责任编辑：栎树 恒瑞医药今早宣布，与美国BraveheartBio公司就其自主研发的心肌肌球蛋白（Myosin）小分子抑制剂 HRS-1893项目达成独家许可协议。据悉，该笔BD交易采取NewCo模式运作，恒瑞医药年内三笔BD交 易总金额已经突破150亿美元。根据协议条款，恒瑞医药将HRS-1893在除中国大陆、香港特别行政区、 澳门特别行政区及中国台湾地区以外的全球范围内开发、生产和商业化的独家权利有偿许可给 BraveheartBio。 恒瑞医药（01276）盘中涨超3%，截至发稿，股价上涨2.89%，现报83.70港元，成交额1.62亿港元。 ...

Group 1 - The Hang Seng Index Company will implement its quarterly review results on September 5, increasing the number of constituent stocks from 85 to 88, with China Telecom, JD Logistics, and Pop Mart being newly included [1] - The inclusion of these stocks is expected to attract passive fund inflows, leading to significant increases in trading volume and price volatility for the newly added stocks [1][2] - Pop Mart will also be included in the Hang Seng China Enterprises Index, while stocks like China Foods and Hengrui Medicine will be added to the Hang Seng Composite Index, increasing its constituent stocks from 502 to 504 [1] Group 2 - The adjustment of the index is likely to influence the liquidity and stock price performance of the related stocks due to the actions of passive funds tracking the indices [2] - Historical data suggests that active funds may position themselves ahead of the announcement, leading to noticeable volatility in the related stocks before the implementation date [2] - The Hong Kong stock market is viewed as a "global value trap," providing good safety margins and investment opportunities due to low valuations, with continued inflows from southbound funds indicating recognition of investment value [2] Group 3 - Goldman Sachs estimates that the market capitalization of the Hang Seng Index, the Hang Seng China Enterprises Index, and the Hang Seng Technology Index will rise to approximately 2.09 trillion, 1.42 trillion, and 480 billion USD, reflecting increases of 1.6%, 1.1%, and 9% respectively [3] - The forecasted price-to-earnings ratios for these indices are expected to increase slightly, with earnings growth predictions adjusted accordingly [3] - Consumer retail, software and services, and automotive sectors are anticipated to see the most passive fund inflows, with specific stocks like Pop Mart and BYD expected to receive significant net buying [3] Group 4 - China Telecom is a leading player in the telecommunications industry, focusing on 5G construction and cloud computing, indicating the importance of traditional industry leaders in the index [4] - JD Logistics represents the new economy logistics sector, highlighting the index's focus on high-growth and core supply chain enterprises [4] - Pop Mart, as a representative of the trendy toy culture, has seen significant increases in market capitalization and liquidity since its listing, becoming an important representative of the new consumption sector [4]

Core Viewpoint - Heng Rui Medicine (600276) has entered into an exclusive licensing agreement with BraveheartBio for its self-developed Myosin small molecule inhibitor HRS-1893, which has led to a stock price increase of over 3.5% [1] Group 1: Licensing Agreement Details - The licensing agreement allows Heng Rui Medicine to develop, produce, and commercialize HRS-1893 globally, excluding mainland China, Hong Kong, Macau, and Taiwan [1] - BraveheartBio will pay Heng Rui Medicine a total of $75 million, which includes a $65 million upfront payment (comprising $32.5 million in cash and $32.5 million in BraveheartBio equity) and a $10 million milestone payment upon completion of technology transfer [1] - Heng Rui Medicine is also eligible to receive up to $1.013 billion in milestone payments related to clinical development and sales, along with corresponding sales royalties [1] Group 2: Financial Impact - Heng Rui Medicine's total amount from three business development (BD) transactions this year has exceeded $15 billion [1] - The stock price of Heng Rui Medicine rose to HKD 84.2, with a trading volume of HKD 155 million at the time of reporting [1]

Group 1 - The core point of the article is that 恒瑞医药 has entered into an exclusive licensing agreement with BraveheartBio for its Myosin small molecule inhibitor HRS-1893, leading to a significant increase in its stock price [1] - 恒瑞医药's stock rose by 3.5% to HKD 84.2, with a trading volume of HKD 155 million [1] - The total amount of 恒瑞医药's three business development (BD) transactions this year has exceeded USD 15 billion [1] Group 2 - Under the agreement, 恒瑞医药 grants BraveheartBio exclusive rights to develop, produce, and commercialize HRS-1893 globally, excluding mainland China, Hong Kong, Macau, and Taiwan [1] - BraveheartBio will pay 恒瑞医药 an upfront payment of USD 65 million, which includes USD 32.5 million in cash and an equivalent of USD 32.5 million in BraveheartBio equity, along with a USD 10 million milestone payment after technology transfer [1] - Additionally, 恒瑞医药 could receive up to USD 1.013 billion in milestone payments related to clinical development and sales, as well as corresponding sales royalties [1]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD from the southbound trading [1][5] - The US stock market saw all three major indices rise, with the Dow Jones up 0.77% and the S&P 500 Index reaching a new high for the year [2] Investment Opportunities - The report highlights the continued inflow of southbound funds into the Hong Kong market, totaling 1,006.4 billion HKD year-to-date, surpassing last year's total of 807.9 billion HKD [3] - There is a focus on "scarcity" new consumer stocks in sectors such as cosmetics, leisure goods, and technology, which cater to the diverse investment needs of mainland investors [3] - Recommended sectors for investment include technology (AI, robotics, semiconductors), new consumption (infant products, sports apparel), and state-owned enterprises with low valuations and high dividends [3] Company Spotlight - The report recommends China International Marine Containers (CIMC) (3899HK), which has a strong position in clean energy, chemical environment, and liquid food sectors, with a leading market share in various equipment [10] - CIMC reported a total revenue of 76.1 billion HKD for the first half of 2025, a decrease of 4% year-on-year, while net profit increased by 48% to 1.28 billion HKD [10] - The company is considered undervalued with a PE ratio around 10 times the expected earnings, suggesting a positive outlook for investors [10] Industry Insights - The Chinese government has released policies to boost the sports industry, aiming for a total scale exceeding 7 trillion RMB by 2030, which presents opportunities for leading sports apparel companies like Li Ning (2331HK) and 361 Degrees (1361HK) [9] - The Ministry of Industry and Information Technology has announced plans for the electronic information manufacturing industry, targeting an average growth rate of 7% for the computer and communication sectors from 2025 to 2026 [9]

本文字数：979，阅读时长大约1.5分钟 作者 | 第一财经 林志吟 封图 | AI生成 继去年5月份后，恒瑞医药（00276.SH；01276.HK）再次尝试以"NewCo"的模式出海。 2025.09. 05 今日，恒瑞医药宣布与美国Braveheart Bio公司就其自主研发的心肌肌球蛋白（Myosin）小分子抑制剂HRS-1893项目达成独家许可协议。 所谓"Newco"模式，一般由资本攒局成立一家新公司，药企将管线剥离出来授权给这家公司后，获得一定的股权和现金。通过这次交易，恒瑞医药将 HRS-1893项目海外权益授权给成立不久的Braveheart Bio，并获得一定的股权和现金。 具体根据协议条款，恒瑞医药将HRS-1893在除以外的全球范围内开发、生产和商业化的独家权利有偿许可给Braveheart Bio。 Braveheart Bio将向恒瑞医药支付6500万美元首付款（含3250万美元现金和等值3250万美元的Braveheart Bio公司股权）和完成技术转移后的1000 万美元近期里程碑款，总计7500万美元。此外，恒瑞医药还将收取最高可达10.13亿美元的与临床开发和销售相关的里程 ...

AI基金博时医疗保健混合A（050026）披露2025年半年报，上半年基金利润1.08亿元，加权平均基金份额本期利润0.1206元。报告期内，基金净值增长率为 5.27%，截至上半年末，基金规模为20.65亿元。 该基金属于偏股混合型基金，长期投资于医药医疗股票。截至9月3日，单位净值为2.714元。基金经理是陈西铭，目前管理的3只基金近一年均为正收益。其 中，截至9月3日，博时健康生活混合A近一年复权单位净值增长率最高，达43.81%；博时医疗保健混合A最低，为25.24%。 基金管理人在半年报中表示，报告期内港股创新药走势偏强，一方面在弱美元的背景下，港股自身流动性占优；另一方面，港股市场的创新药企业整体质地 更优。创新药行业仍然是医药板块较为景气的子行业，我们认为向外授权的趋势仍有望持续，能在窗口期拿到好的合作的企业将迎来新的发展期。此外，我 们认为医药行业整体仍然有较多机会，尤其是国内政策回暖后，部分医药企业的盈利预测有望上修。虽然市场的关注点目前在创新药上，但我们认为其他子 行业也有一定机会。我们认为，政策的回摆大概率不是短期行为，相关企业的报表修复也有望在后续持续体现。 截至9月3日，博时医疗保健 ...

Group 1 - On September 5, 2023, Heng Rui Medicine announced an exclusive licensing agreement with Braveheart Bio for its self-developed cardiac myosin small molecule inhibitor HRS-1893, granting Braveheart Bio rights to develop, produce, and commercialize HRS-1893 globally, excluding Greater China [1] - Braveheart Bio will pay a total of $75 million to Heng Rui Medicine, which includes a $65 million upfront payment (comprising $32.5 million in cash and $32.5 million in Braveheart Bio equity) and a $10 million milestone payment upon completion of technology transfer [1] - Heng Rui Medicine could receive up to $1.013 billion in milestone payments related to clinical development and sales, along with corresponding sales royalties [1] Group 2 - Braveheart Bio was established in 2024 in Delaware, USA, with major investors including Forbion Capital and OrbiMed, both of which are influential in the life sciences investment sector [2] - The partnership with top-tier life sciences investment institutions highlights Heng Rui Medicine's international competitiveness and accelerates the global development of innovative therapies in the cardiovascular field [2] - HRS-1893 is a significant innovation in Heng Rui Medicine's cardiovascular portfolio, currently in Phase III clinical trials, with over 10 innovative products in clinical research stages targeting cardiovascular diseases [3] Group 3 - Heng Rui Medicine emphasizes a dual approach of independent research and open collaboration to enhance its global innovation footprint, actively exploring partnerships with multinational pharmaceutical companies, innovative startups, and leading regional pharmaceutical firms [3]

Group 1 - The People's Bank of China will conduct a 10 billion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 3 months [1] - DeepSeek aims to release a new AI agent by the end of the year, designed to perform multi-step operations with minimal user instructions and learn from previous behaviors [1] - NVIDIA plans to launch a new chip named B30A in the Chinese market, which is expected to be six times more powerful than its predecessor H20 and priced at approximately $20,000 [1] Group 2 - The State Council aims to cultivate a number of world-class sports enterprises and events by 2030, with the sports industry expected to exceed 7 trillion yuan in total scale [2] Group 3 - XianDao Intelligent has successfully established a complete production line for all-solid-state batteries, achieving multiple technological breakthroughs and receiving repeat orders from leading domestic and international companies [3] - Zhongwei Company has launched six new semiconductor equipment products, which are expected to positively impact the company's market expansion and performance growth [3] - Shenghong Technology is advancing the research and certification of 10-layer 30-layer HDI technology [4] Group 4 - Heng Rui Pharmaceutical has received approval for clinical trials of its HRS-4729 injection, a triple receptor agonist aimed at improving metabolic regulation and weight loss [7] - Wuhan Holdings plans to acquire 100% equity of Wuhan Municipal Institute for 1.6 billion yuan, which will enhance its business scope and revenue [9] - Beijing Lier has signed a strategic cooperation agreement with SenseTime and Xiwang Technology to explore AI computing power collaboration [10] Group 5 - Hangzhou High-tech has experienced a change in control, with several board members resigning due to a share transfer agreement [11] - Guoxin Technology has successfully tested a new high-performance chip for automotive electronics, which aims to address the MCU chip shortage in the domestic automotive industry [12] - Tianhua New Energy has sent samples of its solid-state electrolyte materials to leading companies, receiving positive feedback [13] Group 6 - Shiyun Circuit has entered mass production supply for its AI glasses product for a major overseas client, and has achieved mass production for various server and communication PCBs [14] - Kewang Technology primarily supplies precision cable connection components to Yushu Technology, with a low sales proportion [15] - Junsheng Electronics collaborates with leading clients to provide key components and solutions for robotics and energy management [16] Group 7 - Bowei Alloy is a key supplier of VC thermal materials for an upcoming AI smartphone model [17] - Baoxin Technology has subscribed to an 18 million yuan capital increase in Suzhou Jicui Intelligent Manufacturing Robot Co., Ltd., acquiring an 81.82% stake [18]

Core Viewpoint - HengRui Medicine has entered into an exclusive licensing agreement with Braveheart Bio for the development of the Myosin small molecule inhibitor HRS-1893, indicating a strategic move to enhance its product pipeline and potential revenue streams [1] Financial Summary - Braveheart Bio will pay HengRui Medicine a total of $75 million, which includes an upfront payment of $65 million (comprising $32.5 million in cash and $32.5 million in equity) and a $10 million milestone payment upon completion of technology transfer [1] - HengRui Medicine is eligible to receive additional milestone payments related to clinical development and sales, potentially amounting to $1.013 billion [1]