【导读】药明生物、药明康德领涨蓝筹，澳达控股狂飙超370% 12月4日，港股震荡攀升，恒生指数收涨0.68%，报25935.9点；恒生科技指数上涨1.45%，报5615.43点；恒生中国企业指数上涨0.86%，报9106.48点。市场 成交1793.06亿港元，较前一交易日有所增加。 | 恒生指数 | 恒生国灭 | 恒生科技 | | --- | --- | --- | | 25935.90 9106.48 | | 5615.43 | | +175.17 +0.68% +77.93 +0.86% +80.51 +1.45% | | | 恒生指数成份股中65只上涨、21只下跌。其中，药明生物涨7.09%，药明康德（603259）涨5.44%，小米集团涨4.38%。 | 序号 | 名称 | 代码 | 现价 | 淵跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 药明生物 | 2269 | 32.940 c | 2.180 | 7.09% | 19.91亿 | 87.59% | | 2 | 药明康德 | 2 ...

【导读】药明生物、药明康德领涨蓝筹，澳达控股狂飙超370% 中国基金报记者 郭玟君 12月4日，港股震荡攀升，恒生指数收涨0.68%，报25935.9点；恒生科技指数上涨1.45%，报5615.43点；恒生中国企业指数上涨 0.86%，报9106.48点。市场成交1793.06亿港元，较前一交易日 有所增加。 | 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 25935.90 | 9106.48 | 5615.43 | | +175.17 +0.68% +77.93 +0.86% +80.51 +1.45% | | | 恒生指数成 份 股中65只上涨 、 21只下跌。 其中， 药明生物涨7.09%，药明康德涨5.44%，小米集团涨4.38%。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 药明生物 | 2269 | 32.940 c | 2.180 | 7.09% | 19.91亿 | 87.59% | | 2 | 药 ...

Core Viewpoint - The innovative drug concept stocks have shown a rebound, with notable increases in share prices for several companies, driven by recent developments in the healthcare policy landscape in China [1]. Group 1: Stock Performance - Gilead Sciences-B (01672) increased by 10.26%, reaching HKD 13.11 [1] - Kangfang Biotech (09926) rose by 4.15%, reaching HKD 123.1 [1] - Zai Lab (09688) saw a 3.36% increase, reaching HKD 15.69 [1] - Xiansheng Pharmaceutical (02096) grew by 2.9%, reaching HKD 13.48 [1] Group 2: Policy Developments - In November, the National Healthcare Security Administration initiated negotiations for the 2025 National Basic Medical Insurance Drug List and the pricing consultation for the commercial insurance innovative drug list [1] - The fourth batch of traditional Chinese medicine centralized procurement was launched nationwide [1] - Beijing introduced policies related to medical devices, and the State Council meeting outlined the promotion of provincial-level coordination for basic medical insurance [1] Group 3: Market Insights - Bohai Securities highlighted the importance of the upcoming release of the new basic medical insurance drug list and the first commercial insurance innovative drug list in early December, indicating potential investment opportunities for related pharmaceutical companies [1] - Zhongyou Securities noted that despite a temporary vacuum in domestic BD (business development) transactions, there have been multiple collaborations with multinational corporations (MNCs) since Q4, reflecting recognition of the innovative research capabilities of domestic companies [1] - The strong competitive advantages of China's innovative drug industry, including the capacity of the industry chain, pipeline quantity and quality, and research efficiency, are expected to foster long-term positive trends [1]

今年前11个月，权益类基金收益率平均值为24.85%。6960只产品年内录得正收益，16只产 品净值跌幅超过10%，它们都有谁？ 作者｜资市分子 随着2025年逐步进入收官阶段，公募行业中权益类基金业绩表现备受瞩目。 2025年，A股市场行情经历从低谷到反弹，再到震荡。前11个月，上证指数、深证成指、创业板指涨幅 分别为16.02%、24.67%、42.54%。电子、人工智能、通信、创新药等领域投资机会频现。 权益类基金赚钱效应显现。前11个月，万得普通股票型基金指数、万得偏股混合型基金指数、万得灵活 配置型基金指数、万得指数增强型基金指数涨幅均超过20%。 永赢科技智选A以191.71%的收益率"遥遥领先"，拉开第二名50多个百分点。 排第二的恒越优势精选A，收益率136.72%。中航机遇领航A、中欧数字经济A、红土创新新兴产业A则 分别以135.34%、124.37%、120.91%收益率，排第三名至第五名。 交银择优回报A、广发成长领航一年持有A、汇安成长优选A、兴证资管金麒麟兴享优选B、信澳业绩驱 动A收益率分别为120.84%、119.03%、118.26%、116.89%、114.87%，排在第六 ...

Core Viewpoint - The Hong Kong stock market's innovative drug concept stocks are experiencing a continuous rebound, with notable increases in share prices for several companies [1] Group 1: Company Performance - Gilead Sciences-B has seen a rise of over 9% [1] - WuXi Biologics has increased by more than 6% [1] - Other companies such as Rongchang Biopharmaceutical, Innovent Biologics, and I-Mab have also shown upward movement in their stock prices [1]

来源 资市会 今年前11个月，权益类基金收益率平均值为24.85%。6960只产品年内录得正收益，16只产品净值跌幅 超过10%，它们都有谁？ 作者|资市分子 随着2025年逐步进入收官阶段，公募行业中权益类基金业绩表现备受瞩目。 2025年，A股市场行情经历从低谷到反弹，再到震荡。前11个月，上证指数、深证成指、创业板指涨幅 分别为16.02%、24.67%、42.54%。电子、人工智能、通信、创新药等领域投资机会频现。 权益类基金赚钱效应显现。前11个月，万得普通股票型基金指数、万得偏股混合型基金指数、万得灵活 配置型基金指数、万得指数增强型基金指数涨幅均超过20%。 据Wind统计，前11个月，全市场7118只权益类基金（只统计基金主代码，剔除今年新成立产品）收益 率均值为24.85%，其中6960只产品年内录得正收益，占比97.78%。收益率超50%的有729只，但也有158 只基金收益率为负。 权益类基金收益率首尾差距也大，达211.23%。 "资市会"注意到，有23只权益类基金收益率超100%，其中11只三季度末管理规模不足10亿元。同时有 16只基金净值跌幅超过10%，其中11只三季度末管理规模 ...

Group 1: Market Performance - The Hong Kong Innovation Drug ETF (159570) rebounded by 1.5% after four consecutive declines, with trading volume exceeding 1.2 billion [1] - The ETF has seen a net inflow of over 180 million in the past five days, with a total size exceeding 23.2 billion as of December 3 [1] - Major stocks within the ETF, such as Kangfang Biotech and Kintor Pharmaceutical, experienced gains of over 3% [3] Group 2: Regulatory Developments - On December 3, Xinlitai received approval from the drug regulatory authority to conduct clinical trials for its innovative small molecule drug SAL0140 for chronic kidney disease [3] Group 3: Policy Environment - A significant policy shift is expected in 2025, with the introduction of a commercial insurance innovation drug directory aimed at expanding coverage beyond basic medical insurance [5] - The overall policy direction encourages innovation and aims to alleviate payment pressures, which is expected to positively impact industry sentiment and fundamentals [5] Group 4: Financial Outlook - Leading innovative drug companies are projected to achieve breakeven within the next two years, enhancing market confidence in their profitability [8] - The financial performance of the covered biotech companies indicates a sustained recovery in the pharmaceutical sector [8] Group 5: Investment Trends - The overseas investment environment for innovative drugs remains strong, with record-high transaction numbers and amounts in 2025 [11] - By the end of Q3 2025, 103 outbound transactions were completed, totaling over 92 billion, surpassing the total for 2024 by 77% [11] Group 6: Capital Flow - Both domestic and foreign investments in the Hong Kong pharmaceutical sector have increased, with domestic holdings at 22.1% and foreign holdings at 38.1% as of November 10 [12] - The pharmaceutical sector is expected to attract more capital due to its valuation being below historical averages [12]

Group 1 - The core viewpoint is that the innovative drug sector is expected to remain the most important investment theme in the pharmaceutical sector for the upcoming year, with significant positive catalysts emerging [2] - The Hong Kong pharmaceutical ETF (159718.SZ) has seen a 0.74% increase, with notable gains in constituent stocks such as Kangfang Biopharma (4.57%), MicroPort Scientific (4.15%), and Zai Lab (3.95%) [1] - The U.S. job market showed a significant decline in November, with private sector jobs decreasing by 32,000, the largest drop in two and a half years, which has heightened expectations for a Federal Reserve interest rate cut [1] Group 2 - The pharmaceutical sector has experienced a 2-3 month adjustment period, leading to a relative low in stock prices, market expectations, and institutional allocations, thus enhancing investment safety margins [2] - Multiple favorable policies are set to be released, including December's medical insurance negotiations and international conferences, which are expected to positively impact the industry [2] - The U.S. biotechnology index (XBI) has risen by 2.84%, reflecting a strong performance in the healthcare sector, with expectations of a gradual recovery in global innovative drug financing and demand [1][2]

展望后市，12月医保谈判、商保目录及国际会议等多重利好集中释放；BD交易持续活跃，今年已出现 多笔超10亿美元授权。创新药产业趋势不变，随着行业正向催化的陆续落地，板块情绪也有望逐步恢 复。当前板块已提前调整至半年线，估值具备吸引力，建议关注港股医药ETF(159718)。 12月4日早盘，港股高开，隔夜美股标普生物科技大涨2.84%，港股医药ETF(159718.SZ)高开0.74%。成 分股金斯瑞生物科技(01548)上涨4.15%，康方生物(09926)上涨2.96%，同源康医药-B(02410)上涨 2.82%，再鼎医药(09688)，微创机器人-B(02252)等个股跟涨。 消息面上，美国11月"小非农"创两年半来最大降幅，美联储降息预期进一步升温。最新公布的ADP就业 数据显示，11月私营企业减少3.2万个工作岗位，为2023年3月以来最大降幅，远不及市场预期的增加1 万个。据CME"美联储观察"，美联储12月降息25个基点的概率接近90%。 隔夜美股标普生物科技指数（XBI）大涨2.84%，美股医疗保健年初至今涨幅第一，XBI持续走强创近3 年新高，而海外尤其是美国生物医药投融资金额25Q3呈现 ...

创新药板块在2025年迎来爆发行情，聚焦港股市场创新药的恒生医药ETF（159892）此前年内涨幅一度 突破100%，其二级市场价格在9月8日创年内新高，而随着市场担忧创新药泡沫及海外事件扰动，恒生 医药ETF震荡调整，自9月高位回调已超15%。 每日经济新闻 随着美国经济数据下滑、失业率创新高，美联储降息预期持续升温，对于全球流动性环境更敏感的医药 板块活跃度提升，恒生医药ETF已连续5日获得资金申购。 消息面来看，中国药品价格登记系统12月2日在北京正式发布，该系统有望通过信息的透明化，为各类 市场主体提供可靠的价格参考，促进形成更加理性、公平的市场定价环境。 ...