一、行情 5月21日，创新药板块全线大涨。三生国建（20CM）3连板，舒泰神（20CM）、哈三联涨停，赛升药业、睿智医药涨超10%，未名医药、金凯生科、键凯科 技、诺诚健华等集体大涨。 | 股票名称 | | 最新价 ◆ | 涨跌幅 ◆ | 涨停时间 ◆ | | --- | --- | --- | --- | --- | | 三生国健 688336.SS | 3天3板 | 47.24 | +19.99% | 09:32:11 | | 一心草 | | | | | | 002727.SZ | 2天2板 | 17.19 | +9.98% | 09:38:48 | | 舒泰神 300204.SZ | | 14.15 | +20.02% | 09:42:00 | | 塞升药业 | | 10.78 | +13.12% | | | 300485.SZ | | | | | 二、事件：国产创新药持续出海 1）5月19日，三生国健及关联方三生制药和沈阳三生制药有限责任公司共同授予被许可方辉瑞公司在许可区域及领域的独家开发、生产和商业化许可产品 707项目的权利。根据协议，辉瑞将向许可方支付12.5亿美元的不可退还和不可抵扣的首付款 ...

Group 1 - On May 20, 2023, 3SBio announced a licensing agreement with Pfizer for its PD-1/VEGF bispecific antibody "SSGJ-707," granting Pfizer exclusive global rights outside mainland China, with a potential total deal value of $60.5 billion, exceeding 430 billion RMB at current exchange rates [1] - The agreement includes a non-refundable upfront payment of $1.25 billion and up to $4.8 billion in milestone payments for development, regulatory approval, and sales, along with a tiered sales royalty based on product sales in licensed regions [1] - Following the announcement, 3SBio's stock surged over 32%, reaching a market capitalization of 46 billion HKD [1] Group 2 - 3SBio's CEO stated that Pfizer's extensive development experience and international perspective will significantly accelerate the global development and commercialization of SSGJ-707, aiming to provide breakthrough treatment options for patients worldwide [2] - The trend of Chinese innovative drugs entering international markets is expanding, with recent agreements such as CSPC's exclusive licensing deal with Cipla for irinotecan liposome injection in the U.S., which includes a $15 million upfront payment and potential total payments nearing $1.1 billion [2] - Data from Yaozhi shows that in 2024, there were 94 completed outbound licensing transactions for Chinese innovative drugs, totaling $51.9 billion, a 26% year-on-year increase, with 41 transactions in the first quarter of 2025 alone, amounting to $36.9 billion, setting new historical highs [2] Group 3 - On May 12, 2023, former President Trump signed an executive order aimed at reducing prescription drug prices in the U.S., suggesting that prices should decrease by at least 59%, with potential reductions of 80% or 90% in certain cases [3] - Guoyuan Securities believes that the push for drug price reductions in the U.S. will not significantly impact the outbound licensing of innovative drugs from China, citing factors such as low prices for generics and intense competition in the U.S. market [3] - The firm anticipates that the pharmaceutical industry will enter a performance vacuum period starting in May, shifting market focus from earnings to fundamental changes in the industry and companies, maintaining a positive outlook on innovative drugs and international expansion [3] Group 4 - Related concept stocks include Cornerstone Pharmaceuticals, which showcased five innovative products at the AACR annual meeting, including a tri-specific antibody and several ADC molecules [4] - Hanyu Pharmaceuticals announced that its selective small molecule CSF-1R inhibitor has been prioritized for review by the Chinese National Medical Products Administration for treating TGCT patients [4] Group 5 - Hengrui Medicine entered a significant strategic collaboration with AstraZeneca, which includes licensing options for two preclinical immunotherapy projects, with Hengrui receiving $175 million in upfront and milestone payments, plus potential royalties based on net sales [5]

今日港股创新药板块大爆发，三生制药大涨36%，石药集团涨超8%，荣昌生物涨超7%，先声药业涨超5%，信达生物、康哲药业、联邦制药、德琪医药-B、 中国生物制药超4%。 ETF方面，港股通创新药ETF工银、广发港股创新药ETF、景顺长城基金港股创新药50ETF、万家基金港股创新药ETF基金、汇添富基金港股通创新药ETF分 别涨5.23%、5.05%、4.89%、4.89%、4.81% ，易方达基金恒生创新药ETF涨4.72%。 | 序号 | 证券代码 | 证券简称 | 今日涨幅% | 年涨跌幅% | 基金管理人 | | --- | --- | --- | --- | --- | --- | | 1 | 159217 | 港股通创新药ETF工银 | 5.23 | 1.26 | 工银瑞信基金 | | 2 | 513120 | 港股创新药ETF | 5.05 | 32.00 | 广发基金 | | 3 | 513780 | 港股创新药50ETF | 4.89 | 29.86 | 景顺长城基金 | | 4 | 520700 | 港股创新药ETF基金 | 4.89 | 32.58 | 万家县金 | | 5 | 159570 ...

Market Overview - The Hang Seng Index rose 2.1% last week, closing at 23,345 points, marking the fifth consecutive week of gains[1] - The Hang Seng Tech Index increased by 2.0%, closing at 5,281 points[1] - Average daily trading volume increased by 16.1% week-on-week to over HKD 232.5 billion[1] - Net outflow from the Hong Kong Stock Connect was approximately HKD 8.7 billion for the week, with a significant reduction in cumulative net inflow to HKD 16.8 billion over the past 20 days[1] Sector Performance - The financial sector surged by 3.8%, driven mainly by domestic banks and insurers[1] - Industrial, energy, and telecommunications sectors also saw gains of 2% or more over the week[1] Investment Sentiment - Since mid-April, the flow of funds through the Hong Kong Stock Connect has been volatile, with a record net outflow of HKD 18.5 billion on May 12, indicating a cautious stance from southbound investors[2] - The current AH premium index has dropped to the 16.0 percentile since 2020, suggesting insufficient value for aggressive buying[2] - The Hang Seng Index faces significant resistance in the 23,500-24,000 point range, with potential for continued volatility if southbound fund support diminishes[2] Macro Dynamics - Moody's downgraded the U.S. long-term sovereign credit rating from Aaa to Aa1, citing structural debt imbalance and increasing fiscal deficit pressures[3] - The U.S. federal debt-to-GDP ratio is projected to rise from 98% in 2024 to 134% by 2035, raising concerns about long-term repayment capacity[3] - Despite the downgrade, Moody's maintains that systemic risk has not reached a critical point, and market reactions will depend more on policy responses and economic data than on the rating change itself[3] Industry Developments - The Hang Seng Healthcare Index rose by 0.6%, with notable gains from companies like CSPC Pharmaceutical (3.1% to 3.9% increase)[4] - CSPC signed an exclusive licensing agreement for a cancer treatment in the U.S., receiving an upfront payment of USD 15 million and potential milestone payments of up to USD 25 million[4] - The IPO of Heng Rui Medicine received a "subscribe" rating, with projected revenue growth of 7.3% and net profit growth of 10.1% for 2023-24[4][7] New Drug Approvals - Rongchang Biotech's new indication for its drug has been approved, expected to boost sales significantly[11] - The company reported a 59.1% year-on-year increase in revenue to RMB 530 million for Q1 2025, with a reduction in net loss by 27.2%[13] - Target price for Rongchang Biotech has been raised to HKD 45.00, reflecting positive adjustments in revenue and profit forecasts[14]

2025 年 5 月 19 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观、行业点评及公司首发 全球市场观察 宏观点评 美国经济 - 关税削弱信心与需求 美国 4 月零售与制造业产出大幅放缓，显示关税冲击的影响已从消费者信心 和 PMI 等软数据传导至消费和工业产出等硬数据。汽车、家具家装、电子产 品等耐用品零售显著放缓。非耐用品零售低迷，运动文娱商品、服装和杂货 店等环比转跌。 但 4 月以来首次与持续领取失业金人数仍然平稳，裁员水平未见大幅提高， 因为关税主要影响制造业，对服务业影响相对较小，服务业就业依然稳健。 预计 5-8 月通胀可能短期反弹，失业率仍在低位，美联储将保持利率不变。 随着需求收缩效应逐渐抵消成本上升作用，通胀可能在 9 月前后见顶开始回 落。美联储可能在 9 月降息一次，11 月或 12 月再降一次。（链接） 1 上周五（5 月 16 日）中国股市继续回调。投资者观望情绪上升，因关税冲击 可能通过信心渠道导致房地产和消费放缓，延缓企业盈利复苏进程，但在 90 天经贸谈判窗口期内实施增量财政刺激与消费提振政策的可能性较低。港股 可选消费、能源与地产建筑领跌，医疗保健 ...

[Table_ReportDate] 2025 年 05 月 19 日 [Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 G 新冠进入周期性流行 [Table_ReportType] 医药生物行业周报（5 月第 3 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（5 月 12 日-5 月 16 日）医药生物板 块收涨 1.27%，跑赢 wind 全 A（0.72%）和沪深 300 （1.12%）。从板块来看，原料药（3.79%）、体外诊断 （2.25%）和疫苗（1.98%）涨幅居前，线下药店（-1.24%） 和血液制品（-0.03%）跌幅居前。从个股来看，新冠 概念（拓新药业）和合成生物学（永安药业、川宁生 物）方向躁动明显 ...

南财早新闻，早听早知道。 今日关注 1、5月18日凌晨3时55分，迄今发现的中国最早的帛书——子弹库帛书第二、三卷，结束在美国的79载 漂泊，抵达北京首都国际机场，终于回到祖国。 2、端午假期首日火车票于5月17日开售，端午假期最后一天的返程火车票5月19日开售。由于距离五一 较近，今年端午将是个"不贵不挤"的小假期，端午旅游市场呈现出短途游主导、民俗体验升温、时令美 食驱动等特点。 宏观经济 1、工信部副部长张云明：中国建成全球技术领先、规模最大的信息通信网络，5G应用融入97个国民经 济大类中的86个，工业互联网实现41个工业大类全覆盖。要加速推进5G-A、6G技术研发、产业培育和 应用发展，深入推进网络新型基础设施跨区域、跨行业协同建设。 2、北京天坛医院脑机接口临床与转化病房成立，是我国首个将脑机接口技术应用于临床的病房。未 来，该病房将开展科研及临床试验，为偏瘫等神经系统疾病患者提供创新治疗。 3、5月17日，朱雀二号改进型遥二运载火箭在东风商业航天创新试验区发射升空，将搭载的6颗卫星顺 利送入预定轨道，飞行试验任务获得圆满成功。 4、上海在全国率先试点的首发进口消费品检验便利化措施实施以来，已有1 ...

21世纪经济报道记者 李佳英 广州报道 对于石药集团而言，2024年肿瘤药收入因集采跌去28.3%，伊立替康又在销量爬坡期。此次成功出海， 不仅带来1500万美元首付款，更有望通过双位数销售分成构筑新的利润源头。 这种技术优势在临床应用中已得到一定验证。中国医学科学院肿瘤医院徐兵河院士团队发表在《Nature Communications》上的研究显示，在接受过≥2次化疗的87名可评估转移性三阴性乳腺癌患者中，伊立替 康脂质体的总体应答率达到25.3%，疾病控制率高达67.8%。中位无进展生存期（PFS）和中位整体生存 期（OS）则分别为4.8个月和14.1个月。 在治疗转移性胰腺癌方面，以往行根治性手术治疗的患者多数仍会出现复发或转移，化疗是复发或转移 性胰腺癌的治疗基石，但进展缓慢。而脂质体伊立替康的开发与上市为胰腺癌的治疗提供了新选择。 石药集团在2024年财报中指出，盐酸伊立替康脂质体注射液已于2023年9月获批与5-氟尿嘧啶（5-FU） 和亚叶酸（LV）联合用于治疗接受吉西他滨治疗后进展的转移性胰腺癌患者。此外，2024年CSCO指南 还将该联合方案列为转移性胰腺癌二线及以上治疗的II级推荐，并纳入 ...

行 业 及 产 业 2025 年 05 月 16 日 诺诚健华 1Q25 业绩点评——核心产品持续放 行 业 研 究 / 行 业 点 评 量，上调全年销售指引 看好 ——海外消费周报（20250509-20250515） 本期投资提示： ⚫ 海外医药：诺诚健华 1Q25 业绩点评——核心产品持续放量，上调全年销售指引 1Q25 业绩：京东健康：1Q25，公司实现收入 166.45 亿元，同比增长 25.5%；期间盈利 9.34 亿元，同比增长 4.6%；non-IFRS 盈利 17.68 亿元，同比增长 47.7%。诺诚健华： 1Q25，公司实现营业收入 3.81 亿元，同比增长 129.9%；归母净利润 0.18 亿元，同比扭亏 为盈；扣非归母净利润 159 万元，同比扭亏为盈。 海外消费服务 国内医药公司更新进展：恒瑞医药即将港股上市：公司宣布计划发行约 2.25 亿股 H 股，其 中，香港公开发售占比为 5.5%，国际配售占比为 94.5%，发行价区间定为每股 41.45- 44.05 港元。公司 H 股预计于 2025 年 5 月 23 日在香港联交所挂牌并开始上市交易。石药 集团伊立替康脂质体签订对 ...

Group 1 - The core point of the news is that Shiyao Group has signed an exclusive licensing agreement with Cipla USA, Inc. for the commercialization of Irinotecan liposome injection in the U.S., indicating significant commercial potential in the U.S. market [1] - The agreement includes an upfront payment of $15 million, potential milestone payments of up to $25 million for initial commercial sales and regulatory milestones, and up to $1.025 billion in additional commercial sales milestone payments, along with double-digit sales royalties based on annual net sales in the region [1] - This partnership represents a major breakthrough in the company's international strategy, enhancing its global market influence and investor confidence in future profitability [1] Group 2 - The first enzyme replacement therapy for Gaucher disease in China, β-CAN103, has been approved for long-term treatment in adolescents and adults aged 12 and above, filling a gap in the rare disease treatment field [2] - The therapy specifically supplements the enzyme glucocerebrosidase that is deficient in Gaucher disease patients, showcasing the company's research capabilities in rare diseases [2] - The market entry of β-CAN103 is expected to provide a new growth point for the company and enhance its competitiveness and market value in the biopharmaceutical sector [2] Group 3 - Xuanzhu Bio's CDK4/6 inhibitor, Pyrotinib tablets, have received approval for two indications, targeting HR+/HER2- advanced or metastatic breast cancer patients who have progressed after prior endocrine therapy and chemotherapy [3] - This approval marks a significant breakthrough in the company's oncology treatment portfolio, indicating substantial market potential [3] - The new drug approval is anticipated to enhance the company's competitiveness in innovative drugs and provide new performance growth points, boosting investor confidence in its research capabilities and future development [3] Group 4 - WuXi AppTec has entered into a licensing agreement with its major shareholder, Juno, granting non-exclusive rights to develop and commercialize cell therapy products using the JW sLVV production process and related technologies [4] - The total consideration for this agreement is capped at $10 million, which includes non-refundable upfront payments and additional payments [4] - This move not only generates revenue for the company but also strengthens its collaboration with a key shareholder, enhancing investor confidence in its future development [4] Group 5 - Hainan Haiyao has signed a strategic cooperation framework agreement with Malaysia's Aikang International Group, becoming the exclusive agent for Aikang's health products in China [6] - The company will be responsible for promoting, selling, and providing after-sales service for Aikang's high-quality health products in the Chinese market [6] - This partnership is a significant step in expanding the company's business footprint in the health sector, potentially increasing market share and profitability while enhancing investor confidence in its growth potential [6]