【环球网财经记者 田刚】2月25日至26日，德国总理默茨率30家德国头部企业高管组成的经贸代表团访 华，行程涵盖北京、杭州两地，并与中方领导人举行会谈。这次被德媒《明镜》周刊称为"默茨从未如 此细致地准备过一次出行"的访问，同样被视为中德关系在复杂国际形势下的关键互动，旨在加强双方 高层沟通、巩固中德双方政治互信并拓展务实合作。 中国国际贸易学会常务理事、全球化智库（CCG）高级研究员何伟文在接受环球网记者采访时指 出："中德关系的稳定与发展，不仅关乎两国福祉，更是维护全球多边贸易体系和产业链安全的重要支 柱。"同时，他从国际经贸关系、供应链合作、产业互补性、双边投资趋势等多维度进行了深度剖析。 增强政治互信：中德双边关系的 " 压舱石 " 与 " 导航仪 " 何伟文开宗明义地指出，理解中德经贸关系必须先从政治的高度来把握，"默茨访华，传递出了中德双 方通过高层互动，重新确认了全面战略伙伴关系的合作基调。" 他具体分析称，尽管近年来中欧、中德之间存在一些分歧与矛盾，但这些并非第一位的问题，"中德双 方共同维护联合国及宪章为原则的基础上，在维护多边主义、维护国际秩序的前提下寻求可持续的合作 范式，这种在基本原则 ...

经济观察报 记者 刘晓诺 在跨国药企纷纷来华扫货的2025年，中国这家"抗体超市"也迎来了近年最好的业绩丰收。 2月26日，百奥赛图（688796.SH/02315.HK）发布2025年业绩快报，初步会计数据显示，该公司2025年营收约13.79亿元，实现归母净利1.73亿元，分别同比 增长40.63%、416.37%。 2019年—2023年，百奥赛图处在大规模烧钱的研发阶段，收不抵支，每年都亏损数亿元。直到2024年，研发的投入开始进入商业化兑现阶段，百奥赛图实现 归母净利3354万，扭亏为盈。 百奥赛图的股价也曾长期低迷。2022年，百奥赛图在创新药资本寒冬中登陆港交所，股价从发行的25.22港元/股一路下跌，2024年11月触底5.6港元/股，市 值仅有20多亿港元。 此后，行业回暖。2025年的创新药牛市中，百奥赛图的港股股价也震荡上行，较低谷期翻了约10倍。2025年12月，百奥赛图在科创板上市，又受到资本市场 的热情迎接，网上初步超额认购约5383倍，首日股价涨幅一度冲高到146.63%。 截至发稿，百奥赛图港股股价54.05港元，A股股价77.75元，总市值314亿元。 企业自身的经营阶段与行 ...

当前行业发展面临的挑战与快速变化的形势，让AICM迎来充分发挥平台效能的关键时机。跨国化企高 管表示，AICM理事会成员要将协会打造成行业沟通的平台、政企对接的桥梁和产业发展的大使，让这 一平台为化工行业发展创造更深远的价值。 AICM副主席、诺力昂亚太区高级副总裁樊博睿表示，AICM会员企业是践行责任关怀的行业先行者， 责任关怀这一理念从最初聚焦安全与环境绩效提升，如今已向可持续与碳中和方向深化发展。各会员企 业在该领域的长足进步，也能为中国化工行业的绿色转型提供助力。 AICM理事会成员、SABIC副总裁兼大中华区总裁王强也表示，化工行业与其他行业不同，责任关怀是 行业发展的根基，贯穿上下游产业链的全发展过程，践行这一理念是企业实现长效发展的必然选择。 2026年6月，国际化学品制造商协会(AICM)将发布全新使命、愿景和价值观，强调新的石化行业竞争必 须依靠可持续创新。针对这一即将到来的变化，在近日举行的AICM2025年"公众开放日"颁奖典礼的访 谈环节，诺力昂、默克、沙特基础工业公司(SABIC)三家跨国化企的高管围绕AICM使命与理念、践行 责任关怀与推进行业"十五五"高质量发展等议题发表观点，倡 ...

Core Viewpoint - German companies are increasingly investing in the United States due to energy crises and inflation in Germany, leading to a shift in production capacity to regions with more favorable conditions, particularly the U.S. and China [1] Group 1: Investment in the U.S. - BMW Group announced an investment of $1.7 billion (approximately 12.3 billion RMB) in electric vehicle and battery production in the U.S. [1] - Volkswagen plans to invest $7.1 billion (approximately 51.4 billion RMB) in the U.S. over the next five years [1] - BASF will invest $25 billion (approximately 181.1 billion RMB) in North America over four years [1] - Other German companies like Mercedes, Bosch, Siemens, and Bayer are also increasing their investments in the U.S. [1] - The U.S. offers cheap energy, a large consumer market, and attractive business policies, making it an appealing destination for German manufacturers [1] Group 2: Investment in China - BASF plans to invest €10 billion in China, while Audi, Volkswagen, and Merck have significant investment plans in the country [3] - Investments are concentrated in coastal cities, particularly Shanghai, which is favored for its strong infrastructure and business environment [3] - French companies are also looking to benefit from the situation, as Germany's energy crisis creates market opportunities for them [3] Group 3: Industry Trends - The shift of German industries is focused on high-value sectors such as organic chemicals, electronic devices, and automotive components [1] - The historical trend of industrial transfer shows a movement from advanced regions to less developed areas, but current conditions favor the U.S. and China for advanced manufacturing [1][3] - Germany's reliance on natural gas, particularly from Russia, has exacerbated its energy crisis, while France's energy strategy positions it to capitalize on Germany's challenges [3]

第四季度营收为6.78亿美元，高于市场预期的6.251亿美元，尽管同比下滑30%，但美国市场新冠疫苗销 售表现稳健，缓解了投资者对收入持续萎缩的担忧。公司同时重申2026年营收增长目标为10%，传递出 业务企稳信号。 财务状况 2025年全年运营支出预期下调至50亿-52亿美元，较此前指引缩减2亿美元；年末现金储备预计达81亿美 元，高于此前65亿-70亿美元的预测，增强了财务韧性。第四季度每股亏损2.11美元，较去年同期的2.91 美元收窄，反映亏损面收缩。 经济观察网莫德纳(MRNA.O)于2026年2月13日发布2025年第四季度及全年财报后，股价单日大幅上涨 7.58%，收盘报43.15美元，创下年内新高。当日成交额达5.14亿美元，量比1.61，换手率3.05%，显著高 于近期平均水平。 股价异动原因 当日纳斯达克指数上涨0.42%，生物技术板块涨幅1.85%，行业情绪向好。 资金面与技术面 低估值(市盈率TTM为负)与高波动性吸引短期资金流入，单日振幅达8.90%，成交量为近月均值的1.6 倍。 未来发展 流感疫苗审批受挫(FDA以临床试验设计问题拒审mRNA-1010)可能延迟2028年盈亏平衡 ...

Core Insights - The company Baiaosaitu-B (02315) has reported impressive performance forecasts, with significant progress in external licensing collaborations, leading institutions to be optimistic about its long-term growth potential [1] Financial Performance - For the fiscal year 2025, the company anticipates revenue between 1.369 billion and 1.389 billion yuan, representing a year-on-year growth of 39.61% to 41.65% [2] - The expected net profit attributable to shareholders is projected to be between 162 million and 182 million yuan, showing a substantial year-on-year increase of 384.26% to 443.88% [2] Business Developments - Since 2025, the company has secured significant external licensing agreements with leading domestic and international pharmaceutical companies, including a global licensing agreement for antibody molecules with BeiGene in July 2025 and full human antibody licensing for the RenMice platform with Merck in September 2025 [3] - These licensing agreements are expected to generate milestone payments and contribute to future growth [3] Institutional Perspectives - Research reports from institutions such as Guolian Minsheng Securities highlight the company's innovative advantages in model animals and preclinical CRO business, along with the "Thousand Mice, Ten Thousand Antibodies" initiative, which is expected to drive outstanding performance and open up long-term growth potential through external licensing [4] Stock Performance - The company was added to the Hong Kong Stock Connect eligible securities list on December 24, 2025, which may enhance investor attention and trading activity [5]

Core Viewpoint - SHP2 inhibitors are emerging as a significant target for cancer treatment, with rapid development in the industry, particularly in China, which is becoming a notable player in the global market [1][6][9]. Industry Overview - SHP2, a protein tyrosine phosphatase, plays a crucial role in regulating various cellular functions, including growth, differentiation, and oncogenic transformation [2][6]. - The global market for SHP2 inhibitors is projected to start existing from 2027, reaching approximately $329 million by 2029, and is expected to grow to $4.821 billion by 2033 [1][7][9]. Market Size - The Chinese SHP2 inhibitor market is anticipated to grow to $206 million by 2029 and reach $784 million by 2033 [9][10]. Industry Chain - The SHP2 inhibitor industry chain includes upstream components such as protein reagents, specific antibodies, small molecule building blocks, testing kits, and experimental models; midstream involves drug research and production; downstream consists of large oncology specialty hospitals and comprehensive hospital oncology departments [11][12]. Development Environment - Recent policies in China have been implemented to encourage the pharmaceutical industry, particularly in the development and production of innovative drugs, including cancer therapies, by shortening clinical application and approval times [13][14]. Competitive Landscape - Major companies in the SHP2 inhibitor space include Innovent Biologics, CanSino Biologics, Junshi Biosciences, and others, with significant progress in developing SHP2 inhibitors, although no drugs have yet been approved for commercialization [15][16]. - Notable companies include: - **QinHao Pharmaceutical**: Focused on developing innovative candidates targeting the RAS signaling pathway, with its lead candidate GH21 in Phase II clinical trials [15][16]. - **Nuocheng Jianhua**: Known for its BTK inhibitor, it is also developing a new SHP2 inhibitor, ICP-189, in collaboration with ArriVent Biopharma [16][17]. Future Outlook - The SHP2 inhibitor sector is one of the hottest areas in pharmaceutical research, with significant advancements in the development of allosteric inhibitors and ongoing clinical trials showing promising results [17][18].

据STAT News报道，TrumpRx.gov网站将由处方药省钱平台GoodRx提供技术支持。报道称TrumpRx不会 直接销售药品，而是引导患者前往其他网站购买。 消费者能因此节省多少费用尚不明确。该网站主要面向不使用保险购药的消费者，这意味着多数购药金 额不会计入患者的保险自付额。 "对于有保险的人群而言，该平台的实际价值存疑，"医疗政策组织KFF的Medicare政策副主任Juliette Cubanski指出，"某些情况下，自付费用对多数人而言仍难以负担。" 当前美国患者支付的处方药费用远高于其他发达国家，通常高出近三倍。特朗普政府正持续施压制药企 业，要求其将美国药价降至国际水平。 美国总统特朗普周四宣布推出TrumpRx.gov网站，该平台旨在为消费者提供折扣处方药，是其降低美国 药品价格努力的核心举措。 特朗普在白宫活动上宣布该网站正式上线。他表示："民众将节省大量开支并保持健康。" 全球十六家大型制药商已与特朗普政府达成"最惠国待遇"协议，承诺降低美国药品价格以换取关税豁 免。根据协议，这些企业将为美国政府医疗补助计划（Medicaid）降价，并通过TrumpRx平台向自费购 药者提供优惠。 ...

Core Viewpoint - The event "Multinational Pharmaceutical Enterprises Shunyi Action" aims to optimize the import pathways for urgently needed and rare disease drugs, enhancing drug accessibility and improving public welfare through collaborative discussions among government departments, medical institutions, and multinational pharmaceutical companies [1][3]. Group 1: Event Overview - The event gathered over 200 participants, including representatives from government agencies, medical institutions, and more than 50 multinational pharmaceutical companies, to discuss key issues related to drug imports and medical trade facilitation [3][5]. - Key topics included the import of urgently needed and rare disease drugs, innovative measures for medical trade ports, and policies empowering the pharmaceutical and health industry [3][5]. Group 2: Policy Insights and Implementation - Authorities from the Beijing Municipal Drug Administration, Health Commission, and other organizations shared insights on drug importation processes, expert evaluations, and pharmaceutical service models to enhance drug accessibility and affordability [4]. - The Shunyi District has introduced supportive policies for the pharmaceutical and health industry, showcasing Beijing's efforts in accelerating market access and creating a favorable business environment [4][7]. Group 3: Economic Impact and Future Prospects - The Shunyi District aims to develop the pharmaceutical health industry as a key sector, with an expected industry scale of 69.1 billion by 2025, achieving an average annual growth rate of 17.4% over three years [6]. - The Tianzhu Comprehensive Bonded Zone has seen its pharmaceutical trade exceed 100 billion for three consecutive years, accounting for nearly one-third of the national total, solidifying its position as the largest pharmaceutical trade port in China [6].

Group 1: Regulatory Support for Biomanufacturing - The National Medical Products Administration (NMPA) will strongly support the innovation and development of the biomanufacturing industry during the 14th Five-Year Plan period, transitioning from "follow-up innovation" to "systematic innovation" [1] - The NMPA aims to accelerate the approval process for new drugs, focusing on new drug targets, AI-driven drug development, and cutting-edge technologies like cell and gene therapy [1] - A digital platform will be established to provide a one-stop consultation service for enterprises, enhancing compliance and technical guidance [1] Group 2: Mental Health Insurance Regulation - The National Healthcare Security Administration (NHSA) is conducting collective talks with heads of mental health insurance designated medical institutions to strengthen management and combat illegal use of insurance funds [2] - Institutions are required to conduct self-inspections focusing on fraudulent practices, with reports due by March 15 [2][3] - The NHSA will implement special inspections and impose severe penalties on institutions that fail to comply with regulations [3] Group 3: Clinical Trials and Approvals - Shouyao Holdings announced that its MAT2A inhibitor SY-9453 has received approval for clinical trials to treat advanced or metastatic solid tumors with MTAP gene deletion [4] - Sainuo Medical has received a medical device registration certificate for its drug-eluting stent system aimed at treating ischemic heart disease [5] - Zhifei Biological has obtained approval for clinical trials of its lyophilized varicella inactivated vaccine [7] Group 4: Strategic Collaborations and Innovations - Zhejiang Provincial Food and Drug Inspection Institute signed a strategic cooperation agreement with Hikvision to promote innovation in scientific instruments [8] - The Brain-Machine Interface and Human-Machine Integration Laboratory has launched China's first "Traditional Chinese Medicine Brain-Machine Interface" equipment, integrating acupuncture with smart wearable technology [9] Group 5: Market Transactions and Financial Activities - Shanghai Pharmaceuticals plans to publicly transfer a 30% stake in China Shanghai Pharmaceuticals to raise at least 1.023 billion yuan [12] - Xinbang Pharmaceutical provided a 40 million yuan guarantee for its subsidiary Guizhou Tongde Pharmaceutical [13] - Pianzaihuang's controlling shareholder received a loan commitment for up to 450 million yuan to support share buybacks [14][15]