中国制药企业正在加速全球扩张，该行业即将在即将到来的第三季度财报发布中保持快速增长，分析师表示市场情绪可能进一步改善。
据工业和信息化部数据，前三个季度，国内创新药占中国批准的全部创新药数量的80%。
Chinese pharmaceutical companies are ramping up global expansion and the sector, set to sustain rapid growth with the upcoming third-quarter earnings releases, could see a further lift in market sentiment, analysts said.
工业和信息化部首席工程师王伟明在北京周二新闻发布会上表示：“在肿瘤学、精神科、抗感染、痛风和罕见病等多个治疗领域取得了研究进展。”
In the first three quarters, domestic innovative drugs accounted for 80 per cent of all innovative medicines approved in China, according to the Ministry of Industry and Information Technology.
据国家发展和改革委员会（NDRC）数据，截至今年9月底，中国的创新药对外授权交易额已达约1300亿美元，几乎与2025年全年水平持平。
“Research progress has been made across multiple therapeutic areas including oncology, psychiatry, anti-infectives, gout and rare diseases,” said Wang Weiming, chief engineer of the ministry, during a press conference on Tuesday in Beijing.
“该行业预计将获得更大的全球竞争力。核心政策支持和商业利润交付依然稳固，行业的风险收益特征正变得越来越有利，”瑞银证券分析师孙远远在一份研究报告中写道。
The country’s innovative drug out-licensing deals reached about US$130 billion by the end of September this year, nearly matching the full-year level seen in 2025, according to the National Development and Reform Commission (NDRC).
在最新一笔交易中，香港上市的翰药集团——一家国内生物制药公司——表示其全资三家子公司与瑞士医疗公司罗氏达成合作协议。该公司于周一向香港交易所及结算所提交的文件中称，此次合作涵盖一系列抗体偶联药物项目，这也是双方第二次合作。
“The sector is expected to gain greater global competitiveness. The core policy support and commercial profit delivery remains intact, and the sector’s risk-reward profile is becoming increasingly favourable,” Sun Yuanyuan, an analyst of Industrial Securities, wrote in a research report on Saturday.
根据该声明，汉莎制药（Hansoh）将主导这些项目的早期研发工作，直至全球一期临床试验的完成；而罗氏（Roche）则负责在中国以外的地区进一步推进这些项目的全球研发工作。汉莎制药将保留在中国大陆、香港、澳门和台湾地区开发及商业化这些项目的所有权利。
In the latest deal, Hong Kong-listed Hansoh Pharmaceutical Group, a domestic biomedical company, said its wholly owned three subsidiaries had reached a collaboration agreement with Swiss healthcare company F. Hoffmann-La Roche, the Chinese company said in a filing to the Hong Kong Exchanges and Clearing on Monday. The collaboration covers a broad portfolio of antibody-drug conjugate programmes and this is the second cooperation between the two sides.
根据协议，汉莎制药将获得4亿美元的初始付款，以及1.1亿美元的周年纪念付款，并有权获得超过150亿美元的研发费用、监管审批费用及商业化费用；此外，该公司还能从未来产品的销售中获得阶梯式的专利使用费。
Hansoh will lead the early development of the programmes up to the completion of global phase Ia clinical trials, while Roche will be responsible for further developing the programmes globally outside China. Hansoh will retain all rights to develop, and commercialise the programmes in the Chinese mainland, Hong Kong, Macau and Taiwan, the statement said.
该协议推动汉莎制药的股价上涨，周二收盘时股价上涨8.32%，达到34.38港元（约合4.38美元）；A股市场的创新药板块也表现出活跃的交易态势。在A股市场上，同时在上海和香港上市的Joinn Laboratories公司股价上涨了8.06%；同时，在上海和深圳上市的同行企业，如贵州三力药业（Guizhou Sanli Pharmaceutical）、CSPC Innovation、上海奥比奥科技（Shanghai Obio Technology）、成都药业（Chengda Pharma）和阳光国健药业（Sunshine Guojian Pharmaceutical）等公司的股价也出现了上涨。
Hansoh will get an upfront payment of US$400 million and a US$110 million first-anniversary payment and is eligible for over US$15 billion in development, regulatory approval and commercialisation of the programmes, as well as tiered royalties on future product sales. The deal lifted Hansoh’s share price on Tuesday, closing 8.32 per cent higher at HK$34.38 (US$4.38), while the innovative drug sector in the A-share market also saw active trading. Shanghai and Hong Kong dual-listed Joinn Laboratories jumped 8.06 per cent on the A-share market, while Shanghai and Shenzhen-listed peers, including Guizhou Sanli Pharmaceutical, CSPC Innovation, Shanghai Obio Technology, Chengda Pharma and Sunshine Guojian Pharmaceutical, also rose on Tuesday.
上周，中国政府发布了关于修订禁止和限制出口技术目录的公开征求意见稿，提议新增40项关键技术，并对相关技术的出口实施临时注册管理。根据商务部和科技部的指导方针，这些被限制出口的技术包括五项生物医学技术，涵盖细胞和基因治疗、小核酸治疗以及病原微生物相关技术。
Last week, China issued a public consultation on revisions to the catalogue of technologies prohibited and restricted from export, proposing to add 40 key technologies and carry out interim registration management for the export of relevant technologies, according to a guideline by the Ministry of Commerce and the Ministry of Science and Technology.
上海工业证券（Sun of Industrial Securities）表示，这项政策不会影响该行业的增长趋势。这些限制措施并不适用于企业的常规业务发展以及合同外包（CXO）服务业务；对于细胞和基因技术以及小核酸技术，仅禁止相关平台技术的境外转让。关键规则：
They include five biomedicine technologies covering cell and gene therapy, small nucleic acid therapeutics and pathogenic microorganisms. Sun of Industrial Securities said the policy would not affect the growth trend of the sector. The restrictions do not cover routine business development and CXO (Contract X Organisation) businesses.
- 人名和地名一律使用中文字符进行转写；品牌名称和产品名称（如拉丁字母拼写的）可保持原样。
For cell and gene technologies and small nucleic acid technologies, only outbound ownership transfers of platform technologies are banned.
翻译内容：那些不涉及所有权转移的许可协议、外包研发及制造服务均不受相关法规的约束。对于单一产品开发过程中的研发、测试、生产、质量控制、产品上市及合规性所需的技术流程，也不受这些法规的监管。
License-out deals and outsourced R&D and manufacturing services that do not involve ownership transfer fall outside the regulation. Technical processes necessary for R&D, testing, production, quality control, launch and compliance for business development work on a single product pipeline are not subject to regulation.
招商证券在周一发布的报告中指出：创新药企业的第三季度业绩增长动力正在逐渐显现。该公司看好创新药产业链相关企业，尤其是那些能够按时实现盈利的企业。
China Merchants Securities said in a Monday note that the third-quarter earnings catalysts for innovative drugs firms are approaching. It favours the innovative drug chain and names with earnings delivery.