证 券 研 究 报 告 行业周报 重磅BD陆续落地，催化估值提升 医药行业周报 投资评级： 报告日期： 推荐 （维持） 2025年06月15日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 医 药 行 业 观 点 2. 关注ADA大会，从近期BD看MNC布局思路 美国糖尿病协会(American Diabetes Association, ADA)第85届科学年会将于6月20日至23日在美国芝加哥召开，已有众生 睿创，博瑞医药、歌礼制药等中国企业预告披露最新的研究成果。除了降糖和减重之外，增肌也是ADA大会上的重要关注 方向，Bimagrumab与司美格鲁肽组合将在会上发布最新研究数据。国内与Bimagrumab类似的增肌相关的研发产品包括来 凯医药的LAE102和歌礼制药的ASC47，目前处于临床的早期阶段。对于GLP-1，开发更快减重，更长效，小分子依然是重 要趋势。6月3日，礼来与瑞典Camurus达成一项总额高达8.7亿美元的合作协议，拟开发GLP-1的长效月制剂。5月14日诺 和诺德与Septerna宣布达 ...

证券研究报告 | 2025年06月15日 医药生物周报（25 年第 23 周） 优于大市 炎症性肠病数据梳理，关注具备创新资产的标的 本周医药板块表现弱于整体市场，化学制药板块领涨。本周全部 A 股上涨 1.42%（总市值加权平均），沪深 300 上涨 0.88%，中小板指上涨 1.62%， 创业板指上涨 2.32%，生物医药板块整体上涨 1.13%，生物医药板块表 现弱于整体市场。分子板块来看，化学制药上涨 1.67%，生物制品上涨 1.00%，医疗服务上涨 0.73%，医疗器械上涨 1.11%，医药商业上涨 1.13%，中药上涨 0.39%。医药生物市盈率（TTM）34.41x，处于近 5 年历史估值的 72.02%分位数。 核心观点 行业研究·行业周报 医药生物 优于大市·维持 | chenxibing@guosen.com.cnpengsiyu@guosen.com.cn | | | --- | --- | | 0755-81982939 S0980521120001 | 0755-81982723 S0980521060003 | 炎症性肠病的临床数据展示出良好的临床疗效。炎症性肠病（IBD）为一种 ...

证券研究报告 晨会 hyzqdatemark 2025 年 06 月 15 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年06月13日 华源晨会精粹 20250615 固定收益 收益率小幅下行，5Y 表现较好——信用分析周报：本周不同行业信用利 差整体小幅压缩，少部分行业利差大幅走扩。城投债方面，本周城投债信用利差短 端和中长端小幅压缩，10Y 以上城投利差小幅走扩。产业债方面，本周产业债信用 利差整体小幅波动，5Y 及以上产业债信用利差整体小幅下行。银行资本债方面，本 周银行二永债信用利差短端小幅走扩，中长端有所压缩，收益率曲线走平。本周建 议继续关注收益率 2%以上的流动性较好的 3-5Y 产业债和高票息城投债、银行二永 债机会。 风险提示：数据口径偏差风险、信用风险事件扰动、资金面变化的风险、关税事件 扰动风险。 固定收益 信贷需求偏弱，但社融增速平稳——2025 年 5 月金融数据点评：5 月金融 数据：新增贷款 6200 亿元，社融 2.29 万亿元。5 月末，M2 达 325.8 万亿，YoY+7.9%； M1YoY+2.3%；社融增速 8.7%。5 月新增贷款同比少增，反映信贷需 ...

l 证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 06 月 15 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 板块表现： AD 诊疗有望迎来重磅进展，建议关注通化金马、东诚药业等 投资评级： 看好（维持） ——医药行业周报（25/6/9-25/6/13） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 本周医药市场表现分析：6 月 9 日至 6 月 13 日，医药指数上涨 1.40%，相对沪深 300 指数超 额收益为 1.66%。本周，石药集团公告与阿斯利康达成战略研发合作协议，总金额高达 53.3 亿 美元；中国生物制药预告近期将有标志性重磅对外授权交易，继续看好中国创新药出海潜力。 建议关注：1）创新药作为较为确定的产业趋势，继续重点推荐 A 股热景生物、华纳药厂、信 立泰、一品红、科兴制药、泽璟制药、科伦药业、恒瑞医药；港股三生制药、科伦博泰、康 方生物、中国生物制药、信达生物、翰森制药；2）25 年业绩逐季度边际改善、估值水平较低 且有边际改善的个股，建议关注长春高新（创新药）、昆药 ...

【导读】创新药板块助力年内首只"翻倍基"出炉 中国基金报记者若晖 时隔两年时间，公募基金市场再现年内"翻倍基"。 最近一段时间，创新药板块异军突起，把握住这一板块行情的多只公募基金集体走强，"霸榜"公募基金年内业绩排名榜单。6月13日，汇添富香港优势精 选混合这只QDII基金公布最近一个交易日净值上涨3.30%，带动年内业绩突破100%，率先成为年度"翻倍基"。 除了这只"翻倍基"之外，长城医药产业精选基金年内净值涨幅超过87%，以及包括永赢医药创新智选、中银港股通医药在内的6只基金年内净值涨幅超过 70%。Wind数据显示，偏股型基金指数年内涨幅达到4.12%，跑赢沪深300指数近6个百分点，整体实现超额收益。 年内首只"翻倍基"出炉 最近一段时间，创新药板块表现亮眼，周线实现"八连阳"，一批把握住这一板块行情的公募基金净值跟着水涨船高。 6月13日晚间披露的公募基金净值数据显示，截至6月12日，由张韡管理的汇添富香港优势精选混合型QDII基金年内收益率达到103.67%，成为年内首 只"翻倍基"。此外，由她管理的汇添富健康生活一年持有混合基金，今年以来收益率也达到68.53%。 从汇添富香港优势精选混合的 ...

Core Viewpoint - The innovative drug sector in China has shown strong performance in 2025, with significant increases in stock prices and business development (BD) activities, indicating a robust market recovery and growth potential [3][4]. Group 1: Market Performance - The innovative drug sector (BK1106) has seen a cumulative increase of 33.01% from the beginning of 2025, with the Hang Seng Innovative Drug ETF (159316) and the Hong Kong Stock Connect Pharmaceutical ETF (513200) rising by 41.05% and 55.26%, respectively [3]. - The surge in the market is attributed to the recovery from previous declines, with many Hong Kong companies experiencing drops of up to 90% since 2021, suggesting that further growth is possible as new BD transactions emerge [3]. Group 2: Business Development Transactions - In the first five months of 2025, the total amount of license-out transactions by domestic innovative drug companies reached $45.5 billion, surpassing the total for the first half of 2024 [4]. - The upfront payment for license-out agreements has seen a significant increase, with a total of $2.329 billion in upfront payments recorded, marking a year-on-year growth of 329% [4]. Group 3: Notable Transactions - In March 2025, Merck Sharp & Dohme (MSD) paid $200 million for exclusive rights to develop, produce, and commercialize HRS-5346, a drug in development by Heng Rui Medicine, outside of Greater China, with potential milestone payments reaching $1.77 billion [5]. - Heng Rui Medicine has successfully completed 14 innovative drug licensing agreements, with nine occurring in the last three years, reflecting a trend of increasing transaction values [5][6]. Group 4: Internationalization Strategies - Heng Rui Medicine emphasizes internationalization as a long-term strategy, leveraging partnerships to accelerate the conversion of research results and expand market coverage [6]. - Yifan Medicine has adopted a "self-export" strategy, allowing it to control the entire value chain from research to market sales, enhancing its global competitiveness [7]. Group 5: Market Potential and Challenges - The U.S. market is identified as a primary target for innovative drugs, with a projected size of approximately $643 billion by 2024, where innovative drugs contribute significantly to sales despite representing a smaller portion of prescriptions [8]. - Yifan Medicine faced challenges in its self-export journey, including clinical trial complexities and supply chain issues, but views this path as essential for sustainable development and higher value [10].

Core Viewpoint - The Chinese innovative pharmaceutical sector is experiencing a bullish trend, highlighted by the significant stock price increase of CSPC Pharmaceutical Group, which has risen over 102% in the past five months, surpassing a market capitalization of HKD 100 billion [1]. Company Summary - CSPC Pharmaceutical Group's stock fell by 2.32%, closing at HKD 8.84 per share, with a total market capitalization of HKD 101.82 billion [2]. - CSPC has entered into a strategic research collaboration agreement with global biopharmaceutical giant AstraZeneca, utilizing CSPC's AI-driven drug discovery platform to develop new oral small molecule candidates [5]. - Under the agreement, CSPC will receive an upfront payment of USD 110 million, with potential milestone payments totaling up to USD 16.2 billion for research and USD 3.6 billion for sales, along with a single-digit sales royalty based on annual net sales [5]. Industry Summary - The collaboration aims to discover clinical candidates for multiple targets with potential for treating various diseases, including a preclinical small molecule oral therapy for immune diseases [7]. - AstraZeneca retains exclusive licensing rights to develop and commercialize the candidates identified through this collaboration globally [8]. - AstraZeneca's executive vice president emphasized the commitment to innovation and addressing chronic diseases affecting over 2 billion people globally, marking this collaboration as part of their efforts to revitalize their business in China [9]. - CSPC has announced this as its second business development (BD) deal since June, following a previous announcement regarding potential licensing collaborations worth approximately USD 5 billion [11]. - The Chinese innovative pharmaceutical sector is witnessing rapid growth in outbound collaborations, with significant BD deals being signed, including a recent USD 2 billion upfront payment deal by a different company [12][13].

Group 1 - The core viewpoint of the articles highlights significant advancements in China's pharmaceutical industry, particularly through collaborations between local companies and multinational corporations, marking a shift towards innovation and global competitiveness [2][3][9] - AstraZeneca and CSPC Pharmaceutical Group have entered a strategic research collaboration focusing on the discovery and development of new oral drug candidates targeting chronic diseases, which underscores the increasing inclination of global R&D resources towards Chinese innovation [1][2] - The collaboration involves a transaction value exceeding $5.3 billion, ranking among the top three in China's biopharmaceutical sector for 2024, indicating a revaluation of local innovation platforms [3][4] Group 2 - The pricing strategy for Ryzneuta, a drug by Eifang Pharmaceutical, is set at $4,600 per unit in the U.S., significantly higher than the domestic price of 2,388 yuan, showcasing the high-value potential of Chinese innovative drugs in international markets [1][7] - The partnership between AstraZeneca and CSPC includes a unique "option" mechanism that allows AstraZeneca to mitigate early-stage R&D risks while providing CSPC with immediate funding and future revenue-sharing opportunities [4][5] - The increasing trend of license-out transactions for Chinese innovative drugs, which reached a total of $51.9 billion in 2023, reflects the growing bargaining power of companies with differentiated capabilities in AI drug discovery and new target development [5][6][9] Group 3 - The articles emphasize a structural transformation in the Chinese pharmaceutical industry, moving from a focus on cost advantages to leveraging technological platforms, particularly in AI-driven drug discovery [5][6] - The significant price differences for innovative drugs between China and the U.S. highlight the varying perceptions of drug value across markets, with the U.S. market providing a more favorable environment for high-priced innovative therapies [7][8] - The successful international pricing of Chinese drugs is seen as a critical pathway for value transition, enabling local companies to escape homogenized competition and establish a unique presence in the global pharmaceutical landscape [9]

Core Insights - The Chinese innovative pharmaceutical industry is experiencing a surge in License-out transactions, with total transaction amounts reaching $45.5 billion in the first five months of 2025, compared to $51.9 billion for the entire year of 2024 [1] - A notable event is the agreement between 3SBio and Pfizer on May 20, 2025, for exclusive global development rights worth over $6 billion, setting a record for upfront payments in China at $1.25 billion [1] - The trend indicates increasing recognition of Chinese companies' R&D capabilities by multinational pharmaceutical firms [1] Group 1: Market Trends - The innovative drug sector is entering a recovery phase, with significant business development (BD) transactions occurring, leading to rising stock prices for related companies [3] - The market is witnessing a return to reasonable valuations for many innovative drug companies, although some still have a way to go [3] - The trend of License-out transactions and NewCo models is seen as beneficial for innovative drug companies to secure funding for further R&D [2] Group 2: Investment Opportunities - Companies like Chengyi Biotech and Yiming Biotech have achieved notable BD transactions, positively impacting their product pipelines and capital market progress [3] - Chengyi Biotech's collaboration with AstraZeneca is valued at $2.01 billion, including an upfront payment of $185 million [3] - Yiming Biotech has secured multiple partnerships, including a $1.7 billion deal with BioNTech and a strategic collaboration with BeiGene [4] Group 3: Future Outlook - The number of Chinese pharmaceutical companies may consolidate from nearly 5,000 to around 300-500, driven by mergers and acquisitions [6] - The focus on product differentiation and technological leadership is crucial for investment decisions in innovative drug companies [6][7] - The investment landscape is becoming more rational, with a clear distinction between high-quality companies and those with similar pipelines struggling to attract capital [8]

Market Overview - A-shares experienced steady growth in the first half of the week, followed by an overall adjustment in the latter half, with May CPI showing a month-on-month decline [1] - The three major indices had mixed performances, with the Shanghai Composite Index and Shenzhen Component Index down by 0.25% and 0.60% respectively, while the ChiNext Index rose by 0.22% [1] - Global uncertainty has led to increased interest in defensive assets, with high-dividend assets maintaining significant allocation value [1] ETF Performance - The top-performing ETFs this week included several related to innovative pharmaceuticals, with notable gains exceeding 10% for multiple funds [2] - Conversely, consumption and technology-related ETFs saw significant declines, with the top losers experiencing drops of over 4% [4][5] Investment Trends - China's share of global business development (BD) transactions has surged from 5% in 2021 to 42% by May 2025, indicating a growing international recognition of Chinese innovative pharmaceuticals [3] - Major transactions, such as the $60 billion collaboration between Heng Rui Medicine and Hercules, highlight the increasing trend of Chinese companies entering international markets [3] Fund Flows - The ETF market saw a net outflow of 43.36 billion yuan, with a notable preference for conservative investments, particularly in bond ETFs [6][8] - The top inflows were seen in bond ETFs, with the Credit Bond ETF leading with an inflow of over 30 billion yuan [8] Upcoming ETFs - Four new ETFs are set to launch next week, including the Changcheng CSI Dividend Low Volatility 100 ETF, which aims to provide a combination of high dividends and low volatility [10] - The Tianhong CSI A500 Enhanced Strategy ETF is also highlighted for its strong historical performance and potential for superior returns through active management [12]