Group 1 - Trump's recent ultimatum to 17 global pharmaceutical companies demands significant reductions in drug prices in the U.S. within 60 days, causing market volatility [1] - The policy aims to implement a "most favored nation" mechanism, requiring European and other countries to increase drug payments while the U.S. lowers its payments, potentially stabilizing total revenue for pharmaceutical companies and encouraging them to enhance R&D efficiency [1] - The true target of Trump's policy is not the pharmaceutical companies themselves, but the insurance and pharmacy benefit management (PBM) sectors, aiming to eliminate intermediaries to reduce drug prices at the consumer level [1] Group 2 - Current domestic companies primarily utilize the out-licensing (BD) model for international expansion, which is relatively insulated from U.S. drug price policy changes [2] - Even with potential structural adjustments in U.S. drug pricing, the long-term trend of Chinese innovative drugs going global remains unchanged [2] - Investors are advised to seize short-term pullback opportunities for strategic investments in innovative pharmaceuticals, focusing on companies with differentiated innovation capabilities and established international experience [2]

本文源自：金融界AI电报 金融界6月9日消息，周一港股集体高开，盘面上，大型科技股、医药股多数走高，截至10：30，香港科 技ETF（159747）涨2.70%，该基金年内至今已涨超26%，截至发稿盘中换手率超20%！ 热门个股方 面，金斯瑞生物科技涨超15%，微创医疗、金蝶国际等涨超8%，晶泰控股、信达生物、三生制药等涨 超6%，小米集团-W等跟涨。 消息面上，医药魔方认为，关税焦虑下，美国正"抢购"中国创新药。过去 两年license-out潮起，跨国药企在接二连三的BD中逐步建立起了对中国创新药的认可和信任，以及真金 白银的"买单"。据Stifel的报告，2023年和2024年，大型制药公司授权引进的药品中，约30%来自中国生 物技术公司，而此前两年这一比例仅为12%。 数据统计显示，2024年美国生物医药行业TOP10融资中， 有4家是中国创新药企的海外NewCo，或美国Biotech在引进中国资产时同步完成的融资。更重要的是， 中国创新药资产不仅"物美"，而且"价廉"。 华福证券日前研报显示，2020年至2024年，创新药BD交易 总金额从92亿美元提高到523亿美元，首付款金额从6亿美元提升到41 ...