消息面上，8月21日，康方生物宣布，其自主研发的新型人源化抗IL-17A单克隆抗体古莫奇（AK111），在治疗活动性强直性脊柱炎（AS）的关 键注册性III期临床研究中取得阳性结果，主要疗效终点ASAS20及亚组分析、关键次要终点ASAS40，及其他预先选定的多个次要终点均均获得成 功，具有统计学显著性和临床意义的改善。 民生证券此前指出，2024年公司产品销售收入20.02亿元，同比增长24.88%。公司两大核心产品卡度尼利单抗和依沃西单抗通过2024年底医保谈判 纳入国家医保目录，2025年医保目录执行以来，公司加速推进医院准入和覆盖工作。此外，非肿瘤方面，公司伊努西单抗已获批上市，预计随着 未来依若奇单抗（NDA审评中）、古莫奇单抗（NDA审评中）的获批上市，公司非肿瘤产品商业化进程也将加速兑现。 （原标题：港股异动 | 康方生物(09926)涨超5%创新高 AK111治疗强直性脊柱炎III期临床研究达到全部疗效终点） 智通财经APP获悉，康方生物(09926)涨超5%，高见177.9港元再创新高。截至发稿，涨5.42%，报177.1港元，成交额8.66亿港元。 ...

消息上，中共中央政治局常委、国务院总理李强8月20日在北京调研生物医药产业发展情况。他强调， 要加大高质量科技供给和政策支持，充分发挥企业创新主体作用，着力推动生物医药产业提质升级，研 发生产更多优质高效的好药新药，不断增进人民健康福祉。 有分析指出，国务院总理李强再次强调并部署了对生物医药产业的支持，预示着国家层面将持续并加大 对该行业的政策扶持和资源投入。这并非李强总理首次提及此事，但持续的高层发声，尤其是在当前经 济背景下，传递出了非常强烈和积极的信号。(格隆汇) 港股生物医药股普遍上涨，其中，复宏汉霖涨5%，金斯瑞生物医药涨3.6%，药明合联涨超3%，康方生 物、荣昌生物、君实生物、百济神州均涨约3%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02696 | 复宏汉霖 | 83.000 | 5.06% | | 01548 | 金斯瑞生物科技 | 17.940 | 3.64% | | 02268 | 药明合联 | 59.600 | 3.38% | | 06990 | 科伦博泰生物-B | 445.200 | 3.29% | | 0992 ...

Key Points - The top three stocks with net inflows from southbound funds are China Life (02628) with 1.58 billion, Southern Hang Seng Technology (03033) with 768 million, and Alibaba-W (09988) with 452 million [1][2] - The top three stocks with net outflows are Tencent Holdings (00700) with -1.20 billion, Anta Sports (02020) with -697 million, and Rongchang Biopharmaceutical (09995) with -584 million [1][2] - In terms of net inflow ratio, Datang Renewable (01798) leads with 74.45%, followed by Shenzhen Expressway (00548) with 50.53%, and Bosideng (03998) with 50.23% [1][3] - The top three stocks with the highest net outflow ratios are Chongqing Rural Commercial Bank (03618) at -58.46%, Kington Services (09666) at -54.34%, and Poly Property Group (00119) at -51.88% [1][3] Net Inflow Rankings - The top ten stocks by net inflow include: - China Life (02628): 1.58 billion, 34.91% increase, closing price 23.620 (+3.60%) [2] - Southern Hang Seng Technology (03033): 768 million, 14.65% increase, closing price 5.475 (-0.90%) [2] - Alibaba-W (09988): 452 million, 4.38% increase, closing price 121.800 (-1.54%) [2] - Other notable stocks include Li Auto-W (02015) with 349 million and AIA Group (01299) with 317 million [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tencent Holdings (00700): -1.20 billion, -5.56% decrease, closing price 590.000 (+0.68%) [2] - Anta Sports (02020): -697 million, -40.49% decrease, closing price 92.450 (+2.72%) [2] - Rongchang Biopharmaceutical (09995): -584 million, -33.65% decrease, closing price 77.450 (+13.65%) [2] - Other notable stocks include Meituan-W (03690) with -387 million and China Construction Bank (00939) with -366 million [2] Net Inflow Ratio Rankings - The top stocks by net inflow ratio include: - Datang Renewable (01798): 74.45%, net inflow of 14.5175 million, closing price 2.360 (+0.85%) [3] - Shenzhen Expressway (00548): 50.53%, net inflow of 8.719 million, closing price 7.020 (0.00%) [3] - Bosideng (03998): 50.23%, net inflow of 6.728 million, closing price 4.630 (+0.65%) [3]

Core Viewpoint - UBS has added Kangfang Biotech (09926) to its list of major recommended stocks in the Asia-Pacific region, citing that the overseas potential of its main asset, Edafo, is not fully reflected in the stock price [1] Group 1: Company Analysis - UBS believes that reports of potential collaborations with multinational companies and the upcoming HARMONi study presentation at the 2025 World Lung Cancer Congress will serve as positive catalysts for the stock price [1] - The target price for Kangfang Biotech has been raised from HKD 197.5 to HKD 224.3, with a "Buy" rating assigned [1] - The valuation of Kangfang Biotech is approximately at the median of the biotech stocks covered by UBS, indicating potential for further outperformance [1] Group 2: Sales Forecasts - UBS has increased its peak sales estimate for Edafo from USD 14.6 billion to USD 16.3 billion [1] - The peak sales estimate for another key asset, Kantani, has been raised from USD 2.2 billion to USD 3.4 billion [1]

瑞银将康方生物加入该行的亚太主要推荐股票名单，认为其主要资产依达方的海外潜力并未于股价全面 反映，该行又认为，有关与跨国企业潜在合作的报道及将在2025年世界肺癌大会发布的HARMONi研 究，为正面的股价催化剂。另一项关键资产开坦尼亦正展开全球注册研发。该行指，康方生物估值大致 处于该行覆盖生物科技股的中位数，该股有空间进一步跑赢。该行上调对依达方海外高峰销售预估，由 146亿美元上调至163亿美元，对开坦尼的海外高峰销售预估由22亿美元上调至34亿美元。目标价由 197.5港元上调至224.3港元，评级"买入"。 消息面上，近日，康方生物公布，2025年世界肺癌大会(WCLC)将于9月6日-9日在西班牙巴塞罗那举 行。会议期间，康方生物海外合作伙伴Summit Therapeutics，将重磅发布公司全球首创PD-1/VEGF双特 异性抗体新药依沃西首个国际多中心注册性Ⅲ期临床HARMONi研究的结果，该研究结果作为Late- Breaking Abstract(LBA)被大会选为口头报告，将在全体会议主席专题研讨会(Presidential Symposium)上 重磅发布。 康方生物(09926)涨超 ...

智通财经APP获悉，康方生物(09926)涨超4%，高见173.8港元创上市新高。截至发稿，涨4.17%，报 172.4港元，成交额12.12亿港元。 消息面上，近日，康方生物公布，2025年世界肺癌大会（WCLC）将于9月6日-9日在西班牙巴塞罗那举 行。会议期间，康方生物海外合作伙伴Summit Therapeutics，将重磅发布公司全球首创PD-1/VEGF双特 异性抗体新药依沃西首个国际多中心注册性Ⅲ期临床HARMONi研究的结果，该研究结果作为Late- Breaking Abstract（LBA）被大会选为口头报告，将在全体会议主席专题研讨会（Presidential Symposium）上重磅发布。 瑞银将康方生物加入该行的亚太主要推荐股票名单，认为其主要资产依达方的海外潜力并未于股价全面 反映，该行又认为，有关与跨国企业潜在合作的报道及将在2025年世界肺癌大会发布的HARMONi研 究，为正面的股价催化剂。另一项关键资产开坦尼亦正展开全球注册研发。该行指，康方生物估值大致 处于该行覆盖生物科技股的中位数，该股有空间进一步跑赢。该行上调对依达方海外高峰销售预估，由 146亿美元上调至163亿 ...

Core Viewpoint - UBS has added Kangfang Biopharma to its list of major recommended stocks in the Asia-Pacific region, believing that the overseas potential of its key asset, Edafo, is not fully reflected in its stock price [1] Group 1: Company Potential - UBS highlights that reports of potential collaborations with multinational companies and the upcoming HARMONi study presentation at the 2025 World Lung Cancer Congress serve as positive catalysts for the stock price [1] - The company is also advancing the global registration and research of another key asset, Okanani [1] Group 2: Financial Estimates - UBS has raised its peak sales forecast for Edafo from $14.6 billion to $16.3 billion and for Okanani from $2.2 billion to $3.4 billion [1] - The target price for Kangfang Biopharma has been increased from HKD 197.5 to HKD 224.3, maintaining a "Buy" rating [1]

Investment Rating - The report maintains an investment rating of "B" for the biopharmaceutical industry, indicating that it is expected to outperform the market [1][3]. Core Insights - The report highlights that tumor immunotherapy (IO) is a cornerstone treatment for non-small cell lung cancer (NSCLC), with next-generation IO therapies based on PD-1/L1 monoclonal antibodies showing promise when combined with VEGF, IL-2, ADC, and CTLA-4 to overcome immune resistance and improve survival rates [3][4]. - PD-1/VEGF dual antibodies have demonstrated significant clinical benefits in first-line progression-free survival (PFS) and overall survival (OS) settings, while PD-L1 ADCs offer new options for immune-resistant cases [3][4]. - The report notes that the combination of PD-1/VEGF dual antibodies with chemotherapy has outperformed PD-1 monoclonal antibodies combined with chemotherapy in clinical trials [3][4]. Summary by Sections Tumor Immunotherapy Developments - The report discusses the efficacy of various ADC drugs in NSCLC, including TROP2, EGFR×HER3, and PD-L1 ADCs, which have shown outstanding results [3]. - PD-1/VEGF dual antibodies have reached PFS endpoints in clinical trials for squamous NSCLC, with an overall response rate (ORR) of 71.4% and a median duration of response (mDOR) of 12.7 months [4]. Clinical Trial Results - In first-line PD-L1 positive NSCLC, the ORR for the 707 single-agent treatment was 70.8%, while the combination with chemotherapy yielded an ORR of 58.3% for non-squamous and 81.3% for squamous NSCLC [4]. - The report also highlights the significant OS benefits observed with the PD-1/IL-2α-bias dual antibody fusion protein IBI363 in previously treated squamous NSCLC, achieving a median OS of 15.3 months [5]. Emerging Therapies - The PD-L1 ADC HLX43 has shown an ORR of 31.9% in CPI-treated NSCLC, with a notable 47.4% ORR in the EGFR wild-type non-squamous NSCLC subgroup [6]. - The report emphasizes the potential of the PD-1/VEGF/CTLA-4 triple antibody CS2009, which has demonstrated anti-tumor activity in early clinical trials [6].

恒生医疗ETF（513060）高开，盘中持续震荡，截至发稿，上涨近1.5%，成交额近5亿元，换手率超 6%。成分股中半数上涨，亚盛医药-B、四环医药涨超8%；联邦制药、平安好医生、时代天使、再鼎医 药等个股跟涨，涨幅均超3%。 相关机构发文表示，当下的政策主线，政策+BD双轮驱动。目录双轨（基本医保+商保创新药）意味 着"能进医保走医保、谈不成进商保"的支付闭环雏形已定，释放"真创新更易放量"的信号；时间轴看， 8月公示收官→三季度评审与谈判→10–11月结果发布，政策催化将贯穿3–4个月窗口。对A+H公司而 言，已在公示名单内或具有新增适应症者，阶段性更易获得资金关注。 结构与节奏上，业绩线与事件线叠加。创新药在医保/商保支付"双轨"与MNC数百亿美元级BD"干火 药"共振下，中国创新药板块系统性重估仍在继续；互联网医疗（平台+药房/到家）在高增长与盈利改 善带动下，是H股医药里相对收益的主赛道之一；设备耗材侧，带量集采在部分品类节奏持续，短线对 单一产品依赖度高、议价能力弱的企业形成估值压制，但中长期关注出清后龙头份额提升与国产替代的 结构性机会。 上周港股冲高回落，恒指再度刷新阶段新高。港股三大指数今日 ...

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [6] Core Views - The report emphasizes that the second wave of innovation in pharmaceuticals is just beginning, with a focus on disruptive technologies and a potential bull market driven by innovative drugs [2][12][13] - The PD-1 Plus pipeline is highlighted as a significant trend, with various companies actively developing dual-target and triple-target drugs [17][21] Summary by Sections Recent Performance - The pharmaceutical index increased by 3.08% during the week of August 11-15, underperforming the ChiNext index but outperforming the CSI 300 index [11] - The market showed strong momentum, particularly in innovative drugs, with significant movements in both large-cap and small-cap stocks [12] Future Outlook - The report suggests a continued optimistic view on innovative drugs, with a focus on overseas major drugs and small-cap technology revolutions as key investment themes [13] - Specific strategies include balancing investments in new technologies like brain-computer interfaces and AI in medicine while continuing to explore innovative drugs [13] Investment Strategy - The report outlines a detailed investment strategy focusing on innovative drugs, including major overseas players and small-cap technology companies [14] - Key companies mentioned include: - Overseas Major Drugs: Innovent Biologics, 3SBio, and others [14] - Small-Cap Technology Revolution: Junshi Biosciences, Zai Lab, and others [14] - New Technologies: Companies involved in brain-computer interfaces and AI in healthcare [16] PD-1 Plus Pipeline - The PD-1/VEGF dual antibodies are identified as critical in the current research landscape, with several companies like CanSino Biologics and 3SBio making significant advancements [17][18] - The report highlights the competitive landscape and the potential for new therapies to emerge from ongoing clinical trials [19][20] Market Trends - The report notes that the innovation drug index has outperformed the pharmaceutical index and the CSI 300 index since the beginning of 2025, indicating a strong market trend towards innovative pharmaceuticals [47][48]