智通财经APP获悉，中共中央政治局委员、国务院副总理刘国中10日到北京大学医学部调研医药创新发 展工作。他强调，要深入学习贯彻习近平总书记关于科技创新和卫生健康工作的重要指示精神，按照党 中央、国务院部署，面向人民生命健康，强化协同攻关和政策落实，加强医药领域基础研究和科技创新 能力建设，积极支持创新药和医疗器械加快发展，为推进健康中国建设提供有力支撑。相关概念股：基 石药业-B(02616)、和誉-B(02256)、和铂医药(02142)、信达生物(01801)。 刘国中还强调，要全链条强化政策保障，落实创新药融资、审评审批、入院使用和多元支付等政策，支 持引导商业健康保险发挥更大作用。要扩大高水平对外开放，深化医药技术国际交流合作，更好增进人 民健康福祉。各有关部门要加强协调、密切配合，健全政企沟通机制，及时回应相关诉求，营造良好发 展环境。 东吴证券指出医药行业三大核心驱动因素：高额BD交易持续落地；头部企业预计2025年扭亏，行业盈 利拐点将至；国内政策环境持续优化。 从资本市场来看：医药板块经历了4年的调整期，2025年至今板块迎来复苏，截至2025年5月30日，医药 生物行业涨跌幅位居申万31个一 ...

【今日头条】 余伟文：港元低利率环境未必持续 置业或投资须注意风险 智通财经APP获悉，5月20日，财政部数据显示，1—4月，全国一般公共预算收入80616亿元，同比下降 0.4%。其中，全国税收收入65556亿元，同比下降2.1%；非税收入15060亿元，同比增长7.7%。分中央 和地方看，中央一般公共预算收入33928亿元，同比下降3.8%；地方一般公共预算本级收入46688亿 元，同比增长2.2%。印花税1614亿元，同比增长18.9%。其中，证券交易印花税535亿元，同比增长 57.8%。 智通财经APP获悉，香港金管局总裁余伟文发文称，在联系汇率制度下，港元拆息整体上趋近美元息 率，亦同时受香港市场港元资金供求影响。以目前的供求情况而言，由于港元资金供应在总结余大幅上 升后变得甚为充裕。但他提到，未来港汇和港息走势仍存在较多变数，目前的低利率环境未必持续，市 民在作出置业、投资或借贷决定时，需充分考虑港元可能进一步回软、港息可能回升等的各种可能性， 并管理好相关风险。香港金管局会继续密切监察市场变化，维持货币及金融稳定。 【大势展望】 纳斯达克中国金龙指数跌0.65% 隔夜美股截至收盘，道指跌114 ...

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]