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吸引力显著增强!摩根士丹利:中国创新药“出海”大时代拉开帷幕
券商中国· 2025-08-25 04:00
作为深耕生物科技领域的国际投行,今年以来,摩根士丹利保荐了恒瑞医药、映恩生物、维立志博等标志性港股IPO 项目,并完成了药明康德9.8亿美元、信达生物5.5亿美元、翰森制药约5亿美元等多个再融资项目。 新上市企业市场表现亮眼,上述12家医疗公司上市首日平均涨幅达23.1%。 由摩根士丹利牵头保荐的映恩生物4月15日上 市首日暴涨117%,被普遍认为是重新打开中国生物科技企业港股上市的大门。全球投资者认购热情高涨,如由摩根士丹 利牵头保荐的维立志博,获得了长线、主权、医疗专业投资者的超额认购及支持。 再融资股本发行同样活跃。张晓羽介绍,截至7月底,摩根士丹利已协助中国业内发行人融资超50亿美元。其中,药明康 德7月底成功配售73.8万股H股,募资9.8亿美元(约76.47亿港元),为过去4年港股医疗行业最大新股增发项目。另外, 摩根士丹利也协助信达生物近期完成5.5亿美元(约43.1亿港元)增发,为过去4年港股医疗行业折扣最小的增发案例,因 市场需求远超预期,发行规模较原计划上调10%,发行折扣缩窄至4.9%。8月19日,翰森制药也宣布进行5亿美元(约39 亿港元)的增发,摩根士丹利助力其进行配售,该交易将于8 ...
恒瑞医药_电话会议要点_引导可持续合作收入;国内创新药销售目标复合年增长率
2025-08-25 03:24
25 August 2025 | 1:44AM HKT Hengrui Medicine (600276.SS): Call takeaway: Guide sustainable collaboration income; Domestic innovative drug sales targets CAGR Guide sustainable licensing income; overseas development going smoothly: Management noted that BD revenue will become sustainable income for Hengrui, with more deals to expect from its substantial pipeline consisting of 100+ clinical-stage assets and 20+ new projects moving into clinical stage every year. The assets licensed-out to global partner have s ...
光大证券晨会速递-20250825
EBSCN· 2025-08-25 01:44
Market Overview - The A-share market has shown strong performance, breaking through last year's high, with expectations for continued upward movement supported by reasonable valuations and new positive factors such as a potential interest rate cut by the Federal Reserve and a recovery in public fund issuance [2][3] - The weighted REITs index has decreased by 1.52% during the week of August 18-22, 2025, indicating a downward trend in the secondary market prices of publicly listed REITs [2] Credit Bonds - A total of 375 credit bonds were issued from August 18 to August 22, 2025, with a total issuance scale of 376.74 billion, reflecting a week-on-week increase of 12.45% [3] - The total transaction volume of credit bonds reached 1,286.40 billion, up 16.04% week-on-week, with commercial bank bonds, corporate bonds, and medium-term notes being the top three in transaction volume [3] Convertible Bonds - The CSI Convertible Bond Index increased by 2.8% during the week, with a year-to-date increase of 17.9%, slightly below the equity market performance [4] - Current valuations of convertible bonds are close to or exceed historical highs, yet the equity market remains robust, suggesting continued strong performance in the convertible bond market [4] High-end Manufacturing - Exports of engineering machinery maintained double-digit growth, with excavators, tractors, and mining machinery showing year-on-year increases of 24%, 30%, and 25% respectively [6] - The report suggests focusing on companies like QuanFeng Holdings, JuXing Technology, and Xugong Machinery due to their strong export performance [6] TMT Sector - The company SUTENG has seen rapid growth in its robotics business, indicating a successful strategic transformation [6] - The report highlights the importance of SUTENG's self-research technology and its competitive advantages in the ADAS and robotics ecosystem [6] Agriculture, Forestry, Animal Husbandry, and Fishery - The report notes a slight decline in pig prices, with the average price of live pigs at 13.75 yuan/kg, down 0.07% week-on-week [6] - The government has initiated pork storage measures to boost market sentiment, suggesting a potential recovery in pig prices [6] Medical and Biological Sector - The report recommends increasing allocations to the medical device sector, highlighting undervalued companies in Hong Kong and those with strong growth potential [7] - Companies like Weikang Medical and Mindray Medical are noted for their robust growth and research capabilities [7] Petrochemical Sector - The report indicates a significant market opportunity for the renovation of old refineries, with companies like Sinopec Engineering and PetroChina Engineering expected to benefit [7] - The report emphasizes the trend of "de-involution" in the refining industry, which may lead to a substantial market for dismantling and renovation [7] Basic Chemicals - The second phase of phosphate fertilizer export quotas has been allocated, with leading companies expected to benefit from high overseas prices [7] - The report anticipates continued high demand for high-grade phosphate rock in the short to medium term [7] Non-Banking Financials - AIA Insurance has seen new business value reach new highs, with stable growth in operating profits [10] - The report adjusts profit forecasts for AIA for 2025-2027, maintaining a "buy" rating [10] Real Estate - The property management sector shows steady growth, with a stable dividend outlook from companies like Yuexiu Services [10] - The report notes a slight decline in net profit but maintains a positive outlook due to strong project delivery from related companies [10] Electric New Energy - The report highlights the growth potential in the energy storage battery sector, with companies like Yiwei Lithium Energy expected to benefit from increased demand [24] - The company has adjusted its profit forecasts for 2025, reflecting a strong competitive position in the market [24] Textile and Apparel - The report indicates a decline in profit margins for companies like Li Ning, despite revenue growth [34] - The company is expected to maintain a strong brand presence, with a "buy" rating maintained [34]
半年募资1049亿港元,港股IPO缘何重夺全球冠军?
Sou Hu Cai Jing· 2025-08-25 00:57
文:刘涛 经历三年低迷期后,香港股票发行市场重现繁荣,短短一年间强势反弹,并预将重夺全球最大的股票首发地。 8月20日,香港交易所公布2025年中期业绩,上半年实现总收入140.76亿元(港币,下同),同比增长32.53%,净利润为85.19亿元,同比增长39%,均创 历史半年度新高。 这些龙头企业选择赴港IPO,一方面是国际化战略需要,另一方面港交所对新经济企业、科创企业的高包容度也极具吸引力。"A+H"模式的升温不仅拓宽 企业融资管道,更透过香港这个国际平台助力中国企业全球化布局。比如,宁德时代将90%的募资投入匈牙利项目,讯飞医疗借助香港资本市场加速AI技 术迭代。在龙头企业的示范作用下,越来越多的未盈利的生物医药公司、人工智能企业等科技企业加入赴港上市队列。 中国人工智能初创公司DeepSeek的崛起亦是香港IPO市场的另一个催化剂。今年1月,DeepSeek发布了低成本但功能强大的模型,由此推动了中国科技股 的上涨,投资者重新评估中国的创新能力,并引发了对中国股票的价值重估。 在中国科技股的助攻下,香港成为今年亚洲表现最好的股票市场之一,如今,在港上市的内地企业已占整个市场市值的81%。 利润和收入 ...
创新药行业迈入“收获期”
Zheng Quan Ri Bao· 2025-08-24 16:09
从归母净利润增速来看,6家企业实现同比增长超100%。8月23日,科兴生物制药股份有限公司公告 称,公司2025年上半年归母净利润实现8034.45万元,同比增长576.45%,成为行业"增速王";成都圣诺 生物科技股份有限公司(以下简称"圣诺生物")以308.29%的同比增速位居行业第二;金凯(辽宁)生 命科技股份有限公司(以下简称"金凯生科")以123.61%的同比增速,位居行业第三。 当前,上市公司2025年半年报正在密集披露中,多家创新药企在营收、归母净利润等核心指标上表现亮 眼,行业整体展现良好发展态势。Wind数据显示,截至8月24日,共计39家创新药企发布2025年半年度 业绩报告,其中27家归母净利润变动幅度实现正增长,占比达69.23%,更有6家企业归母净利润同比增 长超100%。 盘古智库高级研究员江瀚表示,通过这一成绩单可以看出行业已经走出了低谷期,盈利动能显著恢复。 从周期位置判断,利润增长开始兑现,标志着行业正从"投入期"迈入"收获期",整体进入温和扩张阶 段,景气度处于回升通道。 6家净利同比增长超100% 从营收规模来看,3家企业位处"百亿元梯队"。华东医药股份有限公司(以下简称 ...
医药行业周报:传统Pharma中报亮眼、创新转型加速,继续重点推荐-20250824
Hua Yuan Zheng Quan· 2025-08-24 11:59
Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [5] Core Viewpoints - Traditional pharmaceutical companies have shown impressive mid-year results, with significant progress in innovation transformation. The innovation revenue is becoming a key driver for high growth in performance [4][9] - The report emphasizes the importance of innovative drugs as a stable industry trend, highlighting several key companies in both A-shares and Hong Kong stocks that are expected to perform well [5][6] - The report suggests that the pharmaceutical sector is well-positioned for growth in 2025, driven by factors such as the aging population, improved overseas capabilities, and advancements in AI technology [5][6] Summary by Sections Industry Performance - From August 18 to August 22, the pharmaceutical index rose by 1.05%, underperforming the CSI 300 index by 3.13%. Notable gainers included companies like Olin Bio and Furuida [6][44] - A total of 313 stocks in the pharmaceutical sector rose, while 171 fell during the same period [6][44] Company Highlights - **Hengrui Medicine**: Reported revenue of 15.761 billion RMB for H1 2025, a year-on-year increase of 15.88%. The net profit was 4.450 billion RMB, up 29.67%. Innovative drug sales reached 7.570 billion RMB, growing by 21.80% [10][15] - **Hansoh Pharmaceutical**: Achieved revenue of 7.434 billion RMB in H1 2025, a 14.3% increase. The net profit was 3.135 billion RMB, up 15.0%. Innovative drug sales accounted for 82.7% of total revenue [21][28] - **China National Pharmaceutical Group**: Reported revenue of 17.57 billion RMB for H1 2025, a 10.7% increase, with a net profit of 3.39 billion RMB, up 12.3%. Innovative revenue reached 7.8 billion RMB, growing by 27.23% [34][35] Investment Recommendations - The report recommends focusing on innovative drugs, manufacturing overseas, and addressing the needs of an aging population. Specific stocks to watch include Xintai, Shanghai Yizhong, and Hengrui Medicine [5][6][44] - The report highlights the potential for valuation recovery in relatively undervalued pharmaceutical assets [5][6]
恒瑞医药中报观:创新药内生增长动能凸显,持股计划解锁目标彰显创新药发展信心
Zhi Tong Cai Jing· 2025-08-24 11:40
8月20日,恒瑞医药(600276)(股票代码:600276.SH;01276)发布2025年半年度报告。财报显示,公司当期实现营业收入157.61亿元,同比增长15.88%;归属 于上市公司股东的净利润44.50亿元,同比增长29.67%。与此同时,公司当期经营性现金流净额达到43.00亿元,同比增长41.80%。营收、净利及经营性现金 流净额均创往年同期新高,业绩进入爆发增长期。 持股计划彰显创新药收入增长预期保持高速增长 为了增强团队凝聚力及公司核心竞争力,充分发挥长效激励机制,恒瑞医药还同时公告将回购10-20亿元的股份,用于实行新的员工持股计划,2025年激励 规模不超过1400万股。 在绩效考核方面,2024年持股计划中的创新药收入指标为含税口径,而2025年计划调整为不含税口径。经比较两期持股计划(即2025年度:165亿元(含 税)vs153亿元(不含税),以及2026年度208亿元(含税)vs192亿元(不含税)),可以算出税率大概是8%。 据此,可推算出2024年度指标中的不含税创新药收入应该是120亿左右,与新计划中的153亿(不含税)相比较可得出:2025年度的不含税创新药收入增长指标 ...
恒瑞医药(01276)中报观:创新药内生增长动能凸显,持股计划解锁目标彰显创新药发展信心
智通财经网· 2025-08-24 11:38
8月20日,恒瑞医药(股票代码:600276.SH;01276)发布2025年半年度报告。财报显示,公司当期实现营业收入157.61亿元,同比增长15.88%;归属于上市公司 股东的净利润44.50亿元,同比增长29.67%。与此同时,公司当期经营性现金流净额达到43.00亿元,同比增长41.80%。营收、净利及经营性现金流净额均创 往年同期新高,业绩进入爆发增长期。 持股计划彰显创新药收入增长预期保持高速增长 为了增强团队凝聚力及公司核心竞争力,充分发挥长效激励机制,恒瑞医药还同时公告将回购10-20亿元的股份,用于实行新的员工持股计划,2025年激励 规模不超过1400万股。 在绩效考核方面,2024年持股计划中的创新药收入指标为含税口径,而2025年计划调整为不含税口径。经比较两期持股计划(即2025年度:165亿元(含税)vs 153亿元(不含税),以及2026年度208亿元(含税)vs 192亿元(不含税)),可以算出税率大概是8%。 据此,可推算出2024年度指标中的不含税创新药收入应该是120亿左右,与新计划中的153亿(不含税)相比较可得出:2025年度的不含税创新药收入增长指标 为27%,与 ...
医药健康行业周报:Pharma创新管线迎收获期,密集回购增持彰显信心-20250824
SINOLINK SECURITIES· 2025-08-24 08:26
药品板块:本周创新药行情仍有所调整,但长期来看整体政策环境对创新药的支持不变。历经十批仿制药集采后,头 部 pharma 集采风险逐步出清,具备全球竞争力的创新药管线崭露头角。建议关注头部 pharma 转型成果和出海机会。 我们认为创新药依旧是投资主线,在全球 MNC 面临专利悬崖、积极寻找潜力创新药 BD 合作的浪潮下,可重点关注泛 癌种潜力的双/多抗药物、解决未满足临床需求的慢病药管线的投资机会。同时关注中报潜在业绩超预期的创新药企。 生物制品:近日金赛药业双靶 ADC GenSci143 IND 获受理,拟用于局部晚期或转移性实体瘤患者的治疗。临床前研究 表明,GenSci143 可特异性识别并结合表达 B7 同源物 3(B7-H3)和/或前列腺特异性膜抗原(PSMA)的肿瘤细胞,临 S1130525060003 gantanhuan gjzq.com.cn S1130514100001 zhaohc gjzq.com.cn S1130525080003 tangyuqing gjzq.com.cn S1130525070006 wangbenben gjzq.com.cn S113052308000 ...
医药生物行业跨市场周报:政策优化+需求恢复,看好医疗器械板块结构性投资机会-20250824
EBSCN· 2025-08-24 08:22
行业研究 政策优化+需求恢复,看好医疗器械板块结构性投资机会 ——医药生物行业跨市场周报(20250824) 要点 行情回顾:上周, A 股医药生物指数上涨 1.05%,跑输沪深 300 指数 3.13pp, 跑输创业板综指 3.47pp,在 31 个子行业中排名第 29。H 股恒生医疗健康指数 上周收涨 0.93%,跑赢恒生国企指数 0.48pp。 上市公司研发进度跟踪:上周,康诺亚的 AZD0901 注射液、科伦博泰的 HBM9378 注射液的临床申请新进承办;恒瑞医药的 HRS-7058 胶囊的 IND 申请新进承办; 恩华药业的 NH600001 乳状注射液的 NDA 申请新进承办。恒瑞医药的 SHR-1905、甘李药业的博凡格鲁肽正在进行三期临床;乐普医疗的 MWN105 正在进行二期临床;正大天晴的 NTQ1062 正在进行一期临床。 本周观点:政策优化+需求恢复,看好医疗器械板块结构性投资机会 我们建议增加医疗器械板块配置,1)预计国家药监局相关支持性政策的落地 有望推动高端影像设备、手术机器人、脑机接口、AI+医疗等领域快速发展, 其中研发储备强、品牌认知度高的细分领域龙头有望受益。2)24H ...