中国基金报记者卢鸰 中国创新药出海又有大消息。 5月20日早间，三生制药（01530.HK）发布公告称，公司及附属子公司沈阳三生、三生国健与辉瑞签署 协议，将向辉瑞独家授予公司自主研发的突破性PD-1/VEGF双特异性抗体SSGJ-707在全球（不包括中 国内地）的开发、生产、商业化权利。公司及沈阳三生将保留SSGJ-707在中国内地的开发、生产、商 业化权利，并基于届时商定的财务条款，授予辉瑞对SSGJ-707在中国内地开展商业化的选择权。 根据协议，三生制药将获得12.5亿美元不可退还且不可抵扣的首付款，以及最高可达48亿美元的开发、 监管批准和销售里程碑付款。公司还将根据授权地区的产品销售额收取两位数百分比的梯度销售分成。 此外，辉瑞将于协议生效日认购三生制药价值1亿美元的普通股股份。 国盛证券医药研究团队认为，此次三生制药与辉瑞的合作，其首付款、里程碑等均超预期；中国的第二 波创新药浪潮已经到来，这是中国创新药出海"从0到1"的浪潮。 SSGJ-707是三生制药基于CLF2专利平台开发的靶向PD-1/VEGF双特异性抗体，可同时抑制PD-1和 VEGF双靶点，具有同类最优（best-in-class） ...

截至2025年5月20日 09:59，中证港股通科技指数(931573)强势上涨1.68%，成分股三生制药(01530)上涨 33.24%，零跑汽车(09863)上涨5.31%，信达生物(01801)上涨4.71%，再鼎医药(09688)，小米集团- W(01810)等个股跟涨。港股科技ETF(159751)上涨1.48%，最新价报1.03元。拉长时间看，截至2025年5 月19日，港股科技ETF近1周累计上涨0.30%，涨幅排名可比基金1/5。 此外，成分股三生制药(01530.HK)及其全资附属公司沈阳三生制药有限责任公司(沈阳三生)与辉瑞公司 (辉瑞)订立了独家许可协议。根据协议，三生制药将PD-1/VEGF双特异性抗体(研发代码:SSGJ-707)的中 国外全球权益授权给辉瑞，同时辉瑞还获得了该产品在中国市场商业化的选择权。 招银国际认为，受益于创新药出海交易、国内集采政策优化、创新药丙类医保目录落地、医疗设备招标 复苏、内需复苏等积极因素推动，医药行业有望在2025年继续迎来估值修复。 港股科技ETF紧密跟踪中证港股通科技指数，中证港股通科技指数从港股通范围内选取50只市值较大、 研发投入较高且营收 ...

三生国健双抗新药授权辉瑞 科创板药企再次刷新国产创新药出海首付款纪录 金十数据5月20日讯，5月20日，科创板创新药企业三生国健宣布，公司及关联方三生制药和沈阳三生共 同授予辉瑞PD-1/VEGF双特异性抗体SSGJ-707在全球（不包括中国大陆）的独家开发、生产、商业化 权利。辉瑞保留通过支付额外付款获得在中国大陆商业化许可产品的权利。根据协议，辉瑞将支付12.5 亿美元不可退还且不可抵扣的首付款，最高可达48亿美元的开发、监管批准和销售里程碑付款，以及根 据授权地区产品销售额计算得到的两位数百分比的梯度销售分成。该笔授权交易的"12.5亿美元首付 款"再次刷新国产创新药出海首付款金额纪录，也标志着科创板创新药企业的研发实力再次获得国际顶 尖医药公司认可，达成国内药企迈向全球市场的又一里程碑。 （上证报） ...

招银国际认为，受益于创新药出海交易、国内集采政策优化、创新药丙类医保目录落地、医疗设备招标 复苏、内需复苏等积极因素推动，医药行业有望在2025年继续迎来估值修复。 港股通科技ETF紧密跟踪中证港股通科技人民币指数，中证港股通科技指数从港股通范围内选取50只市 值较大、研发投入较高且营收增速较好的科技龙头上市公司证券作为指数样本,以反映港股通内科技龙 头上市公司证券的整体表现。 截至2025年5月20日 09:43，港股通科技ETF(513860)上涨1.29%，最新价报0.71元，成交2075.11万元。 成分股方面，三生制药涨超29%，信达生物、再鼎医药、零跑汽车涨超4%。 消息面上，2025年5月19日，三生制药(01530.HK)及其全资附属公司沈阳三生制药有限责任公司(沈阳三 生)与辉瑞公司(辉瑞)订立了独家许可协议。根据协议，三生制药将PD-1/VEGF双特异性抗体(研发代 码:SSGJ-707)的中国外全球权益授权给辉瑞，同时辉瑞还获得了该产品在中国市场商业化的选择权。 拉长时间看，截至5月19日，港股通科技ETF近1周日均成交1.89亿元，居可比基金第一。 规模方面，港股通科技ETF最新规模达 ...

Group 1 - The Hong Kong stock market opened strong on May 20, with the Hong Kong Innovation Drug ETF (159570) rising over 3.6% and quickly surpassing a transaction volume of 4 billion [1] - The Hong Kong Innovation Drug ETF has seen a net inflow of over 2.2 billion in the last 60 days, indicating strong investor interest in the innovative drug sector [1] - On May 20, 2023, 3SBio announced a partnership with Pfizer, granting exclusive rights for the global development, production, and commercialization of its proprietary PD-1/VEGF bispecific antibody SSGJ-707 outside of mainland China [1] Group 2 - According to the agreement, 3SBio will receive a non-refundable upfront payment of $1.25 billion and up to $4.8 billion in milestone payments related to development, regulatory approval, and sales [1] - 3SBio will also receive a tiered sales royalty based on product sales in the licensed territories, and Pfizer will purchase $100 million worth of common stock in 3SBio upon the agreement's effective date [1] - The majority of the popular component stocks in the Hong Kong Innovation Drug ETF saw gains, with 3SBio rising over 30% [3] Group 3 - The 2025 ASCO Annual Meeting, recognized as a major oncology conference, will take place from May 30 to June 3, 2025, in Chicago, Illinois [3] - Several innovative drug companies are expected to disclose significant data at the ASCO meeting, with 3SBio set to present Phase 2 data for SSGJ-707 in non-small cell lung cancer [3] - The recent U.S. drug price reduction executive order may lead to global pharmaceutical companies adjusting their pricing strategies, with China's innovative drugs potentially becoming a preferred choice for business development transactions [4][5] Group 4 - The U.S. executive order aims to provide the best price for prescription drugs, but its short-term impact on innovative drug prices is expected to be limited due to the lack of implementation details and potential legal challenges [5] - Long-term pressures on U.S. drug prices are anticipated as Medicare and Medicaid expenditures are projected to grow from $1.5 trillion to $2.0 trillion from 2020 to 2024, with an annual growth rate of 7.0% [5] - The Hong Kong Innovation Drug ETF (159570) has a high concentration in innovative drugs, with over 85% of its weight in innovative drug stocks, making it a prominent player in the market [6]

[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 05 月 19 日 [Table_Title] 持续看好创新药领域 ——医药生物行业周报（2025.5.12-2025.5.16） [Table_Summary] 报告要点： 医药板块本周小幅跑赢沪深 300 指数 2025 年 5 月 12 日至 5 月 16 日，申万医药生物指数上涨 1.27%，跑 赢沪深 300 指数 0.15pct，在 31 个申万一级行业指数中排名第 11。 2025 年初至今，申万医药生物指数上涨 2.48%，跑赢沪深 300 指数 3.64pct，涨跌幅在 31 个申万一级行业指数中排名第 11。截至 2025 年 5 月 16 日，医药板块估值为 26.80 倍（TTM 整体法，剔除负值）， 相对于沪深 300 估值溢价率为 141.06%。 本周拓新药业、永安药业和森萱医药等表现较好 涨幅排名前十的个股分别为：拓新药业（+45.03%）、永安药业 （+32.05%）、森萱医药（+23.85%）、哈三联（+23.84%）、普利退 （+20.00%）、川宁生物（+18.73%）、新赣江（ ...

[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 05 月 19 日 [Table_Title] 持续看好创新药领域 ——医药生物行业周报（2025.5.12-2025.5.16） [Table_Summary] 报告要点： 医药板块本周小幅跑赢沪深 300 指数 2025 年 5 月 12 日至 5 月 16 日，申万医药生物指数上涨 1.27%，跑 赢沪深 300 指数 0.15pct，在 31 个申万一级行业指数中排名第 11。 2025 年初至今，申万医药生物指数上涨 2.48%，跑赢沪深 300 指数 3.64pct，涨跌幅在 31 个申万一级行业指数中排名第 11。截至 2025 年 5 月 16 日，医药板块估值为 26.80 倍（TTM 整体法，剔除负值）， 相对于沪深 300 估值溢价率为 141.06%。 本周拓新药业、永安药业和森萱医药等表现较好 涨幅排名前十的个股分别为：拓新药业（+45.03%）、永安药业 （+32.05%）、森萱医药（+23.85%）、哈三联（+23.84%）、普利退 （+20.00%）、川宁生物（+18.73%）、新赣江（ ...

Group 1 - Several innovative pharmaceutical companies have reached a profitability turning point or continued to narrow losses in Q1, driven primarily by self-sustaining growth from the continuous expansion of main products [1] - In Q1, Innovent Biologics achieved revenue of 380 million yuan, a year-on-year increase of 129.9%, with a net profit of 14 million yuan. BeiGene reported revenue of 8.048 billion yuan, a year-on-year increase of 50.2%, with losses narrowing from 1.908 billion yuan to 94.503 million yuan [1] - The Hong Kong innovative drug sector has seen high profitability continue to digest valuations, with the Hong Kong innovative drug index's price-to-earnings ratio dropping from 64 times on February 21 to 25 times on May 19, highlighting significant value for current investments [1] Group 2 - The Hong Kong innovative drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, with 90% of its weight in innovative drug companies, positioning it to benefit from trends such as AI-enabled drug development and the expansion of domestic innovative drugs overseas [2] - The innovative drug ETF (159992) tracks an index that includes leading companies in the innovative drug industry chain, benefiting from advancements in AI, the export of domestic innovative drugs, and the introduction of new insurance policies for high-priced innovative drugs [2] - Huaxin Securities believes the innovative drug sector currently exhibits significant investment value, with Chinese companies establishing technological advantages in cutting-edge fields and attracting attention from large multinational pharmaceutical companies [2]

Macro Commentary - The US economy shows signs of slowing down, with significant declines in retail and manufacturing output due to tariff impacts, particularly affecting durable goods like automobiles and electronics [2] - Despite the slowdown, unemployment claims remain stable, indicating that the service sector is less affected, and employment in this sector remains robust [2] - Inflation is expected to rebound temporarily from May to August, with the Federal Reserve likely to maintain interest rates until September, when a potential rate cut may occur [2] Industry Commentary - The Chinese pharmaceutical sector is experiencing a strong trend in innovative drug exports, with several significant business development transactions occurring despite recent tariff tensions [5][6] - The MSCI China Healthcare Index has risen by 14.9% since early 2025, although it has underperformed compared to the broader MSCI China Index [5] - The US innovative drug prices are unlikely to decrease in the short term due to recent executive orders, but long-term pressures on healthcare spending are anticipated [7] Company Initiation - The report covers Angelalign Technology (6699 HK), a leading provider of invisible orthodontic solutions in China, which has maintained a market share of 42% in the domestic market [9][10] - The company is expected to achieve a revenue compound annual growth rate (CAGR) of 23.8% from 2019 to 2024, with a projected CAGR of 18.0% from 2024 to 2027 [9] - Angelalign is expanding internationally, with a goal to cover over 50 countries and achieve significant revenue growth from overseas markets, which is expected to account for 30% of total revenue by 2024 [11][12]

S1130518080002 yuan_wei gjzq.com.cn S1130514100001 zhaohc gjzq.com.cn S1130523080002 heguanzhou gjzq.com.cn 投资逻辑 本周医药行情演绎较为缓和，整体温和上行但涨幅弱于其他大部分一级行业。年报一季报落幕，医药板块仍在寻找和 调整方向进程中，预计交易调整完成后新一轮行情即将展开。我们在前期年报一季报复盘报告中指出，医药政策端、 基本面、市场面的压制因素已经基本出清，同时 2024 年医药业绩基数前高后低，基数压力逐季度下降，我们非常看 好 2025 年下半年医药板块成功实现景气度反转，业绩端增速止跌回升，回到增长趋势。 药品：本周，科济药业发布了通用型 CAR-T 的临床数据，海思科的镇痛新药安瑞克芬获批上市。全球生物医药创新 正随着基础科学发现的不断新突破和新技术手段的应用而得到加速发展，包括中国在内的创新药企也将会有更多里程 碑式突破的新分子或治疗手段得到商业化应用。本土创新药企正在日益崭露出国际领先的创新实力，在营收业绩、对 外授权合作以及国际权威会议与期刊上发布的优异临床数据方面都展现出靓丽成果。我 ...