张韡布局创新药已久。在2023年的季报中，她关注全球NASH、老年痴呆、ADC、减肥药等领域的突破性进展， 判断全球创新有望迎来新周期，于是布局了创新药企业以及传统仿制药公司转型创新药成功的潜在标的。 | Wind代码 | 证券简称 | 2025-01-01到 2025-06-17 | 现任基金经理 | 基金公司 | | --- | --- | --- | --- | --- | | | | 复权单位净值 | | | | | | 相长率(X) | | | | 470888.OF | 汇添富香港优势精选A | 98.66 | 张峰 | 汇漆富基金 | | 022286.OF | 长城医药产业精选A | 75.69 | 梁福睿 | 长城基金 | | 016303.OF | 中信建投北交所精选两年定开A | 74.00 | 冷文鹏 | 中信建投基金 | | 015915.OF | 永赢医药创新智选A | 70.80 | 储可凡,单林 | 永赢基金 | | 020397.OF | 中银港股通医药A | 69.80 | 第宁 | 中银来金 | | 014283.OF | 华夏北交所创新中小企业精选两年定开 | 67.6 ...

Core Insights - The pace of Jiangsu's innovative pharmaceuticals "going global" has significantly accelerated in 2023, with companies like Innovent Biologics, Hengrui Medicine, WuXi Biologics, and Zai Lab achieving international licensing agreements [1][2] - The successful internationalization of these innovative drugs not only benefits global patients but also accelerates the upgrade of Jiangsu's biopharmaceutical industry [1] - By 2024, 20 listed companies in Jiangsu's chemical pharmaceuticals, biological products, and traditional Chinese medicine sectors reported overseas revenues totaling approximately 6.8 billion yuan, accounting for 20% of total revenue [2] Group 1: Key Developments in International Collaborations - Innovent Biologics announced a collaboration with Roche for global development and commercialization rights of a new drug, marking a significant milestone for Chinese innovative drugs in 2025 [1] - WuXi Biologics entered a research service collaboration with a U.S. company, receiving an upfront payment and potential milestone payments totaling up to $925 million [1] - Hengrui Medicine has completed 14 external licensing collaborations, with 9 occurring in the last three years, including partnerships with major international pharmaceutical companies [3] Group 2: Trends and Strategies in Going Global - The mainstream models for Chinese pharmaceutical companies to go global include "self-going," "borrowing a ship," "lightweight approach," and "glorious exit" [4][5] - The "borrowing a ship" model, which involves licensing out drugs to multinational companies, is currently the most prevalent, allowing companies to receive upfront payments and milestone payments without directly participating in overseas operations [5] - The "NewCo" model, where companies establish new overseas entities to manage specific pipelines, has gained traction, providing flexibility and independence in adapting to different international markets [6] Group 3: Challenges in International Expansion - Chinese innovative drug companies face significant challenges in market access, pipeline valuation, global competition, and talent deployment when entering overseas markets [7] - Regulatory hurdles, particularly in the U.S. and EU, complicate the approval processes for clinical trials and drug registrations, posing barriers to entry for Chinese firms [7][8] - Many companies have struggled with patent issues, lacking early international patent strategies, which has hindered their commercialization efforts abroad [8] Group 4: Supportive Policies and Future Outlook - Local governments are actively constructing policy support systems to facilitate the internationalization of Jiangsu's innovative drugs and medical devices [9] - Initiatives include optimizing import and export management for biopharmaceuticals and encouraging participation in global business development activities [9] - Companies are optimistic about the future, with expectations for improved regulatory frameworks and collaborative mechanisms to streamline drug approval processes in key markets [10]

Group 1 - The innovative drug sector has become a focal point in the capital market since 2025, with Hong Kong's innovative drug index showing strong performance, increasing over 60% year-to-date and achieving record trading volumes [1] - Policy incentives and improvements in the industry fundamentals are driving this performance, including accelerated drug approvals and optimization of the medical insurance payment system [2] - The collaboration between domestic companies and international firms, such as the $60.5 billion partnership between 3SBio and Pfizer, highlights the growing international competitiveness of Chinese innovative drugs [2] Group 2 - Despite the long-term positive outlook, short-term volatility risks are present, with some stocks experiencing high price-to-sales ratios and potential profit-taking pressures [3] - The trading congestion in the innovative drug sector reached 3.9% as of June 13, indicating a high level of market activity and potential for significant corrections [3] - Uncertainties in drug development, geopolitical tensions, and currency fluctuations could impact the sector, with risks of clinical trial failures and regulatory changes affecting company valuations [3] Group 3 - The innovative drug index is expected to experience increased differentiation, with leading companies likely to maintain their advantages while weaker firms may lag behind [4] - Investors should focus on performance verification periods and policy developments, such as improvements in the medical insurance payment mechanism and the expansion of the Hong Kong 18A listing [4] - The innovative drug sector is positioned at the intersection of industry cycles and policy benefits, with long-term growth potential driven by international expansion and technological advancements [4]

Group 1 - The Hang Seng Healthcare Index (HSHCI) decreased by 1.12% as of June 18, 2025, with mixed performance among constituent stocks [3] - The top-performing stocks included Sipai Health (00314) up by 8.93%, and Health Road (02587) up by 6.54%, while MicroBrain Science (02172) led the decline at 4.25% [3] - The Hang Seng Healthcare ETF (513060) fell by 0.54%, with a latest price of 0.56 yuan and a turnover rate of 9.23% [3] Group 2 - The 85th American Diabetes Association (ADA) Scientific Sessions will take place from June 20-23, 2025, in Chicago, focusing on GLP-1 agonists as a research hotspot [3] - Chinese pharmaceutical companies are innovating around GLP-1 targets, including long-acting GLP-1 agonists and oral small molecule GLP-1 agonists [3] Group 3 - According to Aijian Securities, there is uncertainty in the US-China competition, but domestic "hard technology" and "strong demand" should be prioritized, particularly in innovative drugs [4] - The Hang Seng Healthcare ETF's latest scale reached 8.055 billion yuan, ranking in the top third among comparable funds [4] Group 4 - As of June 17, 2025, the Hang Seng Healthcare ETF had a one-year Sharpe ratio of 1.91, ranking in the top half among comparable funds [5] - The ETF's management fee is 0.50%, and the custody fee is 0.15% [5] Group 5 - The top ten weighted stocks in the Hang Seng Healthcare Index account for 58.13% of the index, with notable companies including Innovent Biologics (01801) and BeiGene (06160) [6]

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Outperform" compared to the market [1]. Core Insights - The innovative drug market is expanding, with a notable performance in the pharmaceutical sector, which outperformed the CSI 300 index by 1.40% during the week of June 9-15, 2025 [2][5]. - The driving force behind the current bull market in innovative drugs is the significant improvement in China's pharmaceutical innovation capabilities, with a focus on international collaboration and market expansion [2][10]. - The report emphasizes the importance of focusing on core competitive areas and industry catalysts, particularly in ADC and PD-1 bispecific antibodies, as well as the upcoming ADA 2025 conference showcasing innovative weight-loss drugs [15][18]. Summary by Sections Market Overview - The pharmaceutical sector has shown resilience, with a 1.40% increase, ranking 5th among 31 sectors, while the CSI 300 index decreased by 0.25% [2][5]. - The innovative drug market is experiencing a broad expansion, with significant interest in weight-loss drugs and other innovative therapies [2][10]. Investment Opportunities - The report identifies key areas for investment, including ADC and PD-1 bispecific antibodies, which have potential for international business development (BD) [15][10]. - Companies such as Mawei Biotech, Lepu Biotech, and others are highlighted for their potential in the ADC space, while companies like Zai Lab and Junshi Biosciences are noted for their PD-1 bispecific antibodies [15][10]. - The upcoming ADA 2025 conference is expected to be a significant event for showcasing innovative weight-loss drugs, with companies like Innovent Biologics and Zhenge Biopharma being of particular interest [18][20]. Industry Trends - The report discusses the shift in profit models for Chinese pharmaceutical companies, moving from low-margin raw material exports to high-margin new drug development collaborations with multinational corporations (MNCs) [14][10]. - The report anticipates that the innovative drug market will continue to grow, driven by advancements in research and development capabilities and increasing global recognition of Chinese pharmaceutical innovations [10][16]. Upcoming Events - The 85th ADA Scientific Conference is scheduled for June 20-23, 2025, and is expected to highlight significant advancements in GLP-1 receptor agonists and other innovative therapies [18][20]. - Key data releases from companies like Eli Lilly and others regarding their innovative weight-loss drugs are anticipated during this conference [20][25].

Group 1 - The core viewpoint is that the systematic valuation increase in the innovative drug sector is the biggest catalyst for the return of investment in the pharmaceutical and biotechnology industry, primarily due to the recognition of the business models of Chinese innovative drug companies [1] - Leading companies have entered a profit stage, with their R&D pipelines being transformed into regular income through business development (BD), pushing the innovative pipeline into a systematic valuation phase [1] - The trend of going global is significant, with domestic upfront payments for foreign cooperation and licensing transactions exceeding 2.5 billion USD in 2025, totaling over 50 billion USD, reaching last year's total level [1] Group 2 - Among the global drugs with sales exceeding 5 billion USD, products with patents expiring or nearing expiration before 2030 have sales close to 200 billion USD, creating a substantial patent cliff gap that drives multinational corporations' BD enthusiasm [1] - The industry has reached a turning point, with leading biotech companies starting to profit and officially entering a new stage of business model validation [1] - Technological innovation is driving the industry upward and facilitating outbound BD, with China leading in innovative drug development in areas such as ADC, bispecific and multi-specific antibodies, second-generation IO, and GLP-1, as numerous innovative products begin to yield data [1] Group 3 - The vaccine ETF (code: 159643) tracks the vaccine biotechnology index (code: 980015), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in vaccine R&D, production, and related biotechnology businesses from the A-share market [1] - The index focuses on the vaccine and biotechnology sectors within the biopharmaceutical industry, reflecting the overall performance of listed companies related to the vaccine industry chain [1]

Core Viewpoint - The Chinese innovative pharmaceutical industry is experiencing a significant transformation, marked by increased research breakthroughs, active business development (BD) transactions, and a shift in market perception, moving away from the "me too" label associated with Chinese drugs [1][5][10] Market Performance - The innovative pharmaceutical sector has seen a strong resurgence in the secondary market, with A-share and Hong Kong stock indices rising significantly; A-share innovative drug stocks increased by 34.27% and Hong Kong's innovative drug index surged over 70% from April 8 to June 16 [3] - The sector had previously undergone a four-year adjustment period, with the Hang Seng Innovative Drug Index hitting a historical low in July 2023, down over 70% from July 2021 [3] - The recovery is driven by active BD transactions and the commercialization of innovative drugs, with a notable shift in market sentiment towards the sector [3][4] Business Development Trends - Numerous Chinese innovative drug companies have announced significant BD projects in cutting-edge fields, with notable transactions including a $12.5 billion upfront payment from Pfizer to 3SBio for a PD-1/VEGF dual antibody [5] - The License-out model has become a primary funding source for unprofitable innovative drug companies, with Q1 2025 seeing a record 41 transactions totaling $369.29 billion, surpassing the total for the first half of 2024 [6] - The ability of Chinese companies to leverage their research platforms and enhance capital efficiency is reshaping the traditional high-risk, high-investment model of the industry [6] Commercialization and Profitability - The commercialization of innovative drugs is gaining momentum, with 20 new class 1 innovative drugs approved in the first five months of 2023, marking a five-year high [7] - Companies like BeiGene are expected to achieve positive operating profits by 2025, indicating a shift from the traditional "burning cash" phase to profitability [7][8] - The improved financial health of innovative drug companies enhances their negotiating power in BD transactions, allowing them to demand better terms [8] Competitive Landscape - The competition in the innovative drug sector is intensifying, with a focus on efficiency across the entire drug development chain, from target discovery to commercialization [9] - The majority of BD transactions are concentrated in the oncology sector, particularly in ADC and dual antibody technologies, leading to increased competition and market saturation [9] - Companies are encouraged to innovate and differentiate their products to avoid the pitfalls of homogeneity and to enhance their global competitiveness [9] Challenges Ahead - Despite the progress, the high failure rate in new drug development remains a significant challenge, particularly for early-stage research [10] - There is a growing expectation among investors for innovative drug companies to not only achieve profitability but also to provide stable dividends in the future [10]

Core Insights - AstraZeneca and China-based Shijiazhuang Pharmaceutical Group have entered a strategic R&D collaboration focused on AI-driven development of new oral small molecule drugs targeting immune diseases and chronic conditions [1][2] - The agreement includes an upfront payment of $110 million, with potential milestone payments totaling over $5.3 billion, highlighting the shift of traditional pharmaceutical companies towards AI-driven drug development [1][5] Group 1: Collaboration Details - The collaboration aims to develop new oral small molecule drugs for chronic diseases, with the first phase targeting a clinical-stage oral therapy for immune diseases [2] - Shijiazhuang will utilize its proprietary "AI Engine Dual-Drive" drug discovery platform, which has already been validated in AstraZeneca's cardiovascular drug development [2][9] - The partnership follows a previous $2.02 billion licensing agreement signed in October 2024, indicating a deepening relationship between the two companies [2] Group 2: Market Context and Financials - AstraZeneca's collaboration is part of its strategy to deepen its presence in the Chinese market, following a $2.5 billion investment in a Beijing R&D center [5] - The global chronic disease market has over 2 billion patients, presenting a significant opportunity for new drug development [5] - Shijiazhuang's Q1 2025 financial report showed a revenue decline of 21.9% year-on-year, emphasizing the urgency of this collaboration amid pressures on its traditional drug business [5][8] Group 3: Strategic Shift and Future Outlook - Shijiazhuang is transitioning towards an "AI R&D + rapid licensing" model, with potential transaction values exceeding $5 billion in its AI pipeline [8] - The collaboration structure allows AstraZeneca to maintain global exclusive rights while Shijiazhuang retains control during the R&D phase, providing a sustainable revenue model for the Chinese company [8][9] - The partnership reflects a broader trend of Chinese innovative drugs entering the global market, with a significant increase in licensing deals and transaction values in recent years [10][11]

Core Insights - The article discusses a licensing agreement between Sihuan Pharmaceutical (先声药业) and NextCure, Inc. for the innovative antibody-drug conjugate SIM0505, marking the first international recognition of Sihuan's ADC technology platform [1][2] - The agreement allows NextCure to develop SIM0505 outside Greater China, while Sihuan retains rights for a new ADC product targeting CDH6 in Greater China, indicating a strategic expansion in oncology [1][2] - Sihuan is expected to receive up to $745 million in total payments, including upfront and milestone payments, along with tiered royalties based on net sales outside Greater China [1] Company Developments - Sihuan has established a global innovation research network with centers in Boston, Shanghai, Nanjing, and Beijing, collaborating with top research institutions like Harvard Medical School [2] - The company has made significant investments in R&D, exceeding 8 billion yuan over the past five years, focusing on core technology platforms such as ADC and AI drug discovery [3] - Sihuan's innovative drug for stroke, Xianbixin injection, has been launched in China, and its sublingual tablet is undergoing clinical research in the U.S. with breakthrough therapy designation from the FDA [3] Market Position - CDH6 is identified as a promising new target for anti-tumor drugs, with no existing drugs targeting it globally, highlighting the competitive advantage of Sihuan's ADC technology [2] - The recent licensing agreement with NextCure is the second overseas licensing deal for Sihuan in 2023, following a collaboration with AbbVie for another antibody targeting GPRC5D/BCMA/CD3, which has a potential transaction value of $1.055 billion [2]

Group 1 - The core viewpoint of the news highlights the significant volatility and strong performance of the Hong Kong Innovative Drug ETF (159570), which saw a rapid recovery after an initial drop, with a trading volume exceeding 1.5 billion HKD and a total fund size surpassing 6.1 billion HKD, leading its peers in both scale and liquidity [1][4][5] - The ETF's top ten weighted stocks mostly experienced declines, with WuXi Biologics falling over 5% due to a share placement at a discount, while other companies like BeiGene and China Biologic also saw minor declines [3][4] - The trend of Chinese innovative drugs going global is strengthening, with significant transactions and partnerships being established, indicating a competitive edge in new targets and technologies [4][5][6] Group 2 - The innovative drug sector is expected to maintain its growth momentum, supported by favorable policies and increasing global competitiveness, with a focus on the recovery of orders and performance in overseas markets [5][6][7] - The release of the "Minsheng Ten Articles" is anticipated to accelerate the implementation of innovative drug insurance directories, enhancing multi-level medication security for the public [7][8] - The industry is transitioning from capital-driven growth to profit-driven growth, with a notable increase in commercialization of innovative products and a positive outlook for the sector by 2025 [6][7][8] Group 3 - The Hong Kong Innovative Drug ETF (159570) has a high concentration in innovative drug companies, with nearly 72% of its top ten holdings, showcasing its strong leadership in the sector [8] - The ETF is characterized by a high weight of innovative drugs (up to 85%) and a relatively low valuation, making it an attractive investment option in the current market [8]