港股异动 | 创新药概念多数走高 行业BD交易延续高景气 政策支持与商业化盈利兑现逻辑不变

智通财经
Jun 12

智通财经APP获悉,创新药概念多数走高,科伦博泰生物(06990)涨8.62%,报428.4港元;荣昌生物(09995)涨8.11%,报75.3港元;诺诚健华(09969)涨6.67%,报11.04港元;康诺亚-B(02162)涨6.21%,报59港元;恒瑞医药(01276)涨5.23%,报55.3港元。

消息面上,今年一季度,中国创新药对外授权交易总额突破600亿美元,显示出海已从“偶发大单”升级为可持续的产业能力;另一方面,ASCO 2026中国研究入选数量和学术层级也在继续提升。银河证券认为,上半年医药板块整体震荡下行,创新药板块尤其港股创新药,受战争及美联储利率预期因素、趋势性交易下行。不论创新药及非创新药估值均回落至历史低位,下半年关注医保变量及创新药临床数据兑现,投资思路上寻找医药硬科技、并考虑企业现金价值。

兴业证券也表示,创新药产业趋势不变,短期资金面调整蓄积向上弹性。近期多个创新药数据读出,重要BD陆续公告,事件性催化不断;中国创新药全球竞争力持续加强,政策支持与商业化盈利兑现的产业逻辑不变。当前BD出海多基于品种海外权益合作,是企业在暂不具备海外销售能力阶段加速拓展全球市场的优选方式;Co-Co模式逐渐增多,体现中国创新药企业竞争力与话语权提升。

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