（原标题：恒瑞医药孙飘扬布局生物科技，新公司瑞利源成立） 企查查APP显示，近日，上海瑞利源生物科技有限公司成立，法定代表人为胡宏成，注册资本为1000万 元，经营范围包含：人体基因诊断与治疗技术开发；人体干细胞技术开发和应用；第三类医疗器械经 营；电子产品销售等。企查查股权穿透显示，该公司由恒瑞源正（上海）生物科技有限公司全资持股， 恒瑞医药（600276）孙飘扬担任后者董事长职务。 ...

Core Viewpoint - The Trump administration is drafting an executive order that will impose three major restrictions on commercial transactions involving Chinese innovative drug patents or rights, focusing on national security reviews by the Committee on Foreign Investment in the United States (CFIUS) [1][2]. Summary by Sections Executive Order Details - The draft includes three main provisions: 1. Inclusion of Chinese innovative drug BD transactions in the CFIUS mandatory review list, ending the previous "low-risk automatic exemption" practice [2]. 2. FDA will implement "racial sensitivity supplementary reviews" for drugs relying on Chinese clinical data, requiring at least 20% comparative data from non-Asian populations [2]. 3. Establishment of a "key drug domestic production fund" to provide production subsidies for 15 categories of drugs, including antibiotics and acetaminophen, while implementing a "domestic priority" principle in federal procurement [2]. Market Reaction - The market reacted swiftly to the policy risks, with the Hong Kong innovative drug index (HK1105) dropping 3.82% on September 11, 2025, and the A-share innovative drug sector (BK1106) declining 2.17%, with over 80% of stocks in the sector experiencing pullbacks [3]. - The following day, the indices showed signs of recovery, indicating investors' responses to policy uncertainties and rational corrections [3]. Globalization Trends - Despite the geopolitical risks, the trend of Chinese innovative drugs going global remains intact, with total license-out transactions to Europe and the U.S. reaching $9.43 billion as of September 2025 [3]. - Major transactions include a $950 million licensing deal between BeiGene and Royalty Pharma, and a $6 billion global licensing agreement between 3SBio and Pfizer, highlighting a shift towards milestone payments and regional licensing [3]. Industry Challenges - The domestic market faces challenges, with annual growth in medical insurance fund spending (approximately 12%) lagging behind the growth in innovative drug R&D investment (approximately 25%) [4]. - The average reduction in medical negotiations remains high at 54%, and commercial health insurance coverage for innovative drugs is below 15%, creating a supply-demand imbalance that necessitates going global [4]. Risk Resilience Assessment - Goldman Sachs has categorized Chinese innovative drug companies into three risk resilience tiers based on their sensitivity to policy changes and operational capabilities [4][5]. - Companies with mature global layouts exhibit the strongest resilience, while those heavily reliant on domestic markets show the weakest resilience [5][10]. Strategic Defense Framework - A three-dimensional defense system is proposed to address risks associated with the executive order, focusing on transaction review, data compliance, and supply chain security [13]. - Strategies include conducting national security risk pre-assessments for transactions over $50 million and establishing partnerships with U.S. law firms to navigate regulatory challenges [14][15]. Conclusion - The construction of a quantifiable "risk resilience index" is essential for Chinese innovative drugs in the global 2.0 era, emphasizing the need for companies to embed policy hedging clauses in transaction structures and consider racial diversity data in clinical stages [23].

恒瑞医药子公司收到国家药监局下发的《受理通知书》，公司注射用瑞康曲妥珠单抗（SHR-A1811）的药品上市许可申请获受理，且已被纳入优先审评程序，本品适用于治疗既往接受过一种或 天风证券指出，恒瑞医药实现上半年归母净利润44.50亿元，同比增长29.67%；2025二季度归母净利润为25.76亿元，同比增长24.88%。2025上半年创新药进入快速放量阶段，国际化贡献利 责任编辑：卢昱君 恒瑞医药（01276）午前拉升逾7%，高见91港元，再创上市新高。截至发稿，股价上涨5.42%，现报89.50港元，成交额3.22亿港元。 ...

Market Overview - The Hang Seng Index closed down 0.18%, while the Hang Seng Tech Index rose by 1.04% [1] - The Hong Kong Tech ETF (159751) increased by 0.65%, and the Hang Seng Hong Kong Stock Connect ETF (159318) decreased by 0.14% [1] Sector Performance - The telecommunications, semiconductor products, and equipment sectors showed strong gains [1] - The diversified REITs and passenger airline sectors experienced significant declines [1] Notable Stocks - Hong Kong Broadband surged over 54% [1] - Hua Hong Semiconductor rose by 10.31% [1] - Sanhua Intelligent Control increased by 10.15% [1] - Horizon Robotics-W gained 6.79% [1] - SMIC (Semiconductor Manufacturing International Corporation) rose by 6.65% [1] - Hengrui Medicine increased by 5.36% [1] - China Duty Free Group rose by 5.3% [1] - Baidu Group-SW increased by 4.12% [1] - Baize Medical fell by 16.17% [1] - Brainstorm Cell Therapeutics-B dropped by 16.7% [1] - Yihua Tong surged by 33.42% [1]

每经AI快讯，9月18日，港股恒瑞医药(01276.HK)午前拉升逾7%。截至发稿，涨7.18%，报91港元，成 交额2.98亿港元。 ...

Core Viewpoint - Heng Rui Medicine's stock surged over 7%, reaching a new high of 91 HKD, following the acceptance of its drug application for SHR-A1811 by the National Medical Products Administration [1] Group 1: Company Performance - Heng Rui Medicine's subsidiary received a "Notice of Acceptance" for the marketing license application of SHR-A1811, which is intended for treating HER2-positive breast cancer patients [1] - The company reported a net profit of 4.45 billion CNY for the first half of the year, marking a year-on-year increase of 29.67% [1] - In the second quarter of 2025, the net profit reached 2.58 billion CNY, reflecting a year-on-year growth of 24.88% [1] Group 2: Product Development and Market Position - The first half of 2025 saw a rapid increase in the release of innovative drugs, with international contributions to profits continuing to grow [1] - The company achieved 700 million USD in upfront licensing revenue so far in 2025, indicating strong overseas authorization growth [1] - A total of 15 self-developed innovative molecules entered clinical stages for the first time in the first half of 2025, showcasing the company's robust pipeline [1] Group 3: Future Outlook - The company is expected to maintain high-speed growth in innovative drugs over the next three years due to a continuously enriching pipeline [1] - The company is producing products with blockbuster potential, reinforcing its positive market outlook [1] - The recommendation to maintain a "buy" rating reflects confidence in the company's ongoing innovation and market performance [1]

Core Viewpoint - Heng Rui Medicine (01276) saw a significant stock price increase of over 7%, reaching a new high of 91 HKD, following the acceptance of its drug application by the National Medical Products Administration [1] Group 1: Company Developments - Heng Rui Medicine's subsidiary received an acceptance notice for the marketing license application of SHR-A1811, a drug for treating HER2-positive breast cancer patients [1] - The drug has been included in the priority review process, indicating its potential significance in the market [1] Group 2: Financial Performance - In the first half of 2025, Heng Rui Medicine achieved a net profit attributable to shareholders of 4.45 billion CNY, representing a year-on-year growth of 29.67% [1] - The net profit for the second quarter of 2025 was reported at 2.58 billion CNY, with a year-on-year increase of 24.88% [1] Group 3: Future Outlook - The company is expected to see rapid growth in its innovative drugs, with international contributions to profits continuing to rise [1] - Since the beginning of 2025, the company has secured 700 million USD in upfront licensing fees, indicating strong overseas revenue growth [1] - With a rich pipeline of products, the company is projected to maintain high-speed growth in innovative drugs over the next three years [1]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Haier Biomedical, Sanlian Hongpu, and Laofengxiang, showing increases of 32.81%, 32.56%, and 30.70% respectively, across the medical device, professional engineering, and jewelry sectors [1] - On September 17, a total of 67 listed companies received broker recommendations, with Longbai Group, Sanhua Intelligent Control, and Hengsheng Silicon Industry each receiving 2 recommendations [1] - There were 3 instances of rating upgrades on September 17, including Huazhang Securities upgrading Dinglong Co., Ltd. from "Hold" to "Buy", Bohai Securities upgrading Hengrui Medicine from "Hold" to "Buy", and Huatai Financial Holdings (Hong Kong) upgrading Dongwei Semiconductor from "Hold" to "Buy" [1] Group 2 - On September 17, brokers initiated coverage on 7 companies for the first time, with Zhongfu Industrial and COFCO Sugar both receiving "Hold" ratings from Zhongyuan Securities, Shanshui Technology receiving a "Buy" rating from Northeast Securities, Hengrui Medicine receiving a "Buy" rating from Bohai Securities, and Kaipu Cloud receiving a "Buy" rating from Zheshang Securities [1]

Group 1 - The core viewpoint of the article highlights the significant target price increases for certain listed companies, with Haier Biomedical, Sanlian Hongpu, and Laofengxiang leading the rankings with target price increases of 32.81%, 32.56%, and 30.70% respectively, indicating strong bullish sentiment in the medical device, professional engineering, and jewelry sectors [1] - On September 17, a total of 29 target price adjustments were made by brokerages, reflecting active market engagement and potential investment opportunities [1] - Seven companies received initial coverage from brokerages on the same day, with Zhongfu Industrial and COFCO Sugar both rated "Buy" by Zhongyuan Securities, indicating positive outlooks for these firms [1] Group 2 - Shanshui Technology received a "Buy" rating from Dongbei Securities, suggesting confidence in its growth potential [1] - Heng Rui Pharmaceutical was rated "Buy" by Bohai Securities, reflecting optimism in the pharmaceutical sector [1] - Kaipu Cloud was also rated "Buy" by Zheshang Securities, indicating a favorable view on its market prospects [1]

Industry Research - In August, forklift sales reached 118,100 units, a year-on-year increase of 19.4% [2] - A significant increase in sales of aerial work vehicles was noted, with 490 units sold in August, representing a year-on-year growth of 88.5% [2] - The machinery equipment sector outperformed the Shanghai and Shenzhen 300 Index by 2.45 percentage points, with a 4.41% increase from September 10 to September 16, 2025 [2] - The current demand for engineering machinery is driven by ongoing projects in hydropower and urban renewal, alongside a reduction in tariff disturbances globally, enhancing the competitiveness of domestic machinery [2][3] - The industry maintains a "positive" outlook, with specific recommendations for companies such as Zoomlion (000157) and Haulotte Technology (002595) [3] Company Research: Heng Rui Pharmaceutical (600276) - Heng Rui Pharmaceutical is a leading pharmaceutical company in China, focusing on technological innovation and international expansion, with over 110 commercialized drugs, including 23 innovative new molecular entities [4][6] - The company is expected to receive approvals for approximately 47 innovative drugs and indications from 2025 to 2027, covering various fields such as oncology and metabolic diseases [6] - The company has made significant progress in international collaborations, enhancing its product strength and global recognition, with over 20 overseas clinical trials initiated [6] - The forecasted net profit for Heng Rui Pharmaceutical from 2025 to 2027 is projected to be 8.05 billion, 9.88 billion, and 11.71 billion yuan respectively, with an EPS of 1.21, 1.49, and 1.76 yuan per share [7]