智通财经APP获悉，5月22日港股市场，北水成交净买入38.8亿港元，其中港股通(沪)成交净买入30.24亿 港元，港股通(深)成交净买入8.56亿港元。 北水净买入最多的个股是建设银行(00939)、美团-W(03690)、泡泡玛特(09992)。北水净卖出最多的个股 是腾讯(00700)、小鹏汽车-W(09868)、阿里巴巴-W(09988)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | | | 52.76亿 | | HK 01810 | 26.24 乙 | 26.52亿 | -2774.41万 | | 阿里巴巴-W | 15.98 乙 | 18.17 乙 | 34.15亿 | | HK 09988 | | | -2.19 Z- | | 建设银行 | 15.29 乙 | 6.00亿 | 21.29亿 | | HK 00939 | | | +9.29 乙 | | 腾讯控股 | 8.14 Z | 12.78 乙 | 20.93亿 | | HK 00700 | | | -4.64 Z | | 小鹏汽 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company has signed an agreement with Pfizer to exclusively grant rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, receiving an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [3][4]. - SSGJ-707 shows best-in-class potential with promising clinical data in treating non-small cell lung cancer (NSCLC) and has received breakthrough therapy designation from the National Medical Products Administration [4]. - The company has a robust pipeline with 30 products in development, several of which are nearing market application, indicating a fruitful period ahead for its innovation pipeline [4]. Financial Projections - The company expects total revenue of RMB 182.44 billion, RMB 127.52 billion, and RMB 147.31 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 85.75 billion, RMB 34.13 billion, and RMB 41.02 billion [5][6]. - Earnings per share (EPS) are projected to be RMB 3.57, RMB 1.42, and RMB 1.71 for the years 2025, 2026, and 2027 respectively [6][9]. Business Development - The company is expanding its commercial footprint through partnerships, having secured four collaborations in 2024, which will enhance its product portfolio and revenue growth [5][4]. - Core products are expected to continue stable growth in 2024, with ongoing expansion into new indications and formulations [5].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company has signed an agreement with Pfizer to exclusively grant rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, receiving an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [3][4]. - SSGJ-707 shows best-in-class potential with promising clinical data in non-small cell lung cancer (NSCLC), having received breakthrough therapy designation from the National Medical Products Administration [4]. - The company has a robust pipeline with 30 products in development, several of which are nearing market application, indicating a fruitful period ahead for innovation [4]. Financial Projections - The company expects total revenue of RMB 182.44 billion, RMB 127.52 billion, and RMB 147.31 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 85.75 billion, RMB 34.13 billion, and RMB 41.02 billion [5][6]. - Earnings per share (EPS) are projected to be RMB 3.57, RMB 1.42, and RMB 1.71 for the years 2025, 2026, and 2027 respectively [6][9]. Business Development - The company is expanding its commercial footprint through collaborations, having secured four partnerships in 2024, which will enhance its product portfolio and revenue growth [5][4]. - Core products are expected to continue stable growth in 2024, with ongoing expansion into new indications and formulations [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered into a significant agreement with Pfizer regarding the global development, production, and commercialization rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, which includes an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [6] - The company maintains its profit forecast, expecting net profits of 2.328 billion, 2.612 billion, and 2.938 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.97, 1.09, and 1.23 CNY per share [6] - The current stock price corresponds to a PE ratio of 9.3, 8.3, and 7.4 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation [6] Financial Summary and Valuation Indicators - The company's revenue is projected to grow from 7.836 billion CNY in 2023 to 10.078 billion CNY in 2025, reflecting a year-over-year growth rate of 14.1% and 10.7% respectively [9] - Net profit is expected to increase from 1.549 billion CNY in 2023 to 2.328 billion CNY in 2025, with a year-over-year growth of (19.1%) in 2023, followed by 34.9% in 2024 and 11.4% in 2025 [9] - The gross margin is projected to remain stable at around 84.2% from 2025 to 2027, while the net margin is expected to improve slightly from 26.6% in 2025 to 26.8% in 2027 [9] - The company’s ROE is forecasted to increase from 0.8% in 2025 to 1.1% in 2027 [9] Pipeline and Product Development - The company’s core product SSGJ-707 has shown promising results in clinical trials for NSCLC, achieving excellent ORR and DCR, and has received breakthrough therapy designation from the National Medical Products Administration [7] - The company is advancing multiple clinical studies for SSGJ-707, including a Phase III trial for NSCLC and ongoing research for colorectal cancer and gynecological tumors [7] - The company’s existing products, including Tebentafusp and others, are expected to contribute positively to cash flow, with successful negotiations for new indications enhancing growth potential [7]

Group 1 - The core point of the news is that Sangfor Pharmaceuticals has entered into a significant agreement with Pfizer, granting global rights for its PD-1/VEGF dual antibody outside of China, along with commercialization options in China [1] - Sangfor Pharmaceuticals will receive an upfront payment of $1.25 billion, potential milestone payments of up to $4.8 billion, and a double-digit percentage sales share [1] - The deal's record-breaking financial terms and timing exceed market expectations, potentially enhancing overseas peak sales forecasts and providing substantial valuation flexibility [1] Group 2 - Key products such as Tebiou and Mandi are experiencing rapid growth, which is expected to support the company's stable growth in the future [2] - Tebiou's sales are projected to reach 5.06 billion yuan in 2024, reflecting a year-on-year growth of 20.4% and a market share of 34.3% [2] - Mandi's sales are expected to reach 1.34 billion yuan in 2024, with a year-on-year increase of 18.9%, particularly showing strong recovery in the second half of 2024 [2] Group 3 - Profit forecasts indicate that the company will recognize the $1.25 billion upfront payment in 2025, with projected net profits of 9.788 billion, 2.988 billion, and 3.472 billion yuan for the next three years, showing year-on-year growth rates of 368.2%, -69.5%, and 16.2% respectively [3] - The adjusted net profit for 2025 is expected to reach 2.3 billion yuan, with a reasonable valuation of approximately 23 billion yuan based on a 10x PE ratio [3] - The overall target market capitalization for the company is set at 59.5 billion yuan, approximately 64.5 billion Hong Kong dollars, reflecting the stable growth of its core business and the high elasticity provided by innovative products like the PD-1/VEGF dual antibody [3]

Core Viewpoint - The company has entered into a licensing agreement with Pfizer for its innovative PD-1/VEGF bispecific antibody SSGJ-707, which is expected to enhance its global presence and financial returns while retaining rights in mainland China [1][2]. Group 1: Licensing Agreement Details - The agreement grants Pfizer exclusive rights to develop, manufacture, and commercialize SSGJ-707 globally, excluding mainland China [1]. - The company will receive an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion based on development, regulatory approval, and sales [1]. - Pfizer will also purchase $100 million worth of common stock from the company upon the agreement's effective date [1]. Group 2: Clinical and Financial Impact - SSGJ-707 has shown promising clinical results in treating NSCLC, with excellent overall response rates (ORR) and disease control rates (DCR), indicating its potential as a best-in-class therapy [2]. - The drug has received breakthrough therapy designation from the CDE for first-line treatment of PD-L1 positive locally advanced or metastatic non-small cell lung cancer [2]. - The collaboration is expected to significantly enhance the company's financial returns and support the upgrade of its R&D system, integrating it better into the global biopharmaceutical value chain [2]. Group 3: Growth and Innovation Pipeline - The company is focusing on expanding its mature product portfolio while driving growth through innovative pipelines, with significant product launches expected from 2025 onwards [3]. - The company has established a global strategy, with products sold in 16 countries and active collaborations to expand important pipelines like PD-1 [3]. - Profit forecasts indicate a steady increase in net profit from 2.362 billion yuan in 2025 to 2.976 billion yuan in 2027, with corresponding growth rates of 13.0%, 12.3%, and 12.2% [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered into a significant agreement with Pfizer regarding the global development, production, and commercialization rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, which highlights the company's innovative capabilities and potential for value realization [6] - The company is expected to maintain its profit forecasts, with projected net profits of 2.328 billion, 2.612 billion, and 2.938 billion yuan for the years 2025 to 2027, respectively, and corresponding EPS of 0.97, 1.09, and 1.23 yuan per share [6] - The current stock price corresponds to a PE ratio of 9.3, 8.3, and 7.4 for the years 2025 to 2027, indicating a favorable valuation [6] Financial Summary and Valuation Indicators - Revenue for 2023 was 7.836 billion yuan, with projections of 9.108 billion yuan for 2024 and 10.078 billion yuan for 2025, reflecting a year-over-year growth of 14.1%, 16.2%, and 10.7% respectively [9] - Net profit for 2023 was 1.549 billion yuan, with projections of 2.090 billion yuan for 2024 and 2.328 billion yuan for 2025, showing a year-over-year growth of (19.1)%, 34.9%, and 11.4% respectively [9] - The gross margin is expected to remain stable at around 84.2% from 2025 to 2027, while the net margin is projected to increase from 26.6% in 2025 to 26.8% in 2027 [9] - The company’s ROE is projected to improve from 0.8% in 2025 to 1.1% in 2027 [9]

Group 1: Macro Analysis - The report analyzes the risk of a sell-off in US Treasury bonds, indicating that the scale of US Treasury holdings and daily trading volume is significantly larger than that of any other country, suggesting that no single nation can manipulate the US Treasury market [2] - Historical data shows that reductions in overseas holdings have less impact on US Treasury trends compared to fundamental variables, but a coordinated sell-off by multiple countries in response to tariffs could significantly disrupt the US Treasury market and global financial markets [2] Group 2: Fixed Income - In April, the broad fiscal revenue showed a slight positive change with a year-on-year increase of 2.7%, while fiscal expenditure grew by 12.9% year-on-year, indicating an acceleration in spending [2] - Cumulatively, from January to April, broad fiscal revenue decreased by 1.3% year-on-year, while broad fiscal expenditure increased by 7.2% [2] Group 3: Food and Beverage Industry - Investment recommendations for the liquor sector emphasize strengthening core capabilities and highlight three main lines: leading brands with increasing market share, high-certainty regional brands, and resilient recovery stocks [3] - For consumer products, the report suggests focusing on opportunities in beer and beverages, with a particular emphasis on companies benefiting from policy changes or recovery improvements, as well as those with high growth potential [3] Group 4: Pharmaceutical Industry - The report discusses the collaboration between Sanofi and Pfizer regarding the PD-1/VEGF bispecific antibody SSGJ-707, which includes a non-refundable upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [6] - Sanofi retains rights for development and commercialization in mainland China, while Pfizer will have an option for commercialization in that region based on agreed financial terms [6]

Fixed Income - The new policy for "Science and Technology Innovation Bonds" (科创债) has led to banks, particularly state-owned banks, being the primary issuers, with a total issuance of 115 billion yuan from May 6 to May 16, 2025 [7][8] - The issuers of these bonds are predominantly high-rated central and state-owned enterprises, with AAA-rated bonds accounting for 83.39% of the total issuance [8] - The new policy has relaxed restrictions on the use of funds raised through these bonds, allowing for a broader range of applications, including loans for technology innovation [9] New Consumption - In April 2025, the total retail sales of consumer goods reached 37,174 billion yuan, reflecting a year-on-year growth of 5.1% [11] - The growth in retail sales was driven by essential consumption, with food and daily necessities showing robust growth, while discretionary spending on jewelry and communication devices also increased significantly [12] - Furniture and home appliances saw particularly strong growth, with retail sales increasing by 26.9% and 38.8% respectively [12] Metals and New Materials - The profitability of the gold and copper-aluminum sectors has significantly increased due to rising metal prices, while the energy metals sector has seen a substantial decline in profitability [14] - In 2024, the non-ferrous metals sector achieved a revenue of 3.64 trillion yuan, with a net profit of 147.1 billion yuan, reflecting a year-on-year growth of 5.73% and 2.61% respectively [14] - Gold prices have shown a notable increase, with an average price of 560.8 yuan/gram in 2024, up 24.4% year-on-year, and 673.5 yuan/gram in Q1 2025, up 37.2% year-on-year [15][19] Pharmaceuticals - Sanofi's licensing agreement for PD-1/VEGF dual antibody rights outside of China with Pfizer is valued at 1.25 billion USD upfront, with potential milestone payments of up to 4.8 billion USD [26][27] - The agreement is expected to enhance the company's valuation significantly, with a target market value of 59.5 billion yuan (approximately 64.5 billion HKD) [4][29] - Warner Pharmaceuticals is focusing on innovative antidepressants and the replacement of endangered medicinal materials, with a new antidepressant ZG001 showing promise as a fast-acting, non-addictive option [31][34]

Group 1: Stock Market Activity - Net buying of China Construction Bank reached 689 million, Meituan-W 655 million, China National Offshore Oil Corporation 586 million, and others [1] - Net selling of Tencent Holdings amounted to 1.327 billion, Alibaba-W 897 million, and Xiaomi Group-W 447 million [1] - Southbound funds have continuously net sold Tencent for 12 days, totaling 15.23301 billion HKD, and Xiaomi for 4 days, totaling 1.73224 billion HKD [1] Group 2: Individual Company Updates - China Construction Bank and other major banks announced a reduction in RMB deposit rates, with several banks lowering rates by 15 basis points [5] - Meituan-W saw a decrease in BlackRock's shareholding from 6.15% to 5.92% as of May 15 [6] - Xiaomi Group celebrated a 15-year partnership with Qualcomm, announcing a new multi-year cooperation agreement for flagship smartphones [6] Group 3: Pharmaceutical Industry Developments - Three-Six Pharmaceutical announced a licensing agreement with Pfizer, receiving an upfront payment of 1.25 billion [4] - Zhaoke Ophthalmology reported that the National Medical Products Administration of China has accepted a new drug application for cyclosporine eye gel [4]