9月19日，港股通创新药板块早盘冲高回落后，维持红盘震荡。MIRXES-B一枝独秀，午后一度暴拉 25%，诺诚健华、同源康医药-B大涨超5%居前，权重股信达生物涨超2%。 100%创新药研发标的——港股通创新药ETF（520880）盘初一度上探2.57%，截至发稿仍涨超1%，成 交突破3亿元。 消息面，私募排排网数据显示，截至9月12日，全市场股票私募机构平均仓位超过78%，较9月5日上升 近3个百分点，达到今年最高水平。多家百亿级私募近期透露，目前仓位维持中高水平，并逢低加码创 新药等板块的优质标的。业内人士认为，从长期看，中国优势产业的全球竞争力没有变，中国经济修复 趋势未变，A股和港股的结构性行情有望持续演绎。 对此，港股通创新药ETF（520880）近期资金面有所印证。数据显示，截至9月19日，520880已连续14 日吸金，金额合计近6.8亿元。兴证全球策略首席张忆东日前提示，9月份或是创新药布局良机。 港股通创新药ETF（520880）基金经理丰晨成认为，现在应保持对创新药板块的密切关注，而非"退 场"。短期的市场调整，反而可能给真正质优的创新药企业提供了一次难得的买点。具体来看，当前创 新药仍有 ...

东吴证券指出，美元降息背景下，国内外投融资有望改善，创新产业链景气度持续提升。伴随创新研发 需求结构升级，国内CXO 综合竞争优势持续，产业趋势改善，公司有望逐步兑现业绩拐点向上。 建信中证创新药ETF(159835)紧密跟踪中证创新药产业指数，中证创新药产业指数从主营业务涉及创新 药研发的上市公司证券中，选取不超过50只最具代表性上市公司证券作为指数样本，以反映创新药产业 上市公司证券的整体表现。 9月20日，国家医保局发布第十一批国家组织药品集中采购文件，明确将55种药品纳入第11批国家组织 药品集中带量采购范围，并将于2025年10月21日上海开标。本次集采方案制定和修改过程中，充分遵循 了"稳临床、保质量、防围标、反内卷"的原则。 目前，全球同步研发的创新药可在我国同步申报、同步上市，多个创新药在我国实现全球"首发上市"。 据不完全统计，2025年上半年我国创新药对外授权交易总金额近660亿美元，超过2024年全年的519亿美 元。 截至2025年9月22日 14:10，中证创新药产业指数(931152)一度涨近2%，现回调0.65%。样本股甘李药业 (603087)领涨2.41%，科伦药业(0024 ...

Core Viewpoint - GenFleet Therapeutics successfully listed on the Hong Kong Stock Exchange on September 19, 2025, marking a significant milestone in its development and showcasing its innovative strength and growth potential [1][3]. Company Overview - GenFleet Therapeutics is the first new drug company in the 18A sector to have a listed product and authorized revenue during its IPO phase. Its product, Fluorazepine, is the first KRAS G12C inhibitor approved in China and the third globally [3][7]. - The company has completed multiple licensing transactions with domestic and international listed companies, including Innovent Biologics and Verastem Oncology, since 2021, generating authorized revenue [3][4]. Product Pipeline - GenFleet's product pipeline includes several original products that are leading in development speed both domestically and internationally. Fluorazepine received priority review qualification for domestic listing after six years of development [4]. - The company is advancing GFH375, an oral KRAS G12D inhibitor, which is in the first tier of development for treating pancreatic cancer and non-small cell lung cancer (NSCLC) [4]. - The pipeline also features GFH276, a pan-RAS inhibitor, which has entered Phase I/II clinical trials in China, positioning it among the leading candidates in the domestic market [4]. Innovative Therapies - GenFleet has introduced multiple globally innovative dual-target therapies, addressing significant clinical needs in markets such as pancreatic cancer and NSCLC. The KROCUS study presents the first global KRAS+EGFR first-line treatment for NSCLC [5]. - GFS202A is the first clinical-stage dual antibody therapy targeting GDF15/IL-6 for cachexia, with potential applications in chronic diseases like heart failure and chronic kidney disease [5]. - The FAScon platform represents a novel antibody-drug conjugate (ADC) approach, combining functional antibodies with targeted drug delivery, aiming to revolutionize traditional ADC development [5]. Collaboration and Support - PharmaBlock Technology plays a crucial role in supporting GenFleet's core pipeline through its comprehensive small molecule drug development services, including rapid synthesis of preclinical compounds and customized synthesis for clinical production [6]. - The collaboration emphasizes sustainable development through low-carbon production technologies and green chemistry practices, enhancing production efficiency while minimizing environmental impact [6]. Recognition and Achievements - GenFleet has received several accolades, including the national-level "Little Giant" designation and recognition as a high-tech enterprise, reflecting its innovative capabilities and growth trajectory [8]. - The company has established a robust commercial cooperation network, engaging in strategic licensing agreements and global clinical collaborations with various domestic and international firms [8].

Industry Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Outperform the Market" and is maintained [1]. Core Insights - The adjustment of the National Essential Medicines List (NEML) is expected to continue, with a focus on opportunities for the inclusion of traditional Chinese medicine (TCM) products [4][5][18]. - The report highlights the importance of the NEML adjustment cycle, which is generally not more than three years, and the potential for TCM products to be added to the list [5][17]. - The report suggests focusing on innovative drug research and development, particularly in TCM, and recommends specific companies as potential investment targets [19][34]. Summary by Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 9096.29, with a weekly high of 9323.49 and a low of 6070.89 [1]. Recent Market Performance - During the week of September 15-19, 2025, the A-share pharmaceutical and biotechnology sector fell by 2.07%, underperforming the CSI 300 index by 1.63 percentage points and the ChiNext index by 4.41 percentage points [6][20]. - The sector ranked 25th among 31 first-level sub-industries in terms of weekly performance [6]. Investment Recommendations 1. **Innovative Drugs**: The report suggests that the innovative drug sector may experience fluctuations but emphasizes the importance of identifying high-quality assets. Recommended companies include Innovent Biologics, 3SBio, and others [7][24]. 2. **CXO Services**: The report indicates that the domestic innovative drug sector is stabilizing, with expected improvements in the CRO industry performance. Recommended companies include WuXi AppTec and Tigermed [25][26]. 3. **Biological Products**: Focus on opportunities for core product volume growth and potential valuation adjustments based on product data or business development expectations. Recommended companies include TianTan Bio and others [29]. 4. **Medical Devices**: The report anticipates a turning point in the medical device sector due to improved procurement funding and anti-corruption measures. Recommended companies include Mindray and others [30]. 5. **Traditional Chinese Medicine**: The report highlights the potential for TCM products to benefit from NEML policies and suggests companies like Zhaoke Ophthalmology and others as beneficiaries [33][34]. Market Trends - The report notes that the pharmaceutical sector's overall valuation (TTM) is 31.24, with a relative valuation premium of 136.13% compared to the CSI 300 index [44].

Core Insights - Qilu Pharmaceutical Group is establishing a global R&D headquarters in Zhangjiang Science City, with a total investment of approximately 3 billion yuan, focusing on innovative drug development in oncology, autoimmune diseases, metabolism, and neurological disorders [1] - The company has a rich product line with over 300 products covering multiple therapeutic areas, and it has established a strong sales network both domestically and internationally [2][4] - Qilu Pharmaceutical has been recognized as a leading player in the domestic pharmaceutical industry, ranking 3rd in the Ministry of Industry and Information Technology's list of China's top 100 pharmaceutical companies in 2023 [3] Investment and R&D - The company has consistently invested in R&D, with an expected expenditure of over 4.38 billion yuan in 2024, accounting for 12% of its sales revenue, and a cumulative investment of over 20 billion yuan during the 14th Five-Year Plan period [3] - Qilu Pharmaceutical has established a comprehensive innovation management system, focusing on both innovative and generic drugs, with annual R&D spending for generics stable at 1-1.2 billion yuan [3] Global Market Presence - Qilu Pharmaceutical's products have been certified by various international regulatory bodies, enabling its entry into global markets, with 28 of its 100 procurement-winning products sold in 33 countries and regions [2][4] - The company has established four innovation centers in the U.S. and China to enhance its global R&D footprint, with products sold in over 100 countries and regions [5][6] Strategic Location and Collaboration - The choice of Zhangjiang Science City for the new R&D headquarters is strategic, leveraging Shanghai's robust biopharmaceutical ecosystem and innovation environment [10] - The collaboration aims to strengthen resource integration and collaborative innovation, contributing to the development of the biopharmaceutical industry in Shanghai [10][11]

9月22日，港股通创新药板块高开反弹，高弹性港股通创新药ETF（520880）盘中表现活跃，场内 价格一度上探2.57%，成交额快速逼近2亿元。值得关注的是，近期创新药行情波动加大，低吸资金持 续涌入。数据显示，截至9月19日，港股通创新药ETF（520880）已连续14日吸金合计近6.8亿元。 消息面上，2025年摩根医疗健康大会上披露，2024年美国批准的新药研究申请中超过50%的分子来 自中国，中国创新药管线数量达3575个跃居全球第一，18款原研药已在海外上市。 华创证券指出，港股通创新药行业正从数量逻辑向质量逻辑转换，2025年将迎来产品为王阶段。国 内创新药企差异化管线及国际化布局成为关键，行业估值处于低位，叠加宏观环境改善及大品种拉动效 应，增长前景乐观。 作为全市场首只跟踪上述恒生港股通创新药精选指数的ETF，截至9月18日，港股通创新药ETF （520880）基金规模超17亿元，上市以来日均成交额5.21亿元，在同指数ETF中规模最大、流动性最 佳，并且支持日内T+0交易，不受QDII额度限制。场外投资者可关注其联接基金：025221。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文 ...

国内医药巨头加码张江，打造全球研发新引擎。 近日，上海市浦东新区人民政府官网发布了关于齐鲁制药创新药物全球研发总部项目设计方案公示。 根据此前签订的合作协议，齐鲁制药集团将在张江科学城建设齐鲁制药创新药物全球研发总部，项目选 址张江科学城民营经济总部园，总投资约30亿元。该总部将聚焦肿瘤、自身免疫、代谢、神经系统性疾 病等治疗领域，建立小分子药化精准设计、单抗/双特异性抗体、ADC、siRNA等创新平台。 齐鲁制药集团是中国大型综合性现代制药企业，专业从事治疗肿瘤、心脑血管、抗感染、精神系统、神 经系统、眼科疾病的制剂及其原料药的研制、生产与销售。集团总部位于山东省济南市，全国有十一大 生产基地、全球五大研发中心，下设12家子公司，形成药物研发、原料合成、制剂加工、产品包装、市 场销售的完整产业价值链。 回顾发展历程，自1981年转型人用药研发以来，齐鲁制药四十余年一直坚持科技创新，成功研制出包括 伊鲁阿克片、吉非替尼片、贝伐珠单抗注射液、注射用培美曲塞二钠、注射用多西他赛、重组人G- CSF、替吉奥片等在内的数十个重磅级新药，在相关疾病治疗领域发挥了重要作用。 同时，齐鲁制药在科研项目承担与成果转化方面表现 ...

Core Viewpoint - The 11th batch of national centralized drug procurement emphasizes clinical stability, quality assurance, prevention of collusion, and reduction of internal competition, with 55 drug varieties included in the procurement scope, set to open bids on October 21 in Shanghai [1] Group 1: Innovations in Procurement - The procurement process allows medical institutions to report quantities based on specific brands rather than just generic names, aligning supply with clinical needs [2] - New requirements for bidding qualifications include a minimum of two years of production experience for the drug's license holder or contract manufacturer, and compliance with GMP standards [3] Group 2: Changes in Selection Rules - The selection rules have been significantly adjusted to avoid solely relying on the lowest bid, introducing a benchmark price that requires bids to be at least 50% of the average comparable price [4] - Two conditions for obtaining selection qualifications are established, including a maximum price threshold based on the benchmark price [5] Group 3: Revival Mechanisms - A revival mechanism allows previously disqualified bidders to gain selection if they accept the highest proposed price determined by the rules [6] - A new revival rule for non-selected enterprises is introduced, allowing them to qualify under specific conditions related to demand and pricing [7][8][9] Group 4: Anti-Collusion Measures - An anti-collusion mechanism is introduced, offering leniency to the first entity that provides evidence of collusion or admits to participation in collusion [10] Group 5: Industry Impact - The 11th batch of procurement marks a shift from broad price reductions to refined management, focusing on quality and supply assurance while avoiding excessive price competition [11] - The new rules delineate a clear boundary for innovative drugs, allowing generic drugs to face price competition while protecting patented innovative drugs [11] - The emphasis on innovation and internationalization is expected to enhance the competitiveness of innovative drugs in both domestic and international markets [11] - Companies with strong R&D capabilities and diversified product lines are recommended for attention, alongside those benefiting from the procurement process [12]

Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. successfully raised a total of 3.764 billion yuan through a private placement of A-shares, with all funds allocated for innovative drug research and development [2] Fundraising Details - The issuance price was set at 317 yuan per share, representing a 119.16% ratio to the issuance floor price [2] - The fundraising attracted significant interest, with 30 investors submitting bids, and 18 ultimately winning, including major institutions like China Europe Fund Management and E Fund Management [2] - The lock-up period for the shares is set at 6 months [2] Research and Development Focus - The raised funds will primarily target two areas: 1. The ADC (Antibody-Drug Conjugate) drug development platform, advancing clinical trials for six ADC drugs, including BL-B01D1/iza-bren and BL-M07D1, covering over ten indications such as lung and breast cancer [2] 2. The multi-specific antibody platform, accelerating clinical development for GNC-038 and GNC-077, thereby enriching the company's innovative drug pipeline [3] Strategic Goals - The company aims to become a leading entry-level multinational pharmaceutical company in the oncology treatment field within five years, from 2025 to 2029 [3] Leadership and Wealth - Chairman Zhu Yi holds a 74.35% stake in the company, with his net worth estimated at approximately 117.399 billion yuan following a stock price surge to 414.02 yuan per share [3] - Zhu Yi's wealth was previously estimated at 95 billion yuan in the 2025 Hurun Global Rich List [3]

Core Insights - The company held an investor meeting on September 19, discussing its ongoing projects and financial performance [1][2] - The "Semaglutide Injection" project with Novartis is currently in the Phase III clinical trial follow-up stage, which is expected to positively impact future operating performance [1] - The company focuses on providing CRO services primarily for innovative drugs across various therapeutic areas [1] Group 1: Project Development - The company is developing several innovative drugs, including a traditional Chinese medicine for chronic heart failure and a small molecule new drug for high uric acid levels [2] - Currently, there are no self-developed projects in the oncology field, but the company provides clinical research services for multiple oncology drugs [2] - The timeline for research and development is influenced by project progress and the sponsor's investment [2] Group 2: Financial Management - The company emphasizes improving operational quality as the core of its market value management [2] - Idle cash is primarily invested in low-risk, high-liquidity financial products rather than high-risk securities or derivatives [2] - For the first half of 2025, the company's R&D investment was approximately 23.2 million, accounting for about 6% of revenue, which is higher than the net profit for the same period [2]