智通财经APP讯，恒瑞医药(600276.SH)发布公告，近日，公司子公司山东盛迪医药有限公司、上海恒 瑞医药有限公司收到国家药品监督管理局(简称"国家药监局")核准签发关于HRS-2129片的《药物临床试 验批准通知书》，将于近期开展临床试验。 HRS-2129片拟用于治疗急慢性疼痛。经查询，目前国内尚无同靶点药物获批上市。截至目前，HRS- 2129片相关项目累计研发投入约为11,240万元。 ...

格隆汇9月29日丨恒瑞医药(600276.SH)公布，公司子公司山东盛迪医药有限公司、上海恒瑞医药有限公 司收到国家药品监督管理局核准签发关于HRS-2129片的《药物临床试验批准通知书》，将于近期开展 临床试验。HRS-2129片拟用于治疗急慢性疼痛。 ...

人民财讯9月29日电，恒瑞医药(600276)9月29日公告，子公司苏州盛迪亚生物医药有限公司、上海恒瑞 医药有限公司、上海盛迪医药有限公司收到国家药监局核准签发关于SHR-7787注射液、SHR-4849注射 液、贝伐珠单抗注射液、阿得贝利单抗注射液的《药物临床试验批准通知书》，将于近期开展临床试 验。子公司山东盛迪医药有限公司、上海恒瑞医药有限公司收到国家药监局核准签发关于HRS-2129片 的《药物临床试验批准通知书》，将于近期开展临床试验。 转自：证券时报 ...

每经AI快讯，9月29日，恒瑞医药（600276）(600276.SH)公告称，公司子公司山东盛迪医药有限公司、 上海恒瑞医药有限公司收到国家药监局核准签发关于HRS-2129片的《药物临床试验批准通知书》，同 意开展成人糖尿病性周围神经病理性疼痛、成人骨关节炎疼痛适应症的临床试验。HRS-2129片拟用于 治疗急慢性疼痛，目前国内尚无同靶点药物获批上市。截至目前，该项目累计研发投入约为1.12亿元。 根据相关法律法规要求，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。 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The acquisition of Metsera by Pfizer, valued at approximately $4.9 billion, underscores the significant potential and long-term growth prospects of the weight loss drug market, particularly in the GLP-1 segment [2][24]. - The report emphasizes the urgent demand for next-generation therapies, such as oral formulations and multi-target drugs, indicating a competitive landscape in the global GLP-1 research race [2][24]. - The Chinese weight loss drug industry is poised for growth, with a focus on companies that demonstrate strong sales execution and advanced research capabilities [3][24]. Summary by Sections Market Review - The pharmaceutical and biotechnology index fell by 2.20%, underperforming the CSI 300 index by 3.27 percentage points, ranking 24th among 31 sub-industries [1][16]. Key Company Insights - Companies to watch include Innovent Biologics (H), Heng Rui Medicine, Borui Medicine, Zhongsheng Pharmaceutical, Nawei Technology, WuXi AppTec (A+H), and Kelaiying (A+H) as they are expected to benefit from the expanding GLP-1 industry chain [3][24]. Annual Investment Strategy - The report suggests a structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: hospital payments, out-of-pocket payments, and overseas payments [25]. - Key areas of interest include hospital policy support for innovative drugs and devices, expanding public demand for blood products, home medical devices, and the weight loss drug industry chain [25]. Company Earnings Forecast and Valuation - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, indicating a "Buy" rating for WuXi AppTec and Innovent Biologics, and an "Overweight" rating for Heng Rui Medicine [4]. Market Trends - The global weight loss drug market is experiencing rapid growth, with Pfizer's acquisition of Metsera highlighting the increasing market space associated with obesity-related health issues [28]. - The report notes that the commercialization of domestic weight loss drugs will hinge on sales capabilities and research advancements [3][24]. Important Company Announcements - Recent announcements include clinical trial updates and new drug applications from various companies, indicating ongoing innovation and development within the sector [27]. Financial Data - The basic medical insurance income for the first seven months of 2025 reached 1,684.7 billion yuan, with expenditures amounting to 1,369.7 billion yuan, reflecting the financial landscape impacting the pharmaceutical industry [30]. Price Trends - The report notes a decline in antibiotic prices and stability in cardiovascular raw material drug prices, which may influence the cost structure for pharmaceutical companies [36][43]. Conclusion - The report presents a positive outlook for the pharmaceutical and biotechnology sector, particularly in the weight loss drug market, driven by significant acquisitions and a growing demand for innovative therapies [2][24].

Macroeconomic and Policy Environment - The Federal Reserve faces challenges in balancing employment and inflation due to the contradiction between economic resilience and a gradual decline in employment, leading to ambiguity in future interest rate cuts [2][3] - The Eurozone shows signs of improvement in economic indicators following multiple interest rate cuts by the European Central Bank, with low policy rates and stable inflation supporting domestic demand [3] Domestic Economic Conditions - Domestic demand has weakened in the second half of the year, influenced by diminishing policy effects, extreme weather, and high base effects, while external demand has exceeded expectations [3] - Infrastructure investment is expected to provide more certainty for domestic demand in Q4, with policies aimed at promoting consumption, stabilizing real estate, and expanding investment requiring time for validation [3][4] Domestic Policy Environment - The central bank has expressed a commitment to implementing detailed monetary policy, with current macro and micro liquidity remaining relatively ample [4] - Fiscal policy is under pressure due to the pre-issuance of government bonds, but there are indications of available fiscal resources for smooth transitions into the next year [4] Industry Developments - The National Organization for Drug Procurement has released the 11th batch of centralized procurement documents, indicating a shift towards using anchor prices rather than simply selecting the lowest bid, reflecting a trend against excessive competition in the pharmaceutical industry [8][9] - Recent approvals and clinical trials in the pharmaceutical sector include the launch of a subcutaneous formulation of Pembrolizumab and the initiation of Phase III trials for a new drug by Zai Lab [8][9] Market Performance - The Shanghai Composite Index rose by 0.56% and the Shenzhen Component Index increased by 2.83%, while the pharmaceutical and biological sector saw a decline of 1.68% during the week of September 19-25, 2025 [9] - The price-to-earnings ratio for the pharmaceutical and biological industry was reported at 31.13 times, with a valuation premium of 146% relative to the CSI 300 index [9] Investment Strategy - The upcoming IPOs in the pharmaceutical sector, including the successful listing of Jinfang Pharmaceutical, indicate an opening window for new listings [9] - Investment strategies should focus on opportunities arising from interest rate cuts, innovation in drug development, and the benefits of optimized procurement rules in the pharmaceutical and medical device sectors [9]

Core Viewpoint - The report highlights significant target price increases for several listed companies from September 22 to September 28, indicating potential investment opportunities in the software development, plastics, and passenger vehicle sectors [1][2]. Group 1: Target Price Increases - The companies with the highest target price increases include: - Gaweida (高伟达) with a target price increase of 123.43% [2] - Dongcai Technology (东材科技) with a target price increase of 59.60% [2] - SAIC Motor (上汽集团) with a target price increase of 54.05% [2] - Other notable companies with significant target price increases include: - Hengrui Medicine (恒瑞医药) at 47.27% [2] - Shenling Environment (申菱环境) at 46.59% [2] - Yifeng Pharmacy (益丰药房) at 45.04% [2] Group 2: Broker Recommendations - A total of 366 listed companies received broker recommendations during the same period, with notable mentions: - Tianshili (天士力) received recommendations from 6 brokers [3] - Wanwei High-tech (皖维高新) received recommendations from 3 brokers [3] - Yinlun Shares (银轮股份) also received recommendations from 3 brokers [3] Group 3: Rating Adjustments - There were 14 instances of rating upgrades, including: - Yunding Technology (云鼎科技) upgraded from "Hold" to "Buy" by Dongbei Securities [6] - Landai Technology (蓝黛科技) upgraded from "Hold" to "Buy" by Caitong Securities [6] - Jiasheng Group (健盛集团) upgraded from "Hold" to "Buy" by CITIC Securities [6] - Conversely, 6 instances of rating downgrades were noted, including: - Binglun Environment (冰轮环境) downgraded from "Strong Buy" to "Buy" by Founder Securities [7] - Kuncai Technology (坤彩科技) downgraded from "Buy" to "Hold" by CITIC Securities [7] Group 4: First Coverage - During the same period, 115 instances of first coverage were reported, with companies such as: - Tongling Nonferrous Metals (铜陵有色) receiving a "Buy" rating from Western Securities [8] - Lifan Pharmaceutical (立方制药) also receiving a "Buy" rating from Western Securities [8] - Xinjiang Zhonghe (新疆众和) receiving an "Increase" rating from Shenwan Hongyuan Group [8]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Pharma and Biotech** industry, identifying potential winners in the sector as part of the "China Next Winners" series [1] Core Insights and Arguments - **Out-licensing Trends**: While out-licensing is a key trend, it does not guarantee value creation. Success depends on global trial results and market access strategies. Stock picking based on fundamentals is expected to become more critical as market volatility increases [2][6] - **Identified Winners**: Among 30 companies analyzed, **Hengrui** and **Innovent** are consistently high performers. Other notable mentions include **BeOne** (formerly BeiGene) and **CSPC**, with potential rising stars like **Kelun Biotech**, **Duality**, **3S Bio**, and **Biokin** [2][10] - **Total Addressable Market (TAM)**: Hengrui, CSPC, and Innovent cover a wide range of diseases, tapping into a TAM of approximately **$200 billion** in oncology, **$120 billion+** in cardiovascular and metabolism, **$70 billion+** in autoimmune, and **$40 billion+** in respiratory diseases [3][29] - **Pipeline Competitiveness**: The quality of a company's pipeline is assessed based on the number of assets, innovation levels, and competitive trial results. Hengrui, BeOne, and Akeso score highest in pipeline competitiveness [3][31] - **Globalization Metrics**: Companies are evaluated on their globalization progress through out-licensing deals and direct market access metrics. Hengrui and BeOne are leading in this area, with significant cash reserves to support R&D [4][23] - **RNAi Sector Potential**: The RNA interference (RNAi) sector is emerging, with FDA-approved therapies generating peak sales over **$15 billion**. Hengrui and CSPC are positioned well in this niche market [5] Investment Recommendations - Current market conditions suggest that investors should avoid chasing stocks. Instead, a strategy focused on careful stock selection during sector-wide corrections is recommended [6][8] Financial Metrics and Valuations - The report includes a detailed **Bernstein Ticker Table** summarizing the performance and valuations of various companies, indicating that **Hengrui** and **Innovent** are rated as outperformers, while **BeiGene**, **Zai Lab**, **Sino Biopharm**, and **CSPC** are rated as market performers [7][8] Additional Insights - The healthcare sector in China has shown significant growth, with expectations of continued volatility. The focus on stock picking is emphasized as a strategy for navigating the market [9][10] - The report highlights the importance of both pipeline size and quality in assessing a company's competitiveness, with metrics including the number of assets and the percentage of first-in-class innovations [31] Conclusion - The China Pharma and Biotech industry presents numerous investment opportunities, particularly among companies with strong fundamentals, innovative pipelines, and effective globalization strategies. The focus on specific therapeutic areas and the potential of emerging sectors like RNAi further enhance the attractiveness of this market [29][30][33]

内容概要：烷化剂是最早问世的细胞毒类药物，主要用于恶性淋巴瘤和慢性淋巴细胞白血病，也可用于 恶性肿瘤特别是小细胞肺癌所致的上腔静脉综合征。随着全球癌症新发病例数持续上升，烷化剂在内的 抗肿瘤药物需求持续增长。近年来，我国肿瘤的发病率一直保持较高水平，并且呈现出持续上升的趋 势。烷化剂作为肿瘤化疗的奠基性药物，至今仍在我国癌症治疗中扮演着不可或缺的角色。在我国政府 一系列政策的支持下，我国烷化剂行业目前处于稳定发展且技术不断革新的阶段，市场规模持续扩大。 2024年，全球烷化剂市场规模从2015年的22.3亿美元增长至31.9亿美元，中国烷化剂市场规模从2015年 的74.6亿元增长至122.6亿元；预计2025年，全球烷化剂市场规模将达到34.9亿美元，中国烷化剂市场规 模将达126.1亿元。 上市企业：恒瑞医药[600276]、双鹭药业[002038.SZ]、华润双鹤[600062]、海正药业[600267]、上海医 药[601607] 相关企业：江苏盛迪、上海旭东海普药业、浙江医化、齐鲁制药、豪森药业、大冢制药、江苏天士力帝 益药业、黑龙江和利制药集团、南京制药、Catalent、Lonza、药明康德、凯 ...

Group 1 - Rongchang Biopharma's "Taitasip" is proposed for priority review by CDE for treating adult patients with primary IgA nephropathy, showing significant reduction in proteinuria levels [1] - "Taitasip" has already been approved for three indications in China, including myasthenia gravis, rheumatoid arthritis, and systemic lupus erythematosus, with a recent application for Sjögren's syndrome also accepted [1] Group 2 - Baiyunshan and Guangzhou Pharmaceutical Phase II Fund signed a strategic investment agreement to acquire over 144 million shares of Nanjing Pharmaceutical, making it the second-largest shareholder with an 11.04% stake [2] - This strategic investment aims to enhance market competitiveness through resource integration and synergy, potentially impacting Nanjing Pharmaceutical's governance structure and market performance [2] Group 3 - Pian Zai Huang's Chief Financial Officer Yang Haipeng resigned due to work adjustments, with Deputy General Manager He Wei temporarily taking over the CFO duties [3] - The long-term brand value and market position of Pian Zai Huang remain strong, and if the management transition is smooth, the impact on the company's long-term development may be limited [3] Group 4 - Former Chief Technology Officer of Kailai Ying, Hu Xinhui, has joined Hengrui Medicine as Vice President and Chief Technology Officer, indicating a strategic move to strengthen R&D capabilities [4] - Hu Xinhui's appointment is expected to bring new opportunities for Hengrui Medicine's R&D system upgrades, technological breakthroughs, and international development [4] Group 5 - The former Chairman of Guangzhou Pharmaceutical Group, Li Chuyuan, has been reported for violations of discipline and law, leading to his expulsion from the party and public office [5] - This incident highlights governance and internal oversight issues within Guangzhou Pharmaceutical Group, which may affect investor trust and subsequently impact its stock performance and market reputation [5]