2025 年 11 月 18 日 证券研究报告 | 公募基金专题报告 华宝基金张金涛：深耕产业趋势的医药舵手 基金经理投资价值分析报告 分析师：王骅 投资要点 相关研究报告 （1）以产业周期为舵，以市值空间为锚：张金涛构建了以"产业周期"为 核心，并融合"政策、产业、估值"三维度的投资框架。其核心在于精准 把握全球医药行业的周期律动。他基于深度研究判断，中国创新药产业正 处在过去十年研发投入的收获期，核心驱动逻辑已从"国内医保扩容"转 向"全球市场份额争夺"，这使得本轮行情的级别与持续性有望超越市场普 遍预期。 （2）组合构建凸显产业思维：张金涛在组合管理上展现出清晰的产业布局 思路。华宝医药生物基金在创新药板块维持较高配置比例，这一超配策略 直接源于其"产业周期处于收获期起点"的核心判断。他并非进行简单的 行业β配置，而是通过深度研究，将仓位集中配置于未来 2-3 年有重磅品 种上市或处于快速放量期的公司，以追求创新药行业内部的α收益。 （3）与时俱进，动态优化：华宝医药生物的市值选择、行业配置、持仓周 期和集中度控制，均严格服务于张金涛对产业周期的判断和个股市值空间 的评估，展现出极强的逻辑一致性和纪律性 ...

连云港：以"连心"营商之弦 奏"贴心"服务强音 黄海之滨，一颗璀璨明珠——江苏连云港熠熠生辉。它以"连心"营商之弦，弹奏出一曲曲"贴心"服务之 韵。得天独厚的地理优势，为贸易往来架起便捷桥梁，更成为当地优良营商环境的鲜活注脚，政府暖心 服务、政策有力扶持，如同春风化雨，滋润着每一家企业。近日，"赢在江苏——寻找 2025 优化营商环 境新实践"全媒体采访团抵达连云港，深入调研当地营商环境的创新实践成果。 港口 "连"通 创新业务场景应用 致力于降本提质增效 在当今物流行业不断探索升级与突破的时代浪潮中，连云港积极创新，致力于降本提质增效，一系列成 果正重塑着物流行业的格局。 听！汽笛声声，一列列满载货物的班列从中哈物流合作基地缓缓驶出，一路西行直达中亚、欧洲；与此 同时，连云港港集装箱码头也呈现出一派繁忙气象：远洋巨轮频繁往来，无数集装箱鳞次栉比，整齐排 列，这里已成为连贯太平洋与大西洋的黄金通道。 数据统计是最直观的体现，今年1至10月，连云港国际班列已累计开行772列。高效的物流体系是支撑业 务拓展的基石，目前，连云港已构建起包括中亚五国、中吉乌、中俄、跨里海在内的6条精品班列线 路，覆盖阿拉山口、霍尔果 ...

智通财经APP获悉，恒瑞医药(01276)涨近3%，截至发稿，涨1.76%，报72.35港元，成交额3758.86万港 元。 富马酸泰吉利定注射液是μ阿片受体(MOR)偏向性小分子激动剂，2024年1月于国内获批上市，是中国首 个自主研发的1类阿片类镇痛创新药。国外已有同类产品Trevena公司开发的Oliceridine(商品名： Olinvyk)于2020年在美国获批上市销售。江苏恩华药业股份有限公司已获得Trevena公司独家授权许可， Oliceridine于2023年5月在国内获批上市,暂未查询到相关销售数据。截至目前，富马酸泰吉利定注射液 相关项目累计研发投入约2亿元。 消息面上，11月17日，恒瑞医药发布公告，江苏恒瑞医药股份有限公司(以下简称"公司")收到国家药品 监督管理局(以下简称"国家药监局")核准签发关于富马酸泰吉利定注射液的《药物临床试验批准通知 书》，将于近期开展临床试验。 ...

富马酸泰吉利定注射液是μ阿片受体(MOR)偏向性小分子激动剂，2024年1月于国内获批上市，是中国首 个自主研发的1类阿片类镇痛创新药。国外已有同类产品Trevena公司开发的Oliceridine(商品名： Olinvyk)于2020年在美国获批上市销售。江苏恩华药业（002262）股份有限公司已获得Trevena公司独家 授权许可，Oliceridine于2023年5月在国内获批上市,暂未查询到相关销售数据。截至目前，富马酸泰吉 利定注射液相关项目累计研发投入约2亿元。 恒瑞医药（600276）(01276)涨近3%，截至发稿，涨1.76%，报72.35港元，成交额3758.86万港元。 消息面上，11月17日，恒瑞医药发布公告，江苏恒瑞医药股份有限公司(以下简称"公司")收到国家药品 监督管理局(以下简称"国家药监局")核准签发关于富马酸泰吉利定注射液的《药物临床试验批准通知 书》，将于近期开展临床试验。 ...

内容概要：癌症免疫治疗的主要目标是激活或增强攻击肿瘤细胞的免疫系统。癌症已经成为威胁人类健 康的最重要疾病之一，每年有逾1000万人因患癌症死亡。抗肿瘤药物是治疗癌症的关键。随着科技的发 展，抗肿瘤药物也在不断地更新和升级。近年来，癌症免疫疗法成为肿瘤治疗的焦点，被认为是继手 术、放疗和化疗之后的又一有效疗法。免疫疗法被广泛用于治疗各种恶性肿瘤，已成为继手术、放疗和 化疗后，癌症的第四大治疗方法，是近年来应用研究和临床医学实践的最前沿研究领域，已成为生物医 学领域振奋人心的革命性技术之一。近年来，在新一代疗法获批和适应症不断扩大的推动下，全球癌症 免疫疗法市场稳步增长。2024年全球抗癌药物市场规模增长至2533亿美元，其中，癌症免疫疗法市场规 模增长至699.11亿美元，占抗癌药物的27.60%；预计2025年全球抗癌药物市场规模将达2795亿美元，其 中，癌症免疫疗法市场规模将达到799.37亿美元，占抗癌药物的28.60%。 上市企业：君实生物[688180]、科济药业-B[02171]、药明巨诺-B[02126]、药明巨诺[2126]、恒瑞医药 [600276]、益佰制药[600594]、舒泰神[30 ...

Policy Developments - The National Medical Products Administration (NMPA) has released new guidelines to streamline the registration process for new functional cosmetics, implementing an immediate review system [1] - The guidelines encourage the launch of international cosmetic products in China without the need for overseas sales proof and support the development of products targeting the elderly population [1] Drug and Device Approvals - Heng Rui Medicine has received clinical trial approval for Fumaric Acid Teglutik Injection, which is set to be the first domestically developed Class 1 opioid analgesic in China, expected to be approved for market in January 2024 [2] - Heng Rui Medicine also announced the approval for clinical trials of HRS-6209 capsules, a selective CDK4 inhibitor for advanced solid tumors, and HRS-2189 tablets, a KAT6 inhibitor for advanced malignancies, both of which have no similar products approved domestically or internationally [3] - Fuhong Hanlin's HLX11 (Pertuzumab) has been approved by the FDA for HER2-positive breast cancer treatment, marking it as the first interchangeable biosimilar for cancer treatment approved in the U.S. [4] Capital Markets - SenseTime Medical has initiated a Series A financing round, with post-investment valuation exceeding 3 billion yuan, following a recent strategic financing round [5] - Yabao Pharmaceutical plans to sell 62% of its stake in Taiyuan Pharmaceutical for approximately 87.19 million yuan, resulting in a significant change in ownership structure [6] Industry Developments - Kangfang Biotech has received approval for clinical trials of its dual-specific antibody new drug AK152 for Alzheimer's disease, marking a significant advancement in the treatment of this condition [7][8]

Group 1 - The report emphasizes the rapid development of China's innovative pharmaceuticals, highlighting that the number of clinical trials has reached a global leading position, with a significant increase in new drug approvals [3][5][7] - Chinese pharmaceutical companies are transitioning from a "fast follower" to an "innovation leader" model, actively engaging in cutting-edge fields such as ADC, bispecific antibodies, and mRNA vaccines, with a notable increase in the number of products in late-stage development [8][11][18] - The report identifies two main investment directions: the transformation of biotech companies into biopharma and the revaluation of traditional pharmaceutical companies during their innovation transition, suggesting specific companies to watch in both categories [3][4] Group 2 - China's integration into the global innovative drug value chain is deepening, with a growing number of global multi-center clinical trials led by Chinese companies, indicating a shift in the global drug development landscape [3][24] - The report notes that the contribution of Chinese companies to global clinical trials has significantly increased, with a projection of 1,903 innovative drug clinical trials registered in China by 2024 [7][24] - The report highlights the increasing competitiveness of Chinese companies in high-potential therapeutic areas, particularly in oncology, metabolic diseases, and autoimmune diseases, with substantial market shares in these segments [18][19] Group 3 - The report discusses the rising trend of BD (business development) transactions involving Chinese assets, with a notable increase in transaction amounts and numbers, indicating China's growing influence in the global pharmaceutical innovation landscape [33][44] - It highlights that the majority of license-out projects are now in early stages, reflecting the international interest in early-stage Chinese innovations, particularly in oncology and metabolic therapies [39][44] - The report points out that major multinational corporations (MNCs) are increasingly seeking next-generation blockbuster products from China to fill revenue gaps due to impending patent expirations [62][66]

今日焦点 生益电子：拟定增募资不超过26亿元，用于人工智能计算HDI生产基地建设项目等 生益电子公告称，拟定增募资不超过26亿元，扣除发行费用后的募集资金净额拟投资于人工智能计算 HDI生产基地建设项目、智能制造高多层算力电路板项目及补充流动资金和偿还银行贷款。本次向特定 对象发行股票的发行对象为不超过35名(含35名)符合中国证监会规定条件的特定对象，包括证券投资基 金管理公司、证券公司、信托公司、财务公司、资产管理公司、保险机构投资者、合格境外机构投资 者、其他境内法人投资者、自然人或其他合格投资者。 8连板孚日股份：孚日新能源目前暂无扩产计划，公司股票可能存在非理性炒作 孚日股份公告称，公司股票交易价格10个交易日收盘价格涨跌幅偏离值累计异常，连续8个交易日累计 偏离113.94%，属于股票交易严重异常波动情形。公司2025年前三季度营业收入38.41亿元，同比下降 4.45%，子公司孚日新能源营业收入1.68亿元，占公司前三季度营业收入的4.38%，对公司业绩影响有 限。此外，孚日新能源前三季度净利润亏损约3032万元，面临亏损风险。公司目前暂无扩产计划，对其 他业务布局不产生重大影响。公司股票价格自 ...

对比去年同期来看，AH股溢价出现明显收窄，目前也有宁德时代（300750）、招商银行、恒瑞医药 （600276）、美的集团（000333）等多股出现了AH股溢价倒挂的现象，这是中国优质资产受到国际资 本青睐的结果，同时也是南向资金的理性选择。未来不排除有更多两地上市公司的港股股价超越A股的 可能。 过去，AH股溢价长期存在，主要源于两地市场流动性差异、投资者结构分化等原因。A股市场以散户 为主，流动性充沛且风险偏好较高，推动估值中枢上移；而港股市场机构投资者占比更高，定价更趋理 性，于是H股估值通常都会较A股更低。然而，这一格局在今年发生了显著变化：国际资本对中国优质 资产的配置需求上升，叠加南向资金持续流入，港股市场的流动性与估值水平逐渐提升，部分上市公司 的H股股价开始反超A股股价。 AH股溢价倒挂的直接原因是国际资本的重点青睐。随着全球资产配置向新兴市场倾斜，中国优质资产 因其稳定的基本面与成长性成为重点买入对象。外资机构可以方便地直接买入在香港上市的H股股票， 这不仅是对单一上市公司的看好，更是对中国经济长期发展潜力的认可。 与此同时，南向资金的理性选择也发挥了关键作用。内地险资、公募基金等长期资金南 ...

Investment Rating - The report does not explicitly state an investment rating for the chronic spontaneous urticaria (CSU) drug industry in China. Core Insights - The chronic spontaneous urticaria drug market in China is projected to grow from CNY 12.4 billion in 2019 to CNY 16.9 billion in 2024, with a compound annual growth rate (CAGR) of 6.4%. It is expected to further increase at a CAGR of 16.2%, reaching CNY 41.7 billion by 2030 [5][12][14]. - The existing treatment landscape for CSU primarily includes second-generation antihistamines, with varying sales performance among different drugs. Innovative monoclonal antibody therapies are emerging, with several companies focusing on IL-4R and IgE targets [5][24][30]. Summary by Sections Market Overview - The report focuses on the chronic spontaneous urticaria drug industry in China, exploring disease mechanisms, drug patterns, and research and development progress to understand the current market size and future growth [3][4]. Treatment Patterns - The first-line treatment for CSU is standard-dose second-generation antihistamines. If symptoms are uncontrolled, combination therapy or increased dosage may be considered. If still ineffective, omalizumab can be added [5]. Market Size and Growth - The CSU drug market in China is expected to grow significantly, with a market size of CNY 12.4 billion in 2019, increasing to CNY 16.9 billion by 2024, and projected to reach CNY 41.7 billion by 2030 [12][14]. Drug Sales Performance - Sales of second-generation antihistamines show varied trends: - Loratadine has faced sales fluctuations due to generic competition. - Cetirizine maintains stable sales due to formulation innovations. - Ebastine has seen a significant decline due to national procurement policies. - Desloratadine has experienced continuous growth due to new formulations and market expansion [5][17][20]. Innovation in Drug Development - The report highlights a rich pipeline of innovative monoclonal antibody therapies for CSU treatment, with companies like Sanofi and others focusing on IL-4R and IgE targets, some of which are in clinical phases [5][24][30]. Epidemiology - The number of CSU patients globally and in China is on the rise, with projections indicating 73.5 million cases worldwide and 29.7 million in China by 2030 [8][11]. Competitive Landscape - The competitive landscape for second-generation antihistamines in China is characterized by significant disparities in sales among leading companies, with a clear market hierarchy [20][21]. Monoclonal Antibody Market - In the global CSU monoclonal antibody market, Sanofi's Dupixent shows strong performance, while Novartis's Omalizumab faces challenges and needs optimization to maintain its leading position [24][25][27]. Candidate Drugs in China - The Chinese market for CSU monoclonal antibodies features multiple candidates with diverse targets and clinical stages, indicating a dynamic and competitive environment [30].