创新药板块震荡调整 超百亿元资金借道ETF进场 机构认为，前期创新药板块涨幅较大，积累了一定的获利盘，板块近期有所调整。但AI制药等前沿技 术的崛起，为创新药研发注入了新的活力，有效提升了研发效率，降低了研发成本，推动行业不断向前 发展。此外，中国创新药海外授权交易的不断成交，也坚定了资本对创新药领域发展前景的信心。随着 政策的持续支持、技术的不断进步、市场需求的进一步释放，中国创新药企业有望在全球市场中占据更 重要的地位 ◎记者 赵明超 ■机构动向 除借道ETF加仓创新药板块外，多只重仓创新药板块的主动权益类基金已限制大额申购。其中，8月18 日，长城基金公告称，自8月19日开始，长城医药产业精选混合基金限购100万元。此外，汇添富香港优 势精选混合基金目前已暂停申购。 机构研判创新药板块机会 创新药板块后续投资机会如何？ 华安医药生物股票基金经理桑翔宇表示，前期创新药板块涨幅较大，积累了一定的获利盘，板块近期有 所调整。但AI制药等前沿技术的崛起，为创新药研发注入了新的活力，有效提升了研发效率，降低了 研发成本，推动行业不断向前发展。此外，中国创新药海外授权交易的不断成交，也坚定了资本对创新 药领域发展前 ...

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 AI 制药产业兑现，重点推荐晶泰控股等 2025 年 08 月 24 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2024/8/26 2024/12/24 2025/4/23 2025/8/21 医药生物 沪深300 相关研究 《WCLC 展示创新药积极成果，产生 新 BD 预期》 2025-08-17 《港股创新药：创新突破奠定高增长， 出海拓疆重塑新估值 》 2025-08-17 东吴证券研究所 1 / 29 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为 2.2%、26.3%，相对沪深 300 的 超额收益分别为 2.68%、-15.07%；本周、年初至今恒生生物科技指数涨跌 幅分别为 3.1%、101.6%，相对于恒生科技指数跑赢 1.81%、74.2%；本周 A 股医疗器械（+4%）、中药（ ...

证券研究报告 医药生物 行业定期报告 板块表现： 传统 Pharma 中报亮眼、创新转型加速，继续重点推荐 投资评级： 看好（维持） ——医药行业周报（25/8/18-25/8/22） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 hyzqdatemark 2025 年 08 月 24 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 证券分析师 联系人 本周医药市场表现分析：8 月 18 日至 8 月 22 日，医药指数上涨 1.05%，相对沪深 300 指数 超额收益为-3.13%。本周，欧林生物、福瑞股份、立方制药等公司涨幅居前，中药、医疗器 械细分赛道本周涨幅靠前，继续重点看好创新药，关注下半年有 BD 强催化的核心标的。建议 关注：1）创新药作为较为确定的产业趋势，重点关注：A 股）热景生物、华纳药厂、微芯生 物、悦康药业、前沿生物、福元医药、昂利康、信立泰、一品红、科兴制药、泽璟制药、科 伦药业、恒瑞医药；港股）三生制药、中国生物制药、科伦博泰、康方生物、信达生物、翰 森制药；2）25 年业绩或逐季度边际改善、估值水平较低且有边际改善的 ...

记者丨韩璐 斩获多张出海大单，石家庄医药巨头飙升。 8月22日，蔡东晨实控的石药集团收报10.51港元，市值超1200亿港元，较年初增长超过600亿港元。 股价飙升，公司却处于新老交替的转型期。1-6月，营收132.73亿元，净利润25.48亿元，均同比下滑一成多。 | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動 | | 按 業 務 劃 分 之 收 入 : | | | | | 成 ূ | 10,247,652 | 13.549.079 | -24.4% | | 原料產品 | 2,074,708 | 1.854.794 | +11.9% | | 功能食品及其它 | 951,056 | 880.409 | +8.0% | | 收入總額 | 13,273,416 | 16,284,282 | -18.5% | | 本公司股東應佔溢利 | | | | | 呈 救 | 2,547,851 | 3.020.374 | -15.6% | | 基本(附註) | 2,319,521 | 3,216,870 | -27.9% | 受集采 ...

健康元药业集团 "提质增效重回报"行动方案评估报告 证券代码：600380 证券简称：健康元 公告编号：临 2025-062 健康元药业集团股份有限公司 关于"提质增效重回报"行动方案的半年度评估报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为践行"以投资者为本"的上市公司发展理念，维护公司全体股东利益，基 于对公司未来发展前景的信心、对公司价值的认可和切实履行社会责任，健康元 药业集团股份有限公司（以下简称：本公司）特制定"提质增效重回报"行动方 案 ， 具 体 内 容 详 见 公 司 2024 年 4 月 3 日 披 露 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《健康元药业集团股份有限公司 2024 年度"提质增效重回 报"行动方案》（以下简称：《行动方案》）。 为进一步落实有关工作安排，切实维护全体股东利益，公司对《行动方案》 在报告期内的执行情况进行全面评估并编制本评估报告，具体内容如下： 一、 聚焦主业，提升经营质量 义加剧经济复苏的不确定性。国内医药行业集采常态化持续推进， ...

科兴生物制药股份有限公司2025 年半年度报告 公司代码：688136 公司简称：科兴制药 科兴生物制药股份有限公司 科兴生物制药股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述经营过程中可能面临的风险，有关内容敬请查阅本报告"第三节管理 层讨论与分析"之"四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人邓学勤、主管会计工作负责人王小琴及会计机构负责人（会计主管人员）王书 玲声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营性占用资金情况 ...

上半年研发投入逾38亿元 创新药方面，恒瑞医药半年报显示，2025年上半年，公司创新药销售及许可收入为95.61亿元，占公司 营业收入比重的60.66%，其中创新药销售收入为75.70亿元。 业内人士表示，当前我国创新药相关企业已经实现从量变到质变的转化，逐渐从"跟跑者"到"引领者"。 创新药板块景气度有望持续，"创新+国际化"步伐逐渐加快，成为医药板块的核心方向。 恒瑞医药 恒瑞医药表示，瑞维鲁胺、达尔西利、恒格列净等创新药收入继续保持快速增长。艾瑞昔布、瑞马唑 仑、吡咯替尼及氟唑帕利等上市较早的创新药，随着上市后研究循证医学证据的逐步积累及新适应症的 持续获批，持续为公司销售收入贡献增量。 ● 本报记者 李梦扬 近日，恒瑞医药发布2025年半年度报告。2025年上半年，恒瑞医药实现营业收入157.61亿元，同比增长 15.88%；归属于上市公司股东的净利润44.50亿元，同比增长29.67%；经营性现金流净额达43.00亿元， 同比增长41.80%。上半年公司营收、净利及经营性现金流净额均创同期新高。记者梳理发现，截至目 前，百济神州、翰森制药等多家创新药企披露上半年业绩情况，创新药收入情况、研发管线进展 ...

Core Insights - Signet Therapeutics, a company incubated by Crystal Technology, has been nominated for the 2025 Prix Galien USA for its targeted drug SIGX1094R, making it the only Chinese biopharmaceutical company nominated for the Best Biotechnology Product Award [1][2] - The Prix Galien is considered one of the highest honors in the pharmaceutical industry, emphasizing scientific innovation and the actual health improvement value of drugs [2] - SIGX1094R is the first-in-class targeted drug developed using an "organoid + AI" platform, specifically targeting diffuse gastric cancer, and has received orphan drug designation and fast track designation from the FDA [1][4] Company Achievements - Crystal Technology's collaboration with Signet Therapeutics has led to the successful development of SIGX1094R, which has shown promising results in early clinical trials at Peking University Cancer Hospital [4][10] - The drug has demonstrated good safety profiles and initial anti-tumor activity, with a patient showing stable disease after treatment [10] - Crystal Technology's AI platform has proven capable of designing competitive first-in-class drug molecules and efficiently translating them into clinical applications [5][11] Industry Context - The 2025 Prix Galien USA nominations include 16 products from leading global pharmaceutical companies such as Amgen, AstraZeneca, Johnson & Johnson, Pfizer, Merck, and Novartis [1][2] - The award's evaluation committee consists of prominent figures, including Nobel laureates and leaders from the Gates Foundation, highlighting the competitive nature of the award [2] - The development of SIGX1094R represents a significant advancement in the treatment of diffuse gastric cancer, which is a major health concern, particularly in China where nearly 50% of new cases occur [6][7] Technological Innovation - The drug discovery process for SIGX1094R utilized advanced AI and robotic platforms, significantly shortening the timeline from target discovery to IND approval to just over three years [7][9] - The identification of SRC as a new potential target alongside FAK has led to the development of dual-target inhibitors, showcasing the innovative approach of combining AI with organoid technology [8][9] - Crystal Technology's platform has been recognized for its ability to validate targets and design molecules effectively, contributing to the rapid advancement of new drug candidates [8][11]

Group 1: Market Performance - The CSI Hong Kong Stock Connect Medical Theme Index (932069) has risen by 2.27% as of August 18, 2025, with notable increases in constituent stocks such as JD Health (06618) up 9.88% and Yiyang Sunshine (02522) up 8.90% [1] - The Hong Kong Medical ETF (159366) has increased by 1.93%, reaching a latest price of 1.64 HKD, and has seen a cumulative increase of 8.71% over the past week as of August 15, 2025 [1] - The average daily trading volume of the Hong Kong Medical ETF over the past month is 311 million HKD, with the latest fund size reaching a record high of 2.93 billion HKD [1] Group 2: Company Performance - JD Health reported a 22.7% year-on-year increase in sales revenue for pharmaceuticals and health products, reaching 29.3 billion HKD in the first half of 2025, driven by an increase in annual purchasing users exceeding 200 million and higher average spending per user [2] - The platform, advertising, and other service revenues for JD Health grew by 34.4% to 5.96 billion HKD, attributed to sustained growth in advertising revenue and an expanding commission scale supported by transaction growth [2] - JD Health launched over 30 innovative drugs online in the first half of 2025 and has seen a significant increase in the number of merchants on its platform, exceeding 150,000 compared to over 100,000 at the end of 2024 [2] Group 3: Industry Trends - The global AI medical investment and financing landscape is thriving, with significant breakthroughs in AI medical research, including FDA approval for the first AI wearable treatment device and advancements in AI drug development [3] - The Hong Kong Medical ETF (159366) is noted for having the highest CXO content in the market, focusing on internet medical services, CXO, and medical devices, and closely tracks the CSI Hong Kong Stock Connect Medical Theme Index [3] - The CSI Hong Kong Stock Connect Medical Theme Index includes 50 listed companies involved in medical devices, medical services, and pharmaceutical sectors, reflecting the overall performance of the medical sector within the Hong Kong Stock Connect [3] Group 4: Index Composition - As of June 30, 2025, the top ten weighted stocks in the CSI Hong Kong Stock Connect Medical Theme Index include WuXi Biologics (02269) at 14.58% and JD Health (06618) at 10.83%, collectively accounting for 56.9% of the index [4]

Investment Rating - The report maintains a positive outlook on the innovative drug sector, recommending it as an investment opportunity [3][10]. Core Insights - The pharmaceutical sector saw a 3.1% increase in the Shenyin Wanguo Pharmaceutical Bio Index, outperforming the Shanghai Composite Index, which rose by 1.7% [3][4]. - The overall valuation of the pharmaceutical sector is at 33.4 times PE (2025E), ranking 6th among 31 primary industries [4][8]. - The National Medical Insurance Administration announced the preliminary review of the "dual directory" for medical insurance, with a significant increase in the number of drugs passing the initial review compared to 2024 [10]. - The introduction of the "Interim Measures for Disease-based Payment Management" aims to standardize medical insurance payments and improve the efficiency of fund usage [10]. - Notable events include the FDA's accelerated approval of Wegovy for treating MASH and the listing of Yinnuo Pharmaceutical on the Hong Kong Stock Exchange, raising approximately 635 million HKD [11][12]. Market Performance - The pharmaceutical sector's performance is detailed with various sub-sectors showing mixed results, such as chemical preparations (+4.3%) and medical research outsourcing (+7.8%) [4][6]. - The report highlights the growth in product revenue and external licensing in the innovative drug sector over the past three years, with expectations for continued high growth and reduced losses [3][10]. Key Events - The FDA's approval of Wegovy for MASH treatment marks a significant milestone in innovative therapies [11]. - The investment of 1.3 billion USD by Eli Lilly in an AI pharmaceutical company aims to accelerate drug development for obesity and other metabolic diseases [12].