联邦制药（03933.HK）今日盘中大涨5.02%，引发市场关注。股价上涨主要受益于中金公司发布的积极研报。
据悉，中金公司维持联邦制药"跑赢行业"评级，目标价为19港元，较当前股价有23.9%的上行空间。中金表示，尽管下调了公司2025/2026年的净利润预期，但考虑到近期医药板块估值中枢上移，仍看好公司未来发展前景。
研报指出，联邦制药在多个领域取得进展。公司的胰岛素产品销量强劲，1H25同比增长90.4%，推动制剂业务增长。此外，公司在创新研发方面步入收获期，重点布局GLP-1减重药物赛道，与诺和诺德达成UBT251海外权益授权协议。公司海外业务也在稳步推进，胰岛素产品已中标巴西卫生部采购。这些积极因素共同支撑了投资者对公司未来增长的信心，推动股价上涨。
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