Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

格隆汇2月16日丨维亚生物(01873.HK)宣布，王晖已于2026年2月16日辞任非执行董事职务，即时生效。 ...

Group 1 - The company, Via Biotechnology (01873), announced that Mr. Wang Hui has resigned from his position as a non-executive director, effective immediately on February 16, 2026 [1]

智通财经APP讯，维亚生物(01873)发布公告，王晖先生已于2026年2月16日辞任非执行董事职务，即时 生效。 ...

毛晨先生 （主席） 吳鷹先生 任德林先生 非執行董事 吳宇挺先生 獨立非執行董事 （於開曼群島註冊成立的獲豁免有限公司） （股份代號：1873） 傅磊先生 李 向 榮 女 士 董事名單與其角色和職能 維亞生物科技控股集團 董 事 會（「董事會」）成 員 載 列 如 下。 執行董事 附註： C 有關董事委員會主席 王海光先生 董事會下設三個委員會。下表載列董事會成員在各委員會中擔任的職位。 | | 董事委員會 | | | | | --- | --- | --- | --- | --- | | 董 事 | | 審核委員會 | 薪酬委員會 | 提名委員會 | | 毛晨先生 | | – | – | C | | 傅磊先生 | | M | M | M | | 李 向 榮 女 士 | | C | C | M | | 王海光先生 | | M | M | – | M 有關董事委員會成員 香 港 2026年2月16日 ...

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的獲豁免有限公司） （股份代號：1873） 非執行董事辭任 毛 晨 香港，二零二六年二月十六日 於 本 公 告 日 期，董 事 會 包 括 三 名 執 行 董 事，即 毛 晨 先 生（主 席）、吳 鷹 先 生 及 任 德 林 先生；一名非執行董事，即吳宇挺先生；以及三名獨立非執行董事，即傅磊先生、 李 向 榮 女士及王海光先生。 承董事會命 維亞生物科技控股集團 主席兼執行董事 維亞生物科技控股集團（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，王 暉 先 生 （「王先生」）已 於 二 零 二 六 年 二 月 十 六 日 辭 任 非 執 行 董 事 職 務，即 時 生 效。 王 先 生 辭 任 以 傾 注 更 多 時 間 處 理 其 他 個 人 事 務 及 業 務，且 已 確 認 彼 與 董 事 會 概 無 ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock prices of CRO (Contract Research Organization) concept stocks in the Hong Kong market on February 10 [1] Group 2 - Viatris (01873.HK) saw an increase of 6.14%, reaching HKD 2.42 [1] - WuXi Biologics (02269.HK) rose by 6.01%, with a stock price of HKD 40.54 [1] - Tigermed (03347.HK) experienced a 4.65% increase, trading at HKD 56.3 [1] - WuXi AppTec (02359.HK) grew by 4.31%, with shares priced at HKD 121 [1]

Group 1 - CRO concept stocks have shown significant gains, with Weiya Bio rising by 6.14% to HKD 2.42, WuXi Biologics increasing by 6.01% to HKD 40.54, Tigermed up by 4.65% to HKD 56.3, and WuXi AppTec rising by 4.31% to HKD 121 [1] - WuXi AppTec's net profit is expected to increase by 103% year-on-year in 2025, while Tigermed's net profit is projected to grow by 105-204% [1] - Global biopharmaceutical investment and financing data is expected to recover starting in 2025, with global and China year-on-year growth rates of 2.7% and 6.4% respectively, driven by a surge in innovative drug development [1] Group 2 - The report from Guotai Junan Securities indicates that as financing and business development (BD) recover, pharmaceutical companies are increasing their investment in clinical trials, leading to a resurgence in demand for clinical CRO, SMO, and registration services [1] - Debon Securities believes that the CXO and upstream research services primarily support the development and later production of innovative drugs, and expects both sectors to maintain a positive performance trend as innovative drug development heats up [1]

Group 1 - CRO concept stocks have shown significant gains, with companies like Viatris (01873) up 6.14% to HKD 2.42, WuXi Biologics (02269) up 6.01% to HKD 40.54, Tigermed (03347) up 4.65% to HKD 56.3, and WuXi AppTec (02359) up 4.31% to HKD 121 [1] - WuXi AppTec's net profit is expected to increase by 103% year-on-year in 2025, while Tigermed's is projected to rise by 105-204% [1] - Global biopharmaceutical investment and financing data is expected to recover starting in 2025, with global and China year-on-year growth rates of 2.7% and 6.4% respectively, driven by a surge in innovative drug development [1] Group 2 - The report from Guotai Junan Securities indicates that as financing and business development (BD) recover, pharmaceutical companies are increasing their investment in clinical trials, leading to a resurgence in demand for clinical CRO, SMO, and registration services [1] - Debon Securities believes that CXO and upstream research services primarily support the development and later production of innovative drugs, and expects both sectors to maintain a positive performance trend due to the booming innovative drug development [1]

Group 1 - The Hong Kong pharmaceutical outsourcing sector experienced a strong rally on February 10, with several companies seeing significant stock price increases [1] - Zhaoyan New Drug (06127.HK), WuXi Biologics (02269.HK), and Via Biotechnology (01873.HK) all rose by over 3% [1] - Tigermed (03347.HK), WuXi AppTec (02359.HK), and Kelun Pharmaceutical (06821.HK) each saw their stock prices increase by more than 2.5% [1]