《投资者网》谢莹洁 港股IPO市场正自去年下半年以来回暖。2025年以来，A股企业赴港上市的热潮持续升温，港股募资额重返全球首位，这一趋势有望得以延续。 与此同时，A股IPO节奏阶段性收紧，科创板、创业板平均审核周期拉长至8个月以上，而港交所"即递即审"的电子化流程，最快6周可完成聆讯，时间成本 骤降。据德勤中国数据显示，2025年上半年港股平均审核周期为4.2个月，远低于A股的8-12个月。 内外夹击之下，企业用脚投票：年内已挂牌的71只新股中，内地企业占比86%，其中"A+H"双重上市达24家，贡献募资额逾六成。 监管与市场互动之紧密，亦为近年罕见。8月，港交所罕见在一天内安排5家公司同时挂牌，创2018年同股不同权改革以来纪录；9月29日至30日，更出现29 家企业"压哨"递表，其中21家选择"A+H"架构，意在锁定年度审计报告有效期，避免重新补件。 Wind数据显示，今年港股一级市场股权融资总额（包括IPO与再融资）达4375.9亿港元，同比增幅高达260.41%，市场活跃度显著提升。 2025年以来，港股市场已有71只新股IPO上市，合计募资约1893.18亿港元。从行业分布看，2025年以来递表的 ...

港股创新药板块午后持续震荡，截至15:00，恒生港股通创新药指数上涨0.2%，恒生创新药ETF （159316）净申购达2100万份。 恒生港股通创新药指数在编制方案中剔除CXO，是ETF跟踪的指数中首批"纯度"100%的创新药指数， 可精准反映我国创新药企的整体表现。目前，恒生创新药ETF（159316）是市场唯一跟踪该指数的产 品，可助力投资者精准布局创新药产业发展机遇。 （文章来源：每日经济新闻） 近期，创新药行业迎来三重催化共振。学术方面，泽璟制药、奥赛康等多家国内药企在欧洲肿瘤内科学 会上发布创新药研发进展，其中恒瑞医药集中发布46项研究成果，覆盖14款创新药物；BD方面，近日 翰森制药、普瑞金、维立志博等多家企业相继披露重磅海外授权协议，聚焦ADC等核心赛道；政策环 境方面，医保、商保与集采规则优化改善支付与准入，国内注册动态保持活跃。 有分析称，近期创新药板块历经震荡调整，短期回撤带来配置性价比提升，10月以来，创新药行业催化 再起，产业基本面持续向好。 ...

根据国家统计局数据显示：2025年8月中国化学药品原药产量为26.3万吨；2025年1-8月中国化学药品原 药累计产量为247.7万吨，累计增长3.1%。 2020-2025年1-8月中国化学药品原药产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：恒瑞医药（600276）,华东医药（000963）,丽珠集团（000513）,白云山（600332）,华北制药 （600812）,海正药业（600267）,复星医药（600196）,科伦药业（002422）,恩华药业（002262）,仙琚 制药（002332） 相关报告：智研咨询发布的《2025-2031年中国化学药品行业市场供需态势及未来趋势研判报告》 ...

Core Viewpoint - The market experienced a correction last week, but certain stocks within the brand index showed resilience, indicating potential investment opportunities in sectors like electronics, new energy, new consumption, and real estate as uncertainties ease [1][4]. Market Performance - The market indices saw declines: Shanghai Composite Index down 1.47%, Shenzhen Component down 4.99%, ChiNext down 5.71%, and CSI 300 down 2.22%. The brand index fell 3.58% to 1956.62 points [2]. - Notable gainers in the brand index included Shanghai Jahwa up 9.42%, Changbai Mountain up 7.19%, and Darentang up 5.34%. Other stocks like Luzhou Laojiao and Yiling Pharmaceutical also saw gains exceeding 4% [2]. Stock Performance Since H2 - Since the beginning of the second half of the year, Zhongji Xuchuang has surged 156.40%, leading the gains, followed by Sunshine Power at 114.27%. Other significant performers include Lanke Technology and Yiwei Lithium Energy, both up over 60% [3]. Market Outlook - Looking ahead, the market is expected to maintain upward momentum as uncertainties gradually diminish. Liquidity is anticipated to remain supportive, with domestic interest rates low and overseas liquidity remaining loose, encouraging investment in Chinese equity assets [4][5]. - The current market environment is characterized by a shift in investment styles, with a focus on sectors that offer higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [5].

截至2025年10月17日收盘，恒瑞医药(600276)报收于65.1元，下跌2.6%，换手率0.55%，成交量34.95万 手，成交额22.99亿元。 当日关注点 交易信息汇总资金流向 10月17日主力资金净流出2.49亿元，占总成交额10.85%；游资资金净流入1211.36万元，占总成交额 0.53%；散户资金净流入2.37亿元，占总成交额10.32%。 公司公告汇总H股公告-翌日披露报表 江苏恒瑞医药股份有限公司于2025年10月17日提交翌日披露报表。公司购回A股用于A股员工持股计 划，变动日期为2025年10月17日。购回股份392,600股，占有关事件前已发行股份（不包括库存股份） 的0.0062%，每股购回价人民币65.15元。购回后，已发行股份总数不变，仍为6,379,002,274股，其中库 存股增至14,703,610股。该次购回于上海证券交易所进行，总付出价格为人民币25,576,826元，购回股份 拟持作库存股份。公司确认相关变动已获董事会批准，并符合上市规则及相关监管规定。呈交者为联席 公司秘书刘笑含。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3101043457 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [3] Core Viewpoints - The report emphasizes that the fourth quarter is expected to see a rebound in innovative drugs, driven by a concentration of business development (BD) activities and upcoming events such as the ESMO conference and medical insurance negotiations [4][16] - The Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs significantly opening new growth avenues for Chinese pharmaceutical companies [16][35] - The report suggests that the demand for healthcare will continue to rise due to an aging population, and the payment side is also expected to grow steadily, supported by the development of a multi-tiered payment system [35] Summary by Sections 1. BD + ESMO - The number of license-out transactions in China has been increasing, with 135 transactions occurring from January 1, 2025, to October 17, 2025, totaling $10.2996 billion [8][9] - The report highlights that the international pharmaceutical industry recognizes the value of Chinese innovative drug assets, which are characterized by high quality and low cost [8][9] - The ESMO conference will showcase 23 studies led by Chinese scholars, indicating a significant increase in international recognition of Chinese innovation [12][13] 2. Industry Perspective - The report maintains that innovative drugs will remain the main focus for the year, with attention on manufacturing, overseas expansion, and aging-related consumption [16][35] - The pharmaceutical index has shown a decline of 2.48% in the past week, but an increase of 18.85% year-to-date, indicating a mixed performance [16] - The report lists several companies to watch, including innovative drug manufacturers and those involved in the supply chain [38]

互及矿业 l笑么 == = 2025 年 10 月 19 日 版 发行业 相关研究 《本周申万医药生物指数下跌 1.2%，关注 三季报发布 ——医药行业周报 (2025/10/9-2025/10/10)》 2025/10/12 《本周医药上涨 3.1%，医保局发布按病种 付费管理暂行办法和医保"双目录" 初审 名单，司美在美获批治疗 MASH -- 医药 行业周报 (2025/8/11-2025/8/15)》 2025/08/17 证券分析师 张静含 A0230522080004 zhanqjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com BMS 以 15 亿美元收购体内 CAR-T 公司 Orbital Therapeutics。10 月 10 日， BMS ● 官布达成一项协议，收购 Orbital Therapeutics，此次收购包括处于 IND 申请阶段的 候选药物 OTX-201 (体内 CAR-T 细胞疗法, CD19 靶向）, 同时获得了 Orbital 专有 的 RNA 平台技术,该平台融合了环状/线性 RNA 工程、先 ...

行 业 及 产 业 医药生物 2025 年 10 月 19 日 本 周 申 万 医 药 生 物 指 数 下 跌 行 业 研 究 / 行 业 点 评 相关研究 《本周申万医药生物指数下跌 1.2%，关注 三季报发布 ——医药行业周报 （2025/10/9-2025/10/10）》 2025/10/12 《本周医药上涨 3.1%，医保局发布按病种 付费管理暂行办法和医保"双目录"初审 名单，司美在美获批治疗 MASH ——医药 行业周报（2025/8/11-2025/8/15）》 2025/08/17 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 (8621)23297818× chentt@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： ⚫ 市场表现：本周申万医药生物指数下跌 2.5%，同期上证指数下跌 1.5%，万得全 A（除 金融石油石化）下跌 4.2%。本周医药生物指数在 31 个申万一级子行业中表现排名第 ...

数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年4月中国化学药品原药产量为33.2万吨，同比增长3.4%；2025年1-4月 中国化学药品原药累计产量为125.7万吨，累计增长3.9%。 2020-2025年1-4月中国化学药品原药产量统计图 上市企业：恒瑞医药（600276）,华东医药（000963）,丽珠集团（000513）,白云山（600332）,华北制药 （600812）,海正药业（600267）,复星医药（600196）,科伦药业（002422）,恩华药业（002262）,仙琚 制药（002332） 相关报告：智研咨询发布的《2025-2031年中国化学药品行业市场供需态势及未来趋势研判报告》 ...

Group 1 - The core viewpoint of the article highlights the increasing trend of A-share companies seeking to list on the Hong Kong Stock Exchange (HKEX), driven by the need to broaden financing channels and accelerate internationalization of Chinese assets [1][3][4] - As of September, over 20 A-share companies have announced plans or progress towards listing in Hong Kong, with more than 10 companies already completing the "A+H" listing this year, including industry leaders like CATL and Heng Rui Medicine [2][4] - The internationalization strategy is a key motivation for A-share companies to pursue HKEX listings, as it allows them to access a more global capital market and enhance their overseas business operations [3][4] Group 2 - The Hong Kong IPO market is expected to remain strong, with projections indicating over 80 new listings and total fundraising between 250 billion to 280 billion HKD for the year [5] - The active secondary market in Hong Kong, along with favorable conditions such as improved liquidity and valuation recovery, has made it more attractive for companies to issue new shares [4][5] - The "A+H" listing model has become a significant part of fundraising in Hong Kong, accounting for 70% of total fundraising in the first half of the year [4]