报告指，中国生物科技板块今年进入转折期，基本面正在稳定，创新基础具韧性，授权交易正在进行， 融资活动持续复苏。但上半年在催化剂稀缺的背景下，高度确信的投资主题有限，风险偏好Beta仍不稳 定。在地缘政治不确定性加剧下，大摩料有更广泛的去风险板块轮转，对高Beta、长年期的板块如生物 科技料面临更大配置压力。大摩料中国生物科技板块上半年将区间波动;而催化剂、资金重新配置及更 理想估值，将在今年下半年更明确的股价方向奠定基础。 摩根士丹利发布研报称，重新覆盖信达生物(01801)，并予"增持"评级，目标价130港元。 大摩预期中国生物科技板块今年上半年区间波动、下半年方向趋向明确。上半年可能会持续波动且以事 件驱动为主;随着催化剂累积以及海外资金流动的扩大，该行预计下半年将迎来更持久的上升趋势。 该行预计下一轮增长可能开始于有意义的数据发布、商业发展(BD)活动和授权交易的可见性开始集中 出现时。由于大多数事件集中于2026年下半年，该行认为进一步的行业重估应该是延后而非被打断。 ...

Core Viewpoint - Hong Kong Stock Exchange plans to launch the Hang Seng Biotechnology Index Futures on November 28, 2023, to enhance its derivatives ecosystem and provide investors with effective risk management tools in the rapidly growing biotechnology sector [1]. Group 1: Market Development - The new futures contract will be based on the Hang Seng Biotechnology Index, which tracks the performance of 30 major biotechnology, pharmaceutical, and medical device companies listed in Hong Kong [1]. - Since the listing reform in 2018, the biotechnology and healthcare sectors have become the fastest-growing industries in Hong Kong's capital market, with over 260 companies listed and a total market capitalization exceeding HKD 4.8 trillion, quadrupling from approximately HKD 1.2 trillion at the end of 2018 [1]. Group 2: 18A Companies - The introduction of Chapter 18A in the listing rules in 2018 allowed unprofitable biotechnology companies to list in Hong Kong, marking a significant turning point for the healthcare market [2]. - As of October 13, 2023, 78 18A companies have successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 131.64 billion and achieving a total market capitalization of nearly HKD 1.5 trillion, covering key areas such as antibodies, small molecules, vaccines, innovative medical devices, surgical robots, and cell therapies [2]. Group 3: Institutional Investment - The development of the healthcare sector in Hong Kong has been supported by a diverse group of investors, including international investment institutions, healthcare funds, and mainland Chinese capital [2]. - According to Refinitiv, the total holdings of institutional investors in the top 30 Hong Kong-listed healthcare companies increased from USD 13.3 billion in 2017 to USD 43 billion by June 30, 2025, with the biotechnology sector particularly favored, accounting for 34% of institutional holdings in the Hong Kong biotechnology sector as of mid-2025 [2]. Group 4: Financing Activities - The healthcare sector has seen active refinancing activities, with 27 refinancing transactions completed in the first half of 2025, totaling USD 3.9 billion, surpassing the total refinancing amounts for the years 2022, 2023, and 2024 [3]. - The Hong Kong stock market has witnessed significant stock price increases in the healthcare sector, especially among 18A companies, with 27 out of 260 healthcare companies experiencing price increases exceeding 200% year-to-date [3]. Group 5: IPO Performance - In the first half of 2025, 10 healthcare companies went public in Hong Kong, raising USD 2.1 billion, with an average first-day increase of 30.4%, making Hong Kong the market with the highest new healthcare stock financing globally [2]. - Among the top 20 companies with the highest first-day price increases, 9 were healthcare companies, with 6 of them seeing increases of over 100% [4].