作者：行情君 资料显示，再鼎医药有限公司是一家以患者为中心的、处于商业化阶段的创新型全球生物制药公司,立 足中国、全球运营,致力于为中国及全球的患者提供针对肿瘤、自身免疫性疾病、感染性疾病和中枢神 经系统疾病的同类最优和同类首创药物。公司的使命是成为全球领先的生物制药公司,为中国和世界各 地的患者提供变革性创新药物。再鼎医药的长期目标是成为全球领先的生物制药公司,以中国为基,为全 球患者提供创新疗法。 本文源自：金融界 8月5日，再鼎医药(ZLAB)开盘上涨2.8%，截至21:30，报39.115美元/股，成交67.58万美元，总市值 43.45亿美元。 大事提醒： 财务数据显示，截至2025年03月31日，再鼎医药收入总额1.06亿美元，同比增长22.19%；归母净利 润-4843.8万美元，同比增长9.41%。 8月7日，再鼎医药将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国 当地时间，实际披露日期以公司公告为准）。 ...

Group 1 - The Hong Kong biotechnology stocks collectively rose, with notable increases in several companies' stock prices [1][2] - Beihai Kangcheng-B saw a rise of nearly 19%, while other companies like Gilead Sciences-B and Ascentage Pharma-B also experienced significant gains of over 15% and 9% respectively [1][2] - The overall trend indicates a positive sentiment in the biotechnology sector, with multiple companies achieving gains of over 5% [1][2] Group 2 - Specific stock performance includes: Beihai Kangcheng-B at 18.99% increase, Gilead Sciences-B at 15.30%, and Ascentage Pharma-B at 9.48% [2] - The market capitalization of these companies varies significantly, with Gilead Sciences-B at approximately 11.477 billion and Ascentage Pharma-B at about 29.86 billion [2] - Other notable performers include Jiahua Bio-B and Beikang Medical-B, both showing increases of over 7% [1][2]

Group 1 - The Hong Kong biotechnology sector experienced a rise on August 5, with notable increases in stock prices for several companies [1] - Gilead Sciences (歌礼制药) saw a surge of over 15% in its stock price [1] - Ascentage Pharma (亚盛医药) increased by more than 9% [1] - Other companies such as Jiahe Biopharma (嘉和生物) and Innovent Biologics (复宏汉霖) rose by over 8% [1] - CanSino Biologics (康希诺生物) and Zai Lab (再鼎医药) experienced increases of over 5% [1]

| | | | 中流国际 (00981.HK) 再鼎医药 (09688.HK) 华虹半导体 | | | --- | --- | --- | --- | --- | | | | 经济数据 | (01347.HK) | | | · 22:00 | · 08:30 | · 04:30 | 中国7月出口年 | 中国7月M2货币 | | 美国6月工厂订 | 中国香港7月标 | 美国至8月1日当 | 駅 | 供应年率 | | 单月率 | 普全球制造业 | 周API原油屋存 | 中国7月进口年 | 中国7月M1货币 | | | PMI | (万桶) | 院 | 供应年率 | | | · 09:45 | · 22:00 | 中国7月贸易帐 | 中国7月M0货币 | | | 中国7月标普全 | 美国7月全球供 | (亿元) | 供应年率 | | | 球服务业PMI | 应链压力指数 | · 00:00 | 中国7月今年迄 | | | · 20:30 | · 22:30 | 中国7月以美元 | 今新增人民币贷 | | | 美国6月贸易帐 | 美国至8月1日当 | 计算贸易帐(亿 | 款(亿元) | | | (亿美元) | 周EI ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical and biotechnology industry, emphasizing the transition from "Made in China" to "Created in China" for innovative drugs [10]. Core Insights - The report highlights that domestic innovative drugs are gaining global competitiveness and are currently in the first and second stages of international expansion, primarily through licensing agreements and partnerships [10][12]. - The report identifies key areas of focus for investment, including PD-(L)1 plus, ADCs, and GLP-1 drugs, which are expected to drive future growth and business development (BD) opportunities [10][51]. Summary by Sections Section 1: Transition from "Manufacturing" to "Innovation" - The policy reforms initiated in 2015 have stimulated a shift from generic to innovative drug development in China, with significant increases in R&D investment since 2018 [19][21]. - The number of First-in-Class (FIC) drugs developed in China has risen from 9 in 2015 to 120 in 2024, indicating a substantial increase in innovation [25][26]. Section 2: Continued BD Opportunities - PD-(L)1 plus is identified as a cornerstone for next-generation cancer treatments, with significant demand and potential for new products [51]. - The report notes that ADCs are transitioning towards more differentiated targets, focusing on unmet clinical needs, with promising candidates like PD-L1, DLL3, and EGFR [51]. - The GLP-1 market is experiencing rapid growth, with a focus on multi-target, oral, combination, and long-acting formulations [51]. Section 3: Investment Recommendations - For PD-(L)1 plus, companies such as Kangfang Biotech, Shansheng Pharmaceutical, and Junshi Biosciences are recommended for investment due to their strong pipelines [5]. - In the ADC space, companies like Fuhong Hanlin and Zai Lab are highlighted for their potential in addressing unmet clinical needs [5]. - In the GLP-1 sector, firms such as Borui Pharmaceutical and Zai Lab are noted for their promising developments [5].

Core Insights - The four key themes in China's innovative pharmaceutical industry this year are blockbuster drugs, IPOs, financing, and international expansion [2] - The industry is experiencing a turning point after years of capital challenges and market fluctuations, leading to a self-driven push for breakthroughs [2] Industry Overview - In Shanghai, the three leading industries reached a scale of 1.8 trillion yuan last year, with the biopharmaceutical sector exceeding 980 billion yuan [2] - This year, the biopharmaceutical industry in Shanghai is expected to surpass 1 trillion yuan, indicating a significant growth trajectory [2] Company Spotlight - Zai Lab, founded in 2014, represents a second entrepreneurial venture for its founding team, who previously established Hutchison China MediTech in Shanghai [2] - The name "Zai" signifies the ambition of "reaching new heights" in their business endeavors [2] - The company has achieved dual listings on the Hong Kong and US stock markets, with a total market capitalization of approximately 30 billion yuan [2]

节目第二集，将走进2014年成立的再鼎医药。它的创始团队此前在上海成功创办了和黄医药，这是他们 在上海的二度创业，再鼎寓意着"再度问鼎"的事业期许。这让人不禁感慨，创业者在上海能够那么如鱼 得水，这座城市生产创新药企的速度又是那么高效。目前，公司已实现港股和美股两地上市，总市值约 300亿元。它在今年能不能站上新的发展拐点，第一财经记者将与之深度对话。 爆款、上市、融资、出海，这是今年中国创新药产业的四大关键词。这些动作绝非一朝一夕的博弈，而 是历经过去数年的资本"寒潮"、行业波动和周期冷暖后，自我倒逼、奋力突围、穿越周期的结果。 把镜头拉回上海。去年上海三大先导产业规模达1.8万亿元，其中生物医药产业规模超9800亿元。今 年，这一数字有望突破万亿大关。行业迎来拐点，企业何尝不是。"上海药圈新拐点"系列报道，将独家 专访三家扎根上海的上市药企掌舵人，共同讲述当全球创新药行业进入"中国时间"，作为上海打造生物 医药产业高地的侧影，他们如何腾挪和突破，迎接属于自己的新拐点。 ...

港股生物医药板块午后走弱，荣昌生物(09995.HK)跌超7%，君实生物(01877.HK)跌超6%，再鼎医药 (09688.HK)、复宏汉霖(02696.HK)等跟跌。 ...

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant short-selling activity and potential investor sentiment towards these companies. Group 1: Top Short-Selling Ratios - JD Health (86618) has the highest short-selling ratio at 100.00% [1][2] - Hang Seng Bank (80011) follows with a short-selling ratio of 88.44% [1][2] - SenseTime (80020) has a short-selling ratio of 76.25% [1][2] Group 2: Top Short-Selling Amounts - Xiaomi Group (01810) leads in short-selling amount with 2.209 billion [1][2] - Tencent Holdings (00700) has a short-selling amount of 0.955 billion [1][2] - WuXi AppTec (02359) reports a short-selling amount of 0.698 billion [1][2] Group 3: Top Short-Selling Deviations - Hang Seng Bank (80011) has the highest deviation value at 48.82% [1][2] - JD Health (86618) follows with a deviation value of 45.78% [1][2] - Uni-President China (00220) has a deviation value of 33.70% [1][2]

资料显示，再鼎医药有限公司是一家以患者为中心的、处于商业化阶段的创新型全球生物制药公司,立 足中国、全球运营,致力于为中国及全球的患者提供针对肿瘤、自身免疫性疾病、感染性疾病和中枢神 经系统疾病的同类最优和同类首创药物。公司的使命是成为全球领先的生物制药公司,为中国和世界各 地的患者提供变革性创新药物。再鼎医药的长期目标是成为全球领先的生物制药公司,以中国为基,为全 球患者提供创新疗法。 本文源自：金融界 大事提醒： 8月7日，再鼎医药将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国 当地时间，实际披露日期以公司公告为准）。 7月29日，再鼎医药(ZLAB)开盘上涨5.84%，截至21:30，报40.95美元/股，成交212.97万美元，总市值 45.49亿美元。 财务数据显示，截至2025年03月31日，再鼎医药收入总额1.06亿美元，同比增长22.19%；归母净利 润-4843.8万美元，同比增长9.41%。 作者：行情君 ...