2025 年 4 月 28 日 星期一 ➢ 每日大市点评 港股市场延续反弹步伐，恒生指数上周全周上涨 2.7%至 21,980 点，虽未站稳 22,000 点关口，但日均成交额放大至 2,389 亿港元，显示资金活跃度回升。值得关注的是，恒生科指周涨幅仅 2.0%且未能突破 5,000 点心理关口，反映科技板块修 复动能相对不足。从资金流向观察，港股通全周净流出 3.8 亿港元，其中上周三单日流出 181 亿，显示内地投资者趁反弹 锁定收益的操作特征。板块分化加剧成为市场显著特征，医疗保健与信息科技板块分别大涨 8.4%和 6.0%，但必需消费及 电讯板块逆势下跌，揭示资金在政策预期与避险需求间的再平衡。 全球资本市场对关税风险的定价出现显著逆转，德国 DAX、意大利富时 MIB、印度及韩国 KOSPI 等主要股指已收复 4 月关 税消息冲击的全部失地，而美股三大指数也逐渐升抵 4 月 2 日的下跌裂口，恐慌指数大幅回落，显示海外投资者情绪有所 改善。尽管中国外交部否认重启经贸谈判，但美方释放削减关税信号。值得警惕的是，港股虽同步反弹但修复力度弱于 欧美市场，反映国际资金对地缘风险溢价仍存差异化定价。 四月政 ...

Core Viewpoint - 康方生物's drug Ivosidenib has shown strong positive results in head-to-head clinical trials against other leading PD-1 inhibitors, raising expectations for the company's financial recovery and market position [1][2][3]. Group 1: Clinical Trial Results - Ivosidenib (PD-1/VEGF dual antibody) demonstrated significant improvement in progression-free survival (PFS) compared to Tislelizumab in a Phase III head-to-head trial for advanced squamous non-small cell lung cancer (sq-NSCLC) [1][2]. - The trial involved 532 participants from 66 clinical research centers, with Ivosidenib showing clinically meaningful PFS benefits in both PD-L1 positive and negative populations [2]. - Ivosidenib previously outperformed Pembrolizumab (Keytruda) in a separate Phase III trial, achieving an objective response rate (ORR) of 50% compared to 38.5% for Keytruda, and a disease control rate (DCR) of 89.9% versus 70.5% [3]. Group 2: Financial Performance - 康方生物 reported a revenue of 4.526 billion yuan in 2023, achieving its first annual profit, but faced a loss of 501 million yuan in 2024 despite generating 2.124 billion yuan in revenue [4]. - The company's financial performance is closely tied to Ivosidenib's sales, which generated 103 million yuan in revenue shortly after its market approval in May 2024 [4]. Group 3: Future Prospects - Ivosidenib is currently involved in 12 ongoing Phase III clinical trials, with one indication in the final review stage for supplemental new drug application [5]. - Goldman Sachs predicts that Ivosidenib could become a leader in the PD-1/L1×VEGF dual-specific antibody market, potentially reaching peak sales of 53 billion dollars by 2041 [5]. - 康方生物 also has other products in its pipeline, including a PD-1/CTLA-4 dual antibody and a recently FDA-approved drug for nasopharyngeal carcinoma [5].