（文章来源：每日经济新闻） 每经AI快讯，医药股今日普遍重挫，截至发稿，三叶草生物-B(02197.HK)跌14.43%，报2.49港元；荣昌 生物(09995.HK)跌11.54%，报105.4港元；诺诚健华(09969.HK)跌11.48%，报16.65港元；歌礼制药- B(01672.HK)跌9.16%，报10.51港元；泰格医药(03347.HK)跌7.08%，报43.86港元。 ...

医药股今日普遍重挫，截至发稿，三叶草生物-B(02197)跌14.43%，报2.49港元；荣昌生物(09995)跌 11.54%，报105.4港元；诺诚健华(09969)跌11.48%，报16.65港元；歌礼制药-B(01672)跌9.16%，报10.51 港元；泰格医药（300347）(03347)跌7.08%，报43.86港元。 国盛证券指出，过节期间，辉瑞和特朗普达成协议，部分解除了海外MNC的政策担忧，海外MNC迎来 修复，同时也带动港股医药情绪有所修复，对CXO带来正面影响，在这个影响下，中小市值创新药-B 公司尤其是未进通的表现弹性较大。这段时间CXO确实表现相对强势，有业绩期比较优势，也有降息 预期影响，也有行业趋势拐点向上预期影响，几点共振，中长期值得期待。创新药近期因为缺少催化， 借势消化筹码，也有企稳迹象，看好十一后，尤其是Q4创新药表现。 消息面上，中泰证券（600918）认为，9月板块延续震荡调整，主要由于3月以来医药板块超额明显，短 期内板块催化相对较少，板块缺少持续上行强动力；此外创新药板块年初以来涨幅较大，资金有兑现收 益的需求。该行认为阶段的震荡调整是相对良性的，且基本面来看创 ...

Group 1 - Pharmaceutical stocks experienced a significant decline, with notable drops in companies such as Clover Biopharma-B (down 14.43% to HKD 2.49), Rongchang Biopharma (down 11.54% to HKD 105.4), and Innovent Biologics (down 11.48% to HKD 16.65) [1] - According to Zhongtai Securities, the pharmaceutical sector has been in a phase of adjustment since September, primarily due to the substantial outperformance since March, leading to a lack of strong upward momentum in the short term [1] - The firm views the current phase of adjustment as relatively healthy, with the fundamental innovation logic remaining unchanged, and anticipates that the pharmaceutical sector is still at a valuation bottom with strong safety margins and upside potential in the long term [1] Group 2 - Guosheng Securities noted that during the holiday period, Pfizer and Trump reached an agreement that alleviated policy concerns for overseas MNCs, positively impacting the sentiment in the Hong Kong pharmaceutical market and benefiting CXO companies [2] - The CXO sector has shown relative strength due to performance advantages during earnings periods, expectations of interest rate cuts, and an anticipated upward trend in the industry, making it a sector to watch for medium to long-term potential [2] - Recent lack of catalysts for innovative drugs has led to a phase of digestion of positions, but there are signs of stabilization, with optimism for performance improvement post-October, particularly in Q4 [2]

Core Insights - Nuo Cheng Jian Hua has signed a global licensing agreement with Zenas BioPharma worth over $2 billion, which includes an upfront payment of up to $100 million and milestone payments [1][2] - Zenas will gain global rights to Nuo Cheng Jian Hua's core product, Obexelimab, in the field of multiple sclerosis, along with rights to new oral IL-17AA/AF inhibitors and oral TYK2 inhibitors [2] - Obexelimab is a highly selective BTK inhibitor with strong CNS penetration, already commercialized since 2021 and included in the national medical insurance directory in 2022 [3] Financial Performance - Nuo Cheng Jian Hua reported a revenue of 731 million yuan in the first half of 2025, a year-on-year increase of 74.3%, with revenue from Obexelimab reaching 637 million yuan, up 52.8% [4] - The company narrowed its net loss to 30 million yuan in the first half of 2025, compared to a loss of 262 million yuan in the same period last year [4] - As of June 30, 2025, Nuo Cheng Jian Hua had cash and cash equivalents totaling 7.7 billion yuan [4]

截至2025年10月9日 13:04，恒生港股通创新药精选指数下跌4.58%。成分股方面涨跌互现，石四药集团领涨3.12%，华润医药上涨1.23%，山东新华制药股份 上涨0.99%；诺诚健华领跌9.73%，荣昌生物下跌9.36%，科伦博泰生物-B下跌8.31%。港股创新药精选ETF(520690)下跌0.49%，最新报价1.02元。拉长时间 看，截至2025年9月30日，港股创新药精选ETF近2周累计上涨1.09%。 流动性方面，港股创新药精选ETF盘中换手19.17%，成交8400.15万元，市场交投活跃。拉长时间看，截至9月30日，港股创新药精选ETF近1月日均成交1.58 亿元。 截至2025年10月9日 13:03，恒生医疗保健指数下跌3.31%。成分股方面涨跌互现，脑动极光-B领涨7.79%，心泰医疗上涨3.52%，同仁堂国药上涨3.37%；诺 诚健华领跌9.78%，科伦博泰生物-B下跌8.23%，四环医药下跌7.69%。恒生医疗ETF(513060)上涨0.14%， 冲击3连涨。最新价报0.74元。拉长时间看，截至 2025年9月30日，恒生医疗ETF近2周累计上涨1.24%。 流动性方面，恒生医 ...

Core Viewpoint - The company, Innovent Biologics, announced a licensing agreement with Zenas for its core product, Orelabrutinib, allowing Zenas to develop and commercialize it in multiple sclerosis and other non-oncology indications, while retaining oncology rights [1][4]. Group 1: Licensing Agreement Details - Innovent's subsidiary, InnoCare, will receive up to $100 million in upfront and milestone payments, along with 7 million shares of Zenas common stock, with potential total transaction value exceeding $2 billion [1][4]. - The agreement includes rights for two preclinical molecules, a novel oral IL-17 AA/AF inhibitor and a brain-penetrant oral TYK2 inhibitor, which are aligned with Zenas's focus on autoimmune diseases [1][5]. Group 2: Product and Market Potential - Orelabrutinib is currently approved for three indications in hematological cancers in China, with ongoing clinical trials for primary progressive multiple sclerosis (PPMS) and secondary progressive multiple sclerosis (SPMS) [4][7]. - The global market for multiple sclerosis treatments is significant, particularly in Europe and North America, where there is a high unmet clinical need for effective therapies [7][8]. Group 3: Financial and Strategic Implications - The company has a strong cash position of approximately 7.68 billion yuan, which supports its ongoing research and development efforts [8]. - The licensing agreement reflects a shift in global business development strategies, emphasizing collaboration and shared success rather than merely selling products [7].

Group 1 - The Hang Seng Index rose by 0.04%, gaining 11 points to close at 26,840 points, while the Hang Seng Tech Index increased by 0.63% [1] - Shanghai Electric (601727) surged by 15.72%, hitting the upper limit in A-shares, driven by recent positive developments in the controllable nuclear fusion sector [1] - Hua Hong Semiconductor (01347) climbed 6.75%, reaching a new high as local supply chain integration accelerates, with domestic foundry demand expected to expand rapidly [1] - Jiangxi Copper (600362) shares rose by 11%, as the company is a leading copper smelter in China, with First Quantum's copper mine expected to resume production [1] - Luoyang Molybdenum (603993) increased by 8%, following a significant rise in cobalt prices, which surged over 11% in the previous two days due to strict export controls from the Congo [1] Group 2 - Hang Seng Bank (00011) saw a 26% increase, following HSBC's recommendation for its privatization [2] - Solar energy stocks experienced gains, with upstream prices rising more than downstream prices in September; New Special Energy (01799) rose 4.52%, Flat Glass (601865) increased by 7.67%, and GCL-Poly Energy (03800) gained 3.73% [2] - High-speed rail infrastructure stocks led the gains, with record railway investment progress; China Railway (601390) rose 9%, China Metallurgical Group (601618) increased by 6%, and CRRC Corporation (601766) gained 4.17% [2] - ZTE Corporation (00763) saw both A and H shares rise, with the launch of Co-Sight super intelligent system indicating positive growth potential in the enterprise AI market; H shares increased by 10.73% [2] Group 3 - Mixue Group (02097) rose 8.96% despite market trends, as it made a forward-looking investment in fresh beer brand Fulu, expanding its "tea + coffee + fresh beer" portfolio [3] - The Hang Seng Biotechnology Index fell by 3.52%, with notable declines in stocks such as Innovent Biologics (09969) down over 9%, I-Mab (01801) down over 6%, and China Biologic Products (01177) down over 6% [3] Group 4 - Smoore International (06969) dropped over 9%, having fallen more than 30% from its year-to-date high, with UBS projecting lower earnings than market consensus [4]

Group 1 - Hong Kong's Hang Seng Index rose by 0.04%, gaining 11 points to close at 26,840 points, while the Hang Seng Tech Index increased by 0.63% [1] - Shanghai Electric (02727) surged by 15.72%, with its A-shares hitting the daily limit, driven by positive developments in the controllable nuclear fusion sector [1] - Huahong Semiconductor (01347) climbed 6.75%, reaching a new high as domestic supply chain localization accelerates, with local foundry demand expected to expand rapidly [1] - Jiangxi Copper (00358) increased by 11%, being a leading copper smelting company in China, with a potential resumption of production at a copper mine owned by First Quantum [1] - Luoyang Molybdenum (03993) rose by 8%, as cobalt prices surged over 11% in the previous two days due to strict export controls in the Democratic Republic of Congo [1] - Hang Seng Bank (00011) jumped 26% following HSBC's recommendation to privatize the bank [1] - Solar stocks saw gains in early trading, with prices in the photovoltaic industry chain continuing to rise in September, particularly in upstream sectors [1] - High-speed rail infrastructure stocks led the gains, with record railway investment progress and the initiation of the "14th Five-Year" railway development planning [1] Group 2 - ZTE Corporation (00763) saw both A and H shares rise, with the overseas debut of its Co-Sight super intelligent system indicating positive growth potential in the enterprise AI market [2] Group 3 - Mixue Group (02097) rose 8.96% despite market trends, making a forward-looking investment in fresh beer brand Fulu, expanding its "tea + coffee + fresh beer" portfolio [3] - The Hang Seng Biotechnology Index fell by 3.52%, with several constituent stocks like Innovent Biologics (09969) and Sino Biopharmaceutical (01177) experiencing declines of over 6% [3] - Smoore International (06969) dropped over 9%, having fallen more than 30% from its yearly high, with UBS projecting lower earnings than market consensus [3]

每经AI快讯，10月9日，港股生物医药股普跌，其中，诺诚健华跌超11%，荣昌生物跌超9%，科伦博泰 生物-B跌超7%，泰格医药、药明合联跌超6%，康方生物跌超5%。 ...

Core Insights - 诺诚健华 and Zenas BioPharma have entered into a licensing agreement for the global development and commercialization rights of 奥布替尼 in multiple sclerosis and other non-oncological indications [1][2] - Zenas will pay up to $100 million in upfront and milestone payments, with total transaction value exceeding $2 billion [1][2] - 奥布替尼 is a potential best-in-class oral BTK inhibitor with strong CNS penetration, currently undergoing clinical trials for multiple sclerosis [2][3] Group 1 - Zenas will receive exclusive global rights for 奥布替尼 in multiple sclerosis and non-oncological indications outside Greater China and Southeast Asia [2] - 诺诚健华 retains global rights for 奥布替尼 in oncology and in non-oncological indications within Greater China and Southeast Asia [2] - Zenas also gains rights to a novel oral IL-17 AA/AF inhibitor and a CNS-penetrant oral TYK2 inhibitor [1][2] Group 2 - A Phase III clinical trial has been initiated to evaluate the safety and efficacy of 奥布替尼 in primary progressive multiple sclerosis patients [2] - Zenas plans to start a second Phase III trial for secondary progressive multiple sclerosis in Q1 2026 [2] - In a previous Phase II trial, 奥布替尼 significantly reduced the number of new Gd+ T1 MRI brain lesions compared to placebo, demonstrating sustained reduction in inflammatory activity [3]