智通财经APP获悉，荣昌生物(09995)盘中涨超7%，截至发稿，涨5.57%，报81.5港元，成交额3.1亿港 元。 据悉，今年8月，RC148已获FDA批准在美国开展II期临床试验。国金证券此前研报指，RC148早在2023 年就获批在中国开展单药及联合治疗晚期实体瘤的临床研究。获得FDA的IND许可，标志着该药将进入 全球临床开发阶段。PD-1/VEGF全球BD交易火热，康方生物及三生制药已率先BD授权出海，RC148临 床进度前列，美国临床开展体现公司强烈信心，后续出海潜力可期。 消息面上，当地时间12月10日，2025年欧洲肿瘤内科学会免疫肿瘤学大会（ESMO-IO）在英国伦敦开 幕。会上，由荣昌生物自主研发的PD-1/VEGF双特异性抗体RC148单药及联合方案一线或二线治疗非小 细胞肺癌的一项Ⅰ/Ⅱ期临床研究（RC148-C001）数据，以壁报形式正式发布。RC148 20 mg/kg Q3W联 合多西他赛展现出显著优越的疗效，ORR达66.7%，DCR为95.2%；各亚组均观察到疗效获益，PD-L1阳 性（TPS≥1%）患者的ORR达80%；中位随访时间约7个月，mPFS为8.3个月。 ...

截至发稿，昭衍新药(06127.HK)涨5.54%、荣昌生物(09995.HK)涨3.95%、药明合联(02268.HK)涨 3.05%、基石生物-B(02616.HK)涨2.86%。 ...

Core Insights - The conference "2025 Financial Empowerment of the Medical and Health Industry (Guangxi) Innovation Conference" was successfully held in Nanning, focusing on building a closed-loop ecosystem of "technology innovation + capital empowerment + industry landing" to support Guangxi in becoming a healthcare industry hub facing ASEAN [2] - The "2025 China Innovative Drug Industry Investment Blue Book" was jointly released, providing authoritative and practical development trend analysis and investment layout guidance for industry participants, investors, and policymakers [2] Industry Development Background - The demand for innovative drugs is shifting from "curative" to "long-term management" and "precision" due to population aging and chronic diseases [6] - The number of rare diseases is increasing, necessitating the development of effective treatments [6] - AI-driven drug development is shortening research cycles, and innovative biopharmaceutical technologies are flourishing [6] Global Innovative Drug Development Trends - The number of innovative drugs in the oncology field is steadily increasing, with its share rising from 35% in 2020 to 45% in 2024, driven by breakthroughs in targeted therapies and CAR-T cell therapies [8] - From 2015 to 2024, a total of 12,263 innovative drugs are expected to be developed globally, with 9,427 still active by the end of 2024 [10] - China has become the country with the most innovative drugs since 2020, reaching 704 by 2024, surpassing the U.S. [11] China’s Innovative Drug Industry Development - The Chinese innovative drug industry has evolved through four stages: initial stage, combination of imitation and innovation, rise of innovation, and globalization [19] - The policy environment has increasingly focused on supporting innovative drugs, with a systematic policy matrix established to accelerate their transition from laboratory to clinical application [17] Market Size and Financing Trends - The innovative drug market in China is projected to reach CNY 1,620 billion by 2024, with commercial health insurance accounting for only 7.7% of the payment market [25] - The financing landscape has shifted from a focus on quantity to quality, with a notable increase in the proportion of domestic companies' innovative drugs approved in China, rising from under 10% in 2015 to 50% in 2024 [23] Future Opportunities and Challenges - The aging population and the demand for innovative drugs in oncology and chronic diseases are expected to continue growing [69] - The industry faces challenges such as geopolitical tensions, regulatory tightening, and high-risk characteristics of drug development, which typically takes over 10 years and requires substantial investment [71][72]

从资金流向上来看，当日生物制品板块主力资金净流出2.42亿元，游资资金净流入1.78亿元，散户资金净 流入6338.2万元。生物制品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 688331 | 荣昌生物 | -5217.72万 | 5.13% | 170.15万 | 0.17% | -5387.87万 | -5.30% | | 000534 万泽股份 | | 3663.99万 | 9.35% | -2332.45万 | -5.95% | -1331.55万 | -3.40% | | 688319 欧林生物 | | 2846.39万 | 12.93% | 395.57万 | 1.80% | -3241.96万 | -14.73% | | 688180 君实生物 | | 1294.25万 | 4.93% | 486.18万 | 1.85% | -1780.43万 | -6.79% | | 68 ...

港股今日承压走低，恒指跌超1%再失守两万六大关。截止收盘，恒生指数跌1.23%或319.72点，报 25965.36点，全日成交额为2062.3亿港元；恒生国企指数跌1.25%，报9083.53点；恒生科技指数平收， 报5662.55点。 中银国际指出，对于近期股市剧烈波动，投资者应保持定力，不易过度担忧，牛市中股市出现调整属于 正常现象，短期震荡不改港股上行趋势。展望2026年，该行相信巩固资本市场回稳向好势头不会改变。 蓝筹股表现 百度集团-SW(09888)领涨蓝筹。截至收盘，涨3.45%，报125.8港元，成交额30.41亿港元，贡献恒指8.38 点。百度集团发布公告，公司注意到，于12月5日有媒体报道公司拟分拆非全资附属公司昆仑芯(北京) 科技有限公司进行独立上市。公司谨此澄清，目前正就拟议分拆及上市进行评估。倘进行拟议分拆及上 市，将须经相关监管审批程序，而公司并不保证拟议分拆及上市将会进行。 其他蓝筹股方面，中芯国际(00981)涨2.94%，报71.8港元，贡献恒指14.49点；中国平安(02318)涨 2.15%，报61.75港元，贡献恒指13.68点；建设银行(00939)跌4.01%，报 ...

据交易所数据显示，截至2025年12月8日收盘，荣昌生物（688331）报收于87.01元，下跌9.79%，换手 率7.11%，成交量11.55万手，成交金额10.16亿元。 资金流向方面，今日主力资金净流入5217.72万元，占比成交额5.13%。其中，超大单净流出385.23万 元、占成交额0.38%，大单净流入5602.96万元、占成交额5.51%，中单净流出流入170.15万元、占成交 额0.17%，小单净流出5387.87万元、占成交额5.3%。 荣昌生物最新一期业绩显示，截至2025三季报，公司营业总收入17.20亿元、同比增长42.27%，归属净 利润55070.06万元，同比增长48.60%，扣非净利润54524.42万元，同比增长50.31%，流动比率0.960、速 动比率0.728、资产负债率61.18%。 天眼查商业履历信息显示，荣昌生物制药(烟台)股份有限公司，成立于2008年，位于烟台市，是一家以 从事医药制造业为主的企业。企业注册资本56360.8243万人民币，实缴资本40181.9202万人民币。公司 法定代表人为王威东。 通过天眼查大数据分析，荣昌生物制药(烟台)股份有限公司 ...

其他蓝筹股方面，中芯国际(00981)涨2.94%，报71.8港元，贡献恒指14.49点；中国平安(02318)涨 2.15%，报61.75港元，贡献恒指13.68点；建设银行(00939)跌4.01%，报7.66港元，拖累恒指54.39点；招 商银行(03968)跌3.54%，报51.8港元，拖累恒指11.63点。 热门板块方面 盘面上，大型科技股普遍走低，阿里巴巴跌超1%，腾讯跌0.82%。证监会主席提对优质机构适当"松 绑"，中资券商股逆市上涨；光通信概念股走高，汇聚科技涨超7%；芯片股表现活跃，华虹半导体涨超 4%；锂电股、部分保险股向好。另一边，新版医保药品目录公布，医药股今日高开低走；市场静待本 周美联储议息会议，黄金股集体下跌；煤炭、内银股、新消费股等下挫。 1. 中资券商股逆市上涨。截至收盘，华泰证券(06886)涨5.17%，报19.33港元；广发证券(01776)涨 3.1%，报17.94港元；中信建投证券(06066)涨2.99%，报12.76港元；招商证券(06099)涨2.82%，报15.29 港元。 智通财经APP获悉，港股今日承压走低，恒指跌超1%再失守两万六大关。截止收盘，恒生 ...

Core Insights - The global biopharmaceutical innovation landscape, traditionally dominated by multinational corporations, is undergoing significant structural changes, with China's innovative drug industry emerging as a key player on the global stage [1] - China's transition from a "fast follower" to an "originator" in innovative drugs is becoming an irreversible trend, as highlighted by international media [1] - Data shows a notable increase in China's share of global clinical trials and licensing transactions, with Chinese biotech companies outperforming their U.S. counterparts in stock price growth over the past year [1][3] Group 1: Market Dynamics - Multinational corporations are increasingly inclined to source early-stage innovative pipelines from China due to cost-effectiveness, with costs in China being 30%-40% lower than in the U.S. [2] - The collaboration between domestic companies and multinationals is exemplified by the $12.5 billion upfront payment from Pfizer to 3SBio for overseas rights to a bispecific antibody, marking a record for domestic innovative drugs [2][3] - The Chinese innovative drug sector is expected to see a surge in licensing transactions, with projections indicating that total licensing amounts could exceed $100 billion in the first three quarters of 2025 [3] Group 2: Investment Trends - The biopharmaceutical sector is experiencing a business development (BD) boom, with significant transactions such as the $12 billion collaboration between Hengrui Medicine and GSK, indicating strong interest from multinational companies [3][4] - Investment institutions are focusing on the biopharmaceutical sector, with approximately 80% of the market value concentrated in biotechnology and pharmaceuticals, driving capital flow into these areas [5] - The market is witnessing a shift from "story-driven" investment decisions to a focus on the hard capabilities of companies, emphasizing the importance of clinical data and product quality [9][10] Group 3: Future Outlook - The innovative drug market is expected to thrive, with projections indicating that the Hang Seng Index could double by 2025, driven by favorable policies and a rebound in industry valuations [7] - The Chinese innovative drug sector is anticipated to recover strongly in 2025, with the overall revenue of listed companies in this sector reaching 48.83 billion yuan, a 22% year-on-year increase [7] - The market is seeing a resurgence in IPO activity, with over 20 companies currently queued for listing in Hong Kong, reflecting renewed investor interest in the biopharmaceutical sector [12][13]

Core Viewpoint - The Hong Kong stock market's innovative drug concept stocks are experiencing a continuous rebound, with notable increases in share prices for several companies [1] Group 1: Company Performance - Gilead Sciences-B has seen a rise of over 9% [1] - WuXi Biologics has increased by more than 6% [1] - Other companies such as Rongchang Biopharmaceutical, Innovent Biologics, and I-Mab have also shown upward movement in their stock prices [1]

Core Viewpoint - Rongchang Biopharmaceuticals is facing challenges due to restrictions on share reduction by major shareholders and ongoing financial losses despite revenue growth [1][6][7]. Shareholding and Management Changes - Since its listings in 2020 and 2022, Rongchang Biopharmaceuticals has experienced significant share reductions by financial investors, institutional shareholders, and some executives [2]. - Notably, former Chief Medical Officer He Ruyi reduced his holdings by nearly 650,000 shares, surpassing the reductions of two institutional shareholders combined [2][3]. - He Ruyi's departure, along with other key personnel, raises concerns about potential gaps in the company's R&D pipeline and strategic stability [4]. Financial Performance - In the first three quarters of the year, Rongchang Biopharmaceuticals reported total revenue of 1.72 billion yuan, a year-on-year increase of 42.27%, primarily driven by sales of its core drugs [6]. - However, the company continues to incur losses, with a net loss of 1.01 billion yuan in the third quarter and a cumulative net loss of 5.51 billion yuan for the year, leading to an accumulated undistributed profit of -4.873 billion yuan [7]. - The company's R&D investment decreased by 22.79% year-on-year to 891 million yuan, while sales expenses increased by 32.1% to 823 million yuan, indicating a high expenditure relative to revenue [8]. Industry Comparison - Rongchang Biopharmaceuticals has accumulated a net loss of nearly 4 billion yuan from 2022 to 2024, contrasting sharply with peers like Innovent Biologics, which have achieved profitability during the same period [7]. - The company’s financial scoring of 32 out of 100 places it at 307th among 391 companies in the biopharmaceutical sector, highlighting weaknesses in profitability and operational capabilities [9].