消息面上，8月29日，百济神州发布2025年半年度报告，报告期内，公司实现营业收入175.18亿元，同 比增长46.03%。实现归属于上市公司股东的净利润4.5亿元，首次实现扭亏为盈。实现归属于上市公司 股东的扣除非经常性损益的净利润2.61亿元。基本每股收益0.32元。9月1日早盘，百济神州A、H股均表 现强势，百济神州A股股价创历史新高。 8月28日，国家医保局正式公布通过2025年医保及商保创新药目录调整初步形式审查药品名单。两份目 录均以新药为主，"百万抗癌药"CAR-T产品、多个"全球首个且唯一"的产品出现在目录当中。 截至2025年9月1日，A股、港股医药板块强势回暖，创新药概念持续走强。A股方面长春高新、健康元 涨停，华海药业、百济神州、甘李药等个股跟涨。港股方面方舟健客涨超11%，微创医疗、药师帮、信 达生物、晶泰控股等个股跟涨。 相关ETF——创新药ETF南方(159858)持续走高，一度涨近4%，恒生生物科技ETF(159615)早盘涨超 3%，市场交投活跃，成交额持续放量。 截至8月29日，创新药ETF南方(159858)近3月份额增长1.30亿份。恒生生物科技ETF(159615)最新 ...

Group 1 - The Hang Seng Biotechnology ETF (159615) has seen a 2.27% increase, marking a three-day rising streak with an active trading volume of 35.71% and a transaction value of 131 million yuan [1] - The Hang Seng Biotechnology Index, which the ETF tracks, rose by 1.67%, with notable increases in constituent stocks such as JD Health (up 12.22%) and Sihuan Pharmaceutical (up 8.49%) [1] - The ETF has accumulated a 2.72% increase over the past week, ranking first among comparable funds, and its latest scale reached 352 million yuan, a three-month high [1] Group 2 - According to Guojin Securities, China's innovative drugs are on the rise, entering the initial phase of innovation results realization, with significant opportunities for independent development and large-scale transactions in the future [2] - In the oncology field, two main directions are highlighted: the multidimensional iteration of ADCs (antibody-drug conjugates) and innovations in the combination of immune therapy molecular components [2] - The Hang Seng Biotechnology Index reflects the overall performance of the largest 50 biotechnology companies listed in Hong Kong, with top-weighted stocks including BeiGene, Innovent Biologics, and WuXi Biologics [2]

中信证券表示，下半年围绕创新驱动和国际化+自主可控+院外营销模式改革三个领域进行布局，尤其 是最具贝塔效应的创新药领域，长期坚定看好创新药板块，持续建议关注创新药领域的核心标的。 恒生生物科技ETF(159615)紧密跟踪恒生生物科技指数，恒生生物科技指数旨在反映于香港上市最大的 50间生物科技公司之整体表现，包括在香港交易所透过上市规则第18A章上市的公司。该指数前十大权 重股分别为百济神州、信达生物、药明生物、康方生物、石药集团、中国生物制药、三生制药、翰森制 药、药明康德、再鼎医药。 相关产品：恒生生物科技ETF(159615) 截至2025年8月13日 11:07，恒生生物科技ETF(159615)上涨2.92%，盘中换手36.28%，成交1.26亿元，市 场交投活跃。跟踪指数恒生生物科技指数强势上涨3.39%，成分股康诺亚-B上涨8.52%，药明合联上涨 7.34%，信达生物上涨6.07%，泰格医药，威高股份等个股跟涨。 截至8月12日，恒生生物科技ETF(159615)最新资金净流入253.81万元。拉长时间看，近5个交易日内有3 日资金净流入，合计净流入2053.31万元。 消息面上，8月12日 ...

Core Insights - The innovative drug sector in both Hong Kong and A-shares continues to show strong momentum, with notable gains in stocks such as WuXi AppTec and others [1] - WuXi AppTec reported a significant increase in revenue and net profit for the first half of the year, indicating robust financial performance [1] - The market is actively trading with ETFs related to the biotech sector reaching new highs, reflecting investor confidence [1] Group 1: Market Performance - The Hong Kong stock market saw WuXi AppTec leading with over a 10% increase, followed by other companies like Sihuan Pharmaceutical and Tigermed [1] - In the A-share market, Jiuzhou Pharmaceutical hit the daily limit, while Tigermed rose over 10% [1] - The Hang Seng Biotechnology ETF (159615) increased nearly 4%, reaching a record high since its launch, while the Southern Innovative Drug ETF (159858) rose over 3% [1] Group 2: Company Financials - WuXi AppTec reported a revenue of 20.799 billion yuan for the first half of the year, a year-on-year increase of 20.64% [1] - The net profit attributable to shareholders was 8.56 billion yuan, showing a remarkable growth of 101.92% [1] - In Q2, the company achieved a revenue of 11.145 billion yuan, marking the first time it surpassed the 10 billion yuan mark in that quarter, with a net profit of 4.889 billion yuan, a historical high for the same period [1] Group 3: Industry Outlook - Aijian Securities expressed optimism about the ongoing heat in the innovative drug sector and the structural market trends, particularly regarding the international expansion of Chinese innovative drugs [1] - The focus is on key areas such as Antibody-Drug Conjugates (ADC) and bispecific antibodies, with an emphasis on tracking industry catalysts and business development progress [1]

Group 1 - The innovative drug sector in Hong Kong and A-shares continues to strengthen, with notable gains in stocks such as MicroPort Medical, China Biologic Products, and Innovent Biologics [1] - On July 28, 2025, Hengrui Medicine announced an agreement with GSK, granting GSK exclusive global rights to the HRS-9821 project and up to 11 other projects, with an upfront payment of $500 million and potential milestone payments totaling approximately $12 billion [1] - Haitong International highlights the sustained high prosperity in the innovative drug sector, with Pharma companies expected to undergo a revaluation, while Biopharma/Biotech companies show strong growth potential as their innovative pipelines begin to yield results [1] Group 2 - The Hang Seng Biotechnology ETF (159615) closely tracks the Hang Seng Biotechnology Index, which reflects the overall performance of the largest 50 biotechnology companies listed in Hong Kong [2] - The top ten weighted stocks in the Hang Seng Biotechnology Index include Innovent Biologics, WuXi Biologics, BeiGene, and others [2] - The Southern Innovative Drug ETF (159858) tracks the CSI Innovative Drug Industry Index, which selects up to 50 representative listed companies involved in innovative drug research and development [2]

Group 1 - The core viewpoint of the articles highlights a significant rise in the innovative drug sector in both Hong Kong and A-shares, driven by favorable policy changes and market sentiment [1][2] - The 11th batch of national drug centralized procurement has officially started, with the National Healthcare Security Administration clarifying the principle of "new drugs not included in procurement, procurement only for non-new drugs," providing clear policy support for the innovative drug sector [1] - The recent increase in public fund allocation to the pharmaceutical sector, particularly in innovative drugs, indicates a growing market confidence in this area, with notable increases in holdings of companies like Innovent Biologics and 3SBio [2] Group 2 - The Hang Seng Biotechnology ETF (159615) has seen a strong performance, rising over 2% in a single day and accumulating a 6.30% increase over the past week, reflecting active market trading [1][2] - The top ten weighted stocks in the Hang Seng Biotechnology Index include major players such as Innovent Biologics, WuXi Biologics, and BeiGene, indicating a concentration of investment in leading innovative drug companies [2] - The Southern Innovative Drug ETF (159858) tracks the CSI Innovative Drug Industry Index, which includes up to 50 representative companies involved in innovative drug development, with top holdings including Hengrui Medicine and WuXi AppTec [2]

恒生生物科技ETF(159615)紧密跟踪恒生生物科技指数，恒生生物科技指数旨在反映于香港上市最大的 50间生物科技公司之整体表现，包括在香港交易所透过上市规则第18A章上市的公司。该指数前十大权 重股分别为信达生物、药明生物、百济神州、康方生物、石药集团、中国生物制药、三生制药、巨子生 物、翰森制药、再鼎医药。 创新药ETF南方(159858)紧密跟踪中证创新药产业指数，中证创新药产业指数从主营业务涉及创新药研 发的上市公司证券中，选取不超过50只最具代表性上市公司证券作为指数样本，以反映创新药产业上市 公司证券的整体表现。指数前十大权重股分别为恒瑞医药、药明康德、科伦药业、华东医药、长春高 新、复星医药、百济神州、万泰生物、泰格医药、人福医药。 相关产品：恒生生物科技ETF(159615)；创新药ETF南方(159858)，场外联接(A：021097；C：021098)。 2025年6月9日，A股、港股主要指数集体走强，医药板块再度活跃上行，创新药概念股走强。A股众生 药业涨停，泰格医药、智翔金泰、百利天恒、康弘药业等个股跟涨。港股金斯瑞生物科技、晶泰控股、 云顶新耀、诺诚健华等个股涨幅居前。 相关ETF ...

Group 1 - The Hang Seng Biotechnology ETF (159615) opened with a gap up, rising over 4% during the day, reaching a high of 1.008 yuan, marking a new high for the year [1] - The fund saw a turnover of 18.97% with a transaction volume of 61.0632 million yuan, indicating active market trading [1] - The Hang Seng Biotechnology Index surged by 3.83%, with constituent stocks such as Innovent Biologics rising over 16%, Zai Lab increasing by 7.66%, and Tigermed up by 6.42% [1] Group 2 - The National Medical Products Administration recently approved 11 new drugs for market launch, covering areas such as oncology and endocrinology, with several being the "first in China" or "first domestic" in their respective fields [1] - Among the 11 new drugs, 7 are classified as Category 1 drugs, representing the highest level of drug innovation in China's registration classification [1] - Guotai Junan Securities reported that the number of oral presentations for Chinese innovative drug assets at ASCO reached a historical high of 73, reflecting the growing demand for Chinese innovative drug assets from multinational corporations [2] Group 3 - The Hang Seng Biotechnology Index aims to reflect the overall performance of the largest 50 biotechnology companies listed in Hong Kong, with the top ten weighted stocks including Innovent Biologics, WuXi Biologics, BeiGene, and others [2]

Group 1 - The Hang Seng Biotechnology ETF (159615) opened high on May 23, 2025, with an intraday increase of over 2%, and a turnover of 14.35% amounting to 48.548 million yuan, indicating active market trading [1] - The Hang Seng Biotechnology Index, which the ETF tracks, rose by 1.79%, with constituent stocks such as Kangzheng Pharmaceutical up by 8.82%, Tigermed up by 8.35%, and Ascentage Pharma-B up by 8.10% [1] - As of May 22, 2025, the Hang Seng Biotechnology ETF had a cumulative increase of 7.43% over the past week, ranking first among comparable funds, and its scale grew by 16.4037 million yuan over the past two weeks [1] Group 2 - China’s pharmaceutical giant, Hengrui Medicine, officially listed on the Hong Kong Stock Exchange, opening at a 29.4% increase to 57 HKD, with a market capitalization of 376.4 billion HKD [1] - The 2025 American Society of Clinical Oncology (ASCO) annual meeting is set to take place from May 30 to June 3 in Chicago, which is expected to be a significant catalyst for the innovative drug industry as multiple companies will disclose important clinical and R&D data [1] Group 3 - According to AVIC Securities, the innovative drug industry is expected to become a key investment theme for the year due to multiple factors, including supportive policies and improved payment conditions [2] - The Hang Seng Biotechnology Index reflects the performance of the largest 50 biotechnology companies listed in Hong Kong, with top-weighted stocks including Innovent Biologics, WuXi Biologics, and BeiGene [2] - The report suggests continued investment in innovative drugs, high-end medical devices, and medical consumption sectors, while also identifying relatively undervalued second-tier blue-chip companies [2]

国金证券认为，医药板块中最值得关注的是创新药赛道，对创新医药投资机会的把握将是贯穿2025年全 年医药投资的主线。创新药龙头商业销售和BD业绩持续兑现，随着临床推进和数据读出，中国创新药 企业在肿瘤、自免及慢病领域潜力大单品预期增强，给细分赛道领先公司的成长空间和估值修复提供支 撑。全球领先的创新品种进入业绩放量兑现期，国际领先的临床突破或BD不断涌现。 相关产品：恒生生物科技ETF(159615)；香港科技ETF(159747)；恒生指数ETF(513600)；H股 ETF(159954)；更多相关场外基金——南方恒生科技指数发起（A类：020988；C类：020989）助力投资 者把握港股市场投资机遇。 2025年5月20日，恒生生物科技ETF(159615)盘初强势拉升，涨超4%，冲击3连涨。截至09:53，盘中换 手14.78%，成交4890.55万元，市场交投活跃。跟踪指数恒生生物科技指数强势上涨3.14%，成分股三生 制药上涨29.93%，荣昌生物上涨7.29%，诺诚健华上涨5.88%，石药集团，泰格医药等个股跟涨。 消息面上，恒生生物科技ETF(159615)成分股——三生制药今日早盘高开高走一 ...