5月13日，继昨日大幅回调后，港药再度大涨，港股通创新药ETF（159570）涨近2%，成交额已超4亿元，盘中净流入3000万元。消息面上，美 签署有关降低美国处方药价格的行政令，行政令公布后，美大型药企股价直线拉升。分析指出，该行政令措辞模糊，几乎没有具体实施细节， 因此药企的股价反应积极，被解读为"没有预期的担忧那么大"。 港股通创新药ETF（159570）热门成分股多数飘红：荣昌生物涨超6%，百济神州涨超5%，信达生物涨超3%，康方生物、石药集团涨超1%，药 明生物微涨。 【行政令文本公布，对创新药影响几何？】 根据行政令文本，这项政策旨在将美国的处方药定价与"其他发达国家"进行对标，要求制药公司向美国市场提供"最惠国价格"。行政令强调， 即便算上药企折扣，美国支付的品牌药价格仍是其他经合组织国家支付价格的三倍以上。公告表示，"将建立一种机制，让美国患者能直接向 以'最惠国'价格向美国销售药品的制造商购买药品，绕过中间商。" 媒体评论认为，制药企业曾预料美高层会对药品价格采取行动，也对此感到担忧。而上述行政令力度看来远低于他们的预期。美股早盘时段， 大型药企股价迅速拉升，跌幅收窄并转涨，截至收盘，礼来、 ...

Group 1 - The core point of the news is that President Trump signed an executive order aimed at reducing prescription drug prices in the U.S. to align with international standards, targeting a price reduction of 30% to 80% [1][3] - The U.S. pharmaceutical market is the largest globally, with American brand drug prices being over three times higher than those in other countries, despite the U.S. accounting for only 5% of the global population but bearing approximately 75% of global pharmaceutical profits [3][4] - Several Chinese innovative pharmaceutical companies, such as BeiGene and Junshi Biosciences, have successfully launched products in the U.S. market, with significant price disparities between the U.S. and China for their drugs [3] Group 2 - The implementation of Trump's drug pricing initiative faces uncertainty due to the existing U.S. laws that prohibit direct negotiations between the government and pharmaceutical companies, and the limited number of drugs eligible for negotiation each year [4] - The majority of U.S. drug spending is covered by commercial insurance, which stimulates pharmaceutical innovation and contributes to the economic growth of the industry [3][4] - The potential impact of the price reduction policy on the global innovative drug industry could be significant, as it may lead to a drastic contraction of the U.S. market size if Chinese prices are included in the U.S. reference pricing [3]

截至2025年5月13日 09:39，恒生医疗保健指数(HSHCI)强势上涨1.38%，成分股百济神州(06160)上涨5.16%，医脉通(02192)上涨5.15%，乐普生物-B(02157)上 涨4.67%，信达生物(01801)，翰森制药(03692)等个股跟涨。恒生医疗ETF(513060)上涨1.72%，最新价报0.47元。流动性方面，恒生医疗ETF盘中换手 3.08%，成交3.05亿元。拉长时间看，截至5月12日，恒生医疗ETF近1月日均成交13.50亿元，排名可比基金第一。 德邦证券指出，AI的发展带动AI医疗的全面普及，大量医疗企业接入DS、华为等AI模型，开始摸索AI在医疗的应用。我们认为，1）拥有大量底层病人数据 的企业将有很大应用落地空间，2）拥有医保数据的企业有望深入应用AI，3）AI制药继续升级，建议关注此类公司。此外，积极关注1）创新药及其产业链 的技术革新与BD潜力；2）有业绩，基本面出现拐点的企业。 西南证券表示，2025年2月，国产大模型DeepSeek-R1全面开源与多领域适配，AI医疗迈入技术融合与行业重构的新阶段，DeepSeek的多模型协同能力成为 行业新范式。这种" ...

港股创新药板块反弹，百济神州涨近7%，荣昌生物、信达生物涨超4%，石药集团、康龙化成 （300759）、药明生物涨超1%。 ...

Group 1 - The article highlights twelve actionable investment ideas on tickers with less coverage, referred to as "The Undercovered Dozen" [1] - Inclusion criteria for "undercovered" tickers include a market cap greater than $100 million, more than 800 symbol page views in the last 90 days, and fewer than two articles published in the past 30 days [1] - The ideas presented can range from large caps that are considered "boring" to promising small caps that are emerging [1]

Investment Rating - The report maintains a positive investment rating for the healthcare sector, particularly focusing on specific companies and segments within the industry [3]. Core Insights - The report emphasizes the recovery of medical device tenders and highlights investment opportunities in segments such as blood dialysis and ultrasound, with a focus on domestic replacements [1][2]. - It suggests that leading companies in the chain pharmacy sector are likely to increase market share due to the exit of smaller players [1]. - The report identifies several key areas for investment, including innovative drugs, CXO services, traditional Chinese medicine, vaccines, and medical devices, among others [1]. Summary by Sections 1. CXO Sector - The CXO sector is expected to see valuation recovery due to supportive innovation policies and a reduction in geopolitical risks [7]. 2. Innovative Drugs - The report notes a slight increase in the A-share chemical preparation sector and highlights recent approvals for innovative drugs, suggesting a focus on ongoing R&D progress [12][67]. 3. Traditional Chinese Medicine - The performance of the traditional Chinese medicine sector has lagged behind broader market indices, indicating potential for future growth [20]. 4. Blood Products - The report highlights the strong pricing power of manufacturers in the blood products sector, driven by increased demand for immunoglobulin products [22]. 5. Vaccine Sector - The vaccine sector is facing challenges due to low birth rates, but there are opportunities in specific areas such as HPV vaccines [26]. 6. Upstream Pharmaceutical Supply Chain - The report suggests focusing on companies with strong brand recognition and overseas growth potential in the chemical and biological reagent sectors [28]. 7. IVD Sector - The IVD sector is expected to benefit from the implementation of centralized procurement policies, which may accelerate domestic replacements [31]. 8. Medical Devices - The report recommends attention to the domestic continuous glucose monitoring (CGM) market, particularly in relation to GLP-1 drugs [37]. 9. Medical Services - The report suggests focusing on eye and dental medical service companies, anticipating a boost from consumer stimulus policies [42]. 10. Offline Pharmacies - The report indicates that leading pharmacy chains are stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [45]. 11. Raw Materials - The report emphasizes the importance of quality and cost management in the raw materials sector, suggesting a focus on companies with strong product capabilities [48]. 12. Innovative Instruments - The report highlights the potential for AI applications in the medical device sector, particularly in surgical navigation and pathology screening [51]. 13. Instrument Equipment - The report notes that the scientific instrument sector is expected to recover as demand improves and more domestic support policies are introduced [56]. 14. Low-value Consumables - The report suggests that the low-value consumables sector may see investment opportunities as the industry cycle improves [59].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百濟神州有限公司 (於開曼群島註冊成立的有限公司) 呈交日期： 2025年5月12日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 06160 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事 ...

不过，需要注意的是，据观察者网，业内声音提到，总统行政令只能调控针对联邦政府医疗保险和医疗补助计划（政府 项目）的药价，无法直接强制药企降低对商业保险等支付方的价格。 智通财经记者 | 陈杨 智通财经编辑 | 谢欣 继今年4月美国总统特朗普宣布将对药品加征关税、并开启针对药品的"232条款调查"后，当地时间5月11日，其再次宣 布，将于当地时间5月12日签署行政令，使美国处方药和药品价格立刻下降30%至80%。其还将实施一项"最惠国政 策"，令美国支付与全球最低价国家相同的药价。 对此，特朗普给出的理由是，多年来美国处方药和药品价格比其他任何国家都高。而药企高额的研发投入没有理由只由 美国独自承担。他称，前述政策将使美国得到公平对待，最重要的是，美国将因此省下数万亿美元。 特朗普发言截图 相比之下，中国创新药市场仅占全球的3%。加上国内IPO融资受阻、支付天花板较低，出海尤其是进入美国市场成为国 内创新药公司的大趋势。海外大药企面对专利悬崖、新药开发难度攀升和全球激烈竞争，也需要国内优质资产补充管 线。 目前，仅有少数国内创新药公司产品已进入海外商业化阶段并实现在美国销售，包括百济神州的泽布替尼、替雷利珠单 ...

Investment Rating - The investment rating for the biopharmaceutical industry is "Positive" (maintained) [2] Core Insights - The report highlights the aggressive nature of small cell lung cancer (SCLC), with extensive stage SCLC accounting for approximately 75% of cases, which often rely on systemic treatment and have a poor prognosis [6][21] - The first-line treatment for extensive stage SCLC primarily involves PD-1/PD-L1 immunotherapy combined with doublet chemotherapy, while there are limited approved drugs for later-line treatments, indicating a significant unmet clinical need [24][30] - The report identifies three key areas of focus for research and development in the SCLC field: Antibody-Drug Conjugates (ADC), DLL3 T-cell engagers (TCE), and next-generation immune-oncology (IO) therapies [30][34] Summary by Sections 1. SCLC Overview - SCLC accounts for about 15%-20% of all lung cancer cases, with a high incidence of early metastasis [18][19] - The majority of SCLC cases are extensive stage, which has a poor prognosis and relies heavily on systemic therapies [21][22] 2. Treatment Landscape - The standard treatment for extensive stage SCLC has been established as a combination of chemotherapy and PD-1/PD-L1 immunotherapy, but the overall prognosis remains poor [24][25] - The NCCN and CSCO guidelines recommend various treatment options, including the recent inclusion of Tarlatamab as a preferred second-line treatment [28][29] 3. Research and Development Focus - ADCs are rapidly advancing in the SCLC field, targeting multiple hot spots such as B7-H3, DLL3, and TROP-2, with no ADC products currently approved for SCLC [37][38] - DLL3 TCEs, particularly Tarlatamab, have shown promising early data and are expected to reshape the treatment landscape for SCLC [30][31] - Next-generation IO therapies are being developed to challenge the current PD-L1 standard in first-line SCLC treatment [8][36] 4. Investment Recommendations - The report suggests that companies with strong pipelines in the SCLC space, such as Zai Lab, Zai Lab-U, Innovent Biologics, and others, are likely to benefit from the anticipated growth in the market as new data emerges [9]

Group 1 - The Hong Kong innovative drug sector continues to decline, with companies such as BeiGene and Galmed Pharmaceuticals dropping over 10% [1] - Innovent Biologics experienced a decline of over 7%, while other companies like Zai Lab and CSPC Pharmaceutical Group also saw significant drops [1]