Investment Rating - The report maintains an investment rating of "Outperform" for the pharmaceutical and biotechnology industry, indicating a positive outlook compared to the broader market [4]. Core Insights - The pharmaceutical and biotechnology industry is experiencing a recovery in Q2 2025, with innovative drugs poised for significant development opportunities [1][10]. - The overall revenue for 461 A-share pharmaceutical companies in H1 2025 was CNY 11,939.5 billion, a year-on-year decrease of 3.21%, while net profit attributable to shareholders was CNY 1,016.2 billion, down 8.55% [8][24]. - The medical services sector showed positive growth, with revenue increasing by 3.92% year-on-year, while other segments like raw materials, chemical preparations, traditional Chinese medicine, and medical devices faced declines [8][24]. Summary by Sections 1. Market Review - The pharmaceutical and biotechnology index rose by 7.36% in H1 2025, outperforming the CSI 300 index by 7.33 percentage points, with the chemical preparation sector leading with a 20.09% increase [15][21]. 2. Industry Performance - In H1 2025, the chemical preparation sector reported a revenue of CNY 2,044.3 billion, down 5.77%, and a net profit of CNY 223.1 billion, down 22.92% [43]. - The medical services sector achieved a revenue of CNY 890.2 billion, with a significant net profit increase of 40.22% [8][24]. - The report highlights a trend of improving performance in Q2 compared to Q1, with several sectors showing signs of recovery [30]. 3. Subsector Analysis Raw Materials - The raw materials sector generated CNY 459.1 billion in revenue, a decrease of 6.74%, with a net profit of CNY 45.4 billion, down 2.71% [32][38]. - The report suggests a long-term growth outlook for the raw materials sector, driven by increasing demand and regulatory changes [38]. Chemical Preparations - The chemical preparations sector is expected to benefit from new policies supporting innovative drugs, with a focus on balancing price and clinical needs [48][49]. - The sector's revenue and profit are under pressure but are anticipated to recover as innovation and reform take hold [43][48]. Traditional Chinese Medicine - The traditional Chinese medicine sector reported a revenue of CNY 1,731.95 billion, with a slight profit increase of 0.24% [52]. - The sector is seen as having structural opportunities despite overall revenue declines [52]. Medical Services - The medical services sector is highlighted for its robust growth, with a focus on integrated service platforms [30][31]. Medical Devices - The medical devices sector is expected to recover as demand for equipment updates increases, with a revenue of CNY 1,155.6 billion, down 4.47% [8][30]. 4. Recommendations - The report recommends focusing on leading companies in various sectors, such as Tianyu Co. in raw materials, BeiGene in innovative drugs, and Yifeng Pharmacy in medical commerce [8][42][50].

（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。 ...

恒瑞医药（600276）(01276)午前拉升逾7%，高见91港元，再创上市新高。截至发稿，涨7.18%，报91 港元，成交额2.98亿港元。 消息面上，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一 种以上抗HER2药物治疗的局部晚期或转移性HER2阳性成人乳腺癌患者。 天风证券（601162）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，国际化贡献利润持 续增长。海外授权收入持续增长，2025年至今授权首付款达7亿美元。随着管线持续丰富，未来三年创 新药有望继续保持高速增长。公司不断产出具有BIC潜力的产品。2025上半年，公司有15个自主研发的 创新分子首次进入临床阶段。考虑到公司创新药产品持续放量，维持"买入"评级。 ...

消息面上，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 种或一种以上抗HER2药物治疗的局部晚期或转移性HER2阳性成人乳腺癌患者。 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，国际化贡献利润持续增长。海 外授权收入持续增长，2025年至今授权首付款达7亿美元。随着管线持续丰富，未来三年创新药有望继 续保持高速增长。公司不断产出具有BIC潜力的产品。2025上半年，公司有15个自主研发的创新分子首 次进入临床阶段。考虑到公司创新药产品持续放量，维持"买入"评级。 智通财经APP获悉，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，涨 7.18%，报91港元，成交额2.98亿港元。 ...

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]