智通财经APP获悉，北海康成-B(01228)再涨超12%，年内累计涨幅已接近20倍。截至发稿，涨11.69%， 报2.77港元，成交额5007.84万港元。 此外，2025年，国家医保局首次设立"商保创新药目录"，并于7月11日正式启动申报工作。北海康成的3 款产品戈芮宁（注射用维拉苷酶β）、迈芮倍（氯马昔巴特口服溶液）、海芮思（艾度硫酸酯酶β注射 液）于8月12日通过初审，有望加速市场准入。市场人士称，通过初审名单，对于北海康成意义重大。 假设进入商保创新药目录，药品将获得商业保险的支持，患者用药的经济负担有望减轻，从而提高产品 的可及性。 消息面上，8月13日，北海康成宣布与百洋医药达成股份认购协议，根据协议，百洋医药将斥资1亿港元 认购北海康成股份。与此同时，北海康成与百洋医药双方通过签订独家商业化服务协议，进一步深化战 略协同。根据协议，百洋医药旗下子公司将获得北海康成旗下特定产品在中国内地、香港及澳门地区的 推广权。 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The development of trispecific antibodies (TsAbs) is accelerating, with a focus on companies such as Zai Lab and Sanofi [18]. - The report highlights the performance of various sub-sectors within the industry, ranking them as follows: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [12][13]. Summary by Sections Industry Performance - The A-share pharmaceutical index has increased by 1.3% this week and 2.5% year-to-date, outperforming the CSI 300 by 0.2% and 3.6% respectively [11]. - The H-share biotechnology index has shown a 0.3% increase this week and a 27.8% increase year-to-date, outperforming the Hang Seng Technology Index by -1.7% and 9.6% respectively [11]. Specific Company Recommendations - From a growth perspective, the report recommends focusing on innovative drug companies such as Zai Lab, Sanofi, and others [13]. - For undervalued stocks, it suggests looking into traditional Chinese medicine companies like Zai Lab and Dong-E E-Jiao [13]. - High dividend yield stocks are recommended from the traditional Chinese medicine sector, including Jiangzhong Pharmaceutical and Yunnan Baiyao [13]. Trispecific Antibodies Development - TsAbs are engineered antibodies capable of binding to three different antigen targets, offering enhanced therapeutic potential in cancer immunotherapy [18]. - Currently, no TsAbs have been approved for market, but several companies, including Zai Lab and Sanofi, are actively developing these therapies [18][32]. Clinical Progress - The report outlines the clinical stages of various TsAbs, noting that Zai Lab's ZG006 is among the leading candidates in clinical trials [32]. - Other notable candidates include those from companies like Sanofi and IBI3003 from Innovent Biologics, which are also in advanced clinical stages [32].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The development of trispecific antibodies (TsAbs) is accelerating, with a focus on companies such as Zai Lab and Sanofi [18]. - The report highlights the performance of various sub-sectors within the industry, ranking them as follows: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [12][13]. - Specific stock selection strategies are recommended based on growth potential, valuation, dividend yield, and left-side investment opportunities [13]. Summary by Sections Industry Performance - The A-share pharmaceutical index has increased by 1.3% this week and 2.5% year-to-date, outperforming the CSI 300 by 0.2% and 3.6% respectively [11]. - The H-share biotechnology index has shown a 0.3% increase this week and a 27.8% increase year-to-date, outperforming the Hang Seng Technology Index by -1.7% and 9.6% respectively [11]. Trispecific Antibodies - TsAbs are engineered antibodies capable of binding to three different antigen targets, offering enhanced therapeutic potential in cancer immunotherapy [18]. - Currently, no TsAbs have been approved for market, but several companies, including Zai Lab and Sanofi, are actively developing these therapies [18][32]. Stock Recommendations - Growth-oriented stock picks focus on innovative drug companies such as Zai Lab, Sanofi, and others [13]. - For undervalued stocks, the report recommends traditional Chinese medicine companies like Zai Lab and Dong-E E-Jiao [13]. - High-dividend stocks are primarily found in the traditional Chinese medicine sector, with companies like Jiangzhong Pharmaceutical and Yunnan Baiyao highlighted [13]. Clinical Development - The report outlines the clinical stages of various trispecific antibody drugs, noting that the fastest progress is seen in Merck's Restoret, currently in phase 2b/3 trials [31]. - Domestic companies are also advancing in this area, with Zai Lab's ZG006 and others in clinical stages [32].