智通财经APP获悉，交银国际发布研报称，本周恒生医疗保健指数涨0.5%，跑输大市。其中，生物药、 处方药及器械板块表现较优于其他板块。本周内资偏向防御，倾向获利了结，主要加仓内生增长稳定的 传统及低估创新药厂。而外资则较积极，聚焦创新主线中的龙头及产业链上游，包括创新药及CXO标 的。 该行继续推荐关注以下细分方向：1)创新药：三生制药(01530)、德琪医药-B(06996)、百济神州(06160) 等短期催化剂丰富、估价值仍未反映核心大单品价值;先声药业(02096)、和黄医药(00013)、传奇生物 (LEGN.US)被明显低估计、长期增长逻辑清晰;2)CXO：受益于下游高景气度与融资边际回暖的细分赛 道龙头，如药明合联(02268);3)监管不确定性逐步释放，有反转机会的医院、器械和诊断等子板块。 1-8批集采接续采购规则转变为询价模式，交银国际认为此规则下整体降价幅度或有限，对港股处方药 厂的影响或小于预期。12月，行业界仍有充足催化剂，包括各学术大会、健保谈判结果公布、联储局潜 在降息等，板块投资情绪可望稳中有升。 ...

Core Viewpoint - The company, Lianbang Pharmaceutical, has shown significant progress in its drug development, particularly in weight loss and insulin products, while maintaining a stable growth outlook in its antibiotic and animal health segments [1][2][3] Group 1: Weight Loss Drug Development - UBT251 has achieved authorization, and the clinical trial results for UBT251 in China show a 15.1% average weight loss from baseline at the highest dose after 12 weeks, compared to a 1.5% increase in the placebo group [1] - The safety profile of UBT251 is similar to other gut incretin products, with the most common adverse events being gastrointestinal reactions, mostly mild to moderate [1] - The company has granted overseas rights for UBT251 to Novo Nordisk, receiving an upfront payment of $200 million and potential milestone payments of up to $1.8 billion, along with tiered sales royalties based on annual net sales in overseas regions [1] Group 2: Insulin Business Outlook - The company has successfully won bids in all six procurement groups for insulin, with all selected products classified as Class A, indicating a stable growth outlook for its insulin business [2] - The company’s self-production costs are controllable, which supports the expectation of stable growth in the insulin segment [2] Group 3: Animal Health and Antibiotics - The company anticipates that 19 animal health formulations will be launched by 2025, with over 10 formulations expected to be approved annually from 2026 to 2028, indicating a strong pipeline and growth potential in the animal health market [2] - The company has established itself as a leader in the penicillin industry, with a market share of around 50% in both penicillin industrial salt and 6-APA, benefiting from vertical integration and process iteration [2] - The antibiotic business is expected to remain stable, despite some anticipated fluctuations in demand starting in Q4 2024, due to the execution of centralized procurement for piperacillin-tazobactam sodium [2] Group 4: Financial Projections and Valuation - The company’s projected total revenue for 2025-2027 is estimated at 145.24 billion, 139.87 billion, and 145.80 billion yuan, with year-on-year growth rates of 5.56%, -3.70%, and 4.23% respectively [2] - The projected net profit attributable to the parent company for the same period is 29.07 billion, 25.57 billion, and 27.62 billion yuan [2] - The company is valued using a comparable company valuation method, with a target market capitalization of 34.102 billion HKD and a target price of 18.77 HKD per share, reflecting a buy rating [3]