华源证券最新研报观点认为，中国医药生物行业已基本完成新旧动能转换，创新药显著打开增长新曲 线。创新产业规模逐步扩大，恒瑞医药、翰森制药等传统药企完成创新转型，百利天恒等公司以全球首 创姿态崛起；出海能力持续提升，中国药企成为跨国药企重要的创新来源，医疗设备和供应链在全球市 场崭露头角。 Wind数据显示，四季度以来，多家创新药企业迎来内外资机构的密集调研。其中，百济神州获得88家 公募和外资机构调研；泽璟制药获得36家公募和外资机构调研；迈威生物和微芯生物也获得10家以上公 募和外资机构调研。 规模方面，截至2025年11月21日，港股创新药ETF最新规模达241.02亿元。从资金净流入方面来看，港 股创新药ETF近6天获得连续资金净流入，最高单日获得5657.52万元净流入，合计"吸金"1.70亿元。 有机构认为，中国医药产业已迈入"创新兑现+全球布局"的关键阶段，人口与内需基数、全产业链制造 能力构成核心支撑，企业积极探索多元化的出海路径。展望2026年，可以重点关注创新商业化、全球化 突破、政策优化带来的新增量及行业并购整合的机遇。中信建投指出，医保谈判稳步推进，创新产品有 望惠及更多患者，2025年新 ...

Core Viewpoint - The pharmaceutical industry is becoming a focal point for investment, with new indices launched to reflect the performance of innovative drug and medical device companies, indicating strong market optimism for future investment opportunities [1][2][3]. Group 1: New Indices and Market Trends - On November 7, two new pharmaceutical-related indices were launched: the CSI Innovation Drug Index and the CSI Medical Device Index, aimed at reflecting the overall performance of listed companies in their respective fields [2]. - The CSI Innovation Drug Index includes companies involved in innovative drug research and development, while the CSI Medical Device Index focuses on companies providing medical devices and related services [2]. - The frequent introduction of new pharmaceutical indices highlights the market's positive outlook on investment opportunities in the pharmaceutical sector, with many funds achieving significant returns this year [3]. Group 2: Fund Launches and Institutional Interest - Public funds are increasingly focusing on pharmaceutical-themed products, with 45 new pharmaceutical-themed funds established this year, including 18 innovative drug index funds, compared to only 30 last year [4]. - In the past month, nine new pharmaceutical-themed funds have been reported, indicating a trend towards actively managed equity funds to explore investment opportunities in the pharmaceutical sector [4]. - Institutional interest in the pharmaceutical sector has surged, with over 40,000 institutional research visits in the past month, particularly in the medical device sector, which saw over 2,800 visits [4]. Group 3: Future Outlook - Industry experts predict that the pharmaceutical sector will experience a turning point starting in 2025, with innovative drugs leading the way, followed by other sub-sectors like medical devices and services entering a growth cycle [5]. - The domestic policy adjustments are expected to strengthen, with ongoing supportive policies for the healthcare sector anticipated [5]. - Breakthroughs in AI-assisted drug development are expected to significantly shorten drug screening cycles, creating new growth opportunities for the innovative drug sector [6].

Core Insights - The Chinese immune checkpoint inhibitor industry is rapidly developing, with a projected market size of approximately 52.734 billion yuan in 2024, representing a year-on-year growth of 44.14% [1][4][8] - The primary driver of this growth is the innovative therapeutic mechanism of immune checkpoint inhibitors, which reactivate the immune system to identify and attack tumor cells, providing revolutionary treatment options for cancer patients with limited traditional therapies [1][4] Industry Overview - Immune checkpoint inhibitors enhance the immune system's ability to attack cancer cells by blocking immune checkpoint proteins, which are used by tumor cells to evade immune responses [2][5] - The industry has evolved through three stages: initiation, rapid development, and mature expansion, with significant policy support and market entry of domestic products since 2018 [3][4] Market Size - The immune checkpoint inhibitor market in China is expected to reach approximately 52.734 billion yuan in 2024, with a significant increase in clinical application driving market demand [1][8] Key Companies - Leading companies in the industry include Junshi Biosciences, Hengrui Medicine, Innovent Biologics, and BeiGene, which collectively hold over half of the market share [8] - Junshi Biosciences' core product, Toripalimab, has been approved for 12 indications and is the first domestic PD-1 inhibitor to receive FDA approval for kidney cancer treatment [9] - Akeso's dual antibody technology has led to significant advancements, with its PD-1/CTLA-4 dual antibody achieving notable efficacy in cervical cancer [11] Industry Development Trends 1. Continuous technological innovation is driving breakthroughs in precision treatment and combination therapies, with dual antibodies and ADCs becoming more prominent [12] 2. Market expansion and the shift of indications towards early-stage treatments are accelerating internationalization, with several domestic products gaining traction in overseas markets [13] 3. Policy and regulatory developments are promoting industry standardization, with support for new biological agents and reforms in medical insurance payment methods [13]

Summary of the Conference Call for 德琪医药 Company Overview - 德琪医药 was established in 2016 and went public in Hong Kong in 2020. The company has one commercial product, 塞力尼索, which is projected to generate approximately 100 million RMB in revenue for 2024, reflecting a year-on-year growth of 37% [2][5][14]. - The company has five clinical-stage pipeline assets and has built a TC platform. As of the end of 2024, the company has cash reserves of about 900 million RMB, sufficient to support normal operations for the next three years [5][6]. Key Products and Pipeline - **ATG022 (Claudin 18.2 ADC)**: Targets gastric cancer, with approximately 360,000 new cases annually in China and over 500,000 existing patients. The five-year survival rate for advanced patients is below 50%. The overall objective response rate (ORR) for ATG022 is 36.4%, with nearly 40% for high-expression groups and about 30% for low-expression groups [2][7][9]. - **ATG037 (CD73 Small Molecule Inhibitor)**: Targets patients resistant to immune checkpoint inhibitors. Early data shows an ORR of 36.4% in melanoma and 22% in lung cancer when combined with PD-1 therapy [3][12]. - **TC Platform**: The company is developing a TCE platform (CD3 bispecific antibody technology) aimed at solid tumors, with plans to submit an application for ATG201 (CD13/CD19 bispecific antibody) in the second half of 2025 [3][13]. Market Trends and Performance - The pharmaceutical innovation sector has seen significant upward movement since February 2025, driven by business development (BD) and liquidity recovery. Both Hong Kong and A-share innovation sectors have experienced broad market rallies [3]. - The ongoing development of new technologies such as ADCs and bispecific antibodies is expected to continue benefiting Chinese pharmaceutical companies, despite existing gaps in research translation compared to leading countries like the U.S. [2][3]. Financial Valuation - The company’s target market valuation is approximately 5.8 billion HKD, with current market capitalization between 3 to 4 billion HKD, indicating potential for doubling [3][15]. - Valuation methods include NPV and DCF, estimating a peak sales potential of 2.4 billion RMB for three products, leading to a target market value of 4.2 billion RMB using a 20x PE multiple, and 6.5 billion RMB using DCF methods [15]. Important Catalysts - Key upcoming events include data updates for ATG022 at the ESMO conference in October 2025, submission of overseas marketing applications, and clinical application for the first product from the TCE platform, ATG201 [10][15]. Conclusion - 德琪医药 is positioned well within the competitive landscape of the pharmaceutical industry, with a strong pipeline and significant growth potential driven by innovative products and favorable market conditions. The company’s strategic focus on emerging technologies and clinical advancements is expected to yield substantial returns in the coming years [2][3][15].

Summary of Conference Call Records Industry Overview - The Chinese innovative pharmaceutical industry is experiencing accelerated development, driven by internationalization, policy support, and technological breakthroughs [3][4] - The recognition of Chinese innovative drugs in international markets is increasing, with a notable rise in BD (business development) transactions and large upfront payments [1][3] Key Companies Innovent Biologics (信达生物) - Sales revenue from tumor products has rapidly increased, surpassing 8 billion RMB in 2024 and expected to reach 11 billion RMB in 2025 [1] - IBI363 shows significant efficacy in lung cancer and colorectal cancer, with a 12-month overall survival (OS) rate of 70.9% in lung cancer patients [7][8] - The company has a strong competitive advantage in the tumor field, with multiple potential products and a robust pipeline [9] - Non-tumor products like Masudutai and others are also entering the sales phase, with peak sales expected to exceed 8 billion RMB [10] Kangfang Biopharma (康方生物) - Revenue growth is projected to exceed 70% in 2025 and around 40% in 2026, driven by continuous product approvals and market expansion [1][13] - AK112, a core product targeting PD-1 and VEGF, shows rapid clinical advancement and high safety, particularly in squamous cell carcinoma [14][15] - The company is actively pursuing early treatment research for PD-1 resistant patients, differentiating itself from competitors [2][17] Technological Breakthroughs - Innovations in ADC (Antibody-Drug Conjugates), IO (Immuno-Oncology) bispecific antibodies, GLP-1, and T-cell engagers are leading industry advancements [1][3] - Kangfang's dual antibody technology platform has significantly improved R&D success rates, with rapid approval timelines for key products [13] Investment Insights - Recommended investment targets include companies like Heng Rui Medicine, BeiGene, and others in both A-share and H-share markets [5] - Key investment considerations include overseas sales potential and anticipated business development activities [4] Future Catalysts - For Innovent, upcoming catalysts include the initiation of clinical trials for various products and expected data readouts in 2026 [11] - Kangfang is expected to continue rapid progress in overseas clinical research and expand its market presence [18][24] Market Valuation - Kangfang's current reasonable market value is estimated at 200.098 billion RMB, with a target price of 222.93 RMB based on DCF model calculations [25]