相关机构表示，国内大型制药企业（Pharma）仿制药历经前期集采扰动，收入已企稳回升，创新 转型成果已现。年初至今，恒瑞医药已披露 3 起 BD 合作，涉及默沙东、德国默克、GSK 等跨国药 企，累计首付款金额约 7.2 亿美金，潜在总交易金额超137 亿美金，BD 有望成为恒瑞医药可持续性收 入。中国生物制药于今年 6 月预告即将达成一项"标志性重磅对外授权交易"，涉及 PDE3/4 等潜力产 品。7 月中国生物制药以 5 亿美金净额实现全资控资礼新医药获得核心资产与 BD 合作继承，快速丰富 双抗/ADC 平台，强化国际化研发能力。 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，全 年维度创新药作为医药板块的投资主线有望延续。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化 而 ...

Core Viewpoint - The A-share market has shown a clear bullish trend in 2023, with significant index breakthroughs, leading to impressive performance from many equity fund managers [4][5]. Group 1: Fund Manager Performance - As of August 15, 2023, there are 1,794 public fund managers with performance data, with the majority being new generation managers, achieving an average return of 20.68% for their equity funds [5]. - The performance of fund managers is categorized into three generations: - New Generation (less than 5 years): 901 managers, average return of 20.68% [5]. - Middle Generation (5-10 years): 635 managers, average return of 18.09% [5]. - Old Generation (10 years and above): 258 managers, average return of 16.78% [5]. - The total assets under management (AUM) for these fund managers amount to 55,735.04 billion [5]. Group 2: Top Fund Managers - The top five fund managers from the new generation include: - Liang Furui from Changcheng Fund with a return of 137.72% and AUM of approximately 1.1 billion [6][8]. - Chu Kefa and Ren Jie from Yongying Fund with returns of 122.30% and 108.97% respectively [6][9]. - The top five fund managers from the middle generation include: - Leng Wenpeng from CITIC Construction Investment Fund with a return of 104.73% and AUM of nearly 300 million [10][12]. - The top five fund managers from the old generation include: - Zhou Sicong from Ping An Fund with a return of 90.96% and AUM exceeding 3 billion [13][15]. Group 3: Investment Strategies - Liang Furui employs a unique three-cycle strategy focusing on demand and matching companies with demand cycles, particularly in the innovative drug sector [8]. - Chu Kefa combines quantitative risk control with active stock selection, favoring leading commercial companies and those with technological breakthroughs [9]. - Leng Wenpeng focuses on "specialized, refined, unique, and innovative" companies listed on the Beijing Stock Exchange [12]. - Zhou Sicong emphasizes a three-dimensional screening approach for innovative drug investments, predicting significant industry growth in 2025 [16].

Group 1 - The core viewpoint of the article highlights that the Hong Kong stock market's innovative drug sector has surged over 100 points this year, indicating significant growth and investment opportunities in this field [1] Group 2 - Innovative drugs are defined as new pharmaceutical products that offer advanced treatment options, which may have been misunderstood by many investors prior to this surge [1] - The article suggests that the recent surge in innovative drug stocks can be attributed to various factors, including market recovery after a three-year downturn, increased investor interest, and advancements in drug development [1] Group 3 - The article outlines strategies for investing in innovative drugs, emphasizing the importance of understanding the complexities of the sector and the associated risks [1]

Core Insights - The Hong Kong stock market experienced fluctuations, with the innovative drug sector showing a peak and subsequent decline. The Hang Seng Hong Kong Stock Connect Innovative Drug Index fell over 1% during the morning session, while the only ETF tracking this index, the Hang Seng Innovative Drug ETF (159316), saw a net subscription of 15 million units, bringing its total size to 1.15 billion yuan, doubling from a month ago [1][2] Group 1 - The adjustment of the Hang Seng Hong Kong Stock Connect Innovative Drug Index compilation scheme has officially taken effect, removing CXO companies to create a "pure" innovative drug index that better reflects the overall performance of China's innovative drug companies [1] - Historical performance simulations indicate that the revised index's annualized return exceeds 47%, with an improved Sharpe ratio, suggesting a significant enhancement in performance metrics post-adjustment [1] - Analysts believe that the current trend in the innovative drug industry differs significantly from that of 2020-2021, with China's innovative drug sector transitioning from "follower" to "leader" [1] Group 2 - The amount of authorized transactions for external licensing is expected to set new records by 2025, indicating greater investment opportunities compared to the 2020-2021 period [1] - The high-risk nature of innovative drug research makes individual stock investments challenging, thus utilizing ETFs to cover the entire innovative drug sector is an effective way to diversify risk and capture overall industry growth [1]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Index decreased by 1.1% at midday, while the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index fell by 0.8% [1] - The CSI Innovative Drug Industry Index rose by 0.6%, and the CSI Biotechnology Theme Index increased by 0.8%, with the CSI 300 Pharmaceutical and Health Index up by 0.5% [1] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index has announced a revision to its compilation scheme, which officially took effect today [1] Group 2 - The revision explicitly excludes CXO companies, focusing solely on core innovative drug companies [1] - The revised Hang Seng Hong Kong Stock Connect Innovative Drug Index will be the first among ETF-tracked indices to achieve a "purity" level of 100% for innovative drug companies [1]

创新药的投资价值不是短期脉冲，而是长达数年的产业红利。当技术突破、政策支持、资本认可形成共 振，布局黄金赛道的指数工具，是分享这一红利的最优解。 7月以来，国证港股通创新药指数、中证创新药产业指数连创阶段性新高，年内（截至7月31日，下同） 涨幅分别达106.7%、32.3%。两大指数亮眼表现的背后，是我国创新药行业的十年蝶变，已从"跟跑 者"蜕变成"引领者"。 历史证明，重大技术突破的长远影响，远超当时想象。当下，国产创新药IO双抗、ADC药物等创新药 研发领域引领国际潮流，GLP-1快速跟进也有望弯道超车，研发实力的蜕变正加速推动行业发展和价值 重估。 那么，普通人如何把握这场创新药浪潮？答案藏在资金流向中。上周（8月4日−8月8日）跟踪港股创新 药相关指数的ETF产品（包含QDII和港股通）净流入42.6亿元，6月以来净流入超160亿元，相关ETF产 品近9周以来，有8周呈现净流入。 在众多创新药ETF产品中，港股创新药ETF（159567）及其联接基金（A类：023929，C类：023930）、 创新药ETF（159992）及其联接基金（A类：012781；C类：012782）优势突出，为普通投资者提 ...

Core Viewpoint - The investment value of innovative drugs is not a short-term pulse but a long-term industrial dividend, with optimal solutions for sharing this dividend through index tools in golden tracks [1] Group 1: Performance of Innovative Drug Indices - Since July, the National Index for Hong Kong Stock Connect Innovative Drugs and the China Securities Innovative Drug Industry Index have reached new highs, with year-to-date increases of 106.7% and 32.3% respectively as of July 31 [2] - The impressive performance of these indices reflects a decade-long transformation of China's innovative drug industry from "follower" to "leader" [2] - Recent inflows into ETFs tracking innovative drug indices have been significant, with a net inflow of 4.26 billion yuan from August 4 to August 8 and over 16 billion yuan since June [2] Group 2: Index Adjustments and Sensitivity - The recent upgrade of the Hong Kong Stock Innovative Drug Index aims to enhance its focus by excluding CXO companies and increasing adjustment frequency from semi-annual to quarterly, effective August 12 [3][4] - This adjustment allows the index to better capture the core drivers of the innovative drug industry, focusing on pharmaceutical companies that lead drug development and hold key patents [3] - The increased adjustment frequency enhances the index's sensitivity, enabling it to quickly identify emerging growth companies in a rapidly evolving market [4] Group 3: Policy Support for Innovative Drugs - The innovative drug industry has received significant policy support this year, with the State Council's 2025 strategic goal to create a globally competitive innovation ecosystem [5] - Multiple regulatory bodies have introduced supportive measures, including optimizing review processes and reopening IPO channels for unprofitable companies [6] - The 2024 medical insurance fund expenditure on innovative drugs is projected to be 3.9 times that of 2020, with an annual growth rate of 40% [7] Group 4: Market Dynamics and Future Outlook - By the end of 2024, China is expected to have 3,575 original innovative drugs in clinical trials, surpassing the U.S. and becoming the global leader [7] - The proportion of first-in-class (FIC) drugs has increased from less than 10% in 2015 to 24% in 2024, indicating a significant enhancement in original innovation capabilities [7] - The innovative drug market in China currently accounts for less than 10% of the total pharmaceutical market, indicating substantial growth potential compared to over 20% in other G20 countries [9] Group 5: Investment Opportunities in Innovative Drugs - The China Securities Innovative Drug Industry Index has shown a year-to-date increase of 32.3%, with significant upside potential remaining [8] - The long-term growth of the innovative drug market is supported by an aging population and increasing demand for treatments for chronic diseases and rare diseases [8] - Investing in ETFs that track the innovative drug sector provides a way to mitigate risks associated with individual stock investments while capitalizing on overall industry growth [9]

Core Viewpoint - The company plans to invest up to 300 million yuan in Shanghai Haihe Pharmaceutical Research and Development Co., Ltd. through a share placement, indicating a strategic financial investment in the long-term potential of innovative drugs [1][2] Group 1: Investment Details - The company intends to subscribe for no more than 63,157,895 new shares of Haihe Pharmaceutical at a price of 4.75 yuan per share [1] - Post-investment, the company's shareholding in Haihe Pharmaceutical is expected to be between 5% and 8.09% [1] Group 2: Target Company Overview - Haihe Pharmaceutical focuses on the discovery, development, production, and commercialization of innovative drugs, particularly in the oncology field [1] - The company has developed over ten research pipelines, with three products already launched in China and Japan, and five products currently in clinical research [1] - Haihe Pharmaceutical's pipelines target various cancers and chronic diseases, aiming to meet unmet clinical needs [1] Group 3: Strategic Intent - The investment is aimed at ensuring stable operations of the main business while seeking reasonable financial returns and exploring opportunities in emerging industries [2]

Core Viewpoint - The innovative drug sector has experienced significant fluctuations, with recent adjustments raising questions about whether it is at a peak or still a primary growth line for the market [3][23]. Group 1: Market Performance and Adjustments - The Hong Kong innovative drug ETF saw declines of 3.05% and 1.33% on August 7 and 8, respectively, driven by multiple negative factors including disappointing mid-term earnings from some pharmaceutical companies and potential tariffs on imported drugs by Trump [4][10]. - Notable declines were observed in companies like Lee Ka Shing's Hutchison Whampoa, which saw its stock drop over 15% following a report of a 9.16% year-on-year revenue decline, despite a significant profit increase due to asset sales [5][7]. - The overall innovative drug sector has seen substantial gains this year, with many stocks doubling in value, leading to profit-taking and subsequent market corrections [10][12]. Group 2: Fund Management and Investment Strategies - The China Europe Medical Innovation Fund, managed by prominent fund manager Guo Lan, announced a purchase limit effective August 11, citing the need to ensure stable fund operations and protect investor interests [20][22]. - The fund has achieved a return of 62.28% this year and 80.12% over the past year, with its top ten holdings all in the innovative drug sector, reflecting strong performance across the board [22]. - Guo Lan remains optimistic about the innovative drug sector, highlighting the increasing global competitiveness of domestic companies and supportive domestic policies that enhance research and development [22]. Group 3: Diverging Opinions on Future Trends - Discussions among investors have intensified regarding whether the current innovative drug market is at a peak or if it will continue to grow, with some likening it to the real estate boom of 2005 [23][24]. - Some analysts argue that the current market dynamics are driven by fundamental improvements rather than speculative bubbles, suggesting a shift from broad market gains to selective stock performance [25][26]. - Caution is advised by several fund managers, who note that while the innovative drug sector has long-term potential, recent price increases may lead to inevitable corrections and volatility [26].

【导读】持续上涨后出现调整，后市怎么走？四位基金经理解读创新药投资机会 今年以来，创新药板块行情可谓波澜壮阔。其中，港股创新药更是星光闪耀。 截至2025年8月8日，恒生港股通创新药指数年内涨幅超过98%，自去年4月低点以来，该指数涨幅更是超过150%。万得创新药指数年内涨幅超过46%，去 年低点以来最大涨幅也超过95%。其间，诞生了一批十倍、五倍牛股。 但在烈火烹油之后，现在似乎有了回调的迹象，最近几天医药股尤其创新药"风浪"有点大。本次调整从7月30日开始算起，已调整9天，指数最大调整幅度 为-7.21%，至今调整幅度是-6.25%。 由此也催生出一些问题，聚焦在：这一波行情到顶了吗？经过连续上涨后，当前板块是否已出现局部泡沫？未来医药股会如何演绎逻辑？哪些领域还有机 会？ 为此，中国基金报记者采访了： 长城医药产业基金经理梁福睿 前海开源基金基金经理范洁 在受访基金经理看来，中国创新药当前正处于爆发增长态势，行业已迎来真正意义上的基本面拐点，并在逐渐完成从追赶者向引领者的转变。 郑宁：此前我们更多认为驱动行情的是创新药公司收入、利润释放，确实这个逻辑在兑现。但最近一段时间，很多公司研发管线的临床数据、与 ...