Core Viewpoint - The biopharmaceutical sector in China is experiencing a positive trend in innovation and investment, with significant growth in the approval of innovative drugs and a recovery in market conditions [1][2] Industry Summary - As of September 8, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) increased by 0.89%, with notable gains from companies such as United Imaging Healthcare (688271) up 11.48% and BGI Genomics (688114) up 9.35% [1] - The "National Drug Safety Publicity Week" launched on September 1 highlights the positive development of the pharmaceutical industry, with 210 innovative drugs approved in the past five years, indicating a sustained growth trend [1] - Currently, approximately 30% of the world's innovative drugs under research are from China, showcasing the country's significant role in global pharmaceutical innovation [1] Company Summary - The top ten weighted stocks in the Sci-Tech Innovation Board Biopharmaceutical Index as of August 29, 2025, include United Imaging Healthcare (688271), BeiGene (688235), and others, collectively accounting for 50.27% of the index [2] - The Sci-Tech Biopharmaceutical ETF (588250) closely tracks the performance of the Sci-Tech Innovation Board Biopharmaceutical Index, reflecting the overall performance of representative biopharmaceutical companies listed on the Sci-Tech Board [2]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) has shown a strong increase of 1.32% as of September 5, 2025, with notable gains in constituent stocks such as Zai Lab (688266) up 5.31%, Junshi Biosciences (688180) up 3.89%, and Huatai Medical (688617) up 3.85% [1] - Novartis continues to invest in siRNA technology, recently entering into a significant business development deal with BGI Genomics, involving an upfront payment of $160 million and a total potential milestone value of $5.2 billion [1] - According to Dongfang Securities, the performance of innovative drugs and the industry chain is strong, driven by the commercialization of domestic innovative products and the potential for international expansion [1] Industry Overview - The Sci-Tech Innovation Board Biopharmaceutical Index comprises 50 large-cap companies in the biopharmaceutical, biomedical engineering, biomedicine, and other related sectors, reflecting the overall performance of representative biopharmaceutical companies listed on the Sci-Tech Innovation Board [2] - As of August 29, 2025, the top ten weighted stocks in the index account for 50.27% of the total index, including companies like United Imaging Healthcare (688271) and BeiGene (688235) [2] - The Sci-Tech Biopharmaceutical ETF (588250) closely tracks the performance of the index, providing investors with exposure to the biopharmaceutical sector [2]

Group 1 - The core viewpoint is that the innovative drug sector is experiencing significant growth, driven by strong mid-year performance from multiple companies and increased market liquidity and risk appetite [2][3] - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) has risen by 4.02%, with notable increases in constituent stocks such as Maiwei Biotech (688062) up 20.00% and ZhiXiang JinTai (688443) up 11.60% [1][2] - The Sci-Tech Biopharmaceutical ETF (588250) closely tracks the performance of the Biopharmaceutical Index and has also seen a rise of 4.12%, with the latest price reported at 1.34 yuan [1][2] Group 2 - The top ten weighted stocks in the Biopharmaceutical Index account for 50.27% of the index, including companies like United Imaging Healthcare (688271) and BeiGene (688235) [3] - Investment strategies are recommended to focus on domestic clinical CROs benefiting from supportive policies, life sciences upstream companies with recovering overseas business, and companies involved in weight loss drugs, Alzheimer's treatments, ADCs, and AI concepts [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the biotech sector in the STAR Market, with the STAR Biomedicine Index rising by 1.39% and individual stocks like CanSino and Huaxi Bio showing significant gains [1] - In 2024, the retail pharmacy (DTP) innovative drug sales are projected to reach 88.7 billion yuan, marking a year-on-year growth of 16.6%, while the first quarter of 2025 is expected to see sales of 23.3 billion yuan, a 15.0% increase [1] - The innovative drug sector continues to maintain double-digit growth, significantly outpacing the growth of tiered hospitals, indicating a qualitative leap in channel value [1] Group 2 - According to Shenwan Hongyuan, the innovative drug sector has experienced rapid growth in product revenue and external licensing over the past three years, with significant BD transactions this year driving a trend of expansion across the overall sector [1] - The adjustment of the medical insurance catalog will include commercial insurance for innovative drugs for the first time, which is expected to further support the sector [1] - The STAR Biomedicine ETF closely tracks the STAR Biomedicine Index, which consists of 50 large-cap companies in the biomedicine and related fields, reflecting the overall performance of representative companies in the sector [2]

Group 1 - Novo Nordisk announced that the supplemental new drug application (sNDA) for semaglutide (Wegovy) has been approved by the FDA for the treatment of metabolic dysfunction-associated fatty liver disease (MAFLD) in patients with moderate to advanced liver fibrosis, boosting the performance of the innovative drug sector [1] - As of August 19, 09:45, the Sci-Tech Biomedicine ETF (588250.SH) rose by 1.47%, with its associated index, Sci-Tech Biomedicine (000683.SH), increasing by 1.58%. Key constituent stocks such as Baillie Gifford (百利天恒) rose by 5.95%, United Imaging (联影医疗) by 2.32%, Rongchang Biopharma (荣昌生物) by 5.08%, Yirui Technology (奕瑞科技) by 5.40%, and Maiwei Biopharma-U (迈威生物-U) by 5.74% [1] Group 2 - Jianghai Securities pointed out that the preliminary review of the medical insurance and commercial insurance catalog has significantly increased the enthusiasm of innovative drug companies, with the government continuously optimizing the adjustment mechanism of the medical insurance catalog and using "clinical value" as the core evaluation standard [2] - The continuous and predictable nature of the policy allows companies to better plan the commercialization path of innovative drugs. In the oncology field, ADC drugs have become a highlight, with multiple domestic ADC drugs passing the preliminary review [2] - Guojin Securities analyzed that the global oncology immunotherapy has entered a new era of PD-1 combined with TAA and cytokines, with China's innovative drug business development (BD) accounting for 40% of the global total. The evolution from PD-1 to PD-1/VEGF or IL-2 bispecific antibodies is underway, with early data from Innovent Biologics' PD-1/IL-2 in multiple indications [2]

Group 1 - The core viewpoint of the news highlights the positive performance of the biotech sector, particularly driven by a significant collaboration in the AI pharmaceutical space, which has boosted investor sentiment and stock prices of key companies in the sector [1][2] - The Kexin Biopharmaceutical ETF (588250.SH) rose by 0.89%, with its associated index Kexin Biopharmaceutical (000683.SH) increasing by 0.90%. Notable stock performances included Junshi Biosciences-U up by 10.92% and CanSino up by 7.96% [1] - A major order of approximately $59.9 billion was announced by Crystal Technology Holdings, which is expected to enhance the innovation drug sector's outlook and positively impact related stocks [1] Group 2 - Research from Guolian Minsheng Securities indicates a strong net subscription performance for pharmaceutical and biotech theme funds in Q2 2025, with notable funds like Huatai Fuyou Innovation Medicine A and Yongying Medicine Innovation Smart Selection C leading in net subscriptions [2] - The innovative drug industry is reportedly at a turning point, with domestic pharmaceutical companies achieving commercial closure through business development collaborations, which is expected to improve the financing environment and support valuation recovery for innovative drug companies [2]

Group 1 - Overseas business development (BD) continues to exceed expectations, with CSPC Pharmaceutical Group licensing its oral GLP-1 small molecule to Madrigal for an upfront payment of $120 million, setting a record for similar transactions and highlighting the premium capability of Chinese technology platforms [1] - Breakthrough in treatment paradigm with Shuyou's C5a antibody BDB-001, which outperformed hormone therapy in treating anti-neutrophil cytoplasmic antibody vasculitis, achieving a complete response rate that is ten times higher, laying the foundation for subcutaneous formulations to enter international markets [1] - The National Healthcare Security Administration's Department of Drug Pricing and Procurement supports high-level innovative drugs to achieve returns that correspond with high investment and risk during the initial market phase, indicating a satisfactory price level, and is actively facilitating the rapid clinical introduction of new drugs through streamlined approval processes [1] Group 2 - As of August 1, 2025, the Sci-Tech Innovation Biopharmaceutical ETF (588250) has risen by 2.5%, with Zhongyin Securities noting that pharmaceutical companies are gradually overcoming the impact of centralized procurement, highlighting revaluation opportunities in the pharmaceutical sector [2] - The pharmaceutical sector is witnessing a shift in policy attitudes, with optimization of centralized procurement rules, and after years of R&D investment, new pipelines are entering a harvest phase, further evidenced by the accelerating trend of overseas BD, indicating that China's innovative drugs are becoming more competitive globally [2] - The Sci-Tech Innovation Biopharmaceutical ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index, which selects 50 large-cap companies from various sectors, reflecting the overall performance of representative biopharmaceutical companies listed on the Sci-Tech Innovation Board [2] Group 3 - As of July 31, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) include United Imaging Healthcare, Boryung Pharmaceutical, BeiGene, Baillie Gifford, Huatai Medical, Aier Eye Hospital, Zai Lab, Junshi Biosciences, Yifan Biotech, and Teva Pharmaceutical, collectively accounting for 49.14% of the index [3]

截至2025年7月31日收盘，上证科创板生物医药指数(000683)成分股方面涨跌互现，特宝生物(688278)领 涨7.46%，益方生物(688382)上涨4.24%，迈威生物(688062)上涨3.88%；百利天恒(688506)领跌。科创生 物医药ETF(588250)最新报价1.23元。 创新药最近走势波动较大，但是多家企业近日持续BD，一直是市场的热议。 1、创新药底层逻辑再回顾： 本轮创新药的底层逻辑和此前已经不一样，上一轮底层逻辑是中国创新药"从无到有"，所以管线最丰富 是龙头，有品种的重估是主旋律。现在的底层逻辑是"从有到精"，是全世界很多创新药迭代靠新技术驱 动的时候，国内靠高阶工程师红利和内卷红利卷赢了特定新技术赛道，包括ADC和PD1plus等，让MNC 拿着大额美金来中国超市大局采购，从点到面突破，让中国登上世界创新药牌桌，成为提供创新源头的 另一股重要力量。 2、市场走到哪里了? 数据显示，截至2025年6月30日，上证科创板生物医药指数(000683)前十大权重股分别为联影医疗 (688271)、百济神州(688235)、惠泰医疗(688617)、百利天恒(688506)、艾力斯( ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) increased by 0.73% as of July 28, 2025, with notable gains from companies such as Junshi Biosciences (688180) up 3.74% and Zai Lab (688266) up 3.30% [1] - The recent outbreak of Chikungunya fever in Guangdong Province has led to nearly 3,000 new local cases, primarily concentrated in Foshan and Guangzhou, with a cumulative total exceeding 4,800 confirmed cases [1] - The Sci-Tech Biopharmaceutical ETF (588250) rose by 0.82%, with the latest price reported at 1.23 yuan [1] Group 2 - Short-term focus on beneficiaries of the Chikungunya fever outbreak includes the vaccine sector, which may see valuation recovery due to market sentiment stabilizing despite anticipated performance pressure in 2024 [2] - The pharmacy sector is adapting to changes in medical insurance and regulatory environments, with companies like Yao Yi Tang exploring new business models, such as health and beauty products, to enhance profitability [2] - The diagnostics sector may experience renewed demand due to the Chikungunya fever, following the normalization of COVID-19 related demand [2] Group 3 - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare (688271) and BeiGene (688235) [3]

截至07月22日09:56，科创生物医药ETF（588250.SH）上涨1.08%，其关联指数科创生物（000683.SH） 上涨1.10%；主要成分股中，博瑞医药上涨5.91%，君实生物-U上涨4.04%，百济神州-U上涨1.74%，泽 璟制药-U上涨1.87%，联影医疗上涨0.87%。 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。 消息面上，国家医保局召开医保支持创新药械系列座谈会首场会议，围绕"对创新药械开展医保综合价 值评价"议题进行研讨，市场预期政策端对创新药械支持力度有望强化，带动创新药概念股集体走强。 该消息对科创生物医药ETF成分股中的创新药企业形成直接利好，尤其是君实生物-U、百济神州-U等创 新药标的涨幅居前，反映出市场对行业政策环境的积极预期。 券商研究方面，西南证券指出BD加速创新药重估，持续看好创新药及产业链、AI医疗、脑机接口等结 构性机会，生命科学领域行业扩容大格局仍将持续，国产替代势在必行，并以奥浦迈为例说明其细胞培 养基产品管线快速拓展，截至25Q1已有258个药品研发管线使用其产品。中信建投则强调化学制药行业 集采规则优化推动企业向质量竞争转型，同 ...