恒瑞医药7月28日宣布与葛兰素史克公司（GSK）达成合作协议，将HRS—9821项目的全球独家权利 （不包括中国）和至多11个项目的全球独家许可的独家选择权（不包括中国）有偿许可给GSK。28日， 恒瑞医药A股涨停。 根据协议条款，GSK将向恒瑞支付5亿美元的首付款。如果所有项目均获得行使选择权且所有里程碑均 实现，恒瑞将有资格获得未来基于成功开发、注册和销售里程碑付款的潜在总金额约120亿美元。 据悉，此次合作将为恒瑞医药全球化进程注入强劲动能，同时为GSK创造2031年后重大增长机遇。这些 项目经严格筛选，旨在扩充GSK在呼吸、自免和炎症、肿瘤等治疗领域已建立的研发管线，且所有项目 经评估均具有成为"同类最优"或"同类第一"的潜力。 据了解，HRS-9821目前正处于临床开发阶段，可用于治疗慢性阻塞性肺病，作为辅助维持治疗，无须 考虑既往治疗方案。此次协议还包含一项开创性的规模化合作计划，除HRS-9821外，双方将共同开发 最多11个项目，恒瑞医药将主导这些项目的研发，最晚至完成包括海外受试者的Ⅰ期临床试验，每个项 目均拥有各自的财务结构。 恒瑞医药执行副总裁、首席战略官江宁军表示："此次与GSK的战略 ...

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector [3][6]. Core Insights - A significant collaboration has been established between Sanofi and Pfizer regarding SSGJ-707 (PD-1/VEGF dual antibody), with an upfront payment exceeding $1.25 billion and potential total payments reaching $4.8 billion, including milestone payments and a double-digit percentage sales share [3][7]. - The Hang Seng Healthcare Index increased by 6.83%, outperforming the Hang Seng Index by 6.44 percentage points [6]. Summary by Sections 1. Overseas Pharmaceuticals - Sanofi and Pfizer's collaboration on SSGJ-707 includes global development rights, with Sanofi receiving an upfront payment of $1.25 billion and potential total payments of up to $4.8 billion [3][7]. - Kelun Biotech's TROP2 ADC has received acceptance for a new indication application, targeting HR+ HER2- breast cancer patients [3][7]. - Innovent Biologics' CD19 monoclonal antibody has been approved for the treatment of relapsed/refractory diffuse large B-cell lymphoma in China [3][7]. - The report highlights the approval of BMS's TYK2 inhibitor for a new indication and a collaboration between Roche and Orionis for small molecule drugs [4][8]. 2. Overseas Social Services - Ctrip's Q1 2025 revenue increased by 16% to 13.9 billion yuan, with a non-GAAP operating profit of 4 billion yuan, maintaining a profit margin of 29% [12]. - The report maintains a target price of 590 HKD for Ctrip, with a "Buy" rating [12]. 3. Overseas Education - The education index rose by 1.4%, outperforming the Hang Seng National Enterprises Index by 0.7 percentage points [16]. - The report suggests focusing on vocational education companies, particularly China Oriental Education, due to a rebound in training demand [18].