【今日焦点】 英诺赛科(02577.HK)与NVIDIA达成合作 联合推动800 VDC(800伏直流)电源架构在AI数据中心的规模化 落地 英诺赛科(02577.HK)宣布，公司已于近日与全球AI技术领导者NVIDIA("英伟达")达成合作，联合推动 800 VDC(800伏直流)电源架构在AI数据中心的规模化落地。该架构是英伟达针对未来高效供电兆瓦级 计算基础设施而专门设计的新一代电源系统，相比传统54V电源，在系统效率、热损耗和可靠性方面具 有显着优势，可支持AI算力100-1000倍的提升。 公司的第三代GaN器件具备出色的高频、高效率与高功率密度等特性，为英伟达800 VDC架构提供从 800V输入到GPU终端，覆盖15V到1200V的全链路氮化镓电源解决方案。 随着GaN技术与英伟达800 VDC供电架构的融合，未来几年，AI数据中心将实现从千瓦级到兆瓦级的飞 跃，开启更高效、更可靠、更环保的AI计算时代。 【重大事项】 中国儒意(00136.HK)获无极资本39亿港元战略投资 加速业务扩张与收购布局 乐普生物-B(02157.HK)授权T细胞衔接器技术 首付款1000万美元+最高8.5亿美元里程 ...

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，並明確表示概不會就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 LEPU BIOPHARMA CO., LTD. 樂普生物科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2157） 許可交易 許可交易 董事會欣然宣佈，於2025年8月1日，本公司（作為許可人及轉讓人）透過訂立 知識產權轉讓與許可協議及購股協議，與Excalipoint（作為被許可人及受讓人） 就對外授出及╱或轉讓與本集團專有的T細胞銜接器TOPAbody平台所開發的 兩項臨床前資產有關的若干知識產權訂立一項許可交易。根據知識產權轉讓與 許可協議及購股協議，並在其條款及條件的規限下，Excalipoint將獲得在全球 範圍內開發及商業化目標產品的獨家權利，作為對價，本公司將收取(i)總額為 1,000萬美元的現金首付款，及Excalipoint開曼向本公司全資附屬公司Innocube 發行的普通股（佔Excalipoint開曼經擴大發行股本的10%），(ii)總額最高為 84 ...

国产创新药具备全球竞争力，出海正盛 医药生物行业 行业研究 | 深度报告 ——医药行业周专题 核心观点 1）PD-(L)1 plus：有望成为下一代肿瘤治疗基石药物。PD-(L)1/VEGF 双抗 AK112 正面击败 K 药，是确定性最高的迭代方向；PD-1/IL-2 双抗 IBI363 显著延长免疫耐药 NSCLC 患者生存期，冷肿瘤疗效突出。PD-1 plus 领域近期发生了数个重磅交易， MNC 需求旺盛，国内可选管线众多； 2）ADC：25H1 ADC 仍是 BD 交易热门赛道，但标的靶点已更具差异化。从近期数 据看，在临床未满足需求较大的领域，国内一些差异化靶点 ADC 如 PD-L1、DLL3 和 EGFR 等已展现较大潜力； 3）GLP-1：25H1 全球 GLP-1 领域交易规模已超过 24 全年，今年以来重磅交易已 发生 8 起，BD 进入快速增长期。交易主要围绕下一代 GLP-1 及减重新范式（多靶 点、口服、联用和超长效），而在这些领域，国内存在较多优质标的。 投资建议与投资标的 国产创新药出海正处于第一/二阶段，围绕大单品迭代的 BD 仍将持续。从投资上 看： 1）PD-(L)1 P ...

Core Insights - The report maintains a positive outlook on small molecule drug conjugates (SMDCs) and related companies, highlighting their potential in cancer treatment due to their ability to enhance efficacy while reducing toxicity [1][5][17] - The report emphasizes the clinical advantages of SMDCs, including better tumor penetration, reduced toxicity to normal cells, and easier control over synthesis and costs compared to antibody-drug conjugates (ADCs) [5][11][12] - The report identifies domestic biopharmaceutical companies, particularly Affinivax, as leaders in the SMDC space, showcasing significant advancements in innovative cancer drug development [5][12][17] Industry Overview - The pharmaceutical and biotechnology sector has shown a relative price-to-earnings (P/E) ratio of 51.14 as of July 25, 2025, which is significantly higher than its historical low of 24.38, indicating a premium valuation compared to the broader market [19] - The report notes that the healthcare sector's valuation is 279% higher than the Shanghai Composite Index, reflecting strong investor interest and confidence in the industry [19] - Recent market performance indicates a 1.90% increase in the pharmaceutical and biotechnology sector from July 21 to July 25, 2025, ranking it 16th among 27 sub-industries [26][29] Company Focus - The report suggests monitoring companies involved in the SMDC space, including Affinivax, and those collaborating with them, such as Innovent Biologics and others, which are expected to benefit from the growing interest in innovative cancer therapies [5][17][18] - Specific companies highlighted for their innovative drug development capabilities include Innovent Biologics, Shunyi Pharmaceutical, and others, which are positioned to capitalize on the advancements in SMDC technology [5][18]

Group 1 - The stock price of Valiant Biotech-B (09887.HK) increased by 113% [1] - The stock price of China Antibody-B (03681.HK) rose by 8.37% [1] - The stock price of Lepu Biopharma-B (02157.HK) went up by 5.64% [1] - The stock price of Tongyuan Kang Pharmaceutical-B (02410.HK) increased by 3.81% [1]

Group 1 - The Hong Kong pharmaceutical stocks have shown strong performance, with Fangda Holdings (01521.HK) rising by 23.19%, Clover Biopharmaceuticals-B (02197.HK) increasing by 17.65%, Lepu Biopharma-B (02157.HK) up by 11.25%, and WuXi AppTec (02268.HK) gaining 9.41% [1] - WuXi AppTec is expected to see a more than 67% growth in adjusted net profit for the mid-term [1]

Investment Rating - The report maintains a "Strong Buy" rating for the pharmaceutical industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The new centralized procurement regulations emphasize "stability in clinical use, quality assurance, prevention of collusion, and countering excessive competition," which are expected to promote the long-term healthy development of the industry [2][32]. - The report suggests focusing on recently launched innovative products, high-quality raw material suppliers, and key products that have passed the consistency evaluation for generic drugs [2][32]. Summary by Sections Market Review - The pharmaceutical and biotechnology index increased by 4% this week, outperforming the CSI 300 index by 2.91 percentage points, ranking second in industry performance [11]. - Year-to-date, the pharmaceutical and biotechnology index has risen by 16.59%, also surpassing the CSI 300 index by 13.45 percentage points [11]. - The chemical pharmaceutical sector showed the highest growth this week at 6.86%, while traditional Chinese medicine had the lowest decline at 0.88% [16][18]. Individual Stock Performance - In the A-share market, 397 out of 474 pharmaceutical stocks rose, with the top five performers being: - Borui Pharmaceutical (+42.35%) - Lisheng Pharmaceutical (+41.68%) - Nanxin Pharmaceutical (+34.95%) - Aosai Kang (+32.77%) - Yipin Hong (+32.13%) [22]. - In the Hong Kong market, 96 out of 106 pharmaceutical stocks increased, with the top performers including: - Clover Biopharma-B (+63.79%) - Lepu Biopharma-B (+62.04%) - Deqi Pharmaceutical-B (+47.04%) [25]. Industry News and Policies - The 11th batch of national centralized drug procurement was officially launched, including 55 varieties across various therapeutic areas, focusing on clinical needs and market realities [28]. - The new procurement rules are more refined, requiring production experience and quality control capabilities from manufacturers, which will help ensure drug quality and promote industry standardization [28]. - The establishment of the "Commercial Insurance Innovative Drug Directory" marks a significant step in building a multi-tiered medical security system, providing new economic support for innovative drug development [28]. Key Company Announcements - Heng Rui Pharmaceutical reported positive results from its GLP-1/GIP dual receptor agonist HRS9531 in a Phase III weight loss study, with an average weight reduction of 19.2% in the treatment group [29][31]. - The report highlights various corporate actions, including stock incentive plans and capital increases by several companies, indicating active corporate governance and strategic investments in the sector [36].

Market Performance - A-shares steadily advanced this week, with the ChiNext Index reaching a new high for the year and the Shenzhen Component Index hitting a four-month high, approaching its highest point of the year [1] - Weekly trading volume increased to 7.73 trillion yuan, marking the largest weekly trading volume in three months [1] Fund Inflows - Leverage funds actively entered the market, with most industries under the Shenwan first-level industry classification seeing net buying, particularly the computer industry with over 4.4 billion yuan and the electronics industry with over 3 billion yuan [2] - The electronic, biopharmaceutical, and automotive sectors each received over 20 billion yuan in net inflows, while the non-bank financial sector saw a net outflow of over 8.3 billion yuan [2] Rare Earth Demand - The rare earth sector performed strongly, with the rare earth permanent magnet index reaching a three-and-a-half-year high [3] - Demand for rare earths is expected to grow rapidly due to advancements in humanoid robots and electric vehicles, with estimates suggesting a demand of at least 70,000 tons of neodymium-iron-boron by 2025 [3] Energy Metals - The energy metals sector, including lithium and cobalt, reached a two-year high, with lithium carbonate futures breaking 70,000 yuan/ton, marking a 20% increase from recent lows [4] - Short-term lithium salt supply may decline due to reduced exports from Chile and domestic production halts, leading to a potential price stabilization [4] Biopharmaceutical Sector - The biopharmaceutical sector saw significant gains, with the innovative drug index hitting record highs multiple times this week [6] - Notable stocks in the sector, such as Lianhuan Pharmaceutical and Aosaikang, experienced consecutive trading halts, with some stocks showing year-to-date gains exceeding 200% [6][7] Earnings Forecasts - Several pharmaceutical companies have recently forecasted substantial profit increases for the first half of 2025, with estimates suggesting net profit growth exceeding 19 times for some firms [7]

Group 1 - The Hang Seng Index rose by 1.33% [1] - The Hang Seng Tech Index increased by 1.65% [1] - Lepu Biopharma surged over 24% [1] - Dongfang Zhenxuan climbed over 12% [1] - Kingsoft Cloud gained over 8% [1] - CATL (Contemporary Amperex Technology Co., Limited) rose over 5% [1]

Group 1 - Hong Kong biopharmaceutical stocks have strengthened again, with Lepu Biopharma (02157.HK) and Genscript Biotech (01672.HK) both rising by 9% [1] - Other companies such as Kintor Pharmaceutical (01167.HK) and Qianxin Biopharma (02509.HK) have seen increases of over 7% [1]