| 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 01672 | 歌礼制药-B | (0) -15.06% | 15.510 | 149.46亿 | | 02325 | 云康集团 | -14.18% | 2.300 | 14.29亿 | | 02565 | 派格生物医药-B | -9.15% | 31.760 | 122.58亿 | | 02137 | 腾盛博药-B | -8.30% | 2.210 | 15.9亿 | | 03681 | 中国抗体-B | -7.49% | 3.210 | 43.71 乙 | | 06998 | 嘉和生物-B | -7.08% | 4.460 | 23.47 乙 | | 01244 | 思路迪医药股份 | -6.06% | 7.910 | 20.42亿 | | 03347 | 泰格医药 | -5.73% | 54.250 | 467.11亿 | | 01167 | 加科思-B | -5.69% | 8.120 | 64.04 Z | | 02126 | 约明白诺-B | -5.14% | 5.7 ...

董事會會議通告 藥明巨諾（開曼）有限公司*（「本公司」，連同其附屬公司，統稱「本集團」）董事 （「董事」）會（「董事會」）謹此宣佈，本公司謹訂於2025年8月27日（星期三）舉行 董事會會議，藉以（其中包括）(i)考慮及批准本集團截至2025年6月30日止六個 月之未經審核中期業績及其發佈；及(ii)處理任何其他事項。 承董事會命 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，概不對因本公告全部或任何部份內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 JW (Cayman) Therapeutics Co. Ltd 藥明巨諾（開曼）有限公司* （於開曼群島註冊成立的有限公司） （股份代號：2126） 中國上海，2025年8月15日 於本公告日期，董事會包括主席兼執行董事劉敏先生、非執行董事Yiping James Li（李怡平）醫 生、高星女士、Sungwon Song博士及劉誠博士以及獨立非執行董事何建昌先生、Debra Yu醫生 及陳炳鈞先生。 * 僅供識別 JW (Cayman) Therapeutics Co. L ...

Core Insights - The recent government policies aim to support innovative drugs, including "first launch price protection" for CAR-T therapies, which will not be included in centralized procurement for the first five years post-launch [1] - Despite these policies, the payment challenges for CAR-T therapies remain significant, with prices ranging from 999,000 to 1,290,000 RMB, far exceeding the implicit thresholds of 300,000 RMB for basic medical insurance [1][2] - The focus for the 2025 negotiations will be on the long-term competitiveness of companies, assessing their ability to manage price pressures, cost control, and commercialization efficiency [2] Group 1: CAR-T Products and Pricing - Six CAR-T products will participate in commercial health insurance negotiations in September 2025, but basic medical insurance access is unlikely [3] - The current pricing for the listed CAR-T products is as follows: - Axicabtagene ciloleucel (Fosun Kite): 1,200,000 RMB - Relmacabtagene autoleucel (WuXi AppTec): 1,290,000 RMB - Nanjing Biomedicine's product: 999,000 RMB - Others range from 1,280,000 to 1,290,000 RMB [4] Group 2: Economic Evaluation and Price Pressure - Only three of the six CAR-T products have published cost-effectiveness analysis reports for the Chinese market, which will influence their negotiation positions [5] - The incremental cost-effectiveness ratios (ICER) for these products are as follows: - Axicabtagene ciloleucel: 463,000 RMB/QALY - Relmacabtagene autoleucel: 203,000 RMB/QALY - Other products show varying ICERs, indicating different levels of price pressure [6] Group 3: Competitive Strategies and Market Dynamics - The negotiation dynamics will depend on the companies' ability to demonstrate cost control and effective commercialization strategies [2][14] - Companies like WuXi AppTec and Legend Biotech have competitive advantages due to their existing ICERs being closer to the expected thresholds, while others may need to prove the reliability of unpublished data or offer price concessions [14] Group 4: Future Market Potential and Insurance Access - The potential for CAR-T therapies to enter the insurance market hinges on their ability to lower costs and expand patient access, particularly in the context of solid tumors [16][22] - The expected patient population for blood cancers is approximately 26,000 to 48,000 annually, while solid tumors could see a much larger patient base, enhancing the long-term viability of CAR-T therapies [20][22] Group 5: Key Observations for Investors - The completeness of health economic data will determine the negotiation eligibility for insurance access, while the feasibility of price reductions and commercialization efficiency will influence the speed of market entry [14][15] - The ability to expand hospital coverage and partnerships with health insurance will be critical for companies to achieve rapid market penetration and revenue growth [15]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: JW (Cayman) Therapeutics Co. Ltd 藥明巨諾（開曼）有限公司* 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02126 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,0 ...

Group 1 - The Hang Seng Index fell by 0.43%, down 109 points, while the Hang Seng Tech Index dropped by 1.57%. The morning trading volume in Hong Kong stocks was HKD 148.2 billion [1] - The Hang Seng Biotechnology Index rose by 1.77%, with notable gains from MicroPort Medical (00853) up 9.7%, MicroPort NeuroScience (02172) up over 8%, and Innovent Biologics (01801) up 4.85% [1] - WuXi AppTec (02359) increased by 2.24%, WuXi Biologics (02126) rose by 6.5%, and WuXi Biologics (02269) saw an increase of over 3% after announcing the construction of a modular biomanufacturing facility in Singapore [1] Group 2 - Mindray Medical-B (02160) surged by 8.8% as the company is expected to acquire and restructure the MicroPort cardiac rhythm management business, enhancing its product pipeline [2] - Insurance stocks continued to rise, with New China Life Insurance (01336) up 4.47% and China Life Insurance (02628) increasing by 1.5% [3] Group 3 - 361 Degrees (01361) rose by 6.5%, with the company showing steady revenue growth, and institutions expect strong revenue growth for the full year [4] - Dreamscape (01119) increased by 3.5% after signing a capitalization agreement with Playrix, bringing in a long-term strategic partner [5] Group 4 - GAC Group-B (01167) surged over 20% as a concerted action party increased its holdings by over 60,000 shares, raising its stake to 25.36% [6] - Semiconductor stocks collectively declined, with Hua Hong Semiconductor (01347) down 5.3%, SMIC (00981) down 3.9%, and ASMPT (00522) down 2.74% [6]

Market Overview - The Hang Seng Index fell by 0.43%, down 109 points, while the Hang Seng Tech Index decreased by 1.57%. The early trading volume in Hong Kong stocks was HKD 148.2 billion [1]. Biotechnology Sector - The Hang Seng Biotechnology Index rose by 1.77%. Notable gainers included MicroPort Medical (00853) up 9.7%, MicroPort NeuroTech (02172) up over 8%, and Innovent Biologics (01801) up 4.85% [1]. - WuXi AppTec (02359) increased by 2.24%, WuXi Biologics (02126) rose by 6.5%, and WuXi Biologics (02269) saw an increase of over 3% following the announcement of the construction of a modular biologics manufacturing facility in Singapore [1]. - Fosun Pharma (02196) gained over 5% after acquiring exclusive rights for the innovative Alzheimer's drug AR1001 [1]. - HeartCare Medical-B (02160) surged by 8.8% as the company is expected to acquire and restructure MicroPort's cardiac management business, enhancing its product pipeline [1]. Insurance Sector - Insurance stocks continued their upward trend, with New China Life Insurance (01336) rising by 4.47% to reach a new high, and China Life Insurance (02628) increasing by 1.5% [2]. Consumer Sector - 361 Degrees (01361) rose by 6.5%, with institutions expecting strong revenue growth for the full year [3]. - Dreamland (01119) increased by 3.5% after signing a capitalization agreement with Playrix, bringing in a strategic shareholder from the upstream development sector [4]. Semiconductor Sector - Gako Technology-B (01167) surged over 20% as a concerted action party increased its stake by over 60,000 shares, raising its total holding to 25.36% [5]. - Semiconductor stocks collectively declined, with Huahong Semiconductor (01347) down 5.3%, SMIC (00981) down 3.9%, and ASMPT (00522) down 2.74%. Nvidia's order for 300,000 H20 chips and Morgan Stanley's comments on the potential impact of the 520 unlock on local industry sentiment contributed to this decline [5].

Core Viewpoint - The innovative drug sector is experiencing a significant surge in stock prices, driven by positive news and market momentum, with both A-shares and Hong Kong stocks showing substantial gains in related companies [1][2][3]. Group 1: Market Performance - On July 17, A-shares saw a collective rise, with the Shanghai Composite Index up by 0.37%, the Shenzhen Component up by 1.43%, and the ChiNext Index up by 1.76% [1]. - The innovative drug sector led the market, with nearly 20 related stocks hitting the daily limit or rising over 10%, including Chengdu XianDai, Saily Medical, and Lisheng Pharmaceutical [1][3]. Group 2: Positive News and Developments - A recent report indicated that the innovative drug "Qiruisuo Wei," developed in China for treating respiratory syncytial virus, has been included in the World Health Organization's priority list for children's medications, potentially providing accessible and affordable treatment for children globally [4][5][6]. - The WHO's initiative aims to accelerate the development of urgently needed children's medications, highlighting the critical need for effective treatments for respiratory syncytial virus, which causes millions of infections and significant mortality among young children each year [5]. Group 3: Policy Support - The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, including increasing support for R&D, facilitating access to insurance coverage, and enhancing clinical application [8]. - The introduction of a commercial health insurance directory for innovative drugs marks a significant step in expanding the role of commercial insurance in the multi-tiered healthcare system, providing more opportunities for high-priced innovative drugs [9][10]. Group 4: Industry Outlook - Analysts predict that the domestic innovative drug industry may reach a turning point in 2025, shifting from capital-driven growth to profit-driven growth, presenting opportunities for both performance and valuation recovery [11]. - China's share in global innovative drug business development transactions is expected to increase significantly, with a notable rise in the number and value of projects, particularly in areas like ADC and bispecific antibodies [12].

Group 1 - The innovative drug sector in A-shares has shown a strong comeback, with multiple stocks experiencing significant price increases, including Shuyou Shen (20% increase) and Ruizhi Pharmaceutical (20% increase), indicating a bullish market sentiment [1] - The Hong Kong market also saw a rise, with WuXi AppTec increasing by 19.88% and several innovative drug ETFs in Hong Kong showing year-to-date gains exceeding 40%, outperforming similar products [1][2] - Analysts suggest that the domestic market is entering a concentrated listing period for innovative drugs, supported by comprehensive policy backing and improvements in commercial medical insurance, which are expected to enhance the commercialization process beyond market expectations [1][5] Group 2 - There is a noticeable divergence in the performance of various medical ETFs, with some experiencing significant inflows while others face substantial outflows, indicating mixed investor sentiment [2][3] - The top-performing innovative drug ETFs, such as ICBC Hong Kong Innovative Drug ETF and Huatai-PineBridge Hong Kong Innovative Drug ETF, have seen net inflows of 2.43 billion and 2.31 billion respectively, while the E Fund CSI 300 Healthcare ETF has recorded the highest net outflow of 2.5 billion [3] - The medical sector is expected to show its best performance in three years by mid-2025, driven by policy optimization and AI industry empowerment, with a clear trend of performance and valuation recovery anticipated in the second half of the year [3] Group 3 - The innovative drug sector has rebounded significantly after a period of decline, with innovative drug ETFs showing substantial weekly gains, particularly in the lead-up to the ASCO annual meeting, which has heightened industry interest [4] - The upcoming ASCO meeting is expected to showcase numerous original research results from Chinese pharmaceutical companies, indicating a shift towards international innovation in drug development [4][5] - Recent approvals of six domestic innovative drugs in May across critical treatment areas such as diabetes and tumors have injected strong momentum into the pharmaceutical industry [5]

港股收评：港股主要股指今日持续走高 生物医药股涨幅居前 金十数据5月29日讯，港股主要股指今日持续走高，截至收盘，恒生指数收涨1.35%，恒生科技指数大 幅上涨2.46%。恒指大市成交额达2268.55亿港元。板块个股方面，线上零售概念今日强势，美团 (03690.HK)大涨6.6%，快手(01024.HK)涨近5%，百度(09888.HK)、阿里巴巴(09988.HK)均涨近2%。生 物医药板块同样大涨，药明巨诺(02126.HK)涨近20%，药明生物(02269.HK)涨超10%。香港港交所 (00388.HK)近日表现活跃，今日盘中一度涨2.56%，报401港元，最终收涨2.4%报400.4港元，股价创 2022年2月以来新高。 ...

Group 1: Pharmaceutical Sector Performance - Pharmaceutical stocks are showing strong performance, with WuXi AppTec (02126) up 19.3% at HKD 2.06, Junshi Biosciences (01877) up 13.59% at HKD 20.65, and Zai Lab (06127) up 13.38% at HKD 12.54 [1] - The upcoming 2025 American Society of Clinical Oncology (ASCO) annual meeting in Chicago is expected to boost market sentiment, with over 70 original research projects from Chinese researchers selected for oral presentations [1] - According to CICC International, the number of Chinese innovative drugs included in the 2025 ASCO abstracts has reached a new high, indicating a significant breakthrough in the R&D competitiveness of Chinese pharmaceutical companies [1] Group 2: Market Reactions to Tariff Measures - The market sentiment has improved following a federal court ruling that blocked former President Trump's tariff measures, which were announced on April 2 [2] - The court's decision has suspended most of Trump's tariff initiatives, including global uniform tariffs and additional tariffs on countries exporting more than they import, particularly affecting China, Canada, and Mexico [2]