消息面上，近日国办转发《2025年稳外资行动方案》，提及推动生物医药领域有序开放，指出要研究完善医药领域开放政策，便利创新药加快上市，优化药品带量采购。
① Recently, Hong Kong stock Biomedical stocks have strengthened in the short term. What Bullish factors are worth paying attention to? ② The number of new drugs under research in China has jumped to the Global second position. What new policy support is there?
According to Financial Associated Press on February 26 (editor Feng Yi), the AI Medical Concept has been quite popular in the Hong Kong stock market recently, and benefiting from the recovery of market demand, performance growth, and rapid expansion overseas, the prosperity of the Biomedical industry is attracting more market attention.
On February 26, the Hong Kong stock Biomedical Sector significantly strengthened. By the close, HENLIUS (02696.HK) and JUNSHI BIO (01877.HK) both rose over 18%, and stocks like REMEGEN (09995.HK) and BEIGENE (06160.HK) also saw substantial follow-up gains.
On the news front, the State Council recently forwarded the '2025 Action Plan for Stabilizing Foreign Investment', mentioning the promotion of an orderly opening up in the Biomedical field, and pointed out the need to study and improve opening-up policies in the pharmaceutical sector, facilitate the accelerated listing of Innovative Drugs, and optimize bulk purchasing of Pharmaceutical products.
What is even more noteworthy is that under the normalization of bulk purchasing in recent years, the valuation clearing of the Biomedical sector has been quite thorough, indicating a significant recovery space in the current market environment.
According to tracking data from Zhejiang Merchants International, as of the week ending February 23, the overall PE valuation level of the Hong Kong stock Medical Care industry remains below the average since 2018, and there is still several times the gap compared to the peak of the Range.
It should be noted that Biotechnology is also Technology. In recent years, with the accelerated pace of domestic Innovative Drugs going overseas, impressive performance results have also begun to emerge.
Since entering 2025, there have been several pharmaceutical companies in the Hong Kong stock market, including INNOVENT BIO (01801.HK) and SIMCERE PHARMA (02096.HK), signing potential contracts worth 1 billion USD.
According to a research report from GTJA, statistics from the insight database show that in 2024, China's License-out transactions for Innovative Drugs reached 75 (accounting for over 10% of the Global Innovative Drug transaction volume), with an upfront payment exceeding 4.8 billion USD (approximately 20% of the Global upfront payment amount), with ADC drugs and bispecific antibodies becoming the main force in international markets.
Recently, BEIGENE (06160.HK; 688235.SH) surpassed Jiangsu Hengrui Pharmaceuticals in Market Cap to become the new drug king in the A-share market. Its core product, Zebrutinib, generated global sales of 1.3 billion USD in 2023, making it the first "billion-dollar molecule"; its revenue for the first three quarters of 2024 is expected to reach 1.816 billion USD, and it is anticipated to exceed 2 billion USD for the entire year.
According to data from the National Medical Products Administration, in 2024, 48 Innovative Drugs were approved for marketing in China, an increase of 8 compared to the previous year. The number of new drugs in research has risen to second place in the world, with several domestic Innovative Drugs already launched globally.
It can be said that the internationalization of domestic Innovative Drugs is entering a harvest period, and there are signs of industry improvement.
In addition, due to the increasing activity of AI Medical Thematic Investment in the Hong Kong stock market, the integration and adaptation of the DeepSeek large model has also enhanced market expectations for the technological convergence and restructuring of the Innovative Drugs industry.
The Biomedical team of INNOVENT BIO stated in their report on February 24 that while AI empowers innovation and efficiency, the commercialization and payment expectations of domestic Innovative Drugs have changed. Some human-intensive companies may lower costs with the help of AI models while also improving service efficiency, focusing on breakthroughs in innovative research and development.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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