the coverage of advanced drugs while keeping premiums affordable to ensure product accessibility [5]

Core Viewpoint - The innovative traditional Chinese medicine (TCM) product Yiqi Tongqiao Wan has successfully completed phase III clinical trials and is now available for treating allergic rhinitis, with plans for a large-scale real-world study involving 10,000 samples to validate its clinical efficacy [1][3]. Group 1: Product Development and Efficacy - Yiqi Tongqiao Wan is developed by integrating modern medicinal components from the effective formula "Allergy Decoction" and employs modern pharmaceutical techniques [2]. - Clinical trial results show significant efficacy, with a nasal discharge symptom disappearance rate of 52.65% and a tear symptom disappearance rate of 80.97%. Additionally, 30% of patients did not experience a recurrence of rhinitis within a year after two weeks of treatment [3]. Group 2: Quality Control and Technological Integration - The quality of raw materials is crucial for modern pharmaceutical companies, and Yiqi Tongqiao Wan's 14 ingredients are sourced from high-quality regions and standardized cultivation bases [5]. - The production process utilizes digital technology for quality traceability throughout the entire supply chain, enhancing the stability and uniformity of the extract's quality [5][6]. Group 3: Market Expansion and Cultural Promotion - The company is expanding the application of TCM by developing diverse product lines, including health foods and beverages that incorporate TCM ingredients [8]. - Efforts to promote TCM culture include public health services and community engagement activities, aiming to enhance public understanding and acceptance of TCM [8].

Market Overview - A-shares showed mixed performance on July 7, with the Shanghai Composite Index closing at 3473.13 points, up 0.02%, while the Shenzhen Component and ChiNext Index fell by 0.70% and 1.21% respectively [1] - The total market turnover was 12.27 billion yuan, a decrease of 2.27 billion yuan from the previous trading day [1] Real Estate Sector - The real estate sector experienced a rebound, with stocks like Yuhua Development and Shahe Shares hitting the daily limit [2] - The Ministry of Housing and Urban-Rural Development emphasized the need for safe, comfortable, green, and smart housing, aiming to stabilize expectations and activate demand [2] - Guojin Securities noted that the third quarter is crucial for real estate policy implementation, which could significantly impact the market in the latter half of the year [2] Power Sector - Power stocks surged due to the summer electricity peak, with companies like Shaoneng Shares and Huayin Power hitting the daily limit [3] - Huayin Power projected a net profit of 180 million to 220 million yuan for the first half of 2025, an increase of 175 million to 215 million yuan year-on-year [3] - National electricity load reached a record high of 1.465 billion kilowatts, with significant increases in several provinces [3] Electricity Market Outlook - Xiangcai Securities expects high electricity demand to continue, improving the power supply-demand balance [4] - The firm recommends focusing on three main areas: hydropower assets benefiting from market reforms, thermal power stocks with improving performance, and leading companies in renewable energy [4] Market Sentiment - China Galaxy Securities indicated that the market is in a rapid rotation phase, with increased volatility expected due to upcoming earnings reports and external uncertainties [5] - The firm suggests focusing on sectors with relatively high earnings certainty in the short term, while maintaining a positive long-term outlook for A-shares [5] Investment Strategy - Recommendations include focusing on assets with high safety margins, technology as a long-term investment theme, consumer sectors boosted by policy support, and mergers and acquisitions [6]