7月29日，A股市场震荡收涨，创新药板块表现尤为亮眼，多只相关ETF涨幅居前。其中，全市场规模最大的港股创新药ETF（513120）单日成交额再度突 破百亿元，达116亿元，单日收涨4.42%，实现四连阳。Wind数据显示，截至7月29日，该ETF年初以来涨幅已超105%，最新规模突破151亿元，成为年内 全市场1234只ETF中规模最大的"翻倍基"。 港股创新药ETF（513120）紧密跟踪中证香港创新药指数，该指数聚焦港股市场中不超过50家专注于创新药研发的上市公司，生物制品与化学制药行业权 重占比高达92.5%，是市场上纯度较高的创新药主题指数之一。截至7月29日，指数前十大权重股包括信达生物、药明生物、百济神州等龙头药企，合计 权重达67.94%。该ETF支持T+0交易机制，为投资者提供了高效的资金流动性和操作灵活性。 当前，港股创新药板块的投资价值仍值得关注。政策面上，2025年国家医保局联合卫健委出台《支持创新药高质量发展的若干措施》，推出16条具体支持 举措，标志着行业进入政策红利密集释放期。基本面上，中国创新药企全球竞争力持续提升，跨境License-out交易占比从2017年的低位攀升至20 ...

Core Insights - The rise of the "silver economy" indicates that the high-net-worth elderly population is expected to become a significant growth engine for the market [1][5]. Group 1: Market Dynamics - Goldman Sachs reports that the medical expenditures of individuals aged 50 and above with net assets exceeding 3 million yuan will be a key driver for the growth of the high-end medical market in China [2]. - This demographic, while only representing 3% of the population over 50, currently contributes 5% of total medical expenditures, which is projected to increase to 13% by 2035 as their population share grows to 5% [3][8]. - The medical spending of this group is expected to rise from 221 billion yuan in 2024 to 963 billion yuan by 2035, reflecting a compound annual growth rate (CAGR) of 14.3%, significantly higher than the overall elderly population growth rate of 5.3% and the all-age growth rate of 4.7% [3][7]. Group 2: Self-Payment Market - As national health insurance budgets tighten, the role of out-of-pocket (OOP) medical expenses is becoming increasingly important, with the self-payment ratio expected to rise from 65% in 2024 to 86% by 2035 [4][9]. - This shift indicates that traditional models reliant on insurance reimbursements are inadequate for meeting the needs of this affluent elderly demographic, which prefers high-quality, elective medical services [9]. Group 3: Health Trends and Opportunities - The report highlights a rising incidence of diseases such as tooth loss, cataracts, and diabetes among the over-50 population, suggesting a growing demand for early screening, preventive care, and high-quality treatment options [10]. - Companies that offer high-end and self-paid medical products are expected to benefit significantly, with revenue growth projected at 13%-21% CAGR, outpacing other business segments [11]. Group 4: Emerging Technologies - The report emphasizes the potential of cutting-edge technologies such as brain-machine interfaces, gene therapies, and rehabilitation robotics to reshape the healthcare industry [4][12]. - The global market for gene medicine is estimated to reach $4.8 trillion, driven by advancements in CRISPR/Cas9 technology and decreasing gene sequencing costs [12]. - Although these technologies are still in early stages, their early applications in healthcare present significant opportunities for growth in the high-end self-pay medical market [13].

注：如提及个股仅供参考，不代表投资建议。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变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 没有股票账户的投资者可关注国泰国证疫苗与生物科技ETF发起联接A（017185），国泰国证疫苗与生 物科技ETF发起联接C（017186）。 国元证券指出，医保局系列座谈会明确了支持企业"反内卷"、开放出海、差异化创新等原则，利好医疗 器械行业高质量发展。集采价格有望进一步温和，促进企业盈利水平企稳提升；政策激发创新研发积极 性，新产品将打开成长空间并加速国产替代；随着研发能力增强，政策助力中国创新药械全球化，为企 业开拓全球市场。此外，创新药进入成果兑现阶段，研发进展催化较多，出海领域在新兴市场布局的企 业潜力大。不同领域集采加速推进，部分细分赛道影响已出清，未来有望迎来新成长。医药市场集中度 提升加速，并购重组或进一步活跃。 疫苗ETF（159643）跟踪的是疫苗生科指数（980015），该指数从 ...

注：如提及个股仅供参考，不代表投资建议。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变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 国元证券指出，医保局系列座谈会明确了支持企业"反内卷"、开放出海、差异化创新等原则，利好医疗 器械行业高质量发展。集采价格有望进一步温和，促进企业盈利企稳提升；政策激发创新研发积极性， 新产品推动国产替代并打开成长空间；随着研发能力增强，政策助力中国创新药械全球化将为企业开拓 国际市场。医药生物行业方面，创新药进入成果兑现阶段，研发催化较多且不受贸易战影响，成为2025 年投资主线；出海领域在新兴市场布局的企业潜力大，集采出清后的细分赛道如胰岛素、骨科等有望迎 来新成长。行业集中度提升加速，并购重组或进一步活跃。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅可达20%。该指数从创业 板市场中筛选专注于创新药物研发、生产及相关服务的上市公司证券作为指数 ...

导读： 基孔肯雅热是一种由蚊媒传播的病毒性疾病，近期广东佛山疫情上升，全球多国受威胁。两款疫苗VIMKUNYA和Ixchiq获批，分别采用VLP技术和减毒病 毒株，适用于12岁及以上人群，可有效预防该病。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 不属于 法定传染 病 根据《传染病法》， 基孔肯雅热 不属于法定传染病。该疾病的名称意为"弯曲之物"，指的是患者因疼痛而弯曲的姿势。 根 据 我 国 《 传 染 病 防 治 法 》 ， 法 定 传 染 病 的 确 定 需 要 综 合 考 虑 疾 病 在 国 内 的 流 行 情 况 、 危 害 程 度 、 防 控 需 要 等 多 重 因 素 。 基 孔 肯 雅 热 " 落 选"，主要有以下原因： "输入"为主，本地罕见 该病主要在热带、亚热带地区（如非洲、东南亚、南亚）流行。 在我国，由输入病例引起的 本地传播主要出现在南方个别省份。 由本地蚊子叮咬引起的持续传播（本地流行）在我国极为罕见。 传播条件受限 该病仅能由埃及伊蚊、白 纹伊蚊等少数蚊种传播。 基孔肯雅热最新动态 基孔肯雅热是由基孔肯 ...

ALPHAMAB ONCOLOGY 康寧傑瑞生物製藥 （於開曼群島註冊成立的有限公司） （股份代號：9966） JSKN003獲美國FDA授予用於治療GC/GEJ的孤兒藥資格認定 本公告乃由康寧傑瑞生物製藥（「本公司」，連同其附屬公司統稱「本集團」）自願作 出，以知會本集團股東（「股東」）及潛在投資者有關本集團之最新業務進展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，JSKN003已獲美國食品藥品監督 管理局（「FDA」）授予孤兒藥資格認定（「ODD」），用於治療胃癌及胃食管結合部 癌（「GC/GEJ」）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 自願公告 JSKN003是一種靶向人表皮生長因子受體2（「HER2」）雙表位抗體偶聯藥物 （「ADC」），其通過糖基定點偶聯技術將拓撲異構酶I抑制劑連接至抗體KN026 （重組人源化抗HER2雙特異性抗體）的N糖基化位點處。點擊反應偶聯物較馬來 醯亞胺－邁克爾反應的偶聯物具有更好的血清穩定性 ...

以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年7月29日，艾德生物(300685.SZ)发布2025年半年度报告。截至2025年7月28日，共有15个机构投 资者披露持有艾德生物A股股份，合计持股量达1.75亿股，占艾德生物总股本的44.69%。其中，前十大 机构投资者包括前瞻投资(香港)有限公司、香港中央结算有限公司、厦门市屹祥投资合伙企业(有限合 伙)、厦门科英投资合伙企业(有限合伙)、中国银行股份有限公司-华宝中证医疗交易型开放式指数证券 投资基金、全国社保基金四一三组合、厦门市海沧区润鼎盛投资合伙企业(普通合伙)、招商核心优选 A、工银专精特新混合A、国寿安保健康科学混合A，前十大机构投资者合计持股比例达44.59%。相较 于上一季度，前十大机构持股比例合计下跌了4.47个百分点。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.90%。 公募基金方面，本期较上一期持股增加的公募基金共计4个，包括工银专精特新混合A、汇丰晋信珠三 角混合、中金中证500A、富国医疗产业混合发起式A，持股增加占比小幅上涨。本期较上一季 ...

Group 1 - Bristol-Myers Squibb (BMY) and Bain Capital announced the formation of a new independent biopharmaceutical company focused on developing therapies for autoimmune diseases [1] - The new company will initially possess five immunology assets acquired from Bristol-Myers Squibb and has secured a $300 million financing commitment primarily from Bain Capital [1] - The research pipeline includes three drugs in clinical trials and two drugs entering early research stages, all targeting mechanisms related to autoimmune diseases [1] Group 2 - Core assets include afimetoran, an oral drug currently in mid-stage clinical trials for systemic lupus erythematosus, and BMS-986322, which has shown positive results in mid-stage trials for plaque psoriasis [1] - According to the collaboration agreement, Bristol-Myers Squibb will retain nearly 20% equity in the new company and will receive royalties and milestone payments based on the development and commercialization success of these assets [1] - The Canadian Pension Plan Investment Board is also participating in this investment [1] Group 3 - Bristol-Myers Squibb is betting on a series of new drugs to compensate for the declining sales of its legacy blockbuster drugs [2] - The company's best-selling cancer immunotherapy drug Opdivo is expected to face pricing pressure before 2030, while its blood thinner Eliquis will face generic competition by 2028 [2] Group 4 - As of the latest update, the company's stock rose by 0.29% in after-hours trading [3]

Core Viewpoint - Shenzhou Cell has experienced a decline for seven consecutive trading days, with a cumulative drop of -11.84% [1] Company Overview - Beijing Shenzhou Cell Biotechnology Group Co., Ltd. is an innovative biopharmaceutical and vaccine research and development company founded by Dr. Xie Liangzhi, a renowned expert in biopharmaceutical R&D and industrialization [1] - The company aims to develop products with differentiated competitive advantages, providing high-quality and low-cost options for patients domestically and internationally, establishing a leading biopharmaceutical brand [1] Financial Performance - The financial report indicates that the招商国证生物医药指数(LOF)A, managed by招商基金, is among the top ten shareholders of Shenzhou Cell and has reduced its holdings in the second quarter of this year [1] - The year-to-date return for the fund is 15.49%, ranking 801 out of 3422 in its category [1][2] Fund Performance Comparison - The fund's performance over various periods shows a year-to-date increase of 15.49%, compared to the average of 11.94% for similar funds [2] - In the same timeframe, the CSI 300 index has only increased by 5.11% [2] Fund Management - The fund is managed by two managers: Hou Hao and Xu Rongman, both of whom have extensive experience in investment management [3][5] - Hou Hao has been with招商基金 since 2009 and has held various positions, focusing on risk management and quantitative investment strategies [3] - Xu Rongman joined招商基金 in 2015 and has progressed through roles in brand promotion and research, currently managing the招商国证生物医药指数 fund since March 2021 [5][6] Company Structure - 招商基金 was established in December 2002, with major shareholders being 招商银行股份有限公司 (55%) and 招商证券股份有限公司 (45%) [6]

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange reported that during the week of July 21 to July 27, a total of 9 companies submitted applications, 1 company passed the hearing, and 1 new stock was listed. Company Summaries - **GoerTek Inc.**: Submitted an application on July 21, focusing on smart sensing interaction solutions, particularly acoustic sensors. It is the fifth largest global provider in this sector with a market share of 2.2% and the largest in China. Revenue for 2022 to 2024 was approximately RMB 31.21 billion, RMB 30.01 billion, and RMB 45.36 billion respectively, with net profits of RMB 3.26 billion, RMB 2.89 billion, and RMB 3.09 billion [2][2]. - **Guangdong Tianyu Semiconductor Co., Ltd.**: Submitted an application on July 22, specializing in silicon carbide epitaxial wafers. It holds the top position in China's market with a revenue market share of 30.6%. Revenue for 2022 to 2024 was approximately RMB 4.37 billion, RMB 11.71 billion, and RMB 5.2 billion respectively, with net profits of RMB 281.4 million, RMB 95.88 million, and a loss of RMB 500 million [3][3]. - **Daheng Technology (Shenzhen) Co., Ltd.**: Submitted an application on July 22, known for its folding bicycles, holding a market share of 26.3% in volume and 36.5% in revenue in China. Revenue for 2022 to 2024 was approximately RMB 2.54 billion, RMB 3 billion, and RMB 4.51 billion respectively, with net profits of RMB 314.34 million, RMB 34.85 million, and RMB 52.29 million [4][4]. - **Juzhi Technology Development Co., Ltd.**: Submitted an application on July 23, focusing on baby monitoring products. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 3.48 billion, and RMB 4.62 billion respectively, with net profits of RMB 34.82 million, RMB 63.36 million, and RMB 94.69 million [5][6]. - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Submitted an application on July 24, specializing in vaccines. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [7][7]. - **Fujian Lemo IoT Technology Co., Ltd.**: Submitted an application on July 25, a leader in smart massage services in mainland China, with a market share of 33.9% to 42.9% from 2022 to 2024. Revenue for 2022 to 2024 was approximately RMB 3.30 billion, RMB 5.87 billion, and RMB 7.98 billion respectively, with net profits of RMB 6.48 million, RMB 87.34 million, and RMB 85.81 million [8][8]. - **Anhui Jinyan High Clay New Materials Co., Ltd.**: Submitted an application on July 25, specializing in kaolin materials with a market share of 19.1%. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 2.05 billion, and RMB 2.67 billion respectively, with net profits of RMB 24.42 million, RMB 43.61 million, and RMB 52.60 million [9][9]. - **Shandong Shengruan Technology Co., Ltd.**: Submitted an application on July 26, providing digital solutions for energy and manufacturing sectors. Revenue for 2022 to 2024 was approximately RMB 3.91 billion, RMB 5.02 billion, and RMB 5.25 billion respectively, with net profits of RMB 37.60 million, RMB 53.70 million, and RMB 59.30 million [10][10]. - **AIWB Inc.**: Submitted an application on July 25, focusing on smart building solutions in Texas. Revenue for 2022 to 2024 was approximately USD 103 million, USD 121 million, and USD 105 million respectively, with net losses of USD 347,000, USD 620,000, and USD 531,000 [11][11]. Company Hearing and IPO - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Passed the hearing on July 27, focusing on innovative vaccines with two core products. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [12][12]. - **Vili Zhibo-B (09887.HK)**: Launched an IPO from July 17 to July 22, with a subscription rate of 3494.78 times in the public offering. The stock began trading on July 25 at HKD 67.10, a 91.71% increase [13][14].