回顾今年上半年中国生物技术与制药业的授权转让交易激增，中国企业的授权转让交易总额同比增 135%至600亿美元。由于恒瑞医药（600276）(01276)在港交所公开上市，中国初级市场创新药物融资总 额年增42.9%至33.3亿美元，融资事件数量略减6.7%(相较2024年年减22.3%)。美银认为，国内融资环境 改善及授权转让交易上升趋势，可能逐步转化为对国内医药外包(CXO)服务的更高需求。 鉴于需求展望改善，美银也上调了昭衍新药（603127）(06127,603127.SH)及方达控股(01521)的长期收 入预测。然而，美银预期行业龙头如药明康德凭借其整合平台及强大营运效率，将继续抢占市场份额。 因此，在CXO子行业中，美银偏好药明康德，对昭衍新药及方达控股维持"跑输大市"评级，昭衍新药港 股目标价从9.3港元上调至11港元，A股目标价从8.5元人民币上调至10.1人民币，方达控股目标价从0.8 港元上调至0.95港元。 美银证券发布研报称，上调药明康德（603259）(02359,603259.SH)长期收入预测，调整其2025至2032年 每股盈余复合年增长率至16.2%。将其港股目标价从115 ...

Group 1 - The core viewpoint of the article highlights a significant increase in licensing and transfer transactions in China's biotechnology and pharmaceutical industry, with a total transaction amount rising 135% year-on-year to $60 billion [1] - The initial public offering of Heng Rui Pharmaceutical on the Hong Kong Stock Exchange contributed to a 42.9% year-on-year increase in financing for innovative drugs in China's primary market, totaling $3.33 billion, although the number of financing events slightly decreased by 6.7% [1] - The improvement in the domestic financing environment and the upward trend in licensing transactions are expected to gradually lead to higher demand for domestic Contract Research Organization (CRO) services [1] Group 2 - The company WuXi AppTec is expected to continue gaining market share due to its integrated platform and strong operational efficiency, prompting an upward revision of its long-term revenue forecast [1] - The long-term earnings per share compound annual growth rate for WuXi AppTec has been adjusted to 16.2% for the period from 2025 to 2032, with target prices for its H-shares and A-shares increased to HKD 123 and CNY 114.4 respectively [1] - WuXi Biologics' revenue forecast for 2025 to 2027 has been raised by 2% to reflect preliminary performance for the first half of 2025, with the target price increased to HKD 35, although it maintains a "neutral" rating due to high valuation [1]