翰思艾泰生物医药科技(武汉)股份有限公司宣布，唐伟敏博士于2025年9月1日加入公司，出任首席商务 官（CBO）。 这是继2025年8月1日前法国巴黎百富勤、雷曼兄弟银行家及绿竹生物CFO张辉加入翰思艾泰担任CFO之 后，一年多时间内公司空降的又一位高管。此前，公司于2022年1月分别邀请李其翔博士和张磊博士加 入公司担任CEO/CSO和CMO职务。 唐博士拥有二十余年全球制药与生物技术行业经验，曾在百时美施贵宝、赛诺菲、辉瑞、强生、恒瑞医 药及天境生物等企业担任要职。其间主导和参与了二十余项重大国际合作交易，总金额逾数十亿美元， 包括天境生物与艾伯维达成的29.4亿美元CD47抗体全球授权合作。 翰思艾泰表示，唐博士的加盟将进一步增强公司在全球商务拓展、战略合作及创新药研发管线推进方面 的核心竞争力。 随着唐伟敏博士的加入，公司形成了以前礼来科学家、中美冠科联合创人张发明博士为核心的完整的高 管团队。据悉，翰思艾泰已于2024年底递交港股上市申请，有望在近期冲刺港股IPO。 ...

多个重要指数的成份股，即将迎来调整！ 9月8日，恒生指数成份股调整将正式生效。恒生生物科技指数、恒生综合指数的成份股也有重大调整，所有变动将于9月8日起生效。 另外，根据上交所和中证指数公司此前发布的公告，科创50指数、科创100指数样本也将进行调整，并于9月12日收市后生效。 来看详细报道！ 周一生效！泡泡玛特等将加入港股重要指数 近日，恒生指数有限公司宣布了截至2025年二季度的恒生指数系列检讨结果，所有变动将于9月8日(星期一)起生效。 其中，恒生指数成份股数量将由85只增加至88只，加入了中国电信、京东物流、泡泡玛特。恒生指数成份股的变动亦适用于恒指港股通指数。 恒生中国企业指数成份股数量维持50只。该指数的成份股将加入泡泡玛特，剔除极兔速递-W。恒生中国企业指数成份股公司的变动亦适用于恒生 中国企业精明指数。 其中，生益电子将被调入科创50指数，埃夫特、中科蓝讯等5只证券将被调入科创100指数。 恒生生物科技指数成份股变动较大，数量由50只减少至30只。该指数的成份股将加入映恩生物-B；剔除四环医药、先健科技、丽珠医药、康臣药 业、爱康医疗、锦欣生殖、石四药集团、乐普生物-B、康诺亚-B、微创脑科学 ...

Core Viewpoint - The 25th China International Investment and Trade Fair has commenced in Xiamen, highlighting the strong partnership between Jiangsu province and the UK, with a focus on mutual investment and cooperation in key sectors. Group 1: Cooperation Directions - Jiangsu and the UK aim to deepen cooperation in three key areas: green low-carbon development, biomedicine, and consumer services [2][3] - In the green low-carbon sector, Jiangsu is building zero-carbon industrial parks and factories to support multinational companies [2] - The biomedicine sector is set for breakthroughs, with Jiangsu welcoming more UK companies to share in the policy benefits of its open innovation in the biopharmaceutical industry [2] Group 2: Trade and Investment Data - From January to July this year, the trade volume between Jiangsu and the UK reached $7.57 billion, marking an 8.2% year-on-year increase [4] - As of July, the UK has established 1,532 foreign investment projects in Jiangsu, with actual foreign investment totaling $4.97 billion [4] - Jiangsu has set up 139 overseas investment projects in the UK, with a total investment amount of $1.6 billion [4] Group 3: Successful Projects - The Jaguar Land Rover production base in Changshu is a benchmark for Sino-British manufacturing cooperation, with plans to produce electric vehicles for the European market [4] - AstraZeneca has invested over $5 billion in Jiangsu over 30 years, with recent investments including $475 million for a new small molecule drug factory in Wuxi [4][5] - GSK and Jiangsu Hengrui Medicine have signed an agreement to jointly develop 12 innovative drugs, enhancing both companies' global strategies [5] Group 4: Future Prospects - Over 100 UK SMEs are attending the fair, seeking to establish diverse collaborations with Jiangsu [6] - Jiangsu's policies and local government support are crucial for fostering a conducive environment for bilateral cooperation [6] - The establishment of the Sino-European (Wuxi) Life Science Innovation Industrial Park is a significant step in promoting open innovation in the biopharmaceutical sector [6]

□本报记者 王宇露 上周市场震荡，中证新华社民族品牌工程指数上涨0.94%，报1950.25点。亿纬锂能、阳光电源、信立泰 等成分股上周表现强势；下半年以来，中际旭创、阳光电源、亿纬锂能等成分股涨幅居前。 展望后市，星石投资表示，目前无论是场内流动性，还是宏观层面，均未出现利空信号，上周市场的回 调属于上涨行情中的正常现象。中期维度下，市场仍处于健康上行的趋势之中。一方面，流动性驱动并 未结束。从场内流动性看，单日市场成交持续保持在2万亿元以上，交投热度依旧不弱，场内资金仍在 积极寻找投资机会。并且，从股债性价比和资金入市情况看，当前距离前期高点仍有较大空间，预计后 续股市或迎来增量资金。 另一方面，宏观因素仍然向好。星石投资认为，国内方面，政策持续发力，新旧动能转换初见成效，宏 观经济基本面存在向好趋势，叠加决策层对资本市场的重视度持续增加，国内因素对行情有支撑。海外 方面，扰动因素边际改善、美联储降息有望进一步打开国内政策空间。 盘京投资认为，目前驱动市场上行的关键力量来自于赚钱效应积累后，持续的增量资金流入所形成的正 反馈，但是在市场持续上行之后，止盈的投资者开始增加，资金博弈不可避免，上行过程中的调整 ...

创新药及制药产业链观点更新 20250907 摘要 港股创销企业 PS 和 PB 系数回升，但未达历史高位，仍处修复期。带币 类公司及传统创销企业涨幅显著，显示市场对创新药及相关企业的积极 反应。 中国创新药在全球竞争力方面具备人口、内需、制造、供应链及创新能 力优势，推动中国资产出海，早期高品质产品在美国市场需求大，龙头 公司业绩逐步放量。 创新药板块估值预计将首先修复至上一轮行情的 PS 水位，并有望突破 新高。随着更多产品上市及临床数据披露，公司估值将随产品数量增加 而提升。 康方生物在 WCLC 上数据显示，其免疫 p 值达 0.000,332，HR 值为 0.78，脑转移患者 PFS 优于非脑转移人群，且在西方人群中应用效果良 好，证明产品质量优秀。 2025 年中国研究超 70 项亮相 ASCO，中国创新药在 WCLC、ESMO 等国际会议上持续展示成果，未来将在 SABCS、ASH 等大会上展示更 多数据，提升国际影响力。 Q&A 2025 年上半年创新药产业的表现如何？ 2025 年上半年，创新药产业表现出显著的收入增长，许多创新药企业实现了 亏损的大幅收窄，整体估值也有明显上行。龙头公司和众 ...

周期&医药&科技专场 - 洞察价值，共创未来——2025 研 究框架线上培训 20250905 摘要 2025 年煤炭市场供需偏紧，国内产量受限，进口量减少，全年供应预 计减少 1-1.5 亿吨。国家能源局的反内卷通知也将限制下半年供应增长。 市场对经济中长期前景和暖冬效应的悲观预期导致煤价下跌，但 2025 年夏季极端天气和三产用电需求超预期增长，推动火电需求和用电量大 幅增长。 预计 2025 年全年煤价中枢在 650-680 元/吨，2026 年将上涨 10%- 15%至 700-720 元/吨左右，2027 年有望回升至较高水平。推荐配置 高稳定性、高分红的动力煤企业。 煤炭板块投资逻辑已从周期品转变为高分红、高股息逻辑，投资者应关 注具有稳定分红能力和较高股息收益率的优质龙头企业，如中国神华、 中煤能源等。 中国神华收购国家能源集团旗下资产，预计将剔除劣质资产，保留优质 部分，有助于提升公司业绩，并推进国企改革，避免同质化竞争。 Q&A 煤炭行业的供给端主要有哪些来源？国内煤炭产量和进口量的情况如何？ 煤炭行业的供给端主要来源于国内煤炭产量和进口煤炭量。2024 年，国内煤 炭总产量约为 47.4 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" [4] Core Insights - The report highlights the promising data disclosure of PD-L1 ADC HLX43 by Fuhong Hanlin at WCLC 2025, indicating its potential as a superior treatment option for patients with advanced non-small cell lung cancer (NSCLC) who have failed standard therapies [2][3][18] - The report suggests that there are multiple upcoming catalysts in the sector, including academic conferences, business development (BD) opportunities, and negotiations for medical insurance and innovative drug directories [2][18] Summary by Sections Weekly New Drug Market Review - From September 1 to September 7, 2025, the top five gainers in the new drug sector were: - Saintno Pharmaceutical (+62.01%) - Chuangsheng Group (+47.26%) - Jakes Pharmaceuticals (+40.69%) - Hualing Pharmaceutical (+30.90%) - Yiming Oncology (+28.26%) - The top five decliners were: - Frontier Biopharmaceuticals (-10.47%) - Kemia (-9.09%) - Zai Lab (-5.62%) - Ascentage Pharma (-4.57%) - Yundin New Medicine (-4.56%) [1][14] Weekly Focused Stocks - The report recommends focusing on several companies with upcoming data disclosures, including Fuhong Hanlin, Baillie Tenheng, and Kangfang Biopharmaceuticals, which are expected to provide significant updates [2][18] - Potential heavyweights for overseas licensing include differentiated GLP-1 assets from companies like Zhongsheng Pharmaceutical and Gilead Sciences, as well as upgraded PD-1 products from Kangfang Biopharmaceuticals [2][18] Weekly New Drug Industry Analysis - Fuhong Hanlin's PD-L1 ADC HLX43 has shown excellent efficacy in treating NSCLC, with an overall objective response rate (ORR) of 37.0% and a disease control rate (DCR) of 87.0% in the overall NSCLC population [19][20] - The data indicates that HLX43 has the potential to expand into frontline treatment and combination therapy [2][18] New Drug Approval and Acceptance Status - This week, three new drug applications were approved, including: - Fuhong Hanlin's new drug for NSCLC - Merck's Letermovir tablets - Sanofi's Tislelizumab injection - Eleven new drug applications were accepted for review [24][25] Weekly New Drug Clinical Application Status - Twenty new drug clinical applications were approved this week, with fifty-eight applications accepted for review [27]

Investment Rating - The report maintains an "Overweight" rating for the industry [6]. Core Insights - The report emphasizes the significant potential of innovative drugs in extending overall survival (OS) for cancer patients, with a growing focus on improving quality of life (QoL) through palliative care solutions [10][14]. - The pharmaceutical sector has shown resilience amid market fluctuations, with innovative drugs and their supply chains leading the performance [12][38]. - The report highlights the increasing competitiveness of domestic innovative drugs and the positive outlook for the innovation-driven industry chain [12][38]. Summary by Sections Industry Overview - The pharmaceutical industry consists of 494 listed companies with a total market capitalization of approximately 78,182.34 billion [3]. - The industry has demonstrated a 27.26% return since the beginning of 2025, outperforming the Shanghai Composite Index by 13.91 percentage points [38]. Market Dynamics - Recent market trends indicate a 1.40% increase in the pharmaceutical sector, while the broader market (CSI 300) decreased by 0.81% [12][38]. - The report notes a divergence in sub-sector performance, with chemical pharmaceuticals and biological products showing gains of 3.92% and 1.93%, respectively [12][38]. Innovative Drug Development - The report discusses the advancements in innovative therapies such as dual antibodies, antibody-drug conjugates (ADC), and small molecule targeted therapies, which are crucial for improving OS and QoL for cancer patients [10][14]. - Specific companies like Changchun High-tech and Lee's Pharmaceutical are highlighted for their innovative treatments targeting cancer cachexia and breakthrough cancer pain [10][29]. Investment Recommendations - The report recommends focusing on companies with strong innovative drug pipelines and those that are likely to benefit from upcoming data catalysts, particularly in the context of the WCLC conference [12][38]. - Key companies to watch include WuXi AppTec, Innovent Biologics, and others involved in the innovative drug supply chain [12][38]. Valuation Metrics - The current valuation of the pharmaceutical sector is approximately 28.1 times PE based on 2025 earnings forecasts, indicating a premium over the broader A-share market [41][42]. - The report notes that the sector's valuation is below its historical average, suggesting potential for growth [41][42].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Viewpoints - The pharmaceutical sector is experiencing a transformation, with traditional Big Pharma companies accelerating their innovation and research investments, leading to a potential revaluation of their market value [3][8] - The report emphasizes the importance of innovative drugs as a key growth driver, with a focus on companies that have shown significant improvements in their operational trends and clinical pipelines [5][35] Summary by Sections Industry Performance - From September 1 to September 5, the pharmaceutical index rose by 1.40%, outperforming the CSI 300 index by 2.21% [5] - Notable stock performances included Haichen Pharmaceutical (+29%), Changchun High-tech (+24%), and Baihua Pharmaceutical (+21%) [5] Traditional Pharma Revaluation - Since the implementation of drug procurement policies in 2018, traditional Big Pharma has faced revenue and profit pressures, prompting a shift towards innovation and increased R&D spending [8] - Key factors for the improvement in Big Pharma include rapid revenue/profit growth, increased R&D investment, and a decline in sales/administrative expenses [9][16] Innovation as a Growth Engine - The transition from generic to innovative drugs is becoming the core internal growth driver for Big Pharma, with significant increases in innovative revenue and its proportion of total income [22][27] - For instance, Heng Rui Medicine reported innovative drug sales of 95.61 billion RMB in the first half of 2025, accounting for 60.66% of total revenue [22] Clinical Pipeline and Global Competitiveness - The long-term R&D investments have resulted in a robust clinical pipeline for Big Pharma, with many products in advanced stages of development, enhancing their global competitiveness [29] - The report highlights the potential for business development (BD) opportunities abroad, which could serve as a second growth curve for these companies [29] Investment Recommendations - The report suggests focusing on innovative drugs, manufacturing, and companies with low valuations that are positioned to benefit from aging populations and increased healthcare consumption [35] - Specific companies to watch include Heng Rui Medicine, Xinlitai, and China National Pharmaceutical Group [35]

Major Events - Yunzhisheng (09678) is actively exploring new sustainable business models and project opportunities [1] - Junshi Biosciences (01877) achieved the primary endpoint in the Phase III clinical study of anti-IL-17A monoclonal antibody for moderate to severe plaque psoriasis [1] - Hutchison China MediTech (00013) will present the latest data on several self-developed compounds at the 2025 World Lung Cancer Congress and the 2025 Annual Meeting of the Chinese Society of Clinical Oncology [1] - InnoCare Pharma-B (09606) reached the primary endpoint in the Phase III clinical trial of DB-1303/BNT323 for HER2-positive unresectable or metastatic breast cancer patients [1] - Heng Rui Medicine (01276) plans to license its Class 1 innovative drug HRS-1893 to Braveheart Bio to expand into overseas markets [1] Financial Data - Aoyuan Group (01813) reported a pre-sale amount of 611 million yuan in August, a year-on-year decrease of 13.9% [1] - GAC Group (02238) sold 135,700 vehicles in August, a year-on-year decline of 8.43% [1] - Zhongliang Holdings (02772) recorded a cumulative contract sales amount of approximately 8.29 billion yuan in the first eight months, a year-on-year decrease of 32.71% [1] - Xiehe New Energy (00182) reported a total equity power generation of 507.64 GWh in August, a year-on-year increase of 6.07% [1] - Zhengrong Real Estate (06158) had a cumulative contract sales amount of approximately 2.99 billion yuan in the first eight months, a year-on-year decrease of 30.8% [1]