Financial Performance - The company's net profit for the first half of 2025 is projected to be between 100 million and 135 million CNY, representing an increase of 237.95% to 356.24% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses is expected to decline by 1.9 million to 3.5 million CNY, a decrease of 70.96% to 84.23% year-on-year [2][3] - The fair value changes of financial assets resulted in a significant gain of approximately 110 million CNY in the first half of the year [3] Product Development and Innovation - Key innovative drugs in development include DT678, MBT-1608, PHP1003, PHP0101, long-acting recombinant human follicle-stimulating hormone injection, and GLP-1-Fc fusion protein [4] - The long-acting recombinant human follicle-stimulating hormone injection and GLP-1-Fc fusion protein have completed clinical trials and are about to be submitted for market approval [4] - The company has a unique anti-platelet aggregation drug developed in collaboration with a U.S. university, which is currently in Phase II clinical trials [4][5] New Product Launches - The nitroglycerin spray, as a unique dosage form in China, has significant market potential, especially for emergency use in angina and myocardial infarction [6] - The company plans to enhance marketing strategies for the nitroglycerin spray through academic conferences and collaborations with various sales channels [6] Shareholder Returns - Since its listing in 2004, the company has consistently paid cash dividends, with total dividends exceeding 2.1 billion CNY, which is more than ten times the initial fundraising amount [7] E-commerce and Sales Channels - The company has established a flagship store on JD.com, with a growing range of products available for sale [9] - The proportion of oral formulations has been increasing, prompting the company to explore new marketing models, including e-commerce [9] Investment Activities - The company holds a 55.69% stake in Beijing New Mile Health Industry Group through a partnership, which is expected to yield good returns in the future [10]

随着2024年底以来创新药板块逐步回暖，A股和港股市场均出现估值修复迹象。受益于监管优化、医保 支付政策稳定以及国际临床试验成果利好频出，细胞治疗、高端医疗器械等细分领域重新获得市场关 注。 三、高端医疗器械崛起，国产替代加速释放机会 在高端医疗器械方面，图湃医疗作为国产眼科设备平台型企业，依托清华工研院技术孵化，已实现眼科 OCT产品国内市占率第一，并在2024年8月完成眼科手术显微镜产品注册，步入销售加速期。图湃以 OCT为核心技术路径，正从眼科诊断设备向治疗设备拓展，并延伸至神经外科、五官科等临床场景，在 国产高端医疗器械进口替代趋势中占据稀缺优势。其在研产品如飞秒激光机器人、超乳玻切设备，以及 孵化的眼底注射机器人企业"瞳沐"，共同构成了眼科智能化手术平台的雏形。 此外，首程亦与药明康德等具备全球服务能力的CRO/CDMO平台保持合作。药明康德作为全球领先的 制药及医疗器械研发服务企业，其覆盖小分子药物发现至商业化、细胞与基因治疗全流程开发、医疗器 械测试等板块，为上游创新型药械企业提供关键研发基础设施支撑，进一步完善了首程产业投资逻辑中 的"技术—制造—应用"闭环。 四、政策与周期共振，产业型资本正 ...

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.37% to close at 3516.83 points, while the Shenzhen Component rose by 1.43% to 10873.62 points. The ChiNext Index saw a gain of 1.75%, closing at 2269.33 points, and the Sci-Tech 50 Index increased by 0.80% to 1005.65 points. Overall, 3535 stocks rose, 1609 fell, and 271 remained unchanged, with a total trading volume of 15,394 billion yuan, an increase of 973 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, the leading sectors included defense and military, communication, electronics, pharmaceutical and biological, and comprehensive industries, with respective gains of 2.74%, 2.41%, 2.18%, 1.77%, and 1.42%. Conversely, the banking, transportation, environmental protection, public utilities, and construction decoration sectors experienced declines, with losses of 0.42%, 0.39%, 0.26%, 0.24%, and 0.19% respectively [1][2]. Concept Sector Performance - The top-performing concept sectors today included circuit boards, CRO (Contract Research Organization), innovative drugs, aircraft carriers, first boards, medical services, board trading, large aircraft, continuous boards, wireless charging, the top ten military industrial groups, biological vaccines, photoresist, consumer electronics OEM, and 5G [2].

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index down 0.08% to 24,498.95 points and a total turnover of HKD 236.41 billion [1] - The Hang Seng Tech Index rose by 0.56% to 5,448.85 points, indicating a positive trend in technology stocks [1] - Analysts from Dongwu Overseas Strategy Team maintain a cautiously optimistic view on Hong Kong stocks, suggesting potential inflows of new capital and a focus on dividend stocks and undervalued stocks [1] Blue Chip Performance - Li Auto-W (02015) led blue-chip stocks with a 9.73% increase, closing at HKD 124.1, contributing 24.08 points to the Hang Seng Index [2] - Other notable performers included China Biologic Products (01177) up 5.9% and Hansoh Pharmaceutical (03692) up 4.39% [2] - Conversely, Chow Tai Fook (01929) and New Oriental-S (09901) saw declines of 3.55% and 2.47%, respectively, negatively impacting the index [2] Sector Highlights - The biotechnology sector was notably strong, with innovative drug stocks leading the gains, such as Lepu Biopharma-B (02157) up 24.66% and CanSino Biologics (09926) up 10.71% [3][4] - The robotics sector also showed significant activity, with companies like Delta Electronics (00179) rising 14.54% [4] - Lithium stocks experienced gains, with Ganfeng Lithium (01772) up 5% and Tianqi Lithium (09696) up 4.38% [5] Gold Market Dynamics - The gold market faced pressure as spot gold prices fell below USD 3,330, influenced by a stronger dollar and reduced safe-haven demand [7] - Gold stocks collectively declined, with Lingbao Gold (03330) down 5.2% and Shandong Gold (01787) down 3.75% [6][7] Notable Stock Movements - Changfei Optical Fiber (06869) surged 19.61% to HKD 24.4, driven by positive developments in the optical module sector [8] - Fenbi (02469) rose 18.79% following the launch of its AI-based exam preparation system [9] - Dechang Electric (00179) reached a new high with a 14.54% increase, attributed to new joint ventures aimed at enhancing its engineering capabilities [10] - China Software International (00354) increased by 12.75%, benefiting from government support for the HarmonyOS application ecosystem [11]

Group 1: TSMC Performance - TSMC reported a nearly 61% year-on-year increase in net profit for Q2, exceeding market expectations, driven by strong demand for AI chips [3][4] - The company's Q2 revenue grew by 38.65% year-on-year, reaching NT$933.8 billion (approximately US$31.7 billion), also surpassing market forecasts [4][8] - TSMC expects a revenue growth of about 30% in USD terms for the year, up from a previous estimate of 25%, highlighting robust demand from clients like NVIDIA and AMD for high-end AI chips [5][6] Group 2: Market Reactions - Following TSMC's positive earnings report, its stock surged in after-hours trading [7] - The Nasdaq futures also experienced a sharp increase in response to TSMC's financial results [9] Group 3: A-Share Market Performance - On July 17, the A-share market saw a significant rise, with the ChiNext Index leading the gains, closing with the Shanghai Composite Index up by 0.37%, the Shenzhen Component Index up by 1.43%, and the ChiNext Index up by 1.76% [11] - A total of 3,536 stocks rose, with 66 hitting the daily limit up, while 1,611 stocks declined [12] Group 4: Sector Highlights - AI hardware stocks surged, with companies like Mankun Technology and Shenghong Technology hitting the daily limit up [14] - Innovative drug concept stocks continued to strengthen, with firms such as Chengdu Xian Dao and Seli Medical also reaching the daily limit up [15] - Robotics concept stocks remained active, with companies like Shangwei New Materials and Nanjing Julong hitting the daily limit up [17] - The military industry sector saw gains, with stocks like AVIC Shenfei and Construction Industry reaching the daily limit up [19] Group 5: Citigroup's Market Outlook - Citigroup expressed a constructive view on the mid-term outlook for Asian markets, despite macroeconomic volatility, predicting a 7% return for the MSCI Asia (excluding Japan) index by mid-2026 [21] - The bank raised its rating on the consumer sector in China from "neutral" to "overweight" and adjusted its targets for major indices, including a year-end target of 25,000 for the Hang Seng Index and 4,200 for the CSI 300 Index [21]

Core Viewpoint - Recently, Haisco Pharmaceutical Group Co., Ltd. announced that the Shenzhen Stock Exchange has accepted its application for a private placement of shares, aiming to raise up to 1.365 billion yuan for new drug research and development and to supplement working capital [1] Company Overview - Haisco is a diversified and specialized pharmaceutical group engaged in new drug research and development, manufacturing, and marketing, with a product portfolio covering multiple segments including anesthesia, parenteral nutrition, anti-tumor, and cardiovascular drugs, among others [3] - The company has over 40 products, including four Class 1 new drugs that have been approved for market, with many others being the first or sole generic versions in China [3] Strategic Transformation - Haisco is undergoing a rapid transformation from focusing on "innovative generics" to a "combination of generics and innovation" due to the impact of generic drug procurement policies [3][4] - The proportion of revenue from generic drugs has decreased from over 80% in 2019 to below 60% in 2024, while the revenue from innovative drugs is expected to exceed 40% by 2025 [4][5] Financial Performance - In 2024, Haisco achieved a revenue of 3.721 billion yuan, a year-on-year increase of 10.92%, and a net profit of 396 million yuan, up 34% year-on-year [5] - Following the release of the annual report, the company's stock price hit the limit up, and its market capitalization exceeded 50 billion yuan for the first time, reflecting market recognition of its innovative drug transformation strategy [5] Funding Needs - The innovative drug research and development process is characterized by long cycles, high investment, and low success rates, leading to significant funding needs for Haisco [6] - The company reported a total R&D investment of 1.589 billion yuan from 2022 to 2024, with 624 million yuan allocated in 2024, marking a 20.7% increase year-on-year [6] Future Plans - Haisco plans to use the raised funds for the research and development of several innovative drugs, including HSK31679 for non-alcoholic fatty liver disease and HSK31858 for respiratory diseases, among others [6] - The company aims to enhance its R&D investment, accelerate clinical trials, and improve the efficiency of drug registration processes, thereby expanding its product line and creating new profit growth points for sustainable development [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The value of the company's innovative drug platform is gradually becoming apparent, with multiple leading technology platforms established, focusing on oncology, immunology, and degenerative diseases, indicating potential for revaluation [5][6] - The innovative pipeline provides expectations for international expansion, granting the company new valuation flexibility [6] Summary by Relevant Sections Market Performance - Closing price as of July 16, 2025, is 49.30 CNY, with a total market capitalization of 9,921.98 million CNY [3] Earnings Forecast and Valuation - Projected revenues for 2025-2027 are 1,684 million CNY, 2,071 million CNY, and 2,650 million CNY, respectively, with year-on-year growth rates of 19.68%, 22.98%, and 27.96% [7] - Expected net profit for the same period is 107 million CNY, 207 million CNY, and 346 million CNY, with significant year-on-year growth rates [7] - Price-to-earnings ratios (P/E) for 2025-2027 are projected at 93.02, 47.97, and 28.69, respectively [9] Innovative Pipeline - The company has developed several innovative drugs targeting significant medical needs, including GB18 for cancer cachexia, GB12 for atopic dermatitis, and GB20/GB24 for inflammatory bowel disease, all showing promising clinical progress [8][21][35] - GB18, targeting GDF15, has received IND approval in both China and the US, with a favorable competitive landscape and high clinical success probability [21][30] - GB20 and GB24, targeting TL1A, are positioned to address the growing market for inflammatory bowel disease, with significant patient numbers projected [35][39] Investment Logic - The company is expected to maintain high growth rates in overseas sales, particularly with the commercialization of key products in the EU and emerging markets [11] - The innovative drug development pipeline is progressing positively, with potential for significant valuation increases through successful business development (BD) transactions [11][19]

从消息面来看，近期，创新药板块的利好消息不断。接下来，这个板块的行情是否会持续下去呢？ 创新药概念股集体爆发 自6月底以来，创新药板块一路上行，最近几天更是加速上涨。7月17日，创新药板块指数涨幅超过3%，成都 先导、迈威生物、维康药业、塞力医疗、力生制药、亚太药业、信立泰等近20只相关概念股涨停或涨超10%。 7月17日，创新药领域又传来一则好消息。据北京日报报道，近日，我国自主研发的、抗呼吸道合胞病毒的创 新药——齐瑞索韦列入世界卫生组织儿童药物优化优先清单，有望为全球儿童带来可及、可负担的有效治疗。 据报道，世界卫生组织儿童药物优化（PADO）项目通过凝聚监管机构、资助方与制造商共识，推动有紧迫需 求的儿童药物加速开发，工作内容包括确定研发的重点优先产品及其理想的产品特性。 创新药板块，再次掀起涨停潮！ 今日（7月17日），A股三大指数集体拉升，截至收盘，沪指涨0.37%，深证成指涨1.43%，创业板指涨1.76%。 盘面上，创新药、CPO、AI硬件等方向领涨。其中，创新药概念股集体大涨，成都先导、塞力医疗、力生制药 等近20只相关概念股涨停或涨超10%。 在港股市场上，创新药概念股也集体爆发，截至收盘 ...

Group 1 - The core viewpoint of the articles emphasizes that the innovative drug sector in China is experiencing a transformation driven by international recognition, policy support, and market dynamics, leading to a potential revaluation cycle [1][5][9] - The total value of license-out transactions for Chinese innovative drugs exceeded $50 billion in 2023, with multiple drugs receiving FDA approval, indicating growing global market acceptance [1][5] - The Hong Kong stock market has become a preferred listing venue for Chinese innovative drug companies due to its international financing environment and flexible listing regulations, hosting numerous leading firms in cutting-edge fields such as oncology and gene therapy [1][5] Group 2 - The newly launched Hong Kong Stock Connect Innovative Drug ETF by Harvest Fund aims to provide investors with a one-click solution to invest in core assets of innovative drugs, tracking the CSI Hong Kong Stock Connect Innovative Drug Index [2][9] - The CSI Hong Kong Stock Connect Innovative Drug Index includes 50 companies involved in innovative drug research and development, with the top ten companies accounting for over 60% of the index's weight, showcasing significant representativeness [2][3] - As of July 15, 2025, the index has shown impressive performance, with a one-year increase of 109.13% and a year-to-date increase of 66.23%, outperforming similar indices and the broader market [4][5] Group 3 - The A-share Sci-Tech Innovation Board complements the Hong Kong market by attracting innovative drug companies with independent intellectual property, providing a financing channel for high-growth biotech firms [6][9] - The newly established Sci-Tech Medicine ETF by Harvest Fund tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index, covering various segments including innovative drugs and vaccines [6][9] - The combination of the Hong Kong and A-share markets creates a comprehensive investment strategy for Chinese innovative drugs, allowing investors to capture opportunities across the entire industry chain [9][10] Group 4 - The dual-market strategy of investing in both Hong Kong and A-share markets allows for a diversified approach, with the Hong Kong ETF focusing on mature innovative drug companies and the A-share ETF targeting early-stage firms with high growth potential [10][11] - This strategy aims to mitigate risks associated with market volatility while maximizing long-term investment value in the innovative drug sector [10][11] - Harvest Fund has developed a comprehensive ETF product line in the biopharmaceutical sector, including various thematic products to capture key industry opportunities [11]

Group 1: Innovation Drugs Sector - The innovation drug sector has seen significant growth, with companies like BeiGene rising by 10% and others like Maiwei Biotech and Weikang Pharmaceutical hitting 20% limit up [2][4] - The sector's performance is driven by three main factors: continuous policy benefits, strong earnings from leading pharmaceutical companies, and accelerated international breakthroughs [7] - Notable earnings forecasts include WuXi AppTec expecting a revenue of approximately 20.64% growth and a net profit increase of about 101.92% for the first half of 2025 [7] Group 2: AI Computing Power Sector - AI hardware stocks have surged, with companies like NewEase and Shenghong Technology reaching historical highs [8][10] - NVIDIA's CEO highlighted the importance of open-source AI in driving global progress and announced the resumption of H20 chip sales in China, indicating strong demand [13] Group 3: Photovoltaic Industry - The photovoltaic sector has experienced a collective surge, with companies like Lianfa and Tianchen shares hitting limit up [15] - Recent policies aimed at addressing "low-price internal competition" are pushing the industry towards high-quality development, with significant price increases in polysilicon materials [18][19] - The Middle East is projected to see a substantial increase in renewable energy capacity, with solar energy being a major contributor [19]