截至2025年5月20日 09:35，恒生医疗保健指数(HSHCI)强势上涨2.69%，成分股三生制药(01530)上涨33.93%，欧康维视生物-B(01477)上涨7.44%，再鼎医药 (09688)上涨6.39%，石药集团(01093)，诺诚健华(09969)等个股跟涨。恒生医疗ETF(513060)高开高走上涨2.48%，冲击3连涨。最新价报0.50元。流动性方 面，恒生医疗ETF盘中换手2.6%，成交2.66亿元。拉长时间看，截至5月19日，恒生医疗ETF近1月日均成交12.37亿元，居可比基金第一。 湘财证券指出，近期在国家鼓励创新大背景下创新药产业链表现活跃，虽然医药工业复苏仍有待验证，行业受医保控费压力仍在，但多层次的支付体系正在 建立，医疗需求的刚性将共同推动行业企稳回升，建议关注高成长及预期改善两大方向，具体而言：（1）高成长：医药外包服务中的ADCCDMO、减肥药 产业链多肽CDMO等方向公司。（2）预期改善：盈利能力有望触底回升的第三方检验医学实验室，消费医疗中的眼科及口腔等方向的公司。 恒生医疗ETF紧密跟踪恒生医疗保健指数，恒生医疗保健指数提供一项市场参考指标，反映在香港上市、主要 ...

Group 1 - Hong Kong pharmaceutical stocks are experiencing a strong rally, with 3SBio rising over 25% [1] - Other companies such as Tigermed (300347), CSPC Pharmaceutical Group, Innovent Biologics, Rongchang Biologics, and Junshi Biosciences are also seeing gains [1] - The movement of "smart money" is being revealed, indicating that dark pool funds are deciphering the main players' trading strategies [1]

智通财经5月20日电，三生制药5月20日公告称，公司与辉瑞就PD-1/VEGF双特异性抗体SSGJ-707订立 许可协议，辉瑞将获得该产品在全球（不包括中国内地）的独家开发及商业化权利。公司将获得1250百 万美元首付款及最多4800百万美元的潜在付款，包括开发、监管批准及销售里程碑付款，并收取双位数 百分比的特许权使用费。此外，辉瑞可能认购公司价值100百万美元的新股份。许可协议须满足多项先 决条件。 三生制药与辉瑞签许可协议 获12.5亿美元首付款 ...

Summary of Key Points Core Viewpoint - The announcement details a licensing agreement between Sangfor Health (Shanghai) Co., Ltd. and its affiliates, granting Pfizer Inc. exclusive rights to develop, produce, and commercialize a dual-specific antibody product targeting PD-1 and VEGF outside of mainland China, with potential commercialization rights in mainland China under certain conditions [1][5][11]. Group 1: Transaction Overview - The transaction involves a licensing agreement that allows Pfizer to exclusively develop, produce, and commercialize the licensed product in specified regions and fields [1][3]. - The revenue from the agreement will be shared based on the initial R&D investments and asset ownership, with Sangfor Health receiving 30% and Shenyang Sangfor receiving 70% [1][5]. - The agreement is classified as a related party transaction, requiring approval from the company's shareholders and regulatory bodies [2][5]. Group 2: Product Details - The licensed product is a dual-specific antibody that targets PD-1 and VEGF, developed through a collaboration between Sangfor Health and Shenyang Sangfor [5][11]. - The product aims to enhance anti-tumor effects while reducing potential side effects compared to combination therapies, with ongoing clinical trials for various cancer types [5][11]. Group 3: Counterparty Information - Pfizer Inc. is a multinational biotechnology and pharmaceutical company based in the United States, listed on the New York Stock Exchange [6]. - Sangfor Health is a subsidiary of Sangfor Pharmaceutical, which holds a significant stake in the company [6][7]. Group 4: Financial Terms - The financial terms of the agreement include an upfront payment, milestone payments, and royalties based on annual net sales in the licensed regions [11][12]. - The total potential payments to be made by Pfizer could reach up to $4.8 billion, contingent on achieving specific development and sales milestones [11][12]. Group 5: Approval and Compliance - The agreement is subject to approval from the company's shareholders and must comply with antitrust regulations in the U.S. and other jurisdictions [2][5]. - The effectiveness of the licensing agreement is contingent upon meeting several conditions, including the approval of the shareholders' meeting and the establishment of a supply agreement for clinical trials [12][14].

Core Insights - The collaboration between 3SBio and Pfizer marks a significant milestone in the internationalization journey of 3SBio, highlighting the global recognition of SSGJ-707's clinical efficacy and the company's competitive edge in innovation [2][3] Group 1: Agreement Details - 3SBio and its subsidiaries have granted Pfizer exclusive rights to develop, manufacture, and commercialize the innovative PD-1/VEGF bispecific antibody SSGJ-707 globally, excluding mainland China [1] - 3SBio will retain rights for SSGJ-707 in mainland China and grant Pfizer an option for commercialization in that region based on agreed financial terms [1] - The agreement includes a non-refundable upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion, along with a double-digit percentage sales royalty based on product sales in the licensed territories [1] Group 2: Product Information - SSGJ-707 is developed based on the CLF2 patent platform and targets both PD-1 and VEGF, showing promising objective response rates (ORR) and disease control rates (DCR) in non-small cell lung cancer (NSCLC) patients [2] - The drug has received breakthrough therapy designation from the National Medical Products Administration for first-line treatment of PD-L1 positive locally advanced or metastatic NSCLC and has also obtained IND approval from the FDA [2] - Clinical research for SSGJ-707 is ongoing in other areas, including colorectal cancer and gynecological tumors [2] Group 3: Strategic Implications - This partnership is expected to accelerate the global development and commercialization of SSGJ-707, enhancing 3SBio's global strategy and financial returns [2][3] - The collaboration is anticipated to strengthen 3SBio's position in the oncology treatment field and integrate the company further into the global biopharmaceutical value chain [2][3]

Core Viewpoint - The company has entered into an exclusive licensing agreement with Pfizer for the development, production, and commercialization of its breakthrough PD-1/VEGF bispecific antibody, SSGJ-707, outside of mainland China, while retaining rights for mainland China [1][2] Group 1: Licensing Agreement Details - The agreement includes an upfront payment of $1.25 billion and potential total payments of up to $4.8 billion, which are non-refundable and non-offsettable [1] - The company will receive a double-digit percentage royalty on net sales of the product in the licensed regions [1] Group 2: Product Development and Clinical Trials - SSGJ-707 is based on the proprietary CLF2 platform and is currently undergoing multiple clinical studies in China, including a Phase III trial for first-line treatment of PD-L1 positive locally advanced or metastatic non-small cell lung cancer (NSCLC) [2] - The product has received breakthrough therapy designation in China and is also involved in several Phase II studies for various cancers [2] Group 3: Share Subscription Agreement - Pfizer will subscribe to $100 million worth of ordinary shares based on the 30-day volume-weighted average price, with terms to be negotiated in a formal agreement following the licensing agreement [2]

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：01530） 內幕消息公告 (1)與輝瑞就PD-1/VEGF雙特異性抗體(SSGJ-707) 訂 立 許 可 協 議； 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。 及 (2)輝瑞可能認購若干數目的本公司新股份 本公告由三生制药（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）根據香港聯合交 易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第571章證券及 期貨條例第XIVA部項下的內幕消息條文（定 義 見 上 市 規 則）作 出。 (1) 與輝瑞就PD-1/VEGF雙特異性抗體(SSGJ-707)訂立許可協議 許可協議 本公司董事會（「董事會」）欣 然 ...

公开信息显示，现任基金经理晏青先生:中国国籍,上海交通大学经济学硕士。曾任交银施罗德基金管理 有限公司研究员、基金经理,上海弘尚资产管理中心(有限合伙)投资经理、海外投资总监。现任永赢基金 管理有限公司权益投资部副总经理。2019年10月16日至2020年11年10月担任永赢创业板指数型发起式证 券投资基金的基金经理;2020年3月25日至2023年10月17日,担任永赢股息优选混合型证券投资基金的基 金经理。2020年9月29日至今,担任永赢港股通品质生活慧选混合型证券投资基金的基金经理。曾任永赢 股息优选混合型证券投资基金基金经理。2021年5月14日担任永赢港股通优质成长一年持有期混合型证 券投资基金的基金经理。 5月19日，永赢港股通优质成长一年混合（011315）下跌0.84%，最新净值0.72元，连续3个交易日下 跌，区间累计跌幅1.67%。 据了解，永赢港股通优质成长一年混合成立于2021年5月，基金规模2.40亿元，成立来累计收益 率-27.57%。从持有人结构来看，截至2024年末，永赢港股通优质成长一年混合的基金机构持有0.02亿 份，占总份额的0.58%，个人投资者持有3.40亿份，占总 ...

5月19日上榜港股通成交活跃榜个股中，三生制药为近一个月首次上榜。 证券时报·数据宝统计显示，5月19日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 378.81亿港元，占当日港股通成交金额的44.83%，净买入金额38.58亿港元。 上榜的成交活跃股中，阿里巴巴-W成交额为98.74亿港元，成交金额居首；其次是小米集团-W、腾讯控 股，成交金额分别为88.56亿港元、51.58亿港元。 以上榜次数统计，5月19日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、美团-W等，近一个 月均上榜17次，最受港股通资金关注。 三生制药为近一个月首次上榜，当日港股通成交额为18.13亿港元，成交净买入4.01亿港元，该股当日收 盘上涨13.81%。（数据宝） 5月19日港股通成交活跃股榜单 | 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾讯控股 | 51.5 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The development of trispecific antibodies (TsAbs) is accelerating, with a focus on companies such as Zai Lab and Sanofi [18]. - The report highlights the performance of various sub-sectors within the industry, ranking them as follows: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [12][13]. Summary by Sections Industry Performance - The A-share pharmaceutical index has increased by 1.3% this week and 2.5% year-to-date, outperforming the CSI 300 by 0.2% and 3.6% respectively [11]. - The H-share biotechnology index has shown a 0.3% increase this week and a 27.8% increase year-to-date, outperforming the Hang Seng Technology Index by -1.7% and 9.6% respectively [11]. Specific Company Recommendations - From a growth perspective, the report recommends focusing on innovative drug companies such as Zai Lab, Sanofi, and others [13]. - For undervalued stocks, it suggests looking into traditional Chinese medicine companies like Zai Lab and Dong-E E-Jiao [13]. - High dividend yield stocks are recommended from the traditional Chinese medicine sector, including Jiangzhong Pharmaceutical and Yunnan Baiyao [13]. Trispecific Antibodies Development - TsAbs are engineered antibodies capable of binding to three different antigen targets, offering enhanced therapeutic potential in cancer immunotherapy [18]. - Currently, no TsAbs have been approved for market, but several companies, including Zai Lab and Sanofi, are actively developing these therapies [18][32]. Clinical Progress - The report outlines the clinical stages of various TsAbs, noting that Zai Lab's ZG006 is among the leading candidates in clinical trials [32]. - Other notable candidates include those from companies like Sanofi and IBI3003 from Innovent Biologics, which are also in advanced clinical stages [32].