Group 1 - The innovative drug sector has recently become a leader in both A-shares and H-shares, with significant market activity observed, particularly on June 9, where the STAR 200 Index rose by 1.79%, reaching a new high since March 24 [1][2] - The current market focus on innovative drug companies is primarily on those in clinical phases I and II, indicating that the profitability of some companies remains uncertain despite rising valuations [1][5] - The Wind Innovative Drug Index has increased by 27.62% year-to-date, with over 20 stocks in the sector rising more than 10% [2][5] Group 2 - Recent large-scale business development (BD) transactions and positive data from the ASCO conference have stimulated strong performance in the innovative drug sector, with significant cross-border collaborations reported [2][4] - The low interest rate environment is beneficial for innovative drug companies, as it reduces financing costs and allows for increased investment in research and development [4][5] - The majority of innovative drugs currently in development are in the clinical I phase, which accounts for 58% of the pipeline, suggesting a long timeline before potential market entry [5][6] Group 3 - Companies like HaiChuang Pharmaceutical and YiFang Bio have seen significant stock price increases, with HaiChuang's stock rising by 13.3% and YiFang reaching a historical high of 32.8 yuan [5][6] - The innovative drug sector's active market has led to increased trading volumes and a spillover effect into related sub-sectors such as in vitro diagnostics and raw materials [6][7] - Analysts note that while some non-innovative drug companies have experienced volatility due to the hype around individual innovative drug pipelines, core innovative drug stocks have remained relatively stable [7]

[Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业周报 2025 年 06 月 09 日 [Table_Title] ASCO 会议召开，创新药迎来重要催化 ——医药生物行业周报（2025.6.2-2025.6.6） [Table_Summary] 报告要点： 医药板块本周小幅跑赢沪深 300 指数 2025 年 6 月 2 日至 6 月 6 日，申万医药生物指数上涨 1.13%，跑赢 沪深 300 指数 0.25pct，在 31 个申万一级行业指数中排名第 17。2025 年初至今，申万医药生物指数上涨 7.81%，跑赢沪深 300 指数 9.36pct， 涨跌幅在 31 个申万一级行业指数中排名第 5。截至 2025 年 6 月 6 日，医药板块估值为 28.02 倍（TTM 整体法，剔除负值），相对于沪 深 300 估值溢价率为 151.44%。 本周易明医药、万邦德和昂利康等表现较好 涨幅排名前十的个股分别为：易明医药（+33.09%）、万邦德 （+32.59%）、昂利康（+30.28%）、新诺威（+21.36%）、海辰药业 （+21.00%）、赛伦生物（+20.48%）、迈威生 ...

证券代码：002317 编号：2025-006 广东众生药业股份有限公司投资者关系活动记录表 证券代码：002317 编号：2025-006 化相关生物标志物也有降低趋势，提示其具有改善肝脏炎症、 坏死的潜力及抗纤维化的作用，研究结果已在自然杂志子刊 《Nature Communications》发表。该项目正在开展 IIb 期临 床试验，参与者入组工作已完成。 呼吸系统研发管线，口服单药抗新冠病毒 3CL 蛋白酶抑 制剂来瑞特韦片（商品名：乐睿灵®）已于 2023 年 3 月获得 国家药品监督管理局附条件批准上市，并已纳入 2023 年国家 医保目录，有望惠及更多患者，为患者提供经济、安全、可及 的用药选择。乐睿灵®从基础机制研究到临床试验的学术研究 成 果 已 经 陆 续 发表于 国 际 顶 刊 自 然杂志 子 刊 《 Nature Microbiology 》 和 国 际 权 威 期 刊 柳 叶 刀 杂 志 子 刊 《eClinicalMedicine》。2024 年，来瑞特韦片列入《抗新型 冠状病毒小分子药物临床应用专家共识》抗新冠病毒药物重 点选择之一，其有效性和安全性获得专家认可，尤其推荐用于 老 ...

证券代码：002907 证券简称：华森制药 答：公司目前的销售终端仍然以公立医院为主，院内市场 大约七成。同时，带动基层医院、私立医院、零售连锁药店及 电商平台五大渠道协同发展，深耕存量市场、开拓增量市场并 提高存量市场占有率。公司也将积极布局包括但不限于零售连 锁药店、三终端（门诊、诊所、村卫生站和单体药店等）以及 电商平台，以提升院外市场占比。 3.在创新药方面，请问目前研发的情况如何？ 答：2025 年 5 月，华森英诺通过对华森制药参股创新药企 业成都奥睿药业有限公司（以下简称"奥睿药业"）的增持控 股，全面整合奥睿药业的研发管线、团队以及设备设施，进一 步提升华森英诺小分子创新药研发能力。 通过与奥睿药业整合，目前华森英诺已经拥有 7 个自主立 项的 1.1 类创新药在研项目，潜在适应症覆盖肿瘤及自免性疾 病领域，适应症及潜在适应症包含嗜血细胞综合征（HLH）、青 光眼、肿瘤免疫以及肺癌、乳腺癌、结直肠癌、胰腺癌等多种 实体瘤。 其中进度最靠前的注射用盐酸 ORIC-1940 正在进行临床 Ia/Ib 期的研究。注射用盐酸 ORIC-1940 靶点作用机制明确，效 价高，安全性好，可能将是我国首个用 ...

今日，创新药继续表现活跃，板块指数创出历史新高。 多只个股涨停，星昊医药涨超27%，创2018年1月以来新高，常山药业、海辰药业、睿智医药、舒泰神20CM涨停，热景生物涨超18%，圣诺生物涨超17%， 泰恩康、海创药业涨超13%，一品红、罗欣药业、联化科技、昂利康、众生药业等涨停。 | 名称 | 现价 | 张唱歌 | 年初至今 | | --- | --- | --- | --- | | 星昊医药 | 25.19 | +27.29 | +82.40% | | 常山药业 | 52.09 | +20.00 | +160.58% | | 海辰药业 | 41.06 | +19.99 | +104.69% | | 舒泰神 | 34.94 | +19.99 | +371.53% | | 睿智医药 | 11.65 | +19.98 | +81.46% | | 执导生物 | 161.15 | +18.15 | +160.59% | | 圣诺生物 | 48.55 | +17.58 | +89.13% | | 泰恩康 | 35.30 | +13.80 | +138.67% | | 海创药 -U | 57.40 | +13.30 | ...

Group 1 - The public fund industry continues to focus on high-intensity research, particularly in hard technology and pharmaceuticals, with 123 public fund institutions conducting 662 research sessions on 112 A-shares in the first week of June [1] - The optical and optoelectronic industry, represented by Hongjing Optoelectronics (301479), received the most attention, with over 20% of public fund institutions participating in 36 research sessions [1] - A total of 22 secondary industries received at least 10 research sessions, indicating a concentrated interest in specific sectors [1] Group 2 - The optical and optoelectronic industry had the highest research activity, with 7 stocks collectively receiving 72 sessions, followed by the chemical pharmaceutical industry with 59 sessions across 6 stocks [2] - The jewelry industry saw a notable increase in attention, with companies like Cuihua Jewelry and Mankalon receiving a total of 46 research sessions [2] - Public fund institutions are increasingly focusing on technology, pharmaceuticals, and consumer upgrades, reflecting current market conditions [2] Group 3 - Yifan Pharmaceutical (002019) discussed its innovative drug development during institutional research, emphasizing the importance of cautious and rational approaches to R&D, particularly for First-in-Class (FIC) drugs [3] - The company is prioritizing the development of its drug F-652 for alcohol-related liver disease in collaboration with U.S. research institutions, while also evaluating risks and opportunities [3] - Yifan Pharmaceutical is also advancing early-stage products like IL-15 fusion protein, which are still in the early research phase [3]

Group 1: Overview of China's Innovative Drug Industry - The reform of the drug review and approval system in 2015 marked the beginning of China's innovative drug industry, with 2025 being a significant milestone for its development [1] - The ASCO annual meeting showcased a record number of 73 original research results from Chinese experts, highlighting the country's advancements in innovative drug research [1] Group 2: ADC Pipeline and Achievements - Chinese companies contributed 89 out of 184 ADC-related studies presented at ASCO, accounting for approximately 48.4% of the total [2] - The number of ADC new drug development projects in China reached 519, representing over 40% of the global ADC pipeline [2] - Notable achievements include the first TROP2 ADC drug approved for lung cancer and the first HER2 ADC drug for advanced breast cancer with liver metastasis [3] Group 3: Bispecific Antibodies (BsAbs) Development - Approximately 34 studies on bispecific antibodies were presented at ASCO, with Chinese companies accounting for about 49% of the total [4] - The innovative design of bispecific antibodies allows for dual targeting, enhancing therapeutic efficacy [4] Group 4: Breakthroughs in Immunotherapy - The PD-L1/4-1BB bispecific antibody LBL-024 demonstrated significant efficacy, achieving objective response rates of 61.7% and 75.0% for monotherapy and combination therapy, respectively [5] - The dual-engine design of LBL-024 addresses liver toxicity issues associated with 4-1BB targeting, marking a significant advancement in immunotherapy [5] Group 5: Clinical Trials and Regulatory Approvals - The PD1/VEGF bispecific antibody SSGJ-707 showed promising results in treating advanced non-small cell lung cancer, with breakthrough therapy designation from the National Medical Products Administration [6] - The CAR-T cell therapy products from Chinese companies are gaining recognition, with significant clinical trial data presented at ASCO [7][8] Group 6: Business Development (BD) Transactions - The total value of BD transactions for innovative drugs in China increased significantly, with a total of $52.3 billion from 2020 to 2024 [10] - Notable recent transactions include a record $12.5 billion upfront payment for SSGJ-707 and multiple licensing agreements totaling over $455 million [12][11] Group 7: Investment and R&D Growth - China's pharmaceutical R&D investment has been growing at an average annual rate of over 20%, reaching $32.6 billion in 2022 [13] - The innovative drug industry in China is entering a new phase of maturity, with a surge in new drug approvals and increasing interest from multinational corporations [15]

Core Viewpoint - The company is actively enhancing its market value through various strategies, including mergers and acquisitions, value management tools, and consistent cash dividends to shareholders, resulting in a significant increase in market capitalization and stock price [2][4]. Group 1: Value Management and Market Performance - The company has focused on value creation, operational management, communication, and realization to enhance its market value [2]. - The company has acquired Jiangxi Qingshunkangyuan Pharmaceutical and established an industrial fund, which has contributed to revitalizing underperforming assets [2]. - From early April to the end of May, the company's market value increased by over 13%, and as of June 4, the stock price reached a six-year high [2]. Group 2: Strategic Focus and Industry Positioning - The company is concentrating on its core business and optimizing its industrial layout, with a dual-driven development model of "industry + capital" [3]. - The company is committed to enhancing its core competitiveness and has developed a systematic plan to improve the quality of the listed company [3]. Group 3: Innovation and R&D Investments - The company is actively engaged in innovative drug research and development, employing a strategy of "internal growth and external introduction" [4][9]. - In 2024, the company's R&D investment reached 127 million yuan, a year-on-year increase of 21.56%, with the number of R&D personnel rising to 354 [4]. - The company has achieved drug registration certificates for high-end generic drugs and is collaborating with the Chinese Academy of Sciences on projects in synthetic biology [4][9]. Group 4: Financial Management and Shareholder Returns - The company distributed 89.69 million yuan in dividends for the 2024 fiscal year and is open to mid-year dividend announcements based on performance [6][11]. - The company has a cash reserve of 1.9 billion yuan and is utilizing idle funds for stable financial investments while planning for strategic investments and new product development [7][10]. - The company completed a stock buyback from December 25, 2024, to January 9, 2025, repurchasing 7,209,980 shares, which is 2.80% of the total share capital [12][20].

截至2025年6月9日 11:07，创新药企ETF(560900)上涨3.86%，盘中换手9.64%，成交311.37万元。跟踪指 数中证创新药产业指数(931152)强势上涨3.77%，成分股百利天恒(688506)上涨10.71%，众生药业 (002317)上涨9.99%，百济神州(688235)上涨8.14%，迪哲医药(688192)，信立泰(002294)等个股跟涨。 信达证券表示， ADA会议是中国创新药企业向海外展示GLP-1领域研发实力的重要窗口，有望带动 GLP-1 产业链相关行情。在CXO 和生命科学上游产业链方面，创新药企业投融资修复及授权BD获得的 资金，有望带动药企加码研发投入并加速研发项目推进速度。 中信建投证券指出，创新药方面，近期研发突破及新药获批上市驱动创新药板块表现强劲，中国创新药 在全球市场展现出强大的竞争力。 创新药企ETF紧密跟踪中证创新药产业指数，中证创新药产业指数从主营业务涉及创新药研发的上市公 司证券中，选取不超过50只最具代表性上市公司证券作为指数样本，以反映创新药产业上市公司证券的 整体表现。 伴随AI驱动新一轮科技浪潮的兴起，摩根资产管理整合旗下"全球视野投 ...

6月9日，港股市场高开高走，港股创新药板块再度领涨。港股创新药指数成份股中，金斯瑞生物科 技涨超16%，诺诚健华涨超13%，云顶新耀、东阳光长江药业、泰格医药涨超7%，君实生物、信达生 物、晶泰控股涨超6%。港股创新药ETF（159567）过去5个交易日日均成交额超12亿元，市场热度较 高。 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，6月9日最新市盈率 仅为30倍，不足3个月前的一半，当前布局性价比突出。 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，既汇聚全球 CXO龙头企业，又包含国内仿创药企龙头，有望同时受益于AI赋能创新药、国产创新药出海、针对高 价创新药的医保丙类目录出台等。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完 ...