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港股異動丨創新藥概念股走強,晶泰控股漲超11%,三生製藥漲超7%
港股創新藥概念股集體走強,其中,晶泰控股、博安生物漲超11%,三生製藥、綠葉製藥漲超7%,石藥集團漲超4%,麗珠醫藥、康方生物、遠大醫藥漲超3%。消息面上,中辦、國辦印發《關於進一步保障和改善民生 着力解決羣衆急難愁盼的意見》提出,完善基本醫療保險藥品目錄調整機制,制定出臺商業健康保險創新藥品目錄,更好滿足人民羣衆多層次用藥保障需求。機構稱政策有望迎來顯著邊際變化,2025年預計成爲創新藥政策落地轉折年。今年港股市場創新藥板塊走出火熱行情,華安醫藥生物股票基金經理桑翔宇認爲,近期創新藥板塊表現比較突出,核心在於市場對於被低估的中國優質創新藥資產的價值發現:一是政策的極大支持。此前全鏈條支持創新藥發展文件給予了創新藥企業最大力度的支持,首發定價政策打開了創新藥定價天花板。二是中國創新藥迎來DeepSeek時刻,工程師紅利帶來產業能力實質性提升。經過多年孵化,中國在大分子時代已經彎道超車海外,2020年時,全球5000萬以上BD(商務拓展,通常指藥企之間通過授權、合作開發等方式共享創新藥研發管線)中來自中國的產品僅佔5%,而這一比例在2024年提高到了30%,今年一季度進一步增至40%。中國創新藥特別在ADC(抗體偶聯藥物)、雙抗、TCE(T細胞銜接器)等領域已經具備全球一線競爭力。三是全球MNC(跨國藥企)面臨未來十年的專利懸崖,搶購中國資產。2025年開始,全球MNC的核心產品陸續面臨專利到期後的專利懸崖問題,同時美國可能要降藥價,對於企業來說,補充管線同時降本增效最好的方式是購買中國創新藥資產。四是今年創新藥產業基本面兌現度高。ASCO(美國腫瘤學大會)國產重磅品種較多且數據普遍較好,未來BD預期強烈,金額可能持續超預期。不過,在經過一段時間的上漲後,市場也出現了“創新藥泡沫”的說法,有基金經理升至喊出“創新藥的泡沫遠比上輪CXO(醫藥外包)大”,高歌猛進的“吃藥”行情站在了分歧的十字路口。

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