南向资金今日净买入117.14亿港元。其中理想汽车-W、石药集团、美团-W净买入额位列前三，分别获 净买入20.93亿港元、8.73亿港元、4.47亿港元。净卖出方面，中芯国际、信达生物、国泰君安国际分别 遭净卖出2.05亿港元、1.21亿港元、0.74亿港元。 ...

石药集团(01093.HK)发布公告，本集团已与Madrigal Pharmaceuticals, Inc.(Madrigal)就本集团的口服小分 子激活胰高血糖素样肽-1(GLP-1)受体激动剂SYH2086在全球的开发、生产及商业化订立独家授权协议 (该协议)。 本文源自：金融界AI电报 ...

格隆汇7月30日｜石药集团(01093.HK)公告，集团已与Madrigal Pharmaceuticals,Inc.就本集团的口服小分 子激活胰高血糖素样肽-1受体激动剂SYH2086在全球的开发、生产及商业化订立独家授权协议。同意授 予Madrigal在全球范围内开发、生产及商业化SYH2086的独家授权，同时保留本集团在中国开发和销售 其他口服小分子GLP-1受体激动剂产品的权益。本集团有权收取最高可达20.75亿美元的总代价，包括 1.2亿美元的预付款、最高可达19.55亿美元的潜在开发、监管及商业里程碑付款，以及基于SYH2086年 度净销售额的高达双位数销售提成。 ...

Core Viewpoint - The announcement highlights the exclusive licensing agreement between the company and Madrigal Pharmaceuticals for the global development, production, and commercialization of the oral small molecule GLP-1 receptor agonist SYH2086 [1] Group 1: Agreement Details - The company grants Madrigal exclusive rights to develop, produce, and commercialize SYH2086 globally while retaining rights to develop and sell other oral small molecule GLP-1 receptor agonists in China [1] - The total consideration for the agreement can reach up to $2.075 billion, which includes an upfront payment of $120 million and potential milestone payments of up to $1.955 billion based on development, regulatory, and commercial achievements [1] - Additionally, the company is entitled to receive a high double-digit sales royalty based on the annual net sales of SYH2086 [1]

Core Viewpoint - The company has entered into an exclusive licensing agreement with Madrigal Pharmaceuticals, Inc. for the global development, production, and commercialization of the oral small molecule GLP-1 receptor agonist SYH2086 [1] Group 1: Agreement Details - The agreement grants Madrigal exclusive rights to develop, produce, and commercialize SYH2086 globally while the company retains rights to develop and sell other oral small molecule GLP-1 receptor agonists in China [1] - The company is entitled to receive up to $2.075 billion in total consideration, which includes an upfront payment of $120 million and potential milestone payments of up to $1.955 billion based on development, regulatory, and commercial milestones [1] - Additionally, the company will receive a high double-digit sales royalty based on the annual net sales of SYH2086 [1]

金十数据7月30日讯，石药集团(01093.HK)公告，集团已与Madrigal Pharmaceuticals,Inc.就本集团的口服 小分子激活胰高血糖素样肽-1受体激动剂SYH2086在全球的开发、生产及商业化订立独家授权协议。同 意授予Madrigal在全球范围内开发、生产及商业化SYH2086的独家授权，同时保留本集团在中国开发和 销售其他口服小分子GLP-1受体激动剂产品的权益。本集团有权收取最高可达20.75亿美元的总代价，包 括1.2亿美元的预付款、最高可达19.55亿美元的潜在开发、监管及商业里程碑付款，以及基于SYH2086 年度净销售额的高达双位数销售提成。 石药集团：公司与MADRIGAL就SYH2086订立独家授权协议，预付款1.2亿美元 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 CSPC PHARMACEUTICAL GROUP LIMITED SYH2086是本集團開發的具有完全自主知識產權的臨床前候選藥物，屬於一種新型口服小 分子GLP -1受體激動劑。GLP -1受體激動劑是一類通過GLP -1受體發揮作用的藥物，已被開 發 為 用 於 2 型 糖 尿 病 和 肥 胖 症 管 理 的 治 療 方 法 ， 其 核 心 作 用 機 制 包 括 促 進 胰 島 素 分 泌 、 抑 制 胰 高 血 糖 素 釋 放 、 延 緩 胃 排 空 及 降 低 食 欲 ， 從 而 兼 具 降 糖 和 減 重 效 果 。 臨 床 前 數 據 顯 示，SYH2086具有優異的體外激動活性和體內降糖、減重效果，並在不同動物種屬上具有 寬劑量範圍線性化的藥物動力學(PK)行為，且無明顯安全性風險。 – 1 – 關於Madrigal Madrigal（ NASDAQ：MDGL ）是一家專注於提供代謝功能 ...

Core Viewpoint - The announcement of HRS-9821 project licensing to GlaxoSmithKline (GSK) by Heng Rui Medicine signifies a growing trend of multinational pharmaceutical companies acquiring innovative drugs from Chinese firms, reflecting a competitive landscape in the Chinese pharmaceutical market [1][5][19]. Group 1: Licensing and Financial Details - Heng Rui Medicine will receive a $500 million upfront payment from GSK, with potential milestone payments reaching up to $12 billion based on successful development, registration, and sales [2]. - The licensing agreement excludes regions such as mainland China, Hong Kong, Macau, and Taiwan, indicating a strategic focus on international markets [1]. - The deal has positively impacted Heng Rui Medicine's stock prices in both A-shares and Hong Kong stocks [4]. Group 2: Market Trends and Acquisitions - In the first half of the year, multinational pharmaceutical companies invested approximately 464.3 billion yuan ($64.5 billion) in acquiring Chinese innovative drugs, indicating a surge in interest [6][19]. - The "buy-buy-buy" strategy adopted by these companies highlights a shift towards acquiring rather than developing new drugs internally [7][20]. - Notable transactions include Pfizer's acquisition of a PD-1/VEGF bispecific antibody from 3SBio for $12.5 billion, marking a record for domestic innovative drug deals [8][10]. Group 3: Characteristics of Transactions - The average transaction amounts are substantial, with many exceeding $1 billion, and the largest deals surpassing $6 billion [15]. - Major pharmaceutical companies involved in these transactions include Pfizer, Roche, and AstraZeneca, all ranked among the top ten global pharmaceutical firms [16]. - The focus of these acquisitions is on high-tech areas such as oncology, autoimmune diseases, and metabolic disorders, showcasing the advanced nature of the Chinese pharmaceutical pipeline [17]. Group 4: Rationale Behind Acquisitions - The high risk and long development timelines associated with innovative drug development make acquisitions a more attractive option for multinational companies [20][22]. - Acquiring innovative drugs allows these companies to quickly fill gaps in their pipelines and respond to competitive pressures in the market [25][27]. - The trend of increasing external procurement from Chinese companies has risen from 10% in 2020 to 29% in 2023, indicating a growing recognition of the value of Chinese innovation [17][19]. Group 5: Advantages of Chinese Innovative Drugs - Chinese innovative drugs are perceived as high-quality and cost-effective compared to similar products in developed markets, making them appealing to multinational companies [36][40]. - The lower costs associated with drug development in China, estimated to be 20-30% of those in the U.S., further enhance the attractiveness of these assets [40]. - The increasing number of new drug approvals and ongoing research pipelines in China positions the country as a significant player in the global pharmaceutical landscape [36][38].

Group 1 - The Hang Seng Biotechnology Index (HSHKBIO) has seen a strong increase of 1.88%, with notable gains from constituent stocks such as MicroPort Medical (00853) up 8.63%, and Stone Pharmaceutical Group (01093) up 7.40% [1] - The Hang Seng Biotechnology ETF (513280) has risen by 3.00%, marking its third consecutive increase, with a latest price of 1.34 HKD and a weekly cumulative increase of 8.89% [1] - The trading volume for the Hang Seng Biotechnology ETF was active, with a turnover of 34.45% and a transaction value of 161 million HKD, indicating strong market participation [1] Group 2 - The Hang Seng Biotechnology ETF has experienced a significant increase in shares, growing by 2 million shares over the past week, ranking in the top third among comparable funds [2] - The ETF has seen continuous net inflows over the last three days, with a peak single-day net inflow of 3.83 million HKD, totaling 8.73 million HKD in net inflows [2] Group 3 - Over the past year, the net value of the Hang Seng Biotechnology ETF has increased by 130.59%, ranking 3rd out of 122 QDII equity funds, placing it in the top 2.46% [3] - WuXi Biologics announced the construction of a modular biomanufacturing facility in Singapore, which is part of a strategic collaboration with Pharmadule Morimatsu [3] - The latest report from Zhongyin Securities suggests focusing on three main lines: 1) sectors with stable growth such as medical devices and pharmaceuticals, 2) the CXO sector and medical equipment expected to see a turnaround, and 3) innovative fields related to national medical insurance negotiations [3] Group 4 - The Hang Seng Biotechnology ETF (513280) is highlighted as the only ETF tracking the Hang Seng Biotechnology Index to have received net inflows this year, with the lowest management fee of 0.15% per year among Hong Kong pharmaceutical ETFs [4]

Group 1: Market Performance - The Hong Kong stock market saw all three major indices decline in the morning session, with the Hang Seng Tech Index dropping 1.57%, marking a five-day losing streak [1] - The Hang Seng Index and the Hang Seng China Enterprises Index both fell by 0.43% [1] - Internet healthcare stocks performed strongly, with Ping An Good Doctor surging 9% to reach a new high [1] Group 2: ETF Performance - The Hang Seng Medical ETF (513060) experienced significant fluctuations, rising over 3% during the session with a trading volume nearing 2.5 billion yuan and a turnover rate exceeding 30% [1] - Most constituent stocks within the ETF saw gains, including Ping An Good Doctor up over 11%, MicroPort Medical up over 8%, and several others with gains exceeding 4% [1] Group 3: Policy Developments - The National Healthcare Security Administration (NHSA) held four seminars in July 2025 to discuss a comprehensive policy support system for innovative drugs and medical devices [2][3] - The first seminar focused on establishing a scientific value evaluation system for innovative products, which is expected to enhance the efficiency of healthcare resource allocation [2] - Subsequent seminars addressed collaborative innovation among various stakeholders, the empowerment of research and development through healthcare data, and the identification of pain points in drug development [3] Group 4: Policy Implementation - Recent procurement policy optimizations by the NHSA have improved market access for innovative drugs and medical devices, allowing medical institutions to report quantities by brand and ensuring fair competition [4] - A new pricing mechanism for newly listed drugs has been established, allowing innovative drugs with breakthrough efficacy to secure reasonable premium pricing [4] Group 5: Industry Trends - The policy changes are reshaping the pharmaceutical industry's innovation logic, encouraging differentiation in innovation and directing capital towards unmet clinical needs [5] - The internationalization of Chinese innovative drugs is accelerating, with significant increases in licensing transactions and overseas revenue for companies like BeiGene and Innovent Biologics [5] - The ability to leverage healthcare data for post-market research is becoming a competitive advantage for companies [5] Group 6: High-End Medical Equipment - The government is supporting the development of high-end medical devices, setting a target for 70% of county-level hospitals to use domestically produced equipment by 2025 [6] - The new medical infrastructure is expected to drive over 200 billion yuan in equipment procurement demand [6] Group 7: Investment Opportunities - The Hang Seng Medical ETF (513060) is positioned to benefit from the policy dividends and industry upgrades, focusing on innovative drug and medical device companies [7] - The ETF's constituent companies are expected to experience significant growth as the government supports high-end medical equipment and innovative drug development [7][8]