Investment Rating - The industry investment rating is maintained at "Overweight" [7] Core Insights - The report highlights the continuous upgrading of policies in the Heilongjiang biomanufacturing industry, focusing on innovative traditional Chinese medicine and innovative medical devices [4] - The report emphasizes the significant revisions to the Drug Administration Law, which provides institutional support for pharmaceutical innovation and high-quality development [4] - The report identifies three major transformations in China's innovative drug business development (BD) in 2026: technology output combined with product authorization, platform cooperation, and global parallel innovation [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -7.06% compared to the CSI 300 index, with an absolute return of 11.53% [3] Investment Highlights - The report notes that BD transactions in the pharmaceutical sector are focused on unmet clinical needs, technological differentiation, and global value [6] - Key areas of focus include oncology therapies such as dual antibodies, ADCs, and TCE combinations, with significant financial agreements highlighted, such as a $650 million upfront payment for a PD-1/VEGF dual antibody [6] - The metabolic disease sector is centered on long-acting GLP-1 and small nucleic acid precision therapies, with notable collaborations resulting in substantial upfront payments and potential total amounts [6] Company-Specific Developments - Companies like Andover Pharmaceuticals and Frontier Biotech have secured significant collaborations with major pharmaceutical firms, indicating a trend towards platform-based cooperation and technology output [7] - Specific collaborations include a $1.05 billion deal for a CTLA-4 inhibitor and a $400 million agreement for small nucleic acid drugs, showcasing the growing interest in innovative therapies [7] - The report suggests monitoring companies such as Rebio Biotech and WuXi AppTec for their advancements in small nucleic acids and platform capabilities [8]

抗凝药物升级窗口已至，下一代药物箭在弦上 国泰海通发布研报称，人口老龄化与心血管疾病患病率攀升推动抗血栓药物市场持续扩容，其中抗凝药 物作为核心品类，市场需求稳步增长，中国市场增速尤为显著，为新型抗凝药物研发与商业化奠定了广 阔的市场基础。凭借"精准抗凝、低出血风险"的独特优势，FXI成为下一代抗凝药的理想靶点，目前全 球有多款FXI/FXIa抑制剂进入注册性临床阶段，涵盖小分子、大分子单抗、siRNA等多种技术路线，覆 盖房颤、卒中预防、静脉血栓栓塞等多个适应症。 国泰海通主要观点如下： 抗血栓药物市场需求扩容，格局待新 血栓性疾病成为全球主要死亡原因之一，人口老龄化与心血管疾病患病率攀升推动抗血栓药物市场持续 扩容，2023年全球市场规模已达529亿美元，预计2033年将突破1100亿美元。其中抗凝药物作为核心品 类，市场需求稳步增长，中国市场增速尤为显著，为新型抗凝药物研发与商业化奠定了广阔的市场基 础。 2)大分子FXI单抗中，诺华的Abelacimab已获得FDA两项快速通道资格，分别针对房颤卒中预防及肿瘤 相关血栓，目前正在推进III期临床；再生元双管线布局FXI单抗，直接阻断FXI的催化结构域的 ...

【中金医药】瑞博生物首次覆盖：端到端的小核酸开发能力，差异化的管线布局 首次覆盖瑞博生物（06938）给予跑赢行业评级，目标价100.00港元。 理由如下： 瑞博是小核酸药物开发的全球领军者，拥有经验证的成熟小核酸药物开发平台。 2007年成立至今，公司已拥有自主研发的GalNAc肝靶向RiboGalSTAR平台，并从肝靶向逐步走向肝外靶向；公司 也持续迭代化学修饰，增强靶点 【中金医药】瑞博生物首次覆盖：端到端的小核酸开发能力，差异化的管线布局 瑞博是小核酸药物开发的全球领军者，拥有经验证的成熟小核酸药物开发平台。 2007年成立至今，公司已拥有自主研发的GalNAc肝靶向RiboGalSTAR平台，并从肝靶向逐步走向肝外靶向；公司 也持续迭代化学修饰，增强靶点特异性和序列兼容性，并减少脱靶效应，赋能疗效和安全性升级。 截至25年底，公司在全球主要司法管辖区域共有473件专利及专利申请，借此构建了全面的知识产权组合。 更重要的是，除分子设计之外，公司研发平台具备全技术链条整合能力，实现从CMC生产、早期研究到商业化的 全生命周期覆盖，是公司管线推进的效率保障。 瑞博是目前拥有最多临床资产的中国小核酸企业之一 ...

消息面上，2026年开年，中国创新药对外授权交易（BD）市场延续了此前的强劲增长势头，仅第一季 度过半，总交易金额已突破332.8亿美元，首付款规模更超越2025年单季度最高水平。开源证券认为， 创新药板块已回调近两个季度，长期看，较多优质标的估值性价比明显，当前位置建议加大板块配置， 优选已出海的确定性机会及细分赛道景气度高/临床数据优异出海概率大的弹性方向。 此外，东海证券此前指出，2025年创新药板块进入盈利兑现提速期，诺诚健华、荣昌生物等实现扭亏为 盈，三生国健、上海谊众等业绩大幅预增，君实生物等显著减亏，核心驱动主要来自商业化产品快速放 量和BD合作两大主线。创新药板块靓丽的业绩表现，充分验证了国产创新药商业模式的有效性，医保 加持下的核心产品放量成为业绩增长基础，BD等对外合作则成为业绩增厚的重要抓手。 智通财经APP获悉，医药股多数走高。截至发稿，歌礼制药-B(01672)涨6.33%，报17.65港元；康方生物 (09926)涨5.23%，报110.7港元；君实生物(01877)涨4.39%，报21.88港元；百济神州(06160)涨4.37%，报 214.8港元；瑞博生物-B(06938)涨 ...

Core Viewpoint - CICC initiates coverage of Rebio Biotech-B (06938) with an "outperform" rating, setting a target price of HKD 100.0, indicating a potential upside of 44.9% from the current stock price [1][9]. Company Overview - Rebio is a global leader in small RNA drug development, possessing a proven and mature small RNA drug development platform [2][10]. - Since its establishment in 2007, the company has developed the GalNAc liver-targeting RiboGalSTAR platform and is expanding from liver-targeting to extrahepatic targeting [2][10]. - The company continuously iterates chemical modifications to enhance target specificity and sequence compatibility while reducing off-target effects, thereby improving efficacy and safety [2][10]. - As of the end of 2025, Rebio holds 473 patents and patent applications across major jurisdictions, establishing a comprehensive intellectual property portfolio [2][10]. - The company's R&D platform integrates the entire technical chain, ensuring efficiency in pipeline advancement from CMC production and early research to commercialization [2][10]. Clinical Assets - Rebio is one of the Chinese small RNA companies with the most clinical assets, having seven siRNA candidates in clinical stages as of the end of 2025, with four in Phase II [3][11]. - Key assets include RBD4059 (FXI), RBD5044 (ApoC3), and RBD1016 (HBV) [3][11]. - RBD4059 is the world's first and fastest clinical siRNA drug for treating thrombotic diseases, expected to enter Phase IIb clinical trials in 2026 [3][11]. - RBD5044 is the second siRNA targeting ApoC3 to enter clinical stages, following Arrowhead [3][11]. - RBD1016 is currently being evaluated for its drugability in HBV [3][11]. Market Perspective - The primary market concern is the drugability of FXI inhibitors; however, CICC believes that FXI inhibitors have demonstrated drugability in indications such as stroke and post-knee replacement surgery [4][12]. - FXI siRNA is expected to tackle atrial fibrillation indications due to its higher target inhibition rate [4][12]. Potential Catalysts - The industry is mapping data for FXI inhibitors and ApoC3 siRNA, with multiple Rebio small RNA drugs entering Phase II clinical trials and data readouts expected [5][13].

瑞博是目前拥有最多临床资产的中国小核酸企业之一 截至25年底，公司已拥有7款进入临床阶段的siRNA管线，其中4款处于II期，RBD4059(FXI)、 RBD5044(ApoC3)、RBD1016(HBV)是核心资产。RBD4059是全球首个且临床进展最快的用于治疗血栓 性疾病的FXI siRNA药物，将于2026年启动IIb期临床，涉及多个血栓疾病;RBD5044是全球第二个进入 临床阶段的ApoC3 siRNA，进度仅次于Arrowhead;RBD1016正在验证在HBV的成药性。 智通财经APP获悉，中金发布研报称，首次覆盖瑞博生物-B(06938)给予跑赢行业评级，基于DCF，该行 给予目标价100.0港元，较公司当前股价存在44.9%的上行空间。 中金主要观点如下： 瑞博是小核酸药物开发的全球领军者，拥有经验证的成熟小核酸药物开发平台 2007年成立至今，公司已拥有自主研发的GalNAc肝靶向RiboGalSTAR平台，并从肝靶向逐步走向肝外 靶向;公司也持续迭代化学修饰，增强靶点特异性和序列兼容性，并减少脱靶效应，赋能疗效和安全性 升级。截至25年底，公司在全球主要司法管辖区域共有473件专利及 ...

Investment Highlights - Company is a global leader in small nucleic acid drug development with a proven platform since its establishment in 2007 [1] - The company has developed the GalNAc liver-targeting RiboGalSTAR platform and is expanding from liver-targeting to extrahepatic targeting [1] - The company has a comprehensive intellectual property portfolio with 473 patents and patent applications as of the end of 2025 [1] - The research platform integrates the entire technology chain, ensuring efficiency from CMC production to commercialization [1] Clinical Assets - Company is one of the Chinese small nucleic acid enterprises with the most clinical assets, having 7 siRNA pipelines in clinical stages by the end of 2025 [2] - Core assets include RBD4059 (FXI), RBD5044 (ApoC3), and RBD1016 (HBV), with RBD4059 being the fastest progressing FXI siRNA drug for thrombotic diseases [2] - RBD4059 is expected to initiate Phase IIb clinical trials in 2026, targeting multiple thrombotic diseases [2] - Company believes that FXI inhibitors have validated drugability in conditions like stroke and knee replacement surgery, with potential for atrial fibrillation treatment [2] Financial Forecast and Valuation - Company forecasts EPS of -1.79, -2.21, and -2.92 for 2025 to 2027 [2] - The company is rated as outperforming the industry with a target price of 100.0 HKD, indicating a 44.9% upside from the current stock price [2]

Summary of Reibo Bio's Conference Call Company Overview - **Company**: Reibo Bio - **Industry**: Biotechnology, specifically focusing on NASH (Non-Alcoholic Steatohepatitis) treatment Key Points and Arguments Collaboration with Madrigal - Reibo Bio has entered into a collaboration with Madrigal in the NASH field, receiving an upfront payment of $60 million and potential milestone payments exceeding $4.4 billion, along with sales royalties based on annual revenue [2][3] - This partnership accelerates the global development of Reibo Bio's related assets [2] Multi-Target Strategy in NASH - Reibo Bio employs a multi-target strategy in the NASH area, focusing on cardiovascular, renal, and metabolic diseases, ensuring complementary targets with partners like Boehringer Ingelheim and Madrigal [2][4][5] - The company aims to achieve at least one IND (Investigational New Drug) application in the NASH field within the next two years, potentially generating tens of millions in milestone revenue [2][11] Advantages of Small RNA Therapy - Madrigal views small RNA therapy as having significant potential in preventive treatment for NASH, with a dosing regimen of one to two injections per year being a major improvement over existing oral medications [2][6] - The collaboration is expected to solidify Madrigal's market position and explore combination therapies [6] Strategic Importance of the Collaboration - The partnership allows Reibo Bio to quickly enter the NASH treatment market, leveraging Madrigal's extensive R&D and commercialization experience [2][7] - This collaboration reflects international recognition of Reibo Bio's technical capabilities and asset layout, facilitating faster global development of related assets [7] Clinical Development Challenges - The clinical development in the NASH field is challenging due to strict FDA requirements, including the need for invasive liver biopsies to validate efficacy [16][17] - The cost of enrolling a patient can reach $100,000 before any experimental treatment, adding to the complexity of clinical trials [17] Future Clinical Plans and Milestones - Reibo Bio plans to initiate multiple clinical trials for new delivery technologies in 2026 and 2027, although these are not included in the current collaboration [10] - The company has set multiple milestones related to R&D, regulatory, and sales aspects within the collaboration agreement [11] Business Development Focus - Reibo Bio emphasizes business development and has made significant progress, including collaborations with companies like MacroGenics [20] - The company is actively preparing and advancing multiple business development projects [20] Overall Strategic Direction - Reibo Bio's current projects leverage its technological platform, aiming to accelerate the global development of assets in the NASH field [21][22] - The company will continue to focus on independent R&D while exploring various collaboration models to maximize shareholder value [22]

Core Viewpoint - The Hong Kong IPO market has become increasingly active in 2026, with insurance capital accelerating its investments in this market, highlighting a trend towards global asset allocation and the pursuit of undervalued quality assets [1][2][6]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion [1][6]. - In 2025, insurance capital participated in cornerstone subscriptions for 12 Hong Kong IPOs, amounting to HKD 2.620 billion [1][6]. - Key cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with significant allocations in companies like Muyuan Foods and Dongpeng Beverage [2][6]. Group 2: Market Dynamics and Investment Preferences - The low interest rate environment has made the Hong Kong market a primary avenue for insurance capital's global asset allocation, with many undervalued quality assets available [2][6]. - Companies listed in both A-shares and H-shares often have H-shares priced at a discount compared to A-shares, making them attractive for insurance capital seeking better valuations and higher dividend yields [2][6]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, with some projects experiencing competitive bidding [3][7]. Group 3: Performance and Tax Advantages - The Hong Kong capital market regained the top position globally for IPO fundraising in 2025, raising USD 37.4 billion, surpassing the total of the previous three years [3][7]. - Newly listed stocks have performed well, with an average first-day increase of 23.8% and a cumulative first-month increase of 30.7%, particularly in the biotech and healthcare sectors [3][7]. - Insurance companies benefit from tax advantages in Hong Kong, as they can avoid corporate income tax on dividends from H-shares held for over 12 months, enhancing their net returns compared to individual investors [8].

Group 1 - The company, 瑞博生物-B (06938), announced the issuance and allocation of 4.7414 million H-shares on February 10, 2026, following the full exercise of the over-allotment option [1]