他介绍，在界定好公司时，主要关注三个标准：一是拉长时间看，比如未来三到五年，公司所在行业上 行趋势较为明确，发展空间较大；二是公司拥有较深厚的产品或技术积累，"护城河"足够深，核心竞争 力较为明显，能够在相对长一段时间里不被同行所超越，且其竞争优势是可以被上下游产业链所印证 的；三是公司愿意保持较高的研发投入、持续的创新能力，以及实现产品引领行业发展、代表行业创新 的方向。 中证报中证网讯(记者张韵)12月18日晚间，前海开源基金投资部总监、基金经理崔宸龙在做客中国证券 报"中证点金汇"直播间谈及自身投资框架时表示，产业趋势是其较为看重的一个要素，好公司往往也是 处于产业发展、技术革新的大行业方向上。投资价值的锚定主要还是使用现金流折现(DCF)模型进行评 估。 ...

Core Viewpoint - Haitong International has raised its revenue forecasts for BeiGene (06160) for FY25-27, expecting revenues of $5.3 billion, $6.4 billion, and $7.1 billion respectively, reflecting a CAGR of 23% over three years, due to better-than-expected sales and R&D expenses [1] Group 1: Financial Performance - In Q3 2025, BeiGene achieved revenues of $1.41 billion, a year-on-year increase of 41% and a quarter-on-quarter increase of 7.7%, with product revenues of $1.4 billion [2] - The company reported a gross margin of 86.1%, up 3.1 percentage points year-on-year [2] - R&D expenses were $520 million, up 5.5% year-on-year, while sales expenses were $530 million, up 16.2% year-on-year, resulting in an operating profit of $160 million [2] - The net profit for the quarter was $120 million, and management raised the full-year revenue guidance for 2025 to $5.1-5.3 billion [2] Group 2: Product Performance - The global revenue for Zebrutinib is expected to approach $3.9 billion in 2025, with Q3 revenues of $1.04 billion, a year-on-year increase of 50.8% and a quarter-on-quarter increase of 9.6% [3] - In the U.S., Zebrutinib generated $740 million, a year-on-year increase of 46.7%, while in Europe, it reached $160 million, a year-on-year increase of 67.7% [3] - The global revenue for Tislelizumab (PD-1) was $190 million, reflecting a year-on-year increase of 16.7% [3] Group 3: Clinical Development - In the hematological malignancies area, the company is focusing on the BCL-2 inhibitor and BTK CDAC, with plans to submit a U.S. market application for Zebrutinib in R/R MCL [4] - The management plans to initiate a Phase III clinical trial for multiple myeloma in 2026, using a regimen based on the BCL-2 inhibitor [4] - For the solid tumor area, the company is advancing the CDK4 inhibitor and B7-H4 ADC, with plans to start a Phase III trial for HR+/HER2- breast cancer in 1H26 [5]