2月8日，信达生物与礼来达成合作，共同推进肿瘤及免疫领域创新药全球研发，信达生物将获3.5亿美 元首付款及最高约85亿美元里程碑付款及销售分成。 无独有偶，2月5日，复宏汉霖与日本卫材签订协议，授予其在日本区域内斯鲁利单抗注射液用于肿瘤适 应症治疗的开发、生产及商业化权利，交易总金额近4亿美元。 回顾2025年，中国创新药对外授权（License-out）交易总金额突破1300亿美元，中国医药企业的国际化 进程已逐步成为行业当前发展的主旋律。然而，在推动企业"走出去"的实践中，呈现出显著的分层特征 与结构性不均衡。一方面，以华润医药、百济神州、复星医药等为代表的龙头企业已具备较为扎实的国 际化基础；另一方面，大量中小企业则因国内市场竞争高度内卷及集采带来的经营压力，将海外市场视 为新的生存机会与发展路径。 突破核心瓶颈 合规能力是国际化的核心前提。对于原料药、中间体企业而言，过去凭借成本与产能优势尚可维持出 口，但若要进入生物医药、高端医疗器械乃至医保报销体系，则必须满足ICH、PIC/S、FDA、EMA等 国际通行的法规与质量标准。值得肯定的是，中国已正式加入ICH，并正在积极申请加入PIC/S。后者 一旦 ...

来源：新浪基金 开源证券指出，中国创新药正经历从"规模积累"走向"价值释放"的国际化跨越，并持续迎来从"管线预 期"转向"业绩兑现"的商业化收获期。创新药板块已回调近两个季度，长期看，较多优质标的估值性价 比明显，当前位置建议加大关注。* 再来看港股通医疗板块表现，AI医疗、脑机接口概念股较为活跃，大权重领衔涨势，京东健康、阿里 健康、平安好医生齐涨3%左右，港股通医疗ETF华宝（159137）日线五连阳。 目前AI医疗在C端的渗透正在加速，从智能问诊到慢病管理的应用场景不断拓展，推动阿里健康、京东 健康等港股互联网医疗平台价值重估。 中信建投证券指出，港股器械整体创新属性较强，部分企业的创新产品具有license-out或被并购的可 能。基本面维度，行业内部多数公司经营业绩持续改善，低估值投资价值凸显。事件方面，预计迈瑞医 疗、可孚医疗今年将在港股上市，港股医疗器械板块效应和投资机会或将增多。* 2月9日，港股市场全面反弹，港股医药板块延续修复行情。 信达生物拿下88.5亿美元BD大单，无意外全天领涨，最高涨至8.55%，收涨7.42%，龙头股大受提振， 百济神州涨超3%，石药集团、中国生物制药、三生制药集 ...

2月9日，港股市场全面反弹，港股医药板块延续修复行情。 信达生物拿下88.5亿美元BD大单，无意外全天领涨，最高涨至8.55%，收涨7.42%，龙头股大受提振， 百济神州涨超3%，石药集团、中国生物制药、三生制药集体跟涨。 100%创新药研发标的——港股通创新药ETF（520880）高开后上探2.75%，收涨1.77%成功连阳，一并 站上10日均线，全天成交3.81亿元。 2月8日晚，信达生物公告，公司与礼来制药达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研 发进程。信达将获3.5亿美元首付款，最高可获85亿美元里程碑付款及大中华区以外净销售额梯度分 成。 2025年中国创新药License-out总交易规模达到创纪录的1357亿美元，2026年开年以来重磅合作频出，除 信达外，1月份石药-阿斯利康（185亿美元）、荣昌-艾伯维（56亿美元）两笔超级BD均充分验证国产 创新药管线的全球价值。 开源证券指出，中国创新药正经历从"规模积累"走向"价值释放"的国际化跨越，并持续迎来从"管线预 期"转向"业绩兑现"的商业化收获期。创新药板块已回调近两个季度，长期看，较多优质标的估值性价 比明显，当前位置建议加大 ...

（来源：药研网） 2025年2月9日，据CDE官网公示，信达生物已递交其1类新药IBI115的临床试验（IND）申请。 | | | 日 | | | | | --- | --- | --- | --- | --- | --- | | CXSL2600186 | IBI115 | 治疗用 生物制 | 新药 | 信达生物制药（苏州）有限公司; | 2026-02- 09 | 据公开资料，IBI115 是一款DLL3/CD3双特异性抗体药物，通过同时连接 T 细胞（通过 CD3）和肿瘤细胞（通过 DLL3），激活 T 细胞识 别并杀伤肿瘤细胞。 | ) 新药情报库 | 产品 > 数据 √ | 资源 √ | 版本对比 | Q 搜索药物、靶点、适应症、机构 ... | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | IBI115 | | | | | | | | | 概要 研发状态 | 临床结果 转化医学 | 药物交易 | 核心专利 | 临床分析 | 批准 | 生物类似药 | 特殊审评 | | 概要 | | | | | | | | | 基本信息 | | | ...

Core Insights - The collaboration between Innovent Biologics and Eli Lilly is valued at over $8.8 billion, marking a significant milestone in the pharmaceutical industry [1][2] - Innovent will receive an upfront payment of $350 million and has the potential to earn up to approximately $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [1][2] - This partnership represents a shift from traditional licensing agreements to a more integrated model involving deep collaboration on technology platforms and research systems [1][2] Group 1 - Innovent will lead the research and development from drug discovery to clinical concept validation in China, while Eli Lilly will have exclusive global development and commercialization rights outside Greater China [3][4] - The collaboration aims to combine Innovent's efficient drug discovery capabilities with Eli Lilly's extensive global reach, creating a synergistic innovation ecosystem [3][4] - The specific number of projects involved in this collaboration has not been disclosed, but it is indicated to be fewer than similar recent partnerships [3][4] Group 2 - Previous collaborations between Chinese pharmaceutical companies and multinational firms have involved a larger number of projects, such as the partnership between CSPC and AstraZeneca, which included eight projects [4] - Innovent's CEO noted that the success of such technology platform collaborations depends on the uniqueness and validation of the platform technology, as well as the contributions to intellectual property from both parties [4] - This marks the seventh collaboration between Innovent and Eli Lilly, indicating a strong existing relationship and mutual understanding [4][5] Group 3 - The trend of multinational companies shifting early-stage research work to China reflects their recognition of the research efficiency and capabilities of Chinese pharmaceutical firms [5] - Innovent achieved product revenues of 11.9 billion yuan in 2025, marking its first time surpassing 10 billion yuan, with a target of reaching 20 billion yuan by 2027 [5]

来源：滚动播报 香港基准股指恒生指数周一收盘上涨1.8%，报27,027.16点，受药物制造商信达生物制药和Labubu制造 商泡泡玛特上涨带动。信达生物制药领涨，收盘上涨7.4%，此前该公司称其与美国制药巨头礼来公司 签署了一项协议，可能带来最高达85亿美元的潜在里程碑付款。花旗分析师在一份报告中称，该合作关 系可能会帮助推动这家中国制药公司的全球扩张。与此同时，泡泡玛特收盘上涨5.8%，此前其首席执 行官最近表示，其旗舰产品Labubu娃娃在2025年的销量超过1亿件。其他上涨的个股包括收高5.6%的紫 金矿业和收高4.9%的中国平安。 ...

港股今日强势反弹，恒生指数重新站上两万七大关，恒科指数午后一度涨超2%。截至收盘，恒生指数 涨1.76%或467.21点，报27027.16点，全日成交额为2551.42亿港元；恒生国企指数涨1.52%，报9168.33 点；恒生科技指数涨1.34%，报5417.6点。 银河证券指出，港股市场春节效应明显，主要因市场情绪偏向乐观，资金提早布局。展望未来，经历近 期回调后，港股估值吸引力进一步增大，预计春节前后港股市场震荡上行。东吴证券表示，港股短期考 验尚未完全结束，需要持续观察海外风险，以及国内AI催化。如果春节前后国内AI超预期，港股有望 和A股一起躁动。 蓝筹股表现 信达生物(01801)领升蓝筹。截至收盘，涨7.42%，报85.4港元，成交额13.44亿港元，贡献恒指15.57点。 信达生物宣布与礼来制药达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研发进程。根据协议 条款，信达生物将获得3.5亿美元首付款；在达成后续特定里程碑事件后，信达生物还有资格获得总额 最高约85亿美元的研发、监管及商业化里程碑付款。 其他蓝筹股方面，泡泡玛特(09992)涨5.76%，报257.2港元，贡献恒指16.66 ...

Market Overview - The Hong Kong stock market experienced a strong rebound, with the Hang Seng Index closing at 27,027.16 points, up 1.76% or 467.21 points, and a total trading volume of 255.14 billion HKD [1] - The Hang Seng Tech Index rose 1.34% to 5,417.6 points, while the Hang Seng China Enterprises Index increased by 1.52% to 9,168.33 points [1] - Analysts from Galaxy Securities noted a significant "Spring Festival effect" in the market, driven by optimistic sentiment and early capital allocation [1] Blue-Chip Stocks Performance - Innovent Biologics (01801) led the blue-chip stocks, surging 7.42% to 85.4 HKD, contributing 15.57 points to the Hang Seng Index [2] - The company announced a strategic partnership with Eli Lilly to advance global R&D in oncology and immunology, receiving an upfront payment of 350 million USD and potential milestone payments up to 8.5 billion USD [2] - Other notable blue-chip movements included Pop Mart (09992) up 5.76%, Zijin Mining (02899) up 5.58%, while China Telecom (00728) and China Mobile (00941) saw declines of 2.96% and 2.12%, respectively [2] Sector Highlights - Major technology stocks showed positive performance, with Baidu rising over 3%, Tencent up over 2%, and Alibaba increasing by 1.87% [3] - AI application stocks were particularly strong, with Zhipu AI soaring over 36% to a new high [3] - The gold sector rebounded significantly, with spot gold returning to 5,000 USD per ounce, leading to gains in gold stocks [3][6] AI and Technology Developments - Recent financial reports from Meta, Amazon, Google, and Microsoft indicated a potential capital expenditure of 660 billion USD in AI infrastructure this year [4] - Zhipu AI's stock rose 36.22% to 276.8 HKD, reflecting strong market interest in AI applications [4] - The Chinese government is focusing on building a national computing power interconnection node system, which may further stimulate the AI sector [4] New Market Entrants - Lanqi Technology (06809) debuted with a remarkable 63.72% increase, closing at 175 HKD, following its IPO pricing at 106.89 HKD per share [9] - The company specializes in integrated circuit design for cloud computing and AI infrastructure [9] - Additionally,兆易创新 (03986) saw an 11.43% rise to 314 HKD, supported by its inclusion in the Hong Kong Stock Connect program and positive earnings forecasts [10]

Core Insights - The global MCE (Myeloid Cell Engager) market has surpassed $9 billion in cumulative transaction value from 2022 to 2025, with major pharmaceutical companies like Novartis, Eli Lilly, and GSK actively entering the field through collaborations and acquisitions [1][20] - The year 2025 is anticipated to be a pivotal year for MCE, with significant deals such as Sanofi's $1.9 billion acquisition of Dren Bio and GSK's collaboration with LTZ Therapeutics valued at over $1.5 billion [1][19][12] - Despite the enthusiasm from large pharmaceutical companies, there are only a handful of biotech firms with a clear focus on MCE, raising questions about the early-stage technology and the limited number of players in the field [1][20] Industry Dynamics - The bottleneck in immunotherapy has led to a renewed focus on myeloid cell therapies, as traditional T-cell therapies face limitations in solid tumors [2][22] - Research indicates that myeloid cells, such as macrophages and dendritic cells, play a crucial role in the immune response within the tumor microenvironment, prompting a shift towards targeting these cells for therapeutic purposes [2][3] - The MCE approach utilizes bispecific antibodies to bridge tumor cells and myeloid cells, enhancing the immune response against tumors while addressing the limitations of T-cell therapies [5][7] Competitive Landscape - The MCE market is characterized by a three-tier structure: core biotech firms with proprietary technology, multinational corporations (MNCs) accelerating development through partnerships, and companies with foundational immunology expertise poised to enter the market [9][10] - Key players in the biotech sector include Dren Bio, which focuses on Dectin-1 activation, and LTZ Therapeutics, which employs a dual-pathway activation strategy involving myeloid and NK cells [10][11] - Companies like Elpiscience and Glenmark are also exploring innovative approaches to enhance myeloid cell engagement, indicating a diverse range of strategies within the MCE landscape [14][17] Market Potential - The demand for MCE therapies is driven by the substantial market size in oncology and autoimmune diseases, with the global solid tumor treatment market projected to reach $272 billion by 2032 [22] - MCE therapies are expected to address unmet needs in solid tumors, offering a differentiated mechanism compared to traditional therapies, which often face safety and efficacy challenges [22][23] - The potential for MCE to complement existing therapies like CAR-T and PD-1 inhibitors highlights its strategic importance in the evolving landscape of immunotherapy [23][24] Future Outlook - The success of MCE as a next-generation immunotherapy will depend on clinical trial outcomes and the ability to overcome technical challenges related to safety and efficacy [22][24] - The next 3-5 years will be critical for MCE, as clinical data will determine its viability and potential to reshape treatment paradigms in oncology and beyond [24]

Market Performance - The Hang Seng Technology Index increased by 1.34%, while the Hang Seng Index rose by 1.76% [1] - The Hong Kong Stock Connect ETF from Yinhua (159318) gained 1.64%, and the Technology ETF from Penghua (159751) increased by 1.79% [1] Sector Performance - The insurance and communication equipment sectors showed the highest gains, while the energy equipment and services sector experienced the largest declines [1] Individual Stock Movements - Lanke Technology surged over 63%, followed by Zhipu with a 36.22% increase, and MINIMAX-WP rising by 11.71% [1] - Notable gainers also included: - Zhaoyi Innovation (603986) up 11.43% - China Duty Free (601888) up 8.31% - Innovent Biologics up 7.42% - SANY Heavy Industry (600031) up 7.12% [1] - Other significant increases were seen in: - Laopu Gold up 6.35% - Fast Retailing up 6.26% - Pop Mart up 5.76% - Zijin Mining (601899) up 5.58% - Weichai Power (000338) up 5.23% - Minmetals Resources up 5.0% - Ping An Insurance up 4.88% - Swire Properties up 4.71% - Zhaojin Mining up 4.21% - China National Heavy Duty Truck (000951) up 4.17% - SMIC up 4.07% [1] - On the downside, Xixiangfeng Group fell by 5.88%, and Weilu Group dropped by 15.47% [1] - Noteworthy gainers included Changfei Optical Fiber (601869) with a 15.31% increase and Dongfang Electric (600875) up 14.34% [1]