2025年，恒生医疗保健指数在经历下半年大回撤后依旧保住了50%以上的年度涨幅。相较之下，作为一家手握3款商业化创新药并拥有首创抗体靶向偶联药 物的创新药企，和黄医药(00013)却最终以8.56%的年度跌幅收场，显著跑输指数。 该公司股价在2025年最高涨幅仅36.36%，并且"跟跌不跟涨"。2025年下半年，其股价从30.75港元年内高点，一路跌至19.95港元区间低点，4个半月内最大跌 幅达到35.12%。 不过就在市场以为和黄医药股价会一路低迷下去时，其在2026年开年却走出了一波量价齐升的行情。 智通财经APP观察到，和黄医药在2026年前5个交易日持续发力，走出一段"五连阳"，区间内单日成交量最大达到1545.16万股，刷新自去年10月以来的单日 成交量记录。 港股通更趋向"右侧交易" 据智通财经APP观察，和黄医药股价自去年4月初因外部环境震荡影响跌破BOLL线下轨后，其后续股价大部分时间都在BOLL线的中轨至上轨之间浮动，这 一股价表现也契合了2025年港股创新药拉升行情。但25中报的披露成为了其二级市场反转的一个转折点。 去年8月7日美股盘前，和黄医药公布了其2025年中报业绩。财报显示，公 ...

www.leadleo.com 2025年中国生物创新药市场跟踪报告： 呋喹替尼7月市场动向 2025 China Biopharmaceutical Innovation Market Tracking Report: Market Trends for Fitinib in July 2025年中国バイオ医薬品イノベーション市場追跡レポート：7月時点のフィチニブ市場動向 概览标签：呋喹替尼、结直肠癌、和黄医药 作者：何婉怡 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均 系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外 、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述 约定的行为发生，头豹研究院保留采取法律措施，追究相关人员责任 的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹 "的商号、商标，头豹研究院无任何前述名称之外的其他分支机构， 也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 ©2025 LeadLeo ）。 ，任何人不得以任何方式擅自复制 www.leadleo.com 400-072-5588 #6C0000 #7C0000 ...

□ 2024年，浦东新区的地区生产总值是2020年的1.34倍，规上工业总产值是2020年的1.27倍，货物进出 口总额是2020年的1.25倍 □ 进入2025年，浦东仍保持稳步增长，前三季度生产总值同比增长6%，人均生产总值达4.3万美元，超 过意大利水平 ◎记者 宋薇萍 严曦梦 今年是浦东开发开放35周年，也是浦东打造社会主义现代化建设引领区5周年。5年来，浦东坚持以高水 平改革开放穿越国际经贸周期，展现出强大的发展韧性和活力：2024年，浦东新区的地区生产总值是 2020年的1.34倍，规上工业总产值是2020年的1.27倍，货物进出口总额是2020年的1.25倍。 进入2025年，浦东仍保持稳步增长，前三季度生产总值同比增长6%，人均生产总值达4.3万美元，超过 意大利水平；全员劳动生产率达60.6万元/人；城乡居民人均收入达9.5万元。 上海证券报记者近日从浦东新区人民政府获悉，截至目前，《中共中央 国务院关于支持浦东新区高水 平改革开放打造社会主义现代化建设引领区的意见》中明确的121项任务已基本完成。作为上海国际经 济、金融、贸易、航运和科技创新中心建设的核心区，浦东拥有上海25%的外资企业、 ...

Group 1 - The core viewpoint of the articles highlights the rapid development of Shanghai's Pudong New Area as a leading zone for socialist modernization, driven by technological innovation and a robust innovation ecosystem [1][2]. - Pudong's three leading industries—integrated circuits, biomedicine, and artificial intelligence—are projected to reach a scale of 832.3 billion RMB in 2024, accounting for 46% of Shanghai's total, with an average annual compound growth rate of 11.7% over the past three years [2]. - The Zhangjiang Fudan International Innovation Center exemplifies the transformation of traditional campuses into technology innovation parks, focusing on key industries and establishing a top-tier research hub [1][3]. Group 2 - Hutchison Whampoa Pharmaceutical (Shanghai) Co., as a benchmark enterprise in Pudong's biomedicine sector, has established a global innovation drug production base, which is expected to increase production capacity by over five times [2]. - Pudong has attracted over 4,000 enterprises in the biomedicine field, including nine of the world's top ten pharmaceutical companies, with nearly 2,000 research pipelines currently under development [2]. - The rapid growth of Zhiyuan Robotics, a humanoid robot mass production company, is attributed to Pudong's supportive industrial environment, talent policies, and the clustering of related industries [3][4]. Group 3 - The establishment of the Moli Community in Zhangjiang has led to the rapid gathering of over 150 large model enterprises, showcasing the area's commitment to fostering innovation in various high-tech sectors [4]. - Pudong has initiated the first batch of autonomous taxi operation licenses and has opened over 1,000 kilometers of advanced autonomous driving testing roads, further enhancing its technological landscape [4]. - The region is making strides in multiple emerging fields, including synthetic biology, satellite internet, new energy storage, and nuclear fusion, positioning itself at the forefront of industrial development [4].

形势越复杂，浦东的战略地位越凸显。 在经历一段压力期后，上海浦东重拾引领性增长。 2025年前三季度，浦东新区地区生产总值达到13536亿元，现价同比增长6%，分别高出上海、全国0.5个、0.8个百分点。 自2020年11月，浦东被赋予打造社会主义现代化建设引领区的这5年，恰逢纷繁复杂的国际国内环境和大国竞争博弈交织，以及新一轮科技革命和产业变革 的加速演进。"形势越复杂，浦东的战略地位越凸显。"上海浦发新区发改委主任肖林表示。 目前，《中共中央 国务院关于支持浦东新区高水平改革开放打造社会主义现代化建设引领区的意见》（下称中央《引领区意见》）明确的121项任务基本完 成。2024年浦东生产总值达1.78万亿元，比2020年现价增长34%，2025年前三季度人均生产总值达4.3万美元，超过意大利水平；全员劳动生产率达60.6万元/ 人；城乡居民人均收入达9.5万元。 在打造国内大循环的中心节点和国内国际双循环的战略链接的过程中，基于引领区建设而持续增强的科技创新策源功能、高端产业引领、高水平改革开放、 全球资源配置能力等，正在为浦东积蓄更多动能，也成为上海为全国发展大局挑大梁的一张重要"王牌"。 更多"从0到 ...

Group 1: Company Highlights - The new generation industrial-grade interactive humanoid robot "Spirit G2" is undergoing final factory testing, with a procurement contract exceeding 100 million yuan for delivery to Yujin Electronics' automotive parts factory [1] - ZhiYuan Robotics, founded in Pudong two years ago, has emerged as a leader in humanoid robot commercialization, reflecting the development of the Pudong New Area over the past five years [1][3] - As of September 2025, ZhiYuan Robotics has achieved significant growth in delivery volume, with thousands of units delivered across various sectors including research, education, interactive services, and industrial operations [4] Group 2: Industry Growth - The Pudong New Area has seen a remarkable economic performance, with a projected GDP of 1.78 trillion yuan in 2024, a nearly 35% increase from 2020, and a per capita GDP of $43,000, surpassing Italy [1][4] - The high-end industrial clusters in Pudong are thriving, with the integrated circuit, biomedicine, and artificial intelligence sectors reaching a combined scale of 832.3 billion yuan in 2024, growing at an average annual rate of 11.7% over the past three years [8] - The biopharmaceutical sector is also flourishing, with the innovative anti-tumor drug Fuzhuotini, developed by Huaneng Pharmaceutical, successfully entering over 30 countries and expected to reach a billion-dollar market [4][5] Group 3: Policy and Ecosystem Support - The supportive policies and innovation ecosystem in Pudong, including the "Qingchuang 15 Articles" talent policy, have fostered a conducive environment for startups and innovation [4][15] - The establishment of the Pudong New Area's "Going Global" service center has facilitated over 270 global service points, providing comprehensive support for enterprises looking to expand internationally [13] - The continuous improvement of the business environment in Pudong has led to a more than 40% increase in the number of market entities over five years, with over 200 new companies established daily [15][17]

Dale是一位晚期癌症患者，去年在上海接受了CAR-T药物治疗，并已实现完全缓解。CAR-T是最近十年发展 出来的新型治疗方式，相关开发企业集中于美国和中国。中国药物售价约120万，但也只有美国售价的三分之 一，医疗服务价格同样更低。这吸引了不少类似Dale的全球患者。 中国创新药与全球患者以不同的方式相遇。 "我带着大家庭去巴厘岛庆祝了我的重生。"新西兰人Dale De Penning最近在上海的一场分享会上说。 中国创新药与全球患者以不同的方式相遇：海外患者来中国寻药，同时，越来越多中国创新药出海了。中国 创新药获得了患者的初步认可，但在全球立足、立稳，一些重要关节还需要打通。 癌症患者来了中国 在来中国治疗之前，Dale曾接受过治疗。 Dale被确诊为弥漫性大 B 细胞淋巴瘤，之前在奥克兰医院接受过化疗、放疗等传统治疗方式，但无法让肿瘤 缩小到可做干细胞移植的标准。之后他多方搜索，决定来到上海，在上海曜影医院接受CAR-T药物治疗。 CAR-T细胞疗法，是一种个体化定制的细胞治疗，能通过对患者自身的免疫细胞——T细胞采集后进行体外基 因改造，从而加强其特异性识别和杀伤肿瘤的能力。它的制备条件苛刻。全球已 ...

Core Viewpoint - Hutchison China MediTech Limited (HCM) announced the latest updates on several research studies of its self-developed compounds, which will be presented at major upcoming oncology conferences in 2025 [1] Group 1: Upcoming Presentations - Results from the first human clinical trial of the anti-CD47 monoclonal antibody HMPL-A83 for the treatment of advanced solid tumors will be presented at the ESMO Asia Congress in Singapore from December 5 to 7, 2025 [1] - The results of the FRUSICA-2 registration study's Phase II portion, which examines fruquintinib in combination with sintilimab for second-line treatment of locally advanced or metastatic renal cell carcinoma, will also be shared at the same ESMO Asia Congress [1] - Additionally, results from a Phase II/III study of surufatinib combined with camrelizumab and chemotherapy for first-line treatment of metastatic pancreatic cancer will be presented at the conference [1]

Core Viewpoint - Hutchison China MediTech Limited (HCM) announced the latest and updated data from several studies of its self-developed compounds, which will be presented at the European Society for Medical Oncology (ESMO) Asia Congress in Singapore and the American Society of Hematology (ASH) Annual Meeting in Orlando in December 2025 [1] Group 1: Clinical Trials and Presentations - The first human clinical trial results of the anti-CD47 monoclonal antibody HMPL-A83 for the treatment of advanced solid tumors will be presented at the 2025 ESMO Asia Congress [1] - Results from the FRUSICA-2 registration study's Phase II portion, which examines fruquintinib in combination with sintilimab for second-line treatment of locally advanced or metastatic renal cell carcinoma, will also be disclosed at the 2025 ESMO Asia Congress [1] - The Phase II portion results of a study combining surufatinib with camrelizumab and chemotherapy for first-line treatment of metastatic pancreatic cancer will be presented at the same congress [1]

Core Viewpoint - The performance of Hutchison China MediTech (HCM) has lagged behind the overall market despite the significant rise in the Hong Kong healthcare sector, with its stock price showing only a 36.36% increase year-to-date compared to the sector's peak of 102.6% [1][2]. Market Performance - HCM's stock price has been volatile, particularly after the release of its mid-year report, which showed a revenue decline of 9.2% to $278 million, despite a significant profit increase due to the sale of non-core assets [2][3]. - Following the mid-year report, HCM's stock experienced a sharp decline of 15.99% in a single day, with trading volume reaching a record high of 70.29 million shares, indicating increased market panic and a shift in investor sentiment [3][5]. Investor Sentiment - The recent trading data indicates a shift in investor behavior, with significant net buying from certain brokers, while others have been net sellers, reflecting a divided market view on HCM's future prospects [6][7]. - The stock's price-to-earnings ratio (PE) is currently at 5.64, significantly lower than the industry average of 28.32, suggesting potential for a technical rebound in the short term [6]. Sales Performance - HCM's core innovative drugs have seen substantial sales declines in the domestic market, with revenues for its main products dropping between 30% to 50% [2][8]. - In contrast, overseas sales for its key drug, Elunate (fuquintinib), have increased by 25% to $163 million, indicating stronger performance in international markets [9]. Pipeline and Future Prospects - HCM is focusing on its new drug candidate HMPL-A251, which has shown promising preclinical results and is expected to enter clinical development by the end of the year [10][11]. - The company is attempting to shift market attention towards its antibody-drug conjugate (ADC) research, which has garnered industry interest, although immediate stock price catalysts may be limited [11].