荣昌生物(09995)涨超11%，截至发稿，涨11.02%，报90.15港元，成交额5.77亿港元。 消息面上，根据公司官方公众号，公司自主研发PD-1/VEGF双特异性抗体RC148单药一线及联合方案二 线治疗非小细胞肺癌Ⅰ/Ⅱ期临床研究数据公布。研究数据显示，RC148单药与联合方案均显示出突出 的临床疗效和可控的安全性，实现了双路径突破。此前，公司两款创新药四个适应症成功纳入2025版国 家医保药品目录。中泰证券（600918）此前指，荣昌生物正处在商业化能力加速兑现的通道上，通过高 效的运营和精准的投入，公司正快速向盈亏平衡点靠拢。 另值得一提的是，2025年12月31日，CDE官网显示，荣昌生物维迪西妥单抗新适应症拟纳入突破性治疗 品种，联合曲妥珠单抗及特瑞普利单抗一线治疗HER2高表达的晚期胃/胃食管结合部腺癌。此前维迪西 妥单抗已经有3次纳入突破性治疗，若是此次通过公示，将成为该药物的第4次突破性疗法认定。 ...

继上周五大涨迎来开门红后，港股三大指数今日呈现窄幅震荡行情，截至收盘，恒生指数微幅上涨 0.03%，国企指数跌0.22%，恒生科技指数微涨0.09%。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 出品丨21财经客户端 南财快讯工作室 | 名称 | 现价 | 涨跌幅 -- | | --- | --- | --- | | 蔚来-SW | 38.860 | -5.95% | | 9866.HK | | | | 小鹏汽车-W | 76.650 | -4.60% | | 9868.HK | | | | 零跑汽车 | 47.880 | -3.39% | | 9863.HK | | | | 比亚迪股份 | 95.800 | -2.99% | | 1211.HK | | | | 长城汽车 | 14.190 | -6.15% | | 2333.HK | | | | 吉利汽车 | 17.600 | -3.30% | | 0175.HK | | | 生物医药股涨幅居前，荣昌生物涨超7%。2025年12月31日，CDE官网显示，荣昌生物维迪西妥单抗新 适应症拟纳入突破性治疗品种。此外，1月3日晚间，国家药 ...

| 名称 | 现价 | 涨跌幅 -- | | --- | --- | --- | | 快手-W | 73.600 | 11.09% | | 1024.HK | | | | 毕 哩 哔 里-W | 209.800 | 5.06% | | 9626.HK | | | | 华虹半导体 | 84.000 | 3.32% | | 1347.HK | | | | 京东健康 | 58.200 | 3.28% | | 6618.HK | | | | 阿里巴巴-W | 152.800 | 2.55% | | 9988.HK | | | | 阿里健康 | 5.320 | 2.11% | | 0241.HK | | | | 中芯国际 | 76.500 | 1.86% | | 0981.HK | | | | 金山软件 | 29.700 | 1.78% | | 3888 HK | | | 港股汽车股跌幅居前，蔚来跌近6%，小鹏汽车跌超4%、零跑汽车跌超3%，长城汽车跌超 6%。 | 名称 | 现价 | 涨跌幅 -- | | --- | --- | --- | | 蔚来-SW | 38.860 | -5.95% | | 9866.HK ...

Market Overview - The Hong Kong stock market showed mixed results, with the Hang Seng Index up 0.03% to 26,347.24 points, the Hang Seng Tech Index up 0.09%, and the State-Owned Enterprises Index down 0.22% [1][7] Technology Sector - Internet stocks had varied performances, with Kuaishou rising over 11%, Bilibili up over 4%, Alibaba increasing over 2%, while NetEase and Xiaomi fell over 2% [1][7] Biopharmaceutical Sector - Biopharmaceutical stocks led the gains, with Rongchang Biopharmaceutical rising over 7%. The CDE announced that Rongchang's new indication for Vidi Xi Tuo monoclonal antibody is set to be included as a breakthrough therapy [3][9] - In 2025, China approved 76 innovative drugs for market entry, significantly surpassing the 48 approved in 2024, marking a historical high. The total value of innovative drug licensing transactions exceeded $130 billion, with over 150 transactions, also a record [3][9] Real Estate Sector - Real estate stocks strengthened, with Ronxin China rising over 6%. A recent article in the Communist Party's publication "Qiushi" has raised investor hopes for a policy shift, suggesting a more substantial approach to real estate policy this year [3][11] - Morgan Stanley noted that the commentary indicates a potential change in the official stance towards the real estate market, with the next policy windows being the March "Two Sessions" and the April Politburo meeting [11] Brain-Computer Interface Sector - The brain-computer interface sector saw significant gains, with Nanjing Panda Electronics rising over 39%. Elon Musk announced that his company Neuralink plans to begin large-scale production of brain-computer interface devices in 2026 [4][11] - According to Precedence Research, the global brain-computer interface market is expected to grow to approximately $12.4 billion by 2034, with a CAGR of 17% from 2025 to 2034 [4][11] Oil Sector - Oil stocks weakened, with PetroChina falling over 3%. The U.S. has launched military actions against Venezuela, with President Trump stating that U.S. oil companies will invest billions to repair Venezuela's oil infrastructure while maintaining a complete oil embargo [6][12] Automotive Sector - Automotive stocks faced declines, with Great Wall Motors dropping over 6%. CICC reported that the domestic automotive industry may face challenges under continued policy conditions, while overseas sales remain stable [6][12] - The investment strategy suggests focusing on auto parts over complete vehicles, with attention to opportunities in robotics, smart driving, and AI-related developments [12]

荣昌生物(09995)午后涨近8%，截至发稿，涨7.67%，报79.3港元，成交额4.05亿港元。 值得注意的是，根据公司官方公众号，荣昌生物自主研发PD-1/VEGF双特异性抗体RC148单药一线及联 合方案二线治疗非小细胞肺癌I/II期临床研究数据公布。研究数据显示，RC148单药与联合方案均显示 出突出的临床疗效和可控的安全性，实现了双路径突破。 消息面上，2025年12月31日，CDE官网显示，荣昌生物维迪西妥单抗新适应症拟纳入突破性治疗品种， 联合曲妥珠单抗及特瑞普利单抗一线治疗HER2高表达的晚期胃/胃食管结合部腺癌。此前维迪西妥单抗 已经有3次纳入突破性治疗，若是此次通过公示，将成为该药物的第4次突破性疗法认定。 ...

值得注意的是，根据公司官方公众号，荣昌生物自主研发PD-1/VEGF双特异性抗体RC148单药一线及联 合方案二线治疗非小细胞肺癌I/II期临床研究数据公布。研究数据显示，RC148单药与联合方案均显示 出突出的临床疗效和可控的安全性，实现了双路径突破。 消息面上，2025年12月31日，CDE官网显示，荣昌生物维迪西妥单抗新适应症拟纳入突破性治疗品种， 联合曲妥珠单抗及特瑞普利单抗一线治疗HER2高表达的晚期胃/胃食管结合部腺癌。此前维迪西妥单抗 已经有3次纳入突破性治疗，若是此次通过公示，将成为该药物的第4次突破性疗法认定。 智通财经APP获悉，荣昌生物(09995)午后涨近8%，截至发稿，涨7.67%，报79.3港元，成交额4.05亿港 元。 ...

2024年，涨幅TOP10的创新药企中位数为57.9%，最高涨幅132.6%； 而2025年这一赛道彻底"卷"了起来，涨幅前十药企的中位数大幅攀升至495.41%，最高涨幅更是飙至1824%，入围门槛 则是315.29%——换句话说，股价不翻3倍，难以跻身前十大牛股行列。 | 2025年生物医药公司股价年涨幅TOP10 | | | | 2 2 百 1 元 | | --- | --- | --- | --- | --- | | 代理 | 名称 | 起始价/港元 | 收盘价(12/31)/港元 | 年初至今涨幅% | | 01228.HK | 北海康成-B | 0.13 | 2.56 | 1824.81 | | 02197.HK | 三叶草生物-B | 0.24 | 2.34 | 870.95 | | 02617.HK | 药捷安康-B | 13.2 | 114.9 | 773.76 | | 02142.HK | 和铂医药-B | 1.86 | 12.16 | 553.76 | | 02575.HK | 轩竹生物-B | 11.6 | 70.5 | 507.76 | | 06996.HK | 德琪医药-B | 0 ...

创新药板块迎来久违的大牛市，牛股的准入门槛也随之大幅抬高。 2024年，涨幅TOP10的创新药企中位数为57.9%，最高涨幅132.6%； 而2025年这一赛道彻底"卷"了起来，涨幅前十药企的中位数大幅攀升至495.41%，最高涨幅更是飙至1824%，入围门槛 则是315.29%——换句话说，股价不翻3倍，难以跻身前十大牛股行列。 | 代码 | 名称 | 起始价/港元 | 收盘价(12/31)/港元 | 年初至今涨幅% | | --- | --- | --- | --- | --- | | 01228.HK | 北海康成-B | 0.13 | 2.56 | 1824.81 | | 02197.HK | 三叶草生物-B | 0.24 | 2.34 | 870.95 | | 02617.HK | 药捷安康-B | 13.2 | 114.9 | 773.76 | | 02142.HK | 和铂医药-B | 1.86 | 12.16 | 553.76 | | 02575.HK | 轩竹生物-B | 11.6 | 70.5 | 507.76 | | 06996.HK | 德琪医药-B | 0.65 | 3.79 | 4 ...

2025年，是中国创新药在技术、市场、国际化领域破釜沉舟的一年，药企"走出去"迈出了关键一 步。对外授权交易（BD）爆发是最佳证明，全年对外授权总金额突破1000亿美元，首付款达81亿美 元，超九成跨国药企已经与中国药企达成合作，模式已不再局限于单纯技术转让，而是向"授权+联合 开发+商业化参与"多层次合作迈进。总体看，中国正加速从医药大国向医药强国转型。 "十四五"收官，我国生物医药市场规模稳居全球第二，在研创新药约占全球的30%，标志着我国医 药产业实现了从跟跑到并跑的关键跨越。"十四五"期间，我国共批准上市创新药220个、创新医疗器械 282个，分别达到"十三五"期间的6.2倍、3.1倍。批准415个儿童药品、155个罕见病药品上市，批准上市 中药创新药28个，新批准注册和备案公示化妆品新原料344件，医药产业创新发展活力不断增强。 国际化：从跟跑到领跑 医药行业国际化势头在2025年彻底爆发，一方面表现在BD交易激增，另一方面是"A+H"布局火 热。 数据显示，2025年中国创新药对外授权出海总金额已突破1000亿美元，较2024年同期飙升约75%， 从"卖产品"到"卖技术"，从"被动授权"到"主动布 ...

Core Insights - The 2025 National Medical Insurance Drug List has been officially released, adding 114 new drugs, including 50 innovative Class 1 drugs, with a negotiation success rate of 88%, the highest in seven years [1][3] - The first version of the commercial insurance innovative drug list has been introduced, featuring 5 CAR-T cell therapies and 19 high-priced innovative drugs, marking a significant expansion in coverage [1][5] - The adjustment reflects a strategic upgrade in China's medical insurance from "basic coverage" to "basic + high-end coverage," addressing the demand for accessible and affordable innovative drugs [1][9] Drug Additions and Market Impact - The new drug list includes 114 drugs, with 44% being Class 1 innovative drugs, and a total of 3,253 drugs now covered under the insurance [3] - Notable winners include Heng Rui Pharma, which secured 20 new drug approvals, and Eli Lilly, whose drug Tirzepatide has entered the Chinese market, benefiting 140 million diabetes patients [3][4] - The inclusion of CAR-T therapies in the commercial insurance list allows for reimbursement of high-cost treatments, which were previously inaccessible to many patients [5][7] Innovations in Treatment - The new list includes significant advancements in treatments for Alzheimer's disease, with two new drugs targeting amyloid beta accumulation, providing options for over 10 million patients in China [7] - The addition of 13 rare disease drugs fills coverage gaps in four rare disease areas, expanding the total number of rare disease drugs covered to approximately 100 [8] - The adjustment also emphasizes pediatric medications, with a separate review channel for children's formulations, indicating a positive shift in addressing children's healthcare needs [9] Strategic Implications - The 2025 adjustment signifies a shift towards a dual-track medical payment system in China, combining basic medical insurance with commercial insurance to meet both fundamental and advanced healthcare needs [9] - The rapid inclusion of innovative drugs into the insurance system reflects a decade of progress in China's pharmaceutical landscape, transitioning from rare domestic innovations to a robust pipeline of new therapies [9]