中欧基金葛兰：看好创新药、消费医疗、医疗设备等板块投资机遇 金十数据4月22日讯，中欧基金披露了旗下知名基金经理葛兰三只在管基金的2025年一季报。以近一年 业绩表现最好的中欧医疗创新A为例，Wind数据显示，截至4月21日，该产品近一年收益率超20%。展 望二季度，葛兰表示，看好创新药持续突破等方向。在创新药领域，全球合作持续推进及关键临床数据 披露值得期待。中国企业在多抗、多肽等领域的竞争力已逐步获得全球认可，与国内企业的项目合作， 已成为海外公司管线布局的重要组成部分。同时，海外企业在收购国内品种后，正持续推进多种适应症 的全球临床试验。此外，在多个国际会议期间，国内企业将披露多项重要临床数据。AI制药技术在靶 点发现中的应用及其对研发效率的提升也值得持续关注。 ...

Core Insights - The company, CloudTop New Drug-B (01952), has achieved significant growth in the innovative drug market, with a revenue increase of 461.16% year-on-year, reaching 707 million yuan in 2024, marking its first successful financial year and indicating a potential transition to a new stage of maturity [1][2] - The dual strategy of "independent research and development + authorized introduction" has allowed the company to target high-potential, low-competition areas, leading to efficient commercialization of differentiated innovative results [1][2] - The successful commercialization of key products, such as NAIFUKANG® and YIJIA®, has been crucial for the company's growth, with both products generating significant sales revenue shortly after their market introduction [2][3] Financial Performance - In 2024, the company reported a revenue of 707 million yuan, a substantial increase of 461.16% compared to the previous year [1] - NAIFUKANG® generated 353 million yuan in sales within just seven months of its launch, while YIJIA® achieved sales of 353 million yuan in 2024, reflecting a year-on-year growth of 256% [2] Product Development - The company is advancing its pipeline with key products like Yiqiumode, which is expected to reach peak sales of 2 billion yuan and is anticipated to be a significant part of the product line [3] - The company is also expanding into AI-driven drug development, with its first AI-driven mRNA personalized cancer vaccine, EVM16, completing its first patient dosing, marking a significant step in clinical validation [3] Market Position and Future Outlook - The company is positioned to replicate the success of other 18A companies that have transitioned to maturity, with expectations of continued stock price growth and market recognition [4] - Recent reports have indicated a substantial increase in the company's target price by 133% to 70 HKD, reflecting the market's recognition of its research and development value [4]

仿制药入局易对标难 儿童退热市场等待"中国答案" 据《 2016 中国儿童用药安全白皮书》，我国约有五成儿童用药不规范，每年因用药不当 导致失聪的儿童病例超 3 万例，致死案例超 7000 例。 数据显示，我国 2400 种儿童化学药中，专用化药不足 5% ，儿童依从性更好的口服溶液 剂、混悬剂不足 10% 。在退热药市场，"美林"长期占据国内线下药店终端超 90% 份额， 其缺货期间 3000 元每瓶的黄牛价更暴露市场畸形现状。 同时需要指出的是，仿制药入局易，对标却难。据 CDE 数据，国内目前已有 28 个布洛芬 混悬液生产批件，但由于家长普遍认为原研药质量更好、疗效更为稳定，因而给儿童选择药 物时更倾向于选择品牌知名度高的原研药，导致仿制药难以进入市场，实际生产规模十分有 限，强生制药的原研药物"美林"依旧一家独大。 近年来，患者对于仿制药质量问题的疑虑似乎从未真正消失过。从医生反应"麻药不 麻"、"泻药不泻"，到仿制药一致性评价数据雷同，再到 FDA 对多家中国药品检测公司发 出检测数据警告，仿制药的信任危机不断发酵，甚至愈发强烈。 高品质国药崛起正当时 近日，葵花药业宣布旗下重庆小葵花儿童制药有限 ...

近日，葵花药业宣布旗下重庆小葵花儿童制药有限公司研发的布洛芬混悬液正式获批上市。 葵花药业此次获批的新品直击国内儿童用药市场"选择性少"的痛点，标志着国产儿童退热 药正式迈入"品质平权"时代。 同时需要指出的是，仿制药入局易，对标却难。据 CDE 数据，国内目前已有 28 个布洛芬 混悬液生产批件，但由于家长普遍认为原研药质量更好、疗效更为稳定，因而给儿童选择药 物时更倾向于选择品牌知名度高的原研药，导致仿制药难以进入市场，实际生产规模十分有 限，强生制药的原研药物"美林"依旧一家独大。 近年来，患者对于仿制药质量问题的疑虑似乎从未真正消失过。从医生反应"麻药不 麻"、"泻药不泻"，到仿制药一致性评价数据雷同，再到 FDA 对多家中国药品检测公司发 出检测数据警告，仿制药的信任危机不断发酵，甚至愈发强烈。 高品质国药崛起正当时 葵花药业布洛芬混悬液对标国际品质 仿制药入局易对标难 儿童退热市场等待"中国答案" 据《 2016 中国儿童用药安全白皮书》，我国约有五成儿童用药不规范，每年因用药不当 导致失聪的儿童病例超 3 万例，致死案例超 7000 例。 数据显示，我国 2400 种儿童化学药中，专用化药不足 ...

证券研究报告：医药生物|行业周报 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 近期研究报告 《讯飞医疗科技（2506.HK)：AI+医疗 领头企业，成长引擎动能充足》 - 2025.04.10 发布时间：2025-04-14 行业投资评级 强于大市 |维持 | 行业基本情况 | | --- | | 收盘点位 | | 7142.94 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 周最低 | | 6070.89 | 行业相对指数表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 医药生物行业报告 （2025.04.07-2025.04.13） FDA 将逐步取消对单抗和其他药物的动物实验要 ...

证券研究报告：医药生物|行业周报 发布时间：2025-04-14 行业投资评级 强于大市 |维持 | 行业基本情况 | | --- | | 收盘点位 | | 7142.94 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 | 周最低 | 6070.89 | 行业相对指数表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 近期研究报告 《讯飞医疗科技（2506.HK)：AI+医疗 领头企业，成长引擎动能充足》 - 2025.04.10 医药生物行业报告 （2025.04.07-2025.04.13） FDA 将逐步取消对单抗和其他药物的动物实验要 ...

金融界4月14日消息，上证指数高开高走，沪深300制药与生物科技指数 (300制药生物，L11515)报 7370.94点。 数据统计显示，沪深300制药与生物科技指数近一个月下跌1.33%，近三个月上涨5.20%，年至今下跌 0.98%。 从沪深300制药与生物科技指数持仓样本的行业来看，化学药占比42.08%、中药占比20.00%、制药与生 物科技服务占比19.84%、生物药品占比18.08%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 据了解，为反映沪深300指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将沪深300 指数300只样本按行 ...

Core Viewpoint - Rongchang Biopharma disclosed its research reception announcement, indicating strong financial performance and significant progress in core pipeline development for 2024, with a focus on various therapeutic areas [1][2]. Financial Overview - The company reported a revenue of 1.717 billion yuan for 2024, representing a year-on-year growth of 58.5% [7]. - The sales expense ratio for 2024 was 55.3%, a decrease of 16.3 percentage points compared to the previous year [7]. - Research and development expenses increased to 1.54 billion yuan, up 17.9% year-on-year [7]. - The overall gross margin for 2024 was 80.4%, an increase of 3.0 percentage points from the previous year [7]. - As of the end of 2024, the company had approximately 1 billion yuan in cash and cash equivalents, with sufficient loan credit lines available [7]. Core Pipeline Development Progress 1. **RC18 in China** - Myasthenia Gravis (MG): BLA application has been accepted, with data presented at the AAN conference showing significant clinical efficacy [4]. - Primary Sjögren's Syndrome (pSS): Phase III enrollment is complete, with normal progress in medication and follow-up [4]. - IgA Nephropathy (IgAN): Phase III enrollment is complete, with normal progress in medication and follow-up [4]. 2. **RC18 Overseas** - Systemic Lupus Erythematosus (SLE): Phase III international multicenter clinical research is ready [5]. - Myasthenia Gravis (MG): Continuous enrollment in Phase III [5]. 3. **RC48 in China** - Urothelial Carcinoma (UC): Phase III for first-line combination therapy is complete, with normal progress in medication and follow-up [6]. - Gastric Cancer (GC): Phase III for first-line combination therapy has started, with patient enrollment underway [6]. 4. **Other Pipeline Developments** - RC88: Phase II clinical trial for advanced malignant solid tumors has completed enrollment [10]. - RC148: Observed good efficacy and safety in single-agent clinical exploration, with ongoing Phase II trials for advanced lung cancer [11]. - RC278: ADC drug using next-generation conjugation technology for various solid tumors [12]. - RC28: Phase III clinical trials for diabetic macular edema (DME) and wet age-related macular degeneration (wAMD) have completed enrollment [13].

Market Overview - The S&P 500 experienced a significant drop of approximately 10% in the first five trading days of April 2025 due to tariffs impacting market stability [1] - Investors with available cash may seek opportunities in companies that have shown resilience amid market volatility [1] Alumis (NASDAQ: ALMS) - Alumis shares surged by 64% in the five trading days leading to April 7, 2025, largely due to the announcement of a proposed merger with Acelyrin Inc. [4] - The merger is expected to consolidate strong pipelines and provide a cash runway through 2027, with multiple clinical readouts anticipated [5] - Current stock price is $8.04, with a 12-month price forecast of $26.00, indicating a potential upside of 223.38% [3] DBV Technologies (NASDAQ: DBVT) - DBV Technologies shares increased by 129% year-to-date as of April 7, 2025, and rose by 17% in the five days leading to that date [7] - The company is developing the VIASKIN peanut patch, which aims to desensitize children to peanut allergies, and has received FDA support for its Biologics License Application [8][9] - Current stock price is $7.07, with a 12-month price forecast of $22.50, suggesting a potential upside of 218.25% [6] Corcept Therapeutics (NASDAQ: CORT) - Corcept's relacorilant has shown promise in treating ovarian cancer, with a late-stage trial indicating it may delay cancer progression in patients resistant to existing chemotherapy [10] - The stock price is currently $72.97, with a 12-month price forecast of $143.25, indicating a potential upside of 96.31% [10] - Corcept's shares have increased nearly 50% year-to-date, despite a recent decline in early April [11]

■ AI制药概览。 AI制药即人工智能驱动药物研发，包括靶点和药物发现、临床前实验设计、临床开发及老药新用等多个方向。其中，靶点和药物发现与临床研发需 求强烈&市场空间大，是AI制药的主要方向。纵观AI制药的发展历程，随着计算能力和数据量的大幅增长，AI制药已经进入应用拓展阶段，传统的计算机辅助药物 设计（CADD）也升级为人工智能驱动药物研发（AIDD）。 ■ 需求和政策推动下，AI制药投资持续增长。 随着低垂果实的摘取，新药研发难度不断增大。为了提升研发效率，降低研发成本，AI制药的需求不断凸显。政策方 面，AI制药已经成为国家重点支持方向，欧美也在完善政策支持和指引。2015-2022年，AI制药投融资年复合增速达49.7%。即使在全球医药投融资市场较弱的2022- 2024年，AI制药投融资仍相对活跃。行业规模来看，预计2028年全球AI制药市场规模达56.2亿美元。据麦肯锡预测，长期来看市场规模有望达到280-530亿美元。 ■ 靶点与药物发现：应用范围不断扩大，但仍需湿实验共同验证。 该部分是AI制药最早探索的领域，技术更多是传统的知识图谱、深度学习等。整体来看， AI技术 可以通过快速深度挖掘与 ...