瑞银指，该药物自今年1月纳入国家医保目录后销售快速增长，5月获批NSCLC一线治疗新适应症，有 望通过2025年医保谈判进一步贡献增量收入，将AK112在中国及全球销售高峰值上调至12亿及146亿美 元。 瑞银发布研报称，康方生物(09926)核心产品AK112(ivonescimab)在非小细胞肺癌(NSCLC)外的适应症展 现巨大潜力，除NSCLC的6项适应症外，公司另启动6项三期临床试验，覆盖胆管癌、三阴性乳腺癌、 胰腺癌等一线治疗领域，适应症广度居同类药物之首，重申"买入"评级，并将目标价从112.1港元大幅 上调至197.5港元。 ...

瑞银指，该药物自今年1月纳入国家医保目录后销售快速增长，5月获批NSCLC一线治疗新适应症，有 望通过2025年医保谈判进一步贡献增量收入，将AK112在中国及全球销售高峰值上调至12亿及146亿美 元。 智通财经APP获悉，瑞银发布研报称，康方生物(09926)核心产品AK112(ivonescimab)在非小细胞肺癌 (NSCLC)外的适应症展现巨大潜力，除NSCLC的6项适应症外，公司另启动6项三期临床试验，覆盖胆 管癌、三阴性乳腺癌、胰腺癌等一线治疗领域，适应症广度居同类药物之首，重申"买入"评级，并将目 标价从112.1港元大幅上调至197.5港元。 ...

Investment Rating - The report indicates a positive outlook for the autoimmune therapy market, suggesting significant growth potential and investment opportunities in the sector [8]. Core Insights - The autoimmune market is the second largest after oncology, with a global market size of $132.3 billion in 2022, projected to reach $176.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 3.68% from 2022 to 2030 [8]. - The report highlights the potential for multi-target interventions to enhance treatment efficacy in autoimmune diseases, transitioning from monoclonal antibodies to bispecific and multispecific antibodies [19]. - The report emphasizes the significant market space for autoimmune therapies in China, where the autoimmune market size was only $2.9 billion in 2022, representing just 8% of the oncology market size of $34.7 billion, indicating substantial room for growth [8]. Market Overview - The global autoimmune drug market is expected to grow significantly, with the market size projected to increase from $1,323 million in 2022 to $1,767 million by 2030 [8]. - The report provides a detailed analysis of various autoimmune diseases, their prevalence, and the corresponding patient populations globally, including conditions like atopic dermatitis, chronic obstructive pulmonary disease, and rheumatoid arthritis [6][11]. Clinical Research Progress - The report outlines advancements in clinical research for dual-target and multi-target therapies, indicating a shift towards more effective treatment options for complex autoimmune diseases [19][22]. - It discusses the development of several blockbuster monoclonal antibody drugs in the autoimmune sector, with projected sales for top drugs in 2024, including Dupilumab at $14.15 billion and Risankizumab at $11.72 billion [9]. Key Companies to Watch - The report identifies key companies involved in the development of autoimmune therapies, including Sanofi, AbbVie, and Johnson & Johnson, highlighting their leading products and market positions [9][25].

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 Viewpoint - The A-share market showed a strong recovery in July, with all 30 broker stock combinations recorded positive returns, indicating a favorable investment environment [1][4]. Group 1: July Stock Performance - The top-performing stock in July was Kangchen Pharmaceutical, recommended by Ping An Securities, with a remarkable increase of 106.74% [3][4]. - Other notable stocks included Bori Pharmaceutical (82.05% increase) and Kangfang Biotech (68.13% increase), recommended by Dongwu Securities and Northeast Securities respectively [3][4]. - Stocks such as Yuandong Biological, Dongshan Precision, and Jitu Express-W also saw increases exceeding 50% [4]. Group 2: Broker Performance - Ping An Securities led the broker stock combinations with a return of 16.57% in July, followed by Kaiyuan Securities (13.57%) and Caitong Securities (12.93%) [5]. - Other brokers like China Merchants Securities, Great Wall Securities, and Galaxy Securities also achieved returns above 10% [5]. Group 3: August Investment Strategy - Brokers are adopting an aggressive strategy for August, focusing on technology growth stocks and cyclical stocks benefiting from mid-year performance [7][11]. - The market is expected to continue its upward trend driven by optimistic expectations regarding corporate ROE recovery [11]. Group 4: Recommended Stocks for August - The most frequently recommended stocks for August include Dongfang Caifu, Muyuan Foods, and Wanhua Chemical, each receiving four recommendations from different brokers [13][14]. - Dongfang Caifu is expected to benefit from a bullish trend in the securities sector, while Muyuan Foods is projected to maintain stable profits amid rising pig prices [13][14].

Group 1 - The overall performance of brokerage "gold stocks" in July was positive, with all 30 brokerage combinations showing gains [2][4] - Ping An Securities' gold stock combination led with a return of 16.57%, followed by Kaiyuan Securities at 13.57% and Caitong Securities at 12.93% [4][5] - The top-performing individual stock was Kangchen Pharmaceutical, recommended by Ping An Securities, which saw a remarkable increase of 106.74% in July [2][3] Group 2 - Other notable stocks included Bori Pharmaceutical with an 82.05% increase and Kangfang Biotech with a 68.13% increase, both recommended by East Wu Securities and Northeast Securities respectively [2][3] - Stocks recommended by Ping An Securities, such as Yuandong Biological, also performed well, with increases exceeding 50% [2] - As of August 1, several brokerages, including Guojin Securities and Guohai Securities, have launched their gold stock combinations for August, focusing on technology growth stocks and cyclical stocks benefiting from mid-year performance [6] Group 3 - The most frequently recommended stocks for August included Dongfang Caifu, Muyuan Foods, and Wanhua Chemical, each receiving four recommendations from different brokerages [9][11] - Guohai Securities highlighted Dongfang Caifu's potential for a significant upward trend in the securities sector over the next two months [10] - Guojin Securities emphasized Muyuan Foods' leading position in pig farming, projecting stable profits amid rising pork prices [10]

Core Viewpoint - The article highlights the strong performance of brokerage "gold stocks" in July, with all 30 brokerage gold stock combinations showing positive returns, indicating a robust recovery in the A-share market [2][9]. Brokerage Performance - Ping An Securities' gold stock combination achieved the highest return of 16.57% in July, followed by Kaiyuan Securities at 13.57% and Caitong Securities at 12.93% [3][9][10]. - Notably, all brokerage gold stock combinations recorded positive returns, with several brokerages, including China Merchants Securities and Galaxy Securities, also exceeding 10% returns [9][10]. Top Performing Stocks - The best-performing stock was Kangchen Pharmaceutical, recommended by Ping An Securities, which surged by 106.74% in July [4][6]. - Other notable stocks included Borui Pharmaceutical (82.05%), Kangfang Biotech (68.13%), and Yuandong Biotech (56.60%), all showing significant monthly gains [6][7]. August Strategy - Brokerages are adopting an aggressive strategy for August, focusing on technology growth stocks and cyclical stocks benefiting from mid-year performance reports [12][15]. - The market outlook is optimistic, driven by expectations of recovering corporate ROE and a favorable policy environment, suggesting a continued upward trend in A-shares [15]. Common Recommendations - Several stocks received multiple recommendations from brokerages for August, including Dongfang Caifu, Muyuan Foods, and Wanhua Chemical, each recommended by four different brokerages [16][19]. - The rationale for recommending Dongfang Caifu includes the potential for the securities sector to enter a main upward trend, while Muyuan Foods is recognized for its leading position in the pig farming industry [16][19].

瑞银发表研究报告指，康方生物(9926.HK)核心产品AK112（ivonescimab）在非小细胞肺癌（NSCLC） 外的适应症展现巨大潜力，除NSCLC的6项适应症外，公司另启动6项三期临床试验，覆盖胆管癌、三 阴性乳腺癌、胰腺癌等一线治疗领域，适应症广度居同类药物之首。瑞银指，该药物自今年1月纳入国 家医保目录后销售快速增长，5月获批NSCLC一线治疗新适应症，有望通过2025年医保谈判进一步贡献 增量收入，将AK112在中国及全球销售高峰值上调至12亿及146亿美元，重申买入评级，并将目标价从 112.1港元大幅上调至197.5港元。 ...

瑞银重申康方生物买入评级 目标价一举升至197.5港元 金十数据8月1日讯，瑞银发表研究报告指，康方生物(09926.HK)核心产品AK112（ivonescimab）在非小 细胞肺癌（NSCLC）外的适应症展现巨大潜力，除NSCLC的6项适应症外，公司另启动6项三期临床试 验，覆盖胆管癌、三阴性乳腺癌、胰腺癌等一线治疗领域，适应症广度居同类药物之首。瑞银指，该药 物自今年1月纳入国家医保目录后销售快速增长，5月获批NSCLC一线治疗新适应症，有望通过2025年 医保谈判进一步贡献增量收入，将AK112在中国及全球销售高峰值上调至12亿及146亿美元，重申买入 评级，并将目标价从112.1港元大幅上调至197.5港元。 ...

Group 1 - The core viewpoint of the article highlights the resurgence of the innovative drug sector, with significant stock price increases for companies like Weikang Pharmaceutical and Yuekang Pharmaceutical, indicating a positive market sentiment [1] - The pharmaceutical sector is experiencing a shift in policy attitudes, with optimization of centralized procurement rules, which is expected to benefit the industry [1] - After years of R&D investment, the pharmaceutical pipeline is entering a harvest phase, and there is an accelerating trend of overseas business development (BD) in the industry, showcasing the global competitiveness of China's innovative drugs [1] Group 2 - Zhongyin Securities suggests focusing on companies that are entering the realization or volume expansion phase, particularly those with overseas capabilities, such as Innovent Biologics, CanSino Biologics, and Eucure Biopharma [1] - The upcoming 2024 national medical insurance negotiations are anticipated to further impact the innovative drug field positively, creating opportunities for valuation reconstruction in the pharmaceutical sector [1]