Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Sangfor Pharmaceutical (01530), highlighting the potential of its PD-(L)1/VEGF dual antibody, SSGJ-707, as a cornerstone drug in next-generation immuno-oncology (IO) treatment [1][2] Company Background - Sangfor Pharmaceutical, established in 1993, is a leading biopharmaceutical company in China with extensive experience in R&D, production, and sales of biological drugs [1] - The company has a solid product pipeline in various therapeutic areas, including nephrology, oncology, and autoimmune diseases, and maintains a strong domestic commercialization capability [1] Product Pipeline and Clinical Development - SSGJ-707 is expected to become a significant player in global tumor immunotherapy, with multiple first-in-class (FIC) molecules entering clinical stages [2] - A major licensing agreement with Pfizer includes a $1.4 billion upfront payment, up to $4.8 billion in milestone payments, and a $100 million equity investment, marking a record for domestic PD-(L)1/VEGF dual antibodies [2] - Pfizer plans to initiate seven global clinical trials for SSGJ-707, positioning it as a cornerstone therapy across various cancer types [3] Commercialization and Revenue Growth - Sangfor's core product, TPIAO, is projected to generate revenue of 5.06 billion yuan in 2024, with growth potential due to new indications and strong market positioning [4] - The company maintains a leading position in the rhEPO market, expecting combined sales of 1.019 billion yuan from its dual brands in 2024, capturing a 42% market share [4] Financial Forecast and Investment Rating - Revenue projections for Sangfor from 2025 to 2027 are 18.52 billion, 11.55 billion, and 11.78 billion yuan, with net profits of 9.77 billion, 3.72 billion, and 3.28 billion yuan, respectively [5] - The company is assigned a "strong buy" rating based on its growth potential and robust financial outlook [5]

Investment Rating - The report gives a "Strong Buy" rating for the company [2]. Core Views - The PD-(L)1/VEGF dual antibody is positioned as a core drug for next-generation immuno-oncology treatments, with the SSGJ-707 molecule showing unique design and early clinical data indicating its potential as a best-in-class (BIC) candidate. The collaboration with Pfizer, involving an upfront payment of $1.4 billion and potential milestone payments of up to $4.8 billion, reflects the recognition of SSGJ-707's potential and the company's R&D capabilities [1][8][48]. - The company's financial performance is stable, with a well-structured product pipeline and strong long-term growth drivers [1][8]. Summary by Sections Company Overview - Established in 1993, the company is a leading biopharmaceutical firm in China, focusing on R&D, production, and sales of biological drugs. It has developed a rich product and pipeline portfolio across various therapeutic areas, including nephrology, oncology, autoimmune diseases, and dermatology [13][16]. Oncology Pipeline - The SSGJ-707 is expected to become a cornerstone in global cancer immunotherapy, with multiple first-in-class (FIC) molecules entering clinical stages. The collaboration with Pfizer is a significant milestone, with substantial financial backing and a strategic focus on expanding clinical trials [1][8][37]. - Clinical data for SSGJ-707 shows promising efficacy and safety profiles, with high overall response rates (ORR) in various cancer types, indicating its potential to address unmet medical needs in oncology [1][8][37][38]. Autoimmune Pipeline - The company has several pipelines nearing commercialization, with notable advancements in clinical trials for various autoimmune treatments. The IL-17A monoclonal antibody SSGJ-608 and IL-1β monoclonal antibody SSGJ-613 have received NDA acceptance, indicating progress towards market entry [8][19]. Commercialization Capability - The company demonstrates strong commercialization capabilities, with core products maintaining high market shares. The flagship product, TPIAO, is expected to generate significant revenue, supported by new indications and stable pricing strategies [8][19][30]. - The company is also expanding its product portfolio in the erythropoiesis-stimulating agent market, maintaining a leading position despite competitive pressures [8][19]. Financial Projections - Revenue projections for 2025-2027 are estimated at 185.2 billion, 115.5 billion, and 117.8 billion CNY, respectively, with corresponding net profits of 97.7 billion, 37.2 billion, and 32.8 billion CNY. The report anticipates a significant increase in revenue in 2025, followed by a decline in subsequent years [7][8].

（原标题：汇添富基金减持三生制药(01530)159.45万股 每股作价30.55港元） 智通财经APP获悉，香港联交所最新资料显示，11月12日，汇添富基金减持三生制药(01530)159.45万 股，每股作价30.55港元，总金额约为4871.2万港元。减持后最新持股数目约为1.46亿股，最新持股比例 5.99%。 ...

香港联交所最新资料显示，11月12日，汇添富基金减持三生制药(01530)159.45万股，每股作价30.55港 元，总金额约为4871.2万港元。减持后最新持股数目约为1.46亿股，最新持股比例5.99%。 ...

Group 1 - The innovative drug sector is expected to perform well in 2025, driven by overseas expansion expectations and rapid sales growth. The sector has shown significant excess returns in the first three quarters of 2025, primarily due to continuous business development (BD) overseas, excellent clinical data, and policy support. The sector is in a rapid sales growth phase, with several major products approved and included in medical insurance, leading to a surge in domestic sales and overseas revenue growth [5][6][56] - Chinese innovative drugs are demonstrating global competitiveness, with a significant increase in the number and value of outbound licensing deals. The proportion of Chinese assets in multinational corporation (MNC) drug transactions rose from approximately 5% in 2020-2021 to over 15% in the first three quarters of 2025. The total transaction amount for Chinese assets reached $47.6 billion, accounting for about 25% of MNC transactions [5][6][64] - After BD, attention should be focused on global clinical advancements and key data readouts. Since 2023, more Chinese assets have entered global registration clinical phases, with several expected to report phase III clinical data starting in 2026, potentially giving them a competitive edge through superior clinical data [5][6][64] Group 2 - The innovative drug sector's revenue has rapidly increased, with a reported revenue of 48.83 billion yuan (+22.1%) and a net profit of -460 million yuan (+71.4%) in the first three quarters of 2025. The third quarter alone saw revenues of 19.21 billion yuan (+51.0%) and a net profit of 1.11 billion yuan (+147.1%) [5][56] - The rapid growth in commercial sales of innovative drug products is attributed to the continued release of major products, medical insurance coverage, and the expansion of new indications. Additionally, overseas sales have become a key driver of revenue growth, alongside milestone payments from licensing agreements [5][56] - The investment recommendation highlights companies with differentiated innovation capabilities, suggesting a focus on Keren Biotechnology, Kangfang Biologics, Sanofi Pharmaceutical, Yingen Biotech, and Zai Lab [5][6]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [7]. Core Insights - The report highlights that the pharmaceutical index increased by 3.29% during the week of November 10-14, 2025, indicating a positive market trend for innovative drugs and flu-related products [11][12]. - The report emphasizes the ongoing investment phase of major products in the pharmaceutical sector, particularly focusing on the BD (Business Development) second act for companies like Sanofi and their collaboration with Pfizer on SSGJ-707 [20][28]. - The report projects a bullish outlook for innovative drugs over the next 5-10 years, suggesting that a new wave of innovation and a bull market for innovative drugs is just beginning, with a focus on "disruption" rather than mere revaluation [14][12]. Summary by Sections 1. Recent Performance - The pharmaceutical sector showed resilience with a 3.29% increase in the index, while innovative drugs and flu treatments performed particularly well [11][12]. - The market is experiencing a rotation between high and low styles, benefiting both consumer and pharmaceutical sectors, especially innovative drugs [12][13]. 2. Investment Strategies - The report outlines specific investment strategies focusing on innovative drugs, including major overseas pharmaceutical companies and small to mid-cap technology revolutions [15][16]. - Key companies to watch include Innovent Biologics, Sanofi, and others in the innovative drug space, as well as those involved in new technologies like brain-computer interfaces and AI in healthcare [15][16]. 3. Future Outlook - The report anticipates continued optimism in the pharmaceutical sector, particularly around innovative drugs, with a focus on overseas major drugs and small-cap technology revolutions [14][15]. - It suggests that the investment landscape will evolve with a focus on leading companies that exhibit characteristics of leadership, disruption, and seriousness in their operations [14]. 4. Clinical Development Highlights - Pfizer's global clinical development plan for SSGJ-707 was disclosed, marking a significant milestone for Sanofi, with a $1.25 billion upfront payment for the collaboration [17][20]. - The report notes that the clinical trial phase for SSGJ-707 is just beginning, which is expected to catalyze further stock price increases for Sanofi [28][20]. 5. Sector Performance Comparison - The report compares the performance of the innovative drug index against the broader pharmaceutical index and the CSI 300 index, noting that the innovative drug index has outperformed both [31][32]. - The innovative drug index has increased by 30.65% since the beginning of 2025, indicating strong market interest and performance [32].

三生制药长期将创新视为发展核心。面对中国创新药迈向高质量发展的阶段性机遇，公司以前瞻布局深 耕前沿领域，推出多款自主创新生物药，在满足患者需求的同时推动了产业升级。2025年，公司在稳健 的业绩基础上迎来研发管线的集中收获期，包括在肿瘤、自身免疫等核心领域取得多项重要临床突破。 同时，国际化战略加速推进，多项海外授权合作进展亮眼，显示其全球创新影响力持续上升。 三生制药（01530.HK）近日入选福布斯发布的"2025中国创新力企业50强"，成为榜单上 8 家医药企业 之一。该榜单从创新能力（研发投入与自主知识产权）、企业治理、成长性、创新驱动的市场优势及社 会形象等多个维度进行评价。此次上榜不仅彰显了公司的持续创新韧性与行业领导力，也印证了中国生 物医药产业正以创新为引擎，迈向全球价值链的顶端。 CIS 三生制药本次上榜，也反映出业界与资本市场对其创新能力和战略方向的高度认可。当前全球医药竞争 格局重塑、中国创新药企加速崛起，公司正凭借深厚的产业积累、清晰的战略及强劲的创新动能，稳步 迈向立足中国、面向全球的创新型生物制药企业 ...

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed down 1.12% with a trading volume of 2.214 billion yuan on November 14, 2024 [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 13, 2024, the fund's latest share count was 9.665 billion shares, with a total size of 8.579 billion yuan, reflecting a year-to-date increase of 2344.51% in shares and 2170.81% in size [1] Fund Performance - The current fund manager, Ma Jun, has achieved a return of 69.74% since taking over on January 3, 2024 [2] - The fund's top holdings include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and others, with significant weightings in the portfolio [2] Trading Activity - Over the past 20 trading days, the ETF has accumulated a trading volume of 28.057 billion yuan, averaging 1.403 billion yuan per day [1] - Year-to-date, the ETF has recorded a total trading volume of 251.214 billion yuan, with an average daily trading volume of 1.196 billion yuan [1]

消息面上，三生制药在2025年STIC会议上公布707联合化疗治疗1LNSCLC的临床2期研究数据。此外， 辉瑞公布707全球临床策略，辉瑞与三生制药达成协议后，积极推进707的临床开发，并将707管线列为 其核心管线，目前已经提交5个新的临床申请，辉瑞的第二波开发计划预计在2026年底前将新增10个适 应症的临床试验和10种以上新型组合方案。 三生制药(01530)再涨近5%，截至发稿，涨4.03%，报35.14港元，成交额11.29亿港元。 华泰证券此前发布研报称，10月30日，根据Clinicaltrials披露，辉瑞注册了PF-08634404（SSGJ-707）的 两项全球三期临床试验（NSCLC和CRC），正式启动海外临床。该行认为辉瑞707全球临床开展速度超 市场预期，充分体现了FDA对中国创新药的认可，随着ADC联用等后续临床的逐步开展，有望持续催 化公司估值提升。 ...

华泰证券此前发布研报称，10月30日，根据Clinicaltrials披露，辉瑞注册了PF-08634404(SSGJ-707)的两 项全球三期临床试验(NSCLC和CRC)，正式启动海外临床。该行认为辉瑞707全球临床开展速度超市场 预期，充分体现了FDA对中国创新药的认可，随着ADC联用等后续临床的逐步开展，有望持续催化公 司估值提升。 消息面上，三生制药在2025年STIC会议上公布707联合化疗治疗1LNSCLC的临床2期研究数据。此外， 辉瑞公布707全球临床策略，辉瑞与三生制药达成协议后，积极推进707的临床开发，并将707管线列为 其核心管线，目前已经提交5个新的临床申请，辉瑞的第二波开发计划预计在2026年底前将新增10个适 应症的临床试验和10种以上新型组合方案。 三生制药(01530)再涨近5%，截至发稿，涨4.03%，报35.14港元，成交额11.29亿港元。 ...