Core Insights - The pharmaceutical index increased by 0.36% from September 29 to October 10, underperforming the CSI 300 index by -1.11% [1] - The "Most-Favored-Nation Pricing" agreement catalyzed significant stock price increases for U.S. MNCs, which also positively impacted Hong Kong's innovative drug sector, although there was a notable decline in the following trading days [1] - Anticipated catalysts in October include ESMO, BD, and medical insurance negotiations, which may stabilize and rebound innovative drug stocks [1] Market Performance - From September 29 to October 10, 316 stocks rose while 148 fell, with notable gainers including Zhendong Medical (+31.82%) and Wanbangde (+21.21%), while major losers included Nanxin Pharmaceutical (-28.67%) and ST Fuhua (-13.64%) [2] - Q3 performance expectations indicate a significant trend in innovative drug volume, with traditional pharmaceutical companies like Heng Rui expected to maintain Q2 trends [2] - Blood products and vaccines are projected to face continued pressure, while CXO and upstream research are expected to show good external demand growth [2] Investment Opportunities - The Chinese pharmaceutical industry has transitioned to new growth drivers, particularly in innovative drugs, with companies like Heng Rui and Han Sen making significant strides [3][4] - The demand for chronic disease treatments is increasing due to an aging population, supported by a stable growth in medical insurance revenue [4] - The AI wave is anticipated to unlock new growth logic in the pharmaceutical sector [4] Recommended Stocks - Current recommendations include Xintai, Rejing Bio, and China National Pharmaceutical, with a focus on companies like Heng Rui and Sanofi for October [5]

Investment Rating - The report suggests a positive outlook for the oligonucleotide drug industry, indicating that it is on the verge of a therapeutic paradigm revolution, particularly in the treatment of common diseases [3]. Core Insights - The oligonucleotide drug market is approaching a critical point of explosion, with significant advancements in delivery technologies and therapeutic targets [3]. - The report highlights the potential for multiple innovative treatment paradigms for common liver diseases over the next five years, focusing on lipid-lowering, blood pressure reduction, and hepatitis B [3]. - The report emphasizes the importance of differentiated delivery technologies and the potential for business development (BD) opportunities in the industry [3]. Summary by Sections Industry Overview - The report revisits the previous assessment from January 2021, which predicted that oligonucleotide drugs would become the third major class of therapeutics after small molecules and monoclonal antibodies [3]. - It notes that the market has seen a significant increase in the number of approved siRNA/ASO drugs since 2022, addressing unmet medical needs [4]. Market Dynamics - The report identifies key players in the industry, including Alnylam, Arrowhead, and Ionis, and discusses their market capitalization changes from 2021 to 2025, highlighting Alnylam's significant growth due to successful drug launches [7]. - It mentions that the market for oligonucleotide drugs is expanding into common diseases, with Alnylam's drugs like Amvuttra and Inclisiran showing strong sales potential [20]. Technological Advancements - The report discusses advancements in delivery technologies, particularly the GalNAc conjugation platform, which has significantly improved the efficacy and safety of oligonucleotide drugs [41][42]. - It highlights the ongoing research into dual-target oligonucleotide drugs, which may become a new trend in the industry [36]. Competitive Landscape - The report outlines the competitive landscape, noting that multinational corporations (MNCs) are actively acquiring clinical-stage FIC drugs and exploring collaborations with biotech firms [3]. - It emphasizes the need for targeted delivery systems for different organs, indicating that the advancement and differentiation of delivery platforms will be crucial for the future success of oligonucleotide drug companies [26][27].

中国生物制药(01177)发布公告，集团自主研发的国家1类新药注射用TQB2102"HER2双特异性抗体偶联 药物(ADC)"已被中国国家药品监督管理局药品审评中心(CDE)纳入突破性治疗药物程序(BTD)，用于既 往经奥沙利铂、伊立替康、氟尿嘧啶类药物治疗失败的HER2IHC3+晚期结直肠癌的治疗。 TQB2102是一款同时靶向HER2蛋白ECD2及ECD4双非重叠表位的双抗ADC药物，凭借差异化的设计在 结肠癌治疗中显示出强效优势。集团已在2025年美国临床肿瘤学会(ASCO)年会上公布了TQB2102的I期 临床研究初步数据。截至2024年10月1日，该研究共纳入181例经治的晚期实体瘤患者，包括HER2阳性 和HER2低表达。研究结果显示，HER2高表达(HER2免疫组化(IHC)3+)结直肠癌客观缓解率(ORR)达 34.8%。最新分析显示，TQB2102在HER2IHC3+晚期结直肠癌的疗效随着治疗时间的延长而持续提升， 同时整体安全可控。 目前，HER2过表达的晚期结直肠癌仍缺乏特异性靶向治疗方案。根据中国临床肿瘤学会(CSCO)结直肠 癌诊疗指南，一、二线治疗以奥沙利铂、伊立替康、氟尿嘧啶为基 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 資料來源： TQB2102「HER2雙抗ADC」納入突破性治療藥物程序 中國生物製藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）宣佈，本集團自 主研發的國家1類新藥注射用TQB2102「HER2雙特異性抗體偶聯藥物(ADC)」已被中國國家藥品監督 管理局藥品審評中心(CDE)納入突破性治療藥物程序(BTD)，用於既往經奧沙利鉑、伊立替康、氟尿 嘧啶類藥物治療失敗的HER2 IHC 3+晚期結直腸癌的治療。 自願公告 TQB2102是一款同時靶向HER2蛋白ECD2及ECD4雙非重疊表位的雙抗ADC藥物，憑藉差異化的 設計在結腸癌治療中顯示出強效優勢。本集團已在2025年美國臨床腫瘤學會(ASCO)年會上公佈了 TQB2102的I期臨床研究初步數據[1]。截至2024年10 ...

10月13日，德国生物制药企业勃林格殷格翰宣布旗下重磅降糖药欧唐宁（利格列汀）在中国本地化生产 计划正式启动，这也是该公司首个在中国实现本地生产的人用药品。勃林格殷格翰表示，该计划将显著 提升欧唐宁在中国市场的供应稳定性。第一财经记者在现场采访注意到，勃林格殷格翰合作伙伴中国生 物制药公司CEO谢承润出席了启动仪式。（第一财经记者 钱童心） 勃林格殷格翰启动首个人用药中国本地化生产，中国生物制药CEO谢承润出席仪式 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.40, indicating a potential upside of 20.5% from the current price of HKD 7.80 [4][10]. Core Insights - The clinical data for the PDE3/4 inhibitor TQC3721 shows promising results, with significant improvements in lung function and symptoms for patients with severe COPD after 4 weeks of treatment [1][2]. - TQC3721 is positioned as the second globally in development and the only PDE3/4 inhibitor currently in Phase III clinical trials, suggesting substantial market potential and opportunities for licensing [10][12]. - The financial projections indicate a revenue growth of 19.1% for FY25E, with adjusted net profit expected to increase by 81.3% in the same year [3][13]. Financial Summary - Sales revenue (in million RMB) is projected to grow from 26,199 in FY23A to 34,380 in FY25E, reflecting a year-on-year growth of 19.1% [3][17]. - Adjusted net profit is expected to rise from 2,589 in FY24A to 6,267 in FY25E, marking an increase of 81.3% [3][13]. - The adjusted earnings per share (EPS) is forecasted to reach RMB 0.33 in FY25E, with a corresponding adjusted P/E ratio of 21.6 [3][10]. Clinical Data Highlights - In the Phase II clinical trial, TQC3721 demonstrated a peak FEV1 improvement of 147ml compared to the placebo group, aligning with the results of the approved competitor, ensifentrine [2][10]. - The safety profile of TQC3721 is favorable, with no significant adverse effects reported in gastrointestinal, cardiovascular, or renal functions during the trials [1][10]. Market Context - The global COPD market is substantial, with nearly 480 million affected individuals, and TQC3721's development is timely given the increasing demand for effective treatments [10][12]. - The competitive landscape is highlighted by the recent FDA approval of ensifentrine, which underscores the potential for TQC3721 to capture market share as it progresses through clinical trials [10][12].

招银国际发布研报称，基于DCF模型，维持中国生物制药(01177)目标价9.4港元及"买入"评级，并预计 集团2025-2027年的收入增速分别为19.1%/4.4%/10.6%。该行同时预计，集团2025年及2027年经调整净 利润增速为81.3%/11.3%，而在2026年，料其增速将下滑30%。该行暂未考虑潜在对外授权对收入和利 润的贡献。中国生物制药近期公布其PDE3/4抑制剂TQC3721的II期临床结果，临床结果显示TQC3721可 快速改善患者肺功能和症状。该行认为，TQC3721具备成为重磅级药物的潜力及对外授权潜力。 ...

智通财经APP获悉，招银国际发布研报称，基于DCF模型，维持中国生物制药(01177)目标价9.4港元 及"买入"评级，并预计集团2025-2027年的收入增速分别为19.1%/ 4.4%/ 10.6%。该行同时预计，集团 2025年及2027年经调整净利润增速为81.3%/11.3%，而在2026年，料其增速将下滑30%。该行暂未考虑 潜在对外授权对收入和利润的贡献。中国生物制药近期公布其 PDE3/4 抑制剂 TQC3721 的 II 期临床结 果，临床结果显示 TQC3721 可快速改善患者肺功能和症状。该行认为，TQC3721具备成为重磅级药物 的潜力及对外授权潜力。 ...

Core Viewpoint - The domestic innovative drug industry is transitioning from a follower to FIC/BIC innovation, supported by engineer dividends, abundant clinical resources, and favorable policies, indicating a qualitative improvement as it enters the 2.0 era [1][2] Group 1: Industry Development - The innovative drug sector is expected to benefit from policy reforms in payment systems, enhancing the profitability of innovative drug companies as they commercialize domestic products [2] - The upcoming ESMO conference in mid-October is anticipated to provide new investment opportunities through the release of relevant clinical data and business development (BD) activities [2] Group 2: Investment Climate - The investment landscape has improved since early this year, with a notable reversal in the financing trend for the innovative drug industry, particularly in the A/H market [3] - The recovery of IPO projects and financing activities in the secondary market is expected to positively impact investment data in Q3, benefiting domestic CROs and upstream research sectors [3] Group 3: Policy Support - Continuous advancement of commercial medical insurance policies since 2025 is likely to accelerate payment system reforms, easing supply-demand conflicts and supporting domestic innovation [4] - Fiscal policy enhancements are expected to increase market interest in domestic medical equipment stocks [4] Group 4: Target Companies - A-share targets include: BeiGene (688235.SH), Hengrui Medicine (600276.SH), Kelun Pharmaceutical (002422.SZ), WuXi AppTec (603259.SH), Tigermed (300347.SZ), New Industry (300832.SZ), BGI Genomics (688114.SH), Huatai Medical (688617.SH), and Dian Diagnostics (300244.SZ) [5] - H-share targets include: Kelun Biotech (06990), CSPC Pharmaceutical (01093), China Biologic Products (01177), CanSino Biologics (09926), WuXi Biologics (02269), Junshi Biosciences (01877), and Zai Lab (09688) [5]

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