中金发布研报称，康方生物(09926)上半年收入同比增长37.75%，业绩符合该行预期。该行维持集团今 明两年的盈测，续予"跑赢行业"评级，上调AK112临床成功率，并将Summit AK112再授权的预测纳入 估值。因此，该行大幅调升集团目标价87.5%至225港元。 报告提到，集团旗下核心药物开坦尼(AK104)和依达方(AK112)已获纳入国家医保目录，考虑到两款产 品有明显的临床优势，医患认可度高，加上公司加快销售投入，因此该行对两款产品的国内销售持乐观 态度。 ...

智通财经APP获悉，中金发布研报称，康方生物(09926)上半年收入同比增长37.75%，业绩符合该行预 期。该行维持集团今明两年的盈测，续予"跑赢行业"评级，上调AK112临床成功率，并将Summit AK112再授权的预测纳入估值。因此，该行大幅调升集团目标价87.5%至225港元。 报告提到，集团旗下核心药物开坦尼(AK104)和依达方(AK112)已获纳入国家医保目录，考虑到两款产 品有明显的临床优势，医患认可度高，加上公司加快销售投入，因此该行对两款产品的国内销售持乐观 态度。 ...

1H25产品销售额14.02亿元，同比增长49.2%，产品毛利率为79.25%，销售和营销开支费用率达47.80% (-7.1pct YoY)，其中开坦尼(AK104)和依达方(AK112)销售贡献积极。这两个核心双抗已纳入国家医保目 录，为充分挖掘两个产品的国内商业化潜力，公司成立了1000+销售人员组成的商业化团队，考虑到公 司两款核心产品临床优势明显，医患认可度高，以及公司加快销售投入，该行对这两款产品的国内销售 持乐观态度。 中金发布研报称，维持康方生物(09926)2025年和2026年盈利预测不变。维持跑赢行业评级，该行上调 AK112临床成功率并将Summit AK112再授权预期打入估值，根据DCF模型，该行上调目标价87.5%至 225.00港币(33.1%上行空间)。公司公布1H25业绩：收入14.12亿元，同比增长37.75%，业绩符合该行预 期。 中金主要观点如下： 核心产品收入符合预期 AK112在全球拥有13项注册性/III期临床，覆盖适应症不只肺癌 在肺癌领域，AK112布局了8项注册性/III期临床研究，其中4项已达到临床终点，覆盖从1L到末线的各 类肺癌患者(1L EGFRm ...

Group 1 - Northbound capital recorded a net purchase of 20.3 billion HKD in the Hong Kong stock market on April 28, with the Shanghai-Hong Kong Stock Connect seeing a net purchase of 23.43 billion HKD and the Shenzhen-Hong Kong Stock Connect experiencing a net sale of 3.13 billion HKD [1] - The stocks with the highest net purchases included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and CanSino Biologics (09926) [1] - The stocks with the highest net sales were Alibaba-W (09988), Tencent (00700), and Xiaomi Group-W (01810) [1] Group 2 - CanSino Biologics (09926) received a net purchase of 7.79 billion HKD, with a report indicating positive results from its clinical trial for the dual-specific antibody AK112 in treating advanced squamous non-small cell lung cancer [5] - Meituan-W (03690) saw a net purchase of 5.56 billion HKD, with analysts noting that the company does not face risks of ADR delisting and has stable revenue sources [5] - China Shenhua (01088) had a net purchase of 5.17 billion HKD, with analysts highlighting its strong cash flow supporting high dividend payouts despite pressure from falling coal prices [6] Group 3 - The Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) received net purchases of 20.43 billion HKD and 12.5 billion HKD, respectively, indicating increased investor confidence [4] - Tencent (00700) and Alibaba-W (09988) faced net sales of 5.97 billion HKD and 14.24 billion HKD, respectively, amid concerns regarding the ongoing US-China trade tensions [6] - China Mobile (00941) received a net purchase of 1.13 billion HKD, while Xiaomi Group-W (01810) and SMIC (00981) experienced net sales of 2.56 billion HKD and 1.36 billion HKD, respectively [6]