金吾财讯 | 浦银国际研报指，近期该行组织了康诺亚(02162)管理层香港线下路演。整体来说，CM310商业化进展顺利，一季度销售放量令人满意，下一代核心管线产品CM512预计有望于3Q25公布1期数据，多款出海分子有望于2026年读出海外数据。该行提到，对于市场目前担忧的紧张中美局势下未来对于BD的潜在影响，管理层认为基本无影响，主要因为：（1）BD授权交易仅为知识产权权益交易，而非商品货物交易，不属于关税加征范围，预计未来不会受到美国政府限制。（2）全世界范围来看，中国对于创新靶点开发速度快，效率高，质量不错，且估值较发达国家同靶点资产极具吸引力，对跨国药企来说是很重要的研发管线补充来源。（3）对于公司已完成的4项NewCo形式的BD交易，所有海外临床试验均由NewCo公司推进，而所有NewCo公司均为美国公司，由美国人领导，康诺亚仅为参股股东，不涉及主动经营，因此NewCo公司预计不会受到中美地缘政治影响。该行重申“买入”评级和60港元目标价。
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