在全球创新药领域，一个来自中国的突破正在引发巨大关注：PD(L)1双特异性抗体（bsAb）。这类新一代肿瘤免疫疗法，正被视为中国生物医药 产业的"DeepSeek时刻"——不仅因为其技术原理的颠覆性，更因为它可能改写全球癌症治疗的格局。 据追风交易台，汇丰最新研报指出，中国恒生生物科技指数今年迄今已上涨91%，远超大盘26%的涨幅。这一显著表现源于中国生物科技公司在 创新药物研发方面取得的重大突破，特别是在被称为"PD(L)1 bsAb"的先进肿瘤治疗领域。这类新型癌症免疫疗法采用双靶向策略，能同时与两 个不同靶点结合，增强免疫反应。 过去十年，默沙东的可瑞达（Keytruda）几乎定义了免疫肿瘤治疗的黄金标准。然而，中国药企康方生物研发的依维珂（AK112）在全球临床试 验中，已展现出超越Keytruda的疗效。今年世界肺癌大会上公布的临床数据更是直接点燃了市场热情，比喻为中国创新药的"DeepSeek时刻"。 根据汇丰的预测，全球PD(L)1市场将从2024年的530亿美元增长至2035年的1000亿美元，其中bsAb将占据约65%的份额，成为新的主流。这一过 程中，中国药企的先发优势将在市场竞争中发挥关 ...

Group 1 - The Trump administration is planning to implement a series of tariffs, with a significant focus on a 50% tariff on copper set to be announced around August 1 [1][2] - The tariffs could potentially cover 30% to 70% of U.S. imports from other countries, affecting a wide range of industries [1] - The administration has already implemented a 25% tariff on automobiles and parts, and increased steel and aluminum tariffs to 50% [1][2] Group 2 - The pharmaceutical industry faces a potential tariff of up to 200%, with a phased implementation period of one to two years [4][5] - The proposed pharmaceutical tariffs may impact generic drug manufacturers like Teva and Sandoz, as well as major pharmaceutical companies such as Eli Lilly, Merck, and Pfizer if they include popular branded drugs [5][6] Group 3 - Semiconductor tariffs are expected to be introduced, with the administration indicating that the process is "not too complicated" [6] - The potential semiconductor tariffs could affect a wide range of products, including smartphones and laptops, impacting major tech companies like Apple and Samsung [6] Group 4 - The copper tariff will encompass all refined metals and semi-finished products used in various sectors, including automotive and construction [7] - The copper tariff is anticipated to have a significant impact on consumer prices due to the metal's widespread use [7] Group 5 - There is a push from U.S. lawmakers for at least a 60% tariff on wood products, with some advocating for a 100% tariff on specific items [8] - The investigation into critical minerals is facing challenges, as the U.S. currently relies heavily on imports, and tariffs may lead to supply shortages [8]

每经记者 郑雨航 每经编辑 高涵 ｜2025年4月25日 星期五｜ NO.1 苹果调整管理层，加速机器人与AI开发进程 据外媒报道，苹果公司正在调整人工智能负责人约翰·贾南德雷亚（John Giannandrea）的权限，他将不 再负责苹果机器人部门的管理工作。转而由苹果高级副总裁约翰·特努斯（John Ternus）负责机器人项 目的硬件开发工作。尽管如此，贾南德雷亚仍将领导苹果的人工智能和机器学习工作。此次管理层调整 旨在让他的团队能够更加专注于开发新的人工智能功能。 当地时间4月24日，在美国俄克拉荷马州立大学研究所哈姆美国能源研究所主办的会议上，亚马逊和英 伟达的高管表示，AI数据中心的建设并未放缓。相反他们发现，源于AI的用电需求在增长。亚马逊全 球数据中心的副总裁Kevin Miller表示，亚马逊的数据中心计划并没有太大的变化。 点评：这一表态显示出亚马逊这家电商科技巨头对AI技术发展的坚定信心和持续投入的决心。 北京时间4月25日凌晨，OpenAI发文称，注意到许多用户都喜欢使用Deep Research，因此OpenAI通过引 入轻量级的Deep Research版本来扩大Plus、Team ...

美国生物技术公司Halozyme对默沙东提起专利侵权诉讼 智通财经4月24日电，美国生物技术公司Halozyme当地时间4月24日在美国地区法院对默沙东公司提起 专利侵权诉讼。Halozyme公司认为，默沙东公司的抗肿瘤药物可瑞达（Keytruda）侵犯了Halozyme公司 从2011年开始申请的多项专利。 ...

Core Viewpoint - The article emphasizes the importance of defensive stocks in the current global trade tensions, highlighting companies that are expected to maintain stability and growth potential during market volatility [2]. Group 1: Merck (NYSE: MRK) - Merck is a global pharmaceutical giant known for its innovative medical solutions, with a product range that includes cutting-edge cancer drugs, vaccines, and prescription medications [5]. - The company exhibits strong defensive characteristics with a low beta coefficient of 0.36, a high dividend yield of 3.48%, and an impressive return on equity (ROE) of 40.8% [6]. - Current stock price is $94, significantly undervalued compared to a fair value estimate of $121.83, indicating a potential upside of 29.6% [6]. - Analysts have a strong buy rating for Merck, with target prices ranging from $95 to $146, averaging $112.78 [6]. Group 2: NextEra Energy (NYSE: NEE) - NextEra Energy is a leading utility company in the renewable energy sector, employing a strategy that combines traditional and clean energy sources [12]. - The company has a beta value of 0.57, a dividend yield of 3.2%, and operates in a regulated environment, making it less susceptible to trade disputes [13]. - Current stock price is $70.01, with analysts projecting a potential increase of 20%, as target prices range from $52 to $103, averaging $84.27 [13]. - NextEra's strong cash flow and commitment to sustainable development position it as a stable investment during turbulent market conditions [14]. Group 3: Tyson Foods (NYSE: TSN) - Tyson Foods is a major player in the food processing industry, offering a wide range of meat products including beef, pork, and poultry [18]. - The company has defensive traits with a beta value of 0.71, a dividend yield of 3.3%, and a dominant market position in various meat product categories [19]. - Current stock price is $60.53, with a fair value estimate of $75.83, suggesting a potential upside of nearly 25% [19]. - Analysts have a buy rating for Tyson, with target prices ranging from $58 to $80, reflecting its strong position in the supply chain and limited exposure to trade conflicts [20].