A股千亿级研发投入行业系列三：医药生物行业连续三年研发投入超千亿元，化学制药研发费用居首业 绩亮眼，龙头百济神州股价最高涨超200%（附表） 每经资本眼记者根据同花顺iFinD数据统计发现，2022年至2024年，A股医药生物行业上市公司合计研 发费用稳步上升，分别为1111.09亿元、1185.02亿元和1210.07亿元。从细分二级行业来看，化学制药板 块的研发总费用目前仍然排在医药生物行业第一位，2024年接近600亿元。最近三年医药生物行业的业 绩增长整体承压，但研发投入最高的化学制药板块实现逆势增长。2022年至2024年，医药生物行业的营 业收入分别为2.47万亿元、2.49万亿元和2.47万亿元，净利润分别为1992.25亿元、1619.33亿元和1411亿 元。从细分二级行业来看，仅化学制药板块业绩的呈现持续增长态势，净利润由2022年的216.84亿元增 长到2024年的344.41亿元。 统计的158家A股化学制药上市公司中，入围最近三年平均研发投入总额TOP10的门槛接近10亿元。其 中，最近三年平均研发投入总额最高的为百济神州，达到127.02亿元。入围最近三年平均研发投入总额 TOP ...

Group 1 - Shengxiang Biology plans to acquire 10% equity of Hunan Shengweisi Rui Biotechnology Co., Ltd. for 5 million RMB, focusing on sepsis diagnostic products for emergency and critical care [1] - This acquisition is expected to expand Shengxiang's business in the in vitro diagnostic field and enhance its competitiveness in severe infection diagnostics, signaling a proactive approach to seeking new growth points [1] Group 2 - Changfeng Pharmaceutical has submitted an IPO application to the Hong Kong Stock Exchange, with CITIC Securities and CMB International as joint sponsors [2] - Established in 2007, Changfeng focuses on inhalation technology and drugs for respiratory diseases, with its first approved product CF017 for bronchial asthma [2] - The IPO aims to leverage capital markets to expand R&D and production scale, enhancing market competitiveness in the respiratory disease treatment sector [2] Group 3 - BeiGene announced that the FDA approved its "Baiyueze" tablet for all approved indications, based on studies showing bioequivalence with the capsule form [3] - The tablet form is smaller and easier to swallow, which may improve patient compliance and expand market applications [3] - This approval strengthens BeiGene's competitiveness in the global hematologic oncology market and boosts investor confidence in future growth [3] Group 4 - Rongchang Biopharmaceutical's stock surged over 20% following news of international cooperation discussions at the European Renal Association Congress [4] - The company highlighted its research capabilities and international potential, with expectations for product collaboration to maximize commercial value [4] - This reflects the capital market's recognition of the overseas prospects for domestic innovative pharmaceutical companies [4] Group 5 - Hecolin Pharmaceuticals' subsidiary, Nona Bio, entered into a licensing agreement with Visterra, Inc. to utilize its HCAb technology platform for advancing next-generation immunotherapy and autoimmune disease treatments [5][6] - This collaboration showcases the competitive and commercial value of the HCAb technology platform, potentially enhancing Hecolin's influence in the biotherapy field [6] - The partnership is expected to attract investor interest and drive stock price and valuation increases [6]

Market Overview - The A-share market experienced slight fluctuations with the Shanghai Composite Index up by 0.01%, the Shenzhen Component down by 0.11%, and the ChiNext Index up by 0.26% [1] - The total market turnover reached 1,303.5 billion yuan, an increase of 16.9 billion yuan compared to the previous day [1] Innovation Drug Sector Performance - The Guotai Innovation Drug ETF (517110) saw a daily increase of 4.39% [2] Driving Factors for Growth - On June 12, China Biopharmaceutical announced potential landmark licensing deals at the 46th Goldman Sachs Global Healthcare Conference, following similar announcements from other companies [4] - The National Healthcare Security Administration released a draft for the 2024 National Medical Insurance Drug List, indicating a more favorable review process for innovative drugs, which is expected to ease pricing pressure [4] - Local governments, including Shanghai and Beijing, have introduced supportive policies for the biopharmaceutical industry, enhancing confidence in the sector [4] Clinical Progress and Data - The ASCO conference showcased a record 73 studies from Chinese innovative drug companies, with nearly 50% focused on ADC and bispecific antibody fields [5] - Notable clinical results include: - Heng Rui Medicine's PD-1 inhibitor showing a median progression-free survival (mPFS) of 10.2 months, a 35% improvement over existing therapies [5] - BeiGene's BTK inhibitor achieving a total response rate (ORR) of 78% in lymphoma indications [5] - Rongchang Biopharmaceutical's ADC drug receiving FDA breakthrough therapy designation for gastric cancer [5] - Kangfang Biopharmaceutical's bispecific antibody AK112 meeting primary endpoints in Phase III trials [5] Future Outlook - The FDA is expected to make a decision on Innovent Biologics' PD-1 inhibitor for lung cancer on June 15, which could mark a significant milestone for Chinese innovative drugs in the U.S. market [6] - The upcoming ESMO conference is anticipated to reveal more clinical data from Chinese innovative drugs, particularly in high-incidence cancers [6] - The total value of License-out transactions for Chinese innovative drugs has surpassed 50 billion USD, reflecting a 30% increase year-on-year [6] Financial Performance Expectations - Approximately 60% of companies in the CSI Hong Kong-Shenzhen Innovation Drug Index are expected to achieve positive operating cash flow by 2025, driven by the commercialization of key products and improved R&D efficiency [7] Investment Opportunities - The Guotai Innovation Drug ETF (517110) closely tracks the CSI Hong Kong-Shenzhen Innovation Drug Industry Index, capturing beta opportunities in the sector [10]

百济神州美股涨近7%，FDA官网显示，百济神州的泽布替尼片剂获批上市。 ...

以下文章来源于动脉网 ，作者Melody 动脉网 . 动脉网（www.vbdata.cn）聚焦于技术驱动下生命健康领域产业创新和变革的报道与研究。 报告措辞强硬，明确指出："中国在过去20年将生物技术作为国家战略重点，大规模投入资源，使其在多个生物技术核心领域实现显著赶超，并由此 构成对美国主导地位的直接挑战。" 作者 | Melody 来源 | 动脉网 导语： 在美国管控、打压、警告的三重围堵下，中国生物医药却反手主导交易议价，坐上了全球创新药的"卖方席"。 今年4月，美国国家新兴生物技术安全委员会（NSCEB）发布了一份极具分量的报告。 这份题为《Charting the Future of Biotechnology》的报 告，首次从国家安全高度全面审视美国生物技术面临的全球竞争格局，将中国生物医药产业视作最具战略挑战性的对手。 NSCEB援引多项行业数据指出，中国已经通过20年的政策倾斜、产业集群发展与资本驱动，从研发到制造构建起完整的生物科技体系。 一些数据包括： ● 中国生物科技公司市值增长：2016-2021年，中国生物科技企业的市值增长了100倍，达到约3000亿美元，成为全球仅次于美国的生物 ...

Core Viewpoint - The innovation drug sector is a prominent investment theme this year, showing strong performance driven by policy support, global competitiveness, and commercial profitability [1][3][31]. Group 1: Market Performance - The Hang Seng Pharmaceutical ETF (159892) increased by 60% this year, while the STAR Pharmaceutical ETF (588130) rose by 10.9% in the last ten trading days [3][27]. - Despite a recent pullback, the innovation drug sector continues to dominate the ETF performance rankings [2][3]. Group 2: Driving Factors - Two main reasons for the strong performance of innovation drugs: improvement in the macroeconomic environment and favorable policy developments [4][5]. - The U.S. CPI in May was lower than expected, leading to increased market expectations for a potential interest rate cut by the Federal Reserve, which would benefit the valuation of innovation drug stocks [4]. Group 3: Market Dynamics - The innovation drug sector is experiencing a turning point characterized by macroeconomic recovery, industry fundamentals, and valuation adjustments [9][10]. - The latest PE ratio of the Hang Seng Biotechnology Index is 27.64, indicating room for further valuation recovery as it remains below the historical range of the past decade [11]. Group 4: Industry Developments - Recent approvals of 11 innovative drugs by the National Medical Products Administration signify a growing pipeline for domestic innovation drug companies [11][12]. - Successful international collaborations and participation in global events like the ASCO conference highlight the competitive strength of Chinese innovation drug firms [11][12]. Group 5: Liquidity and Investment Trends - The influx of foreign capital into the Hong Kong market is evident, with 27 companies listed this year, 15 of which attracted foreign cornerstone investors [19][20]. - The average daily trading volume in Hong Kong has significantly increased, reflecting heightened liquidity that benefits the innovation drug sector [25][27]. Group 6: Future Outlook - The innovation drug sector is expected to continue benefiting from a favorable macroeconomic environment, policy support, and increasing global competitiveness [31][34]. - The current growth cycle for innovation drugs is distinct due to the backdrop of macroeconomic recovery and industry value reassessment [33][34].

Core Viewpoint - The innovative drug sector is a significant investment theme this year, showing strong performance and potential for continued growth driven by macroeconomic improvements, supportive policies, and the realization of commercial profits [1][3][33]. Group 1: Market Performance - The Hang Seng Pharmaceutical ETF (159892) has risen by approximately 60% this year, indicating a strong recovery in the pharmaceutical sector after four years of downturn [3]. - Despite a recent pullback, the innovative drug sector continues to dominate the ETF performance rankings, with the Hang Seng Pharmaceutical ETF increasing by 4.18% and the Sci-Tech Pharmaceutical ETF (588130) by 2.21% [2][3]. Group 2: Drivers of Strength - Two main reasons for the strength of innovative drugs are the improving macroeconomic environment and favorable policy developments [4][5]. - The U.S. CPI in May was lower than expected, leading to increased market expectations for a potential 100 basis point rate cut by the Federal Reserve, which would benefit the valuation of innovative drug stocks [4]. - Recent policy initiatives, such as the improvement of basic medical insurance drug lists and the establishment of bio-manufacturing platforms, further support the innovative drug sector [5]. Group 3: Market Dynamics - The innovative drug sector has outperformed many other popular sectors over the past six months, indicating a shift in market sentiment [6]. - The concept of "turning points" is crucial, encompassing macroeconomic, industry, and company fundamentals, as well as valuation aspects [9][10]. - The current PE ratio of the Hang Seng Biotechnology Index is 27.64, suggesting that there is still room for valuation recovery as it remains below 90% of the historical range over the past decade [11]. Group 4: Growth Opportunities - The approval of multiple innovative drugs by the National Medical Products Administration, including 11 new drugs on May 29, highlights the growing pipeline and market potential for innovative drug companies [11][12]. - Successful international collaborations and the recognition of domestic innovative drugs at global events like the ASCO conference demonstrate the competitive strength of Chinese pharmaceutical companies [11][12]. Group 5: Liquidity and Investment Trends - The influx of foreign capital into the Hong Kong market, with 27 IPOs and 15 involving foreign cornerstone investors this year, indicates a reversal in sentiment towards Hong Kong stocks [19][20]. - The average daily trading volume in Hong Kong has significantly increased, reflecting heightened liquidity that benefits the innovative drug sector [25][27]. - Morgan Stanley projects continued high trading activity in Hong Kong, driven by increased A+H listings and potential capital inflows due to favorable monetary conditions [28]. Group 6: Future Outlook - The innovative drug sector is positioned for sustained growth, supported by a combination of policy, profitability, and internationalization [33]. - The current growth cycle is distinct due to the macroeconomic recovery, industry revaluation, and increased liquidity, leading to stronger-than-expected performance [35][36]. - However, not all companies will benefit equally, and only those with clinical value and commercialization capabilities are likely to thrive in the long term [37].

A股创新药概念持续活跃，海思科尾盘涨停，奥赛康此前涨停，舒泰神、睿智医药涨超10%，千红制 药、百济神州、长春高新涨超5%。 ...

智通财经6月12日电，午后创新药概念再度拉升，百济神州涨超7%，再创历史新高，此前奥赛康涨停， 荣昌生物、睿智医药、博瑞医药涨超10%，海思科、舒泰神、万邦德等多股涨超5%。消息面上，今日 智通财经记者获悉，港股创新药企中国生物制药在第46届高盛全球医疗健康年会上透露，今年将至少有 1个重量级的out-license交易落地。该股受此消息刺激大涨超15%，总市值突破1000亿港元。 创新药概念再度拉升 百济神州涨超7%创历史新高 ...

截至2025年6月12日 11:09，恒生医疗保健指数强势上涨3.52%，成分股中国生物制药上涨15.09%，美中嘉和上涨10.86%，绿叶制药上涨10.32%，再鼎医药、 博安生物等个股跟涨。恒生医疗指数ETF(159557)上涨3.10%。拉长时间看，截至2025年6月11日，恒生医疗指数ETF近1周累计上涨6.85%，涨幅排名可比基 金第一。 | 涨幅 | 成交额 | 近1月 涨幅 | | --- | --- | --- | | 超3.1% | 超3000万 | 可比基金 | | | | 第 | | 近2周 新增规模 | 近1年超越基准 年化收益 | 持有1年 盈利概率 | | 可比基金 | 1.33% | 100.00% | | 第 | | | | 费率 | 跟踪指数估值 | 关联基金 | | 可比基金 | 近3年 | 018432(A类) | | 最低 | 低位 | 018433(C类) workers (2001) 1 - groups and and and and and the may be and the may be the may be the may be the | 近期，多款创新 ...