Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4][44] Core Views - The pharmaceutical sector is expected to experience a rebound in 2025, driven by innovation in drugs and medical devices, with a focus on low-valuation assets related to aging and overseas expansion [44] - The small nucleic acid drug market is entering a rapid development phase, with significant potential reflected in the performance of leading companies like Alnylam [4][8] - The report emphasizes the importance of innovation in the pharmaceutical industry, highlighting the successful transition of traditional pharmaceutical companies to innovative drug development [44] Summary by Sections Market Performance - From July 21 to July 25, the pharmaceutical index rose by 1.90%, outperforming the CSI 300 index by 0.21% [5][28] - Notable gainers included Haitai Biological (+46.93%), Zhendong Pharmaceutical (+42.89%), and Saily Medical (+31.73%) [5][28] Small Nucleic Acid Development - Small nucleic acid drugs, particularly siRNA and ASO, are gaining traction, with Alnylam leading the market [8][13] - Alnylam's market capitalization reached $42.8 billion as of July 24, 2025, reflecting its successful commercialization of siRNA therapies [13][20] Investment Recommendations - Key stocks to watch include innovative drug companies such as Heng Rui Pharmaceutical, Keren Pharmaceutical, and Xinlitai, as well as companies involved in overseas expansion like Mindray Medical and Yuyue Medical [4][44][45] - The report suggests focusing on sectors with low valuations, including medical devices and high-barrier industries like blood products and narcotics [44][45] Industry Trends - The report identifies several positive factors for the pharmaceutical industry, including the scaling of domestic innovation, increasing overseas capabilities, and the growing demand from an aging population [44] - The report also notes the ongoing development of a multi-layered payment system, which is expected to support industry growth [44] Valuation Insights - As of July 25, 2025, the overall PE valuation for the pharmaceutical sector is 37.98X, indicating that valuations are still relatively low compared to historical levels [37][44]

Summary of the Conference Call Company and Industry Overview - The conference call primarily discusses **Sakura Fund**, a comprehensive asset management company that manages over **900 billion** yuan across more than **200 public funds** [2][3]. - The focus is on the **innovative pharmaceutical sector**, particularly the performance of **Hong Kong-listed innovative drug companies** and their market dynamics [5][6]. Key Points and Arguments Performance of the Pharmaceutical Sector - The innovative pharmaceutical sector has shown strong performance, with some indices in the Hong Kong market increasing by over **60%** in the first half of the year [7][8]. - The market has experienced a bifurcation, with small-cap stocks underperforming while larger indices have shown resilience [6][7]. Drivers of Market Growth - The initial surge in the innovative drug market was linked to advancements in **AI technology**, particularly the introduction of **DeepSeek**, which has applications in drug discovery and diagnostics [8][9]. - Following this, significant clinical data from Chinese companies has attracted attention from major international pharmaceutical firms, leading to increased **business development (BD) transactions** [10][11]. Market Trends and Future Outlook - The innovative drug sector is expected to continue its upward trajectory due to the recognition of China's R&D capabilities and the increasing number of successful drug candidates entering the market [11][12]. - The market is witnessing a shift where Chinese innovative drugs are gaining global recognition, with projections indicating that by **2025**, the sector will experience a qualitative leap in development [21][22]. Policy Support - Recent government policies have been favorable, with measures introduced to support the high-quality development of innovative drugs, including expedited approval processes and enhanced insurance coverage [31][33]. - The **National Medical Insurance Bureau** has implemented policies to promote the integration of innovative drugs into the healthcare system, which is expected to increase their market share significantly [39][40]. Investment Strategies - Investors are encouraged to consider **ETF products** as a means to gain exposure to the innovative drug sector, allowing for diversified risk management [41][44]. - The distinction between **biotech companies** and **generic drug companies** is emphasized, with recommendations for investors to align their choices with their risk tolerance [42][43]. Additional Important Insights - The innovative drug sector has seen a significant increase in **BD transactions**, with projections for the total transaction volume in 2024 to exceed **$50 billion** [25][27]. - The perception of Chinese pharmaceutical companies has shifted, with increasing recognition of their original research capabilities rather than merely their engineering strengths [28][29]. - The conference highlighted the importance of continuous R&D investment, even during market downturns, as companies remain committed to developing innovative therapies [20][21]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future prospects of the innovative pharmaceutical sector in China.

Core Insights - Recent favorable policies have been released, significantly benefiting the innovative drug sector, with a clear support stance from regulators towards innovative drugs [1][2] Group 1: Policy Developments - The National Healthcare Security Administration (NHSA) has published guidelines for the adjustment of the 2025 National Basic Medical Insurance drug catalog, including a commercial health insurance innovative drug catalog, which opens new payment avenues for high-value innovative drugs [1] - On July 1, the NHSA and the National Health Commission jointly released 16 support measures for the high-quality development of innovative drugs, including the opening of medical insurance data to pharmaceutical companies and the establishment of a commercial insurance innovative drug catalog [2] Group 2: Market Performance - In 2024, domestic biopharmaceutical companies achieved over 100 licensing transactions, with a total disclosed transaction amount reaching $52.3 billion, marking a historical high compared to $41.9 billion in 2023 [3] - As of June 12, 2025, the disclosed transaction amount reached 50.1 billion yuan, indicating that Chinese innovative drugs are recognized as high-quality assets globally [3] Group 3: Company Performance - WuXi AppTec (603259) expects a revenue of approximately 20.8 billion yuan for the first half of 2025, representing a year-on-year growth of about 20.64%, and an adjusted net profit of approximately 6.3 billion yuan, up about 44.43% [3] - Shanghai Pharmaceuticals (601607) anticipates a net profit of 4.45 billion yuan for the first half of 2025, reflecting a year-on-year increase of approximately 52% [3] Group 4: Investment Opportunities - Analysts suggest that despite short-term fluctuations, the innovative drug sector remains promising over a 2-3 year horizon, with significant potential for overseas projects and increased foreign investment in Hong Kong-listed innovative drugs [4] - Investment opportunities are recommended in innovative drugs and related industries, particularly focusing on pipeline realization, performance growth, and business collaborations [4]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Viewpoints - The pharmaceutical sector is experiencing a transformation with traditional Big Pharma companies increasingly focusing on innovation and BD (business development) transactions, which are expected to become a regular source of income and profit [9][12] - The report highlights that the innovative drug segment is gaining momentum, with companies like 恒瑞医药 (Hengrui Medicine) and 翰森制药 (Hansoh Pharmaceutical) achieving significant growth in their innovative drug revenues [12][21] - The report anticipates that the pharmaceutical industry will benefit from multiple positive factors, including the aging population, steady growth in medical insurance revenue, and advancements in AI technology [45] Summary by Sections Industry Performance - From July 7 to July 11, the pharmaceutical index rose by 1.82%, outperforming the沪深 300 index by 1.00% [5] - The report notes that 350 stocks in the sector increased in value, while 131 stocks decreased [5][25] Business Development (BD) Insights - BD transactions are becoming a crucial strategy for traditional Big Pharma, with a focus on increasing international revenue and opening new growth avenues [9][12] - The report indicates that BD income is expected to contribute significantly to the profit growth of companies like 恒瑞医药 and 翰森制药, with numerous successful licensing agreements [18][21] Investment Recommendations - The report suggests focusing on innovative drugs and related sectors, particularly companies with strong BD capabilities and those positioned for international expansion [45][46] - Specific companies recommended for investment include 恒瑞医药, 科伦药业, and various CXO and supply chain firms [45][46] Market Trends - The report emphasizes the ongoing shift towards innovative drug development, with traditional pharmaceutical companies successfully transitioning to this model [12][21] - The aging population is expected to drive demand for chronic disease treatments, further supporting the growth of the pharmaceutical sector [45] Valuation Insights - As of July 11, 2025, the overall PE valuation for the pharmaceutical sector is 35.79X, indicating that the sector is still at a relatively low historical valuation [33][45]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][7]. Core Views - The internet healthcare sector is entering a stable growth phase, with online pharmaceutical retail penetration expected to accelerate. Non-pharmaceutical products like nutritional supplements and home medical devices are well-suited for online retail, while the pharmaceutical market's online penetration is still low but poised for growth due to changing consumer behaviors and regulatory support [6][27][30]. Financial Data and Profit Forecast - The company is projected to achieve revenues of RMB 27,026.56 million in FY2024, increasing to RMB 39,029.33 million by FY2028, reflecting a revenue growth rate of 0.98% in FY2024 and an average of 8.33% from FY2025 to FY2028 [2]. - Adjusted net profit is expected to rise from RMB 1,438.27 million in FY2024 to RMB 3,355.45 million by FY2028, with a significant growth rate of 91.64% in FY2024 [2]. - The report anticipates a gradual improvement in gross margin from 21.81% in FY2024 to 25.85% in FY2028, alongside an increase in return on equity (ROE) from 6.07% to 13.00% over the same period [2]. Company Overview - The company operates in three main segments: 1P pharmaceutical self-operated business, 3P pharmaceutical e-commerce platform business, and innovative healthcare and digital services [17]. - The self-operated pharmaceutical business accounted for 85.4% of the company's revenue in FY2025, while the e-commerce platform business contributed 11.7% [17]. Market Trends - The report highlights a favorable regulatory environment for online healthcare, with policies gradually promoting online medical insurance coverage and the legitimacy of internet hospitals [27][28]. - The penetration rates for nutritional supplements and home medical devices are increasing, while the pharmaceutical sector is expected to see rapid growth in online retail penetration due to evolving consumer preferences and regulatory changes [30][31]. Competitive Landscape - The competition in the internet healthcare sector is expected to stabilize, with a clear distinction emerging between B2C and O2O models. The report notes that while O2O instant retail will continue to grow, its penetration in certain product categories may remain limited [45][49]. Innovation and Growth Opportunities - The company is actively exploring AI applications in healthcare, enhancing operational efficiency and developing AI-assisted diagnostic tools. This strategic focus on AI is expected to improve service delivery and patient outcomes [52][58]. - The report also mentions the company's cloud hospital and digital service initiatives, which are anticipated to provide significant growth opportunities in the future [52].

Core Insights - The domestic innovative drug industry is experiencing a surge in overseas licensing agreements, with companies like Maiwei Biotech and others securing international collaborations, driven by supportive policies and the impending patent cliff faced by multinational corporations [1][2][3] Group 1: Overseas Licensing Agreements - Maiwei Biotech signed an exclusive licensing agreement with CALICO for IL-11 targeted therapy, receiving an upfront payment of $25 million and potential milestone payments up to $571 million, along with tiered royalties based on net sales [1] - Other companies, such as 3SBio and CSPC Pharmaceutical Group, have also entered significant overseas licensing deals, with 3SBio receiving an upfront payment of $1.25 billion from Pfizer for a PD-1/VEGF dual antibody, marking a record for domestic innovative drugs [2] - CSPC is in discussions for potential transactions that could yield up to $5 billion in total payments for several products, indicating a robust interest in Chinese innovative drugs from global partners [2] Group 2: Market Dynamics and Growth - The upcoming patent cliff is expected to result in over $300 billion in revenue losses for overseas pharmaceutical companies, prompting them to seek innovative drug assets globally [3] - China's innovative drug overseas licensing transactions are projected to grow by 26% in 2024, with upfront payments exceeding $2.5 billion in the first half of 2025, contributing to a total transaction value of over $50 billion [3] - The rapid growth in overseas licensing is providing substantial cash flow for innovative drug companies, enhancing their core pipelines and accelerating the development of Chinese innovative drugs [3] Group 3: Regulatory Support and Industry Development - The National Medical Products Administration (NMPA) has approved several innovative drugs, including a new class 1 innovative drug from Innovent Biologics, indicating a supportive regulatory environment [4] - The implementation of policies aimed at optimizing clinical trial review processes is expected to shorten the drug development cycle, benefiting the innovative drug industry [6][7] - Local governments, such as Beijing and Shenzhen, are introducing measures to support the pharmaceutical industry, including financial incentives for successful clinical trials and market entry [7] Group 4: Financial Performance and Market Position - Some biotech companies have achieved profitability, with Bai Li Tian Heng reporting a revenue of 5.823 billion yuan in 2024, a 936.31% increase, primarily due to an $800 million upfront payment from a global partner [5] - The market size of domestic innovative drugs has grown from 25.7 billion yuan in 2015 to 71.6 billion yuan in 2024, increasing its market share from 18.7% to 27.8% [5] - As of May 2025, China has become the largest country for innovative drug research and development, with 3,258 projects in progress, surpassing the United States [5][6]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4][54]. Core Viewpoints - The report highlights that the AD (Alzheimer's Disease) treatment sector is expected to see significant advancements, with a recommendation to focus on companies like Tonghua Jinma and Dongcheng Pharmaceutical [3][9]. - The report emphasizes the importance of innovation, international expansion, and the aging population as key themes driving the industry forward [22][43]. - The pharmaceutical index has shown a positive performance, with a 1.40% increase from June 9 to June 13, outperforming the CSI 300 index by 1.66% [5][22]. Summary by Sections 1. AD Treatment Developments - The report notes that Alzheimer's Disease (AD) is a major global health challenge, with 51.62 million cases worldwide in 2019, including 13.14 million in China [9][10]. - The innovative oral drug, Succinyl-8-hydroxy-aminoguanidine, developed by Tonghua Jinma, has shown promising results in clinical trials and is expected to be a significant player in the AD treatment market [5][21]. 2. Industry Perspectives - The report indicates that the pharmaceutical sector is transitioning from traditional growth drivers to innovative solutions, with a focus on domestic innovation and international market expansion [22][43]. - The aging population is driving demand for chronic disease treatments, and the report suggests that the healthcare payment system is evolving to support this growth [41][43]. 3. Market Performance - The report provides a detailed analysis of stock performance, noting that 218 stocks increased in value while 263 decreased during the reporting period [5][22]. - Specific stocks such as Yiming Pharmaceutical and Sai Sheng Pharmaceutical have shown significant gains, while others like Renmin Tongtai have experienced notable declines [25][26]. 4. Investment Recommendations - The report recommends focusing on innovative pharmaceutical companies and those with strong international expansion capabilities, such as Heng Rui Pharmaceutical and Keren Pharmaceutical [43][44]. - It also highlights the importance of investing in sectors related to aging and outpatient consumption, suggesting companies like Kunming Pharmaceutical and Yuyue Medical [44].

Core Viewpoints - The Chinese medicine industry is expected to see a performance turning point, with significant improvements in revenue and profit growth anticipated in Q2 2025 compared to Q1 2025, and continued growth in H2 2025 [3][7] - The industry exhibits characteristics similar to the banking sector, including high cash reserves, substantial dividends, and low profit volatility, with minimal impact from overseas situations [3][7] Key Indicators Tracking - Influenza data has stabilized, reducing revenue growth pressure on companies [11] - The price index of Chinese medicinal materials has declined, which is expected to alleviate gross margin pressure [13] - Institutional holdings are low, with the proportion of fund holdings in the Chinese medicine sector dropping to 0.46% as of Q1 2025, indicating potential for increased investment interest under favorable tariff policies in the U.S. [18] - The sector's valuation is slightly above the average level since 2021, with a TTM price-to-earnings ratio of 27.78x as of June 12, 2025 [21] Investment Recommendations - Companies with stable and rapid profit growth and new consumption logic include Dong'e Ejiao and Lingrui Pharmaceutical, with a focus on Mayinglong [30] - High-barrier, large-cap state-owned enterprises with light institutional positions include Tianshili, Yunnan Baiyao, Tongrentang, and Pianzaihuang [30][6] Mid-Year Performance Outlook - The report provides a forecast for the first half of 2025, indicating expected year-on-year growth rates for various companies, with Dong'e Ejiao projected to grow by approximately 20% in Q2 2025 [34]

Group 1 - The Chinese innovative pharmaceutical industry is experiencing an unprecedented revaluation, with the innovative drug index rising over 20% and the Hong Kong innovative drug index increasing by more than 45% this year [1][2] - Institutions have shown heightened interest in the innovative drug sector, with numerous companies such as BeiGene and I-Mab being heavily researched by various institutions [1][3] - The focus of institutional research has shifted from generic drugs and raw materials to cutting-edge areas like ADCs, bispecific antibodies, and cell therapies, indicating a growing interest in clinical data and international progress [4][5] Group 2 - The recent surge in the innovative drug sector is attributed to the culmination of years of investment and development, with many projects now reaching commercialization [5][6] - The improvement in liquidity and the influx of foreign capital have significantly boosted the performance of Hong Kong innovative drug stocks, with net purchases exceeding 600 billion yuan this year [6][7] - The next three years are expected to be critical for the Chinese innovative drug industry, with 2025 marking a pivotal year for revenue growth, profitability, and valuation increases [8][9] Group 3 - The innovative drug sector is anticipated to remain a key focus within the pharmaceutical industry, with particular attention on companies that are successfully entering overseas markets and those that are experiencing significant domestic sales growth [9]

作为一家综合性资产管理公司，广发基金在指数业务起步早、管理经验丰富，目前已布局超百只公募指 数产品。在基金行业，同时布局港股和A股创新药主题ETF的公司并不算多，广发基金是其中一家，旗 下港股创新药ETF（513120）和创新药ETF（515120）的规模合计超过130亿元，是目前行业内管理创 新药主题ETF规模最大的基金公司。其中，港股创新药ETF最新规模98亿元，创新药ETF最新规模超35 亿元，且规模、日均成交额均位列沪市同类第1，备受资金关注。 | A股、H股创新药ETF怎么选? | | | | --- | --- | --- | | 基金信息 | | | | 场内简称 | 港股创新药ETF | 创新药ETF | | 交易代码 | 513120 | 515120 | | 最新规模 | 规模98亿元 | 规模35亿元 | | 日均成交额 | 超21亿元. 同类第1 | 超1亿元,同类沪市第1 | | 跟踪指数信息 | | | | 跟踪指数 | 港股创新药指数 | CS创新药 | | 聚焦市场 | 港股. Biotech为主 | A股. 商业化成熟药企 | | 风格属性 | 高弹性、高波动 | 相对稳健成 ...