Group 1 - The report highlights a shift in China's innovative drug development from "fast-following" to "innovation-leading," potentially reshaping the global new drug development landscape. Key emerging technology platforms include molecular glue, small nucleic acids, and in vivo CAR-T, with Chinese companies making significant investments in these areas [3][4]. - Molecular glue offers a new paradigm for targeting "undruggable" targets, with significant potential in the PAN-RAS space. Companies to watch include Heng Rui Medicine, Jinfang Medicine, Yuandong Biology, and Betta Pharmaceuticals [3]. - Small nucleic acids are expanding from rare diseases to chronic conditions, with numerous companies involved in hypertension, dyslipidemia, weight loss, MASH, and CNS diseases. Notable companies include Heng Rui Medicine, Shiyao Group, and Innovent Biologics [3]. - In vivo CAR-T technology is cost-effective and enhances accessibility, showing promise in oncology and autoimmune diseases. Key players include Yunding Xinyao and Kexi Pharmaceuticals [3]. - The integration of AI in healthcare and drug development is accelerating, with companies like Runda Medical and Kangzhong Medical leading the way [3]. Group 2 - The report reviews the performance of the pharmaceutical sector in 2025, noting a cumulative increase of 11.9% in the pharmaceutical index, while the broader market rose by 30.2%, indicating a relative underperformance of 18.3% [8][14]. - The valuation of the pharmaceutical sector has slightly improved, with the PE (TTM) ratio rising from 29.8x at the beginning of 2025 to 36.2x by year-end, while the broader market's PE increased from 28.6x to 39.5x [14]. - The pharmaceutical sector's revenue for the first three quarters of 2025 reached CNY 18,544 billion, with a year-on-year decline of 0.4%, and net profit attributable to shareholders was CNY 1,407 billion, down 0.8% year-on-year [17][22]. Group 3 - The report indicates that the number of IND (Investigational New Drug) applications for innovative drugs in 2025 reached 3,626, marking a year-on-year growth of 10.4%. The number of NDA (New Drug Application) submissions also increased, with 83 for chemical drugs and 271 for therapeutic biological products [31][29]. - The report emphasizes the growing trend of molecular glue technology, particularly in targeting RAS mutations, which are prevalent in approximately 30% of malignancies. The representative drug Daraxonrasib has shown significant clinical efficacy [53][50]. - The report notes an increase in collaboration and licensing activities in the molecular glue sector, with major pharmaceutical companies engaging in high-value transactions, indicating a robust interest in this innovative technology [54][56].

（於中華人民共和國註冊成立的股份有限公司） 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，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 （股份代號：1276） Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2026年3月16日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-041 海外監管公告 江苏恒瑞医药股份有限公司 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下 ...

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，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2026年3月16日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-04 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-041 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 SHR-1905 注射液是胸腺基质淋巴细胞生成素（TSLP）单克隆抗体，可以阻 断炎症细胞因子的释放，抑制下游炎症信号的传导，最终改善炎症状态并控制疾 病进展。目前,全球有同类产品 Tezepelumab（安进/阿斯利康，商品名 TEZSPIRE） 获批上市。经查询 EvaluatePharma 数据库，2025 年 Tezepelumab 全球销售额约 为 19.36 亿美元。截至目前，SHR-1905 注射液相关项目累计研发投入约 25,710 万元（未经审计）。 三、风险提示 根据我国药品注册相关的法律法规要求，药物在获得药物临床试验批准通知 书后，尚需开展临床试验并经国家药监局审评、审批通过后方可生产上市。药品 从研制、临床试验报批到投产的周期长、环节多，药品研发及至上市容易受到一 些不确定性因素的影响，敬请广大投资者谨慎决策，注意防 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-040 江苏恒瑞医药股份有限公司 关于药品上市许可申请获受理的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司成都盛迪医 药有限公司收到国家药品监督管理局（以下简称"国家药监局"）下发的《受理 通知书》，公司富马酸立康可泮（HRS-5965）胶囊的药品上市许可申请获国家药 监局受理。现将相关情况公告如下： 一、药品的基本情况 药品名称：富马酸立康可泮胶囊 剂型：胶囊剂 受理号：CXHS2600042 申报阶段：上市 申请人：成都盛迪医药有限公司 拟定适应症（或功能主治）：治疗既往使用 C5 补体抑制剂治疗后仍贫血的 阵发性睡眠性血红蛋白尿症（PNH）成人患者。 二、药品的临床试验情况 此次申报上市，是基于一项在既往 6 个月稳定使用 C5 补体抑制剂治疗后仍 贫血的 PNH 患者中评价富马酸立康可泮胶囊的有效性和安全性的多中心、单臂、 开放Ⅲ期临床试验。本研究由中国医学科学院血液病医院施均教授 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4][5] Core Viewpoints - The report emphasizes the importance of the PD1 plus track, highlighting numerous catalysts and opportunities within this segment. It suggests a focus on price increase expectations and the strong fundamentals of innovative drugs, indicating a favorable risk-reward ratio for certain stocks [3][5][44] - The report outlines a two-dimensional investment framework for the year, focusing on "technology innovation leadership" and "performance/valuation recovery" [6][25][44] Summary by Sections 1. Focus on Domestic Second-Generation PD1 Progress - Kangfang Biopharma's AK112 is expected to read out key clinical data for NSCLC in 2026, with global registration clinical trials accelerating [8][9] 2. Industry Viewpoints - The pharmaceutical index has shown a decline of 0.22% from March 9 to March 13, with a relative underperformance of -0.41% compared to the CSI 300 index. Notable stock performances include Yingke Medical (+35.18%) and Zhonghong Medical (+25.26%) [5][25][26] - The report identifies several companies to watch, including Heng Rui Medicine, Xin Li Tai, and Junshi Biosciences, among others, for their strong fundamentals and growth potential [5][47] 3. Investment Recommendations - The report suggests a focus on innovative drugs, AI medical technology, and surgical robots, with specific companies highlighted for their potential in these areas [44][46] - Recommendations for March include Heng Rui Medicine, Xin Li Tai, and others, while a weekly focus includes Kangfang Biopharma and Shanghai Yizhong [47]

Investment Rating - The report maintains a "Buy" rating for the industry, focusing on companies involved in brain-computer interfaces and innovative pharmaceuticals [1]. Core Insights - The report highlights significant advancements in the brain-computer interface sector, particularly the approval of the world's first invasive brain-computer interface by BoRuiKang, marking a pivotal moment for commercialization in this field [18][24]. - The report emphasizes a favorable outlook for innovative drugs, particularly in the small nucleic acid segment, and suggests a diversified investment strategy across various sub-sectors within the pharmaceutical industry [3][11]. Summary by Sections Industry Performance - The A-share pharmaceutical index has shown a slight decline of -0.22% this week and -0.13% year-to-date, underperforming the CSI 300 index by -0.41% and -0.97% respectively [11]. - The report notes that the medical device sector has seen a positive performance, with raw materials and medical devices increasing by 1.32% and 0.60% respectively [11]. Brain-Computer Interface Developments - BoRuiKang's invasive brain-computer interface, NEO, has received approval from the National Medical Products Administration, representing a breakthrough in the commercialization of brain-computer interfaces [18][20]. - The product is designed for patients with cervical spinal cord injuries, utilizing a minimally invasive implantation technique that reduces risks associated with traditional methods [20][24]. Investment Recommendations - The report ranks sub-sectors in the following order of attractiveness: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies [3][11]. - Specific companies to watch include: - PD1 PLUS: Sanofi Biopharma, Kangfang Biopharma, and others [14]. - ADC: YingEn Biopharma, Kelun Biotech, and others [14]. - Small nucleic acids: Frontier Biopharma, Fuyuan Biopharma, and others [14]. - CXO and research services: WuXi AppTec, Haoyuan Biopharma, and others [14]. - Medical devices: United Imaging Healthcare, Yuyue Medical, and others [14]. Regulatory and Market Insights - The report discusses the supportive regulatory environment for brain-computer interfaces, with policies aimed at facilitating research and commercialization [24]. - It also highlights the importance of technological breakthroughs in driving the industry forward, with BoRuiKang setting a benchmark for future product approvals [24].

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology industry, focusing on brain-machine interface technologies and companies like Microinvasive Brain Science, Xiangyu Medical, and Aipeng Medical [1]. Core Insights - The report highlights significant advancements in the brain-machine interface sector, particularly the approval of the first product, which marks a pivotal moment for the industry. This approval is expected to facilitate further commercialization and development within the sector [18][24]. - The report ranks sub-industries in the following order of attractiveness: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies. It emphasizes high elasticity in innovative drugs, especially in small nucleic acid therapies, and high dividend yields in traditional Chinese medicine and pharmacies [3][11]. Summary by Sections Industry Trends - The A-share pharmaceutical index has shown a slight decline of -0.22% this week and -0.13% year-to-date, underperforming the CSI 300 index by -0.41% and -0.97% respectively. The Hang Seng Biotechnology Index has also decreased by -4.00% this week [11]. - Notable stock performances include Yingke Medical (+35.18%), Zhonghong Medical (+25.26%), and *ST Jingfeng (+15.64%) for gains, while Yifang Biological (-11.59%) and Huakang Clean (-10.79%) faced significant losses [11]. R&D Progress and Company Dynamics - The report details the approval of several innovative drugs, including HSK31679 for non-alcoholic fatty liver disease and the GLP-1 receptor agonist Enoglutide, which has received approval in China [2][3]. - Companies to watch include: - From the PD1 PLUS perspective: Sanofi Biopharma, Kangfang Biopharma, and others - From the ADC perspective: Ying'en Biopharma and others - From the small nucleic acid perspective: Frontier Biopharma and others - From the CXO and upstream research services perspective: WuXi AppTec and others [3][14]. Brain-Machine Interface Developments - The report emphasizes the approval of the NEO brain-machine interface by the National Medical Products Administration, which is the first of its kind globally. This product is designed for patients with cervical spinal cord injuries and offers a minimally invasive solution with high signal quality and low tissue damage [18][20]. - The approval is seen as a breakthrough that sets a standard for future products in the brain-machine interface space, supported by government policies and funding initiatives aimed at fostering industry growth [24][25].

Investment Rating - The report does not explicitly state an investment rating for the IVUS industry but highlights significant growth potential driven by multiple factors. Core Insights - The IVUS industry is experiencing growth due to three main factors: increasing PCI surgery volumes, rising IVUS penetration in PCI procedures, and substantial domestic replacement opportunities for imported products. Summary by Sections Market Overview - The IVUS technology is essential for guiding PCI (Percutaneous Coronary Intervention) procedures, providing real-time imaging of vascular structures and improving diagnostic accuracy [14][21]. Growth Drivers - **Increasing PCI Surgery Volumes**: The number of PCI procedures is expected to grow significantly, with China's PCI surgeries projected to increase from 1.906 million in 2024 to 4.298 million by 2030, reflecting a CAGR of 14.5% [27][28]. - **Rising IVUS Penetration**: The penetration rate of IVUS in PCI procedures in China is expected to rise from 15.4% in 2021, with projections indicating a market size growth from 1.76 billion RMB in 2024 to 5.11 billion RMB by 2030, achieving a CAGR of 19.4% [38][39]. - **Domestic Replacement Opportunities**: The IVUS market in China is currently dominated by imported brands, with local manufacturers like Beixin Life and Kaili Medical beginning to capture market share. The domestic market share for Beixin Life is projected to reach 10.6% by 2024 [39][40]. Competitive Landscape - The IVUS market is characterized by a mix of domestic and international players, with significant room for growth in domestic production and innovation. The report identifies key players such as Beixin Life and Kaili Medical as emerging competitors in the IVUS space [44][47].

Core Viewpoint - Heng Rui Medicine has received acceptance for its application for the marketing license of Shudi Insulin Noreglutide Injection, aimed at improving blood sugar control in adults with type 2 diabetes [4][6]. Group 1: Product Development - Shudi Insulin Noreglutide Injection is a fixed-ratio combination formulation consisting of long-acting basal insulin analog and GLP-1 receptor agonist [4][6]. - The application is based on two pivotal Phase III clinical studies (HR17031-301 and HR17031-302) involving 401 and 393 participants, respectively, demonstrating significant efficacy and safety compared to control groups [6]. Group 2: Market Context - The global market already includes similar products, such as Novo Nordisk's Ico Insulin Semaglutide Injection and Sanofi's Soliqua 100/33, indicating a competitive landscape for GLP-1 combination therapies [6][7]. - The total R&D investment for Shudi Insulin Noreglutide Injection has reached approximately 330 million yuan, reflecting the company's commitment to this therapeutic area [6].