Workflow
依沃西(AK112)
icon
Search documents
康方生物(9926.HK):综合性国际化创新平台 引领IO2.0发展
Ge Long Hui· 2025-07-21 22:51
机构:中信建投证券 研究员:贺菊颖/袁清慧 核心观点 康方生物作为全球双抗引领者,其核心产品依沃西(AK112 ,PD-1/VEGF 双抗)成为全球首个在1L 肺 癌治疗中mPFS 超越K 药的双抗,海外HARMONi 数据延续国内获益趋势,验证了依沃西在跨区域研究 中具有一致性的临床疗效。本篇报告是2.0 版本深度,主要更新(1)AK112 国内外临床数据,论证其 为什么是重磅品种(2)AK104 与AK112 如何差异化定位(3)后续值得关注的双抗新靶点在研产品。 后续建议关注1)2025 ESMO HARMONi-6 临床数据公布,2)AK112、AK104 海外临床进展,3)国内 2025 年医保谈判,4)潜在BD。 报告背景及亮点 我们于2023 年12 月发布康方生物第一篇深度报告《深耕创新的综合性平台,出海合作拥抱机遇》,主 要分析了AK104 其临床优势与市场空间,AK112 前期临床数据展现出的潜力以及公司其他肿瘤和自免/ 代谢管线的临床布局和潜力。2024 年以来随着AK112 多项重磅III 期数据的披露,其潜力不断凸显,第 二篇深度在第一篇的基础上(1)结合过往PD-1+VEGF 单抗 ...
中国创新药烈火烹油:突破性涨幅背后的产业质变|创新药观察
Hua Xia Shi Bao· 2025-07-18 10:04
政策春风:拆解创新药紧箍咒 本报(chinatimes.net.cn)记者杨燕 北京报道 政策松绑、产业沸腾、股价翻倍……沉寂四年的创新药赛道正以雷霆之势重回资本市场舞台中央。 截至7月17日收盘,港股创新药板块全线飘红,康方生物、信达生物等创新药龙头股价屡创新高,恒生 创新药指数今年以来涨幅已达到惊人的93.46%,创新药板块集体上演"王者归来"。 资本市场正以前所未有的热情拥抱创新药板块,而在产业一线,2025年上半年中国创新药BD出海交易 额已逼近500亿美元。曾经被"IPO收紧""开盘即破发"笼罩的行业,已然实现了惊天逆转。 回看过去三年,创新药板块一度跌至冰点,港股18A板块超80%的创新药企股价腰斩,甚至跌破发行 价,"从'至暗时刻'到'烈火烹油',还是因为行业现在能比较清楚的算出投入和收益这笔账了。"一位资 深医药投资人对《华夏时报》记者感慨。 "资本市场服务能不能覆盖优质未盈利科技型企业,是制度包容性的关键标识。"证监会新闻发言人在陆 家嘴论坛上强调。对研发投入巨大、盈利周期漫长的生物医药企业来说,融资输入等同于生命线。 支付端的改革同样在大步迈进。近半年来,国家层面首次提出"制定创新药目录, ...
启明创投创始人:中国创新药的“DeepSeek时刻”
华尔街见闻· 2025-06-04 11:01
中国AI DeepSeek引爆全球,但生物技术领域正在发生一场更为静默的革命。曾经生产仿制药的中国制药公司,现在正崛起成为快速、高效的药物发现领域的 全球领导者。 近日,资本市场关注到了创新药领域的这场革命,创新药尤其是港股创新药板块持续大涨。 Wind数据显示,截至5月30日,华泰柏瑞恒生创新药ETF、汇添富 港股通创新药ETF、银华港股创新药ETF年内分别上涨42.84%、42.56%、41.88%,位居今年ETF涨幅榜前三。 今年以来,中国创新药企在国际市场上表现格外抢眼。继三生制药与辉瑞签署一项总额可达60亿美元的全球独家开发授权协议,刷新了国产创新药出海授权金 额纪录后,石药集团也于5月30日公布重要进展:其EGFR-ADC等多个产品正在推进三项潜在商务拓展合作,累计交易金额或接近50亿美元。 随着国内药企频繁达成高额海外授权合作,恒瑞医药等公司加快"A+H"资本布局,超过70项原创研究成果亮相2025年美国临床肿瘤学会(ASCO)年会,中国 创新药正全面加速"走出去"步伐,在全球舞台上展现出越来越强的竞争力。 近十年来,我国创新药在批准数量、在研数量、出海交易以及市场份额方面都进展显著 。据医药魔 ...
贝塔6月投资布局精选
贝塔投资智库· 2025-05-30 04:19
点击蓝字,关注我们 前次5月策略一览 | 港股市场 | | | | --- | --- | --- | | 证券代码 | 证券简称 | 区间涨跌幅5月1日至今 | | 1801 HK | 信达生物 | 15.53% | | 9868 HK | 小鹏汽车-W | 10.36% | | 1816.HK | 中广核电力 | 9.17% | | 9863 HK | 零跑汽车 | 1.98% | | 9926.HK | 康万生物 | 0.81% | | 6990 HK | 科伦博泰生物-B | -7.75% | | 9985 HK | 卫龙美味 | -15.42% | | A股市场 | | | | 证券代码 | 证券同称 | 区间涨跌幅5月1日至今 | | 002568.SZ | 百润股份 | 9.27% | | 000729.SZ | 燕京啤酒 | 8.70% | | 600744.SH | 华银电力 | 8.37% | | 601899 8H | 紫金矿业 | 2.06% | | 600600 SH | 青岛啤酒 | 1.06% | | 002847.SZ | 盐津铺子 | -2.78% | | 美股市场 | | ...
招银国际每日投资策略-20250429
Zhao Yin Guo Ji· 2025-04-29 02:52
Market Overview - Global markets showed mixed performance with the Hang Seng Index closing at 21,972, down 0.04% for the day but up 28.89% year-to-date [1] - The A-share market experienced a slight decline, with the Shanghai Composite Index down 0.20% and the Shenzhen Composite Index down 0.93% [3] - Southbound capital recorded a net inflow of HKD 2.03 billion [3] Company Analysis BYD Electronics (285 HK) - The company reported flat earnings for Q1 2025, primarily due to weak demand for high-end smartphones and potential tariff impacts on Apple’s assembly business [4] - The gross profit margin improved by 0.4 percentage points to 6.3% quarter-on-quarter, but decreased by 0.6 percentage points year-on-year [4] - Management maintains a positive outlook for 2025, citing growth in Apple assembly, stable Android business, strong automotive demand, and growth in servers/robots [4] Wentech Technology (600745 CH) - The company’s revenue decreased by 19.4% year-on-year to RMB 13.1 billion, but net profit surged by 82.3% to RMB 261 million [5] - The gross margin recovered to 14.0%, indicating resilience in the semiconductor business [5] - The company is transitioning to focus on semiconductor business after divesting its ODM operations, which is expected to drive future growth [5] Li Ning (2331 HK) - Retail sales growth deteriorated in April 2025, with management noting a decline in offline channels due to adverse weather and a challenging macro environment [6][7] - Despite the challenges, the company maintains its full-year guidance, expecting stable sales growth and high single-digit net profit margins [6] - The company’s Q1 retail sales growth was in line with expectations, with online channels performing strongly [7] China Pacific Insurance (2601 HK) - The company reported a 39% year-on-year increase in new business value for Q1 2025, exceeding expectations [11][12] - However, the group’s net profit fell by 18.1% to RMB 9.63 billion, primarily due to declines in bond fair value and mismatches in yield curves [11] - The management expects operational profit to maintain low single-digit growth for the year, supported by business transformation [13] Zhejiang Dingli (603338 CH) - The company’s EBIT grew by only 2% year-on-year to RMB 440 million, with net profit increasing by 42% due to non-operating income [10] - The company faces challenges from unpredictable U.S. tariff policies, which may impact demand for its products in the U.S. market [10] - The target price remains at RMB 44, reflecting a cautious outlook on profitability [10] 康方生物 (9926 HK) - The company continues to show promise with its drug AK112, which has demonstrated efficacy in clinical trials against competitors [9][10] - The ongoing trials in overseas markets are expected to yield significant data, enhancing the drug's potential for approval and market entry [9][10] - The target price for 康方生物 is set at HKD 108.03, maintaining a buy rating based on the drug's promising results [10]