智通财经APP获悉，创新药概念股再度走低，截至发稿，诺诚健华(09969)跌5.09%，报12.86港元；石药 集团(01093)跌3.99%，报7.21港元；信达生物(01801)跌3.36%，报79港元。 中邮证券指出，下半年以来，国内的BD出海交易虽有短暂真空，但仍在持续，Q4以来亦诞生了多个 MNC为合作方的交易。该行认为，海外MNC的购买行为系对国内创新药公司创新研发的实力的背书认 可。进一步看，该行认为系中国创新药产业链能力、管线数量和质量、研发效率在全球的强大竞争优势 催生出的结果，坚定看好长期的产业趋势。 值得关注的是，A股创新药大牛股一品红昨日意外跌停，今早再跌超13%。该公司参股的美国Arthrosi公 司收到收购要约，交易总金额最高可达15亿美元。有分析称，一品红的交易可能改变了一些市场预期。 此前市场预期的这个标的是按现在的收购价进行BD，但现在是直接卖出。而此前，股价上涨太多，并 且反应的是BD，现在预期走弱，故而股价跌停。 ...

信达生物制药集团综合管线首席研发官钱镭博士表示："玛仕度肽在青少年中初步重现了其在成人研究 中表现出的强效减重与多重代谢改善特性，并且药代动力学特征与成人相似，这为其后续的临床开发提 供了坚实的科学依据。" 经济观察网 日前，中国创新药企信达生物（01801.HK）宣布，其自主开发的GCG／GLP-1双受体激动 剂玛仕度肽在中国青少年肥胖人群中的Ib期临床研究达到主要终点。研究显示，经12周治疗后，玛仕度 肽可带来显著的体重指数（BMI）和体重下降，并伴随多项代谢指标的全面改善。随着研究持续深入， 玛仕度肽有望破局我国青少年肥胖患者无本土创新药的难题。 ...

关键词：肥胖症药物行业政策措施、肥胖症药物行业产业链、肥胖症药物市场规模、肥胖症药物行业细 分结构、肥胖症药物市场竞争格局、肥胖症药物行业面临的挑战 一、肥胖症药物行业定义及类别 肥胖症是一种普遍且复杂的慢性疾病，患病群体庞大，且已被视为多种慢性代谢性疾病的重要风险因 素。肥胖症患病率的增加已经成为全球性的严重健康问题和社会问题，肥胖症的治疗较困难。肥胖症的 治疗包括行为心理干预、运动干预、临床营养治疗与药物治疗等。药物治疗是肥胖症二级预防及治疗过 程中非常重要的一环。对肥胖症及时诊断和分类，评估并发症或合并症的情况，尽早给予生活方式调 整，必要时使用减重药物治疗，定期复查随访。当充分的生活方式干预和行为治疗（包括控制饮食量、 减少脂肪摄入、增加体力活动等）仍未达到预期减重效果，或者增加运动量可能加重基础疾病时，可以 考虑减重药物治疗。 适用于药物治疗的肥胖症情况 在肥胖症的治疗策略中，药物治疗极其重要。目前，全球用于治疗肥胖症的药物主要有3类：中枢性减 重药、非中枢性减重药以及兼有减重效果的降糖药物。主流抗肥胖症药物包括中枢神经系统作用药物、 脂肪酶抑制剂和营养刺激激素受体激动剂等。 主流抗肥胖症药物类别 ...

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - The 2025 National Medical Insurance Negotiation results were announced, with 114 new drugs added to the medical insurance directory, achieving an overall success rate of 88%, the highest in nearly seven years, with a maximum price reduction of 94 [4][19] - The newly added drugs include monoclonal antibodies, bispecific antibodies, ADCs, siRNA, and small molecules, indicating a strong focus on innovative therapies [19][32] - The commercial insurance directory has added 19 innovative drugs, which, while not reimbursed by medical insurance, receive support for innovative drug applications, enhancing patient access and benefiting the innovative drug industry [5][24] Summary by Sections 1. National Medical Insurance Negotiation Results - The 2025 medical insurance directory added 114 new drugs, with a success rate of 88% and a maximum price reduction of 94% [4][13] - The total number of drugs in the national medical insurance directory reached 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines [16][17] - The directory reflects a significant increase in the inclusion of innovative drugs, with 50 of the new additions classified as category 1 innovative drugs [19][21] 2. Commercial Insurance Directory - The commercial insurance directory added 19 innovative drugs, highlighting their clinical value and innovation [24][28] - The directory includes treatments for diseases such as Alzheimer's, rare diseases in children, and other critical conditions, showcasing a focus on addressing unmet medical needs [24][28] - The support for innovative drugs in the commercial insurance directory aims to fill gaps in patient coverage and enhance the overall healthcare system [25][28] 3. Market Performance - In the second week of December, the pharmaceutical and biotechnology sector declined by 1.04%, underperforming the CSI 300 index by 0.96 percentage points [6][34] - The medical research outsourcing sector showed the highest increase, up by 3.69%, while offline pharmacy and medical circulation sectors experienced the largest declines [6][36] 4. Recommended Companies - The report continues to favor innovative drugs and their supply chain, recommending companies such as Sanofi, Innovent Biologics, and others for investment [7][32]

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]

招商证券国际发布研报称，在美联储降息、AI投资等因素支持下，预计美国经济明年保持温和增长， 维持对美股的战略性看多，但需关注结构性分化和一季度短期风险。针对明年港股市场展望，该行表 示，港股将从估值修复主导，迈向盈利增长主导。估值扩张可能减弱，但流动性宽松，不会形成拖累。 2026年呈现盈利驱动与流动性托底相结合的格局，通过"新供给创造新需"，成为港股市场新动力。 招商证券国际明年年一季度首选推荐股为：Alphabet(GOOGL.US)、Meta(META.US)、 Netflix(NFLX.US)、腾讯控股(00700)、阿里巴巴(BABA.US)、哔哩哔哩(BILI.US)、翰森制药(03692)、 康诺亚-B(02162)、信达生物(01801)、和誉-B(02256)、迈瑞医疗(300760.SZ)、新产业(300832.SZ)、吉利 汽车(00175)、比亚迪股份(01211)、小鹏汽车(09868)、优必选(09880)、地平线机器人-W(09660)、敏实 集团(00425)、泡泡玛特(09992)、亞朵(ATAT.US)、雅诗兰黛(EL.US)、李宁(02331)。 该行又指，新经济支撑港股 ...

该行又表示，预计明年汽车行业销量持平或微跌，市场情绪已经足够悲观，现在是逐步吸纳明年业绩增 长确定性高的公司的机会;推荐预计明年量产加速的人形机器人和渗透率提升的智能驾驶子板块;消费板 块复苏依然不均，建议采取"收益为锚，以增长为翼"配置策略;看好教育板块韧性增长及扩张机会。 招商证券国际明年年一季度首选推荐股为：Alphabet(GOOGL.US)、Meta(META.US)、 Netflix(NFLX.US)、腾讯控股(00700)、阿里巴巴(BABA.US)、哔哩哔哩(BILI.US)、翰森制药(03692)、 康诺亚-B(02162)、信达生物(01801)、和誉-B(02256)、迈瑞医疗(300760.SZ)、新产业(300832.SZ)、吉利 汽车(00175)、比亚迪股份(01211)、小鹏汽车(09868)、优必选(09880)、地平线机器人-W(09660)、敏实 集团(00425)、泡泡玛特(09992)、亞朵(ATAT.US)、雅诗兰黛(EL.US)、李宁(02331)。 在行业层面，招商证券国际认为，美股科技行业将更理性，AI仍是关键驱动力，而监管环境对并购有 利;AI积极进展也将持 ...

截至2025年12月11日 11:10，中证港股通创新药指数上涨0.30%，成分股昭衍新药上涨4.15%，荣昌生物 上涨2.85%，药明康德上涨2.59%，远大医药上涨2.10%，金斯瑞生物科技上涨2.04%。 没有股票账户的场外投资者可以通过港股通创新药ETF联接基金(024700)把握港股创新药产业发展机 会。 中信建投指出创新药医保谈判进展显著，商保成增量市场，行业发展态势良好。从产业景气度来看，政 策持续支持医药产业创新发展。2025年国家医保药品目录及首版商保创新药目录正式发布。2025年国家 医保药品目录成功新增114种药品，有50种是一类创新药，总体成功率88%创历史新高。19种药品纳入 首版商保创新药目录。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 数据显示，截至2025年11月28日，中证港股通创新药指数前十大权重股分别为信达生物、百济神州、药 明生物、康方生物、中国生物制药、石药集团、三生制药、药明康德、翰森制药、科伦博泰生物-B，前 十大权重股合计占比72.68%。 港股通创新药ETF嘉实(520970)紧密跟踪中证港股通创新药指数，指数成分股涉及创新药研发 ...

机构：中信建投证券 研究员：贺菊颖/袁清慧/赵旭 核心观点 12 月7 日，国家医疗保障局发布了2025 年医保谈判结果，信达生物此次有6 款相关创新产品及1 款产品 新适应症成功纳入新版国家医保药品目录，涵盖肿瘤和心血管及代谢等社会负担较重的疾病领域，继续 提高患者的用药可及性和可负担性。 12 月8 日，信达生物在2025 年美国血液学会年会(ASH)上以口头报告形式首次公布其自主开发的抗 GPRC5D/BCMA/CD 3 三特异性抗体IBI3003 用于复发或难治性多发性骨髓瘤（R/R MM）患者的首次人 体试验的初步数据。IBI3003 展示出良好的耐受性和可控的安全性特征，尽管当前随访时间尚短， IBI3003 已经显现出令人鼓舞的初步疗效信号，特别在伴有髓外病变或既往接受抗BCMA 和GPRC5D 单 一或双重靶向治疗的高危患者中展现了积极的疗效。 未来可以关注：①IBI363（PD-1/IL2α）1L CRC POC、1L NSCLC POC数据读出，②IBI3002 （IL4/TSLP）哮喘适应症1 期数据读出，③IBI3001（EGFR/B7H3 ADC）实体瘤1 期数据读出， ④IBI30 ...