
一 | 创新药赛道又迎来重要催化:8月26日,某医药龙头宣布,依沃西联合化疗方案,对比度伐利尤单抗联合化疗方案,用于一线治疗晚期胆道恶性肿瘤(BTC)的随机、双盲、对照、多中心、注册性III期临床研究(AK112-309/HARMONi-GI1),经独立数据监察委员会(IDMC)评估的预先设定的期中分析显示:研究达到总生存期(OS)主要研究终点,取得具有统计学显著性和重大临床获益的阳性结果;研究也达到无进展生存期(PFS)与客观缓解率(ORR)的所有关键次要终点。(资料参考:第一财经,2026.08.26) 在此之前的8月19日,mRNA肿瘤疫苗Ⅲ期临床首获成功,成为全球首个验证个体化新抗原疗法。 BRUSSELS -- The European Union began taking steps on Thursday to limit the impact of the war between Israel and Hamas on the bloc, amid heightened security tensions after a firebomb attack on a Berlin synagogue and killings in Belgium and France by suspected Islamist extremists.Spain, which currently holds the EU's rotating presidency, activated a crisis mechanism to speed up decision-making and coordination between the 27 member countries, the bloc's institutions and major partners like the United Nations or the United States.Officials from across the EU have expressed concerns about a rise in antisemitic attacks, radicalization online, the use of encrypted messaging services by extremists, and the need to speed up the deportation of people who might pose a public danger.But calls for an increase in security across the board are creating deep unease as the solutions being discussed could undermine free movement and the right to assemble in Europe.Italy is introducing border checks to counter a possible rise in tensions over the Israel-Hamas war. Denmark and Sweden are too, due to what they say is an “Islamist terrorist threat.” France intends to keep checks in place until at least May 2024, citing “new terrorist threats and external borders situation.”More police have been deployed in Belgium, France and Germany.EU foreign policy chief Josep Borrell believes part of the solution to Europe's security woes must involve the bloc helping diplomatically and financially to bring an end to years of conflict between Israel and the Palestinians.“We have learned from history that the most difficult decisions are always taken when we are on the edge of the abyss. I believe that is where we are now: on the edge of the abyss,” Borrell told EU lawmakers on Wednesday.“When I hear Muslim religious authorities speaking the language of inter-religious conflict and explicitly stating that Europe is a party to this conflict, I feel that the storm clouds are looming,” he said.Still, not all of Europe’s challenges are directly linked to the war.Earlier on Thursday, Sweden hosted a meeting of ministers from eight countries, among them Germany, Belgium and France, focused on how to handle incidents where people burn the Muslim holy book, the Quran.Prosecutors are trying to establish whether that was a key motive for a Tunisian man to shoot three Swedes in Brussels on Monday, killing two of them, ahead of a Belgium-Sweden soccer match in the capital.While the Quran burnings are not directly linked to the conflict between Israel and Hamas, they are a sign of rising tensions between religious and other communities in Europe.The war that began Oct. 7 has become the deadliest of five Gaza wars for both sides. More than 5,000 people have been killed in Israel and Gaza. Nearly 12,500 Palestinians have been wounded, and over 200 people in Israel taken hostage.“We have to address multiple impacts from the continuing crisis in the Middle East" in the EU, European Commission Vice-President Margaritis Schinas said.“This entails the protection of our Jewish communities, but also the protection against a generalized climate of Islamophobia that has no place in our society,” he told reporters in Luxembourg, where EU interior ministers were meeting.Pro-Palestinian rallies have been held in several European cities since the war. France has banned them. Germany has also promised to take tougher action against Hamas, which is already on the EU’s list of terrorist organizations.Chancellor Olaf Scholz told the German parliament that local authorities “must not allow gatherings … at which it must be feared that antisemitic slogans will be shouted, that people’s deaths will be glorified and everything we can’t accept here.”In France, the Palace of Versailles — a major tourist attraction — and three airports were evacuated for security reasons and temporarily closed Wednesday. The incidents were the latest in a spate of evacuations in the past five days, and the French government is threatening to fine or jail prank callers.They followed the killing of a teacher in northern France on Friday by a suspected Islamist extremist.French Interior Minister Gerland Darmanin noted that two foreigners were behind the recent attacks in Belgium and France, and he insisted that long-delayed reforms of EU asylum rules must be put in place.Europe must “manage our borders, register people and conduct the security interviews that are necessary before every asylum request,” he told reporters.The EU has agreements with Turkey and Tunisia to persuade them to prevent migrants reaching Europe — and take them back if they do get through — but they are not working well. Other deals, with Egypt notably, are planned. Only around one in four people refused entry ever return home. ___John Leicester in Paris and Geir Moulson in Berlin contributed to this report.。技术面密集催化之下,创新药行情如何走?(资料参考:新浪财经《医药板块延续回调》,2026.08.24) 依沃西挑战度伐利尤单抗疗效取得初步胜果 据悉,度伐利尤单抗是一款PD-L1单抗。在胆道癌领域,度伐利尤单抗联合化疗也是目前国内外指南共同推荐的一线免疫最优治疗方案。在全球PD-L1药物竞争格局中,度伐利尤单抗销售额位列第一。2025年,度伐利尤单抗全球销售额为60.63亿美元,同比增长28.54%。

二 | HARMONi-GI1研究是首个在胆道癌领域以全球最优金标准(PD-L1单抗联合化疗)为对照,取得OS显著阳性结果的III期研究。 这意味着,在该研究上依沃西挑战度伐利尤单抗的疗效已取得初步胜出结果,更重要的是,这是在中国开展的临床试验。作为全球首款研发上市的PD-1/VEGF双抗,依沃西已率先在中国获批上市,用于治疗肺癌,与此同时,依沃西正在美国申请上市中,而这次上市也将决定PD-1/VEGF双抗能否真正改变PD-(L)1免疫药王之位。 (资料参考:第一财经,2026.08.26) 创新药当前投资价值如何看? 不仅是挑战PD-L1“药王”成功,近日创新药赛道进入多重因素共振的多重催化期—— 1.产业层面:创新药企商业化+管线数据表现亮眼 商业化放量强劲:上半年,国内头部及前沿创新药企商业化造血能力显著增强,产品销售额维持高速增长。在核心产品快速放量与重大BD授权首付款及里程碑付款的双重驱动下,行业迎来盈利拐点,多家创新药企在2026年上半年实现历史首次半年度盈利或同比大幅扭亏为盈。 创新管线推进顺利:创新管线逐步迈入全球三期/注册临床,陆续迎来催化剂释放。创新药企业在研管线推进顺利,多项具备全球竞争力的创新资产加速迈向临床后期与商业化阶段。 (资料参考:证券市场周刊《全球创新药产业景气上行,国内创新药出海步入“丰收大年”》,2026.08.24) 2.政策层面:《全民医保“十五五”规划》首提创新药首发价机制 “全链条支持创新药”已经写入了国务院《国民健康“十五五”规划》;在《全民医疗保障“十五五”规划》(下称“规划”)中,国家医保局再次明确了支持医药创新的重要举措。8月19日,国家医保局发布规划,部署了一套完整覆盖数据、目录、定价、支付、商保、出海在内的全周期创新支持体系。(资料参考:第一财经,《医保“十五五”定调“真创新”,医药产业迎价值导向新周期》,2026.08.19) 3.业绩层面:核心药品驱动龙头药企中报业绩亮眼 创新药、CXO龙头上市公司2026年中报密集披露:多家公司净利润同比增长超预期,并上调全年营收指引。

三 | 分析认为,创新药企业的业绩增长路径,一方面是核心大单品销售的驱动,另一方面是对外授权交易带来的阶段性收入兑现。

四 | (资料参考:中新经纬,《创新药又行了?赛道龙头业绩爆棚,相关公司股价已翻倍》,2026.08.25) 4.资金层面:流动性或得到大幅度改善 当前医药处于筹码出清状态,再叠加科技资金的再平衡需求,未来医药板块的流动性或能得到大幅度改善。

五 | (资料参考:中新经纬《创新药又行了?赛道龙头业绩爆棚,相关公司股价已翻倍》,2026.08.25) 多重催化下,创新药赛道如何布局? 当前创新药板块正逐步由“估值驱动”向“业绩+全球化兑现驱动”转变。近两年是中国创新药出海的“大年”,而BD交易落地是出海的第一步,随着后续海外三期临床的开启,海外上市确定性提升,估值有望持续提升。(资料参考:证券市场周刊《全球创新药产业景气上行,国内创新药出海步入“丰收大年”》,2026.08.24) 对于投资者来说,可考虑关注相关主题ETF产品——A股:创新药ETF银华(159992)及其联接基金(A类:012781;C类:012782) 产品主要跟踪CS创新药指数(931152.CSI),聚焦A股创新药产业链龙头企业,汇聚全球CXO龙头和国内仿创药企龙头,行业覆盖范围更广,力争全面把握产业趋势。港股:港股创新药ETF银华(159567)及其联接基金(A类:023929,C类:023930) 产品跟踪国证港股通创新药指数(987018.CNI),聚焦港股创新药产业链,指数成分行业权重中化学制药占比55.3%,生物制品占比44.7%,纯度高,力求捕捉弹性机遇。

六 | (数据来源:Wind,截至2026.08.25,行业分类依据为申万二级行业) 2026年ESMO(欧洲肿瘤内科学会)年会预计将于10月23日—27日召开,多家中国创新药企业预计将有重要临床数据发布,值得期待。此外,重磅BD交易、新技术突破等仍将持续为行业带来正面催化。投资者或可在自身风险承受范围内,关注上述创新药主题ETF,把握产业长期机遇。(资料参考:证券市场周刊《全球创新药产业景气上行,国内创新药出海步入“丰收大年”》,2026.08.24) 风险提示:创新药ETF银华费率情况费用类型收费方式/费率申购费/赎回费申购赎回代理券商可按照不超过0.50%的标准收取佣金管理费0.50%/年托管费0.05%/年基金运作综合费用(年化)0.58%注:费率情况详见基金产品资料概要,截至2026.3.27,请以届时最新基金公告、基金法律文件为准。银华中证创新药产业ETF发起式联接费率情况费用类型金额(M)/持有期限(N)收费方式/费率A类申购费率M<100万元1.20%100万元≤M<300万元1.00%300万元≤M<500万元0.60%M≥500万元按笔固定收取,1000元/笔A类赎回费率N<7日1.50%7日≤N<30日0.75%30日≤N<365日0.50%365日≤N<730日0.30%N≥730日0C类赎回费率N<7日1.50%N≥7日0管理费0.50%/年托管费0.05%/年C类销售服务费0.10%/年基金运作综合费用(年化)A类0.70%C类0.80%注:费率情况详见基金产品资料概要,截至2025.12.19,请以届时最新基金公告、基金法律文件为准。港股创新药ETF银华费率情况费用类型收费方式/费率申购费/赎回费申购赎回代理券商可按照不超过0.50%的标准收取佣金管理费0.50%/年托管费0.10%/年基金运作综合费用(年化)0.72%注:费率情况详见基金产品资料概要,截至2026.3.27,请以届时最新基金公告、基金法律文件为准。银华国证港股通创新药ETF发起式联接费率情况费用类型金额(M)/持有期限(N)收费方式/费率A类申购费率M<100万元1.20%100万元≤M<200万元0.90%200万元≤M<500万元0.60%M≥500万元按笔固定收取,1000元/笔A类赎回费率N<7日1.50%7日≤N<30日0.50%N≥30日0C类赎回费率N<7日1.50%N≥7日0管理费0.50%/年托管费0.10%/年C类销售服务费0.20%/年基金运作综合费用(年化)A类0.61%C类0.81%注:费率情况详见基金产品资料概要,截至2026.6.17,请以届时最新基金公告、基金法律文件为准。 投资有风险,投资需谨慎。基金是一种长期投资工具,其主要功能是分散投资,降低投资单一证券所带来的个别风险。基金不同于银行储蓄等能够提供固定收益预期的金融工具,当您购买基金产品时,既可能按持有份额分享基金投资所产生的收益,也可能承担基金投资所带来的损失。 您在做出投资决策之前,请仔细阅读基金合同、基金招募说明书和基金产品资料概要等产品法律文件和本风险揭示书,充分认识本基金的风险收益特征和产品特性,认真考虑本基金存在的各项风险因素,并根据自身的投资目的、投资期限、投资经验、资产状况等因素充分考虑自身的风险承受能力,在了解产品情况及销售适当性意见的基础上,理性判断并谨慎做出投资决策。 根据有关法律法规,银华基金管理股份有限公司做出如下风险揭示: 一、依据投资对象的不同,基金分为股票基金、混合基金、债券基金、货币市场基金、基金中基金、商品基金等不同类型,您投资不同类型的基金将获得不同的收益预期,也将承担不同程度的风险。

七 | 一般来说,基金的收益预期越高,您承担的风险也越大。 二、基金在投资运作过程中可能面临各种风险,既包括市场风险,也包括基金自身的管理风险、技术风险和合规风险等。

八 | 巨额赎回风险是开放式基金所特有的一种风险,即当单个开放日基金的净赎回申请超过基金总份额的一定比例(开放式基金为百分之十,定期开放基金为百分之二十,中国证监会规定的特殊产品除外)时,您将可能无法及时赎回申请的全部基金份额,或您赎回的款项可能延缓支付。 三、您应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资者进行长期投资、平均投资成本的一种简单易行的投资方式,但并不能规避基金投资所固有的风险,不能保证投资者获得收益,也不是替代储蓄的等效理财方式。 四、特殊类型产品风险揭示: 1、请投资者关注标的指数波动的风险以及ETF(交易型开放式基金)投资的特有风险。联接基金投资于标的ETF,请投资者关注联接基金跟踪偏离风险、与目标ETF业绩差异的风险、其他投资于目标ETF的风险、跟踪误差控制未达约定目标的风险等联接基金投资的特有风险。 2、港股创新药ETF银华及其联接基金可投资于港股通标的股票,将面临港股通机制下因投资环境、投资标的、市场制度以及交易规则等差异带来的特有风险。 五、基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产,但不保证本基金一定盈利,也不保证最低收益。本基金的过往业绩及其净值高低并不预示其未来业绩表现,基金管理人管理的其他基金的业绩并不构成对本基金业绩表现的保证。银华基金管理股份有限公司提醒您基金投资的“买者自负”原则,在做出投资决策后,基金运营状况与基金净值变化引致的投资风险,由您自行负担。基金管理人、基金托管人、基金销售机构及相关机构不对基金投资收益做出任何承诺或保证。 六、本基金由银华基金管理股份有限公司依照有关法律法规及约定申请募集,并经中国证券监督管理委员会(以下简称“中国证监会”)许可注册。本基金的基金合同、基金招募说明书和基金产品资料概要已通过中国证监会基金电子披露网站http://eid.csrc.gov.cn/fund和基金管理人网站www.yhfund.com.cn进行了公开披露。中国证监会对本基金的注册,并不表明其对本基金的投资价值、市场前景和收益作出实质性判断或保证,也不表明投资于本基金没有风险。责任编辑:郭栩彤。
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