生物医药ETF（512290）跟踪的是CS生医指数（930726），该指数从沪深市场中选取涉及生物技术、制 药、医疗设备等业务的上市公司证券作为指数样本，以反映生物科技与医药健康相关上市公司证券的整 体表现。该指数成分股具有较高的成长性和创新性，侧重于展示生物医药行业的综合发展水平。 （文章来源：每日经济新闻） 中信建投指出，医药生物行业呈现三大趋势：国际化2.0纵深发展，2025年license-out交易数达103个、 首付款84.5亿美元创历史新高，自主出海企业享受估值溢价；政策支持力度空前，医保谈判效率提升并 首次设立商保创新药目录；技术驱动持续突破，ADC、IO双抗、GLP-1减重、小核酸药物多点开花。 CXO行业调整基本完成，海外需求稳定，国内投融资触底回升，重点关注出海能力强的CDMO企业及 临床CRO龙头。上游产业链复苏显著，国产化率提升空间广阔，智能化、数字化生产与国际化拓展双 轮驱动。 ...

资讯数据显示，在A股CXO板块29家上市公司中，有20家公司实现前三季度营收同比增长。 国际化驱动创新药企业业绩增长，位于创新药产业链上游，被称为行业"卖铲人"的CXO板块，也迎来了 需求增长，从而推动业绩整体增长。 从整体来看，当前创新药产业正迎来政策推动、需求爆发的双重利好，二者正共同激活新药研发需求， 并进一步传导至产业链上游的CXO板块。 创新药领域呈现三大趋势：国际化2.0纵深发展，2025年license-out交易数达103个、首付款84.5亿美元创 历史新高，自主出海企业享受估值溢价；政策支持力度空前，医保谈判效率提升并首次设立商保创新药 目录；技术驱动持续突破，ADC、IO双抗、GLP-1减重、小核酸药物多点开花。 招银国际认为，资本市场融资活动恢复，创新药出海交易规模扩张，国内创新药研发需求回暖，加上美 国进入降息周期，CXO企业下半年业绩表现有望复苏，招银国际预期已授权的创新药管线在海外的临 床发展可成为创新药板块最重要催化剂。 中信建投（601066）证券发布研究报告称，创新药领域呈现三大趋势：国际化2.0纵深发展，2025年 license-out交易数达103个、首付款84.5亿美 ...

创新药及产业链 26 年展望 20251123 摘要 Q&A 2026 年创新药行业的医保政策有哪些重要变化？ 医保谈判持续深化，肿瘤药仍是重点，创新药获支持但降幅或较低。首 次设立商保创新药目录，为高价值创新药提供第二支付路径，利好 CAR-T、ADC 等高值创新药。 集采政策侧重稳临床、保质量，降幅趋稳，关注疗效而非仅低价。引入 锚点价和复活机制，提高 GMP 生产门槛，保障仿制药质量，生物类似 药集采或在 2026 年试点。 中国制药企业国际化进入 2.0 阶段，BD 交易活跃，总额同比增长 60%。企业需实现临床、研发和商业国际化，中美双报及国际多中心临 床成标配。 创新技术关注 ADC、I/O 及小核酸领域。ADC 方面，科伦博泰海外数据 及 BLA 递交受关注；I/O 领域，康方生物 AK112 及信达生物 PD-1/IL-2 数据值得期待；小核酸领域，诺华高血脂产品销售峰值预计可达 30 亿 美元。 GLP-1 市场前景广阔，礼来、罗氏、阿斯利康等公司将在心脑血管、糖 尿病及肥胖领域发布关键临床数据，推动行业发展。 2025 年的医保谈判已经完成，结果将在 12 月的第一个周末公布，并于 202 ...

从整体来看，当前创新药产业正迎来政策推动、需求爆发的双重利好，二者正共同激活新药研发需求， 并进一步传导至产业链上游的CXO板块。 智通财经APP获悉，创新药领域呈现三大趋势：国际化2.0纵深发展，2025年license-out交易数达103个、 首付款84.5亿美元创历史新高，自主出海企业享受估值溢价；政策支持力度空前，医保谈判效率提升并 首次设立商保创新药目录；技术驱动持续突破，ADC、IO双抗、GLP-1减重、小核酸药物多点开花。 招银国际认为，资本市场融资活动恢复，创新药出海交易规模扩张，国内创新药研发需求回暖，加上美 国进入降息周期，CXO企业下半年业绩表现有望复苏，招银国际预期已授权的创新药管线在海外的临 床发展可成为创新药板块最重要催化剂。 Wind资讯数据显示，在A股CXO板块29家上市公司中，有20家公司实现前三季度营收同比增长。 中信建投证券发布研究报告称，创新药领域呈现三大趋势：国际化2.0纵深发展，2025年license-out交易 数达103个、首付款84.5亿美元创历史新高，自主出海企业享受估值溢价；政策支持力度空前，医保谈 判效率提升并首次设立商保创新药目录；技术驱动持续突破 ...

Group 1 - The recent tensions between China and Japan may impact foreign investment sentiment, as the Chinese government has advised citizens to avoid traveling to Japan and is prepared for substantial countermeasures [1] - The U.S. government has resumed operations, with the non-farm payroll report set to be released on November 20, which could influence market expectations regarding interest rate cuts by the Federal Reserve [1] - The European Union has agreed to eliminate the tax exemption on small packages, primarily targeting the influx of inexpensive Chinese goods [1] Group 2 - The company Guosheng Tang (02273) plans to acquire 100% of Dazhong Tang, expanding its network of Traditional Chinese Medicine clinics in Singapore, which is expected to enhance its overseas market presence [3] - Guosheng Tang has also announced a share buyback plan totaling up to 600 million HKD, aimed at increasing shareholder value [3] - The company has expanded its domestic operations by adding four new branches in cities such as Tianjin and Chengdu, bringing the total number of branches to 87 [3] Group 3 - The innovative drug sector has seen a rebound after two months of decline, with companies like BeiGene and Innovent Biologics reporting positive financial results, indicating a potential for sustained market momentum [4][5] - BeiGene reported a profit of 125 million USD for the first three quarters, with projections of 795 million USD profit by 2026, while Innovent Biologics anticipates reaching breakeven by 2025 [4] - Upcoming academic conferences in December are expected to showcase domestic innovative drugs, further boosting investor interest in the sector [5] Group 4 - The Hong Kong stock market is experiencing a decline, with the Hang Seng Index at 26,572 points, amid concerns over excessive investment in AI and reduced expectations for interest rate cuts [6] - The liquidity in the Hong Kong market is closely tied to U.S. dollar liquidity, with expectations of a shift from quantitative tightening to quantitative easing [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a total revenue of 4.63 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.82%. The net profit attributable to shareholders was 800 million yuan, up 12.66% year-on-year [1] - The company expects a full-year revenue growth of 13%-15%, driven by the ramp-up of emerging businesses and improved client delivery schedules [1] - Emerging businesses, including peptides, oligonucleotides, and ADCs, showed significant growth, with a 71.87% increase in revenue year-on-year for the first three quarters [2] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 1.44 billion yuan, a slight decrease of 0.09% year-on-year, and a net profit of 183 million yuan, down 13.46% year-on-year [1] - The net cash flow from operating activities for the first three quarters was 1.144 billion yuan, an increase of 8.67% year-on-year [1] Business Segments - Small molecule business revenue remained stable with a gross margin of 46.99% [2] - Emerging businesses (including peptides, oligonucleotides, ADCs) saw a revenue increase of 71.87% with a gross margin of 30.55%, up 10.57 percentage points year-on-year [2] - The chemical macromolecule business experienced over 150% revenue growth, marking it as the fastest-growing segment [2] Customer Structure - Revenue from large pharmaceutical companies was 2.053 billion yuan, a year-on-year increase of 1.98%, while revenue from small and medium-sized pharmaceutical companies reached 2.577 billion yuan, up 21.14% year-on-year [3] - The company is actively expanding its diversified customer base to enhance business resilience [3] Profit Forecast and Investment Advice - The company’s projected net profits for 2025-2027 are 1.186 billion yuan, 1.324 billion yuan, and 1.568 billion yuan, with growth rates of 25.0%, 11.6%, and 18.5% respectively [3]

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 小豪只投创新药 来源：雪球 6 月 12 日我在《如何押注创新药的BD》一文中，详细阐述了将「N」业务视为或有 upside 的完整逻辑。然而其后三个月，"赌 BD"一路飞升， "赌 BD"逐渐从合理化变成妖魔化 ：从猜测最有机会的交易，到子虚莫有、几乎不可能发生的交易，都被市场提前计价；"可比交易定价法"逐渐异 化为"预告式定价法"、"MNC 名片定价法"、"晒聊天记录截图定价法"。 当预期明显被透支时，我在 9 月 6 日《后BD时代》中明确警告， 我们应把焦点移回 BD 落地后公司能够沉淀的长期价值，而不只是追逐短期的 交易刺激。 事实也印证了这一点：自 9 月初开始，以"赌 BD"为主线的整个创新药行情，普遍来到阶段性高位。"赌 BD"的公司率先大幅回撤，甚 至波及到其他"已 BD "的公司。 这类预期若长时间未能通过实际BD落实验证，就容易滋生估值泡沫。一旦BD进度不及预期，相关公司的股价可能面临剧烈回调。 ——后BD时代 我们需要接纳泡沫的形成，也要以平常心对待泡沫的 ...

Core Viewpoint - The company, Kailaiying Pharmaceutical Group, reported a significant increase in revenue and operational efficiency in the third quarter of 2025, driven by growth in emerging business sectors and a positive outlook for the pharmaceutical industry [3]. Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 4.63 billion yuan, representing a year-on-year growth of 11.82% [3]. - Revenue from emerging businesses increased by 71.87%, while revenue from chemical macromolecule businesses grew by over 150% [3]. - Revenue from large pharmaceutical companies was 2.05 billion yuan, up 1.98%, and revenue from small and medium-sized pharmaceutical companies reached 2.58 billion yuan, up 21.14% [3]. - The overall gross profit margin for the company was 42.44%, with the gross profit margin for emerging businesses improving by 10.57 percentage points to 30.55% [3]. Future Outlook - The company anticipates that the delivery scale in the fourth quarter will significantly exceed that of the third quarter, projecting an annual revenue growth of 13% to 15% [3].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Insights - The company achieved a revenue of 582 million yuan in Q3 2025, representing a year-over-year increase of 70.29% and a quarter-over-quarter increase of 10.29%. The net profit attributable to the parent company was 60 million yuan, marking a significant turnaround from losses, with a quarter-over-quarter increase of 20.35% [1] - The company has seen continuous revenue growth for six consecutive quarters, driven by increased investments in optical modules, CPO, and server sectors [1][7] - The acquisition of Chuangxinwei has significantly enhanced the company's market position, with Q3 2025 gross margin exceeding 40% and a notable increase in revenue from power management chips [7] Financial Performance Summary - For 2025, the company is projected to have total revenue of 2,096 million yuan, with a year-over-year growth rate of 71.9%. The net profit attributable to the parent company is expected to be 198 million yuan, reflecting a growth rate of 200.4% [3][8] - The earnings per share (EPS) is forecasted to be 1.44 yuan for 2025, with a price-to-earnings (P/E) ratio of 111 [3][8] - The company’s total assets are projected to reach 6,476 million yuan by 2025, with a debt-to-equity ratio of 7.8% [8] Market Position and Strategy - The company has expanded its core customer base, doubling the number of large revenue clients in Q3 2025. It continues to focus on high-growth areas such as industrial, automotive, communication, and consumer electronics [7] - The company is increasing its resource allocation towards optical modules, CPO, and server sectors to enhance revenue contributions from these areas [7] - The integration of Chuangxinwei has allowed the company to enter the supply chains of leading industry players, enhancing its competitive edge [7]

Summary of the Conference Call for ReLi Pharma Company Overview - **Company**: ReLi Pharma - **Focus**: Oncology and Immunology Key Points and Arguments 1. Clinical Data on Soli - In the FURTHER study, Soli demonstrated good safety with only 13% of patients experiencing grade 3 or higher adverse events, significantly lower than other studies reporting 35% to 50% [2][9] - The overall response rate was 60%, with a response rate of 80% in patients with brain metastases who had not received prior radiotherapy [2][9] - The median duration of response was 6.1 months, indicating potential as a treatment for relapsed small cell lung cancer (SCLC) [2][3][9] 2. Development Plans for Soli - ReLi Pharma plans to initiate a registration trial for Soli targeting investigator-selected treatment regimens, with interim data expected in early 2027 [2][10] - The company is also advancing the 19th flight study to explore earlier treatment lines, including combinations with anti-PD-L1 and chemotherapy [2][10] 3. Pipeline Progress - The global innovation pipeline includes Soli for second-line lung cancer treatment and a new generation therapeutic antibody L15O3 for atopic dermatitis, expected to complete Phase I trials by 2026 [4][5] - Other oncology compounds like DL62, O1, RLRC15, and ADC are anticipated to enter clinical trials in 2026 [5] 4. Challenges in Small Cell Lung Cancer - SCLC accounts for about 15% of all lung cancer cases, with over 370,000 new cases globally each year [6] - Approximately 2/3 of patients are diagnosed at an advanced stage, with a median survival time of about 1 year and a high incidence of brain metastases [6] 5. Ideal Target for SCLC - Triangular ligand 3 is expressed in over 85% of SCLC cases and is considered an ideal target due to its low expression in healthy tissues [7][8] 6. Future Regulatory Strategy - ReLi Pharma expects to submit an accelerated approval application for Soli in 2027, with potential approval by late 2027 or early 2028 [11][17] 7. Importance of Efficacy Duration - In single-arm trials, duration of efficacy is deemed more important than progression-free survival (PFS) as it reflects the time patients benefit from the drug [13] 8. Competitive Landscape - ReLi Pharma's registration strategy positions it 1.5 to 2 years ahead of competitors, which is crucial for maintaining a competitive advantage in the market [17] 9. Brain Metastases Treatment - The ability of Soli to penetrate the blood-brain barrier and effectively treat brain metastases is highlighted as a significant advantage, especially for patients with limited treatment options [18] 10. Future Research Directions - ReLi Pharma is exploring combinations with other therapies, including immunotherapy, to enhance treatment efficacy for SCLC and neuroendocrine cancers [19][20] Additional Important Information - The company emphasizes the need for new therapies to improve outcomes in SCLC due to the severe side effects of existing treatments and the urgent demand for effective solutions [6][10]