Core Viewpoint - The report from CMB International indicates a downward revision of revenue forecasts for CSPC Pharmaceutical Group (01093.HK) for 2025-2027 by 5-8% and net profit forecasts by 16-21%, with a target price adjustment to HKD 7.3. The firm sees both opportunities and risks for the company, maintaining a "Neutral" rating [1]. Group 1: Analyst Ratings - CMB International's latest report assigns a "Neutral" rating to CSPC Pharmaceutical Group with a target price of HKD 7.3 [1]. - In the past 90 days, six investment banks have issued "Buy" ratings for the stock, with an average target price of HKD 11.03 [1][2]. Group 2: Market Position and Financial Metrics - CSPC Pharmaceutical Group has a market capitalization of HKD 88.953 billion, ranking third in the chemical pharmaceutical industry [2]. - Key financial metrics for CSPC Pharmaceutical Group compared to industry averages include: - ROE: 12.07% vs. industry average of -11.38% [3] - Revenue: HKD 25.998 billion vs. industry average of HKD 14.477 billion [3] - Net Profit Margin: 19.39% vs. industry average of -34.83% [3] - Gross Margin: 65.62% vs. industry average of 50.96% [3] - Debt Ratio: 24.21% vs. industry average of 39.81% [3]

港交所即将推出恒生生物科技指数期货，进一步优化其不断拓展的衍生产品生态圈，该新期货合约将于 2025年11月28日开始交易，将为投资者提供精准的风险管理工具，恒生生物科技也即将成为港股医药、 医疗板块当前唯一有指数期货的指数。 恒生生物科技指数是恒生指数公司于2019年推出的反映港股市场生物科技板块整体表现的指数，相较于 高度聚焦于创新药的指数，恒生生物科技指数同时兼顾上游的CXO，能更准确的捕捉创新药全产业链 表现。 11月24日早盘，港股市场关键指数集体拉升，恒生指数、恒生科技指数均一度涨超1%，聚焦创新药产 业的代表性指数——恒生生物科技一度涨超2%，跟踪该指数规模最大的恒生医药ETF（159892）跟随 指数上涨，三生制药、信达生物领涨。 每日经济新闻 ...

11月19日，港股医药板块再度调整，恒生医药ETF（159892）一度跌超1%，映恩生物、微创医疗、科 伦博泰生物、再鼎医药等跌幅靠前。随着创新药持续调整，资金跑步入场，恒生医药ETF已连续4日获 得资金申购。 11月14日，重庆市政府新闻办召开《重庆市全链条支持创新药高质量发展若干措施》政策吹风会，从资 金支持研发、创新药应用清单快速挂网入院等多个环节全面支持创新药。 恒生医药ETF跟踪恒生生物科技指数，聚焦创新药产业，同时涵盖CXO、互联网药店等细分领域，具备 较强的创新属性，契合医药投资主线中的创新、出海方向。 兴业证券表示，在短期调整后，创新药板块弹性进一步提升。可重点关注基本面已开始改善的创新药产 业链，当前在投融资数据、订单和业绩层面均看到向好趋势。 ...

方正证券表示，当下时点更应积极看多，新一轮行情有别于今年第一轮估值修复的轰轰烈烈行情，未来 创新药将呈现核心龙头震荡上行，新机会继续涌现的慢牛行情。 恒生医药ETF（159892）聚焦创新+药品主线，涵盖创新药、CXO、互联网药店等细分领域，具备较强 的创新特征，契合创新、出海等主线方向。 百济神州的三季报相当于给创新药行情注入了稳定剂，提示中国原研新药可以在国际市场获得丰厚的回 报和利润，打开创新药行情空间。 方正证券表示，本轮创新药从8月中下旬进行调整状态，部分个股尤其是港股调整剧烈，市场对创新药 的核心逻辑出现怀疑，部分市场资金在国际博弈扰动下有减仓，但实质上创新药BD的逻辑从未改变。 从后续一二级层出不穷的BD可以印证，部分个股调整剧烈是预期过高、过于超前导致，不是行情逻辑 的证伪或终结，这点从龙头稳健的走势上可见一斑。 ...

Group 1 - The gold and innovative drug sectors continue to rise, with the gold ETF Huaxia increasing by 1.41% and the more elastic gold stock ETF rising by 3.12%, while the Hang Seng Pharmaceutical ETF gained 3.36%, marking two consecutive days of gains [1] - Spot gold rebounded to $4,196.54 per ounce, aiming for the $4,200 mark, following the signing of a federal government temporary funding bill by President Trump, which ended a 43-day government shutdown, improving dollar liquidity and boosting both risk and safe-haven assets [2] - BeiGene's stock surged over 6%, reaching a four-year high, with Q3 revenue of 10.077 billion yuan, a year-on-year increase of 41.1%, and both Q3 and year-to-date net profits turning positive [2] Group 2 - The gold ETF Huaxia (518850) tracks the SGE Gold 9999 Index with a total fee rate of 0.2%, the lowest in its category, while the gold stock ETF (159562) tracks SSH gold stocks, primarily consisting of gold and copper, with a similar fee rate [2] - The Hang Seng Pharmaceutical ETF (159892) represents the global pharmaceutical industry chain with a latest scale of 6.15 billion yuan, featuring top-weighted stocks including BeiGene, WuXi Biologics, and others [3] - Recent inflows into gold ETFs have been significant, with a net inflow of 1.26 billion yuan in a single day, and the Huaxia gold ETF attracting net inflows for 10 consecutive days, totaling 2.015 billion yuan over the past 20 days [2]

来源：格隆汇APP 格隆汇11月12日｜港股创新药板块高开高走，三生制药、百济神州涨6%，映恩生物、康方生物分别涨 4.36%、3.72%，带动同标的规模最大的恒生医药ETF涨2%。红利板块延续涨势，港股央企红利ETF涨 超1%，9月26日至今累计涨11%。 ③中国平安11月6日出资50亿买入中国电信港股， 持股比例提升至6.11%。 对于医药板块，兴业证券认为"创新+国际化"创新药产业趋势不变，短期调整后创新药板块弹性进一步 提升。对于红利板块，近期市场卖压盘较重，红利板块重获资金关注，兴业证券认为岁末年初，港股高 股息资产更吸睛。 可采用哑铃策略的产品，及截至发稿涨跌幅： 哑铃左侧，"央企+港股高股息"：港股央企红利ETF(513910)，+1.12%，权重股包含中远海控、东方海 外国际、中信银行、建设银行、中国海洋石油、中国石油股份。 哑铃右侧，全球医药全产业链代表：恒生医药ETF(159892)，+2.85%，同标的规模最大，前十大权重股 包括百济神州、药明生物、康方生物、中国生物制药、三生制药。 消息面上：①百济神州三季度实现总收入14亿美元，同比劲增41%，创下历史同期新高，期内GAAP净 利润为 ...

Core Viewpoint - The Hong Kong pharmaceutical sector continues to rise, with the Hang Seng Biotechnology Index increasing by over 2%, indicating strong market performance in the biotech industry [1] Group 1: Market Performance - The largest ETF in the Hang Seng Biotechnology Index, the Hang Seng Pharmaceutical ETF (159892), is following the upward trend [1] - Notable stocks such as First Signal Pharmaceuticals surged by over 9%, while companies like Yuan Da Pharmaceutical, Kangfang Biotech, and King’s Ray Biotech led the gains [1] - WuXi AppTec, WuXi AppTec Holdings, and WuXi Biologics experienced slight adjustments in their stock prices [1] Group 2: Index and Futures Development - The Hang Seng Biotechnology Index was launched by the Hang Seng Index Company in 2019 to reflect the overall performance of the Hong Kong biotech market, capturing the entire innovation drug supply chain [1] - The Hong Kong Stock Exchange announced plans to launch futures for the Hang Seng Biotechnology Index on October 14, 2023, enhancing its derivatives ecosystem [1] - The new futures contract is set to begin trading on November 28, 2025, providing investors with precise risk management tools, making it the only index in the Hong Kong pharmaceutical and healthcare sector with index futures [1]

Core Viewpoint - Eli Lilly reported a strong Q3 2025 performance with revenue of $17.601 billion, a 54% year-over-year increase, contributing to a total revenue of $45.887 billion for the first nine months of the year, reflecting a 46% growth [1] Company Performance - The primary drivers of revenue growth for Eli Lilly's pharmaceutical business are Tirzepatide and Abemaciclib, generating $24.837 billion (+125%) and $4.118 billion (+10%) respectively in the first three quarters [1] - The market share of Eli Lilly's GLP-1 products in the U.S. has further expanded in Q3, with prescription volume at 57.9% compared to Novo Nordisk's 41.7% [1] Industry Insights - According to Guojin Securities, the rapid commercialization of Tirzepatide indicates a significant clinical demand in the global diabetes and weight loss market [1] - There remains substantial room for growth in the penetration of GLP-1 class drugs, and the industry is expected to maintain a high level of prosperity as more innovative drugs receive approval [1] - The Hang Seng Medical ETF (159892), which tracks the Hang Seng Biotechnology Index, includes notable companies in the GLP-1 sector such as Innovent Biologics and Hansoh Pharmaceutical, and is likely to benefit from the industry's improving outlook with upcoming clinical data releases and drug application submissions [1]

Core Insights - Pfizer has registered two global Phase III clinical trials for its PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) on Clinicaltrials.gov, targeting advanced non-small cell lung cancer (NSCLC) and metastatic colorectal cancer [1] Group 1: Clinical Development - The trials will compare PF-08634404 in combination with chemotherapy against Keytruda plus chemotherapy for NSCLC and will also explore its use in metastatic colorectal cancer [1] - Pfizer's acquisition of the dual antibody from 3SBio included an upfront payment of $1.25 billion, $4.8 billion in milestone payments, and a double-digit percentage of sales [1] - The drug is expected to become a cornerstone treatment in global oncology, with rapid initiation of Phase III trials anticipated for NSCLC and other solid tumors [1] Group 2: Market Reaction - Following the news, 3SBio's stock surged nearly 12%, contributing to a rise in the Hong Kong pharmaceutical sector, with the Hang Seng Pharmaceutical ETF increasing over 3% [1] - 3SBio Guojian experienced a 20% limit-up, while the Sci-Tech Innovation Pharmaceutical ETF rose over 4% [1]

Core Insights - The innovative drug sector has seen a significant rebound, with stocks like InnoCare Pharma rising over 12% and 3SBio increasing over 11% [1] - Positive developments in US-China relations and ongoing progress in external licensing transactions are contributing to this growth, particularly with a major deal by Innovent Biologics exceeding 10 billion [1] - The introduction of a "commercial insurance innovative drug catalog" mechanism in the national medical insurance negotiations is expected to benefit innovative drugs and devices [1] Group 1 - The innovative drug sector is experiencing a strong recovery, with major stocks showing significant gains, including InnoCare Pharma up over 12% and 3SBio up over 11% [1] - The third quarter results for Innovent Biologics show total product revenue exceeding 3.3 billion, reflecting a robust year-on-year growth of approximately 40% [1] - The upcoming national medical insurance negotiations are set to introduce a new mechanism that could enhance the market for innovative drugs [1] Group 2 - The Hang Seng Medical ETF has increased by 3.35%, with significant inflows of over 1.1 billion since early September, despite a previous decline of over 14% [2] - The Sci-Tech Innovation Board Medical ETF has risen by 3.93%, covering a range of innovative drugs and devices, with leading stocks including WuXi AppTec and BeiGene [2]