南依泰山、北跨黄河，古老而常新的泉城济南，走过了非凡的五年。 "十四五"是济南圆梦的五年。黄河流域生态保护和高质量发展重大战略实施，让济南深度参与国家战 略，获得了千载难逢的重大机遇。济南新旧动能转换起步区获批设立，让济南一步实现了"北跨"梦想， 得以拥河发展，打开了潜力无限的全新空间。 这五年，是济南转型蓄力的五年。统筹推进传统产业改造提升、新兴产业培育壮大、未来产业超前布 局，济南因地制宜发展新质生产力，在传统优势产业质效提升的同时，人工智能、低空经济、量子等未 来产业乘势起飞。 这五年，是济南成长变靓的五年。城变美了，空气好了，公园多了，泉水入户了，地铁通达了，托幼上 学养老变优了，泉城更加宜居宜业，形成了"近悦远来"的态势。 站在"十四五"与"十五五"的历史交汇点上，奋斗在"强新优富美高"新时代社会主义现代化强省会建设征 程中的济南，也正向着高标准建设"黄河流域重要的中心城市"目标阔步向前。 万亿之上再迈进 黄河北岸起新城 金秋时节，天朗气清，在黄河北岸的济南新旧动能转换起步区（以下简称"起步区"），比亚迪济南基地 近6000亩的巨大厂区气势恢宏，一辆辆新车下线开出。获批4年，起步区初步形成新能源汽车 ...

Core Insights - The Shanghai biopharmaceutical industry is projected to grow from 761.71 billion yuan in 2021 to 984.70 billion yuan by 2024, with an average annual growth rate of 8.94% [1] - The biopharmaceutical manufacturing output is expected to increase from 171.20 billion yuan in 2021 to 201.17 billion yuan in 2024, reflecting a compound annual growth rate of 6.9% [1] - By the end of 2024, Shanghai will have 2,183 biopharmaceutical enterprises, with 19 of the top 20 global pharmaceutical and medical device companies having established headquarters or centers in the city [1] Industry Growth and Development - Shanghai has been a pioneer in the biopharmaceutical sector since 1993, emphasizing modern biotechnology and pharmaceuticals as key high-tech industries [2] - The "14th Five-Year Plan" for Shanghai aims to double the scale of three leading industries, including biopharmaceuticals, with a total fund of 100 billion yuan allocated for these sectors [2] - The biopharmaceutical industry accounted for a significant portion of the 1.8 trillion yuan combined scale of Shanghai's three leading industries in the previous year [3] Innovation and Market Position - Shanghai has established a complete biopharmaceutical industry chain with over 80,000 related enterprises, leading the nation with 30 companies listed on the Sci-Tech Innovation Board [4] - In 2024, Shanghai approved 7 first-class innovative drugs and 15 third-class innovative medical devices, representing 17.5% and 32.6% of the national total, respectively [4] - The city also leads in overseas licensing transactions, with 15 projects exceeding 500 million USD, totaling 19.83 billion USD, marking a 30.5% year-on-year increase [4] Future Prospects - Shanghai is on the verge of surpassing the 1 trillion yuan mark in its biopharmaceutical industry, with plans to enhance the entire value chain from basic research to application [5] - The city aims to become a world-class biopharmaceutical innovation hub and industrial cluster, focusing on accelerating technological innovation and high-end industry leadership [5]

8月20日，恒瑞医药(股票代码：600276.SH;01276)发布2025年半年度报告。财报显示，公司当期实现营业收入157.61亿元，同比增长15.88%;归属于上市公司 股东的净利润44.50亿元，同比增长29.67%。与此同时，公司当期经营性现金流净额达到43.00亿元，同比增长41.80%。营收、净利及经营性现金流净额均创 往年同期新高，业绩进入爆发增长期。 持股计划彰显创新药收入增长预期保持高速增长 为了增强团队凝聚力及公司核心竞争力，充分发挥长效激励机制，恒瑞医药还同时公告将回购10-20亿元的股份，用于实行新的员工持股计划，2025年激励 规模不超过1400万股。 在绩效考核方面，2024年持股计划中的创新药收入指标为含税口径，而2025年计划调整为不含税口径。经比较两期持股计划(即2025年度：165亿元(含税)vs 153亿元(不含税)，以及2026年度208亿元(含税)vs 192亿元(不含税))，可以算出税率大概是8%。 据此，可推算出2024年度指标中的不含税创新药收入应该是120亿左右，与新计划中的153亿(不含税)相比较可得出：2025年度的不含税创新药收入增长指标 为27%，与 ...

批复指出，江苏省人民政府需切实履行主体责任，制定专项方案，加快推进落实，加强协同监管，防控 重点领域风险，确保《方案》目标任务达成。国务院有关部门按职责分工给予支持、指导，形成工作合 力，助力解决实施中的困难。商务部则发挥统筹协调作用，调动各方积极性，推动改革任务落地，重大 事项按程序请示报告。 江苏生物医药产业门类齐全，上下游配套能力强劲。此次《方案》聚焦生物医药研发制造、流通使用全 产业链条，以及要素保障、安全保障等重点环节，提出5个方面共18项重点任务。在支持生物医药和医 疗器械研发创新、建设重大创新平台、深化审评审批制度改革、推动医疗服务业扩大开放、促进研发用 物品通关便利等方面，明确了一系列含金量极高的改革举措。 本报讯(记者王梦然)近日，国务院批复，原则同意《中国(江苏)自由贸易试验区生物医药全产业链开放 创新发展方案》(以下简称《方案》)，并要求认真组织实施。这一批复为江苏自贸试验区生物医药产业 发展注入强大动力，标志着该领域迎来系统集成改革的重磅政策支持。 批复明确，《方案》实施以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届 二中、三中全会精神，坚持稳中求进，完整、准确、 ...

健康元(600380.SH)在投资者关系活动中透露，目前已布局超过20款1类创新药，并有10款以上进入II期 及以后关键研发阶段。在COPD治疗领域，公司已构建起系统性的COPD创新药布局，形成三条针对性 解决路径，包括靶向PDE4的吸入制剂、全球首创的口服PREP抑制剂以及新一代ICS吸入制剂。此外， 公司与腾盛博药合作的新型多粘菌素项目已正式落地。 ...

Core Viewpoint - The U.S. is facing increasing competition in the biopharmaceutical sector, particularly in innovative drugs, leading to proposed high tariffs on imported drugs and copper, with drug tariffs potentially reaching 200% [1] Group 1: U.S. Policy and Competition - The U.S. National Security Council has reported that China is systematically challenging U.S. biotechnology dominance, particularly in antibody-drug conjugates (ADCs), where Chinese companies dominate nearly half of the global research [1][2] - The U.S. decision to impose tariffs is driven by a sense of crisis and insecurity regarding the competitive landscape in biopharmaceuticals [1][3] Group 2: China's Rise in Biopharmaceuticals - Prior to 2010, Chinese pharmaceutical companies were largely invisible in the global innovative drug market, relying heavily on generics, but significant reforms since 2015 have led to a rapid development of an independent innovation system [2][3] - The number of innovative drugs launched in China has surged from 9 in 2018 to an expected 48 by 2024, aided by expedited approval processes [2] Group 3: Collaborative Dynamics and Market Trends - Despite U.S. efforts to limit collaboration with Chinese firms, American pharmaceutical giants are increasingly entering into licensing agreements with Chinese companies, with significant transaction values reported [4][5] - The cost of developing innovative drugs in China is only 20-30% of that in the U.S., with a faster development cycle, highlighting China's competitive edge in the biopharmaceutical sector [4][5] Group 4: Future Outlook and Strategic Implications - The ongoing political tensions are unlikely to disrupt the deepening collaboration between U.S. and Chinese pharmaceutical industries, as mutual dependencies in research and clinical trials persist [5] - The future of innovative drug development may hinge on the ability to create an open and collaborative ecosystem rather than maintaining technological hegemony, suggesting that the U.S. may miss out on future advancements if it continues to pursue isolationist policies [5]