每经记者｜林姿辰 每经编辑｜魏文艺 "全世界也找不出第二家公司，像恒瑞医药有这么完整的布局⋯⋯那么，出海的标准是什么？" 10月26日，恒瑞医药全球研发总裁张连山在第十届医药创新与投资大会上向包括《每日经济新闻》记者 在内的媒体表示，创新药出海的首要前提是认清产品的差异化价值，并非只有First-in-Class（同类首 创）才能打开海外市场，如果产品能跻身前三或前五梯队，具备足够的临床差异化优势，同样能获得海 外企业的认可，由此促成的BD（商务拓展）合作，是恒瑞医药出海的第一步。 第二步，是推动优质产品的海外自主开发。张连山表示，对于部分具备明确临床价值，但尚未进入海外 药企重点布局范围的新药，恒瑞医药会依托在中国已积累的临床数据，以相对较低的研发投入，推动其 在海外的临床试验与上市申报。 "这是国际化的两步，第一步借船出海，第二步还是要回归到造船出海，为创新产品的价值实现画了一 个句号，这是目前公司出海的大概策略。"张连山表示，自己不会给出突破性进展的时间表，"因为做药 是Science（科学），有很多不确定性，今天好了，明天可能死掉了，很多产品在三期（临床试验）失 败的可能性比较小，但还是有的。我们还是 ...

Core Viewpoint - The article highlights the accelerated pace of Chinese innovative pharmaceuticals entering international markets, with a comprehensive recovery in the healthcare industry observed in both primary and secondary markets this year [1]. Group 1: Market Dynamics - Overseas investors are showing a steady increase in interest towards Chinese healthcare companies, with more institutions willing to participate as cornerstone investors in Hong Kong IPOs [2][6]. - The capital market is experiencing a revival, with frequent financing activities and an increase in out-licensing projects, providing strong support for industry development [6][10]. - In the first half of the year, there were 677 financing transactions in the domestic healthcare primary market, totaling over 50 billion yuan, a year-on-year increase of 10% [6]. Group 2: Investment Trends - Investment focus is shifting from financial metrics to technological innovation capabilities, particularly in innovative drugs, medical devices, and artificial intelligence [6][10]. - The return of global funds is partly driven by the successful IPO of Ningde Times and the strong performance of companies like Hengrui Medicine, which has boosted investor confidence [7][10]. Group 3: Challenges in International Expansion - Chinese innovative pharmaceutical companies face challenges in their international expansion, including the risk of collaboration termination and regulatory hurdles, particularly in adapting to FDA requirements [8][10]. - Intellectual property issues are also critical, as some transactions have failed due to IP concerns [8]. Group 4: Enhanced Bargaining Power - Chinese pharmaceutical companies have significantly improved their bargaining power in the global value chain, with international collaborations expanding in breadth and depth [10]. - This enhanced bargaining power is reflected in improved deal terms, including higher upfront payments and more diverse transaction models [10]. Group 5: Future Outlook - The investment and financing activity in the healthcare sector is expected to continue, supported by the ongoing development of the industry and the increasing value of international investment banks' services [11][12]. - The trend of overseas funding returning is still in its early stages, with potential for further liquidity improvements [12]. - The industry is moving towards maturity and globalization, with a growing number of local companies transitioning from followers to key players on the global stage [13].

Investment Rating - The report maintains a positive outlook on the innovative drug sector and suggests focusing on quality defensive assets in the pharmacy sector [1][11]. Core Views - The innovative drug industry continues to show long-term potential, with Chinese pharmaceutical companies demonstrating their strength in international markets. The report anticipates further business development (BD) activities from domestic companies [2][37]. - In the pharmacy sector, leading companies are expected to enhance their market share through mergers and acquisitions, supported by strong cash flow and self-sustaining capabilities. The report highlights the defensive attributes of these leading pharmacies [2][47]. - The report emphasizes the importance of monitoring the updates to the essential drug list and identifies companies with potential for inclusion, such as Fangsheng Pharmaceutical [2][11]. Summary by Sections Innovative Drugs - The report highlights a significant global strategic partnership between Innovent Biologics and Takeda, involving three second-generation IO and ADC products, with a total transaction value potentially reaching $11.4 billion [2][37]. - It suggests focusing on dual/multi-antibody drugs and slow disease medications that meet unmet clinical needs, as well as ADC and small nucleic acid therapies [11]. Pharmacies - The report notes that the retail scale of physical pharmacies in China reached 50.4 billion yuan in August 2025, indicating a recovery trend despite a slight year-on-year decline [2][42]. - Leading pharmacy chains are expected to increase their market share during the industry clearing phase, with a focus on mergers and acquisitions when the timing is right [2][47]. Traditional Chinese Medicine - The report advises paying attention to the progress of the essential drug list updates and highlights companies like Huazhong Sanjiu that have already absorbed high baseline pressures [2][11]. Biopharmaceuticals - The report discusses the promising results of the ASO drug Bepirovirsen for hepatitis B treatment, suggesting continued monitoring of research developments in this area [3][11]. Medical Devices - The report indicates that leading companies are accelerating their international strategies, with successful product registrations in markets like Ecuador [3][11]. Medical Services and Consumer Healthcare - The report notes a year-on-year increase in total medical visits in Chongqing, suggesting a recovery in the medical services sector [3][11].

Core Viewpoint - The pharmaceutical sector is experiencing fluctuations, with a notable increase in the Medical Innovation ETF and several key stocks, indicating a positive trend in the market despite recent adjustments [1][2]. Group 1: Market Performance - As of October 24, the Medical Innovation ETF (516820.SH) rose by 0.26%, with significant gains in constituent stocks such as Kanglong Chemical (300759) up 3.34%, Xingqi Eye Medicine (300573) up 2.35%, and WuXi AppTec (603259) up 1.77% [1]. - Over the past five trading days, there have been net inflows into the Medical Innovation ETF for four days, totaling 14.06 million yuan, with an average daily net inflow of 2.81 million yuan [1]. Group 2: Upcoming Events and Innovations - The European Society for Medical Oncology (ESMO) conference in mid to late October 2025 will showcase research results from several domestic innovative drugs, including clinical trials from Kangfang Bio, Kelun Biotech, and others [1]. - The increasing competitiveness of domestic innovative drugs in global clinical data and progress is strengthening the trend of these drugs entering international markets [1]. Group 3: Industry Trends and Outlook - Historically, the fourth quarter is a peak period for business development (BD) activities, with major deals expected from companies like Kangfang Bio and Kelun Biotech [2]. - Despite recent market adjustments, the outlook for innovative drug companies remains positive, with multiple catalysts expected, including ESMO data and continued performance improvements in quarterly reports [2]. - The long-term trend for innovative drugs is upward, driven by both international expansion and domestic revenue growth, with the potential for significant market opportunities despite short-term disturbances [2].

Group 1: Medical Device Sector - The medical device sector is expected to see valuation recovery opportunities due to "policy optimization, economic recovery, and performance rebound" [1] - Since 2025, medical device bidding has been gradually improving, with some companies likely to see performance reversals in Q3 2025 as inventory is consumed [1] - High-value consumables have faced performance and valuation suppression due to centralized procurement and tariffs, but the easing of these factors presents significant valuation recovery opportunities [1] Group 2: Innovative Drugs - Multiple results of domestic innovative drugs will be showcased at the European Society for Medical Oncology (ESMO) in mid to late October 2025, highlighting the competitive clinical data of Chinese innovative drugs [2] - The trend of domestic innovative drugs going overseas is strengthening, with significant clinical progress and data readouts enhancing their global market commercialization certainty [3] - The Chinese innovative drug industry is showing a long-term positive development trend, particularly evident in the explosive growth of business development (BD) transactions in recent years [3]

Market Overview - The Shanghai Composite Index has risen from 2700 points to over 3800 points in the past 13 months, with total market capitalization surpassing 100 trillion yuan, and over 1500 stocks have doubled in price during this period [1] - Growth sectors have shown outstanding performance, driven by favorable factors such as the overseas expansion of innovative drugs and domestic substitution in the semiconductor industry, with multiple growth indices like the North Star 50, Sci-Tech 50, and ChiNext Index achieving direct returns of 100% [1] Sector Performance - The technology and digital economy sectors have significantly outperformed, with the artificial intelligence industry chain averaging over 120% increase this year, semiconductor equipment and materials exceeding 90%, and other digital economy segments like industrial internet and data elements also surpassing 80% [1] - In contrast, traditional cyclical sectors such as coal, steel, and real estate have shown moderate growth, typically between 10% and 20% [1] - The food and beverage sector has remained sluggish, particularly the liquor segment, but extreme pessimism has created opportunities for a rebound, as the sector is currently characterized by low expectations, low valuations, and low crowding [1] Investment Trends - The food and beverage ETF (515170) has attracted significant capital, with over 1.8 billion yuan raised in October alone, indicating strong investor interest [2] - The valuation of the food and beverage sector remains low, suggesting it may be a favorable time for allocation [2]

Macro and Strategy - The report highlights concerns regarding the U.S. banking sector, particularly with regional banks facing significant sell-offs due to loan fraud and bad debt risks, which raises credit concerns [6] - The Chinese Communist Party's recent meeting discussed the 15th Five-Year Plan, emphasizing the importance of seizing technological development opportunities [6] Industry and Company - The pharmaceutical and biotechnology sector is expected to benefit from the long-term logic of innovative drugs, with a focus on companies showing signs of bottom reversal [7][8] - The report emphasizes the increasing competitiveness of domestic innovative drugs in global markets, with several companies recommended for their high-quality innovation capabilities, including 康方生物, 科伦博泰, and 三生制药 [7][8] - The medical device sector is anticipated to experience valuation recovery due to policy optimization, market recovery, and performance rebound, with companies like 迈瑞医疗 and 威高股份 highlighted for their growth potential [9] - The report on 望圆科技 indicates it is a leading player in the wireless pool robot market, with a projected revenue of 540 million in 2024 and a compound annual growth rate of 31% from 2022 to 2024 [11][12] - The global pool robot market is expected to grow significantly, with the retail scale projected to reach 2.5 billion by 2024, driven by the rapid development of wireless products [12] - 望圆科技's competitive advantage lies in its comprehensive technology development capabilities and extensive product and channel layout, which supports its global expansion [14] - 锐捷网络's financial performance shows a strong revenue increase of 27.5% year-on-year for the first three quarters of 2025, benefiting from the AI data center development [15][16] - 春风动力 reported a revenue increase of 30.1% year-on-year for the first three quarters of 2025, driven by its motorcycle and all-terrain vehicle business [18][19] - 同程旅行 expects a resilient growth in Q3 2025, with a projected revenue increase of 9.8% year-on-year, supported by its core OTA business [23][24] - 腾讯控股 is anticipated to achieve a revenue of 188.8 billion in Q3 2025, with growth driven by its gaming, marketing services, and financial technology sectors [26][27][28]

Core Insights - The Chinese innovative pharmaceutical industry is accelerating its "going global" process, with significant business development (BD) transactions occurring in October, including a record $11.4 billion deal between Innovent Biologics and Takeda Pharmaceutical [1][2][3] Group 1: Major Transactions - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceutical, integrating their strengths in tumor immunology and antibody-drug conjugates (ADC), with a total deal value of up to $11.4 billion [1] - The agreement includes an upfront payment of $1.2 billion, which consists of a $1 billion premium strategic equity investment, along with potential milestone payments and future sales revenue sharing [1] - Other companies, such as Hansoh Pharmaceutical and Beijing Ausun Pharmaceutical, have also reported significant BD agreements, indicating a strong market interest in Chinese innovative drugs [2] Group 2: Market Trends - The Chinese innovative drug sector is becoming a major player in global pharmaceutical BD activities, with a notable increase in overseas licensing transactions in 2023 [2][3] - The current trend shows that the majority of Chinese innovative drugs are entering international markets through BD licensing rather than independent market entry due to the high costs and risks associated with the latter [3] - The surge in BD transactions is attributed to the rapid advancements of Chinese companies in emerging fields like ADCs and cell therapies, as well as the need for multinational pharmaceutical companies to fill revenue gaps from expiring patents [3]

2025年以来，港股市场的创新药板块批量式诞生了一大批牛股，同时还有源源不断的中国创新药企奔赴 港股市场。在这一背景下，国际资本也在持续加码中国创新药。 对此，不少创投机构人士指出，近年来中国创新药发展迅速，获得了众多国际医药巨头的青睐，签署了 一大批共同开拓全球市场的合作协议，产业繁荣也将带动资本繁荣，未来也势必会被更多国际资本青 睐。不过，也有行业人士指出，中国创新药未来不仅需要补齐出海短板，还需要更多原创。 国际资本多渠道加码 2025年以来，国际资本正通过签署BD（Business Development，业务发展）协议、参与基石投资、二级 市场增持等多种方式持续加码港股市场上的中国创新药资产。 此外，一些国际资本也在二级市场上持续买入，以最为活跃的新加坡政府投资公司（GIC）为例，其近 期在二级市场上连续增持了和铂医药-B和基石药业-B，显示出国际资本对中国创新药产业的看好。 对此，一家创投机构人士黄鹏（化名）告诉证券时报记者："国内的创新药确实发展得很快，中国的创 新资产占全球的比例也越来越高，未来肯定会有更多的国际资本青睐，行业会继续蓬勃发展。" 多因素推动创新药牛市 在国际资本不断加码以及众多 ...

（来源：深蓝观） 吴妮 | 撰文 又一 | 编辑 如果放在几个月前，114亿美金总额、12亿美金首付的BD交易，无论如何也会点燃一波市场情绪。 10月22日，武田和信达宣布了这笔总额114亿美元的合作：涵盖三款处于不同阶段的药物：PD-1/IL-2双 抗 IBI363 由信达与武田共同开发，并计划在美国共同商业化，现处于全球Ⅲ期临床；CLDN18.2 ADC IBI343 在中国和日本进行Ⅲ期注册试验，武田拥有大中华区以外的独家权益；EGFR/B7H3 ADC IBI3001 处于Ⅰ期临床，武田持有大中华区以外的独家选择权。 但信达和武田的BD交易宣布之后，信达的股价连续两个交易日下跌。 二级市场早已习惯于用首付金额丈量价值，2025年前三季度中国创新药出海交易总金额达1029.96亿美 元(首付款49.76亿美元），不时涌现首付和交易总额齐高的案例，比如三生与辉瑞一笔交易首付便高达 12.5亿美元等案例，不断推高着市场对"天花板"的想象。 来源：市场资讯 信达与武田的交易涉及三个管线，市场以传统眼光看待12亿美元的首付，难免会认为三个管线被低估。 而且这笔钱并非单纯的"预付款"，而是投入一个共同"资金池"的 ...