格隆汇2月24日丨恒瑞医药(600276.SH)公布，公司子公司北京盛迪医药有限公司收到国家药品监督管理 局下发的《受理通知书》，公司1类创新药SHR-1918注射液的药品上市许可申请获受理，且已被纳入优 先审评程序。拟定适应症（或功能主治）：用于治疗成人和12岁及以上的未成年人纯合子家族性高胆固 醇血症（HoFH）患者。 ...

每经AI快讯，2月24日，恒瑞医药（600276）(600276.SH)公告称，公司子公司北京盛迪医药有限公司收 到国家药监局下发的《受理通知书》，公司1类创新药SHR-1918注射液的药品上市许可申请获受理，且 已被纳入优先审评程序。该药品用于治疗成人和12岁及以上的未成年人纯合子家族性高胆固醇血症 （HoFH）患者。SHR-1918注射液是公司自主研发的血管生成素样蛋白3（ANGPTL3）单克隆抗体，通 过抑制ANGPTL3的活性，从而降低血清中的甘油三酯（TG）和LDL-C水平。截至目前，相关项目累计 研发投入约2.42亿元。 ...

截至11:07，港股通创新药ETF(159570)标的指数热门股多数回调：石药集团、中国生物制药、三生制药、翰森制药、荣昌生物跌超5%，信达生物跌超4%， 康方生物跌超3%。 | 序号 | 代码 | 名称 | 估算板車 | 涨跌幅 | 17.47 80 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 1801 | 信达生物 | 10.51% | -0.56% | 6.81亿 | | 2 | 1093 | 石药集团 | 12.18% | -3.15% | 5.98 7. | | 3 | 6160 | 高密被田 | 10.99% | -1.13% | 2.83 Z | | 4 | 1530 | 三生制药 | 6.50% | -2.57% | 2.65 Z | | 5 | 9926 | 康方生物 | 8.49% | -1.33% | 2.57 Z | | 6 | 3692 | 翰森制药 | 6.84% | -1.84% | 1.99 Z | | 7 | 1177 | 中国生物制药 | 10.01% | -3.66% | 1.74Z | | 8 | 6990 | 科伦博 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Pharmaceutical (Pharma)** and **Biopharmaceutical/Biotech** sectors, highlighting companies with potential for value re-evaluation and those entering a performance ramp-up phase [1][2]. Core Insights and Arguments 1. **Value Re-evaluation of Pharma Companies**: - There is a recommendation to further support Pharma companies that have the potential for value re-evaluation, particularly emphasizing key marginal changes. The BD (Business Development) revenue for Pharma is expected to normalize, which will drive an upward shift in the valuation framework [1][2]. 2. **Performance Ramp-up in Biopharma/Biotech**: - Continuous recommendation for Biopharma/Biotech companies that are entering a performance ramp-up phase and have pipelines that are consistently delivering results. The expectation is that by 2026, leading Biopharma/Biotech companies will enter a period of accelerated performance [2]. 3. **Key Marginal Changes**: - The core marginal change driving the value re-evaluation logic for Pharma companies is the normalization of BD revenue. This is supported by two main factors: - Leading Pharma companies have a more comprehensive technology platform and pipeline layout, enhancing their ability to continuously produce BD assets [2]. - External transactions are evolving from sporadic single-asset licensing to a more platform-based and series-based licensing model, making upfront payments, milestones, and revenue sharing more replicable and predictable. Recent collaborations, such as the partnership between **Shiyao** and **AstraZeneca** for a long-acting weight loss drug (total package of $18.5 billion) and **Innovent** with **Eli Lilly** in oncology and immunology (total package of $8.9 billion), exemplify this trend [2]. Recommendations - Specific companies recommended for investment include: - **Hengrui Medicine** - **Hansoh Pharmaceutical** - **Shiyao Group** (new addition in February) - **China National Pharmaceutical Group** - **Sinopharm** (new addition in February) - **Haisco** [2]. Additional Important Insights - The oncology, metabolism, and autoimmune sectors are expected to see a concentration of critical data releases. The integration of new technology platforms such as small nucleic acids, bispecific/trispecific antibodies, next-generation ADCs, and PROTAC/molecular glue is anticipated to provide significant valuation elasticity for leading companies at key data points, potentially opening up overseas BD opportunities [3].

【国泰海通医药】春节期间创新药领域重点新闻梳理-上市公司 恒瑞医药： 1）2/12 CDE官网显示公司递交了ANGPTL3单抗SHR-1918针对HOFH的上市申请。 目前公司暂未披露1918的III期临床结果； 1）2/20 公司公告阿美替尼已获欧洲药品管理局EMA批准在欧盟上市，用于EGFR19del或L858RNSCLC一线治疗， 以及T790MNSCLC治疗； 石药集团： 1）2/16 公司公告旗下受体偏向性GLP1/GIP激动剂月制剂SYH2082在美国获批临床； 信立泰： 翰森制药： 1）2/20 公司公告阿美替尼已获欧洲药品管理局EMA批准在欧盟上市，用于EGFR19del或L858RNSCLC一线治疗， 以及T790MNSCLC治 【国泰海通医药】春节期间创新药领域重点新闻梳理-上市公司 恒瑞医药： 1）2/12 CDE官网显示公司递交了ANGPTL3单抗SHR-1918针对HOFH的上市申请。 目前公司暂未披露1918的III期临床结果； 翰森制药： 1）2/20 公司在《欧洲呼吸杂志子刊-开放研究》ERJ OPEN RESEARCH上披露了IL17RB单抗SM17针对CRSWNP和 IPF ...

证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/02/24） 崔健 渤海证券研究所晨会纪要（2026.02.24） 固定收益研究 债市延续偏强震荡——利率债周报 行业研究 1-8 批国家药品集采平稳接续，基药目录管理办法印发——医药生物行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/02/24） 固定收益研究 债市延续偏强震荡——利率债周报 王哲语（证券分析师，SAC NO：S1150524070001） 周 喜（证券分析师，SAC NO：S1150511010017） 李济安（证券分析师，SAC NO：S1150522060001） 统计区间：2026 年 2 月 6 日至 2026 年 2 月 12 日。 统计期内，一级市场共发行利率债 96 只，实际发行总额为 9643 亿元，节前发行规模依然较高，其中，国 债发行规模增加，专项债发行规模小幅减少。 4、二级市场：债市延续偏强震荡 统计期内债市延续偏强震荡特征， ...

Investment Rating - The report maintains a positive outlook on the blood products industry, suggesting that the supply-demand relationship will gradually improve, leading to performance recovery for companies in this sector [10][34]. Core Insights - The blood products industry is characterized by a clear long-term growth trajectory, supported by a favorable regulatory environment for plasma collection and an expanding product range among companies [12][34]. - Short-term performance has been impacted by supply-demand mismatches, with a notable decline in profitability observed in 2025 due to excess supply and price reductions [19][36]. - The report highlights the importance of white albumin and immunoglobulin (IVIG) as core products, with a stable demand expected despite recent price pressures [33][34]. Summary by Sections Market Review - The report notes a decline of 0.85% in the medical index, underperforming the CSI 300 index by 1.22 percentage points, ranking 21st among 30 sectors [6]. - The top-performing stocks in the medical sector include Aidi Te, Zhendai Medical, and Olin Bio, while the worst performers include Beixin Life and Huayuan Bio [6]. Industry and Stock Events - The report emphasizes the recovery of plasma collection activities post-pandemic, which has led to increased supply and a shift in the market dynamics for blood products [19][26]. - The report identifies key companies to watch, including Tian Tan Biological and Bo Ya Biological, as they are expected to benefit from the industry's growth [12][34]. Overall Perspective and Investment Themes - The report suggests focusing on innovative drugs, medical devices, and the blood products sector, highlighting the potential for significant growth driven by domestic differentiation and international expansion [10][12]. - The report also discusses the ongoing consolidation in the industry, particularly among state-owned enterprises, which may enhance market concentration and operational efficiencies [46]. Supply and Demand Dynamics - The report indicates that the supply of blood products is expected to tighten in 2026 due to a slowdown in plasma collection growth and a decrease in imported white albumin supply [30][34]. - Demand for white albumin remains robust, with sales showing signs of stabilization despite recent challenges [33][34]. Future Outlook - The report anticipates a gradual return to a balanced supply-demand relationship in the blood products industry, which could lead to improved financial performance for key players [34][36]. - The potential for new product introductions and market expansions is highlighted as a significant driver for future growth in the sector [12][34].

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 ...

Core Insights - The Chinese innovative pharmaceutical industry has entered the 2.0 era, shifting from "import imitation" to "innovation output," with new forms like license-out and new co indicating a transformation in internationalization [1] - In the first quarter of 2026, the total transaction amount for Chinese innovative drug licensing (BD) exceeded $33.28 billion, surpassing the highest quarterly level of 2025, marking a shift from a "follower" to a core driver in the global innovation value chain [1][2] - The explosive growth in BD transactions is attributed to multiple factors, including the global pharmaceutical industry's "patent cliff" and "innovation demand," alongside China's recognized R&D efficiency and clinical capabilities [1] Transaction Growth - In 2025, the total value of China's innovative drug license-out transactions reached $140.27 billion, a significant increase from $2.56 billion in 2017, accounting for 49% of global innovative drug licensing transactions, surpassing the U.S. for the first time [2] - In January 2026, the upfront payment scale approached half of the total for 2025, with total transaction amounts reaching 22% of 2025's total [2] - The quality of transactions is also improving, with frequent occurrences of upfront payments exceeding $100 million and 37 transactions exceeding $1 billion, second only to the U.S. [2] Transaction Structure - The upgrade in transaction structure is a core feature of China's innovative drug internationalization, with traditional "selling seedlings" models being replaced by "technology platform output" and "global R&D collaboration" [2][3] - Notable collaborations include Innovent Biologics and Eli Lilly, where the partnership is based on a new molecule, demonstrating deep trust in China's R&D capabilities [2] Strategic Transformation - Leading pharmaceutical companies are adopting a dual strategy of "independent R&D + global licensing," creating a sustainable innovation ecosystem [3] - Examples include BeiGene's revenue surpassing 36 billion yuan in 2025, showcasing strong commercialization capabilities, and other companies achieving breakeven for the first time [3] Financial Performance - Over 70% of innovative pharmaceutical companies achieved revenue growth in 2025, with cash flow from BD transactions and IPO funding providing substantial resources for the industry [4] - The combination of domestic market cash flow and global licensing is creating a dual-driven model that reduces financial risks and accelerates the conversion of innovative results [4] Industry Ecosystem - The internationalization of innovative drugs is reshaping the global pharmaceutical landscape, with predictions of the emergence of global Chinese pharmaceutical giants [4] - Collaborations like that between Innovent Biologics and Takeda illustrate the strategic partnerships that enhance project advancement efficiency [4] Investment Trends - The innovative drug sector has seen a correction over the past two quarters, but long-term prospects for quality targets remain favorable, suggesting increased allocation [5] - The "dumbbell strategy" proposed by CICC highlights the dual characteristics of "innovation output" and "steady growth" in the Chinese innovative drug industry [5][6] Market Dynamics - An increasing number of Chinese innovative pharmaceutical companies are transitioning from "license-in" to proactive "license-out," achieving record high transaction amounts and gaining recognition in international markets [6] - Horizontal cooperation and integration among domestic pharmaceutical companies are accelerating to optimize resource allocation and address market competition and regulatory challenges [6]