21世纪经济报道记者 赵娜 上海报道 2025年，中国创新药的出海故事仍在持续，但关于"卖青苗"的忧虑也多了起来。一边是频繁刷新的出海 BD交易金额，另一边是不少业内声音对"过早出售管线"的担忧。 在市场热度和不确定性之间，企业如何作出判断，投资人又在关注什么？ "BD交易卖出的是创新药企研发能力的'果实'，关键要看我们的'树'能否一直在。"毅达资本合伙人孟晓 英这样说。在她看来，BD交易是当下环境下企业走出去的一种方式选择——通过海外合作换取现金 流，反哺本土新管线的开发，是一种阶段性的战略选择。更长远的挑战，是企业是否具备持续开发产品 的能力，能否把"树"真正扎根、长稳。 与孟晓英的对谈也将我们拉回到十多年前中国创新药行业的拓荒期，和很多人记忆中，那些背包辗转于 中美市场，力邀同学、同事、好友回国创业的创业投资人们。 从那时开始，创投机构作为本土创新药企业的最早支持者之一，不只是出钱，更深度参与到早期团队搭 建、管线策略、资源连接等关键环节中。从企业投资人到行业共建者，他们的角色也在行业发展中不断 更新。 今年6月，《21世纪经济报道》专访孟晓英，围绕创投如何支持创新药行业发展、BD交易背后的决策逻 辑以 ...

Group 1 - The Hong Kong Stock Connect Innovative Drug Index (987018) has decreased by 2.39% as of June 13, 2025, with mixed performance among constituent stocks [1] - The Hong Kong Stock Connect Innovative Drug ETF (159570) has seen a decline of 2.73%, with the latest price at 1.6 yuan, but has increased by 15.96% over the past week [1] - The ETF has a high trading volume, with a turnover of 47.54% and over 2.7 billion yuan in transactions, indicating active market participation [1] Group 2 - The Hong Kong Stock Connect Innovative Drug ETF has reached a new high in scale at 56.22 billion yuan and a new high in shares at 3.448 billion [2] - The ETF has experienced continuous net inflows over the past eight days, totaling nearly 1.2 billion yuan, with a maximum single-day inflow of 234 million yuan [2] - The latest margin buying amount for the ETF is 401 million yuan, with a margin balance of 166 million yuan [2] Group 3 - Recent catalysts in the BD sector and the robust logic of innovative drugs going global suggest a sustained market trend, with continuous recommendations for innovative drugs and Pharma [5] - The ASCO annual meeting highlighted the competitiveness and activity of Chinese pharmaceutical companies in new drug development, with positive market reactions [5] - There is a strong outlook for domestic innovative drugs, particularly for companies with advantages in clinical progress and international expansion [5] Group 4 - The Hong Kong Stock Connect Innovative Drug ETF (159570) has a significant focus on the innovative drug industry, with the top ten holdings accounting for nearly 72% of the total weight [6] - The ETF has a high concentration in innovative drugs, with 85% of its weight in this category, making it one of the highest in the market [6] - The underlying assets are Hong Kong stocks, allowing for T+0 trading, which enhances liquidity [6]

每经编辑｜赵云 创新药板块6月12日发力走强，创新药ETF国泰（517110）开盘逆市上涨，全天收涨4.39%。生物医药 ETF（512290）收涨2.02%。 | 代码 | 名称 | 涨跌幅 * | | --- | --- | --- | | 517110 | 创新药ETF国泰 | 4.39% | | 512290 | 生物医药ETF | 2.02% | 来源：Wind 消息面，国产创新药BD利好频传。创新药BD（Business Development，商务拓展）在医药行业中主要指 通过License-in（授权引进）和License-out（授权输出）等交易模式，实现创新药产品的商业化合作。近 年来，随着中国创新药企的崛起，BD尤其是License-out（对外授权）成为药企获取现金流、拓展国际 市场的重要途径。 继三生制药与辉瑞达成SSGJ-707重磅授权、石药集团宣布潜在的三项大型海外授权交易后，中国生物 制药也发出预告，近期将有一笔标志性的重磅对外授权交易落地。创新药板块重要成份股荣昌生物也在 与多家跨国公司洽谈BD。荣昌生物的BD是市场关注的焦点，泰它西普传闻BD金额可能破200亿美元， 去年曾 ...

Core Viewpoint - The Chinese innovative drug sector is experiencing significant growth, driven by increased policy support, breakthroughs in research and development, and a surge in business development (BD) transactions, indicating a clear trend towards internationalization and positioning China as a "pharmaceutical powerhouse" [1][2][4]. Group 1: Market Performance - The innovative drug sector has seen a remarkable recovery since 2025, with the Wind Innovative Drug Index rising by 27.46% year-to-date, outperforming the broader market [2]. - In the Hong Kong market, the Hang Seng Innovative Drug Index has surged by 73.12%, with notable individual stocks like Sanofi and Kexing Biotech seeing increases of over 100% [2]. - A total of 78 stocks in the A-share market have collectively gained over 400 billion yuan in market value this year [2]. Group 2: Reasons for Growth - The recovery is attributed to three main factors: the innovative drug index's previous decline creating upward potential, the transition of biotech companies to profitability, and a significant increase in China's share of global BD transactions [3][4]. - The share of China's BD transactions in global deals has risen from 5% in 2021 to 42% in 2025, with the total value of BD transactions reaching $41 billion [3]. Group 3: Policy Support - The Chinese government has intensified support for innovative drugs, with initiatives outlined in the 2024 and 2025 government work reports to accelerate the development of innovative drugs and medical devices [5][6]. - The State Council has approved a comprehensive plan to support the entire chain of innovative drug development, focusing on price management, insurance payments, and optimizing approval processes [6]. Group 4: R&D Breakthroughs - Chinese pharmaceutical companies are increasingly focusing on original research, with a significant rise in the number of innovative drugs entering clinical trials [7][8]. - In 2024, China had 704 innovative drugs, leading globally, and accounted for 31.33% of the world's first-in-class (FIC) drugs [8]. Group 5: Business Development Transactions - The total value of BD transactions for Chinese innovative drugs reached a record $523 billion in 2024, with significant deals announced in recent months [11][12]. - Major companies like Sanofi and CSPC have engaged in high-value BD transactions, indicating strong international interest in Chinese biotech assets [11][12].

作 者丨季媛媛 闫硕 周亦洋 编 辑丨林虹 张星 图 源丨AI 凌晨两点，波士顿海港区会议中心，落地窗外的大西洋漆黑如墨。 而就在七年前，同样在波士顿，一个深夜来电曾击碎过王黎的幻想——当中国药企兴冲冲捧着实验室成果走向世界 时，国际监管机构冰冷的质疑往往成为第一道致命冰墙。 冰封航线 2018年寒冬，彼时尚任跨国药企研发骨干的王黎接到国内一家新兴生物技术公司创始人的越洋电话。电话那头声音沙 哑："FDA（美国食品药品监督管理局）拒绝安排会议……他们说试验设计不符合国际规范。" 这不是孤例。当中国药企怀揣创新药勇闯深海，却在三个暗礁前接连触底： 临床试验设计如同闭门造车。某明星抗癌药一期数据惊艳，却在FDA审查中漏洞百出。"不是数据本身不行"，一位曾 深度参与早期项目的CRO（合同研究组织）负责人回忆，"是我们根本不懂游戏规则，不知道FDA审评员真正关心什 么、疑虑什么。" 专利布局更成致命伤。某明星抗肿瘤药物license-out谈判临门一脚时，国际大厂突然亮出杀手锏——核心化合物专利 存在地域保护漏洞，交易瞬间冻结。"从立项之初，企业是否就将全球市场作为靶点，是否建立了贯穿药物全生命周期 的全球知识产权战 ...

沉寂了三年多的医药板块，今年终于迎来爆发。 在出海业务的拉动下，创新药公司正迎来扭亏。医药魔方数据显示，2024年中国创新药出海交易总金额 高达508亿美元，同比增长超30%。 而新药研发也在蓬勃发展，国家药品监督管理局的报告显示，2024全年，药审中心共计批准48款1类创 新药品种上市，同比增加20%，创下近五年新高。 头部企业纷纷交出亮眼答卷，百济神州今年一季度营业总收入80.48亿元，同比增长50.2%，首次实现季 度盈利。 CXO"一哥"药明康德一季度实现营业收入96.5亿元，同比增长21.0%，归属于上市公司股东的净利润 36.7亿元，同比增长89.1%，交出营收利润均双位数增长的"成绩单"。 业绩拉动下，创新药相关指数也迎来上涨，简单拉一下医药相关指数年内涨幅，可以看到，涨幅靠前的 均为创新药相关指数。 数据来源：wind，截止日期：2025.6.6 国证港股通创新药指数和中证港股通创新药指数均在港股通范围内选取创新药相关公司，从成分股来看 两者相似性很高，前十大权重股均超过了70%，呈现显著龙头效应。 指数前十大成分股 数据来源：wind，截止日期：2025.6.10 两大指数的成分股均覆盖了创 ...

Core Viewpoint - The year 2025 is anticipated to be a breakthrough year for Chinese innovative drugs entering the global market, marking a significant transformation from generic drugs to original innovative drugs in the Chinese pharmaceutical industry [2][4][5]. Group 1: Industry Transformation - Over the past decade, the Chinese pharmaceutical industry has shifted from being dominated by generic drugs to focusing on original innovative drugs, driven by policy reforms, capital influx, and returning talent [4][5][6]. - The approval speed for new drugs has accelerated due to regulatory reforms initiated in 2015, enhancing the quality and authenticity of clinical data [5][6]. - By 2025, the number of innovative drugs approved by the National Medical Products Administration (NMPA) is expected to reach new highs, with significant participation from Chinese scholars in international conferences [2][10]. Group 2: License-out Transactions - The total value of license-out transactions for Chinese innovative drugs reached $45.5 billion in 2023, a significant increase from $51.9 billion in 2024, indicating growing trust from multinational pharmaceutical companies [2][10]. - License-out strategies allow innovative drug companies to achieve early funding returns and establish brand reputation in global markets [2][11]. - Despite the growth in license-out transactions, concerns about the quality and valuation of these deals persist, with some viewing them as "selling immature fruits" [11][12]. Group 3: Clinical and Patent Strategies - Chinese companies are increasingly adopting international clinical standards and building strong international clinical operation teams to enhance the quality of their research [7][8]. - The focus on patent strategies has intensified, with companies now integrating intellectual property considerations into their research and development processes from the outset [9][10]. - The ability to navigate patent landscapes effectively is becoming a critical factor for the success of innovative drugs in international markets [9][10]. Group 4: Future Outlook - The Chinese innovative drug sector is expected to continue its upward trajectory, with a total market capitalization surpassing one trillion yuan by early summer 2025 [16]. - The industry is diversifying beyond PD-1 products into areas such as antibody-drug conjugates (ADCs) and cell therapies, reflecting a maturation of the market [16][18]. - The successful navigation of global clinical trials and regulatory processes will be essential for maximizing the value of Chinese innovative drugs in the international arena [14][15].

Group 1 - The Hong Kong stock market opened lower but the innovative drug sector led the gains, with significant increases in stocks such as China Biologic Products rising over 16% and Zai Lab rising over 10% [1] - The Hong Kong innovative drug ETF (159567) has seen a net inflow of funds over the past five trading days, indicating high market interest [1] - China Biologic Products has successfully deepened its innovation transformation, with the revenue share from innovative products increasing from 16% in 2018 to an expected 42% in 2024, and projected to exceed 50% by 2025 [1] Group 2 - The innovative drug ETF (159992) tracks an index that includes leading companies in the innovative drug industry, benefiting from trends such as AI-enabled drug development and the international expansion of domestic innovative drugs [2] - The innovative drug sector is showing significant investment value, with Chinese innovative drug companies gaining international competitiveness, as evidenced by 73 oral presentations at the 2025 ASCO annual meeting [2] - In the first quarter of 2025, Chinese innovative drug companies completed 41 overseas licensing transactions totaling $36.929 billion, indicating an accelerated internationalization process [2]

图片来源：视觉中国 2025年以来，沉寂近四年的创新药板块强势崛起，成为中国资本市场最大"黑马"，多个细分领域呈现多 点开花之势。截至目前，全市场280余只医疗主题基金超90%年内实现正收益，部分涨逾50%；港股创 新药ETF同期涨幅也突破50%。加之A股和港股创新药公司营收连续七年保持高速增长，引发市场对"中 国创新药迎来DeepSeek时刻"的热议。 创新药板块的爆发源于基本面的根本性逆转。中国创新药企与全球MNC（跨国制药巨头）达成的 license-out（对外授权）交易金额屡创新高，最新的一笔为三生制药与辉瑞达成PD-1/VEGF双抗交易， 首付款12.5亿美元刷新国产创新药出海纪录，潜在总付款达48亿美元。魔方医药数据显示，今年一季度 中国药企共完成33笔对外授权交易，交易总金额达366亿美元，同比增长约258%，去年这一数量达94 笔，总交易金额达519亿美元，同比增长26%。 同时，5月29日单日就有11款创新药获批，创历史新高。近期举办的2025年ASCO（美国临床肿瘤学 会）共有来自中国的73项口头报告，数量也创下历史新高，且184项ADC（抗体药物偶联物）管线相关 研究入选，其中89项来 ...

Group 1 - The core viewpoint of the articles highlights the significant recovery and growth of the innovative drug sector in Hong Kong, with the innovative drug ETF rising by 1.86% and a year-to-date increase of nearly 60%, leading the pharmaceutical ETF market [1] - The innovative drug sector is experiencing a resurgence after four years of stagnation, with commercial insurance playing a crucial role in determining whether innovative drugs can truly benefit patients [1][5] - The performance of innovative drug-themed public funds is strong, with 8 out of the top 10 actively managed equity funds being heavily invested in innovative drugs, all showing gains exceeding 68% [1] Group 2 - The three main catalysts for the current innovative drug market rally include significant improvements in R&D capabilities, expansive overseas market opportunities, and favorable market liquidity conditions [2] - The Chinese innovative drug sector is transitioning from a follower to a leader in global R&D, as evidenced by increased approvals and successful business development transactions with major overseas pharmaceutical companies [2][3] - The industry is witnessing a substantial increase in revenue, with A-share innovative drug companies achieving a revenue of 12.19 billion yuan in Q1 2025, a year-on-year growth of 23% [3] Group 3 - There have been 24 overseas transactions in innovative drugs within the first five months of 2025, totaling over 15.5 billion USD, indicating a strong trend towards international expansion [4] - The Hong Kong innovative drug ETF has reached a scale of 10.406 billion yuan, with a growth of approximately 5.4 billion yuan in the past year, leading the pharmaceutical ETF market [4] - The innovative drug sector faces inherent high risks, with only 10% of R&D projects typically succeeding, requiring significant upfront investment and a long development cycle [4] Group 4 - The reform of the payment system is crucial for the sustainable high-quality development of the innovative drug industry, with commercial health insurance expected to accelerate the development and accessibility of innovative drugs [5][6] - Recent government policies aim to enhance the commercial health insurance framework, including the establishment of a dynamic and standardized innovative drug directory to meet diverse healthcare needs [6] - The insurance sector is increasingly aligning with the innovative drug industry, with initiatives to develop targeted insurance products that address the risks associated with R&D in biopharmaceuticals [7]