Group 1 - The current market environment favors the technology and innovation sectors, with the ChiNext Index representing a low valuation large-cap growth style that is expected to benefit significantly [1] - The ChiNext Index currently has a PE ratio of 33.89 times, which is at the 23.82% percentile over the past decade, indicating it is among the lowest valuation levels in mainstream broad-based indices [1] - New growth drivers such as AI (computing power), innovative pharmaceuticals, and new energy vehicles are experiencing cyclical turning points, providing fundamental support for the low valuation large-cap growth sector [1] Group 2 - The Sci-Tech Innovation and Entrepreneurship ETF (588360) tracks the Sci-Tech Innovation and Entrepreneurship 50 Index (931643), which can have daily fluctuations of up to 20% [1] - The index is compiled by China Securities Index Co., Ltd., selecting high-quality listed companies from the Sci-Tech Innovation Board and ChiNext market in fields such as new-generation information technology, biomedicine, and new materials [1] - The index focuses on technology companies with high growth characteristics, highlighting significant coverage of high-tech industries [1]

今日大盘集体走高，医药生物板块午后爆发，疫苗ETF（159643）涨超5%，创业板医药ETF国泰（159377）、生物医药ETF（512290）涨超3%。 风险提示：如提及个股仅供分析参考，不构成任何投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化 而变动，不构成任何投资建议或承诺。提及股票型基金预期收益及预期风险水平高于混合型基金、债券型基金和货币市场基金。相关股票型基金为指数型基 金，跟踪对应标的指数，其风险收益特征与标的指数所表征的市场组合的风险收益特征相似。提及债券基金预期收益及风险水平低于股票基金、混合基金， 高于货币市场基金。相关债券基金为指数型基金，其风险收益特征与标的指数所表征的市场组合的风险收益特征相似。提及商品型基金主要投资对象为黄金 现货合约，预期风险收益水平与黄金资产相似，不同于股票基金、混合基金、债券基金和货币市场基金。如需购买相关基金产品，请您详阅基金法律文件， 关注投资者适当性管理相关规定，提前做好风险测评，并根据您自身的风险承受能力购买与之相匹配的风险等级的基金产品。基金有风险，投资需谨慎。 每日经济新闻 消息面，近期国家医保局发布《 ...

Group 1: ETF Performance - The liquidity of the Kexin Pharmaceutical ETF managed by Jiashi showed a turnover rate of 16.97% with a transaction volume of 33.88 million yuan, indicating active market trading [2] - Over the past year, the Kexin Pharmaceutical ETF has seen a significant growth in scale, increasing by 119 million yuan, ranking first among comparable funds [2] - The net asset value of the Kexin Pharmaceutical ETF has risen by 48.37% over the past year, placing it in the top 15.05% among index equity funds [2] Group 2: Stock Performance - The top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index account for 50.3% of the index, with leading stocks including United Imaging Healthcare and BeiGene [2] - Recent stock performance includes United Imaging Healthcare with a rise of 2.04% and BeiGene with a slight increase of 0.21%, while Huatai Medical saw a decline of 2.71% [4] Group 3: Industry Trends - The biopharmaceutical industry is entering a dual-driven phase of policy and technology, with innovation drug support policies advancing to phase 2.0 [5] - The medical device sector is experiencing a core trend of replacement and technology export, with regulatory upgrades promoting innovation and industry breakthroughs [5] - State-owned capital entering the biopharmaceutical sector is injecting financial vitality, accelerating R&D investment and industry chain integration [5] Group 4: Licensing Agreements - Chinese innovative pharmaceutical companies are reporting significant "Licence Out" transactions, with Kexin Pharmaceuticals announcing a deal with ERIGEN for an exclusive overseas licensing agreement worth up to 1.32 billion USD [4]

近期第十一批集采工作已经启动。 国务院新闻办公室7月24日上午举行"高质量完成'十四五'规划"系列主题新闻发布会，请国家医疗保障局局 长章轲介绍"十四五"时期深化医保改革，服务经济社会发展有关情况，并答记者问。 要点如下： 全国基本医保参保率稳定在95%左右 章轲在新闻发布会上介绍，"十四五"期间，全国基本医保参保率稳定在95%左右，2024年度全国基本医保 参保人数达13.27亿人。 "十四五"以来累计402种药品进入目录 章轲在新闻发布会上介绍，"十四五"以来累计402种药品进入目录。国家医保药品目录实现全国统一，目 录内药品总数达到3159种。 十四五以来医保基金累计支出12.13万亿元，年均增速9.1% 章轲在新闻发布会上介绍，全国跨省联网定点医药机构达64.4万家，四年多来全国跨省异地就医直接结算 惠及5.6亿人次，累计减少参保群众垫资5900亿元。 全国超9600万人次享受生育保险待遇 章轲在新闻发布会上介绍，截至2025年6月，2.53亿人参加生育保险，基金累计支出4383亿元，享受待遇 9614.32万人次。31个省份和新疆生产建设兵团都将辅助生殖项目纳入医保报销。 2021年至2024年累计 ...

Study AB23005 is a prospective, multicenter, randomized, double-blind, placebo-controlled, two-arm study in patients with amyotrophic lateral sclerosis (ALS), to confirm the efficacy and safety of masitinib (at a dose of 4.5 mg/kg/day in combination with riluzole) as compared against riluzole in combination with placebo after 48 weeks of treatment. PRESS RELEASE AB SCIENCE HAS RECEIVED APPROVAL FROM SEVERAL EUROPEAN COUNTRIES TO INITIATE THE CONFIRMATORY PHASE 3 STUDY OF MASITINIB IN AMYOTROPHIC LATERAL SCL ...

Group 1 - The core viewpoint of the news highlights the positive impact of upgraded innovative drug policies and domestic medical device substitution, leading to a significant increase in the vaccine ETF (159643) by over 5.3% [1] - The 11th batch of national centralized procurement policies shows an optimization trend, moving away from simple lowest price references to a "low-price declaration" system, requiring companies to commit to not pricing below cost [1] - The policy maintains the principle of "no centralized procurement for new drugs," excluding products with annual procurement amounts below 100 million yuan, while enhancing quality supervision and targeted inspections of low-priced selected drugs [1] Group 2 - The innovative drug sector is entering a stage of realizing results, with significant R&D progress, particularly in emerging markets, indicating potential for companies expanding internationally [1] - Certain sub-sectors, such as insulin and orthopedics, have seen the impact of centralized procurement clear up, suggesting a new growth phase ahead [1] - The current valuation of the pharmaceutical sector stands at 29.88 times (TTM), with a premium of 153.54% relative to the CSI 300, and a year-to-date increase of 16.59%, outperforming the market by 13.45 percentage points [1]

没有股票账户的投资者可关注国泰中证沪港深创新药产业ETF发起联接A（014117），国泰中证沪港深 创新药产业ETF发起联接C（014118）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 信达证券指出，医药生物行业近期受政策红利释放和临床数据催化影响，创新药投资热情持续升温。加 速创新药评审、构建多元支付体系等措施有望激发行业创新活力，创新药与创新器械仍是未来主线。化 学制药板块表现突出，周涨幅达6.86%，位列子行业第一。下半年"复苏"条线值得关注，包括医疗设备 招采回暖、CXO及生命科学上游需求恢复。行业动态方面，本土药企并购整合加速，如中国生物制药 收购礼新医药，政策层面持续推动生物制造、脑机接口等前沿领域发展。 创新药ETF（517110）跟踪的是SHS创新药指数（931409），该指数由中证指数有限公司编制，从沪深 港三地市场中选取 ...

江海证券指出，医药生物行业正迎来政策与技术双轮驱动期，2025年措施标志着我国创新药支持政策迈 入2.0阶段，或将激活创新药产业链新一轮机遇。科创板第五套标准与港股18A双融资通道重启互补模 式，有望激活医药企业全周期融资。医疗器械行业方面，替代与技术出海成为核心趋势，高端医疗器械 监管升级正驱动创新转化与产业突围。国内IVUS和FFR市场加速成熟，预计中国IVUS市场规模将从 2024年的17.6亿元增长至2030年的51.1亿元，冠脉直接测量FFR市场规模将从2024年的2.3亿元增长至 2030年的31.2亿元。心血管疾病在老龄化加剧的背景下，市场需求持续增长，行业潜力巨大。 每日经济新闻 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅可达20%。该指数从创业 板市场中选取涉及生物医药、医疗器械、医疗服务等细分领域的上市公司证券作为指数样本，以反映创 业板医药卫生行业相关上市公司证券的整体表现。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供 ...

Investment Rating - The report gives a "Strong Buy" rating for the company, indicating a positive outlook for its future growth potential [1][10]. Core Viewpoints - The company has established itself as a leading player in the domestic CDMO (Contract Development and Manufacturing Organization) sector, with strong global competitiveness in raw materials, CDMO, and formulation businesses. The report anticipates a new growth cycle driven by the explosive growth of the CDMO business and the recovery of the formulation and raw material sectors [6][8]. - The CDMO business is expected to enter a phase of rapid growth, supported by the rise of leading biotech companies in China and the company's established relationships with major pharmaceutical firms globally [28][30]. - The formulation business is projected to accelerate growth starting in 2026, with a strategy focused on multi-product development and enhanced R&D capabilities [9][22]. - The raw material business is expected to regain medium to long-term growth, particularly in antibiotics and veterinary drugs, as market conditions improve [23][24]. Financial Summary - The company’s total revenue is projected to be 12,022 million in 2024, with a year-on-year growth rate of 4.8%. However, a decline of 6.3% is expected in 2025, followed by a recovery in 2026 with a growth of 1.6% and a significant increase of 16.3% in 2027 [2]. - The net profit attributable to shareholders is forecasted to be 1,031 million in 2024, with a slight decline of 2.3% year-on-year, followed by a more substantial recovery in 2026 and 2027 with growth rates of 30.8% and 28.1%, respectively [2][10]. - The price-to-earnings (PE) ratio is expected to decrease from 18 in 2025 to 11 by 2027, indicating an attractive valuation as the company grows [2][10]. Business Segments CDMO Business - The CDMO segment is anticipated to experience explosive growth, driven by the commercialization of numerous API (Active Pharmaceutical Ingredient) projects in China and sustained contributions from overseas clients [6][28]. - In 2024, the CDMO revenue is expected to reach 18.84 billion, with a gross profit margin of 41% [24][26]. Formulation Business - The formulation business is set to enter a growth phase in 2026, with the company planning to approve over 15 new products annually starting from that year [9][22]. - The integration of raw materials and formulations is expected to enhance cost advantages and accelerate product approvals [9][22]. Raw Material Business - The raw material segment is projected to recover, particularly in antibiotics and veterinary drugs, as prices stabilize and market share increases [23][24]. - The company is expanding its product pipeline in chronic disease medications and leveraging its manufacturing capabilities to drive growth [23][24].

近期，CXO行情火热，全市场CXO含量最高的$港股医疗ETF（159366）$午盘开盘上涨，成分股利好频出。 作为创新药产业链的卖水人，创新药板块的复苏传导到CXO或有一定时间，但拐点也许已经出现。行业龙头药明康德的业绩预告是一个预示。龙头企业的 业绩率先企稳回升，提振了市场对CXO公司的信心，带动了整个CXO板块的一波涨势。 数据来源：《中国创新药企：迈向全球市场的出海之王》，天风证券研究所。 中国CXO经历了四大发展阶段，从早期聚焦海外药企的实验室服务业务或部分跨国药企定向扶持的CDMO代工厂，到逐步出现具备完整欧美GMP认证商业 化能力的CDMO企业，再到新冠疫情爆发后加速产业升级并参与全球创新药产业链竞争，最后进入全面参与全球化竞争的深入期。目前已经进入全球化竞争 深水区，并具有极大优势。 | | | 1.437 +0.033 +2.35% | | | | 港股医疗ETF 159366 | ਕੋ | | --- | --- | --- | --- | --- | --- | --- | --- | | | | SZSE CNY 13:17:18 交易中 | | | | | T+0 / 0 | | | ...