高盛：美国拟加强审查中国创新药消息带来“标题风险”，分析三类企业的短期风险

Core Viewpoint - Goldman Sachs reports that the Trump administration is discussing restrictions on Chinese pharmaceuticals and drafting an executive order aimed at limiting the entry of innovative Chinese drugs into the U.S. market, which could create "headline risk" for the Chinese biotech/pharmaceutical sector and increase stock price volatility [1] Group 1: Short-term Stock Price Risk Analysis - Companies are categorized into three groups based on their global presence and partnerships: - The first group includes companies with established global operations (e.g., BeiGene, Legend Biotech), which are expected to be less affected due to their solid foundations in markets like the U.S. and low expectations for new transactions [2] - The second group consists of companies with strong global partners (e.g., Kelun Biotech, 3SBio, Hansoh Pharmaceutical, Hengrui Medicine), where the impact is minimal as the executive order primarily targets new licensing transactions, leaving already licensed assets largely unaffected [2] - The third group includes companies with high expectations for external licensing that have not yet materialized, further divided into those planning global clinical trials (e.g., Innovent Biologics, Zai Lab, CSPC) who may enhance clinical value through differentiated data, and those unable or unwilling to conduct global trials (e.g., Galactico, Eucure Biopharma, CStone Pharmaceuticals) who may need to expedite transactions before policy implementation [2] Group 2: Long-term Valuation Considerations - The long-term valuation of companies remains dependent on three core factors: - The quality of data and differentiated clinical value of their pipelines [2] - The execution capability of the companies [2] - The financial condition of the companies [2]