智通财经APP获悉，周二，再鼎医药(ZLAB.US)涨逾4%，报34.43美元。消息面上，特朗普近期宣布，10月起对所有品牌/专利药征收100%关税，除非该制造商正在美国境内兴建生产设施。此关税政策不适用于仿制药、生物相似药及原料药/API等中间体。交银国际认为，这对中国创新药产业链影响有限，无需过度担忧。
交银国际表示，当前自主出海品种多在美自建产能或已将生产外包给美国本土CMO，而大部分国产创新药出海采用BD模式；出口产品以原料药/生药原液为主，暂不受影响，制剂/成品药出口比例较低，下游MNC客户投资建厂尚需时日，短期内对CXO订单直接冲击有限，长期来看政策变动也可能影响其建厂节奏。后续催化剂包括：ESMO大会将于10月中下旬举行；医保谈判结果及第一版商保创新药目录将于10-11月公布。
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