Investment Rating - The report rates the industry as "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [39]. Core Insights - The pharmaceutical and biotechnology sector has shown strong performance, with a 1.78% increase in the last week, outperforming the CSI 300 index by 1.96 percentage points. Year-to-date, the sector has risen by 4.30%, ranking 6th among 31 industries [11][12]. - The sector's current PE valuation stands at 27.51 times, which is at a historically low level, with a 132% premium over the CSI 300 index [19]. - Notable individual stock performances include Sangfor Technologies, which surged by 99.96%, and Haicheng Pharmaceutical, which increased by 51.55% [26]. Market Performance - The pharmaceutical and biotechnology sector ranked first among 31 industries with a weekly increase of 1.78% [11]. - Year-to-date, the sector has increased by 4.30%, outperforming the CSI 300 index by 5.64 percentage points [12]. - The top three sub-sectors in terms of weekly growth were chemical pharmaceuticals (3.58%), biological products (1.74%), and medical services (1.42%) [11]. Industry News - On May 20, 2025, Sangfor Pharmaceuticals announced a deal with Pfizer, granting exclusive rights for the global development and commercialization of SSGJ-707, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [28]. - The 2025 ASCO annual meeting highlighted the strong performance of Chinese pharmaceutical companies, with over 70 research outcomes presented, marking a 33% increase from the previous year [29][30]. Investment Recommendations - The report suggests focusing on innovative drugs as the core investment theme, highlighting the significant competitive advantages and market potential of domestic innovative drugs [37]. - Recommended stocks include Betta Pharmaceuticals, Teva Biopharmaceuticals, Lingrui Pharmaceutical, Lao Baixing, and Baipusais [37]. - Additional stocks to watch include Kelun Pharmaceutical, Lijun Group, Kaili Medical, Huaxia Eye Hospital, and Qianhong Pharmaceutical [37].

智通财经APP获悉，5月26日港股市场，北水成交净卖出15.07亿港元，其中港股通(沪)成交净买入18.56 亿港元，港股通(深)成交净卖出33.63亿港元。 北水净买入最多的个股是美团-W(03690)、中国移动(00941)、地平线机器人-W(09660)。北水净卖出最 多的个股是腾讯(00700)、阿里巴巴-W(09988)、盈富基金(02800)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 16.57 乙 | 16.57 亿 | 33.14 乙 | | HK 01810 | | | -13.02万 | | 美团-W | 24.74 Z | 6.95亿 | 31.69 亿 | | HK 03890 | | | +17.80 乙 | | 阿里巴巴-W | 8.39亿 | 18.85 乙 | 27.24亿 | | HK 09988 | | | -10.46 Z | | 腾讯控股 | 7.79亿 | 17.25亿 | 25.04亿 | | HK 00700 | | | -9.45 Z | | 比 ...

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 的 全 部 或 任 何 部 份 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1530） 1 1. 省覽並採納本公司截至二零二四年十二月三十一日止年度之經審核綜合 財 務 報 表 及 董 事 報 告 與 核 數 師 報 告。 2. (A) 重選蘇冬梅女士為本公司執行董事（「董 事」）； (B) 重 選 張 皎 娥 女 士 為 非 執 行 董 事； (C) 重 選 楊 凱 蒂 女 士 為 獨 立 非 執 行 董 事； (D) 授權董事會（「董事會」）釐 定 董 事 之 薪 酬。 3. 從本公司的股份溢價賬中向於二零二四年七月二十五日（星 期 五）營業時間結 束時名列本公司股東名冊的股東宣派及派付截至二零二四年十二月三十一 ...

閣下如 對本通函或應採取之行動 有任何疑問，應諮詢 閣下之股票經紀、銀行經理、 律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓 名下所有的 三生製藥 股份， 閣下應立即將本通函送交買主或承 讓人，或送交經手買賣之銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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通函之內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 就 因 本 通 函 全 部 或 任 何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1530） 發行及購回股份之一般授權、 重選董事、 從本公司的股份溢價賬中宣派及派付末期股息、 此乃要件 請即處理 採納二零二五年購股權計劃、 採納二零二五年股份獎勵計劃 及 股東週年大會通告 三生製藥 謹訂於二零二五年六月二十五日上午十時正假座中華人民共和國瀋陽市瀋 陽經濟技術開發區十號路1甲3號 舉 行 股 東 週 年 大 會，召 開 大 會 的 通 告 載 於 本 通 函 第 61至70頁。隨 函 亦 附 奉 股 東 週 ...

Industry Investment Rating - The industry investment rating is "Outperform" [2] Core Viewpoints - The report highlights that the recent licensing deal between 3SBio and Pfizer for the PD-1/VEGF bispecific antibody SSGJ-707 marks a record in overseas transactions for Chinese innovative pharmaceutical companies, indicating a potential surge in licensing out activities [5][13] - The global market for bispecific antibodies is projected to exceed $80 billion by 2030, with PD-1/VEGF bispecifics being a focal point for multinational pharmaceutical companies [20] - In 2024, the total licensing out amount for Chinese innovative drugs surpassed $51.9 billion, a year-on-year increase of 27.4%, accounting for 30% of the global total [23] Summary by Sections Weekly Insights - 3SBio's licensing agreement with Pfizer involves an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion, along with a tiered sales revenue share [13][14] - The report notes that the biopharmaceutical sector has seen a weekly increase of 1.78%, outperforming the CSI 300 index by 1.96 percentage points [24][29] Subsector Performance - The report details that the biopharmaceutical sector's performance is diverse, with the other bioproducts sector showing the highest increase of 4.09%, while the hospital sector experienced the largest decline of 1.07% [6][28] Recommended and Benefiting Stocks - Recommended stocks include Weikang Medical, Maipu Medical, and Yifeng Pharmacy, among others [7][40] - Benefiting stocks from the recent trends include Hualan Biological Engineering, BGI Genomics, and Mindray Medical [7][45] Market Trends - The report emphasizes the acceleration of licensing out activities for Chinese pharmaceutical companies, with a notable increase in both the number and value of transactions in recent years [23][25] - The report suggests that the medical device sector is expected to see significant growth due to policy changes and increased procurement activities [31]

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The report highlights that the recent licensing deal between 3SBio and Pfizer for the PD-1/VEGF bispecific antibody SSGJ-707 marks a record in overseas transactions for Chinese innovative pharmaceutical companies, indicating a potential surge in licensing out activities [5][13] - The global market for bispecific antibodies is projected to exceed $80 billion by 2030, with PD-1/VEGF bispecifics being a focal point for multinational pharmaceutical companies [5][20] - In 2024, the total amount of licensing out agreements for Chinese innovative drugs surpassed $51.9 billion, a year-on-year increase of 27.4%, accounting for 30% of the global total [5][23] Industry Performance - The pharmaceutical sector saw an increase of 1.78% this week, outperforming the CSI 300 index by 1.96 percentage points, ranking first among 31 sub-industries [24][29] - The biopharmaceutical sector experienced the highest growth this week, with a rise of 4.09% [6][28] Subsector Highlights - The report identifies several subsectors with notable performance: - Other biopharmaceuticals increased by 4.09% - Raw materials and medical research outsourcing sectors also saw increases of 4.03% and 3.6% respectively [6][28] - The report recommends several stocks, including Weikang Medical, Maipu Medical, and Yifeng Pharmacy, as potential beneficiaries of the current market dynamics [7][40] Clinical Development - SSGJ-707 has shown promising clinical data, with an overall response rate (ORR) of 70.8% in PD-1 positive NSCLC patients and a disease control rate (DCR) of 100% [17][20] - The drug is currently in Phase III clinical trials and has received breakthrough therapy designation in China [16][20] Market Trends - The report notes a significant trend towards the licensing out of innovative drugs from China, with the number of transactions increasing from 3% in 2019 to 13% in 2024 [23] - The report emphasizes the importance of AI and other technological advancements in driving growth within the medical device and pharmaceutical sectors [30][36]

Core Viewpoint - The recent developments in the innovative drug sector, particularly the record-breaking licensing deal and the upcoming ASCO conference, highlight the growing competitiveness and potential of Chinese pharmaceutical companies in the global market [4][5]. Group 1: Market Performance - The Hong Kong Innovative Drug ETF (159570) opened high but closed lower, experiencing a 1% pullback after four days of gains last week, with trading volume reaching 300 million, indicating strong liquidity [1]. - Major component stocks of the ETF mostly declined, with notable drops including a more than 4% decrease for 3SBio and over 3% for both WuXi AppTec and Rongchang Biopharmaceutical [2]. Group 2: Licensing Deal - A historic licensing agreement was reached where Pfizer will pay a $1.25 billion upfront fee to Chinese companies for the PD-1/VEGF dual antibody SSGJ-707, with potential total payments reaching $4.8 billion [4]. - This deal sets a new record for Chinese innovative drugs entering the international market and is expected to enhance market valuation expectations for the innovative drug sector [4]. Group 3: ASCO Conference Insights - The upcoming ASCO conference is anticipated to showcase the global competitiveness of Chinese pharmaceutical companies, with numerous clinical studies being presented [5]. - Key highlights include the performance of domestic drugs that have shown potential to outperform established treatments, such as the combination of Bemarituzumab and Anlotinib against Keytruda in NSCLC [5]. - CAR-T therapies are also making significant strides, with Kintor Pharmaceuticals presenting promising data for their CLDN18.2 CAR-T therapy [5]. Group 4: Innovative Drug ETF Characteristics - The Hong Kong Innovative Drug ETF (159570) has a high concentration in innovative drugs, with over 85% of its weight in this category, making it the highest among all pharmaceutical indices [6]. - The ETF features a low valuation, with a five-year price-to-sales ratio at the 48.5th percentile, indicating potential undervaluation in the innovative drug sector [6].

Group 1: Smart Manufacturing - The State Council has approved the "Green and Low-Carbon Development Action Plan for Manufacturing Industry (2025-2027)", emphasizing the need for green technology innovation and the promotion of advanced green technologies [1] - The plan aims to accelerate the deep green transformation of traditional industries, with a target of reaching 6,430 national-level green factories by 2024, contributing approximately 20% to the total manufacturing output value [1] - By 2030, the output value of green factories is expected to exceed 40% of the total manufacturing output value, indicating a significant shift towards sustainable practices in the manufacturing sector [1] Group 2: Economic Development Zones - The Ministry of Commerce has issued a plan to deepen the reform and innovation of national-level economic and technological development zones, supporting major industrial technology innovation platforms and digital transformation initiatives [2][3] - The plan aims to transform these zones from traditional manufacturing bases to open, innovative, and green economic hubs, with an expected total output value of 15 trillion yuan by 2025, accounting for 20% of the national GDP [3] Group 3: Digital Identity - The Ministry of Public Security and other departments have released the "National Network Identity Authentication Public Service Management Measures," which will take effect on July 15, 2025, aimed at protecting personal information while verifying user identities online [4] Group 4: Robotics - Shenzhen Kaihong Digital Industry Development Co., Ltd. has launched the first open-source HarmonyOS-based robot operating system, M-RobotsOS, which will support various types of intelligent robots [5] - The demand for operating systems in the robotics industry is expected to grow significantly, with an estimated market demand of over 21 billion yuan driven by the deployment of one million robots [5] Group 5: Low Earth Orbit Satellites - China's low Earth orbit satellite communication system has entered the public testing phase, with plans to provide network connectivity in areas lacking coverage by the second half of the year [6] - By April 2025, China Telecom, in collaboration with major smartphone brands, plans to launch 30 models of devices that support direct satellite connectivity, marking a shift from specialized to consumer markets [6] Group 6: Energy Storage - The first large-scale lithium-sodium hybrid energy storage station in China has been put into operation, integrating the advantages of lithium and sodium batteries to enhance the energy storage industry [7] - The energy storage sector is expected to see a rebound in profitability and growth opportunities, driven by new technologies and increasing demand for energy transition solutions [7]

Group 1 - Pfizer announced the acquisition of the global rights (excluding mainland China) for the PD-1/VEGF dual antibody drug SSGJ-707 from 3SBio for a total of $6.05 billion, marking a significant milestone for Chinese pharmaceutical innovation [1] - The global pharmaceutical landscape is shifting, with multinational companies increasingly acquiring innovative drug assets from Chinese firms, as evidenced by 29% and 31% of new drug assets being licensed from Chinese companies in 2023 and 2024, respectively [1] - The improvement in China's pharmaceutical industry capabilities in target discovery, molecular design, and R&D efficiency has led to a stronger position in the PD-1/VEGF dual antibody segment, with Chinese companies holding significant influence [1] Group 2 - The success of Chinese innovative drugs is breaking the traditional "follow-up innovation" model, with higher-quality Chinese drugs and R&D pipelines beginning to explore overseas markets [2] - The growth of Chinese innovative drugs is attributed to a decade of technological accumulation and a keen understanding of global pharmaceutical industry changes, necessitating a focus on three strategic support points: seizing innovation leadership, building industry moats, and establishing global influence [2] - Chinese pharmaceutical companies are encouraged to focus on core capabilities in innovation while balancing the need for external licensing opportunities and long-term commitment to R&D [3]

Group 1 - The company signed an exclusive agreement with Pfizer for the global development, production, and commercialization rights of its PD-1/VEGF bispecific antibody SSGJ-707, excluding mainland China, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [1] - The agreement also includes a tiered sales revenue sharing based on product sales in the licensed regions, and Pfizer will purchase $100 million worth of common stock in the company upon the agreement's effective date [1] - The company maintains its profit forecast, expecting net profits of 2.328 billion, 2.612 billion, and 2.938 billion yuan for 2025-2027, with corresponding EPS of 0.97, 1.09, and 1.23 yuan per share, resulting in a current PE of 9.3, 8.3, and 7.4 times [1] Group 2 - SSGJ-707 has shown excellent ORR and DCR in the treatment of NSCLC patients, indicating its best-in-class potential, and has received breakthrough therapy designation from the National Medical Products Administration for first-line treatment of PD-L1 positive locally advanced or metastatic NSCLC [2] - The company is advancing clinical research for SSGJ-707 in other areas, including colorectal cancer and gynecological tumors, and has received FDA IND approval [2] - The company’s existing products, such as Tebentafusp, are expected to see growth due to successful negotiations for zero price reduction in 2024 and the addition of new indications, contributing to cash flow [2]