Maintain BUY. We are positive on the global potential of Innovent's rich innovative pipelines. Innovent is on track to achieve EBITDA breakeven this year. Backed by smooth development of IBI363, we improved our possibility of success for the asset and raised our DCF-based TP to HK$102.95 from HK$94.74. 机构：招银国际 研究员：Jill WU/Andy WANG IBI363 positioned as a promising next-generation IO therapy with Ph3 trials underway. Strong survival benefits and broad potential position IBI363 (PD-1/IL-2) as a potential bloc ...

A c t i o n | 29 Jun 2025 20:44:48 ET │ 13 pages Innovent (1801.HK) R&D Day Takeaways: Leading the Development of Next-Generation IO + ADC CITI'S TAKE During the R&D day, KoLs highlighted promising data of IBI363 in NSCLC, mucosal/acral melanoma and MSS CRC, and its potential to become a cornerstone product for next-generation IO treatment. Innovent is leading the development of next generation of IO+ADC combinations, which could bring broader-spectrum, highly-potent, less-toxic, innovative cancer treatment ...

近期，信达生物迎来"双喜临门"：减重新药玛仕度肽注射液获批上市、完成配股融资5.5亿美元（折合人民币约40亿元）。 一个是潜在大药终于来了，"2027年实现营收达到200亿元"的信心更足了；一个是剑指全球化、"成长为国际一流的生物制药企业"的野心藏不住 了。 上述种种信息表明，信达生物越来越强大了。 01 潜在大药亮相 6月27日，信达生物在市场空间广阔的慢性代谢疾病领域打出了一记重拳：玛仕度肽注射液（商品名：信尔美）获批上市，成为全球首个且唯一上 市的GCG/GLP-1双受体激动减重药物。 玛仕度肽是一款潜在大药，不少机构预测其峰值销售额有望突破50亿元。这背后主要是基于以下几方面因素的考量： 一方面，慢性代谢疾病包括糖尿病、肥胖症等，拥有庞大的患者数量，成为大药集中营，诞生了达格列净、司美格鲁肽、替尔泊肽等重磅炸弹药 物。而在减重领域，中国市场是必争之地。根据中国诊断标准（肥胖：BMI≥28 kg/m2；超重：BMI≥24 kg/m2且＜28 kg/m2），中国约有5亿成人 超重或肥胖，全球排名第一，带来了巨大的想象空间。 另一方面，玛仕度肽不仅能为各类超重/肥胖人群带来全面的代谢获益，还可针对2型糖尿病 ...

Accessibility StatementSkip Navigation ADC Platforms Keynote speech R&D Strategy "Over the past decade, Innovent has been at the forefront of China's biopharmaceutical evolution—pioneering the PD-1 immunotherapy era and building China's leading oncology brand, with over 3 million cancer patients treated with our therapies," said Dr. Michael Yu, Founder, Chairman of the Board and CEO of Innovent. "We are entering a new chapter focused on global innovation, powered by a robust pipeline and dual innov ...

6月24日，南下资金今日净买入港股25.89亿港元。 其中：净买入美团-W 7.85亿、中芯国际7.23亿、建设银行6.93亿、信达生物5.99亿、泡泡玛特5.26亿； 净卖出小米集团-W 15.51亿、腾讯控股9.44亿、阿里巴巴-W 7.51亿、小鹏汽车-W 4.2亿、中国海洋石油3.41亿。 | | 沖股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 小米集团-W | 3.7% | -10.83 | 50.07亿 | 小米集团-W | | 美团-W | -1.1% | 5.14 | 31.06亿 | 美团-W | | 山东墨龙 | -23.4% | -0.57 | 27.91亿 | 阿里巴巴-W | | 阿里巴巴-W | 1.7% | -4.70 | 21.94亿 | 腾讯控股 | | 中芯国际 | 1.0% | 3.94 | 21.18亿 | 中国海洋石油 | | 中国海洋石油 | -1.1% | 0.08 | 19.08亿 | 中芯国际 | | 泡泡玛特 | 3.3% | 2.64 | 18. ...

智通财经APP获悉，6月24日港股市场，北水成交净买入25.89亿港元，其中港股通(沪)成交净买入8.12亿 港元，港股通(深)成交净买入17.77亿港元。 北水净买入最多的个股是美团-W(03690)、中芯国际(00981)、建设银行(00939)。北水净卖出最多的个股 是小米集团-W(01810)、腾讯(00700)、阿里巴巴-W(09988)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W HK 01810 | 19.62 乙 | 30.45亿 | 50.07 亿 -10.83 C | | 美团-W | 18.10 乙 | | 31.06亿 | | HK 03690 | | 12.96 Z | +5.14 乙 | | 山东墨龙 | 13.67 亿 | 14.24 Z | 27.91亿 | | HK 00298 | | | -5695.71万 | | 阿里巴巴-W | 8.62亿 | 13.32 乙 | 21.94亿 | | HK 09988 | | | -4.70 乙 | | 中芯国际 | 12. ...

www.hczq.com 证券研究报告 | 医药生物 | 2025年6月22日 第一部分 行情回顾 01 华创医药投资观点&研究专题周周谈 · 第131期 骨科耗材行业近况更新 本周周专题联系人：李婵娟 陈俊威 华创医药团队： | 首席分析师 | 郑辰 | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | --- | --- | --- | | 联席首席分析师 | | 刘浩 | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 | | 李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 | | 高初蕾 | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 分析师 | 王宏雨 | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 分析师 | 朱珂琛 | | 执业编号：S0360524070007 | 邮 ...

Market Review - The overall market performance for the week saw the CITIC Pharmaceutical Index decline by 4.16%, underperforming the CSI 300 Index by 3.71 percentage points, ranking last among 30 CITIC first-level industries [5] - The top ten stocks by increase included Angli Kang, Yuekang Pharmaceutical, and Innovation Medical, with gains of 21.21%, 19.34%, and 18.96% respectively [4][5] - The bottom ten stocks included Aoyang Health and Kanghui Pharmaceutical, with declines of 1% and 2% respectively [5] Overall Viewpoint and Investment Themes - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) having low allocations to this sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the performance of major products [9] - In the innovative drug sector, there is a shift from quantity to quality, emphasizing differentiated products and international pipelines. Companies that can deliver profitable products are recommended for attention [9] - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, and the home medical device market is supported by subsidy policies. The company suggests focusing on key players in this area [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, indicating a potential for high growth in 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new opportunities [10] Orthopedic Consumables Industry Update - The orthopedic consumables market is categorized into joint, spine, trauma, and sports medicine segments, with joint and spine categories holding approximately 90% market share in 2022 [16] - The market size for joint products is projected to grow from 187 billion yuan in 2024 to 408 billion yuan by 2029, with a CAGR of approximately 16.9% [24] - The spine products market is expected to grow from 171 billion yuan in 2024 to 335 billion yuan by 2029, with a CAGR of about 14.4% [24] - The trauma products market is forecasted to increase from 170 billion yuan in 2024 to 315 billion yuan by 2029, with a CAGR of around 13.2% [24] - The sports medicine market is anticipated to grow from 41 billion yuan in 2022 to 145 billion yuan by 2027, with a CAGR of 28.7% [24] Procurement Progress - The national procurement for orthopedic consumables has led to significant price reductions, with average price drops of 82% for joint products and 84% for spine products [30][31] - The procurement process has seen a high participation rate, with 171 companies bidding for spine products and a 98% success rate in the latest sports medicine procurement [35] - The domestic market is experiencing a rapid increase in the localization rate of orthopedic products, with joint product localization rising from 47% in 2020 to 79% in 2024 [25] International Expansion - The global orthopedic consumables market is projected to reach 48.6 billion USD (approximately 348.9 billion yuan) in 2024, with China's market share expected to be 17% [37] - Domestic companies are increasingly focusing on international markets, with significant growth in overseas revenue share for companies like Spring Medical and Dabo Medical [38]

Group 1 - The core viewpoint of the article highlights significant financial projections and strategic developments within the biopharmaceutical industry, particularly focusing on companies like Shengnuo Bio, Shanghai Laishi, and Beijing Saiseng Pharmaceutical [1] Group 2 - Shengnuo Bio anticipates a substantial increase in net profit for the first half of 2025, projecting between 77.03 million to 94.14 million yuan, representing a year-on-year increase of 253.54% to 332.10% [1] - Shanghai Laishi has announced a 4.2 billion yuan acquisition of 100% equity in Nanyue Bio, with potential additional payments based on the company's plasma collection volume, indicating a strategic move to enhance its "plasma" strategy [1] - Beijing Saiseng Pharmaceutical signed a technology transfer contract with its affiliate, Beijing BGI Protein Research Center, for the NeoAB33 new drug project, which may optimize asset structure and support further R&D funding [1] Group 3 - The CDE has accepted the application for the new indication of Eli Lilly's Pirtobrutinib tablets, which is expected to strengthen its market position in the treatment of B-cell malignancies [1] - Innovent Biologics' CLDN-18.2 ADC product IBI343 is proposed to be included as a breakthrough therapy for advanced or metastatic pancreatic cancer, marking a significant advancement in treatment options for this indication [1]

2025 年 6 月 20 日 星期五 每日大市点评 6 月 19 日，港股大盘调整压力加剧，恒生指数全日低开低收，最终下跌 473 点或 2.0%，收报 23,237 点，为 6 月 2 日以来 收市新低。恒生科指下跌 2.4%，收报 5,088 点，创 4 月 30 日以来收市新低。市场风险偏好明显走低，以高分红央国企为 主的恒生香港中资企业指数也下跌 2.0%。不过，大市成交金额 2,201 多亿港元，抛售压力尚不算太大，港股通也净流入 14.3 亿港元。盘面上，港股避险情绪升温，下跌股份超过 1,200 只，12 大恒生综合行业分类指数全线下跌。个股方面， 新消费"股份全线走弱，如毛戈平(1318 HK)、蜜雪(2097 HK)、泡泡玛特(9992 HK)、老铺黄金(6181 HK)分别下跌 3.6% 至 6.0%不等，其中蜜雪股价已创超过一个月低位。随着相关股份估值大幅透支增长前景，机构抱团开始瓦解，造成股价 大幅波动，我们对相关股份保持谨慎。短期中东地缘紧张局势影响市场的风险偏好，前期估值大幅修复的港股出现调整 也并不意外，高 BETA 的恒生科指于 6 月初时已跟恒生指数出现背离也埋下伏线。 宏 ...