Core Viewpoint - The article emphasizes the transformative opportunities in the innovative pharmaceutical sector, predicting that 2025 will mark a significant year for revenue growth, profit breakthroughs, and valuation increases in the industry [4][5]. Group 1: Innovative Drug Investment Outlook - The innovative drug sector is entering a "three-dimensional screening era" characterized by major disease categories, clinical data validation, and global competition [4]. - 2025 is anticipated to be the starting point for collective revenue growth among innovative drug companies, with 80% of A-share and Hong Kong-listed innovative drug firms expected to see revenue increases following 2024's medical insurance negotiations [5]. - The period from 2025 to 2028 is projected to be crucial for many Chinese innovative drug companies to enter profitability, contrasting with previous years where only a few companies achieved profits [5]. Group 2: Key Investment Areas in Innovative Drugs - Focus areas for investment include: 1. Bispecific antibodies, with the first approved product in China and several in late-stage clinical trials [8]. 2. Antibody-drug conjugates (ADCs), where domestic companies lead in the development of the next generation of ADCs [8]. 3. Targeted therapies, with the global oncology drug market exceeding $150 billion, and a significant share expected to come from domestic small molecules by 2030 [8]. 4. Autoimmune diseases, driven by environmental factors and improved insurance coverage, with a focus on kidney disease drugs showing substantial growth [8]. Group 3: Investment Strategy and Methodology - The investment strategy in the pharmaceutical sector is based on three selection criteria: 1. Focus on large market spaces, such as oncology and metabolic diseases, to mitigate R&D risks [10]. 2. Prefer clear competitive landscapes, such as orphan drugs, with minimal competition expected in the next three years [10]. 3. Target products with optimal clinical data, avoiding those that do not meet top-tier standards [10]. Group 4: Insights from Fund Managers - Fund manager Wu Qingyu emphasizes the importance of absolute return thinking, focusing on high-growth sectors while maintaining valuation discipline [11][12]. - Wu's investment approach combines top-down and bottom-up strategies, selecting high-growth industries and then identifying companies with superior growth rates and matching valuations [15]. - The focus on concentrated holdings is driven by strong research conclusions, aiming for higher alpha returns through precise stock selection [17]. Group 5: Future Investment Directions - Wu Qingyu identifies three key sectors for future investment: 1. AI computing power, driven by increased domestic demand for servers and capital investments from companies like ByteDance [19]. 2. Investment opportunities in "AI new hardware" arising from the integration of AI models with downstream hardware [19]. 3. The automotive sector's trend towards smart technology, with certain domestic manufacturers expected to gain market share [19].

Core Viewpoint - The innovative drug sector is entering a golden investment window, with expectations for significant revenue growth, profitability breakthroughs, and valuation increases by 2025, marking a systemic investment opportunity in the industry [1][2]. Summary by Relevant Sections Investment Outlook - The innovative drug sector has recently experienced a slight pullback, but this does not alter the long-term growth logic of the industry. As the fundamentals trend upward, the sector is expected to attract more long-term capital once volatility stabilizes [2]. - 2025 is anticipated to be a pivotal year for the Chinese innovative drug industry, characterized as the "three milestone years" for revenue growth, profitability, and valuation uplift [2]. Market Dynamics - The market landscape has shifted significantly, moving away from fierce competition for funds among innovative drugs, AI, and robotics, to a more favorable environment for innovative drugs [2]. - From 2025 to 2028, a critical phase for profitability is expected, with many companies entering a profitability cycle simultaneously, which historically indicates a new phase of systemic strength for the sector [2]. Key Investment Areas - Investment focus should be on major disease categories, particularly in four key areas: 1. Bispecific antibodies, with several products in late-stage clinical trials [3]. 2. Antibody-drug conjugates (ADCs), where domestic companies lead in global research and development [3]. 3. Targeted therapies, with the global oncology market exceeding $150 billion [3]. 4. Autoimmune diseases, driven by environmental factors and improved insurance coverage [3]. Specific Company Insights - In the autoimmune disease sector, companies like Yunding Xinyao, which specializes in kidney disease treatments, have shown significant stock performance, with a more than 700% increase since Q4 2022 [4]. Competitive Landscape - The integration of AI in drug development is expected to enhance efficiency, particularly benefiting the contract research organization (CRO) sector. AI's application in areas like imaging and pathology is also anticipated to expand market opportunities [5]. - Investment selection criteria include focusing on large market spaces, clear competitive landscapes, and optimal clinical data, emphasizing the need for "top performers" in the industry [6].

2025 年 06 月 29 日 行业周报 看好/维持 医药 医药 板块出现缩量上涨，持续看好创新药（附 PCSK9 靶点研究）(2025.06.23-2025.06.29) 走势比较 推荐公司及评级 | 君实生物 | 买入 | | --- | --- | | 华领医药-B | 买入 | | 奥锐特 | 买入 | | 同和药业 | 买入 | | 阳光诺和 | 买入 | | 泓博医药 | 买入 | | 福元医药 | 买入 | | 三生制药 | 买入 | | 京新药业 | 买入 | | 共同药业 | 增持 | | 亿帆医药 | 买入 | | 诺诚健华 | 买入 | | 诺思格 | 买入 | | 奥翔药业 | 买入 | | 科伦药业 | 买入 | | 国邦医药 | 买入 | | 来凯医药-B | 买入 | | 百利天恒 | 买入 | | 益方生物 | 买入 | | 皓元医药 | 买入 | | 普洛药业 | 买入 | | 信达生物 | 买入 | | 加科思-B | 买入 | 相关研究报告 原料药——①2025-2030 年，下游制剂专利到期影响的销售额为 3900 亿美元，相较 2019-2024 年总额增长 124 ...

2025 年 6 月 19 日，浙江大学 林爱福 、 周天华 及 袁瑛 等团队 在 Cell 子刊 Molecular Cell 发表题为 ： Hepatic micropeptide modulates mitochondrial RNA processing machinery in hepatocellular carcinoma 的封面论文 【2】 。 排版丨水成文 人类基因组的复杂性令人叹为观止，但仅约1%的基因编码约两万种蛋白质，而其中被深入研究的仅有几千 种，被认为具有作为药物或检测靶点的更是屈指可数。陆续有研究表明，人类基因组中曾被认为不具备编 码功能的非编码区，同样蕴藏着编码蛋白质的潜力。这些如同"暗物质"般神秘的未被充分研究蛋白质，可 能蕴藏着治疗包括癌症在内多种疾病的关键钥匙，其系统鉴定将为生物学与医学研究带来新思路。 近期，浙江大学 林爱福 与 周天华 团队在人类胃癌等组织样本中鉴定出近万个尚未被充分解析的新型 微肽 ，并借助人工智能 （AI） 技术对其功能进行了系统注释，为肿瘤等恶性疾病的预防和干预提供了新的靶点 和思路。 相 关 论 文 以 ： Comprehensive Disc ...

Edgewise Therapeutics (EWTX) FY 2025 Conference June 09, 2025 03:20 PM ET Speaker0 Okay. We'll continue with the next session, which is Edgewise Therapeutics. Good afternoon, everyone. I'm Paul Choi, and I cover biotechnology here at the firm. It's my pleasure to welcome to my immediate left Kevin, CEO and Mehrot, COO. What we'll do is kick it off with let Kevin kick it off with some maybe high level overview of the company, sort of where the lead programs are and then we'll get into Q and A. Speaker1 Yes. ...

6月2日，记者从东湖高新区获悉，一季度以来，一批创新药项目加速落户光谷。其中，深圳福沃药业有限公司（以下简称"福沃药 业"）将投资近20亿元建设企业总部及创新药研发生产销售基地，这将是武汉首个国家一类创新药生产基地。 福沃药业是国家高新技术企业，专注于新一代抗肿瘤小分子创新药的研发，构建起包括10余个国家一类创新药在内的产品矩阵。其 中，两款核心产品分别靶向治疗肺癌和乳腺癌，在国内具有领先优势。 "武汉企业总部正在装修，本月将正式入驻。"福沃药业联合创始人兼首席科学家朱程刚博士介绍，落户光谷生物城后，公司将建设创 新药物研发、生产、销售基地。一期建设建筑面积达2000平方米，其中1000平方米办公区域已于近日交付，1000平方米研发基地今年完成 建设并投用；二期建设预计总占地面积50亩，总建筑面积达50000多平方米，计划2029年建成投用。 深圳福沃药业有限公司 福沃药业实验室 朱程刚告诉记者，治疗乳腺癌新一代靶向药物FWD1802的又一联合用药适应证，近日已获得中国国家药品监督管理局的批准，进入临 床试验阶段，预计最快将于2026年在国内上市。 创新药，被誉为医药行业"皇冠上的明珠"，也是评判一个地区生物 ...

"舒筋活络"，数字物流促货运流量日增2.1万辆次 车轮滚滚丈量发展热度，电流奔涌传递增长动能，重大项目支撑高质量发展！1-4月，一组亮眼数 据勾勒出江苏高质量发展的澎湃画卷：全省高速公路出口日均货车流量较一季度增加2.1万辆次，工业 用电量同比增长3.1%，500个省重大项目完成投资2319亿元……跃动的数据背后，是物流通道"舒筋活 络"的高效畅达，是工业血液"加速循环"的蓬勃动能，是项目建设"立柱架梁"的坚实支撑，这不仅彰显 着江苏经济多维突破的强大韧性，更涌动着这片热土上生生不息的发展活力。 面对复杂多变的国际经贸环境，江苏4月外贸相关企业用电量同比增长2.8%，其中外贸制造业企业 用电量同比增长2.1%，凸显企业生产端在关税压力下的稳定运转能力。 机电作为江苏省的核心出口品类，呈现用电与出口双增长态势。1-4月，全省机电产品出口额达 8480.1亿元，同比增长11.1%，占全省出口总值的68.9%，机电外贸制造企业用电量同步增长6.3%。 南京溧水的易咖智车智能工厂内，两条智能化生产线全速运转。今年7月将试生产无人车，抢占国 际赛道。"4月汽车及零部件出口额达149.8亿元，整车出口9.3万辆的历史新高 ...

Core Viewpoint - The Guangxi Zhuang Autonomous Region's Finance Department has significantly increased financial support for the Fangchenggang International Medical Open Experimental Zone, raising a total of 41.22 billion RMB since 2019 to enhance infrastructure and promote high-quality industrial development in the region [1][2] Group 1: Financial Support and Infrastructure Development - The Finance Department has allocated a total of 25.37 billion RMB to support various projects, including the construction of infrastructure for the non-human primate conservation base [1] - The financial support has effectively promoted the construction of infrastructure and improved the comprehensive carrying capacity of the experimental zone, facilitating the accelerated gathering of three main industries: breeding of experimental animals, preclinical drug research, and traditional medicine development [1] - As of April 2025, the experimental zone has registered 264 enterprises, including 23 high-tech enterprises and 50 recognized technology-based small and medium-sized enterprises [1] Group 2: Healthcare and Medical Services - The Finance Department has also allocated 13.55 billion RMB to support major healthcare projects, including the construction of a major epidemic treatment base and the relocation of the disease prevention and control center in Fangchenggang [1] - The collaboration between Guangxi People's Hospital and Fangchenggang First People's Hospital aims to establish the first regional medical center in the autonomous region, focusing on six key specialties, including cardiology [2] - The number of hospital beds per thousand people in Fangchenggang has increased from 4.23 in 2019 to 5.42 in 2024, indicating an expansion of quality medical resources [2] Group 3: Research and Innovation - A total of 2.3 billion RMB has been allocated to support the construction of a food safety and nutrition innovation platform and various research projects related to non-human primates, medical service models, drug treatment, and smart medicine [2] - The experimental zone has achieved breakthroughs in innovation and research, including the creation of the world's first non-alcoholic fatty liver disease model using non-human primates [2] - The Guangxi Luhang Biopharmaceutical Technology Co., Ltd. has received clinical approval for its targeted drugs AHT-101 and AHT-102 for gastric and pancreatic cancer [2]

在罕见病领域，I型神经纤维瘤病(NF1)因其较高的新生儿发病率和严重的疾病危害，日益受到医学 界和社会的关注。中山大学附属第一医院儿科副主任医师张军近日表示，NF1患者按时复诊、随诊和保 持健康的生活方式至关重要。同时应多学科协作，协作网加速为NF1患者提供全生命周期的规范化管 理。 这一由NF1基因突变引起的常染色体显性遗传性疾病，累及多系统，给患者带来沉重的疾病负担， 早诊早治意义重大。 在治疗方面，NF1的治疗方式因瘤体的位置和对患者的影响而异。张军称，对于仅存在皮肤咖啡斑 且对生活影响不大的患者，可不进行治疗；若患者有治疗需求，可前往皮肤科进行激光治疗等，"对于 体表瘤子，若对健康无太大危害，可根据个人意愿选择是否治疗"。 然而，对于深部瘤子，由于会对人体健康和生命造成威胁，通常首选手术切除。"但NF1手术难度 极大，因其血供和神经丰富，手术过程中极易损伤神经，风险很高。"张军称，目前，针对不可手术的 丛状神经纤维瘤患儿，已经出现了创新靶向药，通过阻断瘤体生长通路来控制疾病进展，部分瘤子在用 药后会缩小，即便瘤体没有缩小，只要不再进展，对患者来说也是较好的结果。目前该靶向药物获批用 于3岁以上、18岁 ...

证券时报记者臧晓松陈澄 纳米是一个极小的长度单位。如果把1米平均分成10亿份，每一份就是1纳米，这相当于头发丝直径的八 万分之一。在人类肉眼看不见的微观世界中，纳米材料和技术可以开发出靶向药、新型电池或更小的芯 片，为发展新质生产力插上了"隐形的翅膀"。 证券时报记者采访获悉，从2006年"押注"纳米技术以来，苏州工业园区在国内外树立了"中国纳米看苏 州、苏州纳米看园区"的良好口碑。以苏州工业园区为核心的苏州市纳米新材料集群，更是成功入选国 家首批先进制造业集群。 截至目前，苏州工业园区聚集纳米产业相关企业约1400家，产值突破1700亿元，已跻身全球五大纳米产 业集聚区之列。 "押注"纳米技术 2006年，中国科学院苏州纳米技术与纳米仿生研究所（下称"纳米所"）落户苏州工业园区，为当地纳米 产业的发展撒下了希望的种子。 "二十几年前，苏州和园区最缺的就是国家级创新平台。"彼时在苏州工业园区管委会科技发展局工作的 张淑梅表示，为了推动产业转型升级，园区决定在传统电子信息制造业、装备制造业的基础上探索科技 创新，最终决定"押注"纳米技术，积极推动纳米所扎根在苏州工业园区。 "不深入研究不知道，一研究就发现我们' ...