长江商报奔腾新闻记者 潘瑞冬 业绩承压，股价却大幅上涨，昂利康（002940.SZ）多次发布股票交易异常波动公告。 8月3日晚间，昂利康公告称，公司股票连续2个交易日(2025年7月31日、8月1日)收盘价格涨幅偏离值累 计超过20%，针对公司股票交易异常波动情况，公司董事会对有关事项进行了核查。 昂立康表示，公司不存在应披露而未披露的信息，公司前期披露的信息不存应在需要更正或补充披露的 事项。 不过，公司在公告中提及，公司关注到近期市场对创新药业务关注度较高。但昂利康称，公司目前在研 的创新药项目仅有一个，系ALK-N001项目，该项目于2025年4月获得药物临床试验批准通知书，截至 公告披露日，该项目尚处于I期临床试验阶段。 另外，公司关注到近期有投资者关心公司ALK-N002项目，该项目系公司于2025年年初计划新引入的创 新药管线项目，已列入年度募集资金投资项目实施内容的调整计划中。截至公告披露日，该项目有多个 候选药物在筛选和商榷中，尚未确定具体管线。公司还提醒投资者注意投资风险。 长江商报奔腾新闻记者注意到，6月以来，昂利康的股价涨幅巨大，6月至7月，公司股价从14.84元/股 涨至7月底收盘价的 ...

近日，平安基金权益投资部投资总监神爱前因对创新药板块的判断引发热议。7月底，其在公开分析中提出"创新药最大上涨已过"的观点，直言港股主流标 的虽有余温但核心上涨阶段已逝，这一言论迅速遭到部分同行激烈反驳，有业内人士在朋友圈直指其"不懂装懂还敢胡说八道"。 神爱前的核心逻辑聚焦于市场结构性轮动特征，认为西藏水电产业链等主题炒作由量化游资主导，机构难以参与，而AI与创新药虽属产业趋势，但AI已进 入爆发期，创新药则偏向个股逻辑。 这一判断与二季报披露的操作形成鲜明对比。神爱前管理的平安策略先锋混合（700003）与平安产业趋势混合A（022119）在二季度减持消费电子、汽车零 部件等板块，转而加仓AI算力、医药和有色，并明确表示"重点关注创新药等细分机会"，此番言论被市场质疑为"言行不一"。 值得注意的是，神爱前并非医药专业出身，其研究重心长期集中于泛科技领域，曾短暂管理医疗健康基金但未形成持续覆盖。此次跨界对创新药"下定论"， 被业内解读为"越界发言"，暴露了对细分行业研究的盲区。反观同期，创新药板块在政策支持、出海突破与技术迭代驱动下持续走强，恒生创新药指数年内 涨幅超60%，多只重仓该领域的基金收益翻倍。 ...

APH03621片未在国内外批准上市。公司申报的APH03621片，为含有新的结构明确的、具有药理作用的 化合物，且具有临床价值，规格为5mg和40mg(按C23H13N2F5O6S2计)。根据《药品注册管理办法》及 《化学药品注册分类及申报资料要求》(2020年第44号)的规定，本品为境内外均未上市的创新药，属于 化学药品注册分类1类。 APH03621是公司研制的一种新型口服、非肽类小分子促性腺激素释放激素受体拮抗剂(GnRH-ant)，拟 用于子宫内膜异位症(简称"内异症")治疗。 格隆汇8月4日丨一品红(300723.SZ)公布，近日，一品红药业集团股份有限公司全资子公司广州一品红 制药有限公司自主研发的创新药物APH03621片的药物临床试验申请获得国家药品监督管理局受理，并 收到《受理通知书》。 ...

一品红公告，全资子公司广州一品红制药有限公司自主研发的创新药物APH03621片的药物临床试验申 请获得国家药品监督管理局受理，并收到《受理通知书》。APH03621是公司研制的一种新型口服、非 肽类小分子促性腺激素释放激素受体拮抗剂（GnRH-ant），拟用于子宫内膜异位症治疗。目前，国内 暂无获批上市的GnRH口服小分子拮抗剂。 ...

Core Viewpoint - Junshi Biosciences aims to establish itself as a global innovative pharmaceutical company with a complete industry chain capability from drug discovery to commercialization, focusing on quality and innovation [2][3]. Company Overview - Junshi Biosciences was founded on December 27, 2012, and listed on July 15, 2020. The company specializes in the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs [7]. - The main revenue sources include 84.18% from drug sales, 12.08% from technology licensing, and 3.73% from other sources [7]. Product Development - The company has developed a significant product portfolio, including the first domestically approved PD-1 monoclonal antibody, Toripalimab, which has received approval for 11 indications in mainland China and is also approved in multiple countries including the US and EU [2]. - Junshi's Tifcemalimab is the first anti-tumor BTLA monoclonal antibody to enter clinical development, with ongoing Phase III trials and several combination studies with Toripalimab [2]. Recent Collaborations - On October 27, 2023, Junshi announced collaborations with several institutions, including Peking University and the Chinese Academy of Sciences, to develop a monkeypox recombinant protein vaccine [3]. Financial Performance - For the first quarter of 2025, Junshi reported revenue of 5.01 billion yuan, a year-on-year increase of 31.46%, while the net profit attributable to shareholders was -235 million yuan, reflecting a 17.01% year-on-year growth [8]. Market Position - As of March 31, 2025, Junshi had 29,400 shareholders, with an average of 25,987 circulating shares per person, indicating a slight decrease in share distribution [8]. - The company operates within the pharmaceutical and biotechnology sector, focusing on innovative drugs and biopharmaceuticals [8].

Market Performance - The Shanghai Composite Index rose by 0.66% to close at 3583.31 points, while the Shenzhen Component Index increased by 0.46% to 11041.56 points, and the ChiNext Index gained 0.50% to 2334.32 points [1][2] - The total trading volume in the Shanghai and Shenzhen markets approached 1.5 trillion yuan [3] Sector Performance - The military industry sector showed strong performance, with multiple stocks hitting the daily limit, including North China Longyuan, Aileda, and Kesi Technology [5][6] - The human-robot sector also saw significant gains, with stocks like Daying Electronics and Zhejiang Rongtai reaching the daily limit [6] - The medical device sector experienced a rally, with stocks such as Lide Man and Dabo Medical hitting the daily limit [6] Capital Flow - Main capital inflows were observed in the defense, machinery, electronics, and banking sectors, while there were outflows from the oil and petrochemical sectors [7] - Notable net inflows were recorded for stocks like Construction Industry, Changcheng Military Industry, and Hanyu Pharmaceutical, with inflows of 5.91 billion yuan, 5.47 billion yuan, and 4.70 billion yuan respectively [8] - Conversely, stocks such as Zhongji Xuchuang, Tibet Tianlu, and Hikvision faced net outflows of 5.98 billion yuan, 5.95 billion yuan, and 5.42 billion yuan respectively [9] Institutional Insights - Guotai Junan expressed that if the Shanghai Composite Index finds effective support near the 20-day moving average and trading volume increases, it may restart an upward trend, with a positive outlook for financial, growth, and certain cyclical sectors [10] - CITIC Securities noted a cooling of market sentiment, predicting a phase of consolidation that could benefit a steady bull market, with a focus on sectors such as semiconductors, AI applications, human-robot technology, innovative drugs, non-ferrous metals, defense, transportation, and non-bank financials [10]

格隆汇8月4日｜国盛证券研报指出，恒瑞医药GSK重磅BD金额超预期，"海外大药"再添重磅。恒瑞将 HRS-9821（PDE3/4）项目海外权益和至多11个项目的海外权益的独家选择权有偿许可给GSK。GSK将 向恒瑞支付5亿美元的首付款，如果所有项目均获得行使选择权且所有里程碑均已实现，恒瑞将有资格 获得里程碑付款的潜在总金额约120亿美元，以及相应的分梯度的销售提成。HRS-9821是一款PDE3/4抑 制剂，目前正处于临床开发阶段，是治疗慢性阻塞性肺病（COPD）的高潜力靶点。除HRS-9821外，其 他11个项目涉及肿瘤、呼吸、自免和炎症等多个治疗领域的创新药物，目前均处于非临床研究阶段。公 司创新药品种持续放量，多项大额BD交易付款增厚业绩。上调盈利预测。长期看好公司发展，维持"买 入"评级。 ...

国产创新药对外授权交易频现大单，板块投资机会受关注。日前，恒生港股通创新药指数宣布修订编制 方案，明确剔除CXO公司，修订规则将于8月11日生效，该指数将成为ETF跟踪的指数中首批"纯度"达 100%的创新药指数。作为市场上唯一跟踪该指数的ETF，恒生创新药ETF（159316）已连续14个交易日 获净流入，产品份额连创新高，可助力投资者一键布局前沿创新药企。 近期，我国多家创新药公司达成大额专利授权交易。7月30日，石药集团与Madrigal达成全球授权协 议，含1.2亿美元预付款和最高19.55亿美元里程碑付款，同日中国生物制药公告全资附属公司与默沙东 LM-299/MK-2010项目合作进展顺利，将于近期收到3亿美元技术转移里程碑付款。7月28日，恒瑞医药 公告与英国制药巨头葛兰素史克达成一项总潜在金额达125亿美元的License out合作，涵盖12个创新药 项目。 A股港股午后均大幅反弹，港股创新药板块震荡上行，截至14:38，恒生港股通创新药指数上涨0.3%， 云顶新耀上涨9.2%，晶泰控股上涨6.8%，四环医药上涨4.6%，恒生创新药ETF（159316）盘中成交额 超4亿元。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the biotechnology sector, including Legend Biotech (LEGN US), and others like 3SBio (1530 HK), Innovent Biologics (1801 HK), and more, indicating a positive outlook for these stocks [7]. Core Insights - The upcoming centralized procurement of biosimilars in mainland China is expected to impact multiple major products, with the first round of information collection already initiated [2]. - The report emphasizes that the impact of this procurement on company performance and product sales will likely be felt starting in 2026, as the process is expected to take longer due to the novelty of biosimilar procurement in China [2]. - Companies such as China Biologic Products, Innovent Biologics, and Hengrui Medicine are highlighted as key players with multiple products involved in the procurement process, warranting close attention to pricing and allocation results [2][3]. - The report suggests that the impact on innovative drugs will be limited, as the products involved in the procurement are off-patent and already have competing biosimilars [2]. Summary by Sections Section: Centralized Procurement - The centralized procurement for biosimilars is officially starting, with a focus on eight monoclonal antibody products [2]. - The information collection phase is expected to last 1-2 months, with a longer timeline anticipated for rule formulation and final product inclusion [2]. Section: Company Focus - Key companies to watch include China Biologic Products, Innovent Biologics, and Hengrui Medicine, with respective products in the procurement process [2]. - The report recommends monitoring the pricing and allocation outcomes closely for these companies [2]. Section: Innovative Drugs - The report indicates that the eight monoclonal antibodies involved in the procurement are already off-patent and have existing biosimilars, suggesting limited impact on innovative drugs still under patent [2]. - Continuous attention is advised for the upcoming national medical insurance negotiations and the establishment of commercial insurance innovative drug directories [2].

Core Viewpoint - The article discusses the IPO application of Zhuhai Tainomai Bo Pharmaceutical Co., Ltd. on the Sci-Tech Innovation Board, highlighting its status as the first company to apply under the new fifth set of standards, despite being a "zero revenue" innovative drug company with significant losses [3][20]. Group 1: Company Overview - Tainomai Bo has accumulated over 2 billion yuan in financing over ten years, with a valuation of 5.2 billion yuan as of March 2025 [3][5]. - The company’s first drug, Staitouta Monoclonal Antibody Injection, was approved in China in February 2025, marking a significant milestone in its commercialization journey [4][11]. Group 2: Product Development - The Staitouta Monoclonal Antibody is a first-in-class innovative drug for tetanus prevention, demonstrating superior safety and efficacy compared to traditional tetanus vaccines [10][11]. - Clinical trial results show that 95.4% of patients achieved protective levels within 12 hours of administration, compared to only 53.2% for traditional treatments [10]. Group 3: Market Challenges - Despite the innovative nature of Staitouta, initial sales figures were low, with only 300 bottles sold in the first quarter of 2025, generating revenue of 169,000 yuan [12][14]. - The high price of Staitouta (798 yuan per injection) compared to traditional tetanus vaccines (30-300 yuan) and its lack of inclusion in insurance coverage may hinder market penetration [14][15]. Group 4: Future Prospects - Tainomai Bo aims to expand internationally, with the Staitouta Monoclonal Antibody already receiving Fast Track designation from the FDA for expedited development in the U.S. [17][18]. - The company has additional promising products in its pipeline, including a monoclonal antibody for respiratory syncytial virus (RSV), which has a significantly larger market potential [18]. Group 5: Financial Outlook - The company reported a net loss of 510 million yuan in 2024 and 180 million yuan in the first quarter of 2025, with cash reserves of only 420 million yuan [20]. - The IPO aims to raise 1.5 billion yuan, potentially increasing the company's market capitalization to 10 billion yuan, which would alleviate financial pressures during its R&D phase [20][21].