中国能否诞生世界级的医药企业？11月13日，上海证券交易所国际投资者大会上，来自创新药、医疗器 械等领域的多位科创板公司掌门人齐聚一堂，围绕企业全球化、出海模式、人才培养等话题展开分享。 张连山表示，从国际化角度看，恒瑞医药仍处在"打基础"阶段。真正意义上的国际化医药企业，应该在 未来15年内实现中国产品在全球范围的商业化销售。他认为，若企业能够通过创新药在海外市场实现10 亿美元至20亿美元的营业收入，才可称为"世界级"的医药公司。 "恒瑞医药近年来通过对外许可等方式，与多家国际制药巨头展开合作。"张连山补充道，未来公司将继 续完善全球研发与市场布局，推动中国创新药走向世界。 探索多元化出海模式 夯实企业核心能力 布局全球市场 上海奥浦迈生物科技股份有限公司(以下简称"奥浦迈")董事长肖志华表示，成为全球化企业的关键在于 坚守核心业务、推动并购整合与资本驱动的协同发展。他强调，奥浦迈的培养基业务是生物医药产业链 的核心原料，"一种药物上市后生命周期很长，我们必须在核心领域保持最佳状态，建立最坚固的竞争 壁垒。" 肖志华认为，并购是中国企业走向国际化的必经之路。肖志华透露，今年，奥浦迈推进与澎立生物的并 购合 ...

Market Overview - A-shares indices collectively strengthened, with the Shanghai Composite Index reaching a ten-year high, and trading volume exceeding 2 trillion yuan, an increase of 969 billion yuan from the previous period [1] - The technology sector, particularly the domestic AI industry chain, saw significant gains, with the AI-focused ETF (589520) rising nearly 2% and attracting 31.59 million yuan in five days [1] Sector Performance Technology Sector - Alibaba's secret "Qianwen" project aims to compete with ChatGPT, enhancing the global AI application landscape [1] Chemical Sector - The chemical ETF (516020) surged by 3.95%, reaching its highest closing price since March 2023, driven by rising prices of lithium hexafluorophosphate and favorable government policies [1][10] - The National Energy Administration's guidance on promoting the integration of new energy is expected to drive direct project investments of approximately 250 billion yuan [1] New Energy and Electric Vehicles - The smart electric vehicle ETF (516380) and green energy ETF (562010) also saw significant gains, rising by 3.83% and 3.41% respectively [1] Hong Kong Market - The Hong Kong innovation drug ETF (520880) experienced a substantial increase of 4.6%, indicating a potential second wave of the innovation drug market [2][4] - The newly launched Hong Kong information technology ETF (159131) focusing on the chip industry rose by 1.11%, with a trading volume exceeding 80 million yuan [2] Future Outlook - CITIC Securities anticipates 2026 to be a pivotal year for China's development, with a focus on new industries and consumption growth [4] - The chemical sector is expected to benefit from increased demand in the lithium battery supply chain, with significant price fluctuations noted [14] - The outlook for the non-ferrous metals sector remains strong, with a year-to-date increase of 75.9%, driven by robust earnings and strategic resource policies [18][20]

港股创新药"王者归来"！昨日简单"热身"后，今日（11月13日）彻底爆发，港股通创新药ETF （520880）跟踪的恒生港股通创新药精选指数尾盘上探5.31%强势站上半年线，大幅跑赢恒指 （+0.56%）、恒科指（+0.8%），并领跑一众恒生创新药主题指数！ | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | HSSCPB | 恒生港股通创新药精选 | 2588.29 | 117.47 | 4.75% | | 2 | HSSCID | 恒生港股通创新药 | 3686.59 | 166.30 | 4.72% | | 3 | HSIDI | 恒生创新药 | 3163.60 | 141.52 | 4.68% | | 4 | HSSCHI | 恒生港股通创新药及医疗保健指数 | 3612.01 | 155.94 | 4.51% | | ਦੇ | HSSCPBI | 恒生港股通药品及生物技术(可投资 | 2478.47 | 91.40 | 3.83% | | ર | HSSCHIDV | 恒生港股通创新药及医疗保健 ...

公募基金港股持仓市值同样大幅提升 当恒指在震荡中重上27000点，各路资金对港股的配置热情仍在持续。 尽管港股市场四季度陷入震荡，但资金涌入步伐并未放缓。南向资金全年净买入额突破1.31万亿港元， 创历史新高，历史累计净买入总额已经突破5万亿港元整数关口；公募基金港股持仓市值同样大幅提 升，截至三季度末，达到1.36万亿元。 在这场"扫货潮"中，两类资金动向尤为突出：一是主动权益基金大举加仓，超半数产品提升港股配置； 二是借道ETF的资金汹涌而至，港股通主题ETF规模年内激增3.4倍，四季度以来已净流入近300亿元， 成为普通投资者布局港股的重要工具。 当万亿资金涌向港股、红利资产取代科技股成新宠、"长牛起点"与"泡沫预警"争执不下……在震荡行情 中，有人为低估值的稳健买单，有人为高成长的确定性下注。那么，这轮领涨全球的港股行情还能持续 多久？下一阶段的投资主线又有何变化？ 谁在持续加码港股 11月13日，港股市场上演低开高走行情，主要指数午后集体拉升翻红。截至当日收盘，恒生指数成功站 上27000点大关，报27073.03点；恒生科技指数亦同步收红。 从四季度整体表现看，前期表现强劲的港股市场呈现"先抑后扬 ...

今年以来，港股市场医药板块持续获得资金青睐，创新药赛道表现尤为亮眼，跟踪国证港股通创新药指 数的 ETF规模持续跃升，其中9月12日成立的港股通创新药 ETF 南方（159297）表现突出。深交所数据 显示，截至11月11日港股通创新药 ETF 南方（159297）规模由成立时的3.35亿元增长至13.55亿元，规 模增幅超300%，充分反映市场对创新药赛道长期价值和该产品的认可。 据了解，港股通创新药ETF南方（159297）通过紧密跟踪国证港股通创新药指数，为投资者提供一键布 局创新药发展的投资工具。国证港股通创新药指数汇聚了百济神州、信达生物、康方生物等一批港股创 新药龙头企业，龙头属性显著。尤其是近期指数更新编制方式后，成份股剔除了CXO企业，相比中证 创新药产业指数创新药纯度更高，能更好地反映港股通创新药产业上市公司的整体表现。 创新药行业作为医药前沿领域，对于推动医学进步和改善人类健康具有不可估量的重要性。创新药企业 主要分为两类，一类是纯粹的Biotech，一般是没有形成规模化销售或产品盈利矩阵的，市值相对中小 型的创新药企业，产品以纯创新为主，如港股的信达生物、康方生物、科伦博泰等；一类是 B ...

Core Viewpoint - The recent National Medical Insurance negotiation has introduced a dual-directory system for innovative drugs, which is expected to reshape the ecosystem for innovative pharmaceuticals in China, enhancing accessibility and affordability for high-value drugs [3][4]. Group 1: Impact of National Medical Insurance Negotiation - The introduction of the commercial insurance innovative drug directory aims to include high-innovation, clinically valuable drugs that cannot yet be included in the basic directory, thus optimizing payment capabilities for innovative products [3]. - The new directory is expected to open market space for high-priced or rare disease medications, addressing accessibility and affordability issues [4]. - The policy support for innovation has been progressively released, with nearly 90% of innovative drugs successfully negotiated for inclusion in the medical insurance directory within two years of approval from 2021 to 2024, a significant increase from 43% in 2019 and 57% in 2020 [4]. Group 2: Future Catalysts for Innovative Drugs - The trend of Chinese innovative drugs going global continues to break records in terms of both the number and value of licensing deals, with expectations for increased overseas clinical trials and market entry [6]. - The implementation of AI in pharmaceutical research is anticipated to accelerate development, with the smart pharmaceutical market projected to exceed 500 billion yuan by 2030, maintaining a compound annual growth rate of over 15% [6][7]. - An improved external financing environment, driven by lower global funding costs due to U.S. interest rate cuts, is expected to provide critical liquidity for the high-investment, long-cycle nature of the pharmaceutical industry [6].

消息面上，近期六氟磷酸锂价格强势反弹，截至2025年11月上旬已从7月低点不足5万元/吨拉升至12万 元以上，短期或仍有上行空间。 2025年前三季度，锂电下游需求总体保持稳定，新能源汽车销量稳步增长，带动产业链营收同比提升， 盈利水平较去年同期明显改善。2025年Q1-Q3，锂电产业链整体营业收入为6361.88亿元，同比增长 16.12%；归母净利润为626.19亿元，同比增长40.37%。 山西证券指出，需求端新能源汽车与储能产业爆发带动电解液采购量显著增长，供给端受前期产能出清 影响，中小企业难以快速复产，行业整体供应紧张，产业链盈利能力有望持续修复。中银证券也表示， 六氟磷酸锂价格持续上涨将推动相关企业盈利修复，后续需关注其价格走势及对产业链的影响。专注聚 焦稀土、锂、磁性材料等稀有金属的稀有金属ETF(159608)，涨超5%，年初至今份额涨幅超75%；全市 场唯一跟踪中证全指原材料指数的材料ETF(159944)值得关注，年初至今份额增长近400%。 Wind数据显示，截至2025年11月13日A股收盘，港股创新药、电力设备涨幅居前，涨幅分别为4.50%、 4.31%。 电力设备 行业动态方面， ...

Core Viewpoint - The pharmaceutical sector has experienced significant fluctuations, with a prolonged downturn from 2021 to 2024, followed by a substantial recovery in 2025. The Hang Seng Medical Index has doubled from its lowest point but still has room to grow compared to previous highs, while the A-share medical index remains significantly below its historical peak [1][2]. Group 1: Investment Opportunities in the Pharmaceutical Sector - The current market sentiment towards the pharmaceutical sector is cautious, with a need to reassess the understanding of the industry and future prospects [2]. - Four major investment opportunities in the pharmaceutical sector over the next three years have been identified, which may influence future fund allocation strategies [2]. Group 2: Domestic High-Value Consumables - Domestic high-value consumables, particularly in the context of "innovation + going global," show strong growth potential, although market consensus is still lacking [3][9]. - The market capitalization of domestic high-value consumables companies is significantly lower than their international counterparts, indicating substantial growth potential [5][9]. - The characteristics of high-value consumables align well with China's manufacturing strengths, suggesting that the emergence of world-class companies in this sector is likely [9][10]. Group 3: U.S. Biotech Sector - The U.S. biotech sector is experiencing a second upward cycle driven by various intracellular biological technologies achieving clinical validation [14]. - The rise of domestic innovative drugs has created competitive pressure on U.S. biotech firms, but it also opens opportunities for collaboration and integration [14][15]. - The market for intracellular technologies is expected to grow, with significant investment opportunities in U.S. biotech companies [16][19]. Group 4: Domestic Innovative Drugs - The domestic innovative drug sector is entering a golden window of opportunity following deep medical reforms, with strong growth potential anticipated in the coming years [23][24]. - The growth trajectory of domestic innovative drugs mirrors that of the U.S. market in the 1980s, suggesting a potential for a prolonged high-growth cycle [25][27]. - The competitive landscape for domestic innovative drugs is evolving, with a focus on maintaining product quality and performance to succeed in a mature global market [27][29]. Group 5: Overall Pharmaceutical Industry Trends - The overall growth rate of the pharmaceutical industry is expected to accelerate marginally over the next three years, improving the industry’s overall outlook [29][30]. - The anticipated recovery in industry revenue and profit margins is driven by the maturation of previously loss-making innovative drug companies and a reduction in competitive pressures [30][35]. - Despite the positive outlook, the market has yet to fully recognize the potential for recovery, as evidenced by low valuation levels compared to historical averages [33].

（来源：望京博格投基） 转自：望京博格投基 中午吃饭的时候，群里面大户惊叹的说： 结果今天化工大涨3.7%，关键价格比之前止盈的价格还要高7%，大户觉得自己卖飞了。 博格的心情比较平静的，因为后来买的绿电收益也有6%左右，化工+绿电轮动浮盈超过20%的，这个收 益还是可以接受的。 "化工涨得比创新药还多？" 看到这个，博格大概率猜到了。 博格之前私域发车抄底化工，这个大户跟车了； 化工盈利了15%之后，博格清仓止盈了，这个大户也跟车了。 博格后来又抄底绿电了，这个大户没有跟车。 "港股创新药持仓36.6万，盈利93.73% PS：算上今天的收益应该超100%了 博格一直看好创新药，在4月7日的时候，重仓买入这个ETF，之后一路上涨，累计收益率一度达到 110%。 在7月底的时候，博格还减仓了5-6万的港股创新药，计划等着创新药之后再减仓一点。 结果国庆之后开始回调又亏了不少浮盈，索性继续持有吧，等后面创新药了再减仓一些。" 年底是创新药BD大单的密集期，期望港股创新药可以继续涨。 临近发稿的时候，港股创新药涨幅为4.76%，这个涨幅比化工涨幅高多了。 再看看创新药的估值，最新市盈率为31.83倍，处于最近十年 ...

Core Insights - The innovative drug ETF Tianhong (517380) has seen significant trading activity, with a transaction volume of 34.38 million yuan and a strong index performance, reflecting a 3.66% increase in the Hang Seng Shanghai-Shenzhen Hong Kong Innovative Drug Selected 50 Index [1] - The introduction of a commercial insurance innovative drug directory marks a significant step in China's multi-tiered medical security system, aimed at improving the accessibility and affordability of high-priced innovative drugs [2] - BeiGene reported a turnaround in profitability for the third quarter of 2025, achieving a net profit of 689 million yuan, driven by strong sales of its flagship product, Zanubrutinib [2] - Citic Securities anticipates a stable growth trend in the pharmaceutical industry, supported by policy initiatives and a return to a market pricing system based on clinical value and demand [3] Group 1: ETF Performance - The innovative drug ETF Tianhong (517380) reached a new high in scale at 1.398 billion yuan as of November 12, with a net inflow of 83.52 million yuan over the past ten trading days [1] - The ETF covers the entire industry chain from preclinical research to commercialization, capturing opportunities in the innovative drug sector [1] Group 2: Policy Developments - The recent conclusion of the national medical insurance negotiations and the introduction of a commercial insurance innovative drug directory are expected to enhance the market for high-value innovative drugs [2] - The new directory will focus on rare disease medications and unique innovative drugs, potentially breaking existing sales bottlenecks [2] Group 3: Company Performance - BeiGene's third-quarter revenue reached 10.077 billion yuan, a year-on-year increase of 41.1%, with a total revenue of 27.595 billion yuan for the first three quarters, reflecting a 44.2% growth [2] - The global sales of Zanubrutinib amounted to 7.423 billion yuan in the third quarter, with the U.S. market contributing 5.266 billion yuan, highlighting strong demand in the hematologic oncology sector [2] Group 4: Market Outlook - The pharmaceutical industry is expected to benefit from a stable and continuous growth trend, driven by supportive policies and a focus on clinical value [3]