摘要 中国在全球创新生态中扮演的角色日益重要，尤其自 2022 年 ADC 药物 兴起后，预计中国原创资产在美国 FDA 获批药物中的渗透率将从 5%增 至 2024 年的 35%，贡献年度 220 亿美元的海外收入。 中国医药企业面临超过 1,000 亿美元的专利悬崖或收入缺口，主要集中 在肿瘤学、免疫学和心脏代谢疾病领域，中国企业正通过增加全球临床 试验份额来填补这一缺口。 海外投资者对中国医药行业持谨慎态度，关注估值和地缘政治风险，对 中国与西方公司之间的估值差距以及潜在的地缘政治波动寻求更多保障。 美国投资者对 China Innovation Ban 及欧盟相关条款的执行性担忧较 少，但相较于亚洲投资者，他们更关注地缘政治和估值问题，认为当前 估值差距未完全反映长期全球化收益。 海外生物制药公司对中国临床数据的信心增强，通过购买中国资产获得 高质量的临床前、临床过程和病人数据，推动中国资产受到更多关注。 数字医疗板块表现突出，受益于医院处方外流、集采后原研药出流以及 线下药房线上化，京东健康和阿里健康等公司通过战略合作进一步推动 业务增长。 中国 CRO 公司通过外部授权和客户合作，在创新资产出海过 ...

Core Viewpoint - There is a significant trend of foreign capital inflow into Chinese companies, as evidenced by multiple global emerging market funds increasing their positions in Chinese stocks, particularly in the pharmaceutical sector [1][3]. Fund Activity - Invesco Developing Markets Fund increased its holdings in Hengrui Medicine by 100%, with a total market value of HKD 1.86 million after the increase [3]. - JPM China A-Share Opportunities Fund raised its stake in Hengrui Medicine by 18.49% [6]. - Allianz China A Shares Fund also increased its position in Hengrui Medicine by 8.47% [8]. Market Insights - The fund manager of Invesco, Justin Leverenz, expressed optimism about the Chinese pharmaceutical industry, noting that China has transitioned from a follower to a leader in drug development over the past five years [4]. - The Chinese biotechnology sector is still in its early stages, with significant potential for growth as companies have yet to fully engage in value-creating activities such as late-stage global clinical development and commercialization [4]. Performance Metrics - As of the end of May, the Invesco fund had a total size of approximately USD 14.1 billion (CNY 1012.41 billion) [3]. - The Allianz fund had a total size of USD 2.3 billion [8]. - The JPM fund had a total size of USD 2.8 billion [7]. Foreign Investment Sentiment - Temasek, Singapore's state investment firm, reported a net asset value of USD 340 billion, reflecting an 11.6% year-on-year growth, and continues to view China positively for long-term prospects [13].

Core Viewpoint - Akeso, led by Michelle Xia, is at the forefront of China's drug innovation, with its cancer drug Ivonescimab showing promising results in clinical trials compared to Merck's Keytruda [1][8]. Group 1: Company Background - Akeso was founded in 2012 by Michelle Xia and three colleagues, at a time when China had few labs capable of independent research [5][14]. - The company started with less than $3 million in venture capital and has grown to a valuation of approximately $9.5 billion [15][18]. - Akeso has four drugs approved in China and several others in development for cancer, immune diseases, and high cholesterol [30]. Group 2: Drug Development and Innovation - Ivonescimab is a bispecific antibody that targets two proteins, enhancing the immune response against cancer cells while inhibiting tumor blood supply, unlike traditional drugs that target only one protein [21]. - In a study, lung cancer patients treated with Ivonescimab had nearly double the time without disease progression compared to those treated with Keytruda [22]. - The drug has been authorized for trials in the U.S. by Summit Therapeutics, marking a significant collaboration in U.S.-China pharmaceutical relations [2][28]. Group 3: Market and Industry Context - The rise of Akeso symbolizes a "coming of age" for China's pharmaceutical innovation, as the country transitions from a focus on generic drugs to original research [17]. - The Chinese biopharmaceutical market is experiencing growth due to an aging population and increasing income levels, creating substantial market potential [13]. - Despite geopolitical tensions, the biopharmaceutical sector remains a rare area of cooperation between the U.S. and China, with cancer drugs not typically classified as national security risks [23][24]. Group 4: Leadership and Vision - Michelle Xia is recognized as a leading female entrepreneur in the biopharmaceutical field, aiming to bridge the gap between Chinese and Western pharmaceutical innovation [3][4]. - The company's ultimate goal is to become a world-class pharmaceutical enterprise, with a focus on producing high-quality drugs rather than merely achieving large-scale operations [31][32].