记者丨季媛媛 韩利明 编辑丨张伟贤 BD（商务拓展），曾在生物医药领域融资市场持续收紧的"资本寒冬"中，为中国生物科技公司（Biotech）带来了新的募资契机。 2025年，BD掀起了前所未有的热潮。央视财经数据显示，截至2025年11月18日，国产创新药对外授权总金额已突破千亿美元，相较于2024年 实现了翻倍式增长。手握优质BD项目的Biotech迎来了股价上涨、IPO畅通等红利，更有不少企业提前预告BD进展。 BD交易的持续强劲，既印证了中国医药资产在全球范围内性价比与竞争力的提高，推动行业迈入"创新兑现+全球布局"的关键时期，也引发了 行业对交易质量的深入审视。一方面，"本土创新低卖"等争议随着交易数量的增加而同步升温；另一方面，业内普遍认为，BD交易的考验不 在于签单的金额和数量，而在于协议签署后产品价值落地的实现。 事实也是如此。BD交易对于创新药全球价值的实现固然重要，但BD交易后，产品本身全球价值的逐步验证和实现更为关键。而产品全球价值 的验证和实现主要影响因素包括全球临床的推进、产品数据的发布、竞争格局的变化等。 未来行业BD走向究竟怎样？对此，高特佳投资副总经理于建林向21世纪经济报道记者 ...

12月30日，港股通创新药板块继续调整，港股通创新药ETF（520880）续跌逾1.5%，场内价格创7月11 日以来新低！场内延续宽幅，显示买盘资金仍较强势，昨日已有410万元资金逢跌进场。 权重龙头股呈普跌态势，康方生物、科伦博泰生物-B跌超2%，百济神州、中国生物制药、信达生物、 三生制药等集体跌逾1%。 | 分时 多日 1分 5分 * | | | | | F9 盘前盘后 盈加 九转 画线 工具 ( 2 )> | | | | | 港股通创新药ETF ① | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.52 | | | | 520880[猪胶酒创新药ETF] 10:27 价 0.502 脂肤 -0.008[-1.57%) 均-. | | | | 0.502 -0.008 -1.57% | | 520880 | | | 买 | | 0.518 | | | | | | 1,5699 | | SSE CNY 10:27:22 交易中 查看L2全器 | | | | T+ ...

时间追溯到2015年，那是药品审评审批制度改革之年，也是中国创新药的起点。如今10年过去了，中国 创新药正经历着前所未有的"史诗级逆袭"。 2025年被称为创新药的"爆发元年"，年初至今，港股通创新药ETF（159570）已录得超86%的累计涨 幅，规模更是快速增长至242亿元上方。从前8个月的猛攻到近期的震荡，中国创新药依然行走在"冰火 淬炼"的蜕变之路上。（数据截至2025/11/27） 图：2025行情回顾：部分创新药企股价走势及其主要BD事件 【最表层：创新药企集体扭亏为盈】 业绩面看，创新药营收迅速增长，利润端扭亏为盈。2025年前三季度，创新药板块上市公司实现营业收 入488.3亿元（+22%），归母净利润-4.6亿元（+71%）。2025Q3实现营业收入192亿元（+51%），归母 净利润11亿元（+147%）。 港股方面，百济神州三季度业绩点燃市场热度。百济神州2025Q3实现营收100.77亿元，同比增长 41.1%；净利润6.89亿元，同比扭亏为盈。前三季度营收275.95亿元，同比增长44.2%；净利润11.39亿 元，同比扭亏为盈。具体来看，2025Q3百济神州的拳头产品泽布替尼全球销 ...

免责声明： 近期，创新药板块迎来强势反弹，当前行情究竟走到哪一步了？近期板块有望迎来哪些催化？创新药 的"进攻号角"是否再次吹响？ 对此，长城医药产业基金经理梁福睿表示，创新药板块的催化因素主要包括行业会议、海外临床推进、 BD出海交易及创新药国家谈判等方面。根据公开信息，国家医保目录谈判结果基本符合市场预期，商 保进展积极，国内创新药市场空间仍具潜力。同时，已实现授权出海的创新药管线有望通过拓展海外市 场进一步打开市场空间。梁福睿进一步指出，根据过往海外MNC的工作节奏，圣诞节前通常是BD交易 活跃期，而当前资本市场对BD交易事件的关注点正从"短期事件驱动"逐渐转向"长期基本面兑现"，预 计后续创新药板块的波动率将逐步收敛，整体走势有望更趋良性。 消息面上，据《经济日报》，我国创新药获批数量呈现井喷式增长，今年上半年，国家药监局批准43个 创新药上市，同比增长59%；2024年，我国批准48个创新药上市，仅低于美国的50个，排名全球第二。 方正证券认为，本轮创新药从8月中下旬进行调整状态，部分个股尤其是港股调整剧烈，市场对创新药 的核心逻辑出现怀疑，部分市场资金在国际博弈扰动下有减仓，但实质上创新药BD的逻 ...

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21% [1][2]. Sector Performance - The pharmaceutical sector faced the largest declines, with notable drops in internet healthcare, AI healthcare, biopharmaceuticals, pharmaceutical outsourcing, and innovative drug concepts. Key stocks included: - 3SBio (01530.HK) down 9.44% - WuXi Biologics (01873.HK) down 6.09% - Kingsoft Cloud (01548.HK) down 6.05% - Innovent Biologics (02696.HK) down 5.62% - CanSino Biologics (09926.HK) down 5.39% - JD Health (06618.HK) down 8.6% - Ping An Good Doctor (01833.HK) down 4.28% - Alibaba Health (00241.HK) down 4.46% - Crystal International (02228.HK) down 4.82% - MicroPort Scientific (02252.HK) down 3.55% [3]. Impact of Economic Data - The recent U.S. non-farm payroll data exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut in December. This has implications for the valuation and financing of innovative drugs, as the cooling expectations for rate cuts may impact investment sentiment [3]. Commodity and Energy Sector - The weakening expectations for a December rate cut have also affected the U.S. dollar index, which surpassed the 100-point mark, putting pressure on the commodities sector. Key declines included: - Ganfeng Lithium (01772.HK) down 12.47% - Tianqi Lithium (09696.HK) down 11.93% - Jinchuan Group (06680.HK) down 6.63% - Lingbao Gold (03330.HK) down 5.47% - China Aluminum (02600.HK) down 4.85% - Chalco International (02068.HK) down 4.74% [4]. Renewable Energy Sector - The power equipment, photovoltaic, and wind power sectors also performed poorly, with significant declines in: - Northeast Electric (00042.HK) down 7.02% - Xinyi Solar (00968.HK) down 7.51% - GCL-Poly Energy (03800.HK) down 5.83% - Yihua Energy (02402.HK) down 6.27% - Flat Glass Group (06865.HK) down 6.02% [4]. Semiconductor Sector - The semiconductor sector saw notable declines, with: - SMIC (00981.HK) down 6.39% - Hua Hong Semiconductor (01347.HK) down 6.09% - Shanghai Fudan (01385.HK) down 3.78% - Beike Micro (02149.HK) down 5.2% [5]. Technology Sector - Other technology-related sectors, including cloud computing and AI, also faced downward pressure, with significant drops in: - Tencent Music (01698.HK) down 5.98% - Baidu (09888.HK) down 5.79% - Alibaba Group (09988.HK) down 4.65% - NetEase (09999.HK) down 3.76% [5].

博彩股早盘普跌。澳门预期明年赌收2360亿澳门元，小摩称11月赌收增幅或放缓。金沙中国(01928)跌 5.33%；永利澳门(01128)跌5.12%；美高梅中国(02282)跌4%。 智通财经APP获悉，港股恒生指数跌2.07%，跌535点，报25300点；恒生科技指数跌3.11%。港股早盘成 交1505亿港元。 科技股全线走低。拖累恒科指数跌超3%，降息预期降温叠加AI泡沫担忧冲击美股。华虹半导体(01347) 跌超5%；中芯国际(00981)跌超5%；阿里巴巴-W(09988)跌4%。 创新药概念股跌幅居前。创新药BD已有降温迹象，降息预期降温或冲击估值及投融资。和铂医药- B(02142)跌7%；腾盛博药-B(02137)跌超6%。 三生制药(01530)跌超8%，拟分拆蔓迪国际于联交所主板独立上市。 光伏股继续下跌。光伏整体需求表现偏弱，机构称组件环节顺价尚不明显。信义光能(00968)跌6.07%； 新特能源(01799)跌6.5%。 受美联储12月降息预期弱化的影响，美元指数再上100点关口。有色股全线承压。洛阳钼业(03993)跌超 4%，江西铜业股份(00358)跌超4%。锂矿股回调，赣锋锂 ...

Group 1 - The core viewpoint of the article indicates a decline in innovative drug concept stocks, with significant drops in companies such as Heptares Therapeutics-B (down 9.15% to HKD 12.81), Tansheng Bo Pharmaceutical-B (down 7.56% to HKD 1.59), and others [1] - The report highlights a cooling trend in the business development (BD) of innovative drugs, with a total transaction amount of USD 60.8 billion in the first half of 2025, representing a year-on-year increase of 129%. However, the growth rate has started to decline since the third quarter of this year [1] - The U.S. employment report for September shows economic resilience, leading Morgan Stanley to abandon its previous prediction of a 25 basis point rate cut by the Federal Reserve in December. The new forecast suggests rate cuts in January, April, and June 2026, lowering the target policy rate to a range of 3%-3.25% [1] Group 2 - Analysts suggest that the cooling expectations for Federal Reserve rate cuts may impact the valuations of the innovative drug sector and overseas biopharmaceutical investment and financing [1]

Group 1 - The innovative drug concept stocks have experienced significant declines, with notable drops including: Heptares Therapeutics-B down 9.15% to HKD 12.81, Tiansheng Bo Pharmaceutical-B down 7.56% to HKD 1.59, Rongchang Biopharmaceutical down 5.83% to HKD 80, and Innovent Biologics down 6.18% to HKD 86.5 [1] - There are signs of cooling in the innovative drug business development (BD) sector, with data indicating that the total transaction amount in the first half of 2025 in China is projected to be USD 60.8 billion, a year-on-year increase of 129%. In the first three quarters of this year, the transaction amount reached USD 93.7 billion, reflecting a year-on-year growth of 64% [1] - The decline in growth rates for domestic innovative drug BD transactions began in the third quarter, indicating a potential slowdown in the sector [1] Group 2 - The U.S. September employment report shows economic resilience, leading Morgan Stanley to abandon its previous prediction of a 25 basis point rate cut by the Federal Reserve in December [1] - Morgan Stanley now forecasts that the Federal Reserve will lower interest rates in January, April, and June of 2026, bringing the target policy rate range down to 3%-3.25% [1] - Analysts suggest that the cooling expectations for Federal Reserve rate cuts may impact the valuations of the innovative drug sector and overseas biopharmaceutical investment and financing [1]

阿里巴巴：有消息称，阿里巴巴正准备对旗舰AI应用进行重大改版；据悉，阿里巴巴已秘密启动"千 问"项目，基于Qwen最强模型打造一款同名个人AI助手——千问APP，全面对标ChatGPT，加入全球AI 应用的顶级竞赛。 腾讯控股：2025年第三季度收入1928.69亿元，同比增长15%，环比增长5%；毛利1087.98亿元，同比增 22%，环比增长4%；毛利率由去年同期的53%提升至56%；本公司权益持有人应占盈利631.33亿元，同 比增长19%，环比增长13%，预期558.8亿元；非国际财务报告准则本公司权益持有人应占盈利为705.51 亿元，同比增长18%，环比增长12%，预期659.7亿元。 11月13日，南下资金今日净卖出港股35.21亿港元。 其中：净买入阿里巴巴-W 13.75亿、小米集团-W 7.79亿；净卖出盈富基金62.27亿、恒生中国企业22.89 亿、腾讯控股8.75亿、信达生物4.19亿、赣锋锂业2.61亿。 据统计，南下资金已连续12日净买入小米，共计89.1582亿港元。 北水关注个股 信达生物：中国银河证券称，医药板块估值经历较长时间调整，近期已呈现显著结构性修复趋势，下半 年创 ...

Group 1 - The core viewpoint of the article highlights a rebound in the innovative drug sector, with the Sci-Tech Innovation Drug ETF (589720) rising nearly 2% due to increased capital inflow during the recent pullback period, totaling over 270 million yuan in net inflows over the past 10 days [1] - China Galaxy Securities indicates that the pharmaceutical sector has undergone a significant valuation adjustment and is now showing a notable structural recovery trend, with expectations that the innovative drug business development (BD) will continue in the second half of the year [1] - The global trend of interest rate cuts by major central banks is anticipated to further enhance the valuation of the innovative drug sector [1] Group 2 - The Sci-Tech Innovation Drug ETF focuses on innovative drug companies listed on the Sci-Tech Innovation Board, tracking an index that aggregates 30 representative high-quality companies, primarily in high-growth biotech [1] - The product features a 20% limit on daily price fluctuations, making it more aligned with the volatility of the sector [1]