此外，5月30日-6月3日，2025年美国临床肿瘤学会（ASCO）年会将在美国芝加哥举行。今年ASCO年 会上，中国研究者共计70余项原创研究入选口头报告。太平洋证券表示，流动性和风险偏好提升，数据 和BD催化有望成为全年主线。交银国际研报指出，ASCO大会召开在即，LBA重磅数据即将揭晓，创 新药板块有望迎来关注热潮、并有望在未来推动更多出海交易达成，市场情绪与板块估值将进入正向修 复通道。 智通财经APP获悉，医药股再度走高，截至发稿，中国抗体-B(03681)涨18.85%，报1.45港元；宜明昂 科-B(01541)涨17.54%，报13.4港元；昭衍新药(06127)涨14.96%，报14.6港元；歌礼制药-B(01672)涨 12.25%，报7.97港元；和铂医药-B(02142)涨5.03%，报9.18港元。 消息面上，石药集团今日盘前公布，正与若干独立第三方就三项潜在授权合作进行磋商，涉及集团旗下 若干产品及基于其技术平台开发药品的开发、生产及商业化。每项交易可能带来的首付款、开发里程碑 付款及商业化里程碑付款总额最高可达约50亿美元。此前不久，三生制药宣布与辉瑞就PD-1/VEGF双抗 药物 ...

5月30日，港股市场大幅回调，港股创新药板块仍然上涨。港股创新药指数成份股中，石药集团涨超 8%，复星医药、昭衍新药涨超5%，泰格医药、诺诚健华、凯莱英涨超3%，先声药业、绿叶制药涨超 2%。港股创新药ETF（159567）过去20个交易日获得超2亿元资金净流入，市场热度较高。 小而美、高弹性：港股创新药ETF（159567）跟踪国证港股通创新药指数，创新药企业权重90%为全市 场医药主题类指数中最高，有望把握AI赋能创新药研发、国产创新药出海、商业健康保险逐步完善的 创新药利好浪潮。 中国的创新药发展底色不同于国外，仿制药企转型是其中一支关键力量，从0开始的Biotech企业是另一 战队，两队人马目前交汇于势头不减的BD交易，名利双收。这背后既有临床未被满足的需求做底层支 撑，也有巨头跨国药企逼近专利悬崖而急于充盈管线、押注潜力新药的需求，还有中国高阶工程师红利 兑现，已在创新药研发领域积累了丰富研发经验和优质产品管线，以及集采政策在推进7年后，仿制药 企业已逐渐适应新环境，迟到的转型创新也渐有开花结果。 大而全：创新药ETF（159992）跟踪创新药指数，该指数布局创新药产业链龙头企业，既汇聚全球CXO ...

Group 1 - The Hong Kong biopharmaceutical sector experienced a collective rise, with WuXi Biologics (02269.HK) and Junshi Biosciences (01877.HK) leading the gains, both increasing over 9% [1] - Other companies such as WuXi AppTec (02359.HK), Kanglong Chemical (300759.HK), Kelun Pharmaceutical (06821.HK), and Tigermed (03347.HK) also saw increases of 4%-5% [1] Group 2 - A significant ruling by the U.S. International Trade Court on May 28 declared the "day of liberation" tariff policy from the Trump administration unconstitutional, reducing policy uncertainty for Chinese pharmaceutical companies looking to expand overseas [3] - The ruling emphasized that the U.S. Constitution grants Congress exclusive power to regulate trade, limiting presidential authority in economic security matters [3] Group 3 - The first quarter of 2025 saw a surge in License-out transactions, totaling 41 deals worth approximately $36.93 billion, nearing the total for the entire year of 2023 [3] - Notable transactions included 3SBio's $12.5 billion upfront payment plus up to $4.8 billion in milestone payments to Pfizer for a PD-1/VEGF dual antibody drug [3] Group 4 - The upcoming ASCO annual meeting in Chicago is expected to showcase the international competitiveness of Chinese innovative drugs, with 71 studies from Chinese companies selected for oral presentations [4] - Key clinical data will be released by several prominent companies, including Innovent Biologics and China Biologic Products, which may reshape treatment standards for non-small cell lung cancer [4][5] Group 5 - The progress of ADC drugs developed by partners of WuXi Biologics and collaborations between Kelun Pharmaceutical and Merck is also attracting attention [5] - The increasing quantity and quality of results presented by Chinese pharmaceutical companies at top academic platforms like ASCO indicate a recognized research and development capability in oncology [5]

作者 | 哥吉拉 数据支持 | 勾股大数 据（www.gogudata.com） 5月29日，A股主要指数高开高走，截至收盘，沪指涨0.7%报3363点，深证成指涨1.24%，创业板指涨1.37%。全市场近4500股上涨，逾百 股涨停。 板块方面，金融科技、创新药、互联网、半导体等热门板块表现强势，市场情绪相比近日明显提振。 其中，创新药是涨幅最明显的板块之一，睿智医药、舒泰神、益方生物强势斩获20CM涨停，另有十多家医药股涨幅均超过10%，堪称又一轮 暴涨潮。 | 代码 | 名称 | 现价 | 1 9 mm a lond a rither more an a many 143 1994 (310 1 涨跌幅▼ | 年初至今涨跌幅 | 总市值1 | | --- | --- | --- | --- | --- | --- | | 300149 | 睿智医药 | 8.56 c | 20.06% | 33.33% | 43亿 | | 300204 | 舒泰神 | 23.04 c | 20.00% | 210.93% | 110亿 | | 688382 | 益元生物-U | 29.10 c | 20.00% | 11 ...

Core Viewpoint - The recent high-value transaction involving the innovative drug SSGJ-707 by 3SBio and Pfizer highlights the growing trend of Chinese biopharmaceutical companies expanding into international markets, despite challenges in the global pharmaceutical environment [2][4]. Group 1: Transaction Details - Pfizer has made a non-refundable upfront payment of $1.25 billion (approximately 9 billion RMB) for the rights to SSGJ-707 outside of China, with potential milestone payments totaling up to $4.8 billion (approximately 34.5 billion RMB) and an additional $100 million for equity subscription [2]. - This transaction sets a record for the upfront payment for a Chinese innovative drug going overseas, indicating a significant shift in the landscape of biopharmaceutical transactions [4]. Group 2: Company Background - 3SBio, established in 1993, is a well-established pharmaceutical company that went public on NASDAQ in 2007 and later privatized before listing on the Hong Kong Stock Exchange in 2015 [3]. - The subsidiary involved in the transaction, 3SBio Guojian, was formerly known as CITIC Guojian and is recognized as one of the earliest companies in China to engage in antibody drug research and sales [3]. Group 3: Market Trends - The trend of Chinese innovative drug companies seeking international partnerships has been growing, with a nearly 40% increase in outbound business development (BD) transactions since 2022, projected to reach around 120 deals worth approximately $63 billion in 2024 [6]. - The stock prices of 3SBio and 3SBio Guojian have surged over 200% and 130%, respectively, following the announcement of this transaction, reflecting strong market interest in innovative drug development [4]. Group 4: Strategic Implications - The increasing trend of "going overseas" is reshaping the clinical research strategies of domestic innovative drug companies, with many now considering international transactions as a key part of their development plans [4]. - The shift from a "me too" model to a focus on first-in-class (FIC) drugs is evident, as domestic companies are increasingly competing head-to-head with multinational pharmaceutical firms [4][5].

港股创新药板块高盈利持续消化估值。港股创新药指数2月21日市盈率为64倍，5月28日最新市盈率仅为 27倍，不足3个月前的一半，当前布局性价比突出。 5月29日，港股市场高开高走，港股创新药板块全面爆发。港股创新药指数成分股中，药明合联涨超 10%，药明生物、君实生物涨超8%，绿叶制药、云顶新耀、凯莱英、康龙化成、药明康德涨超5%。港 股创新药ETF（159567）现涨超2%，实时成交额突破5亿元，过去5个交易日日均成交额6.99亿元，市场 热度较高。 消息面上，年初至今，国产创新药出海交易总金额已达455亿美元，首付款已达22亿美元，2025年全年 有望创新高。其中，三生制药12.5亿美元BD交易首付款刷新历史纪录。随着保健意识的提升及国内人 口老龄化趋势的发展，药品作为人们生活中的刚性需求，其市场需求量日益增长。 小而美、高弹性：港股创新药ETF（159567）跟踪国证港股通创新药指数，创新药企业权重90%为全市 场医药主题类指数中最高，有望把握AI赋能创新药研发、国产创新药出海、商业健康保险逐步完善的 创新药利好浪潮。 大而全：创新药ETF（159992）跟踪创新药指数，该指数布局创新药产业链龙头企业， ...

截至2025年5月29日 10:05，上证科创板100指数(000698)强势上涨1.63%，成分股博瑞医药(688166)上涨9.66%，智翔金泰(688443)上涨6.57%，三生国健 (688336)上涨6.04%，安路科技(688107)，泽璟制药(688266)等个股跟涨。科创100指数ETF(588030)上涨1.60%，最新价报0.95元。流动性方面，科创100指数 ETF盘中换手1.16%，成交7155.68万元。拉长时间看，截至5月28日，科创100指数ETF近1年日均成交4.24亿元，排名可比基金第一。 华福证券认为"量变引起质变"是最朴素的真理，中国创新药已经从模仿到快速跟随到源头创新。从BD交易金额来看：2025年初至今创新药出海交易总金额 已达455亿美元，首付款已达22亿美金，25全年有望创新高。从产业和公司发展周期的角度去看：新药放量+Biotech逐步减亏盈利+重磅BD频出催化的年初 至今的创新药大行情已经说明了中国创新药完成了0-1的过程，正在走向1-10国际化的快速发展过程中，未来中国创新药出海交易仍然值得期待。从药品研 发周期的角度：目前绝大部分国内出海的创新药在美国处于 ...

Core Viewpoint - The company has granted Pfizer exclusive rights to develop, produce, and commercialize a dual-targeting antibody product aimed at PD-1 and VEGF, which is expected to enhance anti-tumor effects while reducing potential side effects [1][3]. Group 1: Licensing Agreement - Sanofi Health has granted Pfizer exclusive rights for the development and commercialization of the 707 project in regions outside mainland China [1]. - The licensing agreement involves a distribution of rights based on prior R&D investments and asset ownership, with Sanofi Health receiving 30% and Shenyang Sanofi receiving 70% [2]. Group 2: Clinical Development - The efficacy and safety of the PD-1/L1 antibody combined with VEGF antibody have been validated in clinical trials for various tumors, including renal cell carcinoma and hepatocellular carcinoma [3]. - The product has multiple ongoing clinical trials, with a single-agent treatment for PD-L1 positive non-small cell lung cancer having received approval for Phase III, while combination therapies for non-small cell lung cancer, metastatic colorectal cancer, and advanced gynecological tumors are in Phase II [3]. Group 3: Financial Projections - Following the significant licensing agreement and the anticipated approval of new products, the company has adjusted its revenue forecasts for 2025-2027 to 40.2 billion, 22.4 billion, and 26.3 billion yuan, reflecting a year-on-year growth of 236.4%, -44.1%, and 17.4% respectively [4]. - The projected net profits for the same period are 28.5 billion, 11.2 billion, and 13.9 billion yuan, with year-on-year growth of 305.0%, -60.6%, and 23.4% respectively [4]. - Earnings per share (EPS) are expected to be 4.63, 1.82, and 2.25 yuan, with corresponding price-to-earnings (PE) ratios of 12, 30, and 24 times based on the closing price of 54 yuan per share on May 28, 2025 [4].

究其背后的原因，此前5月20日，三生制药与辉瑞达成PD-1/VEGF双抗SSGJ-707全球权益合作的消息，不断强化着市场对中国创新药企技术输出能力的信 心。同时近期多家中国创新药企业宣布将在5月30日至6月3日举办的2025年美国临床肿瘤学会 （ASCO）年会上发布研究成果，市场对国产创新药出海及技 术授权合作的预期被放大， 医药板块热度被进一步提升，作为在抗肿瘤药领域布局的海王生物，正与行业热度形成共振。 2025年5月27日，医药代表型企业海王生物（000078）迎来2025年的首次涨停，当日参与资金达到1.75亿元，成交量较前一个交易日有近三倍的增长，呈典 型的放量冲涨态势。 从区域流通商到生物科技平台的进化史 在生物医药行业这片充满技术壁垒与政策护城河的战场中，中国药企正经历着从"仿制跟随"到"创新领跑"的基因突变。在政策变革、技术迭代与市场洗牌 中，始终保持着对行业本质深刻理解的海王生物，已从深圳蛇口的一家初创企业，成长为覆盖医药研发、制造、流通全产业链的综合性集团，演绎着从传统 药企向生物科技平台跃迁的资本叙事。 1992年成立的海王生物发展历程，可以说是中国医药流通行业集约化进程的缩影。199 ...

Group 1 - Hong Kong pharmaceutical stocks experienced a collective surge, with notable increases in companies such as CSPC Pharmaceutical Group and United Laboratories, both rising over 7% [1][2] - Other companies like Luye Pharma, Kelun Pharmaceutical, and Innovent Biologics also saw significant gains, with increases exceeding 6% [1][2] - The market is reacting positively to the upcoming 2025 American Society of Clinical Oncology (ASCO) annual meeting, where several innovative drug companies will showcase their research results [2] Group 2 - Analysts suggest that the Chinese innovative drug sector is entering a phase of result realization, with many research advancements expected to drive continued investment interest in the pharmaceutical sector through 2025 [3] - The collaboration between 3SBio and Pfizer regarding the PD-1/VEGF dual antibody SSGJ-707 is seen as a catalyst for Chinese innovative drug companies to accelerate integration into the global industry chain [2]