其 他 报 告 2025年07月09日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3497 | 0.70 | 1.40 | | 深证成份指数 | 10588 | 1.47 | 1.25 | | 沪深300指数 | 3998 | 0.84 | 1.54 | | 创业板指数 | 2181 | 2.39 | 1.50 | | 上证国债指数 | 226 | -0.02 | 0.16 | | 上证基金指数 | 6947 | 0.12 | 0.16 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24148 | 1.09 | -1.52 | | 中国香港国企指数 | 8709 | 1.16 | -1.75 | | 中国台湾加权指数 | 22362 | -0.30 | -0.14 | | 道琼斯指数 | 44406 | -0.9 ...

Core Viewpoint - Chinese innovative pharmaceuticals are accelerating their international expansion, with significant licensing deals and supportive policies facilitating this trend [2][6][7]. Group 1: Market Activity - In the first half of the year, the upfront payments for innovative drug licensing exceeded $2.5 billion, with total transaction amounts nearing $50 billion, almost matching the total for the previous year [2]. - A notable licensing agreement was signed between 3SBio and Pfizer, valued at up to $60.5 billion, involving the exclusive rights for the PD-1/VEGF bispecific antibody SSGJ-707 outside of mainland China [3]. - Rongchang Bio announced a licensing deal with Vor Biopharma Inc. with a total transaction value of $4.23 billion, including an upfront payment of $45 million [3]. Group 2: Policy Support - The rapid development of the innovative drug industry is supported by policy reforms, including expedited drug review processes and dynamic adjustments to the medical insurance catalog [6][7]. - In the first half of the year, 43 innovative drugs and 45 innovative medical devices were approved, representing year-on-year increases of 59% and 87%, respectively [6]. - Recent measures have been introduced to support the internationalization of innovative drugs, encouraging companies to explore markets in Southeast Asia and Central Asia [7]. Group 3: Industry Trends - The internationalization strategies of Chinese pharmaceutical companies are diversifying, with four main models identified: independent internationalization, licensing, NewCo model, and mergers and acquisitions [5]. - The collaboration landscape is broadening, with partnerships not only with traditional pharmaceutical companies but also with emerging biotech firms [4]. - Despite the progress, challenges remain, including weaknesses in basic research, target homogeneity, regulatory alignment, and commercialization capabilities [7].

而此次《若干措施》明确提出：要推动医保数据为创新药研发提供决策支撑；要运用药物经济学、卫生 技术评估等方法评估支付标准；要设立商业健康保险创新药目录，推动多层次保障体系联动。这些内容 表明，医保制度的角色正在发生深刻变化——从以控费为核心的"被动评估者"向"临床价值引导 者"与"创新资源协调者"转型。 特别是在合理确定医保支付标准方面，文件提出要综合考虑研发投入、市场竞争与临床需求，不再单一 以最低价格作为评估依据。医保谈判机制将更加专业、灵活和动态，为创新药企业留出可持续发展的空 间。 其次，从挂网采购到医保结算，创新路径得以全面提速。推动创新药真正进入临床、服务患者，关键不 仅在于政策许可，还在于操作路径的顺畅性。《若干措施》提出了包括"优化挂网程序""设立绿色通 道""鼓励设立特例单议"等一系列实操性强的措施，打通从医保谈判、药事会评审到医院采购与使用的 全流程障碍。 尤其值得注意的是：医保谈判药品和商业健康保险目录药品将不再受长期以来医疗机构"一品两规"限 制；医保定点医疗机构应在药品目录公布后3个月内召开药事会，及时完成配备与采购决策；对合理使 用创新药的特例病例，将支持采用项目付费等多样化支付方式 ...

创新药板块频出牛股，在北证表现如何？ 从板块/题材的角度悉数复盘上半年的行情，北研君发现不论北证还是沪深，创新药主题持续得到资金 热捧，当前处于第一波大行情暂歇、盘整期，又时值7月这个全年相对看重企业基本面的窗口，我们将 北交所创新药概念股盘点汇总如下。本文仅做梳理，不作为投资方向的建议，请各位粉丝前往小号翻 阅。 ...

证券研究报告 | 2025年07月08日 医药生物周报（25 年第 26 周） 优于大市 先通医药招股书梳理，关注放射性配体疗法的发展 本周医药板块表现弱于整体市场，医疗服务板块领涨。本周全部 A 股上涨 1.34%（总市值加权平均），沪深 300 上涨 1.54%，中小板指上涨 1.83%， 创业板指上涨 1.50%，生物医药板块整体上涨 3.64%，生物医药板块表 现强于整体市场。分子板块来看，化学制药上涨 5.03%，生物制品上涨 4.40%，医疗服务上涨 4.47%，医疗器械上涨 2.16%，医药商业上涨 2.47%， 中药上涨 1.27%。医药生物市盈率（TTM）35.12x，处于近 5 年历史估值 的 73.1%分位数。 放射性配体在靶向治疗及诊疗合一领域具有独特优势，先通医药有望成为港 股 18A"核药第一股"。放射性配体药物透过辐射靶向杀伤细胞的独特 机制有助克服其他治疗方式常见的耐药性，并允许诊断性（释放γ射线） 与治疗性（释放α/β射线）放射性核素互换使用，从而实现从诊断到精准 治疗的无缝衔接及治疗效果实时监测。核药领域已出现如 Pluvicto 的"重 磅炸弹"级别药物，行业正处于快速增 ...

Group 1: Market Sentiment on Pharmaceutical Stocks - There is a significant divergence among fund managers regarding pharmaceutical stocks, particularly in valuation and performance realization, innovation drug development risks and returns, market sentiment and capital flow, policy impacts, and short-term volatility [2][10] - Some fund managers are opting for swing trading in the pharmaceutical sector, with specific examples like Dongfang Biological, which saw a 5.56% increase in Q2 [4][10] - Notable fund managers have either increased or decreased their holdings in specific pharmaceutical companies, such as Wan Minyuan increasing his stake in Dongfang Biological while others like Wu Yuanyi reduced their holdings [5][6][8] Group 2: Military Industry Focus - There has been an increased interest from public funds in the military sector, with notable fund managers like Li Xiaoxing and Chen Yunzhong increasing their positions in companies like Jingpin Special Equipment [11][12] - The military sector has seen a surge in trading activity, with a record weekly trading volume of 4,298.88 billion yuan, indicating heightened market interest [15][16] - The military industry is expected to remain a focal point for market participants, presenting structural opportunities despite potential short-term volatility risks [16] Group 3: Investment Strategies and Future Outlook - Fund managers are focusing on sectors such as dividends, technology growth, and innovative pharmaceuticals for the upcoming quarter, with expectations of a resilient market and structural opportunities [18][19] - The innovative pharmaceutical sector is viewed as having the greatest potential, with opportunities arising from potential corrections in leading innovative pharmaceutical companies [19][20] - The banking sector is also highlighted as a core direction for high dividends, with many A-share banks offering dividend yields above 4.5% [20]

对于近期市场热议的中国创新药价值重估，黄一民认为，中国创新药领域的发展仍处于早期阶段，对外 授权的模式为这些企业打开了未来利润率的想象空间。同时，这种授权方式也为企业规避部分关税战所 带来的影响。不过他也强调，该领域投资具有较高的知识门槛，投资者可以采用ETF以把握投资机会。 21世纪经济报道记者 张伟泽 香港报道 7月8日，未来资产环球投资及Global X ETFs(香港)ETF研究分析师黄一民在媒体分享会上表示，中国高 端科技发展为投资者带来投资机会。未来资产看好中国创新科技股，尤其是能够在海外市场获利的中资 企业。 "我们看到的是中国高端科技和高端制造业的结构性崛起。在人才储备、完善产业链以及规模优势的支 撑下，中国正在实现制造业高端化转型。在此过程中，私企扮演越来越重要的角色，为投资者带来机 遇。"黄一民表示。 黄一民指出，过去两个季度，中国科技龙头企业的盈利状况持续改善。同时，相较于全球其他市场， MSCI中国指数11倍的前瞻市盈率也显现出估值优势。这些因素为中国科技企业股价反弹奠定了基础。 近期，在多重利好因素支撑下，中国资产表现坚挺。然而，鉴于宏观经济和全球贸易的不确定性犹存， 预计下半年市场 ...

Core Insights - The biopharmaceutical industry is undergoing a significant transformation, with traditional therapies like monoclonal antibodies and vaccines growing at a steady rate of 8% to 16%, while emerging therapies such as cell and gene therapy (CGT), bispecific antibodies, and antibody-drug conjugates (ADC) are experiencing explosive growth rates of 30% to 71% [1][3][4] - The success of biopharmaceutical companies hinges on their ability to identify and invest in the few high-potential drug candidates among thousands of targets, emphasizing the importance of speed and precision in drug development [2][4] - The global biopharmaceutical market is projected to grow from $297.9 billion in 2020 to $530.1 billion by 2025, with a compound annual growth rate (CAGR) of 12.2%, surpassing the growth of traditional chemical drugs [3][4] Industry Trends - The CGT market is expected to surge from $2.08 billion in 2020 to $30.54 billion by 2025, reflecting a staggering CAGR of 71%, with China's market projected to grow from 2.38 million RMB to 17.885 billion RMB, a 276% increase [3][4] - The demand for innovative therapies is driven by a growing patient base and clear medical needs, particularly in the weight management sector, which is projected to become a nearly trillion-yuan industry in China [5][6] - The competition in the GLP-1 market is intensifying, with domestic companies entering the field, but challenges remain due to the strong market presence of established players like Novo Nordisk and Eli Lilly [5][6] Innovation and Globalization - Chinese pharmaceutical companies are increasingly focusing on "license-out" strategies to expand their global presence, with significant growth in overseas licensing deals, totaling over $50 billion in 2024 [7][8] - Recent policy measures from the National Healthcare Security Administration aim to enhance the accessibility of innovative drugs and support the development of the pharmaceutical industry, providing a more favorable environment for growth [8][9] - The industry is witnessing a shift from imitation to original innovation, with Chinese companies making strides in developing cutting-edge therapies such as dual-target agonists and ADCs, positioning themselves as competitive players in the global market [9][10] Future Outlook - The biopharmaceutical sector is entering a new era characterized by rapid innovation and increased competition, with the potential for significant breakthroughs in drug development [10][11] - The next decade is expected to see a continued evolution of the industry, with Chinese companies transitioning from followers to leaders in the global biopharmaceutical landscape, driven by technological advancements and policy support [11]

投资理财，有温度，有深度，有态度。 上半年市场很热闹。AI热潮的袭来和褪去同样迅猛，港股从"坑里"爬出来打了 个翻身仗，主题行情与黄金叙事此起彼伏，过程中还有存款利率走低的焦虑。 2025上半年已收官，市场都有哪些亮点？我们将用5组数字盘点市场，再聊聊 如何把握2025的下半场机会。我们也采访了两位嘉宾——一位是兴证全球基金 基金经理余明强，另一位是兴证全球基金上海分公司杨鑫，他们将分别带来投 研视角的专业分析和来自一线的观察。 42.51% 从引爆国产AI叙事的DeepSeek开始，上半年，AI是一个绕不开的话题。当然，创新药和新消费板块的 势头也不弱。Deepseek指数累计上涨42.51%，创新药指数涨幅21.84% （数据来源：Choice，2025/1/1-2025/6/30） 。这些板块目前的涨幅是否具有支撑？后续又看好哪些机会？ 余明强： AI是一个比较长远的故事。年初国内出现DeepSeek，近期海外开始出现算力、硬件、应用的不断 迭代，我们可以再往后看看国内何时发生新的AI叙事。 我感觉国内和海外在AI方面像是拉力赛，不断的往 前面拉、接，它反映的是未来AI不断向前发展的情况。 这会带动比较 ...

证券代码：002007 证券简称：华兰生物 公告编号：2025-030 华兰生物工程股份有限公司 （1）成立日期：2013年6月25日 （2）注册地址：新乡市平原新区黄河大道中段1号楼568室（新乡市平原示范区黄 河路甲1-1号） （3）法定代表人：安康 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、关联交易概述 华兰基因工程有限公司（以下简称"基因公司"）为本公司参股公司,目前注册 资本 20,000 万元人民币，其中本公司出资 8,000 万元，占注册资本的 40％；本公 司实际控制人安康先生出资 12,000 万元，占注册资本的 60％。根据生产经营需要， 基因公司拟增资 50,000 万元，其中 10,000 万元用于增加注册资本，40,000 万元用 于增加资本公积，为此原有股东按照原出资比例对基因公司进行增资，其中，本公 司拟按照 40%的比例以货币增资人民币 20,000 万元，认购基因公司新增的 4,000 万 元注册资本；安康先生按照 60％的比例以货币增资人民币 30,000 万元，认购基因 公司新增的 6,000 万元注册资本。增资 ...