2025年5月下旬，港股三生制药股价单日暴涨超30%，子公司三生国健在A股市场更是连续四个交易日 斩获"20CM"涨停。点燃这场资本狂欢导火索的，是一笔高达60.5亿美元的对外授权合作交易——辉瑞 拿下其抗癌双抗药物SSGJ-707海外权益，仅首付款就达到12.5亿美元。 而这，仅仅只是拉开了全年BD热潮的序幕。 从三生制药和辉瑞的双抗交易刷新国内BD首付款记录开始，信达生物、舶望制药、恒瑞医药 （600276）等公司接连宣布与武田、诺华、GSK等跨国药企达成数十亿乃至上百亿美元的合作。 过去一年，"BD"无疑是医药行业贯穿全年的核心关键词。据医药魔方研报数据披露，2025年国内创新 药对外授权交易总交易额超1300亿美元，仅首付款就超70亿美元，在ADC、双抗、GLP-1等前沿赛道 上，更是展现出影响细分赛道未来格局的潜力。 除了金额的飙升，BD交易模式的演变同样反映出产业关系的变迁。从单纯的licenseout到New-Co和Co- co模式（共同开发、共同商业化），乃至于共建"风险共担、利益共享"的生态，从单纯的"卖产 品"到"卖平台"，传统药企强势崛起，中小biotech多点开花。 刘立鹤同样提到，相 ...

Core Viewpoint - Yuan Dong Bio (688513) announced that its wholly-owned subsidiary Chengdu Youluo Biotechnology Co., Ltd. has initiated Phase I clinical trials for its monoclonal antibody EP-0210 injection, targeting inflammatory bowel disease, with the first patient dosing recently completed [1] Company Summary - EP-0210 is a humanized IgG1 monoclonal antibody that targets TNF-like ligand 1A (TL1A), aiming to treat inflammatory bowel disease by effectively binding to TL1A and blocking pro-inflammatory signaling pathways [1] - The development of TL1A antibody drugs is one of the most closely watched emerging targets in the field of inflammatory bowel disease, with no similar drugs currently available on the market globally [1] Industry Summary - The fastest global development progress for TL1A-targeting drugs is being made by Merck, Sanofi, and Roche/Pfizer, all of which have TL1A antibody drugs in Phase III clinical trials [1] - In China, companies such as 3SBio, ZhiXiang JinTai, and HuaShen ZhiYao have also entered Phase I clinical trials for similar TL1A-targeting drugs [1]

研究报告 Research Report 9 Feb 2026 香港医疗 Hong Kong Health Care 医药行业周报（2026.02.02-2026.02.06）：市场情绪回暖；看好基本面表现强劲的创新药产业链龙头 Healthcare Weekly (2026.02.02-2026.02.06): Market Sentiment Warms; Bullish on Leaders in Innovative Drug Chain with Strong Fundamentals [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 百济神州 | Outperform 华润医药 | | Outperform | | 京东健康 | Outperform 国药控股 | | Neutral | | 药明生物 | Outperform 映恩生物 | | Outperform | | 信达生物 | Outperform 金斯瑞生物科 ...

Core Insights - Longhua Technology (联化科技) is positioned as a leading player in the agricultural and pharmaceutical CDMO sectors, with significant achievements in small nucleic acid CDMO and potential in functional chemicals [1][2] Business Overview - Longhua Technology has established a collaborative development framework across four core industrial segments: agricultural protection, pharmaceuticals, functional chemicals, and equipment & engineering services [2] - The agricultural protection segment generated revenue of 1.702 billion yuan in the first half of 2025, with a gross margin increase of 9.48% year-on-year [2] - The pharmaceutical segment, focusing on APIs and intermediates, achieved revenue of 1.018 billion yuan in the first half of 2025, reflecting a year-on-year growth of 42.80% [2] Small Nucleic Acid CDMO - The company is leveraging small nucleic acid CDMO to tap into new growth opportunities, with advantages over traditional small molecule and antibody drugs, including broader target selection and higher success rates [3] - Since 2022, the market for small nucleic acid drugs has seen significant activity, with 32 transactions totaling 29.022 billion USD in 2025, indicating strong commercial value [3] - Longhua Technology has developed scalable production processes for modified nucleotides and has established a high-efficiency delivery system for nucleic acid drugs, enhancing its competitive edge [3] Functional Chemicals and Market Potential - The functional chemicals segment reported revenue of 0.265 billion yuan in the first half of 2025, marking a year-on-year doubling [4] - The company is focusing on lithium battery materials, including lithium hexafluorophosphate and LiFSI, with ongoing product development in various testing phases [4] - The National Development and Reform Commission's new storage action plan aims for over 1.8 million kilowatts by 2027, which is expected to drive significant market demand in the energy storage sector [4] Financial Performance - For the first three quarters of 2025, Longhua Technology reported total revenue of 4.718 billion yuan, an increase of 8.25% year-on-year, and a net profit of 316 million yuan, surging by 871.65% [1] - The projected net profit for 2025 is estimated to be between 350 million and 420 million yuan, representing a year-on-year growth of 239.35% to 307.22% [4]

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 分子胶海外风起，国内管线蓄势破局 2026 年 02 月 09 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -8% -4% 0% 4% 8% 12% 16% 20% 24% 2025/2/10 2025/6/10 2025/10/8 2026/2/5 医药生物 沪深300 相关研究 《降息等多因素支持科研上游持续复 苏，重点推荐皓元医药、奥浦迈等》 2026-02-01 《mRNA 疫苗龙头释放积极临床数据 信号，建议关注悦康药业、康希诺等》 2026-01-26 东吴证券研究所 1 / 45 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为 0.14%、3.28%，相对沪深 300 的超额收益分别为 1.41%、0.85%；本周、年初至今恒生生物科技指数涨 跌幅分别为-1.31%、7.34%，相对于恒生科技指数跑赢 5.20%、10.41%； 本周中药（2.56%）、医疗服务 ...

据STAT News报道，TrumpRx.gov网站将由处方药省钱平台GoodRx提供技术支持。报道称TrumpRx不会 直接销售药品，而是引导患者前往其他网站购买。 消费者能因此节省多少费用尚不明确。该网站主要面向不使用保险购药的消费者，这意味着多数购药金 额不会计入患者的保险自付额。 "对于有保险的人群而言，该平台的实际价值存疑，"医疗政策组织KFF的Medicare政策副主任Juliette Cubanski指出，"某些情况下，自付费用对多数人而言仍难以负担。" 当前美国患者支付的处方药费用远高于其他发达国家，通常高出近三倍。特朗普政府正持续施压制药企 业，要求其将美国药价降至国际水平。 美国总统特朗普周四宣布推出TrumpRx.gov网站，该平台旨在为消费者提供折扣处方药，是其降低美国 药品价格努力的核心举措。 特朗普在白宫活动上宣布该网站正式上线。他表示："民众将节省大量开支并保持健康。" 全球十六家大型制药商已与特朗普政府达成"最惠国待遇"协议，承诺降低美国药品价格以换取关税豁 免。根据协议，这些企业将为美国政府医疗补助计划（Medicaid）降价，并通过TrumpRx平台向自费购 药者提供优惠。 ...

Core Viewpoint - The competition for the "king of drugs" title in the GLP-1 market is intensifying between Novo Nordisk and Eli Lilly, with Eli Lilly's GLP-1 drug tirzepatide significantly contributing to its revenue growth in 2025 [1][2]. Group 1: Eli Lilly's Financial Performance - Eli Lilly reported total revenue of $65.179 billion for the year 2025, a 44% increase year-over-year at constant exchange rates [1][2]. - The key driver of this growth was the GLP-1 drug tirzepatide, which generated $36.5 billion in revenue (approximately 253.4 billion RMB) [1][3]. - In Q4 2025, Eli Lilly's revenue reached $19.29 billion, a 43% year-over-year increase, with net profit soaring to $20.64 billion, up 95% [2]. Group 2: Market Dynamics and Competition - The GLP-1 market is currently dominated by Eli Lilly and Novo Nordisk, with combined revenues approaching $50 billion in 2024 [6]. - Eli Lilly's tirzepatide is positioned to capture both diabetes and obesity markets, with Zepbound's sales growth of 175% outpacing Mounjaro's growth in diabetes [1][2]. - Novo Nordisk's oral GLP-1 drug Wegovy has received FDA approval, intensifying competition in the market [7]. Group 3: Pricing and Future Outlook - Eli Lilly faces increasing pricing pressure, with both companies agreeing to lower prices for their GLP-1 drugs starting November 2025 [9]. - The global GLP-1 market is expected to see significant growth, with sales projected to exceed $17 billion by 2031, reflecting a compound annual growth rate of 15.6% from 2021 to 2031 [10]. - The competition is shifting from a "blue ocean" market to a more competitive landscape, with a focus on efficacy, convenience, pricing accessibility, and expanded indications [10].

Group 1 - The core point of the article is that Eli Lilly's drug Tirzepatide is projected to achieve sales of $36.507 billion in 2025, marking it as the "king of drugs" for that year, with expectations to maintain this position for several years [1] - According to Evaluate, approximately half of the top ten global drugs by sales in 2030 are expected to be GLP-1 class drugs [2] - The weight loss sector has become a strategic focus for major pharmaceutical companies (MNCs), with significant business development (BD) and mergers and acquisitions (M&A) activity anticipated this year [3] Group 2 - Major pharmaceutical companies are heavily investing in the weight loss sector, with Eli Lilly expecting Orforglipron to receive approval in Q2 2026 and ongoing clinical trials for other drugs [3] - Recent transactions in the weight loss sector include a $100 million upfront payment from Roche for a specific oral GLP-1 agonist patent and a strategic collaboration between CSPC and AstraZeneca worth up to $18.5 billion [4] - New directions in the weight loss market, such as oral small molecules and ultra-long-acting GLP-1 drugs, present potential investment opportunities, with companies like Singlomd, Hengrui Medicine, and others identified as relevant targets [4]

整理 | 美股研究社 "增长的斜率和速度可能会比人们想象的要慢，但是真实存在的，"Effron在佛罗里达州西棕榈 滩举行的《华尔街日报》Invest Live大会上表示。 英伟达CEO黄仁勋认为，当前在多国给电网带来压力的人工智能（AI）算力大规模布局，最终 将推动能源成本下降。黄仁勋称，为增加电力供应所做的相关投资，加之人工智能在能源生产 与配电环节的应用，将逐步助力降低能源成本。"这一趋势必然会到来，能源成本终将下降。" 黄仁勋说，"市场驱动力正迫使我们加大对能源供应的投入，能源供应能力提升，同时我们也 在推动电网的现代化升级。" 【辉瑞后疫情时代转型：AI驱动降本增效，每月一次减肥药数据点燃未来预期】 1、财务业绩： 2025年营收626亿美元（同比降2%），主要受新冠产品需求大幅萎缩影响。 但非新冠业务营收增长6%，显示出核心业务的韧性。 在这个快速 变 化的 时代， 人工 智能技术正以前所未有的速度发展，带来了广泛的机会 。 《AI日 报 》致力于挖掘和分析最新的AI概念股公司和市场趋势，为您提供深度的行 业 洞察和 价 值 分析。 A I 快 报 【黄仁勋：AI产业布局终将降低能源成本】 2、重磅 ...

Core Viewpoint - The company, HAPO Pharmaceuticals-B (02142), has announced a significant increase in expected profits for the fiscal year ending December 31, 2025, leading to a stock price increase of over 3% following the announcement [1] Financial Performance - The expected profit for the fiscal year ending December 31, 2025, is projected to be between approximately $88 million (around HKD 685 million) and $95 million (around HKD 739 million), compared to an expected profit of about $2.7 million for the fiscal year ending December 31, 2024 [1] - The adjusted total profit is anticipated to be between $91 million (approximately HKD 708 million) and $98 million (approximately HKD 763 million) [1] Revenue Drivers - The increase in expected profits is primarily attributed to the continuous growth of the company's recurring revenue, including research collaborations with AstraZeneca and Bristol-Myers Squibb [1] - The global partnership network is expanding rapidly, with revenue from innovative product licensing and collaborations contributing to the company's recurring income, such as licensing agreements with Otsuka Pharmaceutical and Windward Bio [1] - The rapid growth of the business at Nona Bio, including revenue from technology licensing and platform-based services, as well as milestone payments from existing collaborations, such as research and technology licensing agreements with Pfizer, is also a significant factor [1]