智通财经APP获悉，华鑫证券发布研报称，2025年上半年交易数量与金额均呈现显著上升态势。其中， 涉及中国的交易贡献了近50%的总金额和超过30%的交易数量，中国企业在全球创新药中价值得到进一 步认可。新药授权出海不仅扩大了市场空间，还为中国创新药企业提前获得研发的回报，继续增加研发 投入。建议关注：恒瑞医药(600276.SH)、药明康德(603259.SH)、众生药业(002317.SZ)等。 华鑫证券主要观点如下： 新药出海授权收益逐步确认，产业生态持续好转 根据医药魔方数据，2025年上半年，全球医药交易数量达456笔，同比增长32%;首付款总额达118亿美 元，同比激增136%;交易总金额高达1304亿美元，同比增长58%。全球交易数量与金额均呈现显著上升 态势。其中，涉及中国的交易贡献了近50%的总金额和超过30%的交易数量。无论交易金额和总数，中 国企业在全球创新药中价值得到进一步认可。新药授权出海不仅扩大了市场空间，还为中国创新药企业 提前获得研发的回报，继续增加研发投入。从已发布中报医药上市公司分析，部分新药授权的首付款已 到账，并显著提升企业的利润增长。 全球GLP-1市场稳定扩容，中国企 ...

Core Viewpoint - Hims & Hers Health has experienced significant growth but faced a major setback due to the termination of its partnership with Novo Nordisk, impacting its stock performance [1][2][3] Company Overview - Hims & Hers Health has established a direct-to-consumer health platform focusing on hair loss, mental health, and weight loss, achieving strong revenue growth and stock returns [1] - The company has seen its stock price increase over 150% on two occasions in early 2025, but it recently dropped over 30% following the partnership news [1][2] Financial Performance - Hims & Hers Health is projected to grow earnings at 36.5% annually over the next three to five years, with sales expected to rise by 58.5% this year and 22.6% next year [5] - Current Zacks Consensus Estimates indicate revenues of $2.34 billion for the current year and $2.87 billion for the next year, reflecting year-over-year growth of 58.48% and 22.63% respectively [7] - The company trades at a premium valuation of 41x next year's earnings, which is considered reasonable given its growth forecasts [5] Market Landscape - The GLP-1 weight loss treatment market is projected to exceed $150 billion by 2035, indicating substantial long-term growth potential despite the recent partnership loss [10] - Novo Nordisk and Eli Lilly, major players in the GLP-1 market, have faced challenges, with Novo Nordisk's shares down over 50% from their 2024 highs [9] Strategic Considerations - The termination of the partnership with Novo Nordisk raises concerns, but Hims & Hers Health remains a fast-growing company in a compelling industry [3][10] - Investors may consider applying a three-day rule to mitigate risks associated with the recent volatility before making investment decisions [11]