根据最新的改革方案，未来新上市的未盈利企业将被纳入科创成长层，待满足"最近两年净利润均为正 且累计净利润不低于5000万元"或"最近一年净利润为正且营业收入不低于1亿元"，才会调出科创成长 层。 在盈亏"分层"的背后，不仅是为了保护投资者，更体现出科创板对于未盈利企业不一般的"情愫"。 在大部分投资人眼中，相比于已经盈利的企业，未盈利的企业往往面临更高的投资风险。 21世纪经济报道记者 杨坪 深圳报道 随着新一轮科创板改革规则出炉，未盈利企业审核明显加速。 连日来，多家未盈利企业审核迎来突破：以第五套标准申报的禾元生物，在7月1日顺利过会，北芯生命 公布了第二轮问询函的回复公告；摩尔线程、沐曦集成等未盈利的明星半导体企业，科创板上市申请获 得受理。 而过去六年时间，科创板合计有54家未盈利企业上市，截至目前22家企业已实现盈利，摘U率约40%。 这些摘U企业，有不少实现了股价大幅上涨，为投资者带来了丰厚的投资回报。 企业盈利与否，是否会影响投资者的决策？不同的上市标准下，企业的投资风险是否存在较大差异？什 么类型的企业能更快实现商业化落地？ "标准五"不等于没有希望 众所周知，科创板注重企业科技创新能力，允许 ...

智通财经APP获悉，中共中央政治局委员、国务院副总理刘国中10日到北京大学医学部调研医药创新发 展工作。他强调，要深入学习贯彻习近平总书记关于科技创新和卫生健康工作的重要指示精神，按照党 中央、国务院部署，面向人民生命健康，强化协同攻关和政策落实，加强医药领域基础研究和科技创新 能力建设，积极支持创新药和医疗器械加快发展，为推进健康中国建设提供有力支撑。相关概念股：基 石药业-B(02616)、和誉-B(02256)、和铂医药(02142)、信达生物(01801)。 刘国中还强调，要全链条强化政策保障，落实创新药融资、审评审批、入院使用和多元支付等政策，支 持引导商业健康保险发挥更大作用。要扩大高水平对外开放，深化医药技术国际交流合作，更好增进人 民健康福祉。各有关部门要加强协调、密切配合，健全政企沟通机制，及时回应相关诉求，营造良好发 展环境。 东吴证券指出医药行业三大核心驱动因素：高额BD交易持续落地；头部企业预计2025年扭亏，行业盈 利拐点将至；国内政策环境持续优化。 从资本市场来看：医药板块经历了4年的调整期，2025年至今板块迎来复苏，截至2025年5月30日，医药 生物行业涨跌幅位居申万31个一 ...

Group 1: Core Insights - A-share companies are experiencing significant overseas expansion, with notable achievements in infrastructure, biomedicine, and equipment manufacturing, leading to large overseas orders [2][3] - The shift in Chinese enterprises' overseas strategy is moving from cost-driven to innovation-driven, leveraging advanced supply chains, international talent, and digital technologies [2] Group 2: Large Orders and Competitive Strength - A-share companies have secured substantial overseas contracts, particularly in the infrastructure sector, with notable projects including a $1.6 billion contract for a gas processing plant in Iraq and contracts totaling approximately 5.34 billion yuan for the China-Kyrgyzstan-Uzbekistan railway [3][4] - In the biomedicine sector, companies like Rongchang Bio are accelerating internationalization, exemplified by a licensing agreement with Vor Bio worth up to $4.1 billion [4] - Equipment manufacturing firms are also making strides, with agreements such as a $406 million contract for a conveyor system in Guinea, enhancing their international market presence [4] Group 3: Accelerated Overseas Capacity Layout - Several A-share companies are intensifying their overseas production capacity, viewing local production as a key driver for global competitiveness [6] - Companies like Linglong Tire are investing $1.193 billion in a production base in Brazil, aiming for an annual output of 14.7 million high-performance tires [6] - Other firms, such as North Special Technology and Zhongke Electric, are also establishing production bases in Thailand and Oman, respectively, to enhance their global supply chain [7] Group 4: Rising Trend of Overseas Mergers and Acquisitions - The number of disclosed overseas mergers and acquisitions by A-share companies has surpassed 60 in the first half of the year, with a focus on electronics, automotive parts, and machinery [9] - Companies are pursuing overseas acquisitions to enter emerging markets and enhance their technological capabilities, as seen with Dongshan Precision's dual acquisitions in the optical communication sector [9][10] - The strategy of overseas mergers and acquisitions is aimed at resource and market integration, with firms like Luoyang Molybdenum consolidating their overseas mineral resource reserves [10]

Core Viewpoint - The article highlights the significant growth in the Chinese innovative drug sector, particularly through record-breaking business development (BD) transactions, exemplified by Rongchang Biopharma's partnership with Vor Biopharma, which underscores the global competitiveness of Chinese innovative drugs [3][4][30]. Group 1: Record-Breaking BD Transactions - Rongchang Biopharma announced a milestone international licensing agreement with Vor Biopharma for its innovative drug, Taitasip, with a total deal value of $4.23 billion, setting a new record for outbound licensing in the Chinese pharmaceutical industry [3][4]. - The deal includes a $45 million upfront payment, $80 million in warrants, and up to $4.105 billion in milestone payments, along with a royalty on future sales [3][4]. - Taitasip has shown strong commercial performance, with domestic sales exceeding 1.5 million units in 2024, representing a 95% year-on-year growth, making it a key driver of Rongchang Biopharma's revenue [5]. Group 2: 2025 as a Year of BD Growth - The article notes that 2025 is expected to be a significant year for innovative drug BD transactions, with multinational corporations (MNCs) in China already reaching $9.1 billion in upfront payments by June 2025, surpassing the total for 2024 [7][8]. - The urgency for MNCs to engage in BD transactions is driven by the impending patent cliff, with over $100 billion in sales from major drugs set to lose patent protection in the next five years [12][13]. Group 3: Patent Cliff and MNC Strategies - The approaching patent cliff poses a substantial challenge for MNCs, necessitating the acquisition of innovative drugs to extend product lifecycles and mitigate revenue losses [12][13]. - The article lists several key drugs facing patent expiration, including Merck's Keytruda, which generated $25 billion in sales in 2023 and will lose patent protection in 2028 [14]. Group 4: Chinese Innovative Drugs' Competitive Edge - The performance of the Hong Kong innovative drug sector has been impressive, with the Hong Kong Innovative Drug ETF rising over 52% in 2025, reflecting the shift from a generic-following model to a focus on developing globally competitive innovative products [21]. - The article emphasizes that the core competitiveness of Chinese innovative drug companies lies in their ability to produce high-quality products, as evidenced by significant BD transactions from international firms like BMS and Pfizer, totaling over $17 billion in 2025 [24]. Group 5: Future Outlook and Investment Opportunities - The ongoing BD boom in innovative drugs is seen as a strategic move by MNCs to navigate the challenges posed by the patent cliff, highlighting the robust R&D capabilities of Chinese companies [26][30]. - The article suggests that while market expectations for innovative drugs are high, only companies with solid clinical data and clear commercial prospects will sustain growth, indicating a need for investors to identify firms with genuine international competitiveness [28][29].

Core Viewpoint - Chinese innovative pharmaceuticals are accelerating their international expansion, with significant licensing deals and supportive policies facilitating this trend [2][6][7]. Group 1: Market Activity - In the first half of the year, the upfront payments for innovative drug licensing exceeded $2.5 billion, with total transaction amounts nearing $50 billion, almost matching the total for the previous year [2]. - A notable licensing agreement was signed between 3SBio and Pfizer, valued at up to $60.5 billion, involving the exclusive rights for the PD-1/VEGF bispecific antibody SSGJ-707 outside of mainland China [3]. - Rongchang Bio announced a licensing deal with Vor Biopharma Inc. with a total transaction value of $4.23 billion, including an upfront payment of $45 million [3]. Group 2: Policy Support - The rapid development of the innovative drug industry is supported by policy reforms, including expedited drug review processes and dynamic adjustments to the medical insurance catalog [6][7]. - In the first half of the year, 43 innovative drugs and 45 innovative medical devices were approved, representing year-on-year increases of 59% and 87%, respectively [6]. - Recent measures have been introduced to support the internationalization of innovative drugs, encouraging companies to explore markets in Southeast Asia and Central Asia [7]. Group 3: Industry Trends - The internationalization strategies of Chinese pharmaceutical companies are diversifying, with four main models identified: independent internationalization, licensing, NewCo model, and mergers and acquisitions [5]. - The collaboration landscape is broadening, with partnerships not only with traditional pharmaceutical companies but also with emerging biotech firms [4]. - Despite the progress, challenges remain, including weaknesses in basic research, target homogeneity, regulatory alignment, and commercialization capabilities [7].

2025 年 7 月 8 日 星期二 每日大市点评 7 月 7 日，港股延续震荡格局，恒生指数微跌 0.1%，收报 23,887 点；恒生科技指数逆势上涨 0.3%，收报 5,229 点，市场 尾盘上演探底回升行情。值得关注的是，南下资金尾盘快速加仓扫货，净流入 120 亿港元，创近两月单日峰值。盘面上板 块分化明显，政策敏感型领域表现强势，内房股受住建部表态"更大力度推动房地产市场止跌回稳"的提振明显。茶饮 股集体爆发，茶百道（2555 HK）单日飙升 11%，奈雪的茶（2150 HK）也涨近 4%，印证高温消费与外卖补贴政策对即饮赛 道的催化效应。博彩板块延续上涨行情，金沙（1928 HK）、美高梅中国（2282 HK）分别上涨 3.9%、2.4%。6 月澳门博彩 收入同比上升 19.0%至 210.6 亿澳门元，远超预期及季节性表现，演唱会及部分新酒店的贡献显著。反观压力端，昨日互 联网巨头表现分化，美团（3690 HK）下跌 1.5%，市场对外卖补贴战侵蚀盈利的担忧加剧，而快手（2015 HK）、腾讯 （700 HK）涨超 1%。乳制品、黄金及生物医药板块则集体回调，部分资金或在政策窗口期前获利了结。 ...

2025 年 7 月 7 日 星期一 恒生医疗保健指数上周上涨 5.0%并显著跑赢恒生指数。彭博报道全球医药行业巨头阿斯利康（AZN US）正与康方生物 （9926 HK）的海外合作伙伴 Summit (SMMT US)就依沃西单抗的授权谈判，如谈判成功授权交易总额可能达 150 亿美元。 依沃西单抗为康方生物自主研发的肿瘤药，目前正与 Summit 合作进行海外三期临床。市场认为如果阿斯利康最终与 Summit 达成依沃西单抗的海外合作，将显著增加依沃西单抗在美国获批的可能性，因此康方生物（9926 HK）周四与周五 大涨。市场也期待荣昌生物（9995 HK）未来能用类似的形式通过近期签订授权协议的 Vor Bio (VOR US)与海外著名药企 就泰它西普的海外研发与销售达成合作，公司管理层也表示过对这件事很有信心，因此荣昌生物周四与周五也上涨。我 们暂时还无法确定因此观望，但将积极关注事态的进展。 上周新能源及公用事业港股普遍上升，其中光伏板块更为突出。信义光能(968 HK)、福莱特玻璃(6865 HK)、协鑫科技 (3800 HK)全周上涨 20.4%-22.8%。近期市场聚焦中央关注内卷问题，期待 ...

1. 创新药的出海价值被持续验证，估值提升趋势有望延续 证 券 研 究 报 告 行业周报 正向循环建立，出海趋势强化 医药行业周报 投资评级： 报告日期： 推荐 （维持） 2025年07月07日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 创新出海是本轮创新药价值重估的重要推动因素，其价值的锚点在于BD估值水平的变化，尤其是PD-1/VEGF为代表的双抗。 从康方生物与SUMMIT THERAPEUTICS 的合作开始到6月2日，BMS与BioNTech达成一项超90亿美元的交易，海外MNC 对PD-1双抗的价值认知和交易金额在快速提高。根据医药魔方数据，2025年Q1，中国医药交易数量同比增加34%，而交 易总金额同比增加222%，单项交易金额提升显著。从早期出海的大品种来看，更多积极的临床数据发布，验证了中国创新 药的品质，提高了MNC与中国创新药企业合作的信心。2025年7月3日，百利天恒发布公告，公司自主研发的全球首创且唯 一进入III期临床阶段的EGFR/HER3双抗ADC在鼻咽癌的III期临床试验中，期 ...

Core Insights - The Hong Kong stock market's innovative drug sector is experiencing a surge in interest, with several stocks showing significant price increases [1] - Huahao Zhongtian Pharmaceutical has emerged as a "star stock," with its share price soaring by 55% on July 3 and a total increase of 95% by July 4 [1] - The overall trend in the innovative drug sector has seen 30 stocks doubling in value this year, with some like Rongchang Biologics increasing over 300% [1] Company Performance - Huahao Zhongtian Pharmaceutical focuses on tumor innovative drugs and has seen its stock price double in a short period [1] - Rongchang Biologics' stock rose approximately 15% on July 4 after licensing global development and commercialization rights for Taitasip to VorBio, with a total transaction value of $4.23 billion [1] - Basestone Pharmaceuticals' stock increased by over 13% on July 4, following the disclosure of two bispecific antibody drug targets [1] - Kangfang Biologics has seen its stock rise over 20% in July, completing the first patient enrollment in a Phase Ia clinical study for its first bispecific ADC drug [1] Market Trends - A wave of new listings in the Hong Kong stock market for innovative drug companies is expected in the first half of 2025, with 10 companies anticipated to go public [1] - The IPO of Heng Rui Pharmaceutical on May 23 raised approximately HKD 9.9 billion [1] - Newly listed innovative drug stocks have performed exceptionally well, with companies like Ying'en Biologics seeing a stock price increase of 193.23% compared to their issue price [1] - The favorable policies and improved fundamentals are driving the current market trend in innovative drug stocks, with the National Healthcare Security Administration issuing guidelines to support their development [1] - Analysts from Fangzheng Securities and Xiangcai Securities are optimistic about the long-term development of the innovative drug sector, predicting a turning point in 2025 with potential for both performance and valuation recovery [1]

近期，港股市场中的创新药板块犹如炎炎夏日里的一把火，热度持续攀升。 众多创新药个股接力上涨，其中华昊中天医药表现尤为亮眼，短短3个交易日股价一度翻倍，7月3日单 日涨幅更高达55%。与此同时，北海康成、加科思、君实生物、康方生物、三生制药等创新药企业亦录 得可观涨幅。 除了华昊中天医药，还有不少创新药股近日表现亮眼。 荣昌生物在7月4日大涨约15%，其宣布将泰它西普全球（除大中华区）开发和商业化权利有偿许可给 Vor Bio，交易总额达42.3亿美元。基石药业于7月3日首次披露两款自主研发、针对自身免疫/炎症性疾 病的双特异性抗体药物靶点，7月4日涨超13%。康方生物7月以来累计涨超20%，公司日前宣布自主研 发的首个双抗ADC药物AK146D1，治疗晚期实体瘤的Ia期临床研究完成首例受试者入组。 今年以来，创新药股接力上涨，此起彼伏，一批个股已累积了相当可观的涨幅。Wind的统计显示，总 共有30只创新药股今年涨幅翻番，其中荣昌生物、德琪医药、和铂医药和三生制药的涨幅均超过 300%。 创新药次新股崭露头角 港股创新药股狂飙突进 在近期的港股市场上，创新药股呈现出接力大爆发的态势，华昊中天医药、基石药业、北 ...