投资逻辑 本周国内龙头药企落地两个重磅 BD 合作，恒瑞医药与跨国医药巨头 GSK 达成合作，涉及 PDE3/4 抑制剂（COPD 适应症） 在内的 12 个创新项目，首付款达 5 亿美元，潜在里程碑付款 120 亿美元。石药集团与 Madrial 就口服 GLP-1 受体激 动剂达成协议，将获得 1.2 亿美元预付款，最高 19.55 亿美元里程碑付款。恒瑞医药和石药集团均为国内头部 pharma， 创新管线丰富（均有逾百款自研创新药），重磅 BD 合作接连落地，创新管线进入兑现期。 8 月 1 日，维亚臻与赛诺菲达成协议，赛诺菲获得普乐司兰纳（RNAi，降低载脂蛋白）的大中华区权益，1.3 亿预付 款，2.65 亿美元额外里程碑付款。近期海外药企财报披露，诺华的 PCSK9（siRNA）销售额 5.55 亿美元，同比+66%， Alnylam 的 RNAi 疗法 Amvuttra（ATTR-CM 适应症）2025Q2 销售额 4.92 亿美元，同比+114%。小核酸药物在慢病领域 潜力已现，关注国内小核酸药布局领先的药企。 我们认为创新药依旧是投资主线，在全球 MNC 面临专利悬崖，积极寻找大单品潜力创新 ...

行 行业周报 业 恒瑞医药与 GSK 达成大额合作，关注创新产业链 研 究 证 券 ——医药生物行业周报 分析师： 侯雅楠 SAC NO： S1150524120001 2025 年 08 月 01 日 医药生物 证券分析师 侯雅楠 houyn@bhzq.com 022-23839211 研究助理 近三月行业指数走势图 投资要点： 行业要闻 （1）中共中央办公厅 国务院办公厅印发《育儿补贴制度实施方案》； （2）国家医疗保障局办公室关于印发《基本医保基金即时结算经办规程（试 行）》的通知。 公司公告 （1）恒瑞医药：与 GSK 签署合作、选择权和许可协议； （2）药明康德：公布 2025 年半年度报告； （3）石药集团：自愿公告与 MADRIGAL 就 SYH2086 订立独家授权协议； （4）泰格医药：自愿性公告关于全资子公司购买日本 MICRON 部分股权。 行情回顾 报 告 相关研究报告 集采"反内卷"，关注受益标 的——医药生物行业周报 2025.07.25 第十一批集采开展填报，规则 本周（2025/07/25-2025/07/31）上证综指下跌 0.90%，深证成指下跌 1.64%， 医药生物上涨 ...

从前不久的《支持创新药高质量发展的若干措施》正式发布，到公开报道"首发价格机制"已制定，均向市场释放出清晰信号： 我国医保定价机制正在从以往的"控费主导"迈入"鼓励高质量创新"阶段。 港股通创新药ETF（159570）标的指数成分股多数飘红：石药集团涨超5%，康方生物涨超3%，中国生物制药、荣昌生物涨超 2%，药明生物、三生制药涨超1%，信达生物、百济神州微涨。 今日（8.1），港药集体飘红，可T+0交易的港股通创新药ETF（159570）涨超2%，盘中成交额快速突破15亿元，资金面上，盘 中再度暴力"吸金"1.7亿元，近6日净流入超13亿元！截至7月30日，港股通创新药ETF（159570）最新规模超119亿元，再度刷 新历史纪录，规模和流动性领跑同类！ 消息面上，为鼓励药品研发创新，医保局制定了"新上市药品首发价格机制"。这是自去年新上市化学药品首发价格机制征求意 见之后，医保局首次公开"新上市药品首发价格机制"已在政策层面建立。 医保局有关人士表示，"我们支持高水平的创新药，在上市初期取得和高投入高风险相符的收益回报，实际上就是比较满意的 一个价格水平"，并提出"对于高水平创新药，设置一定价格稳定期"。 ...

消息面上，石药集团日前宣布，已与Madrigal Pharmaceuticals,Inc.(Madrigal)就集团的口服小分子激活胰 高血糖素样肽-1(GLP-1)受体激动剂SYH2086在全球的开发、生产及商业化订立独家授权协议。根据协 议条款，集团同意授予Madrigal在全球范围内开发、生产及商业化SYH2086的独家授权，同时保留集团 在中国开发和销售其他口服小分子GLP-1受体激动剂产品的权益。集团有权收取最高可达20.75亿美元的 总代价，包括1.2亿美元的预付款、最高可达19.55亿美元的潜在开发、监管及商业里程碑付款，以及基 于SYH2086年度净销售额的高达双位数销售提成。 华泰证券指出，此次BD超市场预期快速落地，首付款及总包金额可观，展现出石药在代谢平台强大的 研发和BD实力。考虑公司：1）重磅品种EGFRADC BD洽谈后期中，后续有望成为国产ADC出海重要 标杆；2）潜在仍有重要早期技术平台具备授权预期；3）部分重磅品种销售及开发潜力尚待重估（如 KN026，PD-1/IL-15等）；及4）我们预计主业2-4Q25环比内生利润改善，年内BD落地有望提振表观利 润。维持"买入"。 智 ...

规模方面，恒生医疗ETF近1周规模增长2799.86万元，实现显著增长，新增规模位居可比基金1/3。 数据显示，杠杆资金持续布局中。恒生医疗ETF最新融资买入额达2.88亿元，最新融资余额达2.18亿元。 截至7月31日，恒生医疗ETF近2年净值上涨31.51%，QDII股票型基金排名16/90，居于前17.78%。从收益能力看，截至2025年7月31日，恒生医疗ETF自成立 以来，最高单月回报为28.34%，最长连涨月数为6个月，最长连涨涨幅为79.42%，上涨月份平均收益率为7.42%。截至2025年7月31日，恒生医疗ETF成立以 来超越基准年化收益为0.63%。 截至2025年7月25日，恒生医疗ETF近1年夏普比率为2.30。 回撤方面，截至2025年7月31日，恒生医疗ETF今年以来相对基准回撤0.54%，在可比基金中回撤最小。回撤后修复天数为43天。 截至2025年8月1日 09:43，恒生医疗保健指数(HSHCI)强势上涨1.15%，成分股药师帮(09885)上涨4.87%，固生堂(02273)上涨4.62%，讯飞医疗科技(02506)上 涨4.15%，微创医疗(00853)，石药集团(010 ...

研究报告 Research Report 31 Jul 2025 中国 & 中国 & 香港医疗 China (A-share) & China (Overseas) & Hong Kong Health Care 2025 年 8 月港股金股，持续看好创新药产业链，加大创新药和 CXO 龙头的配置 August 2025 Top Picks: Increasing allocation to leading innovative drug companies and CXOs [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | 恒瑞医药 | Outperform 三生制药 | Outperform | | 迈瑞医疗 | Outperform 上海医药 | Outperform | | 药明康德 | Outperform 药明合联 | Outperform | | 百济神州 | Outperform 科伦博泰生物-B | Outperform | | 信达生 ...

Core Viewpoint - The company has entered into a significant exclusive licensing agreement with Madrigal for the development, production, and commercialization of the oral small molecule GLP-1 receptor agonist SYH2086, with a total potential value of up to $20.75 billion [2][7]. Group 1 - The agreement allows Madrigal exclusive rights globally for SYH2086 while the company retains rights to develop and sell other oral small molecule GLP-1 receptor agonists in China [7]. - The total consideration includes an upfront payment of $120 million, potential milestone payments of up to $1.955 billion, and sales royalties based on annual net sales of SYH2086 [7]. - SYH2086 is a clinical-stage candidate developed by the company, classified as a new type of oral small molecule GLP-1 receptor agonist, which is effective for managing type 2 diabetes and obesity [7]. Group 2 - Previously, the company announced a strategic research and development collaboration with AstraZeneca worth over $5.3 billion (approximately 38 billion RMB), significantly exceeding its projected revenue of 29 billion RMB for 2024 [8]. - The company reported a revenue of 29.009 billion RMB for 2024, a year-on-year decline of 7.76%, and a net profit of 4.328 billion RMB, down 26.31%, marking the first decline in both revenue and profit in a decade [9]. - In the first quarter of 2025, the company recorded a revenue of 7.015 billion RMB, a year-on-year decrease of 21.91%, and a net profit of 1.478 billion RMB, down 8.36% [9]. Group 3 - On July 30, the company's stock closed at HKD 10.1 per share, reflecting a 2.33% increase, with a market capitalization of HKD 116.4 billion [10].

Investment Rating - The report does not explicitly state an investment rating for CSPC Pharmaceutical Group Core Insights - CSPC Pharmaceutical Group has entered into an exclusive licensing agreement with Madrigal Pharmaceuticals for the global development, production, and commercialization of its oral GLP-1 receptor agonist, SYH2086, with a total deal value exceeding USD2 billion [6][8] - The agreement includes an upfront payment of USD120 million, potential milestone payments of up to USD1.955 billion, and royalties based on annual net sales of SYH2086 [6][8] - The partnership with Madrigal, a leading biotech in the metabolic disease space, is seen as a strong validation of CSPC's oral GLP-1RA and is expected to accelerate clinical development in the U.S. [8][9] - This deal is considered an additional upside beyond previously guided licensing deals, highlighting the value of CSPC's small-molecule platform [9] - CSPC's AI-powered small-molecule platform has also licensed multiple assets to AstraZeneca, with a total deal value reaching USD5.3 billion [10] Summary by Sections Licensing Agreement - CSPC has granted Madrigal exclusive rights to develop, manufacture, and commercialize SYH2086 globally while retaining rights for other oral GLP-1 products in China [6][8] - The total potential revenue from this agreement could reach USD2.075 billion, including upfront and milestone payments [6][8] Clinical Development - SYH2086 is currently in the preclinical stage, and the competitive landscape in the metabolic disease field is noted to be highly challenging [7][8] - CSPC's EGFR ADC has shown superior efficacy in Phase I clinical trials compared to conventional ADC drugs, with lower rates of hematologic toxicity [11] - CSPC's siRNA platform has advanced three candidates into clinical stages, indicating potential for future collaborations [12] Market Potential - The partnership with Madrigal opens up potential markets in obesity, diabetes, and MASH, enhancing the growth prospects for CSPC [8][9] - The report expresses optimism regarding future out-licensing opportunities for other products in CSPC's pipeline, which could act as catalysts for stock price growth [9]

交易条款凸显资产价值 石药集团发布公告，宣布与美国生物制药公司Madrigal Pharmaceuticals达成重磅授权协议，将其 口服GLP-1受体激动剂SYH2086的全球开发、生产及商业化权益授予后者。海通分析师表示，此次交 易超出市场预期，体现了石药集团小分子平台的价值，同时为公司减肥、糖尿病及MASH市场开辟了 新的想象空间。 石药集团超20亿美元授权口服GLP-1药物，推进全球商业化布局。 周三，石药集团发布公告，宣布与美国生物制药公司Madrigal Pharmaceuticals达成重磅授权协议， 将其口服GLP-1受体激动剂SYH2086的全球开发、生产及商业化权益授予后者，交易总价值最高可达 20.75亿美元。这标志着中国制药企业在全球减肥和糖尿病治疗领域的重要突破。 根据7月30日发布的公告，石药集团将获得1.2亿美元预付款，以及最高19.55亿美元的开发、监管及 商业里程碑付款。此外，公司还将基于SYH2086年度净销售额收取高达双位数的销售提成。 SYH2086目前仍处于临床前阶段，是石药集团自主开发的新型口服小分子GLP-1受体激动剂。该药物 旨在通过促进胰岛素分泌、抑制胰高血糖 ...

Core Viewpoint - The announcement of a significant licensing agreement between the company and Madrigal Pharmaceuticals for the oral GLP-1 receptor agonist SYH2086 marks a major breakthrough for Chinese pharmaceutical companies in the global obesity and diabetes treatment market [2][3]. Group 1: Licensing Agreement Details - The total value of the agreement can reach up to $20.75 billion, including an upfront payment of $120 million and up to $19.55 billion in milestone payments based on development, regulatory, and commercialization progress [3][5]. - The company retains rights to develop and sell other oral small molecule GLP-1 receptor agonist products in China while granting exclusive global rights to Madrigal for SYH2086 [4]. Group 2: Product and Market Potential - SYH2086 is currently in the preclinical stage and is designed to promote insulin secretion and inhibit glucagon release, aiming for both glucose-lowering and weight-loss effects [3][8]. - Preclinical data indicates that SYH2086 exhibits excellent in vitro activity and effective glucose-lowering and weight-loss results across different animal species, with no significant safety risks [8]. Group 3: Strategic Implications - The collaboration with Madrigal Pharmaceuticals, which specializes in metabolic disorders, is expected to accelerate the clinical development of SYH2086 in the U.S. market, providing crucial support for the company's entry into the global obesity and diabetes markets [8]. - This transaction is seen as an additional increment beyond the previously indicated $50 billion licensing deals, further highlighting the value of the company's small molecule platform [9].