□ 本报记者陈娴李嘉豪付奇 今年以来，江苏创新药"出海"节奏明显加快。信达生物、恒瑞医药（600276）、药明生物、泽璟制药等 一批本土药企接连达成对外授权合作，将创新药成功推向国际市场。 成功"走出去"的明星药，不仅惠及全球患者，也加速了江苏生物医药产业的升级步伐。那么，创新药出 海究竟能为江苏医药行业打开多大的发展空间？国产新药在欧美发达市场与新兴市场还有哪些流通"壁 垒"？ 江苏新药"卖"全球 2025年1月2日，信达生物制药(苏州)有限公司宣布与全球制药巨头罗氏达成合作，将一款新药的全球开 发、生产和商业化独家权益授权给罗氏，打响2025年中国创新药跨境交易"第一枪"。在年报业绩沟通会 上，信达生物董事长兼CEO俞德超首次提出，到2030年，信达生物要实现5条管线进入全球多中心3期临 床研究，进一步加速全球化布局。 5天之后，无锡也传来好消息。无锡药明生物技术股份有限公司宣布与一家美国公司达成研究服务合 作，授权一款新药的全球权益。作为回报，药明生物将获得首付款，有资格收获开发、销售里程碑付 款，总计最高达9.25亿美元。 据不完全统计，今年已有超过6家江苏医药企业官宣超1亿美元的跨国合作，包括信达生 ...

Group 1 - The innovative drug sector has become a focal point in the capital market since 2025, with Hong Kong's innovative drug index showing strong performance, increasing over 60% year-to-date and achieving record trading volumes [1] - Policy incentives and improvements in the industry fundamentals are driving this performance, including accelerated drug approvals and optimization of the medical insurance payment system [2] - The collaboration between domestic companies and international firms, such as the $60.5 billion partnership between 3SBio and Pfizer, highlights the growing international competitiveness of Chinese innovative drugs [2] Group 2 - Despite the long-term positive outlook, short-term volatility risks are present, with some stocks experiencing high price-to-sales ratios and potential profit-taking pressures [3] - The trading congestion in the innovative drug sector reached 3.9% as of June 13, indicating a high level of market activity and potential for significant corrections [3] - Uncertainties in drug development, geopolitical tensions, and currency fluctuations could impact the sector, with risks of clinical trial failures and regulatory changes affecting company valuations [3] Group 3 - The innovative drug index is expected to experience increased differentiation, with leading companies likely to maintain their advantages while weaker firms may lag behind [4] - Investors should focus on performance verification periods and policy developments, such as improvements in the medical insurance payment mechanism and the expansion of the Hong Kong 18A listing [4] - The innovative drug sector is positioned at the intersection of industry cycles and policy benefits, with long-term growth potential driven by international expansion and technological advancements [4]

Group 1 - The Hang Seng Healthcare Index (HSHCI) decreased by 1.12% as of June 18, 2025, with mixed performance among constituent stocks [3] - The top-performing stocks included Sipai Health (00314) up by 8.93%, and Health Road (02587) up by 6.54%, while MicroBrain Science (02172) led the decline at 4.25% [3] - The Hang Seng Healthcare ETF (513060) fell by 0.54%, with a latest price of 0.56 yuan and a turnover rate of 9.23% [3] Group 2 - The 85th American Diabetes Association (ADA) Scientific Sessions will take place from June 20-23, 2025, in Chicago, focusing on GLP-1 agonists as a research hotspot [3] - Chinese pharmaceutical companies are innovating around GLP-1 targets, including long-acting GLP-1 agonists and oral small molecule GLP-1 agonists [3] Group 3 - According to Aijian Securities, there is uncertainty in the US-China competition, but domestic "hard technology" and "strong demand" should be prioritized, particularly in innovative drugs [4] - The Hang Seng Healthcare ETF's latest scale reached 8.055 billion yuan, ranking in the top third among comparable funds [4] Group 4 - As of June 17, 2025, the Hang Seng Healthcare ETF had a one-year Sharpe ratio of 1.91, ranking in the top half among comparable funds [5] - The ETF's management fee is 0.50%, and the custody fee is 0.15% [5] Group 5 - The top ten weighted stocks in the Hang Seng Healthcare Index account for 58.13% of the index, with notable companies including Innovent Biologics (01801) and BeiGene (06160) [6]

关税扰动下，如何布局医药板块 20250617 特朗普政府对药品关税的政策对中国医药板块的影响如何？ 特朗普政府对药品关税的政策对中国医药板块的影响较小。创新药出海主要有 两种模式：造船出海和借船出海。造船出海模式下，企业如百济神州，需要考 虑国内产能和关税比重。借船出海模式下，授权海外专利和 IP 给美国药企，这 种交易不涉及报关，因此不受关税影响。如果假设药品商业化落地，产能放在 国内而非美国，对估值影响也非常微小。例如和黄医药肿瘤产品报关价格按成 本价计算，占销售额比例很低，即使加 100%的关税，对估值影响也仅 1%~2%。因此，创新药整体受关税影响非常小。 创新药板块未来的发展趋势是什么？ 创新药板块未来发展主要依赖于 BD（业务发展）逻辑。今年（2025 年）下半 年创新药行情可能会分化：能够兑现 BD 的企业继续上涨，而无法兑现的则可 中成药院外零售表现良好：马应龙痔疮膏、云南白药气血康等销售数据 同比增速显著。关注受益于老龄化趋势及国际改革相关企业，如华润系 金实力、昆明制约集团。 生物制品行业稳定增长：疫苗、血制品等领域保持稳定增长态势，投资 者应继续关注这些公司的长期发展潜力，以现有业务基 ...

证券研究报告 行业研究 / 行业点评 2025 年 06 月 17 日 医药生物 张智聪 S0820525020002 021-32229888-25524 zhangzhicong@ajzq.com 行业及产业 ADA 2025 蓄势待发，关注减肥药赛道 ——医药行业周报 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《医药行业周报 20250601：看好中国创新药 出海产业趋势，静待更多重磅交易落地》 2025-06-04 —医药行业周报》2025-04-22 请仔细阅读在本报告尾部的重要法律声明 医药板块跑赢沪深 300，创新药行情全面扩散。本周（6/9~6/15）市场整体震荡加剧，沪深 300 指数-0.25%，有色金属（+3.79%）、石油石化（+3.50%）板块涨幅排名领先，食品饮 料（-4.37%）、家用电器（-3.26%）板块涨幅靠后。医药板块本周+1.40%，排名 5/31，跑 赢沪深 300 指数。创新药行情全面扩散，市场从交易 BD 出海落地催化演变为提前交易 BD 预期，从 PD-1 双抗、ADC 等核心赛道扩散到减肥 ...

Group 1 - The core viewpoint is that the systematic valuation increase in the innovative drug sector is the biggest catalyst for the return of investment in the pharmaceutical and biotechnology industry, primarily due to the recognition of the business models of Chinese innovative drug companies [1] - Leading companies have entered a profit stage, with their R&D pipelines being transformed into regular income through business development (BD), pushing the innovative pipeline into a systematic valuation phase [1] - The trend of going global is significant, with domestic upfront payments for foreign cooperation and licensing transactions exceeding 2.5 billion USD in 2025, totaling over 50 billion USD, reaching last year's total level [1] Group 2 - Among the global drugs with sales exceeding 5 billion USD, products with patents expiring or nearing expiration before 2030 have sales close to 200 billion USD, creating a substantial patent cliff gap that drives multinational corporations' BD enthusiasm [1] - The industry has reached a turning point, with leading biotech companies starting to profit and officially entering a new stage of business model validation [1] - Technological innovation is driving the industry upward and facilitating outbound BD, with China leading in innovative drug development in areas such as ADC, bispecific and multi-specific antibodies, second-generation IO, and GLP-1, as numerous innovative products begin to yield data [1] Group 3 - The vaccine ETF (code: 159643) tracks the vaccine biotechnology index (code: 980015), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in vaccine R&D, production, and related biotechnology businesses from the A-share market [1] - The index focuses on the vaccine and biotechnology sectors within the biopharmaceutical industry, reflecting the overall performance of listed companies related to the vaccine industry chain [1]

Core Viewpoint - The Chinese innovative pharmaceutical industry is experiencing a significant transformation, marked by increased research breakthroughs, active business development (BD) transactions, and a shift in market perception, moving away from the "me too" label associated with Chinese drugs [1][5][10] Market Performance - The innovative pharmaceutical sector has seen a strong resurgence in the secondary market, with A-share and Hong Kong stock indices rising significantly; A-share innovative drug stocks increased by 34.27% and Hong Kong's innovative drug index surged over 70% from April 8 to June 16 [3] - The sector had previously undergone a four-year adjustment period, with the Hang Seng Innovative Drug Index hitting a historical low in July 2023, down over 70% from July 2021 [3] - The recovery is driven by active BD transactions and the commercialization of innovative drugs, with a notable shift in market sentiment towards the sector [3][4] Business Development Trends - Numerous Chinese innovative drug companies have announced significant BD projects in cutting-edge fields, with notable transactions including a $12.5 billion upfront payment from Pfizer to 3SBio for a PD-1/VEGF dual antibody [5] - The License-out model has become a primary funding source for unprofitable innovative drug companies, with Q1 2025 seeing a record 41 transactions totaling $369.29 billion, surpassing the total for the first half of 2024 [6] - The ability of Chinese companies to leverage their research platforms and enhance capital efficiency is reshaping the traditional high-risk, high-investment model of the industry [6] Commercialization and Profitability - The commercialization of innovative drugs is gaining momentum, with 20 new class 1 innovative drugs approved in the first five months of 2023, marking a five-year high [7] - Companies like BeiGene are expected to achieve positive operating profits by 2025, indicating a shift from the traditional "burning cash" phase to profitability [7][8] - The improved financial health of innovative drug companies enhances their negotiating power in BD transactions, allowing them to demand better terms [8] Competitive Landscape - The competition in the innovative drug sector is intensifying, with a focus on efficiency across the entire drug development chain, from target discovery to commercialization [9] - The majority of BD transactions are concentrated in the oncology sector, particularly in ADC and dual antibody technologies, leading to increased competition and market saturation [9] - Companies are encouraged to innovate and differentiate their products to avoid the pitfalls of homogeneity and to enhance their global competitiveness [9] Challenges Ahead - Despite the progress, the high failure rate in new drug development remains a significant challenge, particularly for early-stage research [10] - There is a growing expectation among investors for innovative drug companies to not only achieve profitability but also to provide stable dividends in the future [10]

Core Insights - AstraZeneca and China-based Shijiazhuang Pharmaceutical Group have entered a strategic R&D collaboration focused on AI-driven development of new oral small molecule drugs targeting immune diseases and chronic conditions [1][2] - The agreement includes an upfront payment of $110 million, with potential milestone payments totaling over $5.3 billion, highlighting the shift of traditional pharmaceutical companies towards AI-driven drug development [1][5] Group 1: Collaboration Details - The collaboration aims to develop new oral small molecule drugs for chronic diseases, with the first phase targeting a clinical-stage oral therapy for immune diseases [2] - Shijiazhuang will utilize its proprietary "AI Engine Dual-Drive" drug discovery platform, which has already been validated in AstraZeneca's cardiovascular drug development [2][9] - The partnership follows a previous $2.02 billion licensing agreement signed in October 2024, indicating a deepening relationship between the two companies [2] Group 2: Market Context and Financials - AstraZeneca's collaboration is part of its strategy to deepen its presence in the Chinese market, following a $2.5 billion investment in a Beijing R&D center [5] - The global chronic disease market has over 2 billion patients, presenting a significant opportunity for new drug development [5] - Shijiazhuang's Q1 2025 financial report showed a revenue decline of 21.9% year-on-year, emphasizing the urgency of this collaboration amid pressures on its traditional drug business [5][8] Group 3: Strategic Shift and Future Outlook - Shijiazhuang is transitioning towards an "AI R&D + rapid licensing" model, with potential transaction values exceeding $5 billion in its AI pipeline [8] - The collaboration structure allows AstraZeneca to maintain global exclusive rights while Shijiazhuang retains control during the R&D phase, providing a sustainable revenue model for the Chinese company [8][9] - The partnership reflects a broader trend of Chinese innovative drugs entering the global market, with a significant increase in licensing deals and transaction values in recent years [10][11]

Core Insights - The article discusses a licensing agreement between Sihuan Pharmaceutical (先声药业) and NextCure, Inc. for the innovative antibody-drug conjugate SIM0505, marking the first international recognition of Sihuan's ADC technology platform [1][2] - The agreement allows NextCure to develop SIM0505 outside Greater China, while Sihuan retains rights for a new ADC product targeting CDH6 in Greater China, indicating a strategic expansion in oncology [1][2] - Sihuan is expected to receive up to $745 million in total payments, including upfront and milestone payments, along with tiered royalties based on net sales outside Greater China [1] Company Developments - Sihuan has established a global innovation research network with centers in Boston, Shanghai, Nanjing, and Beijing, collaborating with top research institutions like Harvard Medical School [2] - The company has made significant investments in R&D, exceeding 8 billion yuan over the past five years, focusing on core technology platforms such as ADC and AI drug discovery [3] - Sihuan's innovative drug for stroke, Xianbixin injection, has been launched in China, and its sublingual tablet is undergoing clinical research in the U.S. with breakthrough therapy designation from the FDA [3] Market Position - CDH6 is identified as a promising new target for anti-tumor drugs, with no existing drugs targeting it globally, highlighting the competitive advantage of Sihuan's ADC technology [2] - The recent licensing agreement with NextCure is the second overseas licensing deal for Sihuan in 2023, following a collaboration with AbbVie for another antibody targeting GPRC5D/BCMA/CD3, which has a potential transaction value of $1.055 billion [2]

截至10:09，港股通创新药ETF(159570)标的指数前十大权重股多数飘绿：药明生物跌超5%，消息面上，主要股东WuXi Biologics Holdings Limited拟每股26.6 港元配售8294万股现有股份，占股约2.04%，涉资约22.07亿港元。配售价较上周五收市价28港元折让5%。百济神州、中国生物制药跌超1%，信达生物微 跌，康方生物涨超5%。 【创新药催化不断！持续看好创新药投资机会】 随着国产创新药的临床数据和临床进度在全球范围内的竞争力越来越强，创新药出海的趋势不断加强。继5月20日三生制药与辉瑞就PD-1/VEGF双抗 （SSGJ-707）达成的交易首付款再次刷新国产创新药出海纪录（首付款）后，石药集团于5月30日公告，3项潜在交易正在进行磋商，每项潜在交易项目的 总交易额均可能达到50亿美元。 今日，港药大幅波动，港股通创新药ETF(159570)早盘一度跌1.5%后快速拉起转为涨超2%，随后冲高回落涨幅收窄，成交额已大幅爆量超15亿元，规模和 流动性大幅领先同类！资金面持续火热，港股通创新药ETF(159570)盘中再获净流入近2亿元，截至6月13日近9日已累计"吸金"18 ...