12月22日，阿里千问发布"2025十大AI提示词"，"股票"强势登顶。作为AI使用者，我深切感受到：如今的AI已成股民得力助手——高效整合市场信息，提 供初步分析，显著提升决策效率。但一方面AI输出仍需人工验证，警惕"幻觉"，另一方面就是要根据情况，给到更为准确和有效关键提示，才能善用其 力。 话不多说，来实操案例，更有说服力。就用最近比较火的千问来分析分析药企的重大业务拓展（BD）公告。 为什么选药企的重大业务拓展（BD）公告，尤其是对外授权交易。因为这种交易已成为影响其股价和市场预期的一个关键因素。它对股价的影响是立竿 见影，但会出现结果分化，而且公告本身因包含专业条款和复杂结构，确实存在一定理解门槛，尤其是隐藏的"预期差"，毕竟市场反应的核心是公告内容 vs. 市场此前预期，这个是非常考验AI理解能力和数据库的储备能力的。 为了能够让千问能够充分了解分析意图，我除了上传了一份翰森制药与Glenmark达成阿美替尼全球授权协议公告之外，特别进行了整体框架的设定，也就 是提示词的确定，共计设定了六个大类，同时根据自己的需求，对七大类进行了部分细化： 1.核心事项解析（交易关键要素、产品与合作方背景） 2. ...

Group 1 - Heng Rui Medicine announced a licensing agreement with Merck (MSD) for its Lp(a) oral small molecule project, granting Merck exclusive rights for development, production, and commercialization outside Greater China [1] - The trend of licensing out (BD) in the innovative drug sector has been robust, with 16 projects reported in the first two months of 2025, covering areas from oncology to autoimmune diseases [1][3] - Venture capital and private equity (VC/PE) firms are playing a crucial role as "enablers" for innovative drug companies, helping them connect with overseas markets and demands [1][3] Group 2 - In early 2025, companies like Heptares and AstraZeneca announced global strategic cooperation agreements for developing next-generation bispecific antibodies targeting various diseases [2] - Other companies such as Innovent Biologics and WuXi Biologics have also secured significant milestone payments through overseas collaborations [2] - BD activities are increasingly discussed within the pharmaceutical industry, indicating a critical year for innovative drug BD business [2] Group 3 - The commercial model for BD in the innovative drug sector has become clearer and more robust in 2025, with significant deals exceeding $1.5 billion for some companies [3] - Data shows that 31% of innovative drug candidates introduced by multinational corporations in 2024 originated from China [3] - VC/PE firms are actively assisting drug companies in BD, as the current financing environment poses challenges for both primary and secondary market exits [3][4] Group 4 - In 2023, the total value of BD transactions surpassed IPO financing amounts, with a significant increase in license out transactions compared to primary market financing [4] - Assisting innovative drug companies with BD is part of the post-investment management work for investors, providing a high return on investment [4] Group 5 - The primary buyers in the BD market are multinational pharmaceutical giants facing patent cliffs and local Chinese pharmaceutical companies seeking to enhance their competitive edge [5] - Multinational corporations are under pressure to replenish their product lines due to expiring patents, with cash reserves exceeding $10 billion for several major companies [5][6] Group 6 - American pharmaceutical companies are the most active in BD transactions, followed by European and Asian firms [6] - Overseas funds are increasingly interested in Chinese innovative drug companies, particularly in first-in-class opportunities [6] Group 7 - The difficulty of achieving large BD transactions is comparable to that of IPOs, with only about 6% of innovative drug cases resulting in significant BD deals [7] - Successful BD transactions are more likely for companies with late-stage clinical data or differentiated early-stage assets [7] Group 8 - BD transactions provide immediate funding for companies, allowing them to sustain ongoing research and production despite the high risks associated with drug development [8][9] - Companies like Heptares and Heng Rui Medicine have reported significant revenue increases attributed to BD activities [8][9] Group 9 - While BD transactions can provide substantial cash flow, they are not solely a means of financial survival; they also help companies mitigate risks associated with international clinical trials [9][10] - BD agreements can serve as a pathway for VC/PE firms to exit investments, although they do not fully resolve the challenges of investment exits [10][11] Group 10 - Despite the rapid growth of BD activities, the proportion of overseas licensing in financing cases remains small, necessitating continued support from VC/PE in the primary market [11]