恒指跌1%，恒生科技指数跌0.9%，创新药股走低，石药集团(01093.HK)跌3.6%。 ...

2025 年 6 月 17 日 医药: 超配 证券研究报告 / 公司更新报告 石药 (1093 HK, 买入, 目标价: HK$10.59) | 买入 | | --- | | 目标价: HK$10.59 | 当前股价: HK$8.84 | | --- | --- | | 股价上行/下行空间 | +20% | | 52 周最高/最低价 (HK$) | 9.48/4.27 | | 市值 (US$mn) | 13,462 | | 当前发行数量(百万股) | 11,954 | | 三个月平均日交易額 | 164 | | (US$mn) | | | 流通盘占比 (%) | 41 | | 主要股东 (%) | | | 鼎大集团有限公司 | 10 | | 联诚控股有限公司 | 8 | | 共成国际 | 6 | | 按 2025 年 6 月 13 日收市数据 | | | 资料来源: FactSet | | 主要调整 | | 现值 | 原值 | 变动 | | --- | --- | --- | --- | | 评级 | 买入 | 买入 | N/A | | 目标价 (HK$) | 10.59 | 8.88 | 19% | | 2 ...

港股创新药板块午后持续下挫，先声药业跌近12%，石药集团跌超6%。 ...

Core Insights - AstraZeneca and China-based Shijiazhuang Pharmaceutical Group have entered a strategic R&D collaboration focused on AI-driven development of new oral small molecule drugs targeting immune diseases and chronic conditions [1][2] - The agreement includes an upfront payment of $110 million, with potential milestone payments totaling over $5.3 billion, highlighting the shift of traditional pharmaceutical companies towards AI-driven drug development [1][5] Group 1: Collaboration Details - The collaboration aims to develop new oral small molecule drugs for chronic diseases, with the first phase targeting a clinical-stage oral therapy for immune diseases [2] - Shijiazhuang will utilize its proprietary "AI Engine Dual-Drive" drug discovery platform, which has already been validated in AstraZeneca's cardiovascular drug development [2][9] - The partnership follows a previous $2.02 billion licensing agreement signed in October 2024, indicating a deepening relationship between the two companies [2] Group 2: Market Context and Financials - AstraZeneca's collaboration is part of its strategy to deepen its presence in the Chinese market, following a $2.5 billion investment in a Beijing R&D center [5] - The global chronic disease market has over 2 billion patients, presenting a significant opportunity for new drug development [5] - Shijiazhuang's Q1 2025 financial report showed a revenue decline of 21.9% year-on-year, emphasizing the urgency of this collaboration amid pressures on its traditional drug business [5][8] Group 3: Strategic Shift and Future Outlook - Shijiazhuang is transitioning towards an "AI R&D + rapid licensing" model, with potential transaction values exceeding $5 billion in its AI pipeline [8] - The collaboration structure allows AstraZeneca to maintain global exclusive rights while Shijiazhuang retains control during the R&D phase, providing a sustainable revenue model for the Chinese company [8][9] - The partnership reflects a broader trend of Chinese innovative drugs entering the global market, with a significant increase in licensing deals and transaction values in recent years [10][11]

当下最火赛道——创新药再迎重磅利好！ 今日盘后，国家药品监督管理局发布《关于优化创新药临床试验审评审批有关事项的公告（征求意见稿）》。 其中提到，为进一步支持以临床价值为导向的创新药研发，提高临床研发质效，对符合要求的创新药临床试验 申请在30个工作日内完成审评审批。 近期，医药股利好持续发酵。石药集团公告称，与AstraZeneca订立战略研发合作协议，将收取1.1亿美元预付 款，并有权收取最高52.2亿美元的潜在里程碑（研发+销售）付款；上周五，国务院常务会议研究优化药品和 耗材集采有关举措。另外，近期医药依然存在事件驱动，ADA大会（美国糖尿病协会年会）将于6月20日至23 日举行，该会议是代谢类疾病领域的风向标，多项GLP-1RA前沿研究方向及对应重点药品的临床进展将在会 议上报告。 利好来了 今日，国家药品监督管理局发布公告称，为落实《国务院办公厅关于全面深化药品医疗器械监管改革促进医药 产业高质量发展的意见》有关要求，支持创新药研发，国家药监局在开展优化创新药临床试验审评审批试点工 作经验基础上，组织起草了《关于优化创新药临床试验审评审批有关事项的公告（征求意见稿）》，现向社会 公开征求意见。 其 ...

野村：对石药集团(01093.HK) 目标价由8.02港元升至10.22港元，评级"买入"。 ...

Group 1 - AstraZeneca announced a strategic research collaboration with CSPC focusing on high-priority targets to advance the discovery and development of novel oral drug candidates for multiple chronic diseases [1] - The collaboration will utilize CSPC's AI-driven drug discovery platform to identify and optimize small molecules with therapeutic potential for immune diseases [1] - The AI pharmaceutical sector is experiencing rapid iteration and transformation, with significant applications in preclinical drug discovery, indicating a promising long-term growth potential for AI in the pharmaceutical industry [1][2] Group 2 - Traditional pharmaceutical companies are increasingly recognizing the importance of AI technology in drug development, leading to deeper collaborations with AI firms [2] - Companies like Heng Rui Medicine are leveraging AI to enhance the efficiency and reduce costs in the drug development process, focusing on innovative drugs for oncology and autoimmune diseases [3] - WuXi AppTec is positioning itself as a leader in AI pharmaceuticals by integrating self-developed technology platforms and strategic partnerships to facilitate intelligent transformation in drug development [3]

Group 1: Nuclear Fusion - The National Ignition Facility (NIF) achieved a new record of 8.6 megajoules of nuclear fusion energy, more than doubling the previous milestone of 3.15 megajoules set in 2022 [1] - This breakthrough is seen as a significant step towards making nuclear fusion a practical and sustainable energy solution, with NIF successfully achieving net energy gain for the eighth time [1] Group 2: Measurement and Testing in Manufacturing - The Ministry of Industry and Information Technology issued a policy document aimed at advancing measurement innovation in China's manufacturing sector, focusing on key technologies and the integration of military and civilian applications [2] - The manufacturing measurement market in China is projected to exceed 150 billion yuan by 2025, with a compound annual growth rate of over 10% [2] Group 3: Oil Prices and Geopolitical Tensions - Following Israel's attack on Iranian nuclear facilities, global oil prices surged, with Brent crude rising by 8.39% to $75.18 per barrel [3] - Concerns over potential disruptions in oil transport through the Strait of Hormuz, a critical passage for one-fifth of the world's oil supply, have led to warnings from investment banks that prices could spike to $120-130 per barrel if significant interruptions occur [3] Group 4: AI in Pharmaceutical Development - A strategic research collaboration was established between CSPC Pharmaceutical Group and AstraZeneca, focusing on AI-driven drug discovery, with CSPC receiving an upfront payment of $110 million and potential milestone payments exceeding $5 billion [4] - This partnership highlights the growing recognition of Chinese pharmaceutical companies' capabilities in AI drug discovery, shifting the process from traditional methods to AI design [4] Group 5: Low-altitude Economy - The 2025 Digital Low-altitude Conference will be held in Suzhou, focusing on key developments in low-altitude economy sectors such as drones and flight services [5] - Suzhou is emerging as a hub for low-altitude economic development, with numerous companies involved across the entire industry chain [5] Group 6: Brain-Computer Interface Technology - China has initiated its first prospective clinical trial for invasive brain-computer interface technology, marking it as the second country globally to enter this phase [6] - The advancement in this technology is expected to improve the quality of life for patients with spinal cord injuries and amputations [6]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [8] Core Insights - The report highlights that the pharmaceutical sector, particularly the innovative drug segment, is experiencing a significant bull market, with the innovation drug index outperforming other indices [2][13] - The report emphasizes the strong liquidity in the market, which has led to increased investment in innovative drugs, particularly those related to PD1 and weight loss drugs [2][15] - Future outlook remains optimistic for 2025, focusing on innovative drugs, new technologies, and restructuring of the supply chain [3][16] Summary by Sections 1. Pharmaceutical Core Insights - The pharmaceutical index increased by 1.40% during the week of June 9-13, outperforming both the ChiNext and CSI 300 indices [13] - The innovative drug index rose by 3.07%, indicating strong market performance [50] 2. MNC Cash and Potential Layouts - MNCs have substantial cash reserves, with major companies like Johnson & Johnson and Merck holding over $10 billion in cash, indicating strong purchasing power for potential business development (BD) opportunities [27][25] - The report analyzes MNC revenue sources, highlighting a focus on oncology, metabolism, and mental health, which are areas of high market potential [25][27] 3. Investment Strategies and Thoughts 3.1 Broad Pharmaceuticals - Innovative drugs are a key focus, with a recommendation to explore opportunities in core stocks and those with BD expectations [3][16] - The report identifies specific companies for investment, including major players in the innovative drug space and smaller market cap stocks with promising pipelines [17][18] 3.2 Generic Drugs - The generic drug sector showed a weekly increase of 5.24%, outperforming the broader pharmaceutical index [59] - Top-performing stocks in the generic sector include Yiming Pharmaceutical and Sai Sheng Pharmaceutical, indicating strong market activity [62] 4. Market Review and Hotspot Tracking - The report notes that innovative drugs are becoming the most attractive sector, with significant price increases observed in several companies due to market catalysts [2][15] - Key events, such as the NMPA's inclusion of a new treatment for cardiovascular disease, are highlighted as important developments in the sector [57]

中国创新药盘后传来重磅利好。 今年以来，创新药迎来一波牛市行情，石药集团的股价近5个月累计涨超102%，市值更是一举突破了千亿港元。 盘后，石药集团宣布，与全球生物制药巨头阿斯利康签订战略研发合作协议，双方将利用石药集团的AI引擎双轮驱动的高效药物发现平台，开发新型口服 小分子候选药物。 根据协议，石药集团将获得1.1亿美元预付款，并有机会获得高达16.2亿美元的研发里程碑付款和36亿美元的销售里程碑付款，以及基于产品年净销售额的个 位数销售提成。 今日，石药集团跌2.32%，最新报8.84港元/股，总市值1018.21亿港元。 53.3亿美元大单 今年早些时候，阿斯利康还宣布，将在北京投资25亿美元建立一个研发中心，以重建第二大市场对其的信任。 BD总金额超500亿美元 这也是进入6月以来，石药集团官宣的第二笔BD交易。 5月30日，石药集团曾预告，正与多家独立第三方就三项潜在授权合作进行磋商，涉及若干产品的开发、生产及商业化授权与合作。 这些产品包括表皮生长因子受体抗体药物偶联物（EGFR-ADC）以及由集团技术平台开发的其他药品。 合作内容为石药集团将为为阿斯利康所选定的多个靶点发现具有多适应症疾病治疗 ...