该行认为，SSGJ-707中国销售峰值有望达到63-84亿元，全球销售峰值有望达到113-134亿美金。目前辉 瑞制药的肿瘤业务专注在乳腺癌、血液瘤、胸腺肿瘤和膀胱尿路癌四大领域，重点布局小分子、双抗和 ADC药物。在已布局领域上，辉瑞制药有望将SSGJ-707和旗下药物形成联用组合，覆盖超过50W一线 的欧美患者；而辉瑞制药也有望通过SSGJ-707扩大肿瘤业务布局，凭借公司的资金优势和临床优势在 SMMT和BNTX&BMS未开展III期临床的潜在适应症上(包括RCC、UC、HCC、CRC、PDAC等)快速推 进，拿下首个上市机会。 三生制药(01530)涨超3%，两个月累计涨幅逾1.6倍。截至发稿，涨2.82%，报32.8港元，成交额4.04亿港 元。 海通国际发布研报称，2025年7月，三生制药宣布与辉瑞就PD-1*VEGF双抗SSGJ-707达成的全球授权协 议正式生效。PD(L)1*VEGF双抗未来有望覆盖2000亿美金的市场。PD(L)1单抗在过去十年间逐渐成为 了全球肿瘤适应症的治疗标准，整体市场空间在2029年有望达到1000亿美金。公司目前布局707(PD- 1*VEGF)、705(PD-1 ...

Group 1 - The stock of Sanofi Pharmaceutical (01530) has increased over 3%, with a cumulative rise of more than 160% over the past two months, currently trading at 32.8 HKD with a transaction volume of 404 million HKD [1] - Haitong International's report indicates that the global licensing agreement with Pfizer for the PD-1*VEGF dual antibody SSGJ-707 became effective in July 2025, with a potential market coverage of 200 billion USD [1] - The PD(L)1 monoclonal antibody has become the standard treatment for global oncology indications over the past decade, with the overall market expected to reach 100 billion USD by 2029 [1] Group 2 - The peak sales for SSGJ-707 in China is projected to reach 6.3 to 8.4 billion CNY, while the global peak sales are expected to be between 11.3 to 13.4 billion USD [2] - Pfizer's oncology business focuses on breast cancer, hematological malignancies, thymic tumors, and bladder cancer, with an emphasis on small molecules, dual antibodies, and ADC drugs [2] - Pfizer is expected to leverage SSGJ-707 in combination with its existing drugs to cover over 500,000 frontline patients in Europe and the US, and to expedite the development of potential indications not yet in Phase III clinical trials [2]