| 该指数完整覆盖人工智能 | | | | --- | --- | --- | | 产业链,涵盖上游基建、 | 令日 | 该指数 该指数自201 | | 中游模型、下游应用等环 | 该指数涨跌 | 滚动市盈率 发布以来估值 | | 节，是人工智能产业的代 | | | | 表性指数,全面捕捉人工 | -1.2% | 3.9倍 56.8% | | 智能产业未来发展机遇。 | | | 截至收盘，中证人工智能主题指数、中证云计算与大数据主题指数均下跌1.2%，国证机器人产业指数、中证新能源指数均下跌1.7%，恒生港股通创新药指 数下跌1.9%。 近期，国药集团与华为将进一步深化合作，聚焦医药与人工智能融合。双方高层会谈明确将在数字化顶层规划、医药大模型研发及应用等领域协同发力。自 2020年起，双方已在数字化转型、医药流通等多领域联手，借助AI提升药物研发效率、优化临床诊断等。 | 该指数聚焦云计算产业, | | | | | --- | --- | --- | --- | | 覆盖各类计算设备和计算 | マ日 | 该指数 | 该指数自20 | | 服务相关领域,由业务涉 | 该指数涨跌 | 滚动市销率 | 发布以来估 ...

作者 | 第一财经 邹婷、赵怡闻、沈赐韵、孔凡天 爆款、上市、融资、出海，这是今年中国创新药产业的四大关键词。这些动作绝非一朝一夕的博弈，而 是历经过去数年的资本"寒潮"、行业波动和周期冷暖后，自我倒逼、奋力突围、穿越周期的结果。 把镜头拉回上海。去年上海三大先导产业规模达1.8万亿元，其中生物医药产业规模超9800亿元。今 年，这一数字有望突破万亿大关。行业迎来拐点，企业何尝不是。"上海药圈新拐点"系列报道，将独家 专访三家扎根上海的上市药企掌舵人，共同讲述当全球创新药行业进入"中国时间"，作为上海打造生物 医药产业高地的侧影，他们如何腾挪和突破，迎接属于自己的新拐点。 节目第一集，将走进一家从上海浦东走出来的"超级IPO"——映恩生物。这家ADC药物的明星企业，于 今年4月上市，创下了2022年以来港股18A最大融资规模。其创始人曾是一位资深投资人，孵化过多家 上市公司。现在他亲自下场，结果会有什么不同？他又为何选择上海？第一财经记者将与之深度对话。 2025.07.30 本 文字数：2393，阅读时长大约4分钟 ...

只有内外兼修，才能为医药创新提供可持续的发展动能。 我国创新药物领域正进入爆发式增长阶段。 国家药监局数据显示，今年上半年我国共批准创新药43个，同比增长59%，这一数字刷新了历史同期的 最高纪录，且接近2024年全年48个的总量。其中，40个创新药由中国企业研发制造，仅有3个是由跨国 公司研发后进口，这一数据充分体现了政策红利正快速转化为推动产业发展的强劲动力。 国家药监局药品注册管理司司长杨霆表示，中国在创新药研发管线方面的规模已占全球的四分之一左 右，每年开展的临床试验数量约3000项，这两项关键指标均处于世界前列。可见，中国在全球创新药研 发领域占据了举足轻重的地位。 随着中国创新药的研发能力显著增强，国内市场竞争的加剧，众多制药企业开始寻求海外市场的机会， 积极探索多种出海模式。2025年，国产创新药的国际市场热潮不断升温，海外授权交易额屡次刷新历史 纪录。 多位创新药企的高层管理人员和一级市场投资专家在接受21世纪经济报道采访时表示，现阶段正是过去 十年产业积累实现集中转化和资本化的关键时期，中国创新药交易市场已趋于稳定，其资产正以不可逆 转的趋势融入全球交易和商业化合作体系。 然而，中国创新药要 ...

Core Viewpoint - The CXO sector in the pharmaceutical industry has seen significant growth, with companies like WuXi AppTec and Zai Lab experiencing substantial stock price increases, driven by strong financial performance and positive market trends [1][2]. Group 1: CXO Sector Performance - The CXO sector experienced a major surge, with stocks like Pharmaron and WuXi AppTec seeing increases of over 18% and hitting daily limits [1]. - Year-to-date, the stock of Zai Lab has risen over 111%, while other major players like WuXi AppTec and Haoyuan Meditech have seen increases between 60% and 83% [1]. - Companies such as Pharmaron, Jiuzhou Pharmaceutical, and WuXi AppTec have also reported stock price increases exceeding 20% [1]. Group 2: WuXi AppTec Financial Results - WuXi AppTec reported a revenue of 20.799 billion yuan for the first half of 2025, marking a year-on-year growth of 20.64% [1]. - The net profit attributable to shareholders reached 8.561 billion yuan, showing a significant increase of 101.92% year-on-year [1]. - The company has raised its full-year revenue forecast, expecting a total revenue between 42.5 billion and 43.5 billion yuan, up from the previous estimate of 41.5 billion to 43 billion yuan [1]. Group 3: TIDES Business Growth - The TIDES (oligonucleotide and peptide) business of WuXi AppTec generated 5.03 billion yuan in revenue, reflecting a remarkable growth of 141.6% year-on-year, becoming a key driver of the company's performance [1]. - The growth in TIDES revenue is attributed to the booming GLP-1 drug market, which has been thriving in recent years [2]. - Analysts predict that the TIDES business revenue may exceed the previously set growth target of 60% for the year [2]. Group 4: Industry Trends and Collaborations - The innovative drug market is experiencing a surge, with significant business development (BD) transactions benefiting CXO companies [2]. - Recent collaborations, such as the agreement between Hengrui Medicine and GlaxoSmithKline (GSK), highlight the trend of large-scale international deals, with GSK paying an upfront fee of $500 million and potential milestone payments totaling around $12 billion [2]. - The hot market for innovative drugs is driving pharmaceutical companies to increase R&D investments and accelerate project timelines, positively impacting the upstream CXO sector [2].

Core Viewpoint - WuXi AppTec has returned to sustained high growth after a challenging year impacted by the "Biological Safety Act," with impressive financial results in the first half of 2025, indicating a recovery trajectory for the company and the industry [2][8]. Financial Performance - In the first half of 2025, WuXi AppTec reported revenue of 20.8 billion yuan, a year-on-year increase of 20%, and a net profit of 8.6 billion yuan, which doubled compared to the previous year, both reaching historical highs [2][4]. - The company has raised its full-year revenue guidance, expecting a growth rate of 13%-17% for its ongoing business, up from the previous 10%-15% [4]. Regional Performance - The high growth of WuXi AppTec is primarily supported by U.S. clients, with revenue from this segment increasing by 38.4% year-on-year in the first half of 2025 [3][9]. - Revenue from Chinese clients, however, has declined by 5.2%, contributing only 3.2 billion yuan, which is 15% of total revenue [11]. Market Dynamics - WuXi AppTec's international revenue reached 17.3 billion yuan in the first half of 2025, accounting for over 80% of total revenue, with U.S. clients contributing 14 billion yuan [9]. - The company has successfully navigated the challenges posed by the "Biological Safety Act," with no new legislative proposals emerging in the current U.S. Congress [10]. Business Segments - The second quarter of 2025 was particularly strong, with revenue exceeding 11.1 billion yuan, marking the first time quarterly revenue surpassed 10 billion yuan [14]. - The growth in revenue is attributed to the increasing demand for small molecule CDMO services and TIDES (oligonucleotide and peptide) business, with TIDES revenue reaching 5 billion yuan, a 142% increase year-on-year [14][15]. Industry Outlook - The recovery of WuXi AppTec is expected to positively influence the broader CXO (Contract Research Organization) industry, with other companies like Kelun and Kanglongda also reporting improved performance [17].

Market Overview - On July 30, the Hong Kong stock market saw a net inflow of 11.714 billion HKD from Northbound trading, with 6.427 billion HKD from Shanghai Stock Connect and 5.287 billion HKD from Shenzhen Stock Connect [2] Top Net Buy and Sell Stocks - The stocks with the highest net inflows included Li Auto-W (02015), CSPC Pharmaceutical Group (01093), and Meituan-W (03690) [2] - The stocks with the highest net outflows were SMIC (00981), Innovent Biologics (01801), and Guotai Junan International (01788) [2] Stock Performance - Li Auto-W (02015) experienced a significant drop of nearly 13%, but Northbound funds purchased 2.093 billion HKD worth of shares [7] - CSPC Pharmaceutical Group (01093) and Kangfang Bio (09926) saw net inflows of 872 million HKD and 30.84 million HKD, respectively, while Innovent Biologics (01801) faced a net outflow of 121 million HKD [7] - Tencent Holdings had a net inflow of 4.36 billion HKD, while Alibaba-W (09988) saw a net inflow of 1.76 billion HKD [3] Industry Insights - The introduction of Li Auto's first pure electric SUV, the i8, priced from 321,800 RMB, is expected to shift consumer preference towards new electric models [7] - HSBC's report indicates that the domestic pharmaceutical sector has outperformed the market this year, with expectations for strong momentum to continue [7] - Notably, Novo Nordisk has downgraded its 2025 earnings guidance, anticipating a significant decline in sales and profit growth [7] Additional Developments - Giant Legend (06683) received a net inflow of 175 million HKD after announcing a strategic partnership with Yuzhu Technology for the development of consumer-grade robotic products [8] - SMIC (00981) faced a net outflow of 205 million HKD due to reduced orders from major IC design firms, impacting production capacity and profitability [9]

未来三年（25-27 年）预计获批上市创新产品及适应症40 余项，包括GLP-1、URAT1、ADCs、自免等 在研大品种有望在未来获批上市，随着仿制药集采对其业绩的影响将逐渐消退，收入结构有望持续优 化。2）海外授权打开估值空间：此前公司已达成14 笔创新药对外授权合作，累计交易金额约140 亿美 元。此次交易对象GSK 为呼吸领域全球龙头药企，恒瑞本次与GSK 合作，有望将PDE3/4 海外价值最大 化。并且还有11 个项目的潜在合作机会，有望与GSK 深度合作，提升自身国内与海外研发推进实力。 综合来看，恒瑞医药后续管线配置丰富且创新性较强，有望持续出海兑现潜力。 盈利预测与评级： 我们预计公司2025-2027 年归母净利润分别为94.31/113.31/136.93 亿元，同比增速分 别为+48.84%/+20.14%/+20.85%，当前股价对应的PE 分别为44/36/30 倍。鉴于公司创新产品收入及占比 不断提升，在研管线丰富，全球化拓展进度顺利，维持"买入"评级。 风险提示：竞争格局恶化风险、销售不及预期风险、行业政策风险等。 机构：华源证券 研究员：刘闯 事件：恒瑞医药2025 年7 月2 ...

东吴期货指，传统消费旺季以及柴油短缺能够支撑市场阶段性抵御供应增加，短期供应端扰动下市场氛围偏强。不过长期依然偏空，这在旺季结束后将越来 越明显。关注OPEC+9月产量政策。 智通财经7月30日讯，市场午后一度跳水，三大指数涨跌不一，沪指盘中再创年内新高，东信和平等高位人气股集体大跌。沪深两市全天成交额1.84万亿， 较上个交易日放量411亿。盘面上，市场热点较为杂乱，个股跌多涨少，全市场超3500只个股下跌。影视股集体大涨，幸福蓝海20CM3连板。油气股震荡走 强，潜能恒信涨超10%。婴童概念股展开反弹，贝因美反包涨停。截至收盘，沪指涨0.17%，深成指跌0.77%，创业板指跌1.62%。 板块方面 影视院线全天强势，幸福蓝海20CM5天4板，金逸影视、慈文传媒涨停，北京文化、上海电影、光线传媒涨幅居前。消息面上，截至7月29日15时，2025年 暑期档（6~8月）总票房已突破55亿元。其中《南京照相馆》表现尤为亮眼，自7月25日正式公映后，市场热度持续高涨，上映5天票房超6亿元。 中邮证券表示，随着暑期档的深入，电影市场正迎来一年中最为关键的观影高峰期。在经历了一段时间的市场调整后，暑期档票房数据有望随着 ...

Market Overview - A total of 48 stocks hit the daily limit, while 19 stocks faced limit down, resulting in a sealing rate of 72% [1] - The Shanghai Composite Index reached a new high for the year during intraday trading, while the Shenzhen Component Index and the ChiNext Index fell by 0.77% and 1.62%, respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.84 trillion yuan, an increase of 41.1 billion yuan compared to the previous trading day [1] Stock Performance - Xizang Tourism achieved an 8-day consecutive limit up, while other notable stocks included Foci Pharmaceutical and Huaci Co., both with 3 consecutive limit ups [1][3] - The highest stock, Xizang Tourism, had a limit up of 10% [9] - The stock market saw a significant drop in high-profile stocks like Dongxin Peace and Zhongyin Securities, which faced limit down [3][8] Sector Analysis - The film, oil and gas, baby products, and food sectors showed strong performance, while sectors like stablecoins, solid-state batteries, software development, and rare earth permanent magnets faced declines [1] - The film sector benefited from the summer box office, which surpassed 5.5 billion yuan, with the film "Nanjing Photo Studio" grossing over 600 million yuan in just five days [5][18] - The steel sector continued its strong performance, with companies involved in super hydropower projects, such as Xining Special Steel, also seeing gains [5] Investment Trends - The consumer sector showed notable performance, particularly in baby products, following the announcement of a national subsidy program for families with children under three years old [6] - The innovative drug sector experienced mixed results, with some stocks like CXO and weight-loss drugs facing declines, while others like Heng Rui Pharmaceutical saw positive developments [7][14] - The super hydropower concept remained popular, with significant investments announced, leading to strong performance in related stocks [17] Key Stocks - Xizang Tourism: 8 consecutive limit ups, 10% increase [9] - Nanfang Road Machine: 8 days with 7 limit ups, 9.99% increase [10] - Happiness Blue Sea: 5 days with 4 limit ups, 20% increase [19]

Core Viewpoint - WuXi AppTec reported strong half-year results with revenue of 20.8 billion yuan, a year-on-year increase of 20%, and net profit of 8.6 billion yuan, doubling year-on-year, both reaching historical highs [1] Financial Performance - The company achieved an unexpected performance in the first half of 2025, with revenue driven by timely delivery and smoother validation of new capacity [1] - The revenue from U.S. clients grew by 38.4% year-on-year, while revenue from Chinese clients declined by 5.2% [1] - WuXi AppTec raised its full-year guidance, expecting revenue growth for continuing operations to be adjusted from 10%-15% to 13%-17% [1] Market Reaction - Following the announcement of the strong half-year report, WuXi AppTec's A-shares rose over 7% and Hong Kong shares increased over 11% [2] - The company adjusted its share repurchase price ceiling from 90.72 yuan to 114.15 yuan per share [2] Business Segments - The company’s overseas revenue reached 17.3 billion yuan in the first half of 2025, contributing over 80% of total revenue, with U.S. clients accounting for 14 billion yuan [3] - The TIDES business segment saw significant growth, with revenue of 5 billion yuan, a year-on-year increase of 142%, and an expected annual growth rate of over 80% [6] Industry Context - WuXi AppTec's performance indicates a recovery in the CRO industry, with other companies like Kelaiying and Kanglong Chemical also showing positive trends [7] - The company is positioned as a major service provider in the global peptide drug market, holding over 20% market share in GLP-1 projects [6]