张大伟 制图 ◎记者 邓贞 "今年我们承办的创新药路演，项目几乎都带上了'AI'标签。"上海市浦东创投协会常务副理事长马莉告 诉上海证券报记者，人工智能等前沿技术为创新药研发注入新活力，而创新药板块在二级市场的火爆带 动一级市场投资逐步升温。 清科研究中心发布的《2025年前三季度中国股权投资市场报告》显示，从行业分布来看，硬科技领域成 为资本投资布局的重点。其中，人工智能、GPU、创新药等细分赛道投资热度尤为突出。 上海证券报记者近期在创投行业一线调研时感受到，与去年相比，投资机构在创新药领域不仅出手频次 增加，其关注焦点与角色定位也正经历变化——投资逻辑围绕"国际化能力"与"源头创新"两大核心，而 资本自身也从财务投资者，向更深度的"产业操盘手"角色转变。 "国际化能力"成投资核心指标 "跟之前相比，现在我们几乎不出手没有海外视野的团队。"高特佳投资副总经理王海蛟对上海证券报记 者表示，高特佳更加青睐在早期资产设计、立项、研发的时候就规划好国际化路径的创业团队。投资逻 辑包括：一是创始人具备全球视野与经验；二是产品本身具有全球竞争力，不受限于区域市场。 以高特佳投资的和铂医药为例，其凭借全球稀缺的全人源抗 ...

Company Update - The company announced the results of the global multicenter Phase III clinical trial HARMONi for AK112 in 2L EGFRm NSCLC, achieving a PFS HR of 0.52 and an OS HR of 0.79, indicating a successful primary endpoint for PFS and a significant trend in OS benefit [1] - The results from the international HARMONi trial are consistent with the domestic HARMONi-A trial, which reported a PFS HR of 0.46 and an OS HR of 0.80 (52% data maturity) [1] - The HARMONi clinical program enrolled 420 patients, with 38% from Europe and the US, supporting the extrapolation of domestic clinical data to global data [1] Market Context - Currently, no FDA-approved drugs have achieved statistically significant OS in 2L EGFRm NSCLC, with the OS p-value for HARMONi being 0.057 [2] - The lack of statistically significant OS data in the market indicates a substantial unmet clinical need for 2L+ EGFRm NSCLC treatments [2] - AK112 shows promise based on positive PFS and OS data, potentially addressing the needs of 2L+ EGFRm NSCLC patients [2] Financial Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026 unchanged [2] - The target price is set at HKD 120.0, indicating a 60% upside potential from the current stock price [2]