Investment Rating - The report maintains a "Buy" rating for the medical services industry, suggesting a positive outlook for investment opportunities in this sector [10][64]. Core Insights - The medical services sector has shown resilience, with a recent increase in the sector's PE ratio to 34.43X and PB ratio to 3.49X, indicating a positive trend in valuation metrics [4][29]. - The approval of internet medical first diagnosis trials in Beijing marks a significant regulatory breakthrough, potentially accelerating the online medical service process and providing new market opportunities for private medical institutions [5][62][63]. - The report highlights the importance of digital regulation and standardization in enhancing service capabilities for private medical institutions, particularly in consumer healthcare sectors like pediatrics and dermatology [5][62]. Summary by Sections Industry Performance - The pharmaceutical and biological sector increased by 0.14%, ranking 15th among 31 primary industries, outperforming the Shanghai Composite Index by 1.47 percentage points [2][12]. - The medical services sub-sector reported a 1.31% increase, closing at 6827.17 points, with a year-to-date performance of 41.41% [24][27]. Company Performance - Top-performing companies in the medical services sector include Meidisi (+18.0%), Tongce Medical (+8.1%), and Nuosige (+5.7%), while underperformers include Haoyuan Pharmaceutical (-6.2%) and Baicheng Pharmaceutical (-4.5%) [3][27]. Valuation Metrics - The medical services sector's PE ratio has increased by 0.56X from the previous week, while the PB ratio has risen by 0.06X, indicating a strengthening in market confidence [4][29]. Investment Recommendations - The report suggests focusing on high-growth areas such as ADC CDMO and peptide CDMO in the pharmaceutical outsourcing sector, as well as companies like WuXi AppTec and Haoyuan Pharmaceutical [10][64]. - It also recommends monitoring private medical service providers with compliance experience, such as Aier Eye Hospital, as they are expected to benefit from the evolving regulatory landscape [5][64].

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The report highlights the significant commercial value of extrahepatic delivery technology for small nucleic acid drugs, which is expanding from liver diseases to multiple disease areas. Domestic companies are rapidly developing multi-target drugs and extrahepatic delivery platforms, which are expected to accelerate the release of potential clinical value [3][8] - The report emphasizes that multinational corporations (MNCs) are intensifying their focus on next-generation delivery platforms, moving from "liver validation" to "multi-organ expansion." This shift is crucial as it addresses unmet clinical needs in various tissues such as fat, muscle, central nervous system, heart, and kidneys [8] - The report indicates that 2026 is a pivotal year for small nucleic acid therapies, with domestic innovative drugs expected to become core assets for transactions. Domestic companies have accumulated rich experience in chemical modifications and liver-targeted delivery technologies, covering high-value areas such as hyperlipidemia, hypertension, hepatitis B, and weight loss [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry in China, specifically on small nucleic acid drugs and their evolving delivery technologies [5][6] Investment Recommendations and Targets - The report lists several investment targets, including: - YK Pharma (688658, Buy) - Hengrui Medicine (600276, Buy) - Xinda Biopharma (01801, Not Rated) - Other companies such as Chengdu XianDao (688222, Not Rated), Reborn Biotech (06938, Not Rated), and others [3]

Group 1 - The core point of the article highlights the performance of the Zhongzheng 2000 ETF (563300), which opened with a gain of 1.17% at 1.472 yuan [1] - The top-performing stocks within the ETF include Ding Tong Technology, which rose by 2.53%, and Jiao Cheng Ultrasound, which increased by 1.85% [1] - The fund's performance benchmark is the Zhongzheng 2000 Index return, managed by Huatai-PB Fund Management Co., with a return of 45.49% since its establishment on September 6, 2023, and a monthly return of 6.52% [1]

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The small nucleic acid drug market is experiencing robust growth, transitioning from technology validation to accelerated commercialization, with a global market size increasing from $2.7 billion in 2019 to $4.6 billion in 2023, and projected to reach $45.7 billion by 2033, reflecting a CAGR of 26.08% [2][39] - The small nucleic acid CXO sector is benefiting from technological breakthroughs and commercialization acceleration, establishing a comprehensive CRDMO service system [2] - Key players in the small nucleic acid field include CROs with core technologies and rich project experience, such as Chengdu XianDai and Kanglong Chemical, and CDMOs with leading production capabilities like WuXi AppTec and Kailai Ying [2] Summary by Sections 1. Small Nucleic Acid Drugs - Small nucleic acid drugs encompass various types, including ASO, siRNA, and aptamers, which target gene expression for disease treatment [11][12] - These drugs offer advantages such as shorter development cycles, broad therapeutic areas, sustained efficacy, and higher success rates compared to traditional drugs [15][16] 2. Market Expansion and BD Activity - The small nucleic acid market is expanding, with significant BD transactions occurring, including a $9 billion collaboration between Wobang Pharmaceutical and Novartis, and a $2 billion platform authorization between Rebio and Boehringer Ingelheim [48] - Domestic companies are actively developing drugs targeting hyperlipidemia, hypertension, and hepatitis B, with notable progress in clinical stages [45][47] 3. CXO Empowerment in Small Nucleic Acid R&D - The CXO industry is crucial for supporting the R&D and production of small nucleic acid drugs, with a focus on enhancing delivery technologies and chemical modifications to improve drug stability and efficacy [22][26]

Group 1 - The core point of the article is that Chengdu Xian Dao announced the completion of a share buyback plan by its controlling shareholder, Jin Li, through a significant increase in A-share holdings [1] - From October 13, 2025, to January 30, 2026, the company’s shareholder, Ju Zhi Xian Dao, acquired approximately 950,000 A-shares, representing about 0.24% of the total share capital as of the announcement date [1] - The total amount spent on the share buyback reached approximately 25.1 million RMB, which met the lower limit of the planned buyback amount without exceeding the upper limit [1]

证券代码：688222 证券简称：成都先导 公告编号：2026-004 成都先导药物开发股份有限公司关于 控股股东、实际控制人之一致行动人宁波聚智先导生 物科技合伙企业（有限合伙）增持公司股份计划 实施完毕暨增持结果公告 本公司董事会、全体董事及相关股东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： 已披露增持计划情况 成都先导药物开发股份有限公司（以下简称"公司"或"成都先导"）于 2025 年 5 月 23 日在上海证券交易所网站（www.sse.com.cn）披露了《成都先导药物 开发股份有限公司关于宁波聚智先导生物科技合伙企业（有限合伙）增持公司股 份计划的公告》（公告编号：2025-018）。为积极响应中国证监会鼓励上市公司控 股股东、实际控制人增持上市公司股票的号召，且基于对公司未来持续稳定发展 的坚定信心及对公司长期投资价值的认可，公司控股股东、实际控制人 JIN LI(李 进)先生之一致行动人宁波聚智先导生物科技合伙企业（有限合伙）（以下简称"聚 智先导"）拟自 2025 年 5 月 23 日起 12 个月内，通过包 ...

成都高新区交子大道 233 号 中海国际中心 C 座 28 层 邮编：610041 电话：(86-28) 6739-8000 传真：(86-28) 6739-8001 junhecd@junhe.com 北京君合（成都）律师事务所 关于成都先导药物开发股份有限公司 控股股东、实际控制人之一致行动人增持公司股份的 法律意见书 致：成都先导药物开发股份有限公司 北京君合（成都）律师事务所（以下简称"本所"）受成都先导药物开发股 份有限公司（以下简称"公司"或"成都先导"）的委托，就公司控股股东、实际 控制人之一致行动人宁波聚智先导生物科技合伙企业（有限合伙）（以下简称"增 持主体"）增持公司股份（以下简称"本次增持"）相关事宜出具本法律意见书。 本所律师依据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民 共和国证券法》（以下简称《证券法》）、《上市公司收购管理办法》（以下简称《收 购管理办法》）、《上海证券交易所科创板股票上市规则》（以下简称《上市规则》）、 在本法律意见书中，本所律师仅就与本次增持相关问题发表法律意见。本法 律意见书仅供公司本次增持之目的使用，未经本所书面同意，其他任何法人、非 法人 ...

Core Viewpoint - Chengdu Xian Dao announced that its controlling shareholder, JINLI (Li Jin), and a concerted actor, Ningbo Juzhi Xian Dao Biotechnology Partnership (Limited Partnership), have completed a share buyback plan, acquiring a total of 945,600 A-shares, which represents 0.24% of the company's total share capital, for an amount of 25.0984 million yuan (excluding transaction fees) [1] Summary by Categories Share Buyback - The buyback period was from October 13, 2025, to January 30, 2026 [1] - A total of 945,600 shares were repurchased [1] - The total investment for the buyback was 25.0984 million yuan [1]

（成都先导公告） 公告指出，业绩变化的主要原因包括主营业务的稳健增长和新技术业务板块的商业转化逐步显现。核心 业务板块DEL保持稳步增长，英国子公司的FBDD/SBDD平台也取得了阶段性进展。此外，公司的非经 营性损益方面，公允价值变动损失同比减少，主要系交易性金融负债公允价值变动影响减少所致。 近日，成都先导发布公告称，预计2025年年度实现归母净利润为1.04亿元至1.29亿元，与上年同期相 比，将增加5264万元至7564万元，同比增加102.50%至147.29%；预计归母净利润扣除非经常性损益后 为1.06亿元至1.29亿元，与上年同期相比，将增加4856万元至7156万元，同比增加84.55%至124.59%。 ...