（原标题：恒瑞医药(01276)11月10日斥资366.84万元回购6万股A股） 智通财经APP讯，恒瑞医药(01276)发布公告，于2025年11月10日该公司斥资人民币366.84万元回购6万 股A股，回购价格为每股人民币61.00-61.31元。 ...

恒瑞医药（600276）(01276)发布公告，于2025年11月10日该公司斥资人民币366.84万元回购6万股A 股，回购价格为每股人民币61.00-61.31元。 ...

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： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年11月10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 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600276 | 說明 | | A股（於上海證券交易所上市） | | | | | 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 | | | | | 事件 | 已發行股份（不包 ...

东方证券研报指出，恒瑞医药2025前三季度实现归母净利润57.51亿元，同比+24.50%，Q3单季度实现 归母净利润13.01亿元，同比+9.53%。创新药放量叠加出海提速，驱动业绩高质量增长。业绩高速增长 主要来自于两方面：第一，创新药研发成果持续兑现，核心产品市场渗透率提升；第二，对外授权合作 加速，首付款及里程碑收益贡献增量业绩。考虑到公司创新药持续出海，对外许可收入超预期，故上调 公司2025-2027年EPS为1.32、1.51、1.72元（原预测值分别为1.19、1.36、1.54元）。根据PE估值法及可 比公司估值水平，给予公司2026年52倍市盈率，对应目标价为78.52元，维持"买入"评级。 ...

Core Insights - The article highlights the current AH premium rates of various stocks, with Northeast Electric (00042) leading at 864.29% [1] - The article also identifies the stocks with the lowest AH premium rates, with China Merchants Bank (03968) showing a slight negative premium of -0.54% [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Hongye Futures (03678): 261.08% - Sinopec Oilfield Service (01033): 253.16% [1] - The bottom three stocks with the lowest AH premium rates are: - China Merchants Bank (03968): -0.54% - Heng Rui Medicine (01276): 4.02% - Midea Group (00300): 6.04% [1] Deviation Value Rankings - The stocks with the highest deviation values are: - Junsheng Electronics (00699): 85.91% - Silis (09927): 43.66% - Northeast Electric (00042): 30.58% [1] - The stocks with the lowest deviation values are: - China Life (02628): -14.16% - CNOOC Services (02883): -12.32% - Ganfeng Lithium (01772): -11.28% [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company's revenue for the first three quarters of 2025 reached 231.88 billion yuan, a year-on-year increase of 14.85%, with net profit attributable to the parent company at 57.51 billion yuan, up 24.50% year-on-year [11] - The growth is driven by the continuous release of innovative drug research results and accelerated overseas licensing cooperation, contributing to incremental performance [11] - The company has strengthened its innovative pipeline, with significant product approvals and a robust pipeline in various therapeutic areas [11] Financial Performance Summary - Revenue (in million yuan): - 2023A: 22,820 - 2024A: 27,985 - 2025E: 34,184 - 2026E: 38,303 - 2027E: 43,925 - Year-on-year growth rates: 2024A: 22.6%, 2025E: 22.2%, 2026E: 12.0%, 2027E: 14.7% [6][13] - Net profit (in million yuan): - 2023A: 4,302 - 2024A: 6,337 - 2025E: 8,755 - 2026E: 10,043 - 2027E: 11,403 - Year-on-year growth rates: 2024A: 47.3%, 2025E: 38.2%, 2026E: 14.7%, 2027E: 13.5% [6][13] - Earnings per share (in yuan): - 2023A: 0.65 - 2024A: 0.95 - 2025E: 1.32 - 2026E: 1.51 - 2027E: 1.72 [6][13] Strategic Developments - The company has achieved significant overseas licensing agreements, with over 800 million USD in upfront payments in the first three quarters of 2025 [11] - Recent collaborations include agreements with GSK, Glenmark, and Braveheart Bio, indicating a strong push towards internationalization [11] - The company is focusing on expanding its innovative drug portfolio, with multiple new drug applications accepted by NMPA [11]

考虑到公司创新药持续出海，对外许可收入超预期，故我们上调公司2025-2027年EPS为1.32、1.51、 1.72元（原预测值分别为1.19、1.36、1.54元）。根据PE估值法及可比公司估值水平，给予公司2026年 52倍市盈率，对应目标价为78.52元，维持"买入"评级。 风险提示 创新药研发不及预期的风险，创新药销售不及预期的风险，仿制药进入集采的风险。 创新管线高效兑现，核心产品矩阵持续扩容。我们认为，公司持续强化由创新驱动成长：首先，今年第 三季度首个国产EZH2抑制剂、首个自研口服降糖三联复方制剂获批，未来随着这些产品陆续上市，销 售潜力将得到加速释放。其次，公司储备了一批优质在研管线，在继续加强肿瘤等强势领域的同时，进 一步完善代谢和心血管疾病、免疫和呼吸系统疾病、神经科学领域的广泛布局，前三季度累计13项新药 上市申请获NMPA受理（Q3单季达8项），其中GLP-1/GIP双靶点减重药HRS9531等重磅品种进展亮 眼；第三，公司新分子模式平台、AI药物研发平台等多个新技术平台不断迭代，支撑源头创新不断涌 现。 BD交易频传捷报，合作模式持续创新。公司通过BD交易与自研出海双路径加速全球 ...

智通财经APP获悉，招银国际发布研报称，布局思路更偏稳健，关注低估值个股机会。固生堂(02273)、 公布3亿港币回购计划，年初至今公司已累计回购3.5亿港币，回购(不含新增回购)+分红预期收益率高达 7%。推荐买入三生制药(01530)、固生堂、巨子生物(02367)、药明合联(02268)、信达生物(01801)、中国 生物制药(01177)。 原因是：1)临床推进的确定性较高，将成为股价上涨的催化剂，2)最终的价值实现仅少部分来自授权交 易的首付款，绝大部分仍需依靠品种的商业化成功带来的里程碑付款和销售分成。继续看好三生制药： 目前，海外合作方辉瑞已公布707的两项全球3期临床方案，分别为联合化疗一线治疗非小细胞肺癌和联 合化疗一线治疗结直肠癌。辉瑞管理层表示即将公布707的完整研发计划。三生制药在2025年SITC会议 更新了PD1/VEGF联合化疗治疗一线非小细胞肺癌的2期临床数据，疗效(ORR)和安全性数据仍然显示其 全球best-in-class潜力。 医保谈判及第十一批集采落地，市场关注度减弱 本年度医保谈判于11月初完成，共有127个目录外药品参与谈判竞价，24个药品参与商保创新药目录价 格 ...

证券研究报告：医药生物|行业周报 发布时间：2025-11-10 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 8536.77 | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6764.34 | 行业相对指数表现 -16% -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 2024-11 2025-01 2025-04 2025-06 2025-08 2025-11 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:徐智敏 SAC 登记编号:S1340525100003 Email: xuzhimin@cnpsec.com 近期研究报告 《医药 2025 年三季报总结：Q3 震荡调 整，配置性价比已现》 - 2025.11.02 医药生物行业报告 （2025.11.03-2025.11.07） 自免口服药物市场存在供需错配，关注 NME 带来 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the pharmaceutical sector, indicating a potential upside of over 15% in the next 12 months [30]. Core Insights - The MSCI China Healthcare Index has increased by 59.5% since early 2025, outperforming the MSCI China Index by 24.0%. However, the healthcare sector has recently experienced a 10% pullback, presenting opportunities in undervalued stocks [1]. - The report emphasizes the importance of overseas clinical advancements for authorized innovative drug pipelines, which are expected to be significant catalysts for stock price increases [3]. - The report highlights a recovery in domestic innovative drug research and development demand, driven by a resurgence in capital market financing and an increase in the scale of innovative drug transactions abroad [1][3]. Summary by Sections Industry Overview - The report suggests a more conservative investment approach, focusing on undervalued stocks within the pharmaceutical sector. It notes that the recent healthcare insurance negotiations and the implementation of the 11th batch of centralized procurement have led to reduced market attention [3]. - The report identifies key products to watch in the upcoming healthcare negotiations, including drugs from companies like 信达生物 and 康方生物, among others [3]. Company Recommendations - The report recommends buying shares in 三生制药, 固生堂, 巨子生物, 药明合联, 信达生物, and 中国生物制药, citing their strong potential for growth and favorable market conditions [3]. - Specific companies are highlighted for their promising clinical trial results and strategic partnerships, such as 三生制药's collaboration with Pfizer on global clinical trials [3]. Valuation Metrics - The report provides a valuation table for recommended companies, showing target prices and potential upside percentages. For example, 固生堂 has a target price of 48.28 with a 62% upside potential [2].