（来源：深蓝观） 吴妮 | 撰文 又一 | 编辑 如果放在几个月前，114亿美金总额、12亿美金首付的BD交易，无论如何也会点燃一波市场情绪。 10月22日，武田和信达宣布了这笔总额114亿美元的合作：涵盖三款处于不同阶段的药物：PD-1/IL-2双 抗 IBI363 由信达与武田共同开发，并计划在美国共同商业化，现处于全球Ⅲ期临床；CLDN18.2 ADC IBI343 在中国和日本进行Ⅲ期注册试验，武田拥有大中华区以外的独家权益；EGFR/B7H3 ADC IBI3001 处于Ⅰ期临床，武田持有大中华区以外的独家选择权。 但信达和武田的BD交易宣布之后，信达的股价连续两个交易日下跌。 二级市场早已习惯于用首付金额丈量价值，2025年前三季度中国创新药出海交易总金额达1029.96亿美 元(首付款49.76亿美元），不时涌现首付和交易总额齐高的案例，比如三生与辉瑞一笔交易首付便高达 12.5亿美元等案例，不断推高着市场对"天花板"的想象。 来源：市场资讯 信达与武田的交易涉及三个管线，市场以传统眼光看待12亿美元的首付，难免会认为三个管线被低估。 而且这笔钱并非单纯的"预付款"，而是投入一个共同"资金池"的 ...

Group 1 - The core viewpoint of the article emphasizes the importance of the people-to-people relationship in the development of China-Philippines relations over the past 50 years, highlighting that mutual friendship aligns with the fundamental interests of both nations [1][3][4] - The article reflects on the historical ties between the two countries, noting that the relationship has endured various challenges but has consistently progressed, benefiting both peoples and contributing to regional and global stability [1][2][4] - The article discusses the significance of commemorative activities organized by various sectors in the Philippines to celebrate the 50th anniversary of diplomatic relations, showcasing cultural exchanges and mutual appreciation [4][9][10] Group 2 - The South China Sea issue is identified as a critical aspect of China-Philippines relations, with historical references to Deng Xiaoping's proposal of "shelving disputes and jointly developing" the area, emphasizing the need for restraint and dialogue [5][6][7] - The article argues that the South China Sea issue should not dominate the bilateral relationship, suggesting that prioritizing cooperation over confrontation is essential for both nations [7][8] - It highlights the role of the Chinese community in the Philippines as a significant contributor to the country's development and the promotion of friendly relations between the two nations, underscoring their historical and cultural importance [8][9]