智通财经APP获悉，香港联交所最新数据显示，2月9日，摩根大通增持药明康德(02359)94.2132万股， 每股作价116.0887港元，总金额约为1.09亿港元。增持后最新持股数目约为3577.42万股，持股比例为 7%。 ...

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]

25Q4收入环比持续增长，在前三季度持续经营业务收入增速基础上仍保持了全年20%以上的增长（24Q4基数不 低），Non-IFRS归母净利率来看25Q4表现稳定，达到35.1%略低于25Q3。 #TIDES业务持续高增长，国内景气回暖有望带动利润率进一步提升 25年TIDES业务收入增速超90%，考虑到26年大单带动下Chemistry业务仍将维持快速增长、毛利率提升趋势，在海 外需求稳定恢复、国内即将迎来上游拐点背景下，26年利润端仍有超预期的潜力。 【持续推荐药明康德】稀缺的增长确定性与回调下来的好位置 公司已发布25年业绩预增公告，25年收入454.6亿元（+15.8%，其中持续经营业务收入增速21.4%）超过三季报公 司指引25年全年收入435-440亿元，持续经营业务收入增速为17-18%。 25Q4收入环比持续增长，在前三季度持续经营业务收入增速基础上仍保持了全年20%以上的增长（24Q4基数不 低），Non-IFRS归母净利率来看 【持续推荐药明康德】稀缺的增长确定性与回调下来的好位置 公司已发布25年业绩预增公告，25年收入454.6亿元（+15.8%，其中持续经营业务收入增速21.4%）超过 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][39]. Core Insights - The pharmaceutical sector has shown resilience, outperforming the overall market, with traditional Chinese medicine leading the gains [1][28]. - Roche's oral BTK inhibitor Fenebrutinib has demonstrated non-inferiority to Ocrelizumab in treating primary progressive multiple sclerosis (PPMS), marking a significant advancement in the treatment landscape [2][11]. - The global market for multiple sclerosis (MS) treatment exceeds $20 billion, with unmet needs in PPMS due to limited treatment options [3][25]. Summary by Sections Market Performance - The overall A-share market declined by 1.3%, while the biopharmaceutical sector increased by 0.1%, indicating a stronger performance relative to the market [1][28]. - Specific segments within the biopharmaceutical sector showed varied performance, with traditional Chinese medicine rising by 2.6% [1][28]. Clinical Data and Drug Development - Roche's Fenebrutinib trial for PPMS included 985 patients and achieved its primary endpoint, showing a 12% reduction in disease progression risk compared to Ocrelizumab [2][11][24]. - The safety profile of Fenebrutinib was comparable to Ocrelizumab, with a similar incidence of adverse events [22][24]. Company Earnings Forecast and Investment Recommendations - Key companies in the sector, such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital, are rated as "Outperform" with projected earnings growth [4][39]. - Mindray Medical is highlighted for its strong R&D and international expansion, while WuXi AppTec is recognized for its comprehensive drug development services [39]. Valuation Metrics - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector stands at 37.31x, compared to the overall A-share market at 21.98x [35][36]. - Specific segments like chemical pharmaceuticals and biological products have higher valuations, indicating investor confidence in these areas [35][36].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][39]. Core Insights - The pharmaceutical sector has shown resilience, outperforming the overall market, with traditional Chinese medicine leading the gains [1][28]. - Roche's oral BTK inhibitor Fenebrutinib has demonstrated non-inferiority to Ocrelizumab in a Phase III trial for primary progressive multiple sclerosis (PPMS), marking a significant advancement in treatment options for this condition [2][11]. - The global market for multiple sclerosis (MS) treatment exceeds $20 billion, with Roche's Ocrevus projected to generate CHF 7 billion in sales by 2025, indicating substantial unmet needs in the PPMS segment [3][25]. Summary by Sections Market Performance - The overall A-share market declined by 1.3%, while the biopharmaceutical sector increased by 0.1%, indicating a stronger performance relative to the market [1][28]. - Specific segments within the biopharmaceutical sector showed varied performance, with traditional Chinese medicine rising by 2.6% and medical services increasing by 1.3% [1][28]. Clinical Data and Drug Development - Roche's Fenebrutinib trial included 985 PPMS patients and achieved its primary endpoint, showing a 12% reduction in disease progression risk compared to Ocrelizumab [2][11]. - The trial results suggest potential benefits for upper limb function, reinforcing the viability of BTK inhibitors in MS treatment [3][25]. Company Earnings Forecast and Investment Recommendations - Key companies in the sector, such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital, are rated as "Outperform" with projected earnings growth over the next few years [4][39]. - Mindray Medical is highlighted for its strong R&D and international expansion, while WuXi AppTec is recognized for its comprehensive drug development services [39]. Valuation Metrics - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector stands at 37.31x, compared to the overall A-share market at 21.98x, indicating a premium valuation for the sector [35][36]. - Within the sector, chemical pharmaceuticals and biological products have higher valuations at 45.18x and 46.09x, respectively [35].

Core Viewpoint - Nomura's report indicates that WuXi AppTec's revenue is expected to grow by 9.2% year-on-year to 11.7 billion yuan in Q4 2025, with net profit increasing by 142% to 7.1 billion yuan [1] Financial Projections - For the fiscal year 2026, revenue is projected to grow by 16% year-on-year to 52.6 billion yuan, surpassing market expectations of 51.1 billion yuan due to strong performance in the chemical business [1] - Net profit for 2026 is expected to increase by 3% year-on-year to 19.6 billion yuan [1] Business Segment Performance - By business segment, revenue for TIDES and late-stage development and manufacturing is expected to grow by 55% and 10% year-on-year, reaching 17.1 billion yuan and 21.6 billion yuan respectively [1] - The growth in TIDES is supported by sustained demand and the company's large-scale functional production capacity of 100,000 liters [1] Target Price Adjustments - Nomura has raised the target price for WuXi AppTec's H-shares from 132.8 HKD to 157.07 HKD and for A-shares from 120.85 CNY to 142.93 CNY, maintaining a "Buy" rating [1]

Core Insights - The main focus of the news is the significant inflow of capital into specific stocks, indicating strong investor interest and potential market trends. Group 1: Stock Performance and Capital Inflow - The top stock by capital inflow is Yingweike, with an inflow of 1.297 billion yuan and a price increase of 8.68% [1][2] - Leo Group follows with an inflow of 1.123 billion yuan and a price increase of 5.33% [1][2] - TBEA has an inflow of 545 million yuan and a price increase of 3.42% [1][2] - Western Materials shows an inflow of 504 million yuan with a price increase of 5.61% [1][2] - Tianfu Communication has an inflow of 462 million yuan and a notable price increase of 9.79% [1][2] Group 2: Sector Analysis - The stocks listed belong to various sectors, including specialized equipment, internet services, power grid equipment, and communication devices, indicating diverse investment interests [2][3] - The energy metals sector is represented by Shengtun Mining, which has an inflow of 395 million yuan and a price increase of 10.03% [1][2] - The healthcare sector is highlighted by WuXi AppTec, with an inflow of 389 million yuan and a price increase of 3.78% [1][2] Group 3: Additional Notable Stocks - Copper Crown Copper Foil has an inflow of 370 million yuan and a significant price increase of 11.36% [1][2] - Ningde Times, a key player in the battery sector, has an inflow of 334 million yuan with a price increase of 1.82% [1][2] - Other notable stocks include Yunnan Tin with an inflow of 288 million yuan and a price increase of 1.8% [1][3]

Market Performance - The overall performance of A-shares shows an increase in the earnings forecast rate, with a pre-announcement rate of 37% for 2025, up from 33.6% in 2024[5] - As of February 6, 2026, 54% of A-share companies have disclosed their earnings forecasts for 2025, compared to 51.2% in 2024[5] Sector Insights - The semiconductor and CXO sectors are expected to show strong performance, with the semiconductor equipment sector outperforming materials and components[2] - The non-bank financial sector has a pre-announcement rate exceeding 50%, with a median profit growth rate of 76.1%, while the real estate sector shows a median profit decline of 18.5%[11] Consumer Market - The overall retail sales growth for 2025 is projected at 3.7%, with service consumption growing at 5.5%, outperforming goods retail growth of 3.8%[13] - During the 2026 Spring Festival, domestic flight bookings increased by approximately 15% compared to the previous year, indicating a strong recovery in travel demand[19] Healthcare Sector - The pharmaceutical and biotech sector shows a mixed recovery, with 10% of companies expected to turn profitable, while 49% are projected to incur losses[21] - Notable companies like WuXi AppTec are expected to see a net profit increase of 102.65% in 2025, reaching 19.15 billion yuan[25] High-end Manufacturing - The engineering machinery sector is experiencing a recovery, with excavator sales in January 2026 reaching 18,708 units, a year-on-year increase of 49.5%[28] - The domestic sales of excavators increased by 61.4%, indicating strong internal demand recovery[30]

Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

Core Insights - The report emphasizes the focus on undervalued and performance-recovering sectors within the medical services and consumer segments, predicting a fundamental improvement in 2026 [4]. Group 1: Investment Strategy - The report maintains an "outperform" rating for the sector, indicating a positive outlook for the medical and consumer-related segments [2]. - Key areas of focus include medical services, pharmacies, and home medical devices, which are expected to see performance recovery and valuation improvements in 2026 [4]. Group 2: Sector Analysis - Medical services are anticipated to recover due to improved supply structure and consumer environment, with leading companies expected to show positive earnings guidance for 2026 [4]. - The pharmacy sector has shown significant marginal improvement since Q3 2025, with leading companies experiencing quarterly performance enhancements [4]. - Home medical devices are expected to benefit from increased product penetration and domestic production rates, contributing to sustained performance growth [4]. Group 3: Notable Companies - The report highlights specific companies to watch, including Aier Eye Hospital, Yuyue Medical, and Yifeng Pharmacy, which are positioned for growth in their respective segments [4]. - The investment portfolio for February 2026 includes a mix of A-share and H-share companies, such as Mindray Medical, WuXi AppTec, and Kangfang Biotech, indicating a diversified approach to investment [4]. Group 4: Market Performance - The medical sector outperformed the broader market in January 2026, with a 3.14% increase compared to the 1.49% rise of the CSI 300 index [10]. - Sub-sectors such as medical services and medical devices showed significant gains, with respective increases of 8.82% and 5.28% [17]. Group 5: Macro Data - In 2025, the pharmaceutical manufacturing industry reported a total revenue of 24,870 billion yuan, reflecting a slight decline of 1.2% year-on-year, while total profits increased by 2.7% [9]. - The retail sales of pharmaceuticals reached 7,294 billion yuan, with a year-on-year growth of 1.8%, indicating a stable demand in the market [9].