该行维持和誉今明两年的纯利预测0.48亿及3.2亿元。考虑到ABSK043研发进展顺利，加上行业估值中 枢上行，上调目标价33.3%至20港元，维持"跑赢行业"评级。 中金发表研究报告指，和誉近日宣布在研口服PD-L1抑制剂ABSK043和艾力斯的KRAS G12C抑制剂戈 来雷塞片联用治疗KRAS G12C突变的NSCLC的IND申请在中国获得批准。该行认为，药物的后续临床 进展值得市场关注。此外，近日和誉被纳入MSCI全球小型股指数成分股。该行指出，被纳入该指数可 望提升公司的全球资金关注度，或对其流动性产生正面影响。 ...

ABSK043是公司具备全球权益的潜力口服小分子PD-L1抑制剂 根据公司公告，ABSK043是一款口服生物利用度较好、具备高度选择性的小分子PD-L1抑制剂，截至目 前全球虽然有多款PD-1/PD-L1单抗获批上市，但尚未有口服生物利用度好的PD-1/PD-L1获批上市。根 据公司公告，一期研究结果显示，ABSK043单药具有良好的安全性和抗肿瘤活性。 ABSK043联用戈来雷塞进入二期临床，持续发掘口服+口服联用方案潜力 中金发布研报称，维持和誉-B(02256)2025年/2026年归母净利润预测0.48亿元/3.2亿元不变。考虑到 ABSK043研发进展顺利，叠加行业估值中枢上行，该行维持跑赢行业评级，基于DCF模型，上调目标 价33.3%至20.0港币，较当前股价有18.3%的上行空间。 中金主要观点如下： 公司近况 近日，公司宣布在研口服PD-L1抑制剂ABSK043和艾力斯的KRAS G12C抑制剂戈来雷塞片联用治疗 KRAS G12C突变的NSCLC的IND申请在中国获得批准。此外，近日公司被纳入MSCI全球小盘股指数成 分股。 2025年3月公司和艾力斯就ABSK043达成合作协议，此次获批 ...

智通财经APP获悉，中金发布研报称，维持和誉-B(02256)2025年/2026年归母净利润预测0.48亿元/3.2亿 元不变。考虑到ABSK043研发进展顺利，叠加行业估值中枢上行，该行维持跑赢行业评级，基于DCF 模型，上调目标价33.3%至20.0港币，较当前股价有18.3%的上行空间。 中金主要观点如下： 公司近况 2025年3月公司和艾力斯就ABSK043达成合作协议，此次获批的是评估ABSK043和艾力斯的KRAS G12C抑制剂戈来雷塞片联用治疗KRAS G12C突变的NSCLC的二期临床试验。此前双方也探索了 ABSK043和艾力斯伏美替尼联用治疗晚期NSCLC。该行认为公司持续布局的口服+口服联用方案相较注 射+口服联用有望具备更好的患者依从性和安全谱，后续临床进展值得关注。 被纳入MSCI全球小盘股指数成分股，有望提升关注度和流动性 8月13日，公司宣布根据MSCI最新公布的8月指数审议结果，公司凭借创新能力和商业化进展，成功被 纳入MSCI全球小盘股指数成分股，该调整已经于2025年8月26日收盘后正式生效。该行认为被纳入该指 数有望提升公司的全球资金关注度，或有望对流动性产生积极影响 ...

8月13日早盘，创新药ETF沪港深（159622）场内价格涨超1.6%，成份股海思科、迪哲医药涨超5%，信 达生物、药明合联、晶泰控股涨超4%，百利天恒、康弘药业、药明康德、和黄医药涨超3%，百济神 州、金斯瑞生物科技、翰森制药、科伦博泰生物、泽璟制药涨超2%。 消息面上，8月12日，国家医保局正式公示2025年国家基本医疗保险、生育保险和工伤保险药品目录及 商业健康保险创新药品目录调整的初步形式审查结果，合计有超过650个药品进入基本医保目录与商保 创新药目录。 敲黑板，医保、商保目录是下半年创新药投资最重要的事。 本次目录调整首次实施"双轨制"，即基本医保目录聚焦基础保障，商保创新药目录则针对符合"独家新 药"或"罕见病用药"条件的药品提供补充保障通道。 在718份基本医保目录申报信息中，共有534个药品通用名通过基本医保目录初审，其中目录外药品310 个，较2024年249个显著增加。目录外西药占比超八成，包括肿瘤靶向药、罕见病用药及新型制剂（如 口崩片、吸入剂等）。每年的医保目录调整让当年获批的创新药即可有机会进入医保目录，多款创新药 进入初审名单，包括加科思/艾力斯合作的肺癌新药戈来雷塞片；恒瑞医药 ...

Core Insights - Lung cancer remains the leading cause of cancer-related deaths globally, with ongoing research and development of innovative drugs targeting this disease [1][2] - A total of 2813 drugs are currently in development for lung cancer indications, with a significant focus on non-small cell lung cancer (NSCLC) [2] - In the first half of this year, 9 innovative drugs for lung cancer have been approved, providing new treatment options for patients [3] Group 1: Drug Development Trends - The number of drugs in development for lung cancer has increased from 1655 in November 2022 to 2813 by July 2023, with the majority targeting NSCLC [2] - Among the 2813 drugs, small molecule drugs are the most prevalent, totaling 1028, followed by monoclonal antibodies (264), antibody-drug conjugates (ADC) (226), and bispecific antibodies (110) [2] - The most common drug targets include EGFR (66 drugs), PD-1 (42 drugs), and PD-L1 (27 drugs) [2] Group 2: Recent Drug Approvals - The 9 newly approved lung cancer drugs include products from major companies such as Johnson & Johnson, Bristol-Myers Squibb, and domestic firms like Hengrui Medicine and Hansoh Pharma [3][5] - Johnson & Johnson's Evotazumab is the first bispecific antibody approved for lung cancer, initially for second-line treatment of EGFR exon 20 insertion mutations [4] - The domestic drug Luconisumab, developed by Kelun-Biotech, is the second globally and the first in China ADC targeting TROP2, approved for treating advanced NSCLC [5] Group 3: Emerging Treatment Strategies - The approval of new drugs is addressing rare mutations such as EGFR exon 20 insertion, which accounts for 4%-10% of EGFR mutations and has poor prognosis with existing treatments [3] - The PD-1/VEGF bispecific antibody Ivosidenib has been approved for first-line treatment of PD-L1 positive NSCLC, marking a significant advancement in immunotherapy [7] - The introduction of drugs targeting KRAS mutations, previously considered "undruggable," indicates a shift in treatment possibilities for advanced NSCLC [6]

Group 1: 泰恩康 (Tianenkang) - The company has completed the enrollment of 200 subjects for the Phase II clinical trial of CKB ointment, with results expected in July 2025 [1] - The registration application for the domestic production of Hewei Zhengchang Wan has been accepted, and the production line transformation is complete, aiming for approval within the year [1] - Minoxidil lotion has completed pre-listing preparations, with expected revenue recognition in Q2 of this year [1] - The company plans to submit multiple product approvals within the next year, including CKB and injectable paclitaxel polymer micelles [1] Group 2: 环旭电子 (Huanxu Electronics) - The domestic manufacturing ratio has decreased to 60%, with production shifting to Mexico, Poland, and Vietnam [2] - AI accelerator card business is expected to grow by 150%, with capacity expansion in Taiwan and Mexico [2] - The company is focusing on wearable products and SiP modules, with new product lines in Vietnam [2] - Annual capital expenditure (Capex) is projected to be over $200 million [2] Group 3: 艾力斯 (Ailis) - The company is advancing multiple key products, with Golai Resep tablets entering the comprehensive review stage and aiming for inclusion in annual medical insurance negotiations [3] - A new large molecule R&D department has been established, focusing on lung cancer, with plans for IND submission next year [3] - The company plans to continue expanding its marketing team and optimize resource allocation to ensure stable operations [3] - Cash dividends totaling 292.5 million yuan are planned for 2024, with an increase in mid-term dividends expected in the first half of 2025 [3] Group 4: 华阳集团 (Huayang Group) - The automotive electronics business has seen an expanding customer base, with a significant year-on-year increase in new orders [4] - The company has achieved larger display viewing angles for VPD products and is promoting them to multiple automakers [4] - Huayang Group is reducing geopolitical risks by establishing subsidiaries in Thailand and Mexico [4]