智通财经APP获悉，周二，再鼎医药(ZLAB.US)涨逾4%，报34.43美元。消息面上，特朗普近期宣布， 10月起对所有品牌/专利药征收100%关税，除非该制造商正在美国境内兴建生产设施。此关税政策不适 用于仿制药、生物相似药及原料药/API等中间体。交银国际认为，这对中国创新药产业链影响有限，无 需过度担忧。 交银国际表示，当前自主出海品种多在美自建产能或已将生产外包给美国本土CMO，而大部分国产创 新药出海采用BD模式；出口产品以原料药/生药原液为主，暂不受影响，制剂/成品药出口比例较低，下 游MNC客户投资建厂尚需时日，短期内对CXO订单直接冲击有限，长期来看政策变动也可能影响其建 厂节奏。后续催化剂包括：ESMO大会将于10月中下旬举行；医保谈判结果及第一版商保创新药目录将 于10-11月公布。 ...

医药股表现强势，截至发稿，和铂医药-B(02142)涨8.2%，报15.71港元；再鼎医药(09688)涨6.83%，报 26.6港元；诺诚健华(09969)涨6.61%，报18.87港元；药明康德（603259）(02359)涨5.37%，报115.7港 元。 该行指出，当前自主出海品种多在美自建产能或已将生产外包给美国本土CMO，而大部分国产创新药 出海采用BD模式；出口产品以原料药/生药原液为主，暂不受影响，制剂/成品药出口比例较低，下游 MNC客户投资建厂尚需时日，短期内对CXO订单直接冲击有限，长期来看政策变动也可能影响其建厂 节奏。后续催化剂包括：ESMO大会将于10月中下旬举行；医保谈判结果及第一版商保创新药目录将于 10-11月公布。 消息面上，特朗普近期宣布，10月起对所有品牌/专利药征收100%关税，除非该制造商正在美国境内兴 建生产设施。此关税政策不适用于仿制药、生物相似药及原料药/API等中间体。交银国际认为，这对中 国创新药产业链影响有限，无需过度担忧。 ...

Core Viewpoint - The announcement of a 100% tariff on all branded/patented drugs by Trump starting in October is expected to have limited impact on China's innovative drug industry chain, with no excessive concerns warranted [1] Group 1: Impact on Innovative Drugs - Most Chinese innovative drugs that are currently being exported have either established production capacity in the U.S. or have outsourced production to local CMO companies [1] - The majority of domestic innovative drugs are exported using a business development (BD) model, which mitigates the impact of the tariff [1] Group 2: Impact on CXO Sector - The export products in the CXO sector primarily consist of raw materials and biological raw liquids, which are not affected by the new tariff; the proportion of finished dosage forms exported is low [1] - The investment timeline for multinational corporations (MNCs) to build factories in China will take time, leading to limited direct impact on CXO orders in the short term [1] - Long-term policy changes may influence the pace of factory construction by MNCs [1] Group 3: Upcoming Catalysts - The ESMO conference will take place in mid to late October, with a focus on companies like CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (09995) that are expected to release significant data [1] - The results of medical insurance negotiations and the first version of the commercial insurance innovative drug directory are expected to be announced in October-November [1] Group 4: Mid to Long-term Recommendations - Recommended stocks in the innovative drug sector include 3SBio (01530) and Eucure Biopharma-B (06996), which have rich short-term catalysts and their valuations do not yet reflect the core value of major products [2] - Companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are considered undervalued with clear long-term growth logic [2] - In the CXO sector, WuXi AppTec (02268) is highlighted as a leading player benefiting from high downstream demand and improving financing conditions [2]

Group 1 - The core viewpoint is that the new 100% tariff on all branded/patented drugs announced by Trump will have limited impact on China's innovative drug industry chain, and there is no need for excessive concern [1] - For innovative drugs, most products currently being exported are either produced in the U.S. or outsourced to U.S. CMO, and most domestic innovative drugs are exported using the BD model [1] - For CXO, the main export products are raw materials and herbal extracts, which are not affected by the new tariff; the proportion of finished drug exports is low, and the investment timeline for MNC clients to build factories will take time, leading to limited short-term impact on CXO orders [1] Group 2 - Mid to long-term recommendations include innovative drugs such as 3SBio (01530) and Eucure Biopharma-B (06996), which have rich short-term catalysts and their valuations do not yet reflect the core value of major products [2] - Other recommended companies include Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech, which are considered significantly undervalued with clear long-term growth logic [2] - For CXO, companies like WuXi AppTec (02268) are expected to benefit from high downstream demand and improving financing conditions [2]

交银国际研究 每日晨报 2025 年 9 月 29 日 今日焦点 医药行业 特朗普对进口创新药加征关税，但实际影响或 有限，建议逢低布局 丁政宁 Ethan.Ding@bocomgroup.com 特朗普宣布 10 月起对所有品牌/专利药征收 100%关税。美国总统特朗普 通过社交媒体宣布自 10 月 1 日起，将对所有进口的品牌药或受专利保护 的成品药及制剂征收 100%关税，除非该制造商正在美国境内建设生产设 施（包括动工或在建）。此关税政策不适用于仿制药、生物类似药及原 料药/API 等中间体。 对中国创新药产业链影响有限，无需过度担忧：1）创新药：当前自主出 海品种多在美自建产能或已将生产外包给美国本土 CMO，而大部分国产 创新药出海采用 BD 模式。2）CXO：出口产品以原料药/生物药原液为主， 暂不受影响，制剂/成品药出口比例较低，下游 MNC 客户投资建厂尚需 时日，短期内对 CXO 订单直接冲击有限，长期来看政策变化也可能影响 其建厂节奏。总体而言，表面上此次美国加征药品关税短期冲击集中于 依赖海外生产之跨国药企、倒逼其在美国建厂，但整体覆盖范围有限、 对于中国医药产业链的整体影响或可控，与 ...

交银国际研究 消息快报 医药行业 2025 年 9 月 26 日 医药 2025 年 9 月 26 日 特朗普对进口创新药加征关税，但实际影响或有限，建议逢低布局 丁政宁 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Gloria.Zhuge@bocomgroup.com (852) 3766 1845 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 特朗普宣布10 月起对所有品牌/专利药征收100%关税。美国总统特朗普于 2025 年 9 月 25 日通过社交媒体宣布，自 10 月 1 日起，将对所有进口的品 牌药（branded）或受专利保护（patented）的成品药及制剂征收 100%关 税，除非该制造商正在美国境内建设生产设施（已动工或在建的工厂可申 请豁免）。此关税政策不适用于仿制药、生物类似药及原料药/API 等中间 体，其进口仍可能免受关税影响。 对中国创新药产业链影响有限，无需过度担忧：1）创新药：当前 ...

Group 1: Real Estate Industry Insights - In August 2025, the sales of commercial housing continued to weaken, with a year-on-year decline of 10.6% for commercial housing and 9.7% for residential housing, indicating a significant drop compared to July [3] - From January to August 2025, the total sales area of commercial housing was 573 million square meters, down 4.7% year-on-year, while the sales amount reached 5.5 trillion yuan, a decrease of 7.3% year-on-year [3][5] - The funding for real estate companies saw a year-on-year decline of 8% from January to August 2025, with a notable drop of 11.9% in August alone [5] Group 2: Investment Trends and Recommendations - The report suggests that the real estate market is under significant downward pressure on both sales and investment, necessitating continuous policy support to stimulate market demand [8] - Recent policy adjustments in major cities like Beijing and Shanghai have had a short-term positive effect on new and second-hand housing transactions, but the sustainability of this effect remains uncertain [8][9] - The report maintains a "buy" rating for the real estate sector, recommending focus on leading real estate companies with strong land acquisition capabilities and well-structured land reserves, as well as top-tier intermediary firms benefiting from active second-hand housing transactions [8][9] Group 3: Construction and Land Transactions - From January to August 2025, real estate development investment decreased by 12.9% year-on-year, with a more pronounced decline of 19% in August [6] - The supply and transaction volume of residential land in 100 major cities saw a year-on-year decrease of 14% and an increase of 5%, respectively, indicating a slowdown in land transactions [7] - The average premium rate for residential land transactions in August was 5.08%, continuing to decline from July [7] Group 4: Medical Services Sector Overview - The medical and biological sector experienced a decline of 2.07% last week, ranking 23rd among 31 primary industries [11] - A new policy from the Shanghai government aims to support the high-end medical device industry, focusing on innovation, clinical application, and international development [12] - The report maintains a "buy" rating for the medical services sector, highlighting high-growth opportunities in pharmaceutical outsourcing and improving expectations for third-party testing laboratories [14]

该行提到，特朗普近期声称要加大对引进中国药品的限制，引发市场担忧国产创新药出海前景，但该行 认为实际影响有限，考虑到：1)游说发起者主要是美国生物科技企业及投资者，MNC参与度低，实际 影响力有限;2)MNC对中国医药创新的依赖度提升，行政令推进难度较大。在创新药板块普涨之后，择 时、择股重要性明显提升，该行建议在板块回调时逐步布局，并推荐关注创新药、CXO细分方向。 智通财经APP获悉，交银国际发布研报称，本周(2025/9/9-9/16)恒指涨1.9%，恒生医疗保健指数跌 3.0%，行业指数中排第12位，跑输大市。9月以来，内资通过港股通的持股比例保持稳定，而外资在港 股医药的持仓则从年中开始略有回落，当前内资持续对于创新药企布局，而外资对于板块整体呈现审慎 态度，注重即时盈利能见度。本周，内资增持龙头及创新药企，外资则对于性价比较高的CXO企业有 所增持，对于内资加仓的创新药标的则有所减持。 ...

Core Insights - The report highlights a divergence between domestic and foreign investments in the pharmaceutical sector, suggesting a strategic focus on innovative drug production during market fluctuations [1] - The Hang Seng Healthcare Index fell by 3.0% this week, underperforming the broader market, with hospitals, medical devices, and prescription drugs showing relatively better performance [1] - Domestic investors have maintained stable holdings through the Hong Kong Stock Connect, while foreign investments in Hong Kong pharmaceuticals have slightly decreased since mid-year [1] Investment Insights - The report suggests that recent claims by President Trump regarding increased restrictions on importing Chinese pharmaceuticals will have limited actual impact [2] - It recommends gradually positioning in the innovative drug sector during market corrections, focusing on companies like 3SBio and Eucure Biopharma, which have rich short-term catalysts and valuations that do not yet reflect the core value of their major products [2] - The report also identifies CXO companies benefiting from high downstream demand and improved financing conditions, with WuXi AppTec highlighted as a leading player in this segment [2]

Group 1 - The A-share pharmaceutical and biotechnology index fell by 0.36%, underperforming the CSI 300 index by 1.75 percentage points and the ChiNext index by 2.37 percentage points, ranking 28th among 31 sub-industries [4] - The Hong Kong Hang Seng Healthcare Index dropped by 1.43%, underperforming the Hang Seng Index by 4.83 percentage points [4] Group 2 - Recent progress in drug development includes NDA applications for HRS9531 by Heng Rui Pharmaceutical and several other drug applications by companies like Zhi Xiang Jin Tai and Kang Ning Jie Rui [5] - Clinical trials are ongoing for various drugs, including the phase III trial of Velolizumab by Shu Tai Shen and phase II trials for HP515 by Hai Chuang Pharmaceutical and mesutoclax by Nuo Cheng Jian Hua [5] Group 3 - The National Medical Products Administration announced a significant reduction in IND approval time to 30 days, enhancing the efficiency and predictability of clinical research for innovative drugs [6] - The government's support for the entire innovative drug development chain is being implemented, aiming to establish a high-quality development system for innovative drugs in China [6] Group 4 - The investment strategy for 2025 emphasizes structural selection of investment opportunities, focusing on the core contradiction between payment willingness and ability [7] - Three payment channels within the pharmaceutical industry are identified: in-hospital payments, out-of-pocket payments, and overseas payments, with a positive outlook on policy support for in-hospital payments and expanding public demand [8]