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2025-07-17

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09:39","market":"hk","language":"zh","title":"港股创新药概念股持续上攻，康方生物等多股创历史新高","url":"https://stock-news.laohu8.com/highlight/detail?id=1126684543","media":"老虎资讯综合","summary":"7月17日，港股创新药概念股延续强势，$康方生物(09926)$涨超8%，$三生制药(01530)$、$乐普生物-B(02157)$涨超6%，$亚盛医药-B(06855)$涨超5%。","content":"<html><head></head><body><p>7月17日，港股创新药概念股涨幅持续扩大，<a href=\"https://laohu8.com/S/09926\">康方生物</a>涨超10%，<a href=\"https://laohu8.com/S/01530\">三生制药</a>涨近9%，<a href=\"https://laohu8.com/S/09606\">映恩生物-B</a>、<a href=\"https://laohu8.com/S/06990\">科伦博泰生物-B</a>涨超7%，股价均创历史新高。消息面上，中国生物制药公布以5.01亿美元收购礼新医药(LaNova)剩余95.09%股权。花旗发表报告指，中国生物制药收购礼新医药将进一步扩展中生制药创新产品线。这宗交易也是中国制药业的一个里程碑。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05835735eee34ff48c3399f3b8fb15d0\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><h2 id=\"id_3873189454\" style=\"text-align: start;\">交银国际：依旧看好创新药板块整体继续修复机会，关注商保创新药目录落地</h2><p style=\"text-align: justify;\">智通财经APP获悉，交银国际发布研报称，本轮港股创新药行情核心驱动力是价值重估，当前估值仍具吸引力。1H25内资持续通过港股通加仓，但外资在创新药中的仓位处于底部，后者可能偏好基本面扎实、性价比显著的标的。依旧看好创新药板块整体继续修复的机会。另外值得关注的是，首个由商保参与制定的创新药目录有望于2025年内推出，旨在纳入超出基本医保保障范围的品种，有望创造比医保谈判更宽松的定价环境，并在挂网、入院、特例单议机制等方面享受和医保目录相似的待遇。</p><p style=\"text-align: justify;\"><strong>交银国际主要观点如下：</strong></p><p style=\"text-align: justify;\"><strong>港股创新药板块估值是否已有泡沫？</strong></p><p style=\"text-align: justify;\">交银国际认为，本轮港股创新药行情核心驱动力是价值重估，当前估值仍具吸引力：1)头部创新药企的前瞻12个月市销率与熊市以来的历史均值基本持平，虽略高于美股可比公司、但营收增长预期亦远高于后者；2)收入达峰时的市销率对于创新药企长期潜力更有指导意义，目前港股龙头在3倍左右，低于美股平均的4倍，个别公司仅有2倍左右；3)1H25内资持续通过港股通加仓，但外资在创新药中的仓位处于底部，后者可能偏好基本面扎实、性价比显著的标的。依旧看好创新药板块整体继续修复的机会，但反弹后的选股至关重要。</p><p style=\"text-align: justify;\"><strong>创新药出海未来如何演变？</strong></p><p style=\"text-align: justify;\">交银国际观察到创新药出海有以下重要的趋势：1)行业进一步衍生出了NewCo等新型交易模式，并快速发扬光大；2)ADC赛道交易兴趣度最高，双抗/多抗、小核酸/mRNA等前沿技术领域亦存在较多机会，中长期关注老龄化驱动+海外支付条件优异的自免、代谢慢病和显著差异化优势的下一代技术路径。基于当前国产创新药资产储备丰富且交易性价比仍显著、跨国药企(MNC)存在专利悬崖的补缺需求、海外投融资边际改善，2H25-2026年出海交易热度仍将延续。</p><p style=\"text-align: justify;\"><strong>商保创新药目录即将落地，有望带来怎样的增量贡献？</strong></p><p style=\"text-align: justify;\">首个由商保参与制定的创新药目录有望于2025年内推出，旨在纳入超出基本医保保障范围的品种，有望创造比医保谈判更宽松的定价环境，并在挂网、入院、特例单议机制等方面享受和医保目录相似的待遇。商业健康险未来增量空间值得期待，长期内保费和创新药支付规模有望呈数十倍增长。</p><p style=\"text-align: justify;\"><strong>反弹后如何选股？</strong></p><p style=\"text-align: justify;\">考虑到具体公司间在股价表现、盈利/业务进展预期及当前估值水平差异较大，优选中长期基本面稳健、短期催化剂相对丰富、估值仍有较大上升空间的标的，在生物科技和创新型处方药板块中重点推荐康方生物(09926)、先声药业(02096)、传奇生物(LEGN.US)、和黄医药(00013)、德琪医药(06996)。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>港股创新药概念股持续上攻，康方生物等多股创历史新高</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n港股创新药概念股持续上攻，康方生物等多股创历史新高\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-07-17 09:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>7月17日，港股创新药概念股涨幅持续扩大，<a href=\"https://laohu8.com/S/09926\">康方生物</a>涨超10%，<a href=\"https://laohu8.com/S/01530\">三生制药</a>涨近9%，<a href=\"https://laohu8.com/S/09606\">映恩生物-B</a>、<a href=\"https://laohu8.com/S/06990\">科伦博泰生物-B</a>涨超7%，股价均创历史新高。消息面上，中国生物制药公布以5.01亿美元收购礼新医药(LaNova)剩余95.09%股权。花旗发表报告指，中国生物制药收购礼新医药将进一步扩展中生制药创新产品线。这宗交易也是中国制药业的一个里程碑。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05835735eee34ff48c3399f3b8fb15d0\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><h2 id=\"id_3873189454\" style=\"text-align: start;\">交银国际：依旧看好创新药板块整体继续修复机会，关注商保创新药目录落地</h2><p style=\"text-align: justify;\">智通财经APP获悉，交银国际发布研报称，本轮港股创新药行情核心驱动力是价值重估，当前估值仍具吸引力。1H25内资持续通过港股通加仓，但外资在创新药中的仓位处于底部，后者可能偏好基本面扎实、性价比显著的标的。依旧看好创新药板块整体继续修复的机会。另外值得关注的是，首个由商保参与制定的创新药目录有望于2025年内推出，旨在纳入超出基本医保保障范围的品种，有望创造比医保谈判更宽松的定价环境，并在挂网、入院、特例单议机制等方面享受和医保目录相似的待遇。</p><p style=\"text-align: justify;\"><strong>交银国际主要观点如下：</strong></p><p style=\"text-align: justify;\"><strong>港股创新药板块估值是否已有泡沫？</strong></p><p style=\"text-align: justify;\">交银国际认为，本轮港股创新药行情核心驱动力是价值重估，当前估值仍具吸引力：1)头部创新药企的前瞻12个月市销率与熊市以来的历史均值基本持平，虽略高于美股可比公司、但营收增长预期亦远高于后者；2)收入达峰时的市销率对于创新药企长期潜力更有指导意义，目前港股龙头在3倍左右，低于美股平均的4倍，个别公司仅有2倍左右；3)1H25内资持续通过港股通加仓，但外资在创新药中的仓位处于底部，后者可能偏好基本面扎实、性价比显著的标的。依旧看好创新药板块整体继续修复的机会，但反弹后的选股至关重要。</p><p style=\"text-align: justify;\"><strong>创新药出海未来如何演变？</strong></p><p style=\"text-align: justify;\">交银国际观察到创新药出海有以下重要的趋势：1)行业进一步衍生出了NewCo等新型交易模式，并快速发扬光大；2)ADC赛道交易兴趣度最高，双抗/多抗、小核酸/mRNA等前沿技术领域亦存在较多机会，中长期关注老龄化驱动+海外支付条件优异的自免、代谢慢病和显著差异化优势的下一代技术路径。基于当前国产创新药资产储备丰富且交易性价比仍显著、跨国药企(MNC)存在专利悬崖的补缺需求、海外投融资边际改善，2H25-2026年出海交易热度仍将延续。</p><p style=\"text-align: justify;\"><strong>商保创新药目录即将落地，有望带来怎样的增量贡献？</strong></p><p style=\"text-align: justify;\">首个由商保参与制定的创新药目录有望于2025年内推出，旨在纳入超出基本医保保障范围的品种，有望创造比医保谈判更宽松的定价环境，并在挂网、入院、特例单议机制等方面享受和医保目录相似的待遇。商业健康险未来增量空间值得期待，长期内保费和创新药支付规模有望呈数十倍增长。</p><p style=\"text-align: justify;\"><strong>反弹后如何选股？</strong></p><p style=\"text-align: justify;\">考虑到具体公司间在股价表现、盈利/业务进展预期及当前估值水平差异较大，优选中长期基本面稳健、短期催化剂相对丰富、估值仍有较大上升空间的标的，在生物科技和创新型处方药板块中重点推荐康方生物(09926)、先声药业(02096)、传奇生物(LEGN.US)、和黄医药(00013)、德琪医药(06996)。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/85675909dc6c67ee0181339c18bcfdff","relate_stocks":{"LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","01530":"三生制药","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","BK1574":"生物医药B类股","LU0348783233.USD":"安联东方收入型 CI A Dis美元","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","BK1583":"高瓴概念","BK4614":"Manus概念股","LU1720050803.USD":"安联全方位中国股票基金","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","09926":"康方生物","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","09606":"映恩生物-B","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","BK1161":"生物科技","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","BK1593":"医美概念股"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126684543","content_text":"7月17日，港股创新药概念股涨幅持续扩大，康方生物涨超10%，三生制药涨近9%，映恩生物-B、科伦博泰生物-B涨超7%，股价均创历史新高。消息面上，中国生物制药公布以5.01亿美元收购礼新医药(LaNova)剩余95.09%股权。花旗发表报告指，中国生物制药收购礼新医药将进一步扩展中生制药创新产品线。这宗交易也是中国制药业的一个里程碑。交银国际：依旧看好创新药板块整体继续修复机会，关注商保创新药目录落地智通财经APP获悉，交银国际发布研报称，本轮港股创新药行情核心驱动力是价值重估，当前估值仍具吸引力。1H25内资持续通过港股通加仓，但外资在创新药中的仓位处于底部，后者可能偏好基本面扎实、性价比显著的标的。依旧看好创新药板块整体继续修复的机会。另外值得关注的是，首个由商保参与制定的创新药目录有望于2025年内推出，旨在纳入超出基本医保保障范围的品种，有望创造比医保谈判更宽松的定价环境，并在挂网、入院、特例单议机制等方面享受和医保目录相似的待遇。交银国际主要观点如下：港股创新药板块估值是否已有泡沫？交银国际认为，本轮港股创新药行情核心驱动力是价值重估，当前估值仍具吸引力：1)头部创新药企的前瞻12个月市销率与熊市以来的历史均值基本持平，虽略高于美股可比公司、但营收增长预期亦远高于后者；2)收入达峰时的市销率对于创新药企长期潜力更有指导意义，目前港股龙头在3倍左右，低于美股平均的4倍，个别公司仅有2倍左右；3)1H25内资持续通过港股通加仓，但外资在创新药中的仓位处于底部，后者可能偏好基本面扎实、性价比显著的标的。依旧看好创新药板块整体继续修复的机会，但反弹后的选股至关重要。创新药出海未来如何演变？交银国际观察到创新药出海有以下重要的趋势：1)行业进一步衍生出了NewCo等新型交易模式，并快速发扬光大；2)ADC赛道交易兴趣度最高，双抗/多抗、小核酸/mRNA等前沿技术领域亦存在较多机会，中长期关注老龄化驱动+海外支付条件优异的自免、代谢慢病和显著差异化优势的下一代技术路径。基于当前国产创新药资产储备丰富且交易性价比仍显著、跨国药企(MNC)存在专利悬崖的补缺需求、海外投融资边际改善，2H25-2026年出海交易热度仍将延续。商保创新药目录即将落地，有望带来怎样的增量贡献？首个由商保参与制定的创新药目录有望于2025年内推出，旨在纳入超出基本医保保障范围的品种，有望创造比医保谈判更宽松的定价环境，并在挂网、入院、特例单议机制等方面享受和医保目录相似的待遇。商业健康险未来增量空间值得期待，长期内保费和创新药支付规模有望呈数十倍增长。反弹后如何选股？考虑到具体公司间在股价表现、盈利/业务进展预期及当前估值水平差异较大，优选中长期基本面稳健、短期催化剂相对丰富、估值仍有较大上升空间的标的，在生物科技和创新型处方药板块中重点推荐康方生物(09926)、先声药业(02096)、传奇生物(LEGN.US)、和黄医药(00013)、德琪医药(06996)。","news_type":1,"symbols_score_info":{"09926":1.1,"09606":1.1,"01530":1.1}},"isVote":1,"tweetType":1,"viewCount":1035,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}