智通财经7月28日电，恒瑞医药公告，与GlaxoSmithKlineIntellectualProperty(No.3)Limited和 GlaxoSmithKlineIntellectualProperty(No.4)Limited公司（以下统称"GSK"）达成协议，将HRS-9821项目的 全球独家权利（不包括中国大陆、香港特别行政区、澳门特别行政区及台湾地区）和至多11个项目的全 球独家许可的独家选择权（不包括中国大陆、香港特别行政区、澳门特别行政区及台湾地区）有偿许可 给GSK。 恒瑞医药：将HRS-9821项目的全球独家权利和至多11个项目的全球独家许可的独家选择权有偿许可给 GSK ...

恒瑞医药公告，公司与GSK达成协议，将HRS-9821项目的全球独家权利和至多11个项目的全球独家许 可的独家选择权有偿许可给GSK。GSK将向恒瑞支付5亿美元的首付款，公司将有资格获得未来基于成 功开发、注册和销售里程碑付款的潜在总金额约120亿美元。 ...

恒瑞医药（600276）公告，公司与GlaxoSmithKline Intellectual Property(No.3)Limited和GlaxoSmithKline Intellectual Property(No.4)Limited签署合作、选择权和许可协议。根据协议，恒瑞将HRS-9821项目的全 球独家权利(不包括中国大陆、香港特别行政区、澳门特别行政区及台湾地区)和至多11个项目的全球独 家许可的独家选择权(不包括中国大陆、香港特别行政区、澳门特别行政区及台湾地区)有偿许可给 GSK。GSK将向恒瑞支付5亿美元的首付款，并在所有项目获得行使选择权且所有里程碑均已实现时， 恒瑞将有资格获得未来潜在总金额约120亿美元的里程碑付款。此外，恒瑞将有权向GSK收取相应的分 梯度的销售提成。 ...

3) Limited 和 GlaxoSmithKline Intellectual Property (No. 4) Limited 签署合作、选择权和许可协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-109 江苏恒瑞医药股份有限公司 关于与GlaxoSmithKline Intellectual Property (No. 二、交易对方基本信息 GSK 是一家全球性的生物制药公司，总部位于英国伦敦，在伦敦证券交易所 和纽约证券交易所上市(证券代码：GSK)。 三、协议主要条款 江 苏 恒 瑞 医 药 股 份 有 限 公 司 （ 以 下 简 称 " 恒 瑞 " 或 " 公 司 " ）与 GlaxoSmithKline Intellectual Property (No. 3) Limited 和 GlaxoSmithKline Intellectual Property (No. 4) Limited 公司（以下统称 "GSK"）达成协议，将 H ...

Core Viewpoint - The Hong Kong stock market has been active since 2025, outperforming major global markets, particularly the A-share market, driven by significant inflows of southbound capital and an increase in IPO activities [1][2][3]. IPO Market Status - The Hong Kong IPO market is currently the largest globally, with a fundraising total of HKD 1,273.6 billion, marking a new high since 2021 and nearing the total of the past two years combined [4][12]. - As of July 25, 2025, 52 companies have listed on the Hong Kong stock exchange, approaching 75% of the total listings in 2024 and 2023 [3][4]. - A notable trend is the increasing number of A-share companies choosing to list in Hong Kong, with 13 leading A-share firms already listed and over 50 more planning to do so [3][4]. Market Dynamics - The influx of southbound capital has been significant, with over HKD 820 billion entering the Hong Kong market in just seven months, surpassing the total for the entire year of 2024 [15][24]. - The average daily trading volume in the Hong Kong main board has reached HKD 2,423 billion, significantly higher than the averages of HKD 1,318 billion in 2024 and HKD 1,049 billion in 2023 [9][24]. Future Outlook - The increase in IPOs and placements is expected to raise liquidity demands, with an estimated total of HKD 3,000 billion in IPOs and placements anticipated for the second half of the year [20][21]. - The Hong Kong Stock Exchange has implemented several reforms since 2018 to attract more companies, including allowing unprofitable biotech firms to list and easing restrictions on dual-class shares [22][24]. Investment Strategy - The performance of IPOs varies significantly, with a notable difference in returns based on company size and market conditions. Smaller companies tend to perform well initially but may underperform over time [26][36]. - The optimal strategy for investors is to sell within three trading days post-IPO for the highest potential returns, while holding for six months may not yield the best outcomes due to market pressures [42][43].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [1] Core Insights - The GLP-1 drug class is expected to generate over $100 billion in sales by 2030, with a focus on companies like Boryung Pharmaceutical, Eddingpharm, and Innovent Biologics [2][4] - The A-share pharmaceutical index has increased by 1.9% this week and 18.8% year-to-date, outperforming the CSI 300 index by 0.2% and 14% respectively [1][12] - Bayer's first-in-class lung cancer drug has been submitted for market approval, while Eddingpharm's drug has also been submitted for a new indication [3] Summary by Sections 1. Market Performance - The A-share medical services and medical devices sectors saw significant price increases of 6.7% and 4.4% respectively, while biopharmaceuticals and traditional Chinese medicine had smaller gains [1][12] - Notable stock performances include Haite Biopharma (+46%), Vibrant Pharmaceuticals (+42%), and Celery Medical (+31%) [1][12] 2. GLP-1 Drug Insights - Semaglutide's global sales reached $7.864 billion in Q1 2025, surpassing Keytruda's $7.205 billion, marking it as the new "king of drugs" [2][17] - WHO plans to release new guidelines for GLP-1 therapies for adult obesity in September 2025, which is expected to boost sales further [2][18] 3. Company Recommendations - Recommended sectors include innovative drugs, research services, and CXO services, with specific companies highlighted for investment [4][12] - Companies to watch include Boryung Pharmaceutical, Eddingpharm, and Innovent Biologics from the GLP-1 perspective, and companies like Kangfang Biologics and Zai Lab from the PD-1/VEGF dual antibody perspective [4][12] 4. R&D Developments - Bayer's BAY 2927088 and Eddingpharm's furmetinib have been submitted for new indications in lung cancer treatment [3] - The report emphasizes the potential of Amylin drugs in combination with GLP-1, with Boryung's BGM1812 and Eddingpharm's ASC30 being key candidates [2][19]

Investment Rating - The report maintains a positive outlook on innovative drugs and the industry chain, recommending continuous attention to this sector [1][5][24]. Core Viewpoints - The report highlights the sustained high prosperity of innovative drugs, with a focus on companies likely to see a revaluation, such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, and Huadong Medicine. It also emphasizes Biopharma/Biotech companies with innovative pipelines entering a growth phase, including PATEO, Innovent Biologics, BeiGene, and others [1][5][24]. - The A-share pharmaceutical sector outperformed the market in the third week of July 2025, with a 4.0% increase compared to a 0.7% rise in the Shanghai Composite Index. The report notes that the premium of the pharmaceutical sector relative to all A-shares is currently at a normal level of 86.8% [7][25][16]. - The Hong Kong pharmaceutical sector showed outstanding performance, with the Hang Seng Healthcare index rising by 12.0% and the Hong Kong Biotechnology index increasing by 13.6% during the same period [21][25]. Summary by Sections 1. Continuous Focus on Innovative Drugs and Industry Chain - The report emphasizes the ongoing high demand for innovative drugs and recommends companies such as Heng Rui Medicine, Hansoh Pharmaceutical, and others for potential investment [1][5][24]. 2. Performance of A-Shares Pharmaceutical Sector - In the third week of July 2025, the A-share pharmaceutical sector led with a 4.0% increase, outperforming the overall market. Notable sub-sectors included chemical raw materials and chemical preparations, with gains of 7.0% and 6.8% respectively [7][11][25]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong pharmaceutical sector performed exceptionally well, with significant gains in the Hang Seng Healthcare and Biotechnology indices. In contrast, the U.S. pharmaceutical sector underperformed, with a decline of 2.5% in the S&P 500 Healthcare Select Sector [21][25].

Core Viewpoint - The article highlights the accelerated rebound of A-shares in Q2, emphasizing the critical role of foreign public funds' portfolio adjustments in this context [1] Group 1: Foreign Fund Adjustments - Major foreign public funds such as JPMorgan, BlackRock, and Morgan Stanley have revealed their portfolio adjustments for Q2 2025, indicating a shift in their market expectations [1] - Notably, the significant increase in stock market value for funds like LGM and LGT, with growth rates of 491.66% and over 340% respectively, showcases a more aggressive adjustment strategy compared to traditional players [2] - The focus of these funds has shifted towards "core assets" in the technology sector, with companies like Xinyiseng and Shenghong Technology becoming key targets for investment [2][3] Group 2: Investment Strategies - The current round of foreign investment is characterized by a focus on "industrial hubs" rather than just technology, with companies spanning multiple segments of the hardware supply chain being prioritized [3] - Leading institutions like JPMorgan and Morgan Stanley have adopted a more stable investment approach, maintaining significant positions in high-profit assets while balancing short-term themes with mid-term fundamentals [4][5] - The strategy of Morgan Stanley emphasizes "performance first," focusing on sectors like AI chips and pharmaceuticals, which are expected to deliver consistent profits [5] Group 3: Core Assets and Defensive Positions - Despite a trend of reducing positions in the pharmaceutical sector, Morgan Stanley continues to hold substantial stakes in innovative pharmaceutical companies, indicating a belief in their long-term potential [5][6] - Foreign funds are maintaining or increasing their holdings in core financial and consumer assets such as Kweichow Moutai and China Ping An, which serve as stable anchors in their portfolios [6] Group 4: Localization of Investment Strategies - The article notes a shift in foreign funds from a mechanical strategy of "low valuation + large blue chips" to a more localized approach that adapts to the high volatility and rotation of the Chinese market [7] - Funds like BlackRock are demonstrating a dual-driven strategy of thematic flexibility and fundamental stability, indicating a more nuanced approach to portfolio construction [7][8] - New entrants like Fidelity and Allianz are exploring innovative small-cap technology stocks, reflecting a strategy aimed at identifying future consensus assets [8]

Core Viewpoint - A total of 16 A-share listed companies disclosed their latest merger and acquisition announcements during the week of July 21 to July 27, with notable transactions including Huylin Ecological's plan to acquire a 49% stake in Wuhan Junheng, and the resumption of trading for its stock on July 28 [1][3]. Group 1: Company Announcements - Huylin Ecological announced on July 25 its intention to purchase a 49% stake in Wuhan Junheng, with its stock set to resume trading on July 28 [3]. - Western Gold announced on July 25 its plan to acquire 100% of Xinjiang Meisheng for 1.655 billion yuan [3]. - Guochuang High-tech announced on July 25 its plan to acquire 100% of Ningbo Guopei for 22.5 million yuan [3]. - Shanghai Pharmaceuticals announced on July 25 its intention to acquire a 10% stake in a financial company held by Shashi Dongtan [3]. - Heng Rui Medicine announced on July 25 its plan to acquire a 1.4587% stake in Chengdu Shengdi Medicine for 4.0144 million yuan [3]. - Yuanli Co. announced on July 24 its intention to purchase 100% of Tongsheng Co., with its stock set to resume trading [3]. - Angel Yeast announced on July 24 its plan to acquire a 55% stake in Zuitong Sugar Industry for 506 million yuan [3]. - Jinlong Co. announced on July 23 its intention to acquire a 29.32% stake in Zhisuang Company [3]. - Huayu Mining announced on July 23 its plan to acquire an 11% stake in Asia Pacific Mining for 300 million yuan [3]. - Titan Technology announced on July 23 its intention to acquire 100% of ASL for approximately 55.85 million yuan [3]. - GoerTek announced on July 22 its plan to acquire Mia Precision Technology Co. and Changhong Industrial Co. for approximately 10.4 billion Hong Kong dollars [3]. - Geer Software announced on July 22 its intention to acquire more than 51% of Weipin Zhiyuan, which owns an intelligent orchestration platform [3]. - Tianrun Industrial announced on July 22 its plan to acquire 100% of Shandong Altai for 13.5 million yuan [3]. - Hanyi Co. announced on July 22 its intention to acquire a 39% stake in Shanghai Pidong Cultural Media for 10.2 million yuan [3]. - ST Xifa announced on July 21 its plan to cash purchase a 50% stake in Lhasa Beer held by Carlsberg, which is expected to constitute a major asset restructuring [3]. - Beiding Co. announced on July 21 its intention to acquire 100% of Zhongshan Kairui for 156 million yuan [3].

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [6]. Core Insights - Small nucleic acid drugs are expected to become the third major class of drugs after small molecules and antibodies, with unique advantages such as broad targets, strong specificity, high development efficiency, and long dosing intervals [9][38]. - The commercialization of rare diseases is maturing, and the long-term advantages for chronic diseases are becoming evident, with significant sales growth for products like Spinraza and Leqivo [9][60]. - There is a notable increase in business development (BD) activities, highlighting the potential of early-stage chronic disease pipelines [9]. Summary by Sections 1. Small Nucleic Acids: Potential as a New Drug Class - Small nucleic acid drugs, including ASO, siRNA, and Aptamer, interact with mRNA to regulate gene expression, offering a new technological pathway for drug development [13]. - The global market for small nucleic acid drugs has grown from $1.04 billion in 2017 to $5.09 billion in 2024, with a CAGR of 25.5% [60]. 2. Milestones in Overseas and Domestic Markets - In the overseas market, significant developments are expected in the TTR field and cardiovascular diseases, with drugs like Vutrisiran and Pelacarsen showing promise [9]. - In China, new therapies for chronic hepatitis B and competitive advancements in cardiovascular drugs are emerging, with several companies making progress in their pipelines [9][60]. 3. Investment Recommendations and Targets - The report suggests focusing on high-quality domestic companies involved in the development of small nucleic acid drugs targeting chronic hepatitis B and cardiovascular diseases, such as HengRui Medicine, China National Pharmaceutical Group, and others [9].