策略点评：创新药价值正在重估

Core Insights - The value of innovative drugs is being reassessed due to progress in international expansion, supportive policies, and the performance of Hong Kong stocks [2][5][10] - Chinese innovative pharmaceutical companies are enhancing their international competitiveness, evidenced by 73 oral presentations at the 2025 ASCO annual meeting, with 11 selected for "Latest Breakthrough Abstracts" [5][6][7] - The first quarter of 2025 saw 41 license-out transactions for Chinese innovative drugs, totaling $36.929 billion, nearing the total for the entire year of 2023 [5][7] Fundamental Aspects - The continuous improvement of the domestic policy environment provides dual support for the innovative drug industry, focusing on protecting profit margins and enhancing quality assessments rather than solely prioritizing low prices [9] - The National Medical Products Administration has significantly improved its review and approval efficiency, with over 20 first-class innovative drugs approved from January to May 2025, setting a record for the same period in nearly five years [9] Market Dynamics - The "18A" policy has catalyzed a surge in medical companies listing in Hong Kong, attracting market attention and benefiting from capital inflows due to the depreciation of the US dollar and the return of funds to emerging markets [10] - The performance of the Hong Kong innovative drug sector has positively influenced the A-share market, indicating a favorable outlook for innovative drugs driven by both fundamental and trading catalysts [10] Company Developments - Key products from Chinese innovative pharmaceutical companies showcased at ASCO include BG-C9074, BG-68501, and IBI363, demonstrating promising safety and efficacy profiles across various cancers [8] - The report highlights the strategic importance of license-out as a primary method for Chinese innovative drug companies to enter international markets, providing rapid funding and market access while sharing R&D risks [6][7]