该行将未来潜在授权收入占总收入的比例预测上调至5%至7%，并料有利的销售占比可推动毛利率扩 张；同时将早期阶段资产估值提升43%，因集团研发能力的市场认可日益提高。该行对其目标价由90港 元上调至109港元，评级"增持"，并列为行业首选。 摩根大通发表研究报告指，对外授权已成为今年内地生物医药行业最重要的推动力之一，并认为信达生 物在该行覆盖的企业中最有能力从中受惠。该行指，信达生物强大的产品管线涵盖肿瘤、心血管、自身 免疫及眼科等领域，形成多元化的早晚期资产组合，有望在未来几年持续达成对外授权交易。 ...

Core Insights - The article highlights the significant progress of Chinese innovative pharmaceuticals, particularly focusing on the outbound licensing strategy and business development (BD) as key drivers for growth in the global market [1][2][3] Group 1: Company Developments - Heng Rui Pharmaceutical has completed 13 outbound licensing deals from 2018 to 2024, involving 16 molecular entities with a potential total transaction value of approximately $14 billion and upfront payments totaling around $600 million [1] - In 2025, Heng Rui's momentum continues with a $19.7 billion deal with Merck for its Lp(a) oral small molecule project and a partnership with GSK that brings in $5 billion upfront and a potential future revenue of $12 billion [1] - The company reported a revenue of 27.985 billion yuan in 2024, a year-on-year increase of 22.63%, and a net profit of 6.337 billion yuan, up 47.28% [9] Group 2: Industry Trends - The Chinese innovative pharmaceutical sector is experiencing a surge in outbound licensing deals, with the total value of BD transactions reaching $64.08 billion in 2024, marking a historical high [4][5] - The global pharmaceutical industry is facing a "patent cliff" with a total risk exposure of $354 billion due to patent expirations, creating a heightened demand for quality innovative assets from China [3][4] - The number of active innovative drug R&D pipelines in China reached 3,575 in 2024, surpassing the U.S. for the first time, with a significant increase in the number of first-in-class (FIC) drugs [8] Group 3: Strategic Shifts - The BD model has evolved from a tactical choice to a core pillar of globalization strategy for Chinese pharmaceutical companies, enabling them to secure immediate funding and share risks [5][6] - Companies like Bai Li Tian Heng and Kang Ning Jie Rui have achieved remarkable revenue growth through strategic partnerships, with Bai Li Tian Heng reporting a staggering 1,685.19% year-on-year increase in revenue following a major licensing deal [5][6] - The article emphasizes the importance of building strong commercialization capabilities as a foundation for long-term competitiveness, moving beyond reliance on BD for survival [9][10] Group 4: Policy and Capital Support - The growth of BD transactions is supported by a decade of favorable policies and capital influx, including reforms in drug approval processes and financing mechanisms for biotech companies [7][8] - The Chinese pharmaceutical industry has seen a significant increase in the number of companies going public, with over 56 firms raising more than 110 billion HKD since the introduction of new listing rules [7] - The article notes that the combination of policy support and capital investment has led to a qualitative leap in innovative drug development in China [8][9] Group 5: Future Outlook - The future of Chinese innovative pharmaceuticals is characterized by a focus on global clinical trials, tighter international collaborations, and the emergence of differentiated products [15] - The industry is moving towards a more collaborative ecosystem, aiming for a balance between individual company growth and collective industry advancement [15] - The article concludes that the ongoing transformation in the Chinese pharmaceutical sector is paving the way for a historic leap from "global follower" to "global leader" in innovation [10][15]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Healthcare** sector, particularly the **innovative drug out-licensing** activities in China compared to global trends [1][4][8]. Performance Metrics - The **Hang Seng Healthcare Index** has increased by over **75% YTD**, significantly outperforming the broader **Hang Seng Index**, which rose by approximately **23%** [1]. - China's out-licensing deals accounted for about **15%** of total global deals and **21%** of multinational corporation (MNC) deals in the last two years [4][11]. Strategic Insights - The analysis indicates that foreign companies are not solely attracted to China for low-cost benefits; they are increasingly interested in the **quality of assets**. Upfront payments for Chinese deals are often comparable to or exceed global averages, with **US$213 million** for oncology compared to **US$195 million** globally [4][11]. - **Oncology** remains the primary focus for MNCs in both global and China-specific agreements, followed closely by **cardiometabolism** [4][11]. Licensing Potential - There is significant potential for out-licensing in areas beyond oncology, particularly in **autoimmune diseases** and **cardiometabolism**. The report suggests that investments in **CNS (central nervous system)** could lead to more out-licensing deals from China [4][5][24]. - Advanced drug modalities such as **ADCs (antibody-drug conjugates)** and **bsAb (bispecific antibodies)** are becoming prominent in out-licensing from China [5][24]. Company-Specific Insights - **Innovent** has been highlighted as a top pick in the biotech sector due to its strong out-licensing potential and asset quality. The price target for Innovent has been increased based on favorable licensing income projections [1][5]. - **AstraZeneca** and **Merck** are leading companies in terms of licensing deals from China, with AstraZeneca having the highest number of deals and Merck leading in total upfront payments [4][30]. Financial Health of MNCs - Despite macroeconomic uncertainties, MNCs like **Pfizer** and **Merck** are in strong financial positions, with significant free cash flow available for business development activities, including licensing and M&A [22][23]. Emerging Trends - The report notes a shift in focus for MNCs towards **autoimmune** and **metabolic diseases**, driven by the expiration of patents on blockbuster drugs and the rising sales of **GLP-1** drugs [24][25]. - The average deal value for Chinese assets in oncology is on par with global averages, while the average upfront payment for oncology and immunology is higher than the global average [30]. Conclusion - The findings underscore the growing competitiveness of Chinese biotech assets and the increasing interest from MNCs in out-licensing deals, indicating a robust future for the China healthcare sector [1][4][11].

8月5日，国家医保局发文指出，按照国务院关于优化药品集采措施的部署要求，国家医保局坚持"稳临 床、保质量、防围标、反内卷"的原则，会同相关部门优化完善集采措施，指导国家组织药品联合采购 办公室（以下简称"药品联采办"）积极推进第十一批国家组织药品集采，确定了55种药品拟纳入采购范 围。 根据国家医保局方面披露，7月16日至31日，药品联采办组织开展相关药品信息填报工作。据药品联采 办统计，共480家企业提交了相关药品的资料信息，这些企业将作为医疗机构填报需求量的选择范围。 55个拟采购品种中，平均每个品种有15家企业，有3个品种的企业超过40家，企业数最多的达45家。 21点评：2018年以来，国家层面已经开展了十批药品集采，覆盖了435种药品，地方也相继开展了省级 和省际联盟集采，形成了协同补充的工作格局。 国家卫生健康委：医疗机构门诊命名不得使用暗示疗效名称 据央视新闻客户端8月5日报道，针对部分医疗机构使用模糊、笼统或容易混淆的门诊名称，少数医疗机 构为吸引患者，利用谐音、形容词等暗示疗效的门诊名称误导患者等情况，国家卫生健康委近日发布 《关于规范医疗机构门诊名称管理工作的通知》，强调医疗机构要遵循依法 ...

智通财经APP获悉，8月1日,盈富基金（02800）、恒生中国企业（02828）、南方恒生科技（03033）南 向资金净流入金额位列市场前三，分别净流入29.96 亿、17.92 亿、13.11 亿 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 信达生物(01801) | -4.26 亿 | -18.68% | 93.000（-5.10%） | | 中国太保(02601) | -3.03 亿 | -34.21% | 30.750（-2.84%） | | 药明合联(02268) | -2.56 亿 | -48.96% | 55.500（-3.81%） | | 康方生物(09926) | -2.55 亿 | -14.89% | 156.300（+1.10%） | | 三生制药(01530) | -2.24 亿 | -11.32% | 30.200（-5.92%） | | 新华保险(01336) | -2.12 亿 | -20.41% | 48.450（-3.68%） | | 中国宏桥(01378) | -2.09 亿 | -30.08% | ...

Group 1 - The core viewpoint of the news is that the China Securities Hong Kong 100 Pharmaceutical and Health Index has shown significant growth, with a year-to-date increase of 90.32% [1] - The index has risen by 18.48% in the past month and 36.79% in the last three months, indicating strong performance in the pharmaceutical sector [1] - The index is composed entirely of securities listed on the Hong Kong Stock Exchange, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be temporarily modified under special circumstances [2] - Adjustments to the index sample occur in response to events such as delistings, mergers, or changes in industry classification [2]

（文章来源：每日经济新闻） 每经AI快讯，港股创新药板块继续走强，亚盛医药-B涨逾10%，康诺亚-B、乐普生物-B涨逾7%，诺诚 健华、信达生物涨超5%。 ...

Group 1 - Xindong Company (02400) reported a positive earnings forecast, expecting revenue of at least RMB 3.05 billion for the first half of 2025, a year-on-year increase of approximately 37%, and a net profit of at least RMB 790 million, a year-on-year increase of about 215% [1] - Yimai Sunshine (02522) also announced a positive earnings forecast, expecting revenue between RMB 450 million to 480 million for the first half of the year, a year-on-year increase of approximately 8.77% to 16.03%, and a net profit of RMB 14.5 million to 16.5 million, a year-on-year increase of about 1350% to 1550% [1] - Tianli International Holdings (01773) plans to repurchase shares up to a total of HKD 200 million based on market conditions, believing that the share buyback plan is in the best interest of the company and its shareholders [2] Group 2 - Liaogang Co., Ltd. (02880) reported a total operating revenue of RMB 5.693 billion for the first half of 2025, a year-on-year increase of 5.93%, and a net profit attributable to shareholders of RMB 956 million, a year-on-year increase of 110.78% [2] - Yuan Zheng Technology (02488) reported a revenue of RMB 982 million for the first half of 2025, a year-on-year increase of 9.75%, and a net profit of RMB 195 million, a year-on-year increase of 27.74% [2] - Geekplus Technology (02590) expects revenue between RMB 995 million to 1.03 billion for the first half of the year, a year-on-year increase of 27% to 32%, while the net loss is expected to narrow significantly [3] Group 3 - Lee & Man Paper Manufacturing (02314) and other leading companies in the paper industry have initiated a price increase for various products starting August 1, indicating a significant acceleration in price adjustment frequency within the industry [3] - Xinda Biopharmaceutical (01801) announced that its innovative oral small molecule GLP-1R agonist IBI3032 has received IND approval from the FDA [4] - Heyu-B (02256) reported a revenue of RMB 612 million for the first half of the year, a year-on-year increase of 23.1%, and a net profit of RMB 328 million, a year-on-year increase of 58.84% [4] Group 4 - Bilibili (BILI.US) is expected to achieve a revenue growth of 20% year-on-year to RMB 7.3 billion in the second quarter, driven by stable performance in mobile games [5][6] - Li Auto (LI.US) launched the Li Xiang i8, with deliveries starting on August 20, and received positive outlooks from multiple institutions [6] - Xpeng Motors (XPEV.US) achieved a new monthly delivery record in July, delivering 36,717 smart electric vehicles, a year-on-year increase of 229% [7]

考虑到信达生物对授权许可的战略重视及其创新产品线，小摩提高对其潜在授权收入的预期，预计将占 信达生物未来总收入的5-7%。这种有利的销售组合亦正推动集团毛利率的扩张。同时，小摩表示，授 权许可已成为今年中国生物制药行业最重要的推动因素之一，该行认为信达生物是最能从这一趋势中受 益的公司之一。 智通财经APP获悉，摩根大通发布研报称，将集团早期资产的估值上调43%，因考虑到信达生物(01801) 的研发能力，且这些资产越来越得到市场认可。通过提高玛仕度肽(Mazdutide)(GLP-1/GIP)获批后的销 售成功率(PoS)、调整经营费用，上调目标价21%，由90港元升至109港元。并维持"增持"评级。 ...

信达生物(01801)涨超3%，截至发稿，涨3.12%，报95.8港元，成交额2.19亿港元。 消息面上，据信达生物官微消息，8月5日，公司宣布其研发的创新口服小分子GLP-1R激动剂IBI3032获 美国食品药物监督管理局(FDA)新药临床试验申请(IND)批准。 据介绍，IBI3032为信达生物自主研发的口服小分子GLP-1R激动剂，偏向性激活cAMP信号通路，基于 全球目前成熟验证的分子骨架且具有完全自主知识产权。IBI3032的I期临床试验将在中美同步推进，将 于2025年下半年开始在健康受试者及超重或肥胖人群中给药。信达生物正在迅速以玛仕度肽为基石在代 谢管线进行布局拓展，IBI3032临床研究启动是代谢产品矩阵进化的重要一步。 目前，IBI3032的新药临床试验申请(IND)已经获得中国国家药品监督管理局(NMPA)受理和美国FDA食 品药物监督管理局(FDA)批准，计划将在2025年下半年启动中美I期临床研究。 ...