有理想的蓝大

【大河财立方 记者 王宇】截至8月19日,沪市科创板已有88家公司披露2026年半年度报告,合计实现营业收入2043亿元、净利润189亿元,同比增长32%、154%。其中,71家公司实现盈利,51家公司利润增长,11家公司扭亏为盈。收入增长三成、利润增长超一倍的数据背后,是“硬科技”企业长期研发投入进入集中兑现期。
龙头企业“压舱石”作用尤为突出。已披露半年报的12家科创50指数成份股公司合计实现营业收入1174亿元、净利润92亿元,同比增长25%、216%,已贡献了板块已披露半年报公司近六成的营业收入和近半数的净利润。
算力全链爆发,国产算力生态迎来“收获季”
上半年科创板最鲜明的一条主线,是国产算力生态的整体跃升。
制造端率先释放积极信号。中芯国际二季度销售收入30.06亿美元,环比增长20.0%,同比增长36.1%,创单季历史新高;毛利率25.3%,较一季度提升5.2个百分点;月产能提升至109.65万片8英寸当量,产能利用率达93.7%。
华虹宏力同期销售收入7.175亿美元,同比增长26.8%,同样创下历史新高;毛利率16.5%,同比上升5.6个百分点;母公司拥有人应占利润3860万美元,同比增长385.9%。两家晶圆代工龙头单季营收齐创新高,量价齐升的态势印证了下游需求的真实强度。
设计端的业绩兑现更为直接。寒武纪上半年实现营业收入59.96亿元,同比增长108.13%;归母净利润23.11亿元,同比增长122.61%。公司产品在金融、互联网等核心行业实现持续性的规模化商用部署。
海光信息实现营业收入90.99亿元、净利润17.98亿元,同比增长66.52%、49.69%,其DCU产品已全面适配国内外主流大模型,在数百个应用场景实现落地,服务客户涵盖政府部门、国有银行、运营商和互联网厂商,上半年研发投入26.52亿元,同比增长55.05%。
后来者也加速追赶,摩尔线程上半年实现营业收入17.36亿元,同比增长147.42%,净利润亏损收窄至-1156.31万元,收窄比例达95.73%,公司夸娥智算集群商业化明显提速。
景气沿链条向配套环节传导。生益电子上半年实现营业收入57.84亿元、净利润11.11亿元,同比增长53.46%、109.36%,公司全面突破5—6阶高阶HDI和30层以上高多层板等关键技术,产品通过全球头部算力平台认证并实现大规模批量交付。芯原股份截至6月末在手订单达124.49亿元,较一季度末增长142.52%,已连续11个季度保持高位。
创新药、高端装备等多元赛道共振,中期分红与回购同步加码
算力领域之外,创新药、高端装备等领域同样捷报频传。这些赛道各不相同,成长逻辑却有相似之处,以长周期研发投入构筑技术壁垒,以丰富的产品谱系打开市场空间,最终在收入、利润和现金流上同步兑现。
创新药是上半年最具爆发力的赛道之一。百济神州披露的2026年半年度主要财务数据显示,公司上半年实现营业总收入222.20亿元,同比增长26.8%,其中产品收入217.97亿元,同比增长25.6%;归母净利润32.71亿元,同比增长627.1%,扣非后归母净利润29.18亿元,同比增长1,017.6%。
科创成长层企业泽璟制药实现了从投入到回报的关键跨越。上半年,公司实现营业收入12.05亿元,同比增长220.88%;归母净利润6.40亿元,自成立以来首次实现半年度盈利。收入增长既来自确认ZG006产品技术授权许可收入6.62亿元,也来自商业化产品销售收入同比增长44.30%。
据国家药监局数据,上半年我国创新药对外授权共达成81笔合作,交易总额约1100亿美元,达到2025年全年总额的八成,科创板创新药公司也是这一轮出海浪潮的重要参与者。
高端装备领域交付节奏明显加快。低空经济赛道,中无人机上半年实现营业收入16.34亿元,同比增长272.48%,净利润5492.56万元,同比增长72.87%,经营活动产生的现金流量净额由上年同期的负9.23亿元转为正5.48亿元。公司翼龙系列已形成从10公斤级到6吨级的量级全覆盖,无人机产业基地基本形成年产200架的能力。
工程机械环节,铁建重工近期披露了公司上半年及二季度重大订单的核心经营数据,从2026年1至6月的整体新签合同表现来看,公司全业务板块合计新签合同金额达77.53亿元,特种专业装备业务较上年同期增长超九成,展现出强劲的市场需求潜力。
业绩兑现的同时,科创板公司回报投资者的主动性明显增强。中期分红明显增多。睿创微纳在披露半年报的同时推出中期分红方案,拟向全体股东每10股派发现金红利5.00元,合计派发2.31亿元,占半年度归属于上市公司股东净利润的18.35%;传音控股拟每10股派发现金红利8.00元。
回购增持保持活跃。截至目前,2026年以来科创板新增披露回购计划86家次、金额上限合计114.48亿元,新增披露增持计划29家次、金额上限合计10.05亿元。乐鑫科技2026年以来已发布3期回购计划,合计计划回购上限达4亿元。多家公司同步交出2026年度提质增效重回报行动方案的半年度答卷。
责编:陶纪燕 | 审校:陈筱娟 | 审核:李震 | 监审:古筝

8月18日，诺诚健华公告称，其自主研发的新型BCL2抑制剂mesutoclax（ICP-248）联合阿扎胞苷，头对头对比维奈克拉联合阿扎胞苷，治疗老年或不接受强化疗（unfit）的初治急性髓系白血病（AML）获国家药品监督管理局药品审评中心（CDE）批准开展注册性Ⅲ期临床试验。
作为BCL2靶点的全球“金标准”药物，维奈克拉已奠定AML一线治疗的市场地位，2024年全球销售额达25.83亿美元。此番诺诚健华直接选择头对头挑战全球重磅品种，并非行业个例。近年来，尤其是进入2026年后，本土创新药企头对头对标全球标准疗法的临床试验密集推进，标志着中国创新药产业已从“跟随式创新”迈向“全球标准挑战者”的新阶段。
血液肿瘤赛道再添重磅选手
作为诺诚健华血液肿瘤管线的核心创新资产，mesutoclax是一款口服高选择性BCL2抑制剂，通过选择性抑制BCL2蛋白，恢复肿瘤细胞程序性死亡机制，从而发挥抗肿瘤疗效，此前已获CDE两项突破性疗法认定。
此次获批的Ⅲ期临床为随机、开放标签、多中心注册研究，以总生存期（OS）为主要终点，将直接头对头对比当前AML领域的标准治疗方案维奈克拉联合阿扎胞苷。这也是诺诚健华在奥布替尼、坦昔妥单抗两款上市产品之外，完善血液肿瘤管线布局的关键一步。
事实上，血液肿瘤正是中国创新药头对头突围的始发阵地。多年前，百济神州自主研发的BTK抑制剂泽布替尼，便通过全球多中心ALPINE Ⅲ期头对头试验，证实其相较伊布替尼在无进展生存期上的优效性。百济神州发布的2026年半年报显示，泽布替尼全球销售额总计161.27亿元，同比增长28.7%，是中国创新药凭借头对头数据实现全球化商业化的标杆案例。
多赛道对标“药王”布阵
除血液肿瘤外，如今本土药企头对头试验已渗透到实体肿瘤、自免、代谢等各大治疗领域，对标对象也升级为帕博利珠单抗（K药）、司美格鲁肽、司库奇尤单抗等全球重磅产品。
在肺癌这一发病率最高的肿瘤赛道，双抗与联合疗法成为挑战标准疗法的主力。康方生物自主研发的PD-1/VEGF双抗依沃西单抗与默沙东的帕博利珠单抗（K药）开展头对头Ⅲ期试验。中国生物制药旗下的“得福组合”（贝莫苏拜单抗+安罗替尼）则通过联合疗法寻求多点突破，在PD-L1阳性晚期非小细胞肺癌（NSCLC）中头对头对比K药单药，在非鳞状NSCLC中头对头对比替雷利珠单抗联合化疗。
ADC赛道同样竞争激烈。映恩生物的HER2 ADC产品DB-1303（帕康曲妥珠单抗）在Ⅲ期临床中头对头对比罗氏T-DM1，针对既往经曲妥珠单抗和紫杉烷治疗的HER2阳性不可切除或转移性乳腺癌。基于该结果的新药上市申请已于2026年4月获CDE受理。
在自免领域，丽珠集团开发的IL-17A/F双靶点抑制剂莱康奇塔单抗（LZM012），在中重度斑块状银屑病Ⅲ期头对头临床试验中直接对标诺华的司库奇尤单抗。
代谢领域则掀起了GLP-1类药物的头对头热潮。信达生物的GCG/GLP-1双受体激动剂玛仕度肽，在DREAMS-3 Ⅲ期研究中头对头对比司美格鲁肽。恒瑞医药的GLP-1/GIP双激动剂瑞普泊肽注射液也于8月公布Ⅲ期顶线结果。
“头对头时代”淬炼临床价值
头对头试验是检验疗效的核心标尺。这一研发策略密集涌现，是中国创新药产业向高阶创新升级的必然选择。
整体来看，中国创新药头对头试验正呈现全方位升级态势。从ASCO 2026披露的信息可见，本土创新药企布局的全球多中心头对头Ⅲ期试验数量明显增长，行业正加速进入“头对头时代”。与此同时，头对头研究也成为产品出海的核心支撑，中国创新药的竞争目标已不再局限于国内市场份额，而是进一步参与全球一线治疗标准的制定与争夺。
值得注意的是，头对头试验研发投入大、失败风险高，是对企业临床开发能力、资金实力与科学判断的综合考验。受区域人群差异、试验设计调整、统计阈值设定等多重因素影响，国内临床的阳性结果未必能在全球多中心研究中完全复现。行业人士也提醒，头对头试验的价值应回归临床患者获益，盲目跟风可能造成研发资源的浪费。未来，真正具备临床价值的产品将脱颖而出，更有机会在全球市场占据一席之地。
版式：余远泽
编辑：陈丽娜
审核：董菊红、马 ? 飞
挂网药价进入“省际对标”快车道，某些省份每月两次开展全国最低价联动
第二批饮片集采：京沪中选率破七成，徽商阵营何以占优
DRG3.0将发布，158个基层病种同病同付
www.yyjjb.com.cn
洞悉行业趋势
长按关注医药经济报
《中国处方药》
学术公众号
聚焦药学学术和循证研究
长按关注中国处方药
《医药经济报》
终端公众号
记录药品终端产经大事件
长按关注21世纪药店

进入8月,A股市场迎来中报业绩集中披露关键窗口期,机构调研热度同步攀升。数据显示,8月以来,110家券商对市场高关注度标的展开1360次密集调研,剔除重复统计后,共计覆盖51家核心上市公司(综合各家券商关注度最高的前三只个股),调研赛道涵盖集成电路、特种化工、生命科学工具、医疗保健设备、汽车零配件等高景气领域。
科技、消费、电力设备成高频赛道
从券商个体的调研活跃度来看,头部机构优势明显。数据显示,中信证券以53次调研位居榜首,国泰海通以52次紧随其后,中金公司以48次位列第三,构成8月券商调研的“第一梯队”。
紧随其后的是中信建投(46次)、开源证券(45次)、长江证券(42次)、天风证券（维权）(42次)、国信证券(41次)等,调研次数在40次以上的券商达到8家。从板块覆盖看,头部券商调研标的横跨沪市主板、深市主板、创业板、科创板及北交所,其中深市主板和创业板是绝对主战场——以中信证券为例,其51次个股调研中,深市主板17次,创业板18次,科创板10次,沪市主板仅5次。
梳理各家券商“关注度最高的前三只个股”可以发现,伟星新材、森马服饰、仕佳光子是8月以来券商调研名单中出现频率最高的三家公司。
伟星新材获得了中信证券、国泰海通、中金公司、中信建投等券商的共同关注,成为当之无愧的“券商心头好”。从行业视角看,地产链在经历了长期调整后,细分龙头凭借行业集中度提升逻辑,重新进入券商研究视野。伟星新材8月披露的半年报显示,公司上半年净利润同比增长43.9%,在地产新开工面积同比下降23.4%的承压环境下逆势增长,正是券商“高切低”挖掘的样本。
森马服饰同样获得国泰海通、开源证券、长江证券等券商的覆盖,与伟星新材形成“消费+地产链”的“高切低”样本。
仕佳光子作为光通信核心企业,延续了科技硬件链的“霸榜”态势。8月以来,仕佳光子累计接待机构调研高达434家,其中仅8月3日、4日两天就分别接待92家和54家机构,天风证券、华泰证券、山西证券等均积极参与。
多元配置特征显著
除了上述三家公司以外,券商调研的“TOP3名单”中还涌现出一批细分赛道龙头:盛弘股份(电力设备)、顺络电子(电子元件)、飞龙股份(汽车零部件)、良信股份(电气设备)、齐心集团(办公服务)、青鸟智控(电子制造)、同惠电子(电子测试测量)、汉仪股份(应用软件)、百济神州(创新药)、九号公司-WD(消费电子)、华测检测(检测服务)等。
从行业分布情况来看,8月券商调研呈现出清晰的三大方向:第一,科技硬件链仍是基本盘。电子、通信设备、半导体材料与设备等行业的“调研热股”数量居前。除仕佳光子以外,九号公司以267家机构调研量稳居8月全市场调研热度前列。
第二,医药生物强势回归。创新药龙头百济神州获210家机构调研,泽璟制药获97家机构调研,九洲药业、皓元医药等也纷纷现身调研榜单。近期,创新药板块市场表现持续走强,政策利好释放、研发管线落地,使得医药股成为8月券商调研的最大亮点之一。
第三,顺周期与消费边际升温。恒逸石化(石化化纤)、国瓷材料(新材料)、伟星新材(建筑产品)、森马服饰(服装)等传统周期与消费标的久违现身调研热榜。这表明券商在AI主线拥挤度回落后,开始通过调研挖掘“高切低”轮动机会,在顺周期化工、地产链、消费等方向寻找机会。
从各大券商最新策略研判来看,“均衡配置”成为8月关键词。中信证券建议增配能化、有色、非银和创新药;华泰证券提出以低波红利为底仓,关注CXO和创新药龙头,AI硬件小仓位等待超跌反弹。
投资策略上,南京一位券商分析师8月19日向《大众证券报》记者表示:“8月是中报业绩密集披露期,机构需要通过实地调研核实企业业绩真实性、预判下半年经营走势。伟星新材、森马服饰、仕佳光子、盛弘股份、飞龙股份、百济神州等高频调研标的,恰好构成了‘成长+周期+消费+医药’的多元组合。这反映出券商2026年下半年的配置思路正从押注单一赛道,转向在高景气细分领域均衡布局,以对冲单一主线波动的风险。”
记者 张曌

（来源：中国医药报）
转自：中国医药报
□?张小会?
过去十年，我国创新药产业实现跨越式发展，逐步成长为全球创新版图上具有重要影响力的价值高地。当前，产业正迎来从“规模增长”向“价值提升”的质变关键期，发展主线已不再是管线数量或融资规模的简单增长，而是全链条竞争力的系统构建与商业价值的理性回归，一套兼具中国特色与全球竞争力的创新药全链条竞争格局已然成型。
八大维度筑牢产业发展底座
我国创新药产业全新竞争格局的成型，并非单一维度的零散突破，而是多领域协同进阶、全方位迭代升级的系统性成果。以下八个维度的进展，共同筑牢了产业高质量发展的坚实底座，重塑了中国医药创新的产业实力与全球定位。
多元支付体系驱动市场扩容
长期以来，我国创新药市场高度依赖医保支付，形成“研发获批—医保谈判”的线性发展路径。近两年来，这一传统模式正在改变，“医保稳基本、商保补高值、自费选高端、出海拓增量”的多元支付体系加速形成。
支付体系的迭代，既缓解了医保基金运行压力，提升了创新药的临床可及性，也重塑了行业定价逻辑与商业回报体系，推动产业从“价格竞争”转向“价值竞争”，为创新药市场持续扩容筑牢基础。药智网数据显示，2025年我国原研创新药市场规模达到5394亿元，同比增长6.3%，产业增长韧性凸显。
投融资兼顾效率与质量
据药智网统计，2025年国内药企IPO（首次公开募股）数量与募资规模均大幅上升，全年共有24家药企成功IPO，募集资金总额为298.98亿元，较2024年的71.90亿元增长316%，反映出药品企业在资本市场的融资能力显著增强。
创新药领域投融资进入理性繁荣、结构优化阶段。据医药魔方统计，2021年国内创新药行业一级市场融资额创下历史峰值，后续融资规模虽有所回落，但资金的使用效率和投资质量大幅提升。产业资本精准聚焦未被满足的临床需求，推动行业从“规模增长”向“价值创造”转型。
全球注册能力与数据质量实现跃升
近年来，我国创新药在临床试验体量、数据质量、国际化程度上均取得长足进步。根据国家药监局药品审评中心（CDE）发布的《中国新药注册临床试验进展年度报告（2025年）》，2025年登记的2997项新药临床试验中，国际多中心试验占比为13.7%，较2024年有所增加。
与此同时，国内药企积极对标国际监管标准，完善全链条质量管控体系，临床试验数据的国际认可度不断提高。越来越多国产创新药依托以中国研究中心为核心的国际多中心关键性临床试验数据，获得海外监管机构上市申请受理，部分差异化品种仅凭中国本土关键注册临床数据便收获海外审批正向反馈。“临床试验数据出海”案例不断增多，标志着我国创新药全球同步研发、同步注册能力实现实质性提升。
管线布局立足差异化、全球化
临床管线是创新药企业的生命线，管线质量决定企业长期发展潜力。医药魔方数据显示，截至2025年底，全球活跃的在研创新药共计14088个，其中中国企业原研产品达4751个，占比33.7%，位居全球首位。
在管线规模领跑的同时，行业正经历结构性优化。在技术层面，传统的快速跟随模式全面升级，企业加大同类最优（Best-in-class，BIC）、全球首创（First-in-class，FIC）药物布局。以抗体偶联药物（ADC）赛道为例，国内企业在载荷毒性、连接子稳定性、旁观者效应、双载荷等关键技术环节进行了大量精细化创新，多款国产ADC药物在头对头临床试验中展现出超越全球标杆产品的潜力。在战略层面，企业管线规划更注重全球生命周期管理，立项阶段即全面考量全球疾病流行病学特征、各国支付体系、行业竞争格局。目前，国内企业在非酒精性脂肪性肝炎、肥胖、阿尔茨海默病、自身免疫性疾病等治疗领域的布局密度接近欧美头部企业水平，多个细分赛道形成独特技术优势。
对外授权从单品出海迈向平台价值释放
对外授权是衡量创新药全球竞争力的直观指标。当前，我国创新药出海交易呈现量价齐升、模式多元、平台溢价的发展态势，交易含金量持续提高。据医药魔方数据，2021年至2025年，我国创新药对外授权交易呈爆发式增长，潜在交易总额由134亿美元增至超1350亿美元；今年1月1日至7月21日，对外授权潜在交易金额已突破1000亿美元。
更为重要的是，出海逻辑已发生转变，交易不再局限于早期管线对外转让，Ⅱ/Ⅲ期临床试验阶段及已上市成熟产品出海交易占比明显提升，技术平台授权成为行业常态。同时，NewCo（新设公司）模式逐步成为创新药高质量出海的主流路径，帮助企业引入国际资本，锁定长期股权收益。
企业分层生态成型推动产业有序发展
当前，国内创新药行业已形成定位清晰、差异互补的企业梯队。各经营主体依托自身资源禀赋，形成了专属的发展路径，产业生态持续优化。
第一梯队是以百济神州、恒瑞医药、信达生物等为代表的全球化生物制药企业。该类企业搭建了覆盖全球的研发销售网络，现金流储备充沛，管线布局多元，具备完整的全球化运营能力，是中国创新药出海的领军力量。
第二梯队为科伦博泰、康方生物、荣昌生物、迪哲医药等平台型生物科技企业。该类企业依托独有的技术平台，在细分领域建立了全球领先的技术壁垒，并通过对外授权完成技术变现与全球化布局，是行业平台型出海的标杆力量。
第三梯队为聚焦前沿赛道的创新企业，这类企业重点布局核药、小核酸药物、人工智能（AI）制药、合成生物学等新兴领域。其中，远大医药在核药领域的全球布局、瑞博生物在小核酸领域的临床突破、晶泰科技在AI制药领域的商业化落地，代表了中国创新药产业的前沿技术储备与未来增长潜力。
AI制药步入实战产出与验证新阶段
当前，国内AI制药已告别概念探索与场景验证阶段，进入实战落地、成果产出、商业化兑现的新周期，AI技术成为产业降本、提速、提质的重要工具。
公开信息显示，英矽智能的特发性肺纤维化治疗药物INS018_055相关研究已推进至Ⅲ期临床试验阶段。该药从靶点挖掘到临床前候选化合物确定仅耗时18个月，是全球首个全流程由AI研发并推进至Ⅲ期临床试验的创新药。此外，AI技术的应用场景还延伸至临床试验优化、患者招募、真实世界数据挖掘、生产工艺迭代等环节。今年4月，国家药监局发布《关于“人工智能+药品监管”的实施意见》，为AI制药行业规范化、高质量发展划定标准、明确路径，数智化能力逐步成为创新药企业的主要竞争力。
中国创新药实现全球价值共享
践行临床价值、造福全球患者，是创新药产业发展的最终目标。国产创新药在提升国内患者用药可及性的同时，加速融入全球主流医疗体系，填补国际临床空白、降低全球治疗成本，完成从“中国新药”到“全球共享”的转变。
百济神州自主研发的泽布替尼，是首个获美国食品药品管理局批准上市的中国原研抗癌药，也是全球获批适应证较广泛的BTK抑制剂，覆盖慢性淋巴细胞白血病、华氏巨球蛋白血症、套细胞淋巴瘤等多个B细胞恶性肿瘤治疗领域。这款源自中国的创新药有效降低了海外患者用药负担，生动诠释了“中国创新、全球普惠”的产业价值。
三大结构性挑战亟待破解
在亮眼成绩的背后，我国创新药产业仍存在深层次结构性短板。
一是靶点扎堆、管线同质化内卷现象仍然存在。尽管行业已形成差异化创新共识，但热门靶点、主流适应证的“羊群效应”依然突出。据《中国新药注册临床试验进展年度报告（2025年）》，2025年登记的1209项生物制品新药临床试验中，抗肿瘤药物临床试验达554项，占比45.8%，较2024年提升2.7%，赛道扎堆现象持续存在。管线布局过度集中，在一定程度上挤占了临床试验资源，拉长患者招募周期、抬高临床试验成本，制约产业高质量发展。
二是FIC/BIC项目占比与欧美仍有差距。当前国内创新药产业仍以跟随式改良创新为主，FIC/BIC项目占比虽稳步提升，但与欧美成熟医药市场相比仍有差距。米内网数据显示，近年来我国具有FIC/BIC潜质的药品占比持续攀升，2024年已达25%。但从全球视角看，大量全新靶点、创新作用机制与分子骨架多由欧美科研机构与药企率先实现突破。
三是自主出海能力有待提升，人才缺口制约全球化纵深发展。对外授权交易的高速增长，掩盖了国内多数药企自主出海能力的结构性短板。现阶段，仅有少数头部企业具备完整的海外商业化能力，大多数中小药企仍停留在“借船出海”阶段。创新药全球商业化是涉及跨文化适配、法律合规、渠道搭建、品牌运营、医保准入谈判的系统性工程，离不开长期本土化深耕与专业团队积淀。当前，行业缺少通晓国际医药法规、拥有海外市场实战经验、兼具跨文化沟通素养的复合型商业化人才，这也成为制约企业自主出海的重要因素。
三方协同赋能医药创新强国建设
立足现有产业基础、直面发展短板，我国创新药产业需坚持“内外兼修、提质增效”的发展思路，推动政策端、国际市场端、企业端三方协同发力，助力产业行稳致远，加速建设医药创新强国。
——政策端构建价值导向的定价支付体系。
价格与支付机制是引导产业创新的重要指挥棒。政策层面需持续优化制度设计，遏制低水平重复竞争，让“真创新”获得“真回报”，让“伪创新”自然出清。
一是深化医保谈判科学评估机制。运用药物经济学评价、预算影响分析、国际价格对标等多维度评估工具，细化创新药定价梯度，实行差异化定价。对临床价值突出的FIC/BIC药物设置合理溢价空间，对Me-too类药物严格执行比价规则。二是健全多层次医疗保障体系。引导商业健康险开发创新药、罕见病用药专属产品，推动按疗效付费、风险共担等创新支付模式落地；支持各地惠民保扩容特药目录，纳入更多医保外高价值创新药，构建基本医保保基本、商业保险保高端的保障格局。三是夯实知识产权保护与数据独占期制度。全面落实药品专利链接制度，结合行业实际优化创新药数据保护期限，拓宽原研药市场独占窗口，以制度设计激励源头创新。
——国际市场端推进“多元化+本地化+合规化”出海战略。
企业全球化布局应当摆脱对单一市场的依赖，实行欧美市场与新兴市场双轨并进策略，将合规经营作为拓展海外市场的基础。
对于具备全球竞争力的FIC/BIC品种，可在欧美成熟市场开展自主注册与深度产业合作，争取全球定价话语权。充分运用国际多中心临床试验数据，依托国际人用药品注册技术协调会（ICH）框架下的数据互认机制，缩短海外注册周期、降低合规成本。同时，积极开拓海外新兴增量市场。东南亚、中东、拉美、非洲等区域人口规模大，疾病谱与我国相近，高性价比创新药市场需求旺盛，且监管审批路径相对友好。国内企业可通过技术转移、合资建厂、本地化临床试验等方式，实现从“产品出海”向“产能出海+标准出海”的升级，将新兴市场打造为中国创新药全球布局的战略支点。
——企业端锻造研产销一体化的全球运营能力。
政策扶持、市场机遇均属于行业发展的外部条件，企业自身的综合实力才是穿越行业周期的根本。
研发层面，坚持以终为始的全周期立项逻辑。企业需立足全球未被满足的临床需求与长期商业价值，反向布局研发管线，杜绝盲目跟风；加强转化医学研究，深化对靶点生物学机制的理解，提升临床试验成功率；运用AI、类器官、数字孪生等前沿技术，实现研发全流程降本增效。
商业化层面，因地制宜选择出海模式。头部企业可自建海外运营团队，积累运营经验；中小型企业可优先依托外部合作资源拓展海外市场，并在合作框架中明确学习权、监督权与回购权，避免成为单纯的产品供货方。
组织建设层面，打造敏捷、开放、包容的创新生态。创新药研发充满不确定性，企业内部需建立容错机制，鼓励科研探索；建立科学完善的激励机制，吸引并留住全球顶尖人才。此外，企业还应持续深化与高校、医疗机构、科研院所的合作，构建开放式产业创新体系，补齐原始创新短板。

As of 13:13 on August 19, 2026, regarding constituents of the CSI Hang Seng Stock Connect Medical Theme Index (932069), gains and losses were mixed. Sinopharm Bio leading the table, up 1.60%; Fosun International up 1.19%; BeiGene up 0.91%. Join-? Meds led the decliners. The latest quote for the Huaxia Hang Seng Stock Connect Medical ETF (520510) is RMB 0.94. The latest quote for the Huaxia STAR Market Pharmaceuticals ETF (588130) is RMB 1.04.
In terms of liquidity, the Huaxia Hang Seng Stock Connect Medical ETF recorded a turnover rate of 84.81% during the session, with trading volume of RMB 212 million. The Huaxia STAR Market Pharmaceuticals ETF recorded a turnover rate of 16.5% during the session, with trading volume of RMB 78.5006 million. Trading activity in the market was active.
On the information front, the National Healthcare Security Administration today (the 19th) released the (Comprehensive Medical Security Plan for the “15th Five-Year Plan”). During the “15th Five-Year Plan” period, the enrollment rate in basic medical insurance will be maintained at around 95% each year. The long-term care insurance system will cover all coordinated regions. The in-fund payment ratio for inpatient expenses within the basic medical insurance catalogue will remain stable at about 80% for employee basic medical insurance, and at about 70% for urban and rural residents’ basic medical insurance. The coverage rate of expenditures from the basic medical insurance fund for instant settlement will increase from around 70% in 2025 to above 80%. All coordinated regions will implement direct payment of maternity allowance to individuals.

Overnight, U.S. tech stocks were hit hard due to a surge in bond yields, but the Nasdaq Biotechnology (NBI) rose to a new high against the trend. On August 19, Asia-Pacific markets’ tech sector came under pressure, and all three major A-share indexes were broadly in the red. The STAR Market innovative drug sector was briefly green in the early trading, but later pulled back under the drag. As of 10:41, the more volatile and higher-beta “new drug species” STAR Market Innovative Drug ETF Huaitianfu (589120) was down 1.89%. According to the latest data as of yesterday, the financing balance for the STAR Market innovative drug ETF Huaitianfu (589120) still remained above 50 million yuan, indicating that margin investors are firmly committed to setting up positions!
Most constituent stocks of the STAR Market innovative drug ETF Huaitianfu (589120) index were trading slightly down, with Tebaotang Bio rising more than 7% and Zejing Pharmaceuticals up slightly; on the downside, Junshi Biosciences fell by more than 3%, Rongchang Biosciences, Baili Hengtian, and Dizhi Pharmaceutical fell by more than 2%, while BeiGene and Aelis fell by more than 1%.

On August 18, Zhang Jianwei, Party Secretary of the Beijing Municipal Council for the Promotion of International Trade and President of the Beijing International Chamber of Commerce, led a delegation to conduct research at BeiGene (Beijing) Biotech Co., Ltd. (hereinafter referred to as “BeiGene”). Ning Ning, the national regional government affairs负责人 of BeiGene, Zhang Fangfang, a member of the Party group of the Beijing Municipal Council for the Promotion of International Trade and deputy director, and heads of relevant departments from both sides attended the research.
During the research period, a delegation from the Municipal Council for the Promotion of International Trade visited the company exhibition halls in person, gaining a detailed understanding of the latest developments in the company’s R&D of innovative oncology therapeutics, globalized production and operations, clinical trial implementation, and more.

Securities Times reporter Li Yingquan and Yang Xia
In the first half of 2026, innovative drug上市 companies have concentrated the release of their interim reports and performance forecasts, and the industry has officially entered a phase of commercialization driven by the scaling up of key products, the fulfillment of cross-border BD (business development) deals, and a threefold performance inflection point across the upstream CXOs (pharmaceutical R&D outsourcing)—all with very strong momentum. On top of that, blockbuster products such as zeubetnib and masitide have achieved large-scale profitability. Meanwhile, companies including CSPC Group, Hengrui Pharmaceuticals, and Innovent Biologics have successively secured multi-billion-yuan cross-border BD deals, while CXO leaders have seen profits and orders rise in tandem to record highs.
Industry experts believe that the performance of innovative drug companies in the first half is not a short-term spike; rather, it marks a turning point from single-product overseas expansion and single-pipeline licensing to a systematic, whole-industry-chain framework. However, compared with multinational pharmaceutical companies such as Johnson & Johnson and Eli Lilly, domestic firms still have a notable gap, and catching up will require long-term cultivation.

As of today’s close, BeiGene reported RMB 293.78, up 1.34%. Trading volume was RMB 1.736 billion, turnover rate 5.147%, volume ratio 0.71, and total market capitalization of approximately RMB 305.175 billion. The TTM P/E ratio is approximately 143.263x.
In terms of the news flow, on August 6, the company disclosed its key financial data for the first half of 2026 and voluntarily released an update to its operating performance forecast. In the first half, operations continued to show strong growth momentum. Continued global expansion of its core products remains the main focus for the market. Today’s price movement is largely related to expectations about the fundamentals of both the sector and individual stocks.
The company is a globally leading oncology innovative therapy enterprise. Its core products include Baiveltze? (zanubrutinib), Baizeran? (tiralizumab), Pamiparli, and more. Its pipeline covers both hematologic malignancies and solid tumors, and its commercialization network spans the globe.

Reprinted from: Xinhua Finance
Xinhua Finance, Shanghai, August 18 (Lin Zhenghong) — In the second half of the year, A-share market trends and styles are shifting again. Looking at the percentage gains and losses of first-level industries in Shenwan, popular sectors such as electronics and communications, which led the first half, have seen pullbacks, while sectors including coal, biomedical, and oil and petrochemicals have surged significantly. As of the close on August 17, the three major industry indices—coal, biomedical, and oil and petrochemicals—were up 16.88%, 13.98%, and 13.66% respectively for the second half of the year, ranking among the top three.
Notably, alongside the sharp rise, the biomedical industry has also attracted intensive, clustered research visits from institutions. According to statistics from Xinhua Finance, based on data on being researched across 31 Shenwan first-level industries since the second half began, the biomedical industry ranked 3rd in terms of the frequency of receptions, 4th in both the number of stocks investigated and the amount of institutions’ received visits, which is significantly higher than the two major industries of coal and oil and petrochemicals.

(Source: Caiwen)
The innovative drugs sector has entered an earnings verification period. Policy dividends and industry cyclical momentum are moving in sync, with internationalization and commercialization delivering the reversal for the industry.
At the close on August 18, the Shanghai Composite Index rose 0.19%, the Shenzhen Component Index fell 0.56%, and the ChiNext Index fell 0.93%.
In the ETF sector, the Hang Seng Biotech ETF by E Fund (159105) rose 1.08%. Constituent stocks such as WuXi Biologics-related stocks (02268.HK), GenScript Biotech (01548.HK), and WuXi Biologics (02269.HK) rose more than 5%. Other gainers included Kelun-Biotech (06990.HK), BeiGene (06160.HK), Hutchmed (00013.HK), MicroPort Robotics-B (02252.HK), United Laboratories (03933.HK), Simcere Pharmaceutical (02096.HK), and Xinda Bio (01801.HK), among others.

On August 18, BeiGene rose 1.34%, with trading volume of RMB 1.736 billion, turnover rate of 5.15%, and total market value of RMB 453.09 billion.
Movement analysis
Benefiting from innovative drugs + RMB depreciation
1. On June 13, 2025, in an interaction on Yiyizu: The company is a globally leading oncology innovative treatment company. It develops innovative anti-cancer drugs for cancer patients around the world, improving drug accessibility and affordability.
2. According to the 2024 annual report, the company’s overseas revenue accounted for 62.85%. It benefits from RMB depreciation.
(Disclaimer: The analysis content is sourced from the internet and does not constitute investment advice. Investors should make independent judgments based on different market conditions.)

(Source: Caixin)
Organizations believe that now is the time for long-term allocation opportunities in the pharmaceutical sector, and they are optimistic about investment opportunities such as innovative drug going global, CXO, and medical device going global.
As of 13:40 on August 18, the Shanghai Composite Index fell 0.27%, the Shenzhen Component Index fell 1.20%, and the ChiNext Index fell 1.56%.
As for ETFs, the Hang Seng China Healthcare ETF by E Fund (513200) rose 1.04%. Component stocks such as WuXi Healee (02268.HK), GenScrip Biotech (01548.HK), and WuXi Biologics (02269.HK) rose by more than 5%. Meanwhile, Kintor Biotech (06990.HK), BeiGene (688235.SH), Hansoh Pharmaceutical (00013.HK), Federal Pharmaceutical (03933.HK), China Resources Pharmaceutical (03320.HK), WuXi AppTec (603259.SH), Kangfang Bio (09926.HK), and others also rose.

　　In the first half of this year, Guangdong’s biopharmaceutical innovation results accelerated their rollout—among the innovative drugs and devices approved for listing by the National Medical Products Administration, six are Class 1 innovative drugs and four are Class III innovative medical devices from Guangdong. Several products are the “world’s first” or “domestic first,” covering key areas including oncology, cardiovascular diseases, nephrology, dermatology, and nuclear medicine imaging.
　　Behind this impressive set of achievements, the Guangdong Provincial Drug Administration is enabling industrial development through institutional innovation. With coordinated efforts across policy support, regulatory reform, enterprise innovation, and the development of an industrial ecosystem, Guangdong is speeding up its transition from being a “major province for pharmaceuticals” to an “innovative province for biomedicine,” while continuously enhancing its capacity for biopharmaceutical innovation.

(Source: Financial News)
Institutions believe the innovative drug sector has entered a period of earnings validation. With policy tailwinds and favorable industry sentiment moving in tandem, they are optimistic about innovative drug companies that have overseas registration and BD capabilities, comprehensive pharmaceutical firms, and CXO companies.
As of 11:25 a.m. on August 18, the Shanghai Composite Index fell 0.39%, the Shenzhen Component Index fell 1.13%, and the ChiNext Price Index fell 1.40%. Sectors such as genetically modified organisms, agriculture and forestry, and corn were among the top gainers.
In terms of ETFs, the HK Stock Connect healthcare ETF Huaxia (520510) rose 1.06%. Component stocks including Genexine Biotech (01548.HK), Pharmaron & Health (02268.HK), and TopRui Health (300759.SZ) rose by more than 5%. Others that climbed include WuXi Biologics (02269.HK), Hua Medicine (002821.SZ), Sinocare Medical (02291.HK), Kangzhi Pharmaceutical (00867.HK), BeiGene (688235.SH), KHB Biotech (06990.HK), and WuXi AppTec (603259.SH).

Produced|China Visiting Net
Reviewed by|Li Xiaoyan
On August 5, BeiGene delivered its 2026 first-half operating performance report, with impressive profitability figures that once again put this homegrown innovative drug exporter in the spotlight of the industry. In the first half of the year, the company achieved total revenue of RMB 22.22 billion, and net profit attributable to shareholders reached RMB 3.271 billion. Net profit rose sharply year over year. At the same time, the company raised its full-year revenue guidance, lifting its full-year revenue target to the RMB 44.9–46.2 billion range.
After the earnings report was released, however, the capital markets showed clear signs of divergence. The A-share market surged on the day, but then pulled back on the following day. The vacillation in market sentiment reflects investors’ complex mindset: on one hand, investors recognize that years of investment have started to pay off commercially; on the other hand, they are taking a cautious wait-and-see approach. For this pharmaceutical company that has achieved profitability driven by major blockbuster products, can it continue to replicate success and cultivate a new growth engine?

(Source: Cailian News)
The institutions believe that the current situation where innovative drug companies maintain rapid growth in product sales revenue validates the feasibility of the domestic innovative drug “two-wheel drive model” of commercialized blood-making and monetization through external licensing.
On August 18, some individual stocks in the innovative drugs sector saw adjustments. BeiDa Pharmaceuticals (300558.SZ) briefly hit a 20CM limit-down. Tailong Pharmaceutical (600222.SH), BiBEST? (301080.SZ), Wanbang Pharmaceutical (301520.SZ), XuanTai Pharma (688247.SH), Fudan Zhangjiang (688505.SH), and others briefly fell by more than 5%. The innovative drugs ETF (159992) briefly fell by more than 2%.

Innovative drugs and the innovative drug industrial chain have recently become market hotspots.
Wind’s innovative drug index has been on an upward trend for three consecutive months, with a monthly increase of more than 13%. For individual stocks, shares of companies such as BILITHEN and Rongchang Biotech surged significantly. Meanwhile, CXO sector stocks that are also part of the innovative drug industrial chain have seen a breakout.
Institutions believe that domestic innovative drugs have already formed certain platform advantages in areas such as bispecific antibodies (double antibodies) and ADCs. As previously validated products gradually enter the data readout and commercialization ramp-up stages, established technology platforms are expected to continue incubating and iterating pipelines, and help drive a recovery in demand for R&D outsourcing, manufacturing outsourcing, and supporting needs across the industrial chain. The performance of leading companies is expected to shift the sector’s valuation framework from expectation-driven speculation to performance-driven valuation.

In the mid-year report season, combined with a period of market turbulence and adjustment, research by institutions has become especially active.
According to Wind data, as of August 16, a total of 168 A-share companies have received institutional research visits since August, attracting more than 4,200 institutional participations. Among them, 11 companies received over 100 institutional participations in total, and 24 companies received at least 50.
Looking at companies that rank high in institutional research interest, there are three clues worth paying attention to: first, the AI hardware industry chain’s heat has continued, but the focus of research has shifted to the “accounting for capacity delivery” stage, where companies are effectively matching production with execution; second, the pharmaceutical and biotech sector has returned to the “front row” of institutional research driven by the verification of commercialization logic, and is especially drawing attention from foreign institutions; third, outside the popular sectors, companies such as those in cyclical chemicals and the real-estate-related supply chain, which have been absent from the research hot lists for a long time, have resurfaced—possibly reflecting institutions’ recent attempts to explore “high-to-low rotation” opportunities.

　　Trading stocks? Just rely on the analysts’ research reports from Golden Qilin. Authoritative, professional, timely, and comprehensive—helping you uncover potential thematic opportunity themes!
　　Although the innovative drugs sector has seen an oversold rebound and valuation adjustments since August, future performance will be driven more by commercialization progress and performance validation, due to the effects of profit-taking by investors and post-earnings differentiation among individual stocks.
　　Since August, the innovative drugs index (8841049.WI) has gained 13.8%. From the year’s low point set in late June, the maximum rebound within the range has already exceeded 32%, and several innovative drug ETFs’ net asset values have rebounded sharply as well.