Core Viewpoint - The establishment of a 1 billion yuan investment fund by companies under China Resources, in collaboration with Shanghai Fosun Pharmaceutical and Chengdu state-owned enterprises, aims to focus on the pharmaceutical and health sectors, particularly in innovative drug development and strategic emerging industries [2][4]. Group 1: Fund Structure and Partners - The fund, named China Resources Pharmaceutical (Chengdu) Innovation Investment Fund, has a total capital of 100 million yuan, with various partners contributing different amounts [3]. - The general partner (GP) is China Resources Pharmaceutical (Chengdu) Enterprise Management Partnership (Limited Partnership), while limited partners (LPs) include several pharmaceutical companies and investment funds [2][3]. - The fund's lifespan is set for 7 years, with a 3-year investment period and a 4-year exit period, extendable by 1 year upon partner approval [3]. Group 2: Investment Focus - The fund will concentrate on the pharmaceutical health sector and strategic emerging industries, targeting areas such as chemical innovative drugs, biological drugs (including vaccines), high-end medical devices, and traditional Chinese medicine [4]. - The involvement of the Chengdu Bio-City Jingchuang Equity Investment Fund indicates a strong potential for project implementation within the Chengdu Tianfu International Bio-City [4]. Group 3: Historical Context - An earlier fund, the China Resources Pharmaceutical (Shantou) Industry Investment Fund, was established 8 years ago but did not perform as expected, failing to reach its initial target of 2.5 billion yuan [4][6]. - The Shantou fund entered a liquidation phase in December 2024, having not achieved the anticipated scale, which affected the contributions of its partners [5][6].

Core Viewpoint - The article discusses the evolution of China's innovative drug development from imitation to independent innovation, highlighting the industry's significant growth and potential on the global stage [3][4][8]. Industry Challenges - The drug development process is lengthy and costly, typically taking 8-10 years and exceeding billions of dollars, with a high failure rate due to uncertainties in targets and pharmacology, long cycles, and stringent regulatory approvals [2][5]. - The industry faces five core challenges: uncertainty in drug targets, high investment leading to potential funding issues, strict regulatory scrutiny, profit distribution based on industry position, and competition from superior new drugs post-launch [2]. Historical Development - China's pharmaceutical industry began with a weak foundation, relying heavily on imports, particularly for antibiotics and vaccines, and transitioned to a focus on generic drugs after the establishment of the new government [4]. - Post-reform, the industry began to marketize and integrate with international standards, leading to a combination of imitation and innovation strategies [5]. - The approval reforms initiated in 2015 marked a turning point, allowing for faster market entry of essential drugs and aligning clinical trial data with international standards [5][6]. Recent Achievements - In 2025, China saw a record number of innovative drug approvals, with over 20 first-class innovative drugs approved in the first five months, surpassing previous years [7]. - Chinese scholars made significant contributions at international conferences, and the country is making strides in areas like ADC and CAR-T therapies [7]. Investment Landscape - The innovative drug sector is characterized as a "battlefield for smart capital," with significant investment opportunities emerging as the market shifts from speculative narratives to actual performance [9][10]. - The medical sector indices have shown substantial growth, with the Wind medical index rising by 26.74% and the Hang Seng healthcare index by 47.89% in 2025 [10]. Investment Strategy - Investment in innovative drugs is about finding certainty amid uncertainty, focusing on supply creating demand rather than merely following market trends [11]. - The industry is entering a phase of explosive growth, with many projects from the past few years reaching clinical stages [12]. Fund Management Insights - The investment strategy involves a three-dimensional framework that captures alpha by analyzing industry cycles, company growth cycles, and capital market cycles [17]. - The focus is on high-demand areas with limited supply, such as cancer immunotherapy, and companies with strong product competitiveness and self-sustaining capabilities [18]. Team Structure and Collaboration - The fund management team at Changcheng Fund emphasizes a collaborative culture, leveraging diverse expertise to enhance decision-making and reduce risks [23].

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]

Core Viewpoint - Multiple Hong Kong innovative drug companies' stock prices surged today, driven by related concept stocks, with the Hong Kong Innovative Drug ETF showing strong performance, including a half-day trading volume of 2.29 billion yuan for the Hong Kong Innovative Drug ETF (159570) [1][6]. Group 1: ETF Performance - The Hong Kong Innovative Drug ETF (520880) increased by 3.76%, with a trading volume of 2.04 billion yuan and a total size of 283 million units [3][6]. - Other related ETFs also saw significant gains, with the Hong Kong Innovative Drug ETF (159570) rising by 3.54% and achieving a trading volume of 2.29 billion yuan, while its total size reached 5.513 billion units [6][10]. - The performance of various ETFs in the innovative drug sector includes: - Hong Kong Innovative Drug ETF (520880): 3.76% increase, 283 million units - Hang Seng Innovative Drug ETF (520500): 3.74% increase, 466 million units - Hong Kong Innovative Drug ETF (159567): 3.57% increase, 2.031 billion units - Hong Kong Innovative Drug ETF (159570): 3.54% increase, 5.513 billion units [2][6]. Group 2: Investment Logic - The investment logic indicates that policy support for innovative drugs is improving, with an expected increase in the number and innovation of new drug launches. The structure of medical insurance fund expenditures is shifting towards innovative drugs, leading to a more reasonable pricing mechanism [3][7]. - The supply side is focusing on high-quality innovations and strengthening support for innovative drugs going abroad. The pharmaceutical industry has undergone valuation digestion, placing innovative drug valuations at a low point, which provides a basis for systematic rebound [3][7]. Group 3: Index Characteristics - The Guozheng Hong Kong Innovative Drug Index selects companies involved in innovative drug research and production, reflecting the operational characteristics of listed companies in the innovative drug industry. The index covers the innovative drug sector comprehensively, with a high proportion of other biological products and chemical preparations [7][10]. - The index is characterized by a market capitalization distribution skewed towards small and mid-cap stocks, with valuations at historical lows, indicating high investment cost-effectiveness [7][10].

Core Viewpoint - The article highlights the emergence of new "doubling funds" in the public fund market, particularly focusing on the impressive performance of the Changcheng Pharmaceutical Industry Select fund, which has achieved a year-to-date net value growth exceeding 100% [3][5]. Group 1: Fund Performance - The Changcheng Pharmaceutical Industry Select fund, managed by Liang Furui, has reported a year-to-date net value increase of 102.52%, following the earlier success of the Huatai-PineBridge Hong Kong Advantage Select fund [3][5]. - The fund's net value has accelerated in recent trading days, with increases of 3.17%, 2.58%, and 4.10% on July 11, July 14, and July 15, respectively [5]. - Over the past six months, the fund has achieved a remarkable growth of 111.15%, leading its peers in the same category [5]. Group 2: Market Trends - The A-share and Hong Kong stock markets have shown positive trends, with the Shanghai Composite Index and the Hang Seng Index surpassing significant levels of 3,500 and 24,000 points, respectively [5]. - The innovative drug sector has been particularly strong, with an annual growth rate exceeding 36%, contributing to the rising net values of several public funds [5]. Group 3: Fund Holdings and Strategy - As of the end of Q2, the top ten holdings of the Changcheng Pharmaceutical Industry Select fund include companies such as 3SBio, Innovent Biologics, and Hotgen Biotech, with a significant focus on innovative drugs [5]. - Liang Furui indicated that the fund will continue to focus on the innovative drug sector in Q3, emphasizing overseas licensing and domestic sales expansion as key strategies [6]. Group 4: Broader Fund Performance - As of July 15, the equity fund index has recorded a year-to-date growth of 7.95%, outperforming the CSI 300 Index by over 6 percentage points [8]. - Several other funds, including the Bank of China Hong Kong Stock Connect Pharmaceutical fund, have also reported significant growth, with some exceeding 80% year-to-date [8]. - A number of actively managed equity funds have reached historical highs in net value, indicating a strong performance across the sector [9].

Core Viewpoint - The Hang Seng Innovation Drug ETF (159316) has shown significant performance, with a 1.94% increase and a 7.58% rise over the past week, indicating strong market activity and investor interest in the innovative drug sector [1][2]. Group 1: ETF Performance - As of July 15, 2025, the Hang Seng Innovation Drug ETF (159316) reached a new high in size at 598 million yuan and a total of 429 million shares, reflecting robust growth since its inception [1]. - The ETF recorded a turnover rate of 50.08% with a trading volume of 303 million yuan, showcasing active market participation [1]. - Recent net inflows into the ETF amounted to 13.75 million yuan, with a total of 57.05 million yuan over the last five trading days, indicating strong investor confidence [1]. Group 2: Industry Insights - Bohai Securities highlights the positive impact of new policies for innovative drugs, suggesting that the upcoming commercial insurance innovative drug catalog could present investment opportunities in related sectors [1]. - The ongoing optimization of industry procurement policies is expected to mitigate negative impacts, with a focus on performance recovery in sectors like CXO, driven by improving overseas demand and order recovery [1]. - Xiangcai Securities anticipates a significant improvement in the fundamentals of the innovative drug sector in 2025, with a shift from capital-driven growth to profit-driven growth, suggesting potential for both performance and valuation recovery in the sector [1]. Group 3: ETF Characteristics - The Hang Seng Innovation Drug ETF closely tracks the Hang Seng Innovation Drug Index, which reflects the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [2]. - As the only ETF product tracking the Hang Seng Innovation Drug Index, it offers high elasticity and scarcity, providing investors with a unique opportunity to capitalize on the current investment landscape in Hong Kong's innovative drug sector [2].

Group 1 - The core viewpoint of the news is that the National Healthcare Security Administration and the National Health Commission of China have jointly issued measures to support the high-quality development of innovative drugs, introducing 16 specific initiatives aimed at enhancing the industry [1][3] - The measures cover the entire chain from research and development to approval, access, and payment, facilitating the process for innovative drugs from market entry to clinical application [3] - Since the mention of "innovative drugs" in the 2024 Government Work Report, a series of policies have been introduced to support domestic pharmaceutical companies in transitioning from "generic-innovative combination" to "global original research" [3] Group 2 - The innovative drug sector has shown strong performance, with the Hong Kong Hang Seng Innovative Drug Index increasing by 68.71% year-to-date as of early July 2025, and a TTM price-to-earnings ratio of 29.44, indicating significant valuation recovery potential [3] - Revenue for Hong Kong-listed innovative drug companies is projected to reach 48.53 billion yuan in 2024, representing a year-on-year growth of 17.3%, with some leading companies expected to turn profitable by 2025 [3] - The total amount of overseas licensing transactions by Chinese innovative drug companies reached 45.5 billion USD from January to May 2025, surpassing the total for the entire year of 2024 [3] Group 3 - Industry insiders believe that the Chinese innovative drug sector is entering a performance explosion phase, with short-term reliance on domestic market growth and long-term contributions from overseas markets [4] - The current industry market capitalization is approximately 3 trillion yuan, indicating a high risk-reward profile for investors [4] - Investors are encouraged to focus on opportunities within the innovative drug sector and the structural advantages brought by AI technology in shortening research and development cycles [4]

2025年7月，国家医保局联合国家卫生健康委发布《支持创新药高质量发展的若干措施》，从研发支 持、医保准入、临床应用等维度推出16条具体举措，标志着中国创新药行业正式进入"全生命周期"政策 支持阶段。政策的推出叠加行业基本面的持续改善，正为创新药产业发展按下"加速键"。 当前，创新药投资的结构性机会凸显。中银基金医药主题基金经理郑宁看好创新药的后续发展，他表示 创新药既有当下的业绩释放，又有未来的星辰大海，在全市场成长股中是相当稀缺的存在。 此次，《支持创新药高质量发展的若干措施》的出台，有望疏通创新药从上市到临床应用的全部流程， 真正做到打通"最后一公里"。自2024年《政府工作报告》首次提及"创新药"以来，国家已经陆续发布了 一系列对创新药的支持政策，覆盖了从早期的投融资、研发及药品审批、上市后的定价、配备使用，到 支付层面的商业保险和医保支付等各类场景。系统性的支持有望帮助国内药企在创新药领域关键时刻实 现从"仿创结合"向"全球原研"的转型。 政策利好在创新药板块的表现上展现出了较为直接的催化效果。以港股市场为例，截至2025年7月9日， 恒生港股通创新药指数年内累计涨幅68.71%。与此同时，当前指数 ...

Group 1 - The innovative drug industry in China is experiencing significant growth, with record-high transaction amounts in licensing deals, indicating a deep revaluation of the industry's value [1][2] - In 2024, the total amount of domestic innovative drug BD transactions reached $52.3 billion, with upfront payments of $4.1 billion, both setting historical records [2] - The increasing recognition of domestic innovative drug pipelines by overseas pharmaceutical companies is providing substantial funding support and facilitating global expansion for domestic firms [2][3] Group 2 - Policy incentives are continuously being released, providing strong momentum for the development of the innovative drug industry, including expedited clinical trial approvals and support measures from the National Healthcare Security Administration [3][4] - Analysts predict that the domestic innovative drug industry may reach a turning point in 2025, shifting from capital-driven growth to profit-driven growth, presenting opportunities for performance and valuation recovery [3][4] - The performance of healthcare-themed funds has been outstanding, with an average net value growth rate of 21.96% for healthcare sector equity funds, highlighting the investment enthusiasm in the innovative drug sector [4][8] Group 3 - The success of Huazhong Fund's pharmaceutical investment team is attributed to their comprehensive product layout and professional collaborative capabilities, with several funds showing remarkable performance [4][8] - Fund manager Sang Xiangyu has a strong background in both bioengineering and economics, allowing him to effectively navigate the pharmaceutical investment landscape and capitalize on market opportunities [5][6] - The investment team at Huazhong Fund emphasizes a structured approach to research and investment, ensuring that team members possess solid industry knowledge and investment skills [8][9] Group 4 - The pharmaceutical investment team at Huazhong Fund utilizes a systematic research platform, enabling collaboration and specialization among team members to enhance investment outcomes [9] - The framework of "policy + technology + globalization" allows the team to capture alpha returns during the innovative drug boom while managing market volatility through diversified asset allocation [9] - The ongoing global shift of the pharmaceutical supply chain to China, coupled with increasing healthcare demands from an aging population, positions the innovative drug and AI healthcare sectors for significant growth [9]

以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 中泰证券称，目前医药板块处在一定分化加强阶段，一方面是医药跟市场其他板块的资金流向，另一方 面是医药内部成长属性的创新药，和以业绩为导向的困境反转的板块和个股。本周创新产业链的表现一 定程度反应的市场情绪和配置的变化。当前市场，我们建议两条主线共同把握：从基本面来看，创新药 仍是当前医药板块中产业趋势最为明确且具备未来成长空间的子行业，我们认为全年维度创新药作为医 药板块的投资主线不会变化，创新药大时代已然到来，建议积极拥抱，加配医药板块；此外，7 月中报 业绩预告/快报陆续披露，CRO&CDMO、GLP-1 景气赛道、困境反转的原料药等表现亮眼，我们建议 继续积极布局有望逐步走出拐点的细分板块，如CRO&CDMO、科研上游、特色原料药等。 医疗创新ETF紧密跟踪中证医药及医疗器械创新指数，CS医药创新指数通过客观的量化指标，筛选出符 合前述高景气度赛道的股票，是市场上唯一一只完全基于量化因子编制的医药主题指数。 展望未来，预计我国医疗卫生支出的总盘子仍将实现稳定的可持续增长。在行业稳步扩容下，寻找快于 行业平均增速的细分领域，将成为超额 ...