185亿美元！石药集团创纪录BD落地，股价反跌10%，什么情况？

新浪基金01-30

中国创新药出海BD再获里程碑式突破！　　1月30日，石药集团宣布已与全球生物制药领导者阿斯利康签订战略研发合作与授权协议，以利用集团专有的缓释给药技术平台及多肽药物AI发现平台，开发创新长效多肽药物。若后续所有研发及销售里程碑均达成，石药集团方面有权获得总计高达185亿美元的款项。　　据不完全统计，本次交易刷新了中国药企BD交易总金额最高纪录，超过了此前启德医药与Biohaven&...

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CSPC's record BD landed, and its stock price fell by 10%. What happened?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01093":1.5},"content_text":"中国创新药出海BD再获里程碑式突破！\n　　1月30日，石药集团宣布已与全球生物制药领导者阿斯利康签订战略研发合作与授权协议，以利用集团专有的缓释给药技术平台及多肽药物AI发现平台，开发创新长效多肽药物。若后续所有研发及销售里程碑均达成，石药集团方面有权获得总计高达185亿美元的款项。\n　　据不完全统计，本次交易刷新了中国药企BD交易总金额最高纪录，超过了此前启德医药与Biohaven&AimedBio达成的一笔130亿美元交易。其12亿美元的预付款，仅次于此前三生制药与辉瑞就PD-1/VEGF达成的数额。\n　　不过，二级市场反应不佳，石药集团股价高开低走，盘中一度狂泻近13%，收跌10.2%。什么原因？分析人士指出，或系多方面因素叠加影响。\n　　从石药集团股价近日表现来看，市场可能提前定价。在此次协议公告前，石药集团已连续多日强势上涨，尤其在1月28日，股价单日大涨6.14%创年内新高。公告发布后，部分资金可能选择获利了结，形成“利好兑现”式抛压。\n\n　　从业绩贡献来看，尽管协议总金额高达185亿美元，但预付款为12亿美元，其余173亿美元为研发与销售里程碑付款，需在未来数年、多个临床阶段成功推进后方可兑现，短期现金流贡献有限。\n　　市场及行业整体回调也有影响。1月30日港股深度调整，恒指、恒科指、恒生生物科技指数均跌超2%，港股通创新药板随市下行，中国生物制药、百济神州、三生制药等龙头集体下跌，港股通创新药ETF（520880）收跌2.45%。\n\n　　市场情绪变化加剧港股通创新药板块波动，但从港股通创新药ETF（520880）全天宽幅溢价来看，或仍有不少资金逢跌吸纳筹码。此前10日，520880累获逾2.74亿元资金净申购。\n　　究其缘由，国产创新药核心逻辑稳固，当前或为较佳布局窗口。西部证券指出，BD出海加速，中美创新药价差收敛、创新药企业市值差距收窄，将协同带来中长期较大成长空间。\n\n　　低位布局创新药核心资产，投资工具认准高弹性T+0利器——港股通创新药ETF（520880）及其场外联接基金（025221），标的指数（恒生港股通创新药精选指数）具备三大独特优势，配置价值突出： \n　　1、纯度100%。不含CXO，纯正创新药，全面覆盖创新药研发类公司。\n　　2、龙头占比大。前十大创新药龙头权重超73%，表征创新药硬核力量。\n　　3、风险更可控。对流动性较差的成份股强制降权，有力管控尾部风险。\n　　想要兼顾A股创新药机遇？可以关注场内唯一跟踪制药指数的药ETF（562050）及其联接基金（024986），汇聚A股50大制药龙头，创新药仓位超六成，同时兼顾高股息中药龙头，能涨抗跌，韧性突出。\n　　*来源：西部证券20260112《港股“三重门” | 西部策略 曹柳龙团队》）。\n　　数据来源：沪深港交易所，公开资料。基金费率详见各基金法律文件。\n　　风险提示：文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的港股通创新药ETF及其联接基金的风险等级为R4-中高风险，适宜积极型（C4）及以上的投资者，药ETF及其联接基金的风险等级为R3-中风险，适宜平衡型（C3）及以上的投资者。任何在本文出现的信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金的过往业绩并不代表其未来表现，基金投资有风险，基金投资须谨慎。\n\nMACD金叉信号形成，这些股涨势不错！\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：杨红卜","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2607129630","isCrawlerRequest":true}