央视网消息：每天8点，央视网为您梳理24小时内发生在咱们身边的大小事儿。 ·凌家滩遗址博物馆16日开馆试运营，大批特色玉器将亮相。 ·上海：用人单位招用高校毕业生等青年可享受1500元/人一次性扩岗补助。 ·港珠澳大桥澳门口岸突破一千万出入境客流量。 ·特朗普寻求对年收入250万美元或以上的富人增税。 ·比尔·盖茨宣布将把大部分个人财富捐赠给盖茨基金会。 ·洛杉矶奥组委确认洛杉矶纪念体育场和英格尔伍德体育场将成为2028年奥运会和残奥会开幕式和闭幕式的官方场地。 ·因罢课，韩国超8300名医学生被留级。 ·朝鲜进行远程炮及导弹系统联合打击训练。 ·智利一架医疗救护飞机坠毁致6人遇难。 ·土耳其警方拘留16名涉嫌与"伊斯兰国"有关联者。 ·外交部：中方反对日本单方面启动排海的立场没有变化。 ·我国前4月进出口同比增长2.4%。 ·去年全国广电和网络视听行业总收入14878.02亿元，同比增长5.32%。 ·每年150万人次！6部门组织开展家政职业技能专项培训行动。 ·市场监管总局、中消协提示：警惕直播带货全网低价宣传。（详细→） ·最高检依法对甘肃省政府原副省长赵金云决定逮捕。 ·吉林市一住户家中疑似煤气罐泄漏 ...

Core Viewpoint - Sanofi is showcasing its innovative products at the 2025 China Beijing International Science and Technology Industry Expo, emphasizing its commitment to advancing immunology and local healthcare integration in China [1][2] Group 1: Company Strategy - China is Sanofi's second-largest market, and the company is accelerating the introduction of over 60 innovative drugs and vaccines in the country [1][2] - Sanofi has established four local R&D centers in Beijing, Shanghai, Chengdu, and Suzhou, contributing to over 90% of its global R&D projects [2] Group 2: Collaboration and Partnerships - Sanofi collaborates with local biopharmaceutical companies like Jixing Pharmaceutical and Tianjing Biotech to advance research in oncology and immunology [2] - The company has formed a specialized pharmaceutical innovation fund with KKR to expedite the commercialization of local research outcomes [2] Group 3: Production and Supply Chain - Sanofi has developed a large-scale local production and supply network covering the Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area [2] - The Beijing production base in Yizhuang is the largest insulin injection production facility for Sanofi in the Asia-Pacific region [2]

Investment Rating - The report maintains a positive investment rating for the pharmaceutical industry, focusing on innovation and growth opportunities in various segments [4]. Core Insights - The pharmaceutical sector is experiencing a comprehensive recovery, with a focus on innovative drug development, particularly in oncology, autoimmune diseases, GLP-1, stem cell therapy, and gene therapy [1][2]. - The report highlights the importance of domestic innovation in pharmaceuticals, with significant attention on the upcoming AACR and ASCO conferences, where numerous Chinese companies are expected to present their research [2][13]. - The report emphasizes the potential for growth in the CXO sector due to recovering domestic demand and stable overseas demand, suggesting a valuation recovery for leading companies [8]. - The report identifies key companies to watch, including 恒瑞医药, 百济神州, and others across various segments such as innovative drugs, medical devices, and IVD [3]. Summary by Sections Innovative Drugs - The report notes the approval of 康方依沃西单抗 for first-line treatment of PD-L1 positive NSCLC, showing a 22.3% reduction in mortality risk [2]. - It highlights the upcoming AACR conference with over 120 Chinese pharmaceutical companies presenting nearly 300 new drug research results [13]. CXO Sector - The CXO sector is expected to benefit from supportive policies and a reduction in geopolitical risks, leading to a potential valuation uplift [8]. Traditional Chinese Medicine - The report suggests monitoring companies related to pediatric medications, such as 济川药业 and 葵花药业, due to their relevance to fertility subsidies [2]. Blood Products - The report emphasizes the growth potential in the immunoglobulin market over the next 3-5 years, driven by increased demand and pricing improvements [2][25]. Vaccines - The vaccine sector is under pressure, but there are opportunities in HPV vaccines and other high-value products [27]. Upstream Supply Chain - The report recommends focusing on companies with strong brand recognition and overseas growth potential in the chemical and biological reagent sectors [30]. IVD Sector - The report indicates that the IVD industry is poised for growth due to the implementation of centralized procurement policies and increasing domestic demand [33]. Medical Devices - The report highlights the potential for growth in the CGM market, particularly with the FDA approval of related products [38]. Medical Services - The report suggests focusing on eye and dental medical service companies, anticipating a boost from consumer stimulus policies [44]. Offline Pharmacies - The report notes that the pharmacy sector is stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [46]. Raw Materials - The report discusses the importance of quality and cost management in the raw materials sector, suggesting a focus on companies with strong product capabilities [50]. Innovative Devices - The report emphasizes the potential for AI applications in medical devices, particularly in surgical navigation and pathology screening [53]. Instrumentation - The report anticipates a recovery in the scientific instrumentation sector, driven by increased domestic demand and new product launches [57].

Investment Rating - The report maintains a positive investment rating for the pharmaceutical industry, highlighting a recovery and focus on innovation [4]. Core Views - The pharmaceutical sector is experiencing a sustained recovery in fundamentals, supported by favorable policies, with a focus on innovative drug growth, particularly in areas such as oncology, autoimmune diseases, GLP-1, stem cell therapy, and gene therapy [1][2]. - The report emphasizes the importance of domestic pharmaceutical substitution and the growth of medical consumption, especially in aesthetic medicine [1]. Summary by Sections Innovative Drugs - The AACR conference is ongoing, with significant participation from over 120 Chinese pharmaceutical companies presenting nearly 300 new drug research results [11]. - Key approvals include the domestic approval of 康方依沃西单抗 for PD-L1 positive NSCLC and the FDA approval of 派安普利单抗 for nasopharyngeal carcinoma [2][72]. CXO Sector - The CXO sector is expected to see valuation recovery due to supportive policies for innovative drug development and a reduction in geopolitical risks [6]. Traditional Chinese Medicine - The SW secondary index for traditional Chinese medicine has underperformed compared to the broader market, indicating challenges in this segment [19]. Blood Products - The report highlights the increasing demand for immunoglobulin products and the potential for price improvements in the blood products sector, particularly for companies like 天坛生物 and 派林生物 [23]. Vaccines - The vaccine sector is facing challenges due to low birth rates, but there is potential for growth in HPV vaccines and other areas [25]. Upstream Supply Chain - The report suggests focusing on companies with strong brand and operational capabilities in the chemical and biological reagent sectors [28]. IVD (In Vitro Diagnostics) - The IVD industry is expected to benefit from the implementation of centralized procurement policies, which may accelerate domestic substitution [31]. Medical Devices - The report recommends attention to the CGM market, particularly products from 三诺生物, as they align with the growth of GLP-1 drugs [36]. Medical Services - The report suggests focusing on eye and dental medical service companies, anticipating a boost from consumer stimulus policies [43]. Offline Pharmacies - The offline pharmacy sector is stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [45]. Raw Materials - The report emphasizes the importance of quality and cost management in the raw materials sector, suggesting a focus on companies like 华海药业 and 海正药业 [49]. Innovative Instruments - The report highlights the potential for AI applications in the medical device sector, particularly in surgical navigation and pathology screening [52]. Instrument Equipment - The scientific instrument sector is expected to recover as demand improves, with a focus on companies enhancing their market presence through new product launches [57]. Low-value Consumables - The report notes a potential recovery in the low-value consumables sector, particularly for companies like 采纳股份 and 美好医疗 [60].

北京鸿道投资管理有限责任公司创立于2010年3月，由原华夏元老级明星基金经理孙建冬创办，基金业 协会登记备案号P1000280，拥有证券私募基金"3+3"投资顾问资格。公司已成功发行过鸿道全球优选、 创新改革系列等六十几只私募基金产品，是国内知名的私募证券投资基金。公司核心人员来自国内大型 基金管理公司、资产管理公司和证券公司，具有丰富的投资研究和资产管理经验，历经多次牛熊市考 验，投资业绩持续表现优异。公司依托独立的投资研究体系、完善的投资决策委员会制度、研究、投 资、风控三位一体的投研风控体系，实现投资与策略的前瞻性、整体性；凭借强大的人才优势、广泛的 市场资源和丰富的投资经验，为投资者提供专业的投资管理、投资顾问服务；秉持"研究创造价值"的投 资理念，充分把握趋势投资机会，积极为投资人争取最大的回报。 调研纪要：2024年，贝达药业实现营业收入289,195.01万元，同比增长17.74%，归母净利润40,256.93万 元，同比增长15.67%。公司已实现五款新药上市销售，包括盐酸埃克替尼、盐酸恩沙替尼胶囊、甲磺 酸贝福替尼、伏罗尼布片及贝伐珠单抗。其中，贝美纳获FDA批准并纳入NCCN指南，启动EM ...

Investment Rating - The report rates the pharmaceutical industry as "Overweight," indicating that the industry is expected to outperform the overall market [3][27]. Core Insights - The pharmaceutical sector experienced a decline of 0.4% this week, while the Shanghai Composite Index rose by 1.2%. The pharmaceutical index ranked 24th among 31 sub-industries [4][5]. - A commentary from People's Daily emphasized the need to ensure profit margins for pharmaceutical companies and pharmacies to maintain the long-term supply of quality and affordable medications [14]. - Eli Lilly announced the successful Phase 3 clinical trial of its oral GLP-1 receptor agonist, Orforglipron, which showed a reduction in HbA1c levels by 1.3% to 1.6% after 40 weeks of treatment [15]. - President Trump signed an executive order aimed at lowering prescription drug prices, potentially reducing prices by up to 60% for certain medications [16]. - The report suggests investment in companies involved in the development of small molecule GLP-1 drugs, including Hengrui Medicine, East China Pharmaceutical, and others [4]. Market Performance - The overall valuation of the pharmaceutical sector is currently at 24.2 times PE (2025E), ranking 6th among 31 primary industries [4][8]. - The performance of various sub-sectors this week includes: - Raw materials: -0.0% - Chemical preparations: +0.6% - Traditional Chinese medicine: +0.6% - Blood products: -4.4% - Vaccines: -1.5% [8][10]. Key Events - The commentary from People's Daily on April 18 highlighted the importance of ensuring profit margins for pharmaceutical companies and pharmacies [14]. - Eli Lilly's successful Phase 3 trial of Orforglipron is a significant development in diabetes treatment, with plans for regulatory submissions by the end of the year [15]. - The executive order signed by President Trump aims to adjust drug price negotiations, expanding the scope of price reductions for various medications [16]. Valuation of Key Companies - The report includes a valuation table for key companies in the pharmaceutical sector, with notable companies and their respective PE ratios and market capitalizations [20][21]. - For example, Mindray Medical has a market cap of 263.2 billion yuan with a PE ratio of 20 for 2024E, while Hengrui Medicine has a market cap of 306.2 billion yuan with a PE ratio of 48 for 2024E [20].

横向比较：展望2025年，有望实现温和增长 2022年以前，医药制造业在国家统计局有统计数据的下游行业中增速排名前列，近两年受基数影响以及 公共卫生事件对医疗需求带来的影响，增速有一定波动。从收入端表现来看，医药制造业在2020及2021 年营业收入增速分别为4.5%和20.1%，领先同期工业企业收入增速和制造业收入增速。利润端波动比收 入端更大，2020及2021年表现明显好于工业企业整体水平，基数效应下2022-2023年利润端增长波动幅 度较大。在行业基数得到消化、需求端确定性及政策预期稳定的情况下，该行预计2025年行业有望实现 温和增长，整体走向高质量发展。 智通财经APP获悉，中信建投发布研报称，展望2025年，继续看好优质创新药公司，积极关注药械前沿 技术。全球流动性有望继续改善，国家政策鼓励产业创新，该行继续看好有全球竞争力的优质创新药公 司。出海主线：着眼长远，不惧短期波动。长期看医药行业有望走出全球性大公司，但投资人也需对出 海带来的挑战有充分预期。边际变化主线：关注政策及供求关系改善的机会。整合主线：关注器械、中 药、制药板块及央国企。建议重点关注器械及中药子行业、部分制药企业、央国企。 ...

值得注意的是，冯佶曾是一名神经科医生，后转型进入药企。加入阿斯利康后，先后担任阿斯利康中国 区心血管药物业务单元副总裁、全球感染、中枢神经和自身免疫治疗领域副总裁、中国区总经理、亚洲 区区域副总裁、全球商业洞察与卓越业务高级副总裁等职务。 在该人事任命之前，恒瑞医药刚刚公布年报"成绩单"。根据2024年年报的披露，公司2024年实现营业收 入279.85亿元，同比增22.63%，归属于上市公司股东的净利润63.37亿元，同比增47.28%，归属于上市 公司股东的扣非净利润61.78亿元，同比增49.18%，公司业绩显著增长，营收、净利均创新高。 21世纪经济报道记者季媛媛上海报道 4月2日，恒瑞医药（600276）宣布，任命冯佶为公司总裁、首席运营官，负责公司经营管理。原总裁戴 洪斌升任副董事长。 公开信息显示，冯佶拥有三十多年的医药行业从业经验。在加盟恒瑞前曾就职于上海仁济医院、诺华、 安万特和阿斯利康。 申万宏源证券（000562）分析认为：恒瑞医药始终将创新和国际化作为战略发展目标，持续坚持高比例 研发投入，创新药重回快速增长轨道，创新药BD授权交易为公司贡献了新的利润增长点。 此次冯佶加盟以后，在公司 ...

微信公众号｜ipozaozhidao 据 IPO早知道消息， 由凯辉基金和赛诺菲在上海共同设立的赛诺菲凯辉医药创新基金 于 4月2日 正 式成立。 作为双方深化合作、助力上海生物医药产业高质量发展的重要举措 ，该基金管理规模约为 20亿元人 民币，将专注于投资中国已进入临床阶段的创新药管线和相关产业机会，帮助本土企业打通从研发到 商业化的关键路径，加速创新药的本土市场准入。 凯辉基金创始人及董事长蔡明泼表示： "赛诺菲凯辉医药创新基金的设立标志着我们在推动中国医药 创新达到国际领先水平方面迈出的重要一步。我们始终相信，中国的医药创新拥有巨大的潜力，而我 们的使命是为本土企业提供跨越式发展的平台。 与赛诺菲多年来的互信合作，让我们能够充分整合 双方在技术、市场与资本层面的优势，为本土企业提供加速实现高水平创新能力的关键支持。我们期 待通过这一基金，推动各界创新力量的协同，推动创新药品市场的多元化与持续发展。 " 赛诺菲执行副总裁夏立维（ Olivier Charmeil）表示："作为全球最具创新活力的医疗健康市场之 一，中国持续优化的营商环境和高水平对外开放政策，为跨国药企与本土伙伴的深度协同提供了战略 机遇。 ...

为本土创新医药企业提供跨越式发展平台。 来源 | 凯辉基金 今日，由凯辉基金和赛诺菲在上海共同设立的赛诺菲凯辉医药创新基金正式成立。作为 双方深化合作、助力上海生物医药产业高质量发展的重要举措，该基金管理规模约为20 亿元人民币，将专注于投资中国已进入临床阶段的创新药管线和相关产业机会，帮助本 土企业打通从研发到商业化的关键路径，加速创新药的本土市场准入。 凯辉基金创始人及董事长蔡明泼 表示："赛诺菲凯辉医药创新基金的设立标志着我们在 推动中国医药创新达到国际领先水平方面迈出的重要一步。我们始终相信，中国的医药 创新拥有巨大的潜力，而我们的使命是为本土企业提供跨越式发展的平台。与赛诺菲多 年来的互信合作，让我们能够充分整合双方在技术、市场与资本层面的优势，为本土企 业提供加速实现高水平创新能力的关键支持。我们期待通过这一基金，推动各界创新力 量的协同，推动创新药品市场的多元化与持续发展。" 赛诺菲执行副总裁夏立维（Oli vi e r Charme il） 表示："作为全球最具创新活力的医疗 健康市场之一，中国持续优化的营商环境和高水平对外开放政策，为跨国药企与本土伙 伴的深度协同提供了战略机遇。我们坚信，在 ...