炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 今日（2025/11/20）早盘港股有所回暖，带动相关ETF产品交投活跃，其中截至上午10：53恒生创新药 ETF（520500）盘中成交额已达3.31亿元。（数据来源：Wind） 随着2025年三季报披露收官，在整体承压的医药行业中，创新药产业链展现出较强的业绩韧性，实现收 入与归母净利润双增长，验证了其长期向好趋势未改。在政策支持与全球流动性改善的双重推动下，创 新药板块经过前期调整后有望释放更大弹性。 （政策来源：国家医保局、国家卫生健康委-支持创新药高质量发展的若干措施-25/6/30） 国信证券研究显示，2025年前三季度，中国创新药板块实现营业收入488.3亿元，同比增长22.1%；归母 净利润为-4.6亿元，同比亏损收窄71.4%。第三季度单季实现营业收入192.1亿元，同比增长51.0%；归母 净利润达11.1亿元，同比增长147.1%，板块利润端实现扭亏为盈。创新药产品商业化销售快速增长主要 由于重磅品种销量持续放量、医保覆盖及新适应症拓展。 （研报来源：国信证券-创新药及产业链持续高景气，关注反转标的-25/11/1 ...

Core Viewpoint - The Hong Kong innovative drug sector is experiencing a period of volatility, but the fundamental industry logic remains solid, indicating long-term investment value in the sector [1][2]. Group 1: Market Performance - The Hang Seng Innovative Drug ETF (520500) has seen active trading, with an average daily trading volume of 999.1 million yuan in November, a 53% increase from October's 648 million yuan [1]. - The ETF has recorded net inflows for seven consecutive trading days, increasing its fund size to a historical high of 1.838 billion yuan and total shares to 1.094 billion [1][2]. Group 2: Industry Developments - The "going global" process for domestic innovative drugs has accelerated significantly, with 115 licensing agreements totaling 101.24 billion USD reported by October 21, 2025, surpassing the total of 51.9 billion USD for all of 2024 [2]. - The National Medical Products Administration has approved two innovative drug products for market launch in November 2025, focusing on critical areas such as cancer treatment and COVID-19 [2]. Group 3: Financial Performance - The innovative drug sector has shown a significant turnaround in profitability, with a 36% year-on-year increase in revenue for Q3 2025, and a shift from a net loss of 500 million yuan in the previous year to a profit of 1.5 billion yuan [2]. Group 4: Policy and Future Outlook - The Chinese innovative drug industry is expected to transition from a "research investment phase" to a "value realization phase," supported by improved policies and global market expansion [2]. - The Hang Seng Innovative Drug ETF (520500) is positioned as an effective tool for investors to capitalize on opportunities in the Hong Kong innovative drug market, benefiting from its large scale and favorable liquidity [2].

Group 1 - The core viewpoint of the news is that the Chongqing government has implemented strong policies to support the high-quality development of the innovative drug industry, aiming to accelerate the approval and commercialization of new drugs by 2027 [1] - The policy includes measures such as R&D subsidies, clinical acceleration, industrial clusters, and international cooperation, covering the entire chain from drug development to market entry [1] - The goal is to approve 1 to 3 innovative drugs annually, reach a total of 10 innovative drugs, cultivate 3 industrial innovation complexes, and establish 3 high-level innovation platforms by 2027 [1] Group 2 - In terms of product layout, the Heng Seng Innovative Drug ETF (520500) has seen continuous net inflows for six consecutive trading days, indicating strong investor interest [2] - As of November 6, 2025, the Heng Seng Innovative Drug ETF has a total scale of 1.872 billion yuan and an average daily trading volume of 1.197 billion yuan over the past five trading days [2] - The ETF tracks companies in the Hong Kong market related to innovative drug research, development, and production, focusing on firms with strong R&D capabilities [2] Group 3 - The innovative drug industry is experiencing positive trends in internationalization and R&D pipeline advancement, which may further enhance the industry's fundamentals [2] - According to Dongwu Securities, the innovative drug sector is expected to remain a key investment theme in 2026 due to its growing international status and market potential [2]

每经AI快讯，11月6日，重庆市人民政府办公厅印发《重庆市全链条支持创新药高质量发展若干措 施》，其中提出，聚焦创新药核心技术突破、产品加速培育，持续优化产业创新体系。到2027年，全市 每年获批上市创新药1~3个，力争创新药总数达到10个；培育产业创新综合体3个；建设高能级创新平 台3个；打造创新药产业集群3个。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the articles highlights a significant surge in the innovative drug sector within the A-share market, particularly on October 31, where several stocks, including Shuyat and Sanofi, hit the 20% daily limit increase [1] - The A-share market experienced fluctuations, with the ChiNext index dropping over 2%, and the total trading volume in the Shanghai and Shenzhen markets reaching 2.32 trillion yuan, a decrease of 103.9 billion yuan compared to the previous trading day [1] - The introduction of the "Commercial Insurance Innovative Drug Directory" mechanism during the national medical insurance negotiations is expected to benefit innovative drugs that are highly innovative and clinically valuable but are not yet included in the basic directory [1] Group 2 - According to Guosen Securities, the Chinese innovative drug industry is showing a long-term positive development trend, particularly evident in the explosive growth of BD transactions in recent years [2] - For most domestic innovative drugs, external licensing is often just the starting point for global development, with the progress of partners overseas and subsequent global clinical data readings enhancing the certainty of commercialization in the global market [2] - The long-term logic of investing in innovative drugs is favored, with a focus on stocks that are showing signs of bottom reversal [2]

Core Viewpoint - The innovative pharmaceutical sector in China is experiencing significant growth, with companies like Sanofi and others seeing substantial stock price increases, indicating a positive market trend for innovative drugs [1] Industry Summary - The Chinese pharmaceutical industry has largely completed the transition from old to new growth drivers, focusing on innovation over generic drugs and enhancing international market capabilities [1] - The innovative drug sector has opened new growth avenues for Chinese pharmaceutical companies, reflecting a long-term positive development trend [1] Company Summary - Companies such as Sanofi, Shuyitai, Zexing Pharmaceutical, and Yifang Bio have seen stock price increases of over 10%, with Sanofi reaching a 20% limit up [1] - The surge in stock prices is indicative of the market's confidence in the potential of innovative drugs and their commercialization prospects [1]

Market Overview - A-shares experienced fluctuations with the Shanghai Composite Index falling below 3900 points, the Shenzhen Component Index below 13000 points, and the ChiNext Index below 3000 points, marking a new low for the Science and Technology Innovation Board [1] - Over 4100 stocks declined, indicating a trend of shrinking trading volume [1] Innovation Drug Sector - The A-share innovative drug sector index opened higher and rose against the market trend, with stocks like Huabang Health and Shenlian Bio reaching their daily limit [2] - The Hong Kong market saw drug stocks like Yaojie Ankang surge by 46.34% previously and continue to rise, with a cumulative increase of nearly 100% over two days [2] - The "2025 European Society for Medical Oncology (ESMO)" conference is showcasing 23 Chinese research projects, a significant increase from 7 in 2024, highlighting the robust development of China's innovative drug industry [2] Policy Support for Pharmaceutical Industry - Beijing has implemented "32 measures" for two consecutive years to support innovative pharmaceutical development, including a streamlined clinical trial approval process [3] - The approval time for clinical trials has been reduced from 60 days to 30 days, with some projects approved in as little as 18 working days [3] - Fengzheng Securities remains optimistic about the long-term growth of the innovative industry chain, anticipating more business development (BD) opportunities by year-end [3] Coal Sector Performance - The coal sector continues to show strength, with the index achieving a new high for the year after eight consecutive days of gains [4] - Major coal companies like Dayou Energy and Antai Group have reached new highs, with Dayou Energy hitting its highest price since June 2016 [4] - The Central Meteorological Observatory forecasts a significant drop in temperatures, leading to increased heating demand in northern regions, which may boost coal consumption [4] Financial Performance of Coal Companies - CITIC Securities reports an average net profit growth of approximately 18% for coal companies in the third quarter [5] - Coking coal and anthracite companies are expected to show greater earnings elasticity, while the thermal coal sector remains the largest profit contributor [5] - The overall supply-demand balance in the coal industry is expected to remain stable, with potential supply shortages in the peak season, suggesting a possible improvement in coal prices [5]

Group 1 - The pharmaceutical stocks have been experiencing a continuous decline, with notable drops in companies such as Viatris (down 7.53% to HKD 2.58), Genscript Biotech (down 7.09% to HKD 9.17), and CanSino Biologics (down 5.74% to HKD 64) [1] - Huaxin Securities indicates that the trend of going global will continue into Q3 2025, but there are fewer significant business developments (BD) from listed companies, and the NewCo format of BD has not met market expectations [1] - The escalation of Sino-US trade conflicts may raise concerns about future decoupling risks, but the shift of global innovative research and development towards more efficient Chinese solutions is an unstoppable trend [1] Group 2 - Cinda Securities believes that Chinese innovative pharmaceutical companies are gaining a foothold on the global stage, possessing global competitiveness in various niche areas, despite potential short-term policy impacts [2] - The innovative drug sector is expected to remain a key focus for the next 2-3 years, with the CXO industry playing a crucial role in the global innovative drug supply chain [2] - The revised version of the Biodefense Act has undergone multiple iterations, with minimal impact on leading companies, and the CXO sector is currently experiencing a recovery phase, with continuous growth in performance likely to restore market confidence [2]

Core Viewpoint - The domestic innovative drug industry is transitioning from a follower to FIC/BIC innovation, supported by engineer dividends, abundant clinical resources, and favorable policies, indicating a qualitative improvement as it enters the 2.0 era [1][2] Group 1: Industry Development - The innovative drug sector is expected to benefit from policy reforms in payment systems, enhancing the profitability of innovative drug companies as they commercialize domestic products [2] - The upcoming ESMO conference in mid-October is anticipated to provide new investment opportunities through the release of relevant clinical data and business development (BD) activities [2] Group 2: Investment Climate - The investment landscape has improved since early this year, with a notable reversal in the financing trend for the innovative drug industry, particularly in the A/H market [3] - The recovery of IPO projects and financing activities in the secondary market is expected to positively impact investment data in Q3, benefiting domestic CROs and upstream research sectors [3] Group 3: Policy Support - Continuous advancement of commercial medical insurance policies since 2025 is likely to accelerate payment system reforms, easing supply-demand conflicts and supporting domestic innovation [4] - Fiscal policy enhancements are expected to increase market interest in domestic medical equipment stocks [4] Group 4: Target Companies - A-share targets include: BeiGene (688235.SH), Hengrui Medicine (600276.SH), Kelun Pharmaceutical (002422.SZ), WuXi AppTec (603259.SH), Tigermed (300347.SZ), New Industry (300832.SZ), BGI Genomics (688114.SH), Huatai Medical (688617.SH), and Dian Diagnostics (300244.SZ) [5] - H-share targets include: Kelun Biotech (06990), CSPC Pharmaceutical (01093), China Biologic Products (01177), CanSino Biologics (09926), WuXi Biologics (02269), Junshi Biosciences (01877), and Zai Lab (09688) [5]

Investment Rating - The report maintains an "Outperform" rating for the healthcare sector, indicating that it expects the sector to perform better than the market over the next 6 to 12 months [39]. Core Views - The report is optimistic about the long-term development trend of innovative drugs, supported by domestic engineering advantages, abundant clinical resources, and favorable policies. Domestic innovative drugs are transitioning from a follower to an innovator phase, with commercialization gradually increasing [6][7]. - The report highlights the potential for improved profitability for innovative drug companies due to policy reforms in payment systems, which are expected to enhance their earnings capabilities [6]. - There is an anticipated revival in investment and financing activities in the innovative drug sector, with a notable turnaround observed since the second quarter of this year. This is expected to benefit domestic contract research organizations (CROs) and upstream research sectors [6][7]. Industry Dynamics - In the past month (September 1 to September 30), the pharmaceutical sector index declined by 1.7%, while the Shanghai Composite Index rose by 0.6%, the Shenzhen Component Index by 6.5%, and the ChiNext Index by 12.0%. Among sub-sectors, chemical pharmaceuticals fell by 2.7%, medical devices by 0.2%, while medical services rose by 1.8% [5][11]. - The report notes that commercial medical insurance policies are being continuously promoted, which is expected to accelerate reforms in the medical payment system and alleviate supply-demand imbalances [7]. Valuation and Recommendations - The report recommends several stocks for investment, including: - A-shares: Bai Jie Shen Zhou, Heng Rui Yi Yao, Ke Lun Yi Yao, Yao Ming Kang De, Tai Ge Yi Yao, Xin Chan Ye, Hua Da Zhi Zao, Hui Tai Yi Liao, Di An Zhen Dui [8][17]. - H-shares: Ke Lun Bo Tai Sheng Wu, Shi Yao Ji Tuan, Zhong Guo Sheng Wu Zhi Yao, Kang Fang Sheng Wu, Yao Ming Sheng Wu, Jun Shi Sheng Wu, Zai Ding Yi Yao [8][17].