[Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 [行业Table_Industry] : 医药生物 日期: shzqdatemark 2025年09月03日 | [Table_Author] 分析师: | 张林晚 | | --- | --- | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | | SAC 编号: | S0870523010001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -4% 2% 9% 15% 22% 28% 34% 41% 47% 09/24 11/24 01/25 04/25 06/25 08/25 医药生物 沪深300 [Table_ReportInfo] 相关报告： 《脑机接口临床转化推进，实际应用加速 落地》 ——2025 年 08 月 25 日 《银诺医药登陆港交所，关注国产 GLP-1 商业化落地进程》 ——2025 年 08 月 19 日 《七部门联合发文，2030 年脑机接口产业 创新能力有望显著提升》 ——2025 年 08 月 ...

Core Viewpoint - The Hong Kong stock market's innovative pharmaceuticals sector continues to lead, with the Hong Kong Stock Connect Innovative Drug ETF (520880) showing strong performance and significant trading activity [1][4]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) has seen a price increase of 1.53%, marking its fourth consecutive day of gains, with a trading volume of 260 million CNY [1]. - The index tracked by the ETF has achieved a year-to-date increase of 115.87%, outperforming other innovative drug indices [4]. - Major pharmaceutical companies such as CSPC Pharmaceutical Group and China Biologic Products have also shown strong stock performance, with increases of approximately 5% and over 2% respectively [1][2]. Group 2: Industry Developments - BeiGene, a leading innovative drug company, has signed a significant agreement with Royalty Pharma, receiving an upfront payment of 885 million USD and the potential for an additional 65 million USD [3]. - Since the beginning of the year, there have been 83 licensing agreements for domestic innovative drugs, reflecting a 57% year-on-year increase, with total amounts reaching 84.531 billion USD, a 185% increase compared to the previous year [3]. - The upcoming major conferences in the second half of the year are expected to showcase key clinical data from Chinese innovative drugs, potentially leading to a favorable market environment similar to the one seen during the American Society of Clinical Oncology (ASCO) meeting in May [3]. Group 3: Index Adjustments - The Hang Seng Index has announced revisions to the Hang Seng Stock Connect Innovative Drug Select Index, removing companies primarily engaged in CXO services to focus on innovative drug research and development firms [4][7]. - This adjustment is expected to enhance the index's performance by eliminating disturbances caused by CXO companies, reflecting the maturation of China's innovative drug development [7].

Wind统计显示，9月2日，科创板两融余额合计2308.39亿元，较上一交易日减少0.67亿元。其中，融资 余额合计2300.51亿元，较上一交易日减少0.68亿元；融券余额合计7.88亿元，较上一交易日增加0.01亿 元。 （文章来源：证券时报网） 从个股来看，9月2日有305只科创板个股获融资净买入，净买入金额在5000万元以上的有18股。其中， 百济神州获融资净买入额居首，净买入3.52亿元；融资净买入金额居前的还有华虹公司、绿的谐波、上 纬新材、凌云光等股，净买入金额均超1亿元。 ...

Group 1 - On September 2, among the 31 first-level industries tracked by Shenwan, 14 industries experienced net financing inflows, with the non-bank financial sector leading at a net inflow of 1.468 billion yuan [1] - Other industries with significant net financing inflows included pharmaceuticals and biotechnology, non-ferrous metals, chemicals, and oil and petrochemicals, each exceeding 100 million yuan in net inflow [1] Group 2 - A total of 1,658 individual stocks received net financing inflows on September 2, with 96 stocks having net inflows exceeding 50 million yuan [1] - Among these, 37 stocks had net financing inflows exceeding 100 million yuan, with Shenghong Technology leading at a net inflow of 1.367 billion yuan [1] - Other notable stocks with significant net inflows included Dongfang Wealth, Top Group, BeiGene, Data Port, Pacific, Sanhua Intelligent Control, Kunlun Wanwei, and Huahong Semiconductor, each with net inflows exceeding 200 million yuan [1]

Market Overview - The Hang Seng Index (HSI) closed at 25,485.70, down by 10.85 points or 0.04% as of September 2, 16:00 Eastern Time [1] - The index reached a high of 25,496.61 and a low of 25,284.62 during the trading session, with a trading volume of 95.8438 million [1] - The 52-week high for the index is 25,778.47, while the 52-week low is 17,034.99, indicating a trading range of 0.83% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 100.038, up by 0.29% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 603.227, reflecting an increase of 0.45% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) latest price is HKD 600.500, down by HKD 4.500 or 0.74% [3] - Alibaba Group (09988) latest price is HKD 134.700, down by HKD 2.400 or 1.75% [3] - China Construction Bank (00939) latest price is HKD 7.700, up by HKD 0.150 or 1.99% [3] - Xiaomi Group (01810) latest price is HKD 55.850, up by HKD 1.850 or 3.43% [3] - AIA Group (01299) latest price is HKD 72.700, down by HKD 1.400 or 1.89% [3] - Hong Kong Exchanges and Clearing (00388) latest price is HKD 443.600, down by HKD 4.400 or 0.98% [3] - JD.com (09618) latest price is HKD 119.600, down by HKD 1.800 or 1.48% [3]

Group 1: Long-term Strategic Moves - Changchun High-tech announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and international brand image despite a decline in revenue and net profit in the first half of the year [1] - The stock price of BeiGene reached a historical high of 346 CNY per share, with a market capitalization surpassing 500 billion CNY, indicating strong market competitiveness and investor preference for high-growth potential in the innovative drug sector [2] Group 2: Clinical Trials and Research Developments - Eli Lilly terminated two Phase II clinical trials for the small molecule GLP-1 receptor agonist Naperiglipron due to commercial strategy reasons, while one ongoing study is expected to conclude next year, which will influence the project's future direction [3] - Canfite BioPharma completed patient enrollment for a Phase III clinical trial of its PD-1/VEGF bispecific antibody, which could provide compelling data for treating advanced biliary tract malignancies and potentially fill a market gap if approved [4] Group 3: Corporate Restructuring - WuXi AppTec announced the transfer of 98.9% equity in Shanghai Hualian Pharmaceutical to a newly established wholly-owned subsidiary, which will not affect the operational activities or financial performance of the target company, but aims to optimize the organizational structure [5]

Summary of Key Points Core Viewpoint - The stock of BeiGene, Ltd. experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 30% over three consecutive trading days from August 28 to September 1, 2025, prompting a regulatory announcement regarding the situation [1]. Group 1: Stock Trading Abnormalities - The company's stock price increased significantly, with a cumulative deviation of over 30% during the specified trading days, which is classified as abnormal trading behavior according to the Shanghai Stock Exchange regulations [1]. - The company confirmed that its production and operational activities are normal, with no significant changes in the market environment or industry policies [1]. Group 2: Company Verification - The company conducted a self-examination and found no major undisclosed events that could impact stock prices, nor any media reports or market rumors that could significantly affect the stock [1]. - There were no significant events or information that should have been disclosed according to the relevant regulations, and no insider trading activities were reported among directors or senior management during the abnormal trading period [1]. Group 3: Board of Directors Statement - The Board of Directors confirmed that, apart from disclosed matters, there are no undisclosed items that could materially affect the company's stock price or related trading instruments [1].

Core Viewpoint - BeiGene (ONC.US) experienced a significant increase of over 9%, closing at $334.20, following the release of its financial report for the first half of 2025, which showed a total revenue of 17.518 billion yuan, a year-on-year growth of 46.03% [1] Financial Performance - The total revenue for the first half of 2025 reached 17.518 billion yuan, with product revenue accounting for 17.36 billion yuan, reflecting a year-on-year increase of 45.8% [1] - The company achieved a net profit of 450 million yuan, marking its first profitable quarter of the year [1] Product Performance - The growth in product revenue was driven by sales increases of self-developed products, namely Brukinsa (Zebutinib capsules) and Tislelizumab (anti-PD-1 monoclonal antibody), as well as increased sales from Amgen licensed products [1] - Brukinsa demonstrated outstanding performance, becoming the leading BTK inhibitor in both the U.S. and global markets [1] Sales Breakdown - Global sales of Brukinsa reached 12.527 billion yuan, representing a year-on-year growth of 56.2% [1] - In the U.S. market, sales of Brukinsa amounted to 8.958 billion yuan, with a year-on-year increase of 51.7% [1] - Brukinsa has rapidly gained adoption among patients and physicians in the U.S. due to its best-in-class clinical characteristics, making it the largest and fastest-growing product in the market [1]

周二，百济神州(ONC.US)大涨逾9%，报334.20美元。财报显示，2025年上半年，百济神州实现营业总 收入175.18亿元，同比增长46.03%，其中产品收入为173.6亿元，同比增长45.8%；公司实现净利润4.5亿 元，这也是百济神州今年以来首次扭亏为盈。 2025年上半年，公司产品收入的增长得益于自主研发产品百悦泽(泽布替尼胶囊)、百泽安(替雷利珠单 抗)的销售增长，以及安进授权产品的销售额增加。其中，核心自研产品泽布替尼表现突出，已稳居美 国和全球BTK抑制剂市场第一位。 2025年半年度，泽布替尼全球销售额达125.27亿元，同比增长56.2%。在美国市场，该产品销售额达 89.58亿元，同比增长51.7%。泽布替尼凭借同类最佳临床特征，迅速获得全美患者和医生采用。泽布替 尼既是美国市场份额最大的产品，同时也是增长最快的品牌产品。 ...

2025年半年度，泽布替尼全球销售额达125.27亿元，同比增长56.2%。在美国市场，该产品销售额达 89.58亿元，同比增长51.7%。泽布替尼凭借同类最佳临床特征，迅速获得全美患者和医生采用。泽布替 尼既是美国市场份额最大的产品，同时也是增长最快的品牌产品。 2025年上半年，公司产品收入的增长得益于自主研发产品百悦泽®(泽布替尼胶囊)、百泽安®(替雷利珠 单抗)的销售增长，以及安进授权产品的销售额增加。其中，核心自研产品泽布替尼表现突出，已稳居 美国和全球BTK抑制剂市场第一位。 周二，百济神州(ONC.US)大涨逾9%，报334.20美元。财报显示，2025年上半年，百济神州实现营业总 收入175.18亿元，同比增长46.03%，其中产品收入为173.6亿元，同比增长45.8%；公司实现净利润4.5亿 元，这也是百济神州今年以来首次扭亏为盈。 ...