- The China Securities Biotechnology Theme Index was launched on August 26, 2015, by China Securities Index Co., Ltd. The index selects listed company securities involved in gene diagnosis, biopharmaceuticals, blood products, and other human biotechnology as index samples to reflect the overall performance of biotechnology listed company securities[3][38] - The index sample space is the same as the China Securities All Index sample space, consisting of A-shares and depository receipts issued by red-chip companies that meet the following conditions: "(1) Non-ST, *ST securities; (2) Other securities: listed for more than one quarter, unless the average daily market value ranks in the top 30 since listing; (3) STAR Market and Beijing Stock Exchange securities: listed for more than one year and two years, respectively"[39] - The index sample selection method includes: (1) Ranking the securities in the sample space by average daily turnover over the past year and removing the bottom 20%; (2) Selecting biotechnology-related companies from the remaining securities as biotechnology theme candidates; (3) Ranking the candidates by average daily market value over the past year and selecting the top 50 securities as index samples[39] - The index's top ten constituent stocks are highly concentrated, focusing on the pharmaceutical industry. As of November 19, 2025, the top ten constituent stocks accounted for 55.26% of the total weight, forming a "CXO + innovative drugs + medical devices" golden triangle combination[40][41] - The index constituent stocks are evenly distributed across different market value ranges, with weights of 35.79% for stocks with a market value of over 100 billion, 44.24% for stocks with a market value between 200-1000 billion, and the rest distributed among other ranges[42][43] - The index constituent stocks are mainly concentrated in the biological medicine III, medical services, chemical preparations, and medical devices industries, with weights of 42.33%, 20.99%, 17.33%, and 11.97%, respectively[44][46] - The index constituent stocks have high exposure to concepts such as industry leaders, comprehensive private enterprises, main trading forces, dual circulation, fund heavy positions, and innovative drugs, with exposure rates of 70.56%, 64.78%, 64.58%, 62.60%, 62.48%, and 62.16%, respectively[47][48] - The index's current style is characterized by small market value, high liquidity, and high momentum. As of October 31, 2025, the index's market value style is significantly negatively exposed compared to the China Securities 800 Index, with higher liquidity and trading activity[48][51][52] - The index's PE valuation is near the historical average, and the PB valuation is near the historical -1 standard deviation, indicating a high safety margin and potential for upward valuation[53][54] - The index's profitability is outstanding, with expected revenue growth rates of 6.54%, 6.00%, and 13.76% for 2025, 2026, and 2027, respectively, and expected net profit growth rates of 52.09%, 18.58%, and 24.11% for the same years[55][56][57][58]

晨会纪要 证券研究报告 2025 年 11 月 17 日 核心结论 分析师 【基金】行业主题基金专题研究（六）-主动篇：先进制造主题基金研究框 架及产品优选 本文构建主动型先进制造主题基金池。根据主动权益基金对制造行业的配 置、基金与先进制造概念的相关系数等标签划分，细分为均衡型/专注单一 赛道型制造基金、机器人/军工/汽车/新能源/智能驾驶/电池等概念主题基金。 综合定量定性指标、当下投资关注度，建议关注：1）机器人主题：永赢先 进制造智选、鹏华碳中和、平安先进制造、中航趋势领航等；2）军工主题： 长信国防军工、华夏军工安全、永赢高端装备智选等。 【证券Ⅱ】证券行业 2026 年度策略：步步向上，欣欣向荣 我们认为经济定调积极下资本市场上升趋势仍在，券商板块仍是年内不可多 得的相对低估+业绩同比高增的细分资产。在自营相对难以预测、叠加增量 资金持续入市带动 ADT 中枢高企下，我们认为当前经纪主线是不错的选择， 推荐国泰海通、华泰证券、东方证券、国信证券、广发证券，建议关注方正 证券；此外，推荐受益于权益市场活跃的九方智投控股、有望通过换股吸收 大智慧实现增长的湘财股份、持续受益于港股 IPO 回暖的中金公 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [1] Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.4% from November 3 to November 7, 2025, underperforming compared to the Wind All A index (0.63%) and the CSI 300 index (0.82%) [2][7] - The rise in flu activity was noted, with the percentage of flu-like illness (ILI) cases reported at 4.7% in the week of October 27 to November 2, 2025, indicating an increase compared to previous weeks and years [2][10] - The final overall survival (OS) results from the HARMONi-A study of Ivosidenib combined with chemotherapy for EGFR-mutant non-small cell lung cancer showed a significant improvement in OS, with a median OS of 16.8 months versus 14.1 months for the control group [2][10] Weekly Market Review - The pharmaceutical and biotechnology sector's performance was down 2.4%, with notable declines in medical research outsourcing (-4.93%), chemical preparations (-4.42%), and other biological products (-4.33%) [7][8] - The leading gainers included Hezhi China (61.1%), Wanze Shares (30.3%), and Fuxiang Pharmaceutical (23.3%), while Changshan Pharmaceutical (-20%), Yifang Bio-U (-17.8%), and Guangshengtang (-15.3%) were the biggest losers [10] Industry News and Key Company Announcements - On November 7, 2025, the final OS analysis of the HARMONi-A study was presented, showing significant results for Ivosidenib in combination with chemotherapy [10][12] - According to data from the Chinese Center for Disease Control, flu-like illness percentages in southern provinces increased to 4.6%, while northern provinces reported 5.1%, both higher than the previous week [10][12] - BeiGene reported a total revenue of $1.412 billion for Q3 2025, a 41% year-on-year increase, driven by a 51% growth in global sales of its product [12][14] - Metsera announced a merger agreement with Pfizer, with an estimated total transaction value of approximately $9 billion [12][14]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [7] Core Views - The report highlights that the pharmaceutical index decreased by 2.40% during the week of November 3-7, underperforming both the CSI 300 index and the ChiNext index. It emphasizes that some companies in the innovative drug sector have entered the second phase of industry development [12][18] - The report suggests that the innovative drug sector is experiencing a temporary adjustment phase, driven more by trading impacts than fundamental factors. It anticipates a potential market shift that could lead to a new round of growth in the innovative drug sector over the next 5-10 years, with a focus on "disruption" rather than revaluation [13][14] Summary by Sections 1. Industry Performance Review - The pharmaceutical index's performance was characterized by a V-shaped recovery, with the innovative drug sector continuing to adjust while flu-related stocks performed well [2][12] - The report notes that the innovative drug sector is currently not the market's focus, leading to individual stock-driven performance [13] 2. Future Outlook - The report outlines a strategy to continue exploring innovative drugs in preparation for a potential rebound in Q4-Q1, focusing on overseas large pharmaceuticals and small to mid-cap technology revolutions [14] - It expresses optimism for the innovative drug sector leading into 2025, identifying key themes such as overseas large pharmaceuticals, small to mid-cap technology revolutions, and the revaluation of generic drugs [14] 3. Investment Strategy - The report provides a detailed investment strategy for innovative drugs, highlighting key companies such as Innovent Biologics, 3SBio, and others in various therapeutic areas including oncology and chronic diseases [15][16] - It also emphasizes the importance of new technologies like brain-computer interfaces and AI in pharmaceuticals, as well as the internationalization of medical devices [16] 4. Subsector Analysis - The report indicates that the innovative drug index decreased by 3.63% during the same week, underperforming the pharmaceutical index and the CSI 300 index [33] - It highlights the performance of the generic drug sector, which decreased by 4.56%, and notes the challenges faced by traditional Chinese medicine companies due to market pressures [39][48]

Core Viewpoint - The introduction of the commercial insurance innovative drug directory is expected to address the accessibility and affordability issues of high-priced innovative drugs by guiding market forces [1][3]. Group 1: Policy Changes - The National Medical Insurance Administration organized a 5-day negotiation for the medical insurance drug directory and commercial insurance innovative drug directory, with 120 domestic and foreign companies participating [2]. - The new directory is set to be released in early December and will officially take effect on January 1 of the following year [2]. Group 2: Market Opportunities - The commercial insurance innovative drug directory aims to open market space for high-cost or rare disease medications, particularly for rare disease treatments and high-value innovative drugs [3]. - Notably, five CAR-T drugs have been submitted for approval, which could significantly benefit patients due to their high annual treatment costs [3]. Group 3: Drug Submission Strategies - The introduction of the "dual directory" submission allows companies to choose between submitting for both the basic medical insurance directory and the innovative drug directory, providing more strategic options [4]. - For example, BMS's O drug (Nivolumab) opted for dual submission after previous failures, while competitors like Merck's K drug (Pembrolizumab) have not submitted any applications [4]. Group 4: Competitive Landscape - Domestic innovative drugs are becoming major competitors to imported drugs, with examples like the TROP2 ADC drug Gosituzumab (Gilead) and its domestic counterpart [5]. - The increasing support for innovative drugs from the government and the diversification of the medical insurance payment system are expected to create new market demand for innovative drugs [5]. Group 5: Investment Recommendations - The medical insurance bureau is encouraging the high-quality development of innovative drugs, indicating a warming trend in payment policies [6]. - Relevant investment targets include companies such as Heng Rui Medicine, Kelun Pharmaceutical, and others that are actively transitioning towards innovation [6].

Market Overview - The Hang Seng Index closed down 1.43%, breaking below the 26,000-point mark [1] - U.S. Treasury Secretary indicated that a U.S.-China trade agreement could be signed as early as next week [1] - Concerns over AI investment returns were highlighted after Meta's stock fell 11% due to significant AI spending [1] AI Sector Developments - AI giants like NVIDIA and Samsung are increasing capital expenditures, with Samsung planning to build an "AI factory" [2] - Despite strong demand in AI, stocks like Hua Hong Semiconductor fell over 7% due to fund managers adjusting positions at month-end [2] - Oracle's CDS costs have risen, indicating market concerns about the sustainability of AI investments [1][2] Healthcare and Pharmaceuticals - The National Medical Insurance Directory negotiations are ongoing, with a focus on high-value clinical areas like oncology and chronic disease [4] - Companies like Junshi Biosciences and Kelun-Biotech are seeing stock increases due to their participation in the negotiations [4][5] - The introduction of a commercial insurance innovative drug directory is expected to drive investments in the pharmaceutical sector [3] Shipping and Logistics - The Ningbo Containerized Freight Index rose by 12.6%, with 16 out of 21 routes showing price increases [7] - VLCC freight rates have reached over $120,000 per day, marking a ten-year high [7] Company-Specific Highlights - Zoomlion reported a revenue increase of 8.06% and a net profit increase of 24.89% in Q3 2025 [8] - The company plans to issue up to 6 billion HKD in convertible bonds to enhance global competitiveness [9] - Zoomlion's overseas revenue accounted for 57.36% of total revenue, reflecting a 20.80% year-on-year growth [9]

Core Insights - The 2025 National Medical Insurance Negotiation has commenced, expected to last 4-5 days, focusing on both basic medical insurance and commercial health insurance innovative drug pricing [1][2] - This year's negotiation marks the 8th adjustment since the establishment of the National Medical Insurance Bureau and introduces a new commercial health insurance innovative drug directory [2][3] Group 1: Negotiation Details - The negotiation will begin with drugs that have relatively transparent pricing, such as antiviral and chronic disease medications, while more challenging drugs like cancer treatments will be discussed later [3] - Key innovative drugs, including TROP2 ADC and several CAR-T products, are anticipated to participate in this year's negotiations [2][3] Group 2: Directory Adjustments - A total of 535 drug names have passed the formal review for the basic drug directory, with 311 being new entries and 224 existing ones [2] - For the commercial health insurance innovative drug directory, 121 drug names have passed the formal review, with 79 applying for both directories [2][3] Group 3: Policy Framework - The dynamic adjustment mechanism for the national medical insurance directory has evolved into a scientific and fair process over the years [3] - The commercial health insurance innovative drug directory focuses on high-innovation, clinically valuable drugs that cannot be included in the basic directory due to their cost [3]

Core Insights - The National Medical Insurance Directory negotiations and commercial insurance innovative drug directory price negotiations will take place this week in Beijing, with multiple domestic and international pharmaceutical companies sending teams to participate [1] Group 1: National Medical Insurance Directory - This year's negotiations continue the regular adjustment mechanism of the medical insurance directory while officially introducing the "commercial insurance innovative drug directory" mechanism for the first time [1] - A total of 535 drugs have passed the formal review for this round of negotiations, setting a new record for the highest number of approved drugs in history [1] - The approved drugs include significant domestic new drugs such as Heng Rui Medicine's Ruilong Qutuzumab and Kelun Biotech's Lukan Sandotuzumab, as well as important products from multinational pharmaceutical companies like Eli Lilly, Janssen, and AstraZeneca [1] Group 2: Commercial Insurance Innovative Drug Directory - Additionally, 121 drugs have passed the review for the commercial insurance innovative drug directory [1]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights significant advancements in innovative drugs, particularly in the context of recent clinical trial results presented at the 2025 ESMO conference, showcasing the potential for new treatment options in various cancer types [12][19] - The report emphasizes the emergence of domestic drugs that have achieved notable efficacy in treating conditions such as NSCLC and HER2-positive breast cancer, indicating a shift in the competitive landscape [13][17] Summary by Sections 1. New Drug Developments - **2L EGFR Mutant NSCLC**: The drug Lukanosumab (sac-TMT) is the first to demonstrate both overall survival (OS) and progression-free survival (PFS) benefits in patients with TKI-resistant NSCLC, with mPFS of 8.3 months compared to 4.3 months for chemotherapy [13][14] - **HER2 Positive Breast Cancer**: The drug Ruikang Trastuzumab shows longer mPFS of 30.6 months compared to 8.3 months for the chemotherapy combination, indicating a promising new option for patients [17][18] - **T-Bren for Breast Cancer**: Early data from the T-Bren trial shows a clinical overall response rate (cORR) of 82.2% in HER2-positive patients, with mPFS of 18.0 months [19][20] - **2L HER2 Positive Gastric Cancer**: Anniotuzumab combined with chemotherapy shows significant improvements in mPFS (7.1 months vs 2.7 months) and mOS (19.6 months vs 11.5 months), suggesting a potential shift in treatment paradigms [21][24] 2. Market Performance - The pharmaceutical and biotechnology sector saw a 0.58% increase in October, underperforming the CSI 300 index by 2.67 percentage points, ranking 25th among 31 sub-industries [25][30] - The medical research outsourcing sector experienced the highest growth, up 5.47%, while other bioproduct sectors faced declines [30][34]

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it is expected to outperform the overall market in the next six months [30]. Core Insights - The pharmaceutical sector saw a weekly increase of 0.6%, while the Shanghai Composite Index rose by 2.9% during the same period. The pharmaceutical index ranked 25th among 31 sub-industries [3][5]. - Notable collaborations include a strategic partnership between Innovent Biologics and Takeda Pharmaceutical, valued at up to $11.4 billion, which includes an upfront payment of $1.2 billion [4][13]. - Key clinical trial results presented at the 2025 ESMO conference highlighted significant advancements in cancer treatments, with several companies reporting promising outcomes in their respective studies [4][14][17]. Market Performance - The pharmaceutical sector's overall valuation stands at 30.4 times earnings, ranking 9th among 31 primary industries [7][5]. - Various sub-sectors showed mixed performance, with medical devices and medical consumables performing relatively well, while traditional Chinese medicine and chemical preparations faced declines [7][5]. Key Events - The report notes that 99 A-share pharmaceutical companies released their Q3 2025 earnings, with a total revenue of 94.15 billion yuan, reflecting a year-on-year growth of 1.3% [19][21]. - Significant clinical trial results from companies like Kintor Pharmaceutical and Zai Lab were highlighted, showcasing their innovative approaches to cancer treatment [14][17][18]. Company Recommendations - The report recommends focusing on innovative drug companies and those with improving performance in medical devices and CXO sectors, listing companies such as Hengrui Medicine, Changchun High-tech, and Mindray Medical as key investment targets [4][19].