该行指，产品授权、并购及新公司设立的成熟路径将进一步释放上行潜力：1)截至2025年中期，中国约 占全球临床试验管线的三分之一，及上半年进入人体研究的创新药候选物约占50%; 2)在可能定义未来 标准治疗的新型疗法中，中国企业在ADC(抗体药物复合体)、BsAb/TCE等领域主导管线，或在 siRNA(小分子干扰核糖核酸)、PROTAC(蛋白降解靶向嵌合体)等领域成为重要新兴参与者; 3)全球社群 对中国数据的关注度增加，中国至全球数据的转化性也在改善。 就下一波焦点：高盛指中国创新药资产日益获得全球企业的认可，中国生物科技出海业务拓展交易持续 增长。从治疗领域看，肿瘤学/肥胖症是当前焦点，该行预计中国的免疫学管线将持续增长。在疗法类 型方面，ADC/BsAb是中国的关键差异化优势(占出海授权交易的1/3)，而siRNA/PROTAC管线可能是下 一个交易的潜力领域。 基于该行对行业因素业务拓展框架，引入新的"许可成功概率"(PoLS)框架，评估中国生物科技/制药管 线，以更好地反映潜在的出海价值(主要通过合作实现)。该行认为夏季是积累高质量创新药股票的机 会，因数据披露较少，股价可能在当前水平徘徊。该行长期 ...

与十年前"仿制为主"的形象相比，中国药企已经走到了"原创创新+出海授权"的新阶段。 追风交易台最新消息，高盛稍早前发布研报指出，创新药板块这波涨势背后的核心动力，是以"出海授权"为代表的中国创新药全球化浪潮。2025 年上半年，中国生物科技板块录得78%的强劲涨幅，显著跑赢恒生医疗指数（+41%）、MSCI中国（+18%）以及美股生技板块XBI（-6%）。 高盛认为，中国生物科技行业正在经历一次结构性重估，本轮大涨并非短期反弹。截至目前，中国生物科技公司整体市值仍仅为美国同行的 14%-15%，而其在全球创新贡献中的比重已接近33%。这意味着，中国创新药板块仍处于"价值洼地"阶段，全球资本重估才刚刚开始。 伴随中国药企在全球创新药管线中占比持续攀升，以及对前沿技术模式的深入布局，行业有望持续释放长期价值。 中国创新药正在向全球输出，但仍陷于"价值洼地" 中国在全球创新药体系中的角色，正在从"本土创新"向"全球输出"加速演变。 高盛数据显示，截至2025年上半年，中国贡献了全球50%的新进入人体临床的新药分子，并拥有约1/3的全球创新药在研管线。十年前，这一占比 仅为个位数。尤其是在ADC（抗体偶联药物）、Bs ...

消息面上，2025年6月30日生物医药产业资本对接会成功举办，促进产融合作。此外，6月24日，市药品 监督管理局在宝山高新区举办第三期生物医药产品"注册讲堂"，聚焦无源/有源器械及体外诊断试剂检 测与临床评价要点，为80余家医疗器械企业提供政策指导。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 东莞证券指出，医药生物板块近期迎来回调，此前涨幅较大的创新药相关产业链和减肥药板块跌幅居 前。目前国内创新药公司经过多年研发投入，陆续进入收获期，创新药领域近期利好频出，新药出海授 权金额不断创新高，创新药业务开始为创新药企业贡献业绩。SW医药生物行业近期下跌5.05%，跑输 同期沪深300指数约6.43个百分点，三级细分板块全部录得负收益，其中医疗耗材和医院板块跌幅较 少，化学制剂和线下药店板块跌幅居前。行业估值有所下降，目 ...

Group 1 - The Chinese capital market is expected to show a "stable index, structural bull" trend in the second half of the year, indicating significant potential for A-shares [2] - Long-term funds are anticipated to become an important incremental capital source for the market, suggesting a structural bull market for A-shares [2][3] - The capital market is projected to exhibit a "dual bull" trend in stocks and bonds by the second half of 2025 [3] Group 2 - The stock market is expected to respond more quickly to policy easing, potentially leading to an upward turning point among major asset classes [3] - A-shares may experience a volatile trend due to a combination of declining profits and credit conditions in the second half of the year [4] - The profit bottom for A-shares may not arrive until at least the third quarter, indicating weakening elasticity in the profit cycle [5] Group 3 - Key sectors attracting institutional interest include banking, which offers safety and yield certainty amid external uncertainties and low interest rates [6] - The new consumption sector is seen as a growth area, driven by changing consumption concepts among Generation Z [7] - The innovative pharmaceutical sector is expected to see significant licensing opportunities in 2025, with potential catalysts for market performance in the second half of the year [7] Group 4 - The technology sector, having adjusted valuations to reasonable levels, may present new investment opportunities in the second half of the year [7] - The smart driving sector is poised for growth, with new vehicle launches focusing on intelligence and currently low valuations of related companies [7] - The new energy vehicle sector typically experiences two market cycles: the first driven by expectations and the second by actual performance [8] Group 5 - The A-share market is anticipated to experience a phase of volatility followed by an upward trend in the second half of the year [9] - The market is expected to continue a pattern of oscillation and gradual ascent [9]

Core Viewpoint - Rongchang Biologics has licensed its proprietary drug Taitasip to US-listed VorBio for global development outside Greater China, but the market reaction has been lukewarm, leading to significant declines in stock prices for both A-shares and Hong Kong shares [1] Group 1: Licensing Agreement Details - Rongchang Biologics will receive $125 million from VorBio, including a $45 million upfront payment and $80 million in warrants, which can be exercised at $0.0001 per share for 320 million shares, representing approximately 23% of VorBio's expanded total share capital [1] - The total potential payment from VorBio could reach $4.105 billion, with additional sales royalties [1] Group 2: Market Reaction and Analysis - Following the announcement, Rongchang Biologics' A-shares fell over 18% and Hong Kong shares dropped over 16%, attributed to high market expectations prior to the announcement and profit-taking by investors [1] - Analysts noted that the upfront cash payment of $45 million is relatively low and raised concerns about VorBio's financial strength, as its total market capitalization is only $69.28 million compared to Rongchang Biologics' over 30 billion [1] Group 3: Industry Trends - Despite the negative market response, the trend of overseas licensing is seen as a crucial pathway for Chinese innovative pharmaceutical companies to gain capital support and improve valuations [1] - In a tightening financing environment, there is an increase in License-out transactions, which are becoming more diversified, allowing domestic pharmaceutical companies to secure upfront payments, milestone payments, and sales shares [1]

2025.06. 23 本文字数：2462，阅读时长大约4分钟 作者 | 第一财经 周艾琳 年初时，DeepSeek的崛起带动"中国资产重估"，此后这一主题不再局限于科技互联网行业，中国新 消费和创新药都有所表现，而这三大主题也在今年引领了港股行情。 投行的数据显示，当前国际资金对中国的配置比例仍处于历史低位附近，但摩根士丹利近期也提及， 大多数全球投资者都明确表示，有意愿重新增配部分中国资产。 在美国资管巨头骏利亨德森投资（Janus Henderson Investors）大中华区股票负责人、基金经理缪子 美（Victoria Mio）看来，那些有创新和突破的行业企业会受重估，例如，能运用AI实现增长或降本 增效的企业、有创新药以及产线可能会被跨国药企看中的医疗企业、能打造全球品牌的消费企业。 港股、美股皆有机会 行业当前的共识在于，今年美股和中国股市都有布局机会，而港股的机会可能优于A股。 事实上，今年港股的消费板块人气已经超过了互联网。 从消费板块来看，泡泡玛特（09992.HK）、蜜雪集团（02097.HK）、老铺黄金（06181.HK）被投 资者称为"港股三姐妹"。缪子美在3月时的一篇调研笔记中就 ...

Group 1 - International capital allocation to China remains at historical lows, but there is a growing willingness among global investors to increase exposure to Chinese assets, particularly in innovative sectors like AI, new consumption, and innovative pharmaceuticals [1][2] - The consensus among industry experts is that both US and Chinese stock markets present investment opportunities this year, with Hong Kong stocks potentially outperforming A-shares [2][3] - The current valuation of the MSCI China Index is at a PE of 11 and PB of 1.4, indicating that Hong Kong stocks are undervalued compared to the high valuations of US stocks, which are reliant on AI narratives [3] Group 2 - The consumer sector in Hong Kong has gained significant attention, surpassing the internet sector in popularity, with companies like Pop Mart and Miko Group being highlighted as key players [4][5] - The growth potential of new consumption in China is linked to the ability to create new IP and resonate with consumers, as well as the capacity to expand internationally [5] - The Chinese pharmaceutical industry is experiencing a resurgence, with significant interest from global pharmaceutical companies seeking assets in key therapeutic areas, leading to a 54% increase in the Hong Kong healthcare sector this year [6][7] Group 3 - The "outbound licensing" theme in innovative pharmaceuticals is gaining traction, driven by high-value overseas licensing deals and increasing recognition of Chinese biotech firms by multinational companies [7][8] - Recent financing activities in the biotech sector, such as the significant capital raises by companies like Hengrui Medicine and Junshi Biosciences, indicate a robust investment environment [7] - The potential for Chinese pharmaceutical companies to enhance their global commercialization capabilities through strategic partnerships is seen as a key growth driver, although challenges remain in terms of innovation and execution [8]

展望2025年，公司还有巨大的价值提升空间： 大单品耐赋康今年年初正式纳入医保后销售放量超预期，至今已累计了超过2万名新患者; EVER001(BTK抑制剂)已在6月初的ERA大会上公布了在膜性肾病中十分亮眼的初步数据(截至12月17 日)，还会在2025年下半年公布1年随访的数据，逐渐成熟的临床数据已不断吸引跨国公司的合作意愿， 将助力公司在年内落地出海授权合作，最大化该产品的全球价值； 云顶新耀称，本次交易将进一步拓宽该公司高质量、关注基本面的长线持有国际专业机构投资人阵营， 优化投资人结构，并为公司的长期发展提供支持，这也真实的反应了国际投资人对云顶新耀价值的认可 和未来的信心。 本次大宗交易之后，康桥资本仍将继续持有超过25%的股权，保持其作为云顶新耀控股股东的地位和信 心，并将继续赋能公司。 mRNA平台也步入收获期，EVM16个性化肿瘤疫苗预计于今年完成1a部分的入组及读出初步的人体免 疫原性数据，EVM14通用现货型肿瘤相关抗原疫苗已在美国获得IND批准，并将于下半年实现首例患者 入组，下半年还将获得中国的IND批准。自体生成CAR-T项目近期将完成大动物临床前验证。已有多家 跨国大型制药公司表 ...