上海生物医药企业License-out交易领跑全国，2024年达成交易38起、307亿美元，占全国近三分之一。 近年来，中国生物医药产业发展进入了一个全新阶段：既保持着高速的研发和临床试验增量，还在由传 统引进向自主创新输出的方向转变发展。 将生物医药列为三大先导产业的上海，也用一组最新的数据阐明了创新生态的浓度和厚度：上海生物医 药企业License-out（许可授权）交易领跑全国，2024年达成交易38起、307亿美元，占全国近三分之 一；产业规模年均复合增长率达8.94%，今年上半年达5005.66亿元，预计今年将突破1万亿元。 随着上海生物医药产业进入新的换挡提质期，作为全国生物医药重镇，上海也正构建一流的创新生态， 打造生物医药产业集群。 "上海将全力推动基础研究、孵化转化、临床试验、审评审批、落地生产、推广应用全链条加速，增强 科技创新策源功能和高端产业引领功能，加快建设世界级生物医药创新高地和产业集群。"上海市科委 生药处处长、二级巡视员曹宏明说。 打通临床科技成果转化 生物医药在1993年就被上海列为重点发展的高新技术产业，经过30多年的发展，其工业产值截至2024年 已超过2000亿元。 " ...

10 月报电话会：持续看好创新主线，关注 Q3 业绩改善 20251009 摘要 创新药板块仍是主线，受益于 BD 交易和数据催化，尽管近期大额交易 未达预期，但恒瑞等公司持续推进，三四季度仍有投资机会。 CRO、CDMO 及上游产业链受益于美国降息预期和订单业绩回暖，医疗 器械（高耗材、设备）业绩困境反转趋势明显，Q3 业绩预计改善。 投资策略上，关注创新主线（ESMO 会议催化、BD 交易），Q3 业绩改 善，基药目录政策及院内中药公司调整带来的短期催化。 2025 年 10 月，投资组合微调，增加长春高新、仙琚药业、贝达药业、 腾科药业等创新药产业链公司，以及药明系公司和天玉股份等业绩拐点 公司。 创新药基本面良好，平台化（研发到商业化）、海外兑现（呋喹替尼、 则布替尼）、早期研发平台化是关键驱动因素。 金股筛选标准：产业链纵向延伸能力、兑现能力、早期研发平台体系化 能力。推荐长春高新、贝达药业、盟科医药、先声药业。 重点推荐亚美康德、药明生物和妙美和联，受益于太极业务强劲、单抗 业务恢复、ADC 项目高增，预计 2025 年业绩增长显著。 Q&A 今年（2025 年）医药板块的整体表现如何？未来的主要 ...

"这是中国创新药的黄金时刻，也是我个人的圆梦时刻。"说起今年创新药企出海的新变化，和黄医药执 行副总裁崔昳昤笃定的话语中充满自豪。 她至今记得，十几年前，中国药企卖出一卡车抗生素仿制药，利润竟比不过跨国药企的一箱原研药。比 对一致性评价数据后，崔昳昤发出更深的追问——明明疗效相同，为何进口药能卖出高价？中国何时才 能做出属于自己的创新药？ 如今，处方笺成为答案。作为我国首个从早期发现到临床开发全链条自主完成的抗肿瘤原创新药，和黄 医药的拳头产品呋喹替尼已在30多个国家获批或上市。今年上半年，呋喹替尼海外市场销量同比增长 25%，未来销售额有望继续增长。 4月15日，映恩生物在港交所上市。在映恩生物的基石投资者阵容中，出现了拜恩泰科（BioNTech SE）等多家知名药企和国际头部长线基金的身影。 在复杂多变的国际环境下，国际资本的入场，不仅是对一家企业的认可，也折射出中国创新药出海的整 体转向——不仅进入海外市场，更进入全球竞争的主场。 上海证券报记者调研发现，今年中国创新药迎来出海收获季：大额BD交易（商务拓展）接连落地，明 星产品深入全球市场，多家上市公司扭亏为盈……截至目前，中国已成为全球第二大医药市场 ...

Core Insights - Hutchison China MediTech Limited (和黄医药) will present updated research data on its self-developed compounds at the European Society for Medical Oncology (ESMO) 2025 Annual Meeting in Berlin from October 17 to 21, 2025 [1] Group 1: Research Presentations - The FRUSICA-2 registration study results for fruquintinib combined with sintilimab in the second-line treatment of locally advanced or metastatic renal cell carcinoma will be presented in a mini-oral session [1] - Further analysis results of the FRUSICA-1 study on fruquintinib for endometrial cancer, as well as the SACHI and SAVANNAH studies on savolitinib for non-small cell lung cancer, will be showcased in poster presentations [1]

Core Viewpoint - The company announced that it will present updated research data on its self-developed compounds at the European Society for Medical Oncology (ESMO) 2025 Annual Meeting in Berlin from October 17 to 21, 2025 [1] Group 1: Research Presentations - The FRUSICA-2 registration study results of fruquintinib combined with sintilimab for second-line treatment of locally advanced or metastatic renal cell carcinoma will be presented in a mini-oral session [1] - Further analysis results of fruquintinib for endometrial cancer from the FRUSICA-1 study will be showcased in a poster presentation [1] - The SACHI and SAVANNAH studies analyzing savolitinib for non-small cell lung cancer will also be presented in the poster session [1]

Core Viewpoint - The company, Hutchison China MediTech Limited (和黄医药), announced that it will present updated research data on its self-developed compounds at the European Society for Medical Oncology (ESMO) 2025 Annual Meeting in Berlin from October 17 to 21, 2025 [1] Group 1: Research Presentations - The FRUSICA-2 registration study results for fruquintinib combined with sintilimab in the second-line treatment of locally advanced or metastatic renal cell carcinoma will be presented during a mini-oral session [1] - Further analysis results of the FRUSICA-1 study on fruquintinib for endometrial cancer, as well as the SACHI and SAVANNAH studies on savolitinib for non-small cell lung cancer, will be showcased in the poster presentation session [1]

智通财经记者 | 李科文 智通财经编辑 | 谢欣 当地时间9月25日，美国总统特朗普在其社交媒体平台"真实社交"发文称，自10月1日起将对"所有任何 品牌（Branded）或已获专利（Patented）的药品"征收100%的关税。 特朗普补充称，这一措施不适用于在美国建设药品生产厂的药企。豁免范围包括那些已开工建设的项 目，不论是已动工还是正在施工的工厂。 (选填)图片描述 此外，美国媒体推测，该药品关税可能不适用于仿制药（Generic Drugs）。仿制药的价格远低于品牌 药，占了美国处方药的大多数。但至于这一点是否属实，白宫尚未回应。 哪些药品出口会受影响？ 智通财经记者分析，从美国总统特朗普的措辞来看，此次拟加征的100%药品关税主要针对品牌药 （Branded Pharmaceutical Product）和在专利保护期内的专利药（Patented Pharmaceutical Product）。 这一关税措施可能并不涉及仿制药（Generic Drugs）和生物类似药（Biosimilar）。 在美国市场，Branded Pharmaceutical Product品牌药通常是指由制药公司以商标名 ...

Group 1: Biopharmaceutical Industry - Shanghai is nurturing "global new" blockbuster drugs, with a focus on developing innovative medicines that exceed $1 billion in annual sales, termed "blockbuster drugs" [3] - The biopharmaceutical sector in Shanghai is expected to surpass 200 billion yuan in output value by 2024, with 7 first-class innovative drugs and 15 third-class innovative medical devices approved for market, accounting for 17.5% and 32.6% of the national share respectively [3] - Shanghai has a strong resource advantage in biopharmaceuticals, with 64 academicians in the field, 280,000 professionals, and significant scientific facilities supporting life sciences research [3] Group 2: Artificial Intelligence Industry - The artificial intelligence industry in Shanghai is rapidly forming, with significant developments in innovation hubs like "Mosu Space" and "Moli Community," which have attracted numerous AI enterprises [5][6] - By the end of 2024, the scale of Shanghai's artificial intelligence industry is projected to exceed 400 billion yuan, with a year-on-year growth of over 7%, achieving the goals set in the 14th Five-Year Plan ahead of schedule [6] - Shanghai has registered 60 generative AI service models, ranking second nationally, showcasing its commitment to integrating AI with various sectors [6] Group 3: Shipbuilding Industry - The successful construction of China's first large cruise ship, "Aida Magic City," marks a significant milestone in the domestic shipbuilding industry, completing a crucial part of China's shipbuilding capabilities [7][8] - The shipbuilding base in Shanghai has developed a comprehensive supply chain and value chain, with advanced techniques to address key challenges in cruise ship construction [8] - The domestic cruise ship industry is expected to grow, with the "Aida Magic City" and other vessels having served nearly 800,000 guests, indicating a strong market demand [8] Group 4: Technology Innovation Hubs - "Shanghai Silicon Alley" has revitalized 100,000 square meters of space, attracting over 500 tech innovation companies, including 42 specialized enterprises [9][10] - "D Zero Bay," a tech innovation zone near Shanghai Jiao Tong University, has gathered 13,000 companies, including over 4,300 hard tech firms, with a total financing exceeding 30 billion yuan [12] - The establishment of major scientific infrastructures like the Shanghai Synchrotron Radiation Facility has significantly contributed to the development of various scientific fields, supporting over 800 research institutions [13]

Core Insights - The Chinese innovative pharmaceutical industry is experiencing significant growth as companies expand overseas through various strategies such as licensing, establishing overseas bases, and forming new companies [1][10] - A notable challenge faced by Chinese pharmaceutical companies is the shortage of talent, particularly when transitioning to international multi-center clinical trials [1][9] Group 1: Market Expansion - By 2025, Chinese innovative pharmaceutical companies are expected to maintain their momentum in international markets [1] - Over 40% of business development deals with upfront payments exceeding $50 million are now attributed to Chinese biotech firms, a significant increase from less than 5% four years ago [3] - The historical shift in global pricing power for Chinese innovative drugs reflects a transition from weakness to strength [3] Group 2: Case Studies - The case of Hutchison China MediTech illustrates the difficulties faced during global expansion, highlighting the need for collaboration with established pharmaceutical companies to navigate complex global operations [4] - The approval of the drug fruquintinib in the U.S. in late 2023, after a partnership with Takeda Pharmaceuticals, underscores the importance of strategic alliances in overcoming initial setbacks [4] Group 3: ADC Development - Antibody-drug conjugates (ADCs) have emerged as a key area for Chinese innovative drug development, with companies like WuXi AppTec and Kelun-Biotech securing significant deals with international firms [4] - The combination of chemical advantages and innovative approaches in ADC development positions Chinese companies favorably in the global market [4] Group 4: Talent Acquisition and Challenges - Talent shortages remain a critical challenge for Chinese pharmaceutical companies as they expand internationally, necessitating a focus on both recruitment and training [9] - WuXi AppTec's establishment of its first overseas factory in Singapore reflects a strategic choice based on execution, management, and government support [8] - The company emphasizes the importance of local talent availability and has implemented a strategy of combining local hiring with the relocation of domestic employees to build a balanced workforce [8][9] Group 5: Future Outlook - The next few years are expected to see an increase in the number of ADCs launched in China, with companies advised to align closely with the needs and development directions of multinational corporations [5] - The evolution of Chinese pharmaceutical companies into the "outbound 2.0 era" signifies a shift towards deeper integration into the global market and competition with top multinational firms [10]

Group 1 - The total number of awards for the 2024 Shanghai Science and Technology Awards is 206, including 191 projects and 15 individuals, indicating progress in Shanghai's construction as an international science and technology innovation center [1] - The number of Natural Science Awards increased by 10 compared to 2023, while the number of Science and Technology Progress Awards decreased by 17, reflecting a strong foundation and high-quality outcomes in basic research [2] - The award rate for the Natural Science Award is 23%, higher than the 16% for the Science and Technology Progress Award, showcasing the emphasis on original and high-quality research in Shanghai [2] Group 2 - Young and middle-aged talents play a crucial role, with 65% of award recipients under 45 years old, an increase of 4 percentage points from 2023 [3] - The number of first authors under 45 years old is 43%, which is 3 percentage points higher than the previous year, indicating a positive trend in talent development [3] - Shanghai's talent policies, such as the "Oriental Talent Plan" and "White Magnolia Plan," have successfully attracted outstanding talents to innovate and start businesses in the city [3] Group 3 - Shanghai is accelerating breakthroughs in key core technologies, focusing on three leading industries: integrated circuits, biomedicine, and artificial intelligence [4] - The trend of deep integration between technological innovation and industrial innovation is evident, with 30 technology invention award projects supported by high-value patents [4] - Significant economic and social benefits have been achieved from 97 projects awarded the Science and Technology Progress Award, including a new drug that has been approved in multiple countries [4] Group 4 - Among the 686 completing units of the awarded projects, enterprises account for 49%, with state-owned enterprises comprising 55% and private enterprises 28%, highlighting the innovation roles of both types of enterprises [5]