Core Viewpoint - Heng Rui Medicine's subsidiary has received approval for clinical trials of a new neuroprotective agent, HRS-4029, aimed at treating acute ischemic stroke [1] Company Summary - Heng Rui Medicine's subsidiary, Fujian Shengdi Pharmaceutical Co., Ltd., and Beijing Shengdi Pharmaceutical Co., Ltd. have recently received the Drug Clinical Trial Approval Notice from the National Medical Products Administration [1] - HRS-4029 is a novel neuroprotective agent designed to alleviate excitotoxicity and is intended for the treatment of acute ischemic stroke [1]

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding the CSI 300 Index by more than 5% over the next six months [9]. Core Insights - The pharmaceutical sector experienced a decline of 0.96% on March 7, 2025, underperforming the CSI 300 Index by 0.65 percentage points, ranking 22nd among 31 sub-industries [4]. - The approval of ARS's Neffy (1 mg epinephrine nasal spray) by the FDA marks a significant innovation in the delivery method for treating type I allergic reactions in children aged 4 and above, representing the first major advancement in 35 years for this patient group [5][9]. - Notable stock performances included Aosaikang (+9.99%), Yipinhong (+9.77%), and Rejing Biology (+8.84%) on the gainers' list, while Aopumai (-6.26%), Puri Eye (-5.97%), and BGI (-4.86%) led the decliners [4]. Summary by Sections Market Performance - As of March 7, 2025, the pharmaceutical sector's performance was -0.96%, with sub-sectors like in vitro diagnostics (-0.43%) and blood products (-0.72%) performing better, while hospitals (-2.11%) and medical devices (-1.67%) lagged [4]. Industry News - The FDA's approval of Neffy is a pivotal development for the treatment of severe allergic reactions in children, highlighting the ongoing innovation in the pharmaceutical industry [5]. - Companies such as Jingxin Pharmaceutical announced an increase in their share repurchase plan, raising the total amount from a minimum of 200 million RMB to 350 million RMB [5]. - Nouvegen and BGI have entered a strategic cooperation agreement to leverage their respective expertise in reproductive genetics, tumor prevention, chronic disease management, and infection control [5]. Company News - Heng Rui Pharmaceutical received approval for clinical trials of several new drugs, indicating ongoing research and development efforts [6]. - Kanglong Chemical reported the completion of a share reduction plan, with a total of 10,666,716 shares reduced, representing 0.60% of the company's total share capital [6].

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-021 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。 药物偶联物（ADC），其有效载荷是拓扑异构酶抑制剂（TOPi）。多种研究表明 Nectin-4 在肿瘤中的高表达与肿瘤的发展和不良预后密切相关。目前全球共有 1 款同类产品获批上市，为 Enfortumab vedotin（商品名：Padcev），经查询， 2023 年该产品全球销售额约为 7.15 亿美元。截至目前，注射用 SHR-A2102 相关 项目累计研发投入约 11,907 万元。 阿得贝利单抗注射液是公司自主研发的人源化抗 PD-L1 单克隆抗体，能通过 特异性结合 PD-L1 分子从而阻断导致肿瘤免疫耐受的 PD-1/PD-L1 通路，重新激 活免疫系统的抗肿瘤活性，从而达到治疗肿瘤的目的。国外有同类产品 Atezolizumab （ 商 品 名 ： Tecentriq ） 、 Avelumab( 商品名： Bavencio) ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-020 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。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司苏州盛迪亚 生物医药有限公司、上海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"）核准签发关于注射用 SHR-A1811、贝伐珠单抗注射液、阿得贝 利单抗注射液、SHR-8068 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。现将相关情况公告如下： 二、 药品的其他情况 注射用 SHR-A1811 可通过与 HER2 表达的肿瘤细胞结合并内吞，在肿瘤细胞 溶酶体内通过蛋白酶剪切释放毒素，诱导细胞周期阻滞从而诱导肿瘤细胞凋亡。 经查询，目前国外已上市的同类产品有 Ado-trastuzumab emtansine（商品名 SHR-8068 注射液是公司引进的一款全人源抗 CTLA-4 单克隆抗体，可增强抗 肿瘤免疫效应。目前全球共有两款同类产品获批上市，分别 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-019 江苏恒瑞医药股份有限公司 关于股份回购进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/5/16 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元 60,000 万元~120,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 553.00 万股 | | 累计已回购股数占总股本比例 | 0.09% | | 累计已回购金额 | 23,390.28 万元 | | 实际回购价格区间 | 39.00 元/股~57.01 元/股 | 一、回购股份的基本情况 江苏恒瑞医药股份有限公司董事会 2025 年 3 月 4 日 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号—— ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on innovation, overseas expansion, thematic investments, and dividend strategies as the main investment themes [2][17]. Core Insights - The pharmaceutical sector experienced a short-term pullback but remains optimistic about the innovation-driven growth trajectory. Key areas of focus include innovative drugs, international market expansion, and supportive policies for innovation [2][17]. - The report highlights the importance of innovative drugs as a new productive force, with significant policy support expected to accelerate their development [17]. - The report emphasizes the potential of companies with strong clinical pipelines and innovative capabilities, particularly in the context of recent supportive policies for innovative drugs [16][17]. Summary by Sections Current Industry Investment Strategy - The pharmaceutical index fell by 2.72% in the week, underperforming the CSI 300 index by 1.97 percentage points. Year-to-date, the sector has risen by 1.11%, outperforming the CSI 300 by 1.75 percentage points [15]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 26.53 times, with a premium of 75.91% relative to the entire A-share market [15]. Key Companies and Their Performance - **Hengrui Medicine**: Recent updates on lung cancer data show promising results, with an overall response rate (ORR) of 73% and median progression-free survival (mPFS) of 11.5 months, indicating strong commercial potential [16]. - **Innovative Drug Policies**: New policies are expected to encourage commercial insurance companies to invest in innovative drug companies and improve pricing standards [16][17]. Thematic Investment Lines - **Innovation and Overseas Expansion**: The report identifies innovative drugs as a key area, with a high success rate in recent insurance negotiations for innovative drugs [17]. - **Dividend Strategy**: With the 10-year government bond yield falling below 2%, dividend-paying assets with stable growth and cash flow are highlighted as defensive and offensive investment options [9][18]. Recommended Investment Combinations - The report lists several recommended stocks, including Hengrui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong buy rating for these companies based on their growth potential and market performance [19][22].

Summary of Conference Call Records Industry Overview Agriculture Sector - Focus on the application of AI and low-altitude data technologies in agriculture, with a long-term positive impact on leading agricultural technology companies. Short-term effects are limited [1][2] - The pig farming industry is currently profitable, but capacity reduction has not yet begun. Pig prices are expected to fluctuate downwards in the first half of the year, with rising soybean meal prices increasing cost pressures. Recommended stocks include Muyuan Foods and Juxing Agriculture [1][4] Pet Food Industry - The impact of increased tariffs on pet food exports to the U.S. is limited, as major companies have established overseas production capabilities. Companies like Zhongchong and Petty are well-positioned to handle U.S. orders [1][5] - Guobao's brand upgrades for the Maifudi brand include the Buff series and goat milk meat series, enhancing brand recognition and product pricing [1][6][7] - Zhongchong and Petty plan to launch staple food products in 2025, indicating continued rapid growth in the industry [1][9] Planting and Seed Industry - The planting and seed sectors face uncertainty, with expectations for genetically modified crop promotion already priced in. High seed inventories and falling grain prices may lead to bottom-line profitability [1][10] Baijiu (Chinese Liquor) Sector - The baijiu sector is undergoing valuation recovery, with consumption demand during the Spring Festival showing differentiation, leading to market share concentration among leading companies. The price system for Feitian Moutai is stabilizing [1][11] - 2025 is expected to be a year for the baijiu industry to solidify its bottom, with the second quarter being particularly critical [1][12] Key Points and Arguments Agriculture Sector - The agricultural sector's performance post the 2025 Central Document is subdued, with traditional agriculture being stable and conservative language regarding genetically modified crops leading to some capital withdrawal [2] Pig Farming Industry - As of late February, the average price of pigs is approximately 14.5 yuan/kg, down about 10% from before the Spring Festival. Leading companies are achieving profits of around 100 yuan per pig, while excellent family farms can achieve profits of 150-200 yuan per pig [4] Pet Food Industry - The potential increase in tariffs on pet food exports to the U.S. is not expected to significantly impact overall profits, as the majority of companies have adapted their production strategies [5] Brand Upgrades in Pet Food - Guobao's Maifudi brand has undergone significant updates, including a shift in product naming and packaging, which may lead to the Buff series becoming a standalone brand [6][7] Baijiu Sector Trends - The baijiu sector is experiencing a recovery in valuation, with a stable price system for key products like Feitian Moutai. The market is expected to stabilize as core products find their positioning [11][12] Pharmaceutical Innovation - The innovative pharmaceutical sector is performing well, with companies like Heng Rui Pharmaceutical expected to launch nearly ten new products in the next two to three years, leading to explosive growth [3][17] - Bai Jie Shen Zhou is expected to achieve profitability in 2025, with significant revenue from its leading product, Zebu Tini [3][18] Investment Recommendations - Recommended stocks include Muyuan Foods and Juxing Agriculture in the pig farming sector, and Heng Rui Pharmaceutical in the pharmaceutical sector. The baijiu sector recommends high-end brands like Moutai and Wuliangye [1][14][17] Other Important Insights - The planting and seed industry requires close monitoring of new genetically modified crop data and U.S.-China trade relations affecting agricultural tariffs [1][10] - The pet food industry is expected to continue its rapid growth trajectory, with significant product launches planned for 2025 [1][9]

证券研究报告 | 行业周报 gszqdatemark 2025 03 01 年 月 日 医药生物 【周专题&周观点】【总第 386 期】2024 快报高增长公司梳理— —前三季度高增长公司列举 一、当周（2.24-2.28）回顾与周专题： 当周（2.24-2.28）申万医药指数环比-2.72%，跑赢创业板指数，跑输沪深 300 指数。 当周周专题，我们梳理了 2024 快报高增长的医药公司，并列举了前三季度高增长公司， 供投资者寻找 2024 年业绩超预期的潜在标的。 （二）【AI 医疗应用】国际医学、九安医疗、晶泰控股、美年健康、华大智造、华大基 因、金域医学、固生堂、医脉通等。 （三）【两会政策】生育如华特达因；体检如美年健康。 （四）【其他标的】健友股份、福瑞股份、药明康德、浩欧博、哈药股份等。 2、思路二【医药产业逻辑】 2、原因分析：主要系相关标的涨幅较大且海外映射偏弱，从科技主线演绎到两会。我 们认为：（1）AI 医疗此次调整和去年短期行情不太一样，市场慢慢认识到了 AI 之于医 药医疗未来行业演变的意义，但经过一轮演绎后，医疗 AI 会快速去伪存真，第二波应 该会更聚焦，围绕【场景/入口、数据】 ...

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 阿得贝利单抗注射液是公司自主研发的人源化抗 PD-L1 单克隆抗体，能通过 特异性结合 PD-L1 分子从而阻断导致肿瘤免疫耐受的 PD-1/PD-L1 通路，重新激 活免疫系统的抗肿瘤活性，从而达到治疗肿瘤的目的。国外有同类产品 Atezolizumab （ 商 品 名 ： Tecentriq ） 、 Avelumab( 商品名： Bavencio) 和 Durvalumab(商品名：Imfinzi)于美国获批上市销售，其中 Atezolizumab 和 Durvalumab 已在中国获批上市。国内有康宁杰瑞/思路迪药业的恩沃利单抗、基 石药业的舒格利单抗和正大天晴药业的贝莫苏拜单抗等同类产品获批上市。公司 阿得贝利单抗注射液（商品名：艾瑞利）已于 2023 年 3 月获批上市，获批的适 应症为与卡铂和依托泊苷联合用于广泛期小细胞肺癌患者的一线治疗。经查询， 2023 年 Atezolizumab、Avelumab 和 Durvalumab 全球销售额合计约为 89.85 亿 美元。截至目前，阿得贝利单抗注射液相关项目累计研发投入约 78,47 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-017 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。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司山东盛迪医 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"）核准签发关于 HRS-1301 片的《药物临床试验批准通知书》，将于近期开展临床试验。现将相 关情况公告如下： 一、 药物的基本情况 药物名称：HRS-1301 片 受 理 号：CXHL2401316、CXHL2401317、CXHL2401318 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2024 年 12 月 4 日受理的 HRS-1301 片符合药品注册的有关要求，同意本品开展治疗高 脂血症的临床试验。 二、药物的其他情况 HRS-1301 片是公司自主研发的 1 类化学药物。临床前研究显示，HRS-1301 可有效改善高脂血症。目前全球范围内暂无同类药物获批上市。截至目前， HRS-1301 ...