Core Viewpoint - Fosun Pharma announced that its subsidiary received approval from the National Medical Products Administration for clinical trials of the innovative oral small molecule drug FXS887 for advanced malignant solid tumors, with no approved therapies targeting the same pathway expected until December 3, 2025 [2] Group 1: Company Developments - Fosun Pharma's FXS887 is aimed at treating advanced malignant solid tumors and is notable for being the first of its kind in its target pathway [2] - The approval for clinical trials marks a significant step in the development of innovative therapies within the company [2] Group 2: Market Activity - The pharmaceutical and biotechnology sector saw increased activity, with the STAR Market pharmaceutical ETF (588130) rising by 0.99%, and several holdings such as Yirui Technology, Zai Lab, Rongchang Bio, Dize Pharmaceutical, and Yifang Bio each increasing by over 3% [2] Group 3: Industry Insights - Everbright Securities suggests that investment in the pharmaceutical sector should increasingly focus on the clinical value of drugs, addressing the needs of patients and healthcare providers [2] - The report emphasizes that both domestic healthcare policies and global expansion strategies are placing higher premiums on clinical value, indicating a positive outlook for the innovative drug and medical device industries [2]

Market Overview - The A-share market experienced a collective decline, with the Shanghai Composite Index down by 0.75%, the Shenzhen Component Index down by 0.76%, and the ChiNext Index down by 1.68% [1] ETF Performance - The Kexin Pharmaceutical ETF (588130) rose by 4.28%, with the latest price at 1.195 yuan and a turnover rate of 13.94% [1] Stock Performance - Among the constituent stocks, three major gainers included: - 3SBio Inc. up by 20.00% - Zai Lab Ltd. up by 15.50% - EdiGene Inc. up by 14.08% - Maiwei Biopharma up by 11.54% - Rongchang Biopharma up by 10.14% - Conversely, the major decliners included: - Haoyuan Pharmaceutical down by 4.80% - Yirui Technology down by 1.59% - Bairen Medical down by 1.14% - Aohua Endoscopy down by 0.59% - Aibot Medical down by 0.40% [1] Investment Recommendations - Guosen Securities suggests focusing on innovative pharmaceutical companies with differentiated innovation capabilities and global commercialization potential, as well as leading CDMO companies with high growth in new and existing orders. - The long-term logic of innovative drugs is favored, with attention on potential bottom reversal targets. - Recommendations also include low-valuation medical device companies that are expected to see performance turning points or acceleration [1]

Core Viewpoint - The A-share market is experiencing a collective decline, with major indices such as the Shanghai Composite Index down by 0.75%, the Shenzhen Component Index down by 0.76%, and the ChiNext Index down by 1.68% [1] Group 1: Market Performance - The Kexin Pharmaceutical ETF (588130) has increased by 4.28%, with the latest price at 1.195 yuan and a turnover rate of 13.94% [1] - Among the constituent stocks, three companies led the gains: 3SBio surged by 20.00%, Zai Lab (U.S.) rose by 15.50%, and EdiGene (U.S.) increased by 14.08% [1] - Conversely, Haoyuan Pharmaceutical led the losses with a decline of 4.80%, followed by Yirui Technology down by 1.59%, and Baijun Medical down by 1.14% [1] Group 2: Investment Recommendations - Guosen Securities suggests focusing on innovative drug companies with differentiated capabilities and global commercialization potential, as well as leading CDMO companies with high growth in new contracts and backlog orders [1] - The long-term logic of innovative drugs is viewed positively, with an emphasis on identifying bottom-reversal targets [1] - There is a recommendation for low-valuation medical device companies that are expected to experience performance turning points or acceleration [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]

Core Viewpoint - The innovative drug sector has rebounded significantly, with major stocks like InnoCare and 3SBio seeing substantial gains, driven by improved US-China relations and positive developments in the industry [1][2] Group 1: Market Performance - The innovative drug sector saw a comprehensive rally, with InnoCare rising over 12%, 3SBio over 11%, and other companies like Kelun-Biotech and Innovent Biologics increasing by over 8% [1] - The Hang Seng Pharmaceutical ETF and the Sci-Tech Innovation Pharmaceutical ETF both rose over 3% [1] Group 2: Industry Developments - Improved US-China relations have reduced potential disruptions, and there has been ongoing progress in foreign licensing transactions, particularly with a significant deal exceeding 10 billion yuan by Innovent Biologics [1] - 3SBio's partner Pfizer has initiated two global Phase III clinical trials for PD-1/VEGF dual antibodies, showcasing active industry dynamics [1] - Recent data from domestic innovative drugs presented at the ESMO conference was impressive, with upcoming industry meetings such as ASH and the San Antonio Breast Cancer Symposium [1] Group 3: Policy and Future Outlook - The national medical insurance negotiations for 2025 will commence on October 30 in Beijing, introducing a "commercial insurance innovative drug catalog" mechanism for the first time [1] - According to a report by Galaxy Securities, the pharmaceutical sector has undergone a significant structural repair trend after a prolonged valuation adjustment, with public fund holdings still below historical averages [1] - The policy environment supporting the development of commercial insurance is expected to improve payment conditions, benefiting innovative drugs and devices [1] Group 4: Notable Products - The Hang Seng Pharmaceutical ETF (159892) has a 3.35% increase, with top holdings including BeiGene, WuXi Biologics, and 3SBio, and has seen a net inflow of over 1.1 billion yuan since September 4 [1] - The Sci-Tech Innovation Pharmaceutical ETF (588130) rose by 3.93%, covering innovative drugs and devices, with major components including United Imaging Healthcare and BeiGene [2]

Core Viewpoint - The A-share market shows mixed performance with the Shanghai Composite Index down by 0.40%, while the Shenzhen Component Index and the ChiNext Index show slight increases of 0.09% and a decrease of 0.09% respectively. The Kexin Pharmaceutical ETF fund has risen by 2.36% [1] Group 1: Market Performance - As of 9:56, the Shanghai Composite Index decreased by 0.40% [1] - The Shenzhen Component Index increased by 0.09% [1] - The ChiNext Index decreased by 0.09% [1] - The Kexin Pharmaceutical ETF fund (588130) rose by 2.36%, with a latest price of 1.173 yuan and a turnover rate of 6.15% [1] Group 2: Stock Movements - Among the constituent stocks, three major gainers include: - Sanofi's stock increased by 15.95% [1] - Borui Pharmaceutical rose by 10.10% [1] - Microchip Biotech increased by 6.94% [1] - Major decliners include: - Shenzhou Cell decreased by 5.68% [1] - Haoyuan Pharmaceutical fell by 3.93% [1] - Baifen Medical dropped by 1.26% [1] Group 3: Clinical Trials and Policy Changes - On October 30, Pfizer registered two global Phase III clinical trials for the PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) on Clinicaltrials.gov, targeting advanced non-small cell lung cancer and metastatic colorectal cancer in combination with chemotherapy [1] - The 2025 National Medical Insurance negotiation has officially started, introducing a "commercial insurance innovative drug catalog" mechanism, which aims to alleviate the payment pressure of high-value innovative drugs through commercial insurance channels [1] Group 4: Industry Composition - The Kexin Pharmaceutical ETF fund tracks an index with a weight distribution concentrated in: - Medical Devices (36.76%) - Chemical Pharmaceuticals (36.62%) - Biological Products (18.84%) - Medical Services (4.32%) - Medical Aesthetics (2.03%) [2]

Group 1 - Multiple domestic pharmaceutical companies, including Innovent Biologics and Hengrui Medicine, announced business development (BD) deals within two days, indicating a trend of increased collaboration in the industry [1] - Innovent Biologics entered a global strategic partnership with Takeda Pharmaceutical, receiving an upfront payment of $1.2 billion, including a $100 million strategic equity investment, with potential milestone payments up to $10.2 billion [1] - Despite these positive developments, the Hong Kong innovation drug index fell over 1%, with a decline of more than 15% since October 8, contrasting sharply with previous market reactions to BD announcements [1] Group 2 - Analysts suggest that liquidity issues and valuation pressures from previous gains are causing a slowdown in the innovation drug sector, with the market showing less enthusiasm for BD transaction amounts [2][3] - The total amount of external licensing for Chinese innovative drugs surpassed $100 billion for the year, marking a historical milestone [2] - The sentiment in the pharmaceutical sector has returned to a more comfortable trading range, awaiting capital inflows [3] Group 3 - The focus remains on the international competitiveness of domestic innovative drugs and the trend of BD transactions abroad [5] - The U.S. pharmaceutical market has experienced volatility due to various pressures from the Trump administration, including threats of high tariffs on drugs [6] - Despite these pressures, the potential negative impacts on the industry are expected to be limited, with the narrative logic of BD transactions remaining intact [7] Group 4 - The upcoming quarterly reports are anticipated to show performance improvements, alongside the continued rollout of BD transactions [4] - The sentiment in the A-share pharmaceutical and biotechnology sector has dropped below the historical median, indicating a potential for recovery as market conditions stabilize [8]

Core Viewpoint - The innovation drug sector is a prominent investment theme this year, showing strong performance driven by policy support, global competitiveness, and commercial profitability [1][3][31]. Group 1: Market Performance - The Hang Seng Pharmaceutical ETF (159892) increased by 60% this year, while the STAR Pharmaceutical ETF (588130) rose by 10.9% in the last ten trading days [3][27]. - Despite a recent pullback, the innovation drug sector continues to dominate the ETF performance rankings [2][3]. Group 2: Driving Factors - Two main reasons for the strong performance of innovation drugs: improvement in the macroeconomic environment and favorable policy developments [4][5]. - The U.S. CPI in May was lower than expected, leading to increased market expectations for a potential interest rate cut by the Federal Reserve, which would benefit the valuation of innovation drug stocks [4]. Group 3: Market Dynamics - The innovation drug sector is experiencing a turning point characterized by macroeconomic recovery, industry fundamentals, and valuation adjustments [9][10]. - The latest PE ratio of the Hang Seng Biotechnology Index is 27.64, indicating room for further valuation recovery as it remains below the historical range of the past decade [11]. Group 4: Industry Developments - Recent approvals of 11 innovative drugs by the National Medical Products Administration signify a growing pipeline for domestic innovation drug companies [11][12]. - Successful international collaborations and participation in global events like the ASCO conference highlight the competitive strength of Chinese innovation drug firms [11][12]. Group 5: Liquidity and Investment Trends - The influx of foreign capital into the Hong Kong market is evident, with 27 companies listed this year, 15 of which attracted foreign cornerstone investors [19][20]. - The average daily trading volume in Hong Kong has significantly increased, reflecting heightened liquidity that benefits the innovation drug sector [25][27]. Group 6: Future Outlook - The innovation drug sector is expected to continue benefiting from a favorable macroeconomic environment, policy support, and increasing global competitiveness [31][34]. - The current growth cycle for innovation drugs is distinct due to the backdrop of macroeconomic recovery and industry value reassessment [33][34].

Core Viewpoint - The innovative drug sector is a significant investment theme this year, showing strong performance and potential for continued growth driven by macroeconomic improvements, supportive policies, and the realization of commercial profits [1][3][33]. Group 1: Market Performance - The Hang Seng Pharmaceutical ETF (159892) has risen by approximately 60% this year, indicating a strong recovery in the pharmaceutical sector after four years of downturn [3]. - Despite a recent pullback, the innovative drug sector continues to dominate the ETF performance rankings, with the Hang Seng Pharmaceutical ETF increasing by 4.18% and the Sci-Tech Pharmaceutical ETF (588130) by 2.21% [2][3]. Group 2: Drivers of Strength - Two main reasons for the strength of innovative drugs are the improving macroeconomic environment and favorable policy developments [4][5]. - The U.S. CPI in May was lower than expected, leading to increased market expectations for a potential 100 basis point rate cut by the Federal Reserve, which would benefit the valuation of innovative drug stocks [4]. - Recent policy initiatives, such as the improvement of basic medical insurance drug lists and the establishment of bio-manufacturing platforms, further support the innovative drug sector [5]. Group 3: Market Dynamics - The innovative drug sector has outperformed many other popular sectors over the past six months, indicating a shift in market sentiment [6]. - The concept of "turning points" is crucial, encompassing macroeconomic, industry, and company fundamentals, as well as valuation aspects [9][10]. - The current PE ratio of the Hang Seng Biotechnology Index is 27.64, suggesting that there is still room for valuation recovery as it remains below 90% of the historical range over the past decade [11]. Group 4: Growth Opportunities - The approval of multiple innovative drugs by the National Medical Products Administration, including 11 new drugs on May 29, highlights the growing pipeline and market potential for innovative drug companies [11][12]. - Successful international collaborations and the recognition of domestic innovative drugs at global events like the ASCO conference demonstrate the competitive strength of Chinese pharmaceutical companies [11][12]. Group 5: Liquidity and Investment Trends - The influx of foreign capital into the Hong Kong market, with 27 IPOs and 15 involving foreign cornerstone investors this year, indicates a reversal in sentiment towards Hong Kong stocks [19][20]. - The average daily trading volume in Hong Kong has significantly increased, reflecting heightened liquidity that benefits the innovative drug sector [25][27]. - Morgan Stanley projects continued high trading activity in Hong Kong, driven by increased A+H listings and potential capital inflows due to favorable monetary conditions [28]. Group 6: Future Outlook - The innovative drug sector is positioned for sustained growth, supported by a combination of policy, profitability, and internationalization [33]. - The current growth cycle is distinct due to the macroeconomic recovery, industry revaluation, and increased liquidity, leading to stronger-than-expected performance [35][36]. - However, not all companies will benefit equally, and only those with clinical value and commercialization capabilities are likely to thrive in the long term [37].

作者 | 哥吉拉 数据支持 | 勾股大数 据（www.gogudata.com） 5月29日，A股主要指数高开高走，截至收盘，沪指涨0.7%报3363点，深证成指涨1.24%，创业板指涨1.37%。全市场近4500股上涨，逾百 股涨停。 板块方面，金融科技、创新药、互联网、半导体等热门板块表现强势，市场情绪相比近日明显提振。 其中，创新药是涨幅最明显的板块之一，睿智医药、舒泰神、益方生物强势斩获20CM涨停，另有十多家医药股涨幅均超过10%，堪称又一轮 暴涨潮。 | 代码 | 名称 | 现价 | 1 9 mm a lond a rither more an a many 143 1994 (310 1 涨跌幅▼ | 年初至今涨跌幅 | 总市值1 | | --- | --- | --- | --- | --- | --- | | 300149 | 睿智医药 | 8.56 c | 20.06% | 33.33% | 43亿 | | 300204 | 舒泰神 | 23.04 c | 20.00% | 210.93% | 110亿 | | 688382 | 益元生物-U | 29.10 c | 20.00% | 11 ...