本文约 2 5 0 0 字，推荐阅读时长 1 5 分钟，欢迎关注新财富公众号。 1 引言 4月14日，美国商务部宣布启动对进口药品的国家安全调查。这一调查覆盖了所有进口药品，包括成 品仿制药、原研药以及用于生产这些药品的关键药用成分。此举属于特朗普政府根据1962年《贸易扩 展法》第232条对多个行业进行的关税调查的一部分。虽然调查尚未结束，预计结果将在270天内公 布，但业内普遍认为，这将赋予特朗普政府对进口药品和原料药征收关税的权力。特别是对中国等主 要药品出口国的影响，可能会带来严重的供应链中断及成本上升。 事实上，美国每年从中国进口药品总额约60亿美元，其中大量为抗生素、抗病毒及心血管药物等基础 药物。一旦关税进一步扩大实施，这些进口药品的成本预计将明显上升，对美国本土药品生产商带来 直接冲击。为应对这种风险，特朗普政府提出多项措施推动产业本土化。 分析师预计，如果对来自中国的API征收10%的关税，仿制药企业的利润将下跌2%-3%，创新药利润 下跌可能更严重。 2 美国关税筑墙， 中概股 跌宕 自2025年特朗普重新执政以来，美国政府出台了一系列针对生物医药产业的重要政策，核心目标是强 化美国医药产 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a long-term focus on domestic innovative drugs in the oncology field and AI medical investment opportunities [3][4]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.16%, outperforming the Wind All A index (1.15%) and the CSI 300 index (0.38%) [3][8]. - The upcoming ASCO conference is highlighted as a significant event for domestic innovative drug companies, with over 70 oral presentations and more than 10 major studies expected [3][4]. - The Ministry of Industry and Information Technology and six other departments issued a plan for the digital transformation of the pharmaceutical industry, aiming for significant advancements by 2027 and full coverage by 2030 [3][4]. Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.16% from April 21 to April 25, outperforming the Wind All A index and the CSI 300 index [3][8]. - Notable performers included medical research outsourcing (6.34%) and raw materials (4.72%), while blood products (-3.26%) and vaccines (-6.38%) continued to decline [3][9]. - Individual stock performances showed significant gains for Yong'an Pharmaceutical (31.4%), Shuyou Shen (28.4%), and Erkang Pharmaceutical (27.7%), while *ST Jiyuan (-43.2%), Nanhua Biological (-35.3%), and Shuangcheng Pharmaceutical (-27.7%) faced substantial losses [3][11]. Industry News and Key Company Announcements - On April 25, Kangfang Bio announced FDA approval for its drug Anike for the treatment of recurrent or metastatic nasopharyngeal carcinoma [12]. - The same day, Kangfang Bio also reported the approval of its PD-1/VEGF bispecific antibody for first-line treatment of specific lung cancer types [13]. - The digital transformation plan for the pharmaceutical industry aims to enhance competitiveness and quality management through AI and data integration by 2030 [3][4].

Core Viewpoint - Tempus AI has experienced a significant stock increase of 21% over three days, driven by a $200 million partnership with AstraZeneca and Pathos AI to develop an AI-driven foundation model for oncology [1][2][6] Group 1: Partnership and Financial Impact - The $200 million multi-year collaboration includes data licensing and model development fees, utilizing Tempus AI's de-identified oncology dataset [6] - This partnership is expected to match Tempus AI's fourth-quarter 2024 revenues, indicating a major milestone for the company [7] Group 2: Market Performance - In the last three days, Tempus AI's stock outperformed the Medical Info Systems industry (2.3%), the Medical sector (2%), and the S&P 500 (2.5%) [3] - Compared to other health infotech companies, Tempus AI has outperformed iRhythm Technologies (4.1%) and SOPHiA GENETICS (10.1%) during the same period [3] Group 3: Strategic Acquisitions and Innovations - Tempus AI's stock has risen nearly 47% in 2025, largely due to the acquisition of Deep 6 AI, enhancing its clinical trial matching capabilities [8] - The acquisition of Ambry Genetics has expanded Tempus AI's genomics capabilities, while a five-year extension with Google ensures cost-efficient cloud infrastructure [9] - The launch of the xT CDx in vitro diagnostic device and the Olivia health concierge app adds to Tempus AI's portfolio of diagnostic tools [10] Group 4: Valuation and Earnings Outlook - Tempus AI trades at a forward price-to-sales (P/S) ratio of 6.4, which is a premium compared to peers but below its one-year median of 8.31, suggesting cautious optimism [11] - EPS revisions have trended downward, with a projected loss of 58 cents per share for 2025, and rising operating costs may impact short-term earnings sentiment [12] Group 5: Long-term Positioning - The AstraZeneca deal positions Tempus AI as a foundational player in oncology, supported by strategic alliances and the CMS reimbursement approval for its ECG-AF algorithm [15] - Despite rising operational costs and a focus on long-term investments, the company has yet to report positive earnings, which may limit near-term gains [16]

Core Insights - Astrazeneca (AZN) is projected to report quarterly earnings of $1.10 per share, a 6.8% increase year-over-year, with revenues expected to reach $13.68 billion, reflecting a 7.9% year-over-year growth [1] Earnings Projections - There have been no revisions in the consensus EPS estimate for the quarter over the last 30 days, indicating stability in analysts' forecasts [1] - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [2] Key Metrics Estimates - Analysts predict 'BioPharmaceuticals- CVRM- Crestor- World' will reach $294.03 million, a -1% change year-over-year [4] - The estimate for 'BioPharmaceuticals- CVRM- Seloken/Toprol-XL- World' is $154.45 million, indicating a -6.4% change [4] - 'Oncology- Zoladex- World' is estimated at $268.24 million, reflecting a -2.8% change [4] Additional Product Estimates - 'Oncology- Tagrisso- World' is expected to reach $1.67 billion, a +4.6% change year-over-year [5] - The consensus for 'BioPharmaceuticals- CVRM- Crestor- U.S.' stands at $8.31 million, indicating a -16.9% change [5] - 'Other Medicines- Nexium- U.S.' is projected at $19.28 million, suggesting a -12.4% change [5] Further Product Insights - 'BioPharmaceuticals- R&I- Fasenra- U.S.' is forecasted to reach $220.22 million, a +4.9% change [6] - 'BioPharmaceuticals- CVRM- Brilinta- U.S.' is estimated at $133.59 million, indicating an -18% change [6] - 'Oncology- Lynparza- U.S.' is projected at $302.67 million, reflecting a +5.1% change [6] Oncology Product Forecasts - 'Oncology- Imfinzi- U.S.' is expected to come in at $719.14 million, a +23.6% change year-over-year [7] - 'Oncology- Calquence- U.S.' is projected at $493.39 million, indicating a -0.1% change [7] - 'BioPharmaceuticals- CVRM- Farxiga- U.S.' is estimated to reach $489.15 million, reflecting a +3% change [7] Stock Performance - Astrazeneca shares have decreased by -5.8% over the past month, compared to a -5.1% change in the Zacks S&P 500 composite [8] - With a Zacks Rank 3 (Hold), AZN is expected to perform in line with the overall market in the near future [8]

Core Insights - AstraZeneca's commitment to promoting inclusive globalization and maintaining global supply chain stability boosts confidence for multinational companies in China and global markets [1][3] - The completion of AstraZeneca's inhalation aerosol production base in Qingdao, Shandong, represents a significant investment of $750 million and is expected to produce 54 million respiratory drug units annually [1][3] Company Investment and Strategy - Since entering China in 1993, AstraZeneca has invested over $5 billion in the country, making it the company's second-largest market globally [3] - The company announced a $2.5 billion investment plan to establish its sixth global strategic R&D center in Beijing by March 2025 [3] - AstraZeneca's synchronization rate between its R&D pipeline in China and its global pipeline has reached 100%, with plans to launch 20 innovative drugs by 2030 [3] Future Outlook - AstraZeneca expresses strong confidence in the Chinese market, innovation, and manufacturing, committing to further investments and long-term development in China [3] - The company aims to contribute to the high-quality and sustainable development of China's healthcare sector, benefiting both Chinese and global patients [3]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced news journalists who produce independent content across various financial markets [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights into sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance its content creation and workflow processes [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]

Core Insights - AstraZeneca announced the approval of Capivasertib (brand name: QianKede) in China for the treatment of locally advanced or metastatic breast cancer in adult patients with HR-positive, HER2-negative tumors and specific genetic alterations [1][2] - This approval is based on positive results from the global Phase III CAPItello-291 study, which showed that Capivasertib combined with Fulvestrant significantly reduces the risk of disease progression or death in patients with PIK3CA/AKT1/PTEN alterations [1][2] Summary by Sections - **Approval Details** - Capivasertib is the first and only AKT inhibitor approved in China for the specified indication [1] - The approval follows positive results from the CAPItello-291 study published in the New England Journal of Medicine [1] - **Clinical Study Results** - In the global population, 69% of patients had previously received CDK4/6 inhibitors [2] - Capivasertib combined with Fulvestrant reduced the risk of disease progression or death by 50% compared to Fulvestrant alone in patients with relevant biomarkers [2] - In the Chinese cohort, the combination therapy reduced the risk by 59% for patients with PIK3CA, AKT1, or PTEN alterations [2] - **Clinical Implications** - The approval provides a new treatment option for patients with advanced HR-positive breast cancer who have developed resistance to initial endocrine therapy [2] - It highlights the importance of precision medicine in breast cancer treatment [2]

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Core Insights - Cellectis S.A. is a clinical-stage biotechnology company focused on developing 'off-the-shelf' cancer immunotherapies using gene-editing technology, entering a pivotal stage following a strategic investment from AstraZeneca [1][3] Financial Position - Cellectis has strengthened its financial position, reporting $264 million in cash and equivalents as of December 31, 2024, up from $156 million at the end of 2023, primarily due to AstraZeneca's $140 million equity investment and a $45.48 million credit facility from the European Investment Bank [8][9] - The cash runway extends into mid-2027, allowing the company to focus on its allogeneic candidates and critical clinical data releases expected in 2025 [2][10] Strategic Partnership - AstraZeneca's investment includes acquiring preferred shares at $5.00 each, potentially giving it up to 44% ownership upon full conversion and about 30% of current voting rights [3][4] - The partnership involves a significant research collaboration, granting AstraZeneca exclusive rights to 25 genetic targets and the option to develop up to 10 candidate products [5][6] Development Programs - Initial development is underway on three programs: two CAR-T therapies targeting hematological malignancies and solid tumors, and one in vivo gene therapy for a genetic disorder [5] - By the end of 2024, Cellectis had received $47 million under the collaboration agreement, including a $25 million upfront payment and $22 million in development milestones [6][7] Market Outlook - Cellectis' stock price is currently $1.38, significantly below its 52-week high of $3.38, with analysts maintaining a consensus Buy rating and an average 12-month price target of $7.00, indicating a potential upside of 407.25% [11][12] - The stock exhibits high volatility with a beta of 3.22, reflecting the inherent risks associated with clinical-stage biotechnology firms [11] Future Prospects - Cellectis is positioned for a defining year with a focus on its lead allogeneic CAR-T candidates and anticipated data readouts in 2025, supported by a strong balance sheet and strategic partnership with AstraZeneca [14][15] - The market will closely monitor upcoming clinical updates in 2025, which could significantly reshape the company's valuation and validate its approach to off-the-shelf CAR-T therapies [16]

Core Viewpoint - AstraZeneca announced the approval of Ultomiris (generic name: ravulizumab injection) in China for use in combination with standard treatment for adult patients with anti-acetylcholine receptor (AChR) antibody-positive generalized myasthenia gravis (gMG) [1] Group 1 - Ultomiris has already been approved in the United States, European Union, Japan, and other regions for treating adult patients with anti-AChR antibody-positive gMG [1] - The drug has received multiple indications in various countries and regions globally [1]