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《大行》匯豐料國內藥企受惠於對外授權合作 看好恆瑞醫藥(600276.SH)及翰森製藥(03692.HK)
匯豐研究報告指,內地製藥行業年初至今表現超過市場,但料主要的「搖錢樹產品」表現將由於醫療保險壓力而持續下降。不過,該行預期在2025年美國臨牀腫瘤學會(ASCO)年會上,龍頭製藥公司的早期資產將會有令人鼓舞的結果,特別是抗體藥物偶聯物(ADC)及雙特異性抗體(bsAb),相信將可推動新一輪的對外授權合作(BD),預付款及交易規模會更高,結合國內創新藥物加速上市,有助於今年下半年推高股價。 股份方面,該行傾向有豐富創新管道及明顯全球化潛力的製藥公司,看好恆瑞醫藥(600276.SH),目標價由64元升至66元人民幣,並看好翰森製藥(03692.HK),目標價由24.2港元升至30港元,均予「買入」評級。 另外,該行維持對康哲藥業(00867.HK)、石藥集團(01093.HK)及中生製藥(01177.HK)的「買入」評級,目標價分別爲12元、9.5元及5.1元,並維持對復星醫藥(02196.HK)及麗珠醫藥(01513.HK)的「持有」評級,目標價分別爲17.2元及30元。
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