格隆汇10月14日丨恒瑞医药(01276.HK)发布公告，2025年10月14日耗资人民币1306.63万元回购20万股A 股，回购价格每股64-67元。 ...

智通财经APP讯，恒瑞医药(01276)发布公告，该公司于2025年10月14日斥资1306.63万元人民币回购20 万股A股，每股回购价格为64-67元人民币。 ...

大和发布研报称，首次覆盖恒瑞医药（600276）(01276)H股予"持有"评级，目标价86港元。该行指，恒 瑞医药的创新药授权在行业中较为领先，因集团拥有商业化的创新药组合，研发管线中有超过90种新分 子实体，并正在发展业务拓展(BD);该行预期2025至27年的授权收入分别达41亿、29亿及10亿元人民 币。该行看好其基本面，催化剂包括国内的创新药销售增长、药物数据释出、BD交易及获授权项目的 海外进展。 ...

智通财经APP获悉，大和发布研报称，首次覆盖恒瑞医药(01276)H股予"持有"评级，目标价86港元。该 行指，恒瑞医药的创新药授权在行业中较为领先，因集团拥有商业化的创新药组合，研发管线中有超过 90种新分子实体，并正在发展业务拓展(BD);该行预期2025至27年的授权收入分别达41亿、29亿及10亿 元人民币。该行看好其基本面，催化剂包括国内的创新药销售增长、药物数据释出、BD交易及获授权 项目的海外进展。 ...

格隆汇10月14日｜大和发表报告，首次覆盖恒瑞医药H股，予"持有"评级，目标价86港元。该行指，恒 瑞医药的创新药授权在行业中较为领先，因集团拥有商业化的创新药组合，研发管线中有超过90种新分 子实体，并正在发展业务拓展(BD)。该行看好其基本面，催化剂包括国内的创新药销售增长、药物数 据释出、BD交易及获授权项目的海外进展。 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临2025-162 江苏恒瑞医药股份有限公司 关于获得药物临床试验 批准通知书的公告 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。 登录新浪财经APP 搜索【信披】查看更多考评等级 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司苏州盛迪亚生物医药有限公司、上海恒瑞 医药有限公司收到国家药品监督管理局（以下简称"国家药监局"）核准签发关于注射用SHR-A2102的 《药物临床试验批准通知书》，将于近期开展临床试验。现将相关情况公告如下： 一、药物的基本情况 药物名称：注射用SHR-A2102 剂型：注射剂 申请事项：临床试验 受理号：CXSL2500583 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025年7月11日受理的注射用 SHR-A2102符合药品注册的有关要求，同意本次临床试验申请，具体为：一项注射用SHR-A2102联合其 他抗肿瘤治疗在晚期实体瘤受试者中的安全性、耐受性及有效性的多中心、开放Ⅱ期临床研究。 二、药物的其他情况 注 ...

4.谷歌：澳大利亚限制青少年使用社交媒体法令将"极难执行" 10月13日，据报道，Alphabet旗下谷歌公司表示，澳大利亚禁止16岁以下人群使用社交媒体的新规将"极难 执行"，且未必能实现提升儿童网络安全的承诺。澳大利亚《2024网络安全（社交媒体最低年龄）修正案》 将于今年12月生效，其将成为全球首个实施此类全面禁令的国家。该法规要求社交平台不进行传统年龄验 证，而是依托基于行为数据的人工智能年龄推断技术。 5.恒瑞医药：三个药物获临床试验批准 1.江苏省体育局："苏超"2026年将继续举办，球员选拔规则将进一步优化 江苏省体育局解答企业群众反映相关政策热点时表示，2026年江苏城市足球联赛将继续举办，相关的赛事 方案正在研究中。球员的选拔规则将进一步优化调整，坚持球员与代表城市强关联，同时突出联赛对青训 的拉动作用，确保联赛办出特色、办出水平。 2.2025年诺贝尔经济学奖公布 2025年诺贝尔经济学奖授予乔尔·莫基尔、菲利普·阿吉翁和彼得·豪伊特，以表彰他们"对创新驱动型经济增 长的阐释"。其中，一半奖金授予莫基尔，以表彰他们"发现了通过技术进步实现持续增长的先决条件"，另 一半奖金则共同授予阿吉翁和 ...

Core Insights - The pharmaceutical index increased by 0.36% from September 29 to October 10, underperforming the CSI 300 index by -1.11% [1] - The "Most-Favored-Nation Pricing" agreement catalyzed significant stock price increases for U.S. MNCs, which also positively impacted Hong Kong's innovative drug sector, although there was a notable decline in the following trading days [1] - Anticipated catalysts in October include ESMO, BD, and medical insurance negotiations, which may stabilize and rebound innovative drug stocks [1] Market Performance - From September 29 to October 10, 316 stocks rose while 148 fell, with notable gainers including Zhendong Medical (+31.82%) and Wanbangde (+21.21%), while major losers included Nanxin Pharmaceutical (-28.67%) and ST Fuhua (-13.64%) [2] - Q3 performance expectations indicate a significant trend in innovative drug volume, with traditional pharmaceutical companies like Heng Rui expected to maintain Q2 trends [2] - Blood products and vaccines are projected to face continued pressure, while CXO and upstream research are expected to show good external demand growth [2] Investment Opportunities - The Chinese pharmaceutical industry has transitioned to new growth drivers, particularly in innovative drugs, with companies like Heng Rui and Han Sen making significant strides [3][4] - The demand for chronic disease treatments is increasing due to an aging population, supported by a stable growth in medical insurance revenue [4] - The AI wave is anticipated to unlock new growth logic in the pharmaceutical sector [4] Recommended Stocks - Current recommendations include Xintai, Rejing Bio, and China National Pharmaceutical, with a focus on companies like Heng Rui and Sanofi for October [5]

Investment Rating - The report suggests a positive outlook for the oligonucleotide drug industry, indicating that it is on the verge of a therapeutic paradigm revolution, particularly in the treatment of common diseases [3]. Core Insights - The oligonucleotide drug market is approaching a critical point of explosion, with significant advancements in delivery technologies and therapeutic targets [3]. - The report highlights the potential for multiple innovative treatment paradigms for common liver diseases over the next five years, focusing on lipid-lowering, blood pressure reduction, and hepatitis B [3]. - The report emphasizes the importance of differentiated delivery technologies and the potential for business development (BD) opportunities in the industry [3]. Summary by Sections Industry Overview - The report revisits the previous assessment from January 2021, which predicted that oligonucleotide drugs would become the third major class of therapeutics after small molecules and monoclonal antibodies [3]. - It notes that the market has seen a significant increase in the number of approved siRNA/ASO drugs since 2022, addressing unmet medical needs [4]. Market Dynamics - The report identifies key players in the industry, including Alnylam, Arrowhead, and Ionis, and discusses their market capitalization changes from 2021 to 2025, highlighting Alnylam's significant growth due to successful drug launches [7]. - It mentions that the market for oligonucleotide drugs is expanding into common diseases, with Alnylam's drugs like Amvuttra and Inclisiran showing strong sales potential [20]. Technological Advancements - The report discusses advancements in delivery technologies, particularly the GalNAc conjugation platform, which has significantly improved the efficacy and safety of oligonucleotide drugs [41][42]. - It highlights the ongoing research into dual-target oligonucleotide drugs, which may become a new trend in the industry [36]. Competitive Landscape - The report outlines the competitive landscape, noting that multinational corporations (MNCs) are actively acquiring clinical-stage FIC drugs and exploring collaborations with biotech firms [3]. - It emphasizes the need for targeted delivery systems for different organs, indicating that the advancement and differentiation of delivery platforms will be crucial for the future success of oligonucleotide drug companies [26][27].

Core Insights - The pharmaceutical companies listed on the Shanghai Stock Exchange have shown robust growth in the first half of 2025, driven by the implementation of the Healthy China strategy and global pharmaceutical innovation [1][4] - Jiangsu Hengrui Medicine Co., Ltd. has received approval for its innovative drug, Zemeituzhita Tablets, marking a significant advancement in China's hematological oncology drug development [1][2] - The overall trend indicates a shift towards increased R&D investment, with innovative drug sales becoming a larger portion of revenue and accelerated international market expansion [1][4] Company Summaries - **Hengrui Medicine**: Achieved revenue of 15.761 billion yuan and net profit of 4.450 billion yuan in the first half of 2025, representing year-on-year growth of 15.88% and 29.67% respectively. Innovative drug sales now account for 55% of main business revenue. The company has invested over 48 billion yuan in R&D and has 14 global R&D centers with a team of over 5,600 [2][3] - **Fosun Pharma**: Reported innovative drug revenue exceeding 4.3 billion yuan in the first half of 2025, a year-on-year increase of 14.26%, making up 31% of its pharmaceutical business revenue. The company has engaged in five innovative drug licensing transactions and has established a local team in the U.S. for commercialization efforts [2][3] - **WuXi AppTec**: Experienced a 24.2% year-on-year growth in revenue from continuing operations in the first half of 2025, with adjusted net profit increasing by 44.4%. The company has successfully synthesized and delivered over 440,000 new compounds in the past 12 months [3] Industry Trends - The pharmaceutical industry is actively exploring new growth points through digital transformation, green low-carbon development, and cross-industry innovation. Leading companies like Hengrui, Fosun, and WuXi AppTec are demonstrating the effectiveness of innovation-driven strategies and global market expansion [4]