科创生物医药ETF紧密跟踪上证科创板生物医药指数，上证科创板生物医药指数从科创板市场中选取50 只市值较大的生物医药、生物医学工程、生物农业、生物质能、其他生物业等领域上市公司证券作为指 数样本，反映科创板市场代表性生物医药产业上市公司证券的整体表现。 数据显示，截至2025年6月30日，上证科创板生物医药指数(000683)前十大权重股分别为联影医疗 (688271)、百济神州(688235)、惠泰医疗(688617)、百利天恒(688506)、艾力斯(688578)、泽璟制药 (688266)、君实生物(688180)、博瑞医药(688166)、华大智造(688114)、益方生物(688382)，前十大权重 股合计占比50.3%。 美国政府近日威胁将对进口药品加征高达200%的关税，以吸引"产业回流"。作为全球最大药品市场， 美国关税恫吓引发了全球产业震动，也引发该国高度依赖药品进口的本土制药企业的普遍担忧。专家警 告，美国医药关税若真的实施，将不可避免带来药品价格上涨和供应短缺局面。 中邮证券指出，中国在全球创新药BD交易中的项目数占比从2019年的3%跃升至2024年的13%，金额占 比从1%提升至2 ...

Group 1 - The innovative drug sector has emerged as a significant "dark horse" in the growth track since 2025, with the Hong Kong innovative drug ETF achieving a return of 103% over the past year [1] - The increase in business development (BD) transactions among Chinese biotech companies is driven by global pharmaceutical giants accelerating their acquisition activities in China [2][10] - Legal and compliance issues are critical in the complex negotiations between Chinese biotech firms and multinational pharmaceutical companies, especially for those still in clinical stages [2][12] Group 2 - The IPO process for biotech companies is challenging due to the lack of standardized regulations, which can lead to difficulties in meeting listing requirements [4][7] - Timing is crucial for IPO success; launching during a market downturn can result in lower investor interest and unfavorable valuations [8][11] - The market has shifted focus towards innovative products with "first-in-class" or "best-in-class" potential, leading to increased interest in BD transactions [11][12] Group 3 - High-quality BD transactions, particularly with multinational companies, can significantly enhance a biotech firm's valuation and credibility in the market [12][14] - The concept of "selling seedlings" refers to early-stage biotech companies licensing out their products, which can be a strategic move to secure funding for further development [14][15] - Concerns about the commitment of licensees to advance drug development highlight the importance of structuring agreements to protect the interests of the original developers [15][16]

Core Viewpoint - The article highlights the significant growth in the Chinese innovative drug sector, particularly through record-breaking business development (BD) transactions, exemplified by Rongchang Biopharma's partnership with Vor Biopharma, which underscores the global competitiveness of Chinese innovative drugs [3][4][30]. Group 1: Record-Breaking BD Transactions - Rongchang Biopharma announced a milestone international licensing agreement with Vor Biopharma for its innovative drug, Taitasip, with a total deal value of $4.23 billion, setting a new record for outbound licensing in the Chinese pharmaceutical industry [3][4]. - The deal includes a $45 million upfront payment, $80 million in warrants, and up to $4.105 billion in milestone payments, along with a royalty on future sales [3][4]. - Taitasip has shown strong commercial performance, with domestic sales exceeding 1.5 million units in 2024, representing a 95% year-on-year growth, making it a key driver of Rongchang Biopharma's revenue [5]. Group 2: 2025 as a Year of BD Growth - The article notes that 2025 is expected to be a significant year for innovative drug BD transactions, with multinational corporations (MNCs) in China already reaching $9.1 billion in upfront payments by June 2025, surpassing the total for 2024 [7][8]. - The urgency for MNCs to engage in BD transactions is driven by the impending patent cliff, with over $100 billion in sales from major drugs set to lose patent protection in the next five years [12][13]. Group 3: Patent Cliff and MNC Strategies - The approaching patent cliff poses a substantial challenge for MNCs, necessitating the acquisition of innovative drugs to extend product lifecycles and mitigate revenue losses [12][13]. - The article lists several key drugs facing patent expiration, including Merck's Keytruda, which generated $25 billion in sales in 2023 and will lose patent protection in 2028 [14]. Group 4: Chinese Innovative Drugs' Competitive Edge - The performance of the Hong Kong innovative drug sector has been impressive, with the Hong Kong Innovative Drug ETF rising over 52% in 2025, reflecting the shift from a generic-following model to a focus on developing globally competitive innovative products [21]. - The article emphasizes that the core competitiveness of Chinese innovative drug companies lies in their ability to produce high-quality products, as evidenced by significant BD transactions from international firms like BMS and Pfizer, totaling over $17 billion in 2025 [24]. Group 5: Future Outlook and Investment Opportunities - The ongoing BD boom in innovative drugs is seen as a strategic move by MNCs to navigate the challenges posed by the patent cliff, highlighting the robust R&D capabilities of Chinese companies [26][30]. - The article suggests that while market expectations for innovative drugs are high, only companies with solid clinical data and clear commercial prospects will sustain growth, indicating a need for investors to identify firms with genuine international competitiveness [28][29].

Core Viewpoint - The pharmaceutical industry is gradually recovering from a bear market, with significant improvements observed in the innovative drug sector driven by policy support, clinical data catalysts, and record-high overseas licensing agreements [1][2]. Group 1: Market Dynamics - The number of license-out agreements by Chinese pharmaceutical companies has increased from 17 in 2018 to 94 in 2024, with upfront payments rising from approximately $200 million to over $4 billion in 2024, reflecting a year-on-year growth rate of about 16% [2]. - The total transaction value for license-out agreements reached over $50 billion in 2024, with a year-on-year growth exceeding 20% [2]. - The first quarter of 2025 saw a doubling of license-out transaction values to $36.9 billion compared to the previous year [2]. Group 2: Changes in Business Development (BD) Models - The traditional license-out model is shifting towards a NewCo model, allowing both parties to co-own a new company responsible for the pipeline, enhancing collaboration and retaining some negotiation power for domestic companies [3]. - The proportion of upfront payments in BD transactions has significantly increased, with recent collaborations setting new records for upfront payments in the innovative drug sector [3]. Group 3: R&D Advancements - China's innovative drug industry has seen substantial improvements in R&D capabilities, with a notable increase in the number of first-in-class (FIC) drugs, covering 40% of global drug development targets [4]. - As of last year, Chinese companies ranked first in the development progress of 22% of these targets, indicating significant breakthroughs in original research [4]. Group 4: Clinical Data and Market Sentiment - The release of high-quality clinical data and presentations at major academic conferences have positively influenced market expectations, with a notable increase in the number of Chinese studies presented at the 2025 CSCO annual meeting [5]. - Positive financial signals from companies, including early signs of profitability and improved cash flow, are helping to reshape market perceptions regarding the sustainability of innovative drug companies [5]. Group 5: Cash Flow and Commercial Viability - The upfront payments from BD transactions are providing better cash flow for innovative drug companies, allowing them to alleviate cash flow pressures and transition towards more stable revenue streams [6]. - The increasing frequency of overseas transactions and the enhancement of commercialization capabilities are driving the recovery of valuations in the innovative drug sector [6][7]. Group 6: Investment Opportunities - The recent recovery in the pharmaceutical sector has led to a renewed interest from public funds, with suggestions for investors to adopt a phased approach to investing in the innovative drug sector, particularly through diversified ETFs [7].

以下文章来源于东方财富网 ，作者辣笔小强 东方财富网 . 东方财富网，中国财经门户，提供7*24小时财经资讯及全球金融市场报价，汇聚全方位的综合财经新闻 和金融市场资讯。 在海外大额BD交易、以及基本面向好预期下，年内创新药板块成为市场"香饽饽"之一。东方财富 Choice数据显示，年内创新药涨幅达17.67%，排在概念涨幅榜第17位。若是看成分个股超100的大板块 的话，创新药可以排在第4位，仅次于微盘股、人形机器人和ST股。 | 序号 | 概念简称 | 年内涨幅(%) | 成分个股 | | --- | --- | --- | --- | | 1 | 重组蛋白 | 44.69 | 18 | | 2 | 微盘股 | 40.18 | 400 | | 3 | 发电机概念 | 31.41 | 21 | | 4 | 数字货币 | 26.01 | 80 | | 5 | 減速器 | 25.42 | 70 | | 6 | 同步磁阻电机 | 24.60 | 6 | | 7 | 噪声防治 | 24.01 | 8 | | 8 | 富士康 | 23.69 | 37 | | 9 | РСВ | 22.90 | ਰੇਤੇ | | 10 ...

Group 1 - Company X has entered into a placement agreement to issue 55 million shares, representing approximately 3.33% of its total issued shares as of the announcement date [1][2] - The placement price is set at HKD 82.4 per share, reflecting a discount of about 4.90% from the closing price on June 25 [2] - The expected total proceeds from the placement are approximately HKD 4.31 billion, with a net amount of about HKD 4.265 billion after costs [2] Group 2 - Approximately 90% of the net proceeds (around HKD 3.839 billion) will be allocated to the global research and development of key innovative pipelines and global facility layout [2] - The remaining 10% (approximately HKD 427 million) will be used for the company's daily operations [2] Group 3 - The recent trend shows a recovery in the financing environment for innovative drugs, with several leading pharmaceutical companies, including Company X, actively pursuing new share placements and financing initiatives [1][4] - Company Y has also completed a new H-share placement, raising approximately HKD 1.039 billion, with 70% of the funds earmarked for innovative drug research [3] Group 4 - The primary market for investment and financing has shown signs of recovery after a period of tightening, with business development transactions becoming a core growth logic for innovative drugs in China [4] - The recent successful IPO of Company Z and the upcoming listing of Wuhan Heyuan Biotechnology Co., Ltd. indicate a thawing in the A-share market for pharmaceutical companies [4][5]

Core Viewpoint - The innovative pharmaceutical sector is experiencing a resurgence, driven by improved fundamentals, supportive policies, and increased market interest, particularly in the A-share and Hong Kong markets [1][3][12]. Group 1: Market Performance - The pharmaceutical sector has shown strong performance this year, with a notable rebound starting from April 9, despite recent pullbacks [1]. - The innovative drug segment in A-shares and Hong Kong stocks has continued to strengthen, indicating a recovery after four years of adjustment [1][3]. - The total amount of business development (BD) transactions for innovative drugs is projected to rise significantly, from $8.4 billion in 2020 to $51.9 billion in 2024 [4]. Group 2: Policy and Industry Trends - The policy environment has shifted from cost control to encouraging innovation, providing strong support for the development of innovative drugs [3]. - The number and quality of innovative drug products in China have significantly improved, leading to increased interest from foreign pharmaceutical companies [3][5]. - The penetration rate of innovative drugs in China is expected to rise, with current levels at around 20%, compared to 70%-80% in the U.S. [5]. Group 3: Investment Opportunities - Fund managers are optimistic about the future of innovative drugs, emphasizing the importance of technology and growth attributes in the sector [6]. - Investment strategies include focusing on high-quality companies, innovative drug leaders, and traditional pharmaceutical companies transitioning to innovative drugs [7][8][9]. - Investors can consider actively managed pharmaceutical funds or industry-themed ETFs to gain exposure to the innovative drug market [10][12]. Group 4: Fund Performance - Several funds managed by 工银瑞信 have demonstrated strong performance, ranking highly in their respective categories over various time frames [13][15]. - The 工银港股通创新药ETF has seen significant inflows, reflecting market preference for innovative drug companies [11].

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：吕执着 来源：雪球 近年来中国创新药行业掀起BD（业务拓展）交易狂潮，中国创新药2024年对外授权交易金额达 571亿美元，2025年初至今对外交易总金额已突破500亿美元。 但在这股热潮背后，我们需要冷静思考：BD究竟是救命稻草还是慢性毒药？哪些企业真正从中受 益？ 一、BD热潮的双面效应 二、潮水退去见真章 真正有实力的企业 通常具备： 差异化创新 ：如康方生物的PD-1/CTLA-4双抗。 BD交易的爆发 源于多重因素：跨国药企面临专利悬崖危机（如默沙东K药2028年到期，诺和诺德 司美格鲁肽2026年到期），急需补充管线；中国药企经过十年积累，已拥有FIC/BIC潜力的管线； 同时国内融资环境趋紧，BD成为"续命"手段。 BD的利好 显而易见： 快速获得现金流（首付款+里程碑款） 借助跨国药企资源加速全球开发 提升中国创新药国际认可度 但 隐忧 同样不容忽视： 高退货率 ：2020年62起BD交易中25起已终止， 退货率40% 核心资产流失 ：恒瑞医药几千万卖的管线被转手卖10亿美金 过度依赖 ：康方生物202 ...

Core Viewpoint - The Chinese innovative pharmaceutical sector is experiencing a significant moment, with multiple companies, including China Biologic Products, announcing major out-licensing deals and collaborations, indicating a strong trend towards internationalization and growth in the industry [1][2][6] Group 1: Company Developments - China Biologic Products announced at the Goldman Sachs Global Healthcare Conference that it expects at least one major out-licensing deal to be finalized this year, which is a key strategic goal for the company [2][3] - The company has identified several products with out-licensing potential, including PDE3/4, HER2 bispecific antibodies, and various ADCs, and has begun outreach to potential partners [3][4] - The stock price of China Biologic Products surged nearly 15% following the announcement of these developments, reflecting strong market interest [3] Group 2: Market Trends - The trend of out-licensing deals among Chinese innovative drug companies is gaining momentum, with several companies announcing significant transactions, such as 60.5 billion USD by 3SBio and 50 billion USD by CSPC [5][6] - In the first quarter of 2025, there were 41 out-licensing transactions in China, totaling 36.93 billion USD, indicating a rapid increase in activity compared to previous years [5] - The innovative drug sector in Hong Kong has seen substantial growth, with an ETF rising approximately 60% this year, driven by the performance of companies like 3SBio and CSPC [6] Group 3: Clinical Advancements - China Biologic Products has made significant progress in clinical trials, with its PDE3/4 inhibitor TQC3721 recently approved for Phase III trials for COPD, positioning it as a global leader in development [3][4] - The company has also received approvals for its HER2 bispecific ADC TQB2102 and is advancing multiple other projects in the ADC and bispecific antibody fields [4]

作 者丨季媛媛 编 辑丨张星 中国创新药行业在近期迎来两大标志性事件，一是三生制药与辉瑞就PD-1/VEGF双抗SSGJ- 707达成授权协议，二是中国创新药突破多个实体瘤治疗瓶颈闪耀2025年美国临床肿瘤学会年 会（ASCO），两大事件使得中国创新药在全球的竞争力清晰可见。 然而，在繁荣背后，"卖青苗"的忧虑声却在业内悄然流传。这是业内人士对临床早期创新药 转让的一种形象比喻，将早期创新研发成果比喻为"青苗"。意指国内医药企业和药品研发机 构在技术研究进展到一定程度时，将现有开发成果转让给大型外资药企。 这个比喻，形象却失之偏颇，甚至暗含误读。"青苗"指向的是确定性收获，而创新药企手中 攥着的，从临床前到三期推进的管线，更像是经过精密测算、明码标价的"风险合约"——临 床前项目成功概率约仅5%，一期约10%，二期约20%，至三期也仅升至30%左右。这不是待 割的庄稼，而是承载着巨大不确定性、也蕴藏着无限可能的"风险资产"。洞悉这一点，是理 解中国创新药产业突围逻辑的关键。 "卖青苗"现象，既是双重压力下的战略选择，更是产业成熟度提升的体现。 其一，这是创新药企在融资"寒冬"下的生存智慧。生物医药投融资环境今 ...