特朗普或对中国药品“动刀”，A股H股医药板块走低

Core Viewpoint - The news highlights the potential impact of a proposed executive order by the Trump administration aimed at restricting experimental drugs and clinical data from China, which has led to a decline in the stock prices of several Chinese innovative pharmaceutical companies listed in both A-shares and H-shares markets [1][2]. Group 1: Market Reaction - Following the news, stocks of Chinese innovative drug companies such as BeiGene and I-Mab experienced varying degrees of decline in the U.S. market [1]. - The proposed executive order is seen as a response to concerns over China's rise in biotechnology and its implications for the U.S. industry [1][2]. Group 2: Regulatory Implications - The draft order suggests that U.S. pharmaceutical companies will face stricter scrutiny for acquiring drug rights from Chinese firms, requiring mandatory reviews by the Committee on Foreign Investment in the United States (CFIUS) [2]. - The FDA would impose stricter reviews and higher regulatory fees, potentially hindering reliance on clinical trial data from Chinese patients [2][3]. Group 3: Industry Perspectives - Experts indicate that if the order is enacted, it could create higher barriers for licensing agreements between Chinese drug companies and large U.S. pharmaceutical firms, increasing transaction costs and uncertainty [2][3]. - The proposed measures may also disrupt the supply chain and increase R&D costs for U.S. pharmaceutical companies, which rely on innovations developed in China [3][4]. Group 4: Global Context - China has emerged as a significant player in global pharmaceutical innovation, with projections indicating that 93 innovative drugs will be approved in China in 2024, marking a ten-year high [4]. - The country surpassed Japan and Europe in the number of innovative drug approvals, becoming the second-largest region for such approvals globally [4][5]. Group 5: Future Outlook - Despite potential uncertainties due to geopolitical risks, the trend of Chinese innovative drug companies expanding into international markets is expected to continue [5][6]. - Companies are encouraged to enhance their global clinical data capabilities to adapt to changing policies and maintain the value of their innovative drugs [6].