A股股价截至2月13日收盘报58.23元，当日下跌0.87%，成交额20.09亿元；港股截至2月20日报69.25港 元，跌2.33%。技术面显示短期震荡，20日压力位60.76元，支撑位55.95元。资金流向方面，2月13日主 力净流出1.30亿元，但机构综合目标价76.40元，较当前价存在31.20%上行空间。 机构观点 经济观察网 恒瑞医药近期热点集中于研发里程碑及合作伙伴动态。2026年2月6日，公司公告KRAS G12D抑制剂HRS-4642被国家药监局药品审评中心纳入突破性治疗品种，适应症为晚期胰腺癌一线治 疗，该进展于2月17日通过百科更新重申。同时，IL-17单抗SHR-1314及GLP-1/GIP双靶点激动剂HRS- 9531等管线临床推进效率突出，凸显研发优势。此外，合作伙伴璎黎药业的林普利塞断供事件持续发 酵，恒瑞医药作为商业化方于2月15日回应称正依法协助处理，但未披露具体合作调整。 股票近期走势 2026年2月18日机构分析指出，恒瑞医药创新药收入占比已达60.66%，估值逻辑转向管线驱动。管线规 模全球第二（163条自研项目），但市值仅670亿美元，与同类国际药企存在差距。BD业务 ...

类似的深度合作范式在2025年已多点开花。三生制药与辉瑞就PD-1/VEGF双抗达成合作，创下当时首付 款纪录；恒瑞医药（600276）将包括核心产品在内的多个项目海外权益授予GSK，潜在总额达125亿美 元；而信达与武田的合作更是开创了按比例共担成本、共享利润的"双向奔赴"新模式。这些交易已超越 单一产品输出，覆盖从技术平台、临床开发到商业化的全链条，标志着中国药企正实现从"产品供应 商"到"综合能力伙伴"的跨越。 中国创新药产业正在迈入一个全新的发展阶段，实现了从"引进模仿"向"创新输出"的关键转变。这一变 化不仅体现在对外授权交易（BD）的显著增长上，更意味着中国在全球创新药领域中的话语权和影响 力持续增强。2026年初，中国创新药对外授权交易市场延续了此前的强劲增长势头，第一季度交易金额 已突破332.8亿美元，首付款规模甚至超过了2025年单季度最高水平，这不仅刷新了历史纪录，也标志 着中国创新药产业正从全球创新价值链的跟随者转变为引领者。 中国创新药BD交易的迅速扩张并非偶然，而是多重因素共同作用的结果。一方面，全球医药产业正面 临"专利悬崖"和"创新需求"的双重压力。预计到2030年，全球将有超 ...

中国创新药产业已进入2.0时代，由"引进模仿"转向"创新输出"，license-out和new co等形式证明中国创 新药国际化呈现新变化。分析指出，从交易结构到合作模式，从企业战略到行业生态，中国创新药出海 正经历一场深层次的变革。 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。这一数据不仅刷新了历史纪 录，更标志着中国创新药产业从"跟跑者"向全球创新价值链核心驱动者的角色转变。 中国创新药BD交易的爆发式增长并非偶然，而是多重因素共同作用的结果。从宏观层面看，全球医药 产业正经历"专利悬崖"与"创新需求"的双重挤压。据预测，2030年前全球将有超3000亿美元销售额的药 物失去专利保护，跨国药企迫切需要补充创新管线以维持竞争力。与此同时，中国创新药研发效率与临 床能力得到国际认可，国内工程师红利、丰富临床资源及政策支持形成"黄金三角"，推动产业从"引进 模仿"转向"创新输出"。 数据印证了这一趋势。2025年，中国创新药License-out交易总包达1402.74亿美元，较2017 ...

研发管线动态：公司创新药管线持续丰富，多项临床试验处于关键阶段。例如，2025年半年报显示，共 有10项临床推进至Ⅲ期、22项推进至Ⅱ期，未来需关注这些管线的申报及获批进展。 以上内容基于公开资料整理，不构成投资建议。 新药获批上市：2026年1月8日，公司公告其子公司苏州盛迪亚自主研发的1类创新药瑞拉芙普α注射液 获得国家药监局（NMPA）批准上市，适应症为联合化疗用于PD-L1阳性局部晚期或转移性胃及胃食管 结合部腺癌的一线治疗。该进展是公司创新药管线的重要里程碑。 公司项目推进 经济观察网 近期关注事件：恒瑞医药（600276）近期值得关注的事件主要集中在创新药获批及后续研 发进展。以下基于2026年2月17日前公开信息整理： 公司项目推进 ...

Core Insights - The IBI EXPO 2026 Biopharmaceutical Innovation Conference will provide a high-level platform for communication and collaboration in the innovative drug industry [1] - Recent favorable news in the innovative drug sector includes a significant increase in licensing agreements, with Chinese companies signing $137.7 billion in deals in 2025, nearly a tenfold increase from 2021 [1][2] - The trend of Chinese biopharmaceutical companies entering international licensing agreements is accelerating, with major collaborations such as the $8.85 billion deal between Innovent Biologics and Eli Lilly [1][5] Market Focus - The IBI EXPO 2026 conference serves as a catalyst for the innovative drug sector, highlighting the substantial growth in licensing agreements and the transition from research investment to commercial realization [2] - The number of licensing agreements reached 186 in 2025, with a total transaction value of $137.7 billion, marking a record high for the past decade [3][5] - Companies like Innovent Biologics and Rongchang Biopharma are transitioning from loss to profit, indicating a clear improvement in the overall profitability of the industry [2][3] Broker Insights - Open Source Securities notes that the period from 2017 to 2026 is a "golden decade" for Chinese pharmaceutical companies, with licensing agreements skyrocketing from $2.562 billion in 2017 to $137.7 billion in 2025 [3] - The overall revenue growth in innovative drugs is evident, with over 70% of companies reporting positive revenue growth in 2025, showcasing strong commercial capabilities [3] - The innovative drug sector has seen a price correction over the past two quarters, but long-term prospects remain positive, suggesting an increase in sector allocation [3] Related Industries - The innovative drug sector is transitioning from a research investment phase to a commercialization phase, with significant implications for the CXO (Contract Research Organization) industry, which is expected to benefit from increased orders [5] - The new business model of external licensing is expected to enhance the early-stage research pipeline, benefiting companies involved in drug discovery and clinical trials [4][5] - The trend of Chinese innovative drugs "going global" is becoming systematic, with major collaborations indicating a shift towards international development [5] Industry Chain Companies - Heng Rui Medicine is a representative company in the domestic chemical innovative drug sector, with a diverse pipeline and ongoing internationalization efforts [7] - Sanofi Biopharma has received approval for its self-developed monoclonal antibody, further enriching its commercial product pipeline [7] - Companies like Rongchang Biopharma and Ailis are demonstrating strong revenue growth and successful international collaborations, indicating a positive trend in the innovative drug sector [7][8]

Core Viewpoint - Shanghai Yingli Pharmaceutical Co., Ltd. is facing operational challenges, including relocation and supply issues with its key product, Linpulise, which has led to concerns among patients and stakeholders [1][12][14]. Group 1: Company Operations - Yingli Pharmaceutical has announced that all business activities are proceeding normally, with research, production, and operations on schedule despite rumors of operational disruptions [2][12]. - The company is currently undergoing relocation due to disputes with its landlord, not due to significant operational issues [2][9]. - As of the latest reports, the company has around 30 employees remaining at its current location, with some staff involved in packing and moving equipment [3][8]. Group 2: Product Supply Issues - Linpulise, a critical drug for patients, has been in short supply since the fourth quarter of 2025, with reports of unfulfilled patient assistance programs [14][15]. - Patients have expressed difficulties in obtaining Linpulise, which has led to a search for alternative treatments [15][16]. - The drug was previously included in the national medical insurance directory but was removed in the latest update, limiting its market access and increasing its retail price to 11,040 yuan per bottle [17][18]. Group 3: Legal and Financial Challenges - Yingli Pharmaceutical has been involved in over 30 lawsuits since 2025, primarily related to contract disputes with suppliers and service providers [18]. - The company has been ordered to pay approximately 2.25 million yuan due to a legal ruling related to a service contract dispute [18]. - The financial strain from these legal issues and operational challenges has raised concerns about the company's future viability and its ability to meet obligations to suppliers and patients [18]. Group 4: Future Prospects - The future of Yingli Pharmaceutical may hinge on its partnership with Heng Rui Medicine, which has invested in the company and holds commercialization rights for Linpulise [18]. - Heng Rui Medicine has stated that it is actively assisting with related matters and that discussions regarding future cooperation are ongoing [18].

证券日报网讯2月13日，恒瑞医药（600276）在互动平台回答投资者提问时表示，公司坚持科技创新与 国际化发展战略，促进公司业绩可持续增长，以更好的发展回馈股东。公司自主研发的1类创新药硫酸 艾玛昔替尼片已在国内获批，用于成人重度斑秃患者。 ...

证券日报网讯2月13日，恒瑞医药（600276）在互动平台回答投资者提问时表示，公司日常经营管理和 业务状况正常，不存在按规定应披露而未披露的重大信息。 ...

Core Viewpoint - The keyword for the stock market in 2025 is expected to be "innovative drugs," with significant stock price increases driven by the potential of in-development innovative drugs and BD (business development) transactions rather than traditional revenue from already marketed drugs [1] Group 1: BD Transactions - In 2025, China's innovative drug BD transaction total exceeded $100 billion, with notable orders reaching $10 billion, and upfront payments from multinational pharmaceutical companies reaching a new high of $1.25 billion [1] - Landmark transactions include a $13 billion collaboration between Qihuang Dejian and Biohaven/AimedBio in January, marking a milestone for China's ADC technology [2] - In May, 3SBio's deal with Pfizer exceeded $6 billion, setting a record for upfront payments in China at $1.25 billion, highlighting the value of both first-in-class and fast-follow drugs [2] - In July, a $12 billion strategic partnership between Hengrui Medicine and GlaxoSmithKline showcased the depth of early-stage pipelines in leading Chinese pharmaceutical companies [2] - In October, Innovent Biologics and Takeda's collaboration worth $11.4 billion included a cost-sharing model for global R&D, enhancing operational capabilities for future international ventures [2] Group 2: Milestone Payments and Emerging Fields - Several past BD transactions reached milestone payments in 2025, including a $300 million payment to China National Pharmaceutical's subsidiary from Merck and a $250 million payment to Bairui Tianheng from Bristol-Myers Squibb [3] - The focus of BD transactions is shifting from oncology to other therapeutic areas, with autoimmune diseases, metabolism, and central nervous system disorders emerging as new hot fields [3] - Notable deals include the global rights licensing of BTK inhibitor Orelabrutinib for multiple sclerosis by Nocera Biopharma, with a potential total transaction value exceeding $2 billion [3] - The metabolic field is gaining traction, driven by global weight loss trends, with several companies entering into licensing agreements for GLP-1 targeted drugs [3] Group 3: Independent Clinical Trials and Regulatory Approvals - Numerous innovative drug companies in China are advancing their own overseas clinical trials, achieving significant progress [4] - In early 2025, Dize Pharmaceutical's lung cancer targeted drug received priority review from the FDA and was approved in July, becoming the first globally innovative drug independently developed in China to gain approval in the U.S. [4] - Other advancements include breakthrough therapy designations for CS0159 by Kexi Kedi and a Phase III trial approval for a recombinant human albumin injection by Heyuan Biopharma [4] - These developments indicate that the Chinese innovative drug industry is becoming a significant force in global innovation, transitioning from fast-following to original innovation and integrating deeply into the global value chain [4]

Investment Rating - The industry maintains a "Neutral" rating, with specific company ratings of "Buy" for Heng Rui Pharmaceutical (600276) and "Increase" for WuXi Biologics (603259) [46] Core Insights - The recent national drug procurement has been stable, with active participation from companies and continued benefits for patients [8][9] - The issuance of the "National Basic Drug Directory Management Measures" aims to enhance the management of essential medicines [10][11] - Heng Rui Pharmaceutical reported positive top-line results for its GLP-1/GIP dual receptor agonist, indicating significant weight loss in clinical trials [12] - The approval of Mu Feng Da® for the treatment of adult type 2 diabetes marks a significant development in the market [12] Industry News - The national drug procurement involved 316 commonly used drugs across 26 therapeutic areas, with a high participation rate from over 5,100 medical institutions and 1,091 companies [8][9] - The procurement process has been standardized, allowing companies to bid online once for nationwide sales, significantly reducing costs [9] - The management measures for the national basic drug directory have been revised to include legal policy bases and optimize the directory structure [10][11] Company Announcements - Innovent Biologics has entered a global strategic partnership with Eli Lilly to advance new drug development in oncology and immunology [26] - Kelun Pharmaceutical's TROP2 ADC has received approval for a fourth indication from the NMPA [27] - Heng Rui Pharmaceutical's drug has been included in the list of breakthrough therapy products, and its application for marketing approval has been accepted for priority review [28] - WuXi Biologics has forecasted a positive earnings outlook, expecting a revenue increase of approximately 16.7% [30] Market Review - The Shanghai Composite Index rose by 1.43%, while the Shenzhen Component Index increased by 2.37%, with the SW Pharmaceutical and Biotech Index up by 0.23% [36] - The industry’s price-to-earnings ratio (TTM) stands at 51.17, with a valuation premium of 259% compared to the CSI 300 [40] Weekly Strategy - The report suggests focusing on investment opportunities in innovative drugs, CXO, and upstream life sciences, while also monitoring performance recovery indicators [46]