【券商聚焦】交银国际：当前港股创新药板块估值仍具吸引力

金吾财讯

Jul 16, 2025

金吾财讯 | 交银国际认为，当前港股创新药板块估值仍具吸引力：1）头部创新药企的前瞻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）目前港股龙头收入达峰时的市销率约3倍，个别公司仅有2倍左右，低于美股平均的4倍；3）1H25内资持续通过港股通加仓，但外资的创新药持仓处于底部。对于创新药出海演变方向，该机构观察以下趋势：1）行业进一步衍生出了NewCo等新型交易模式；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。基于当前国产创新药资产储备丰富且交易性价比仍显着、MNC存在专利补缺需求、海外投融资边际改善，该机构认为2H25-2026年出海交易热度仍将延续。首个商保创新药目录有望于2025年内推出，旨在纳入超出基本医保范围的品种，有望创造比医保谈判更宽松的定价环境，并在多方面享受和医保目录相似的待遇。长期内保费和创新药支付规模有望呈数十倍增长。该机构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，重点推荐康方生物(09926)、先声药业(02096)、传奇生物、和黄医药(00013)、德琪医药(06996)。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers HK | Online Trading in stocks, bonds & ETFS","description":"Discover Tiger Brokers HK, an online trading platform for stocks&ETFs, options&futures, bonds and crypto. Open an account to enjoy low commission trading today!","keywords":"tiger trading,tiger security,tiger broker hk,tigers co ltd,tiger trade hk,tiger brokers hk,stock broker,securities broker,online brokerage,hong kong broker,hk broker,online stock trading,online trading platform,stock trading platforms,trading application,stock trading,stock trading hong kong,buying stocks in hong kong,tiger brokers","social":{"ogDescription":"Discover Tiger Brokers HK, an online trading platform for stocks&ETFs, options&futures, bonds and crypto. Open an account to enjoy low commission trading today!","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2551811340"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"HKG","license":"TBHK","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2551811340\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2551811340?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250106/N2I4ZDVmMTM1NjM3MTU3MjA=.jpg","is_english":false,"pubTime":"2025-07-16 09:15","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2551811340","market":"fut","top_or_hot":-1,"title":"【券商聚焦】交银国际：当前港股创新药板块估值仍具吸引力","media":"金吾财讯","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/03329\">交银国际</a>认为，当前港股创新药板块估值仍具吸引力：1）头部创新药企的前瞻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）目前港股龙头收入达峰时的市销率约3倍，个别公司仅有2倍左右，低于美股平均的4倍；3）1H25内资持续通过港股通加仓，但外资的创新药持仓处于底部。对于创新药出海演变方向，该机构观察以下趋势：1）行业进一步衍生出了NewCo等新型交易模式；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。基于当前国产创新药资产储备丰富且交易性价比仍显着、MNC存在专利补缺需求、海外投融资边际改善，该机构认为2H25-2026年出海交易热度仍将延续。首个商保创新药目录有望于2025年内推出，旨在纳入超出基本医保范围的品种，有望创造比医保谈判更宽松的定价环境，并在多方面享受和医保目录相似的待遇。长期内保费和创新药支付规模有望呈数十倍增长。该机构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，重点推荐<a href=\"https://laohu8.com/S/09926\">康方生物</a>(09926)、<a href=\"https://laohu8.com/S/02096\">先声药业</a>(02096)、<a href=\"https://laohu8.com/S/LEGN\">传奇生物</a>、<a href=\"https://laohu8.com/S/HCM\">和黄医药</a>(00013)、德琪医药(06996)。</p></body></html>","source":null,"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>【券商聚焦】交银国际：当前港股创新药板块估值仍具吸引力</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\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【券商聚焦】交银国际：当前港股创新药板块估值仍具吸引力\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-07-16 09:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/03329\">交银国际</a>认为，当前港股创新药板块估值仍具吸引力：1）头部创新药企的前瞻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）目前港股龙头收入达峰时的市销率约3倍，个别公司仅有2倍左右，低于美股平均的4倍；3）1H25内资持续通过港股通加仓，但外资的创新药持仓处于底部。对于创新药出海演变方向，该机构观察以下趋势：1）行业进一步衍生出了NewCo等新型交易模式；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。基于当前国产创新药资产储备丰富且交易性价比仍显着、MNC存在专利补缺需求、海外投融资边际改善，该机构认为2H25-2026年出海交易热度仍将延续。首个商保创新药目录有望于2025年内推出，旨在纳入超出基本医保范围的品种，有望创造比医保谈判更宽松的定价环境，并在多方面享受和医保目录相似的待遇。长期内保费和创新药支付规模有望呈数十倍增长。该机构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，重点推荐<a href=\"https://laohu8.com/S/09926\">康方生物</a>(09926)、<a href=\"https://laohu8.com/S/02096\">先声药业</a>(02096)、<a href=\"https://laohu8.com/S/LEGN\">传奇生物</a>、<a href=\"https://laohu8.com/S/HCM\">和黄医药</a>(00013)、德琪医药(06996)。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"01177","symbol_name":"中国生物制药","start_time":0,"source_url":"1962312","article_id":"2551811340","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250106/N2I4ZDVmMTM1NjM3MTU3MjA=.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2551811340","pubTimestamp":1752628556,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"金吾财讯 | 交银国际认为，当前港股创新药板块估值仍具吸引力：1）头部创新药企的前瞻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）目前港股龙头收入达峰时的市销率约3倍，个别公司仅有2倍左右，低于美股平均的4倍；3）1H25内资持续通过港股通加仓，但外资的创新药持仓处于底部。长期内保费和创新药支付规模有望呈数十倍增长。","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159992":"创新药","01177":"中国生物制药","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","02616":"基石药业-B","06185":"康希诺生物","BK4614":"Manus概念股","02142":"和铂医药-B","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0823426480.USD":"法巴中国股票经典Dis","01801":"信达生物","BK1141":"生命科学工具和服务","BK1576":"医药外包概念","LU0359201612.USD":"贝莱德中国基金A2","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","IE0008368742.USD":"首域中国增长基金I Acc","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","03329":"交银国际","LU1226288170.HKD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P6%\"(HK D) INC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU1226287875.USD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"PM\" (USD) INC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","09688":"再鼎医药","BK1515":"抗疫概念","LU0052750758.USD":"富兰克林中国基金A Acc","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","06978":"永泰生物-B","09926":"康方生物","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","HSCEI":"国企指数","YANG":"三倍做空富时中国ETF-Direxion","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","02269":"药明生物","LU1951186391.HKD":"UBS (LUX) KEY SEL CHINA ALLOCATION OPPORTUNITY (US \"P\" (HKD) INC","01093":"石药集团","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","HSTECH":"恒生科技指数","BK1521":"挪威政府全球养老基金持仓","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","01877":"君实生物","06160":"百济神州","BK1161":"生物科技","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","09995":"荣昌生物","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC"},"translate_title":"[Brokerage Focus] BoCom International: The current valuation of the innovative drug sector in Hong Kong stocks is still attractive","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159992":1,"06978":1,"HSCEI":1,"02142":0.9,"06185":0.9,"06160":0.9,"01177":0.9,"HSTECH":1,"YANG":1,"02616":0.9,"09926":0.9,"01877":0.9,"01801":0.9,"02269":0.9,"09688":0.9,"09995":0.9,"03329":1,"01093":0.9},"content_text":"金吾财讯 | 交银国际认为，当前港股创新药板块估值仍具吸引力：1）头部创新药企的前瞻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）目前港股龙头收入达峰时的市销率约3倍，个别公司仅有2倍左右，低于美股平均的4倍；3）1H25内资持续通过港股通加仓，但外资的创新药持仓处于底部。对于创新药出海演变方向，该机构观察以下趋势：1）行业进一步衍生出了NewCo等新型交易模式；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。基于当前国产创新药资产储备丰富且交易性价比仍显着、MNC存在专利补缺需求、海外投融资边际改善，该机构认为2H25-2026年出海交易热度仍将延续。首个商保创新药目录有望于2025年内推出，旨在纳入超出基本医保范围的品种，有望创造比医保谈判更宽松的定价环境，并在多方面享受和医保目录相似的待遇。长期内保费和创新药支付规模有望呈数十倍增长。该机构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，重点推荐康方生物(09926)、先声药业(02096)、传奇生物、和黄医药(00013)、德琪医药(06996)。","kind":"highlight","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":0,"need_auth":false,"code":"91000000","status":"200"}}}