合资公司设立后将承接石药集团有限公司旗下全部GLP-1靶点等相关产品管线（包括但不限于临床前研 究、已进入临床阶段以及申报上市阶段的管线）的技术以及后续研发和商业化，并可通过包括但不限于 自主开发、权益购买、管线引入等多种方式进一步拓展创新型代谢类药物相关管线的研发和商业化，丰 富产品矩阵，具体以后续合资公司的实际发展需要为准。 格隆汇12月22日丨新诺威(300765.SZ)公布，在健康意识和医疗支出不断提高、临床需求不断增长以及 疾病诊疗水平不断提高的推动下，中国创新型代谢药物和GLP-1靶点等相关产品呈现较快增长趋势，具 有广阔的市场发展前景。为进一步深化在创新生物医药领域的业务布局，不断提升公司的整体价值和综 合竞争实力，公司拟与中奇制药共同出资45,000万元人民币设立石药集团润石生物科技（石家庄）有限 公司（暂定名，最终以市场监督管理部门核准登记为准，简称"合资公司"），其中公司拟以自有资金出 资15,750万元，占合资公司注册资本的35%；中奇制药拟以自有资金出资29,250万元，占合资公司注册 资本的65%。合资公司拟主营创新型代谢类药物的研发、产业化和商业化，主要聚焦于GLP-1靶点等相 关 ...

Core Viewpoint - The article highlights the increasing demand for investment in Hong Kong stocks, evidenced by record net inflows from mainland investors through the Stock Connect program, reaching 765.4 billion RMB as of July 25, 2024, surpassing the previous record of 744 billion RMB for the year [1]. Group 1: Investment Trends - The net inflow of funds into Hong Kong stocks has set a new historical high, indicating a strong and growing interest from investors [1]. - The proportion of Hong Kong stock assets in actively managed equity funds has been on the rise for six consecutive quarters, reaching 17.20% by the end of Q2 2025, compared to an average of 15.30% across all funds [4][6]. Group 2: Sector Allocation - The allocation to technology and internet sectors remains significant, with a 45.5% share in Q2 2025, although it has decreased from 49.9% in Q1 2025. The structure within this sector has seen some optimization, with a 3% decrease in the media sector and a 0.2% increase in the computer sector [6][7]. - The pharmaceutical and biotechnology sectors have emerged as the largest area of increased investment, with their share rising from 7.5% in Q1 to 13.7% in Q2 2025, marking a 6.2% increase [8]. - New consumption and high-dividend assets are forming a complementary allocation, with the light manufacturing sector and the financial sector seeing increases of 1.9% and 2.3%, respectively, in their market value proportions [9]. Group 3: Investment Opportunities for Retail Investors - The Hong Kong market features 163 A+H shares, representing only 6.15% of total listings, indicating a unique investment landscape compared to A-shares. The market offers distinct advantages in sectors like technology, internet, and innovative pharmaceuticals [10]. - Ordinary investors can access Hong Kong stocks through various means, including direct trading, ETFs, and mutual funds, with options available for different risk appetites and investment amounts [11][14].

Core Viewpoint - The pharmaceutical and biotechnology sector has shown strong performance recently, particularly in the medical services and medical devices sub-sectors, supported by government initiatives to empower innovation in drugs and medical devices [1] Group 1: Government Initiatives - The National Healthcare Security Administration (NHSA) has held two meetings to support innovative drugs and devices, focusing on establishing new medical service pricing projects and researching pricing mechanisms for newly launched drugs [1] - Following the approval of measures to optimize the lifecycle regulation supporting high-end medical device innovation, there is a clear trend of increasing support for innovative medical devices from top-level design, with more supportive policies expected in the future [1] Group 2: Market Dynamics - The NHSA emphasized that "winning bids in centralized procurement will no longer simply refer to the lowest price," indicating a specific implementation of "anti-involution" actions in the medical field, which is expected to lead to orderly competition and an overall improvement in profitability and valuation levels in the medical device sector [1] - The ChiNext Medical ETF (159377) tracks the ChiNext Medical Index (399275), which can fluctuate by up to 20% in a single day, focusing on innovative biopharmaceuticals and selecting securities from companies involved in biotechnology, drug development, and related services [1] - The index emphasizes allocation in sub-sectors such as biotechnology and new drug development, highlighting the market trends of innovative pharmaceutical companies [1]