Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

Group 1 - Tianzhihang Medical Technology Co., Ltd. experienced a stock price increase of 5.43%, reaching 26.19 CNY per share, with a trading volume of 165 million CNY and a turnover rate of 1.42%, resulting in a total market capitalization of 11.942 billion CNY [1] - The company, established on October 22, 2010, and listed on July 7, 2020, focuses on the research, production, sales, and service of orthopedic surgical navigation robots [1] - The revenue composition of the company includes: orthopedic surgical navigation robots (58.31%), supporting equipment and consumables (23.86%), technical services (16.49%), and other (1.31%) [1] Group 2 - Galaxy Fund holds a significant position in Tianzhihang, with the Galaxy Kangle Stock A fund (519673) owning 467,900 shares, representing 5% of the fund's net value, making it the ninth-largest holding [2] - The Galaxy Kangle Stock A fund has a current size of 141 million CNY and has achieved a year-to-date return of 18.34%, ranking 89 out of 5,569 in its category [2] - The fund manager, Fang Wei, has been in charge for 4 years and 280 days, with the fund's total assets amounting to 576 million CNY, and the best and worst returns during his tenure being 2.42% and -12.24%, respectively [2]

Group 1 - Tianzhihang's stock price fell by 2.36% to 24.84 yuan per share, with a total market capitalization of 11.327 billion yuan, and a cumulative decline of 8.17% over three consecutive days [1] - The company, Beijing Tianzhihang Medical Technology Co., Ltd., focuses on the research, production, sales, and service of orthopedic surgical navigation robots, with main business revenue composition: 58.31% from navigation robots, 23.86% from supporting equipment and consumables, 16.49% from technical services, and 1.31% from other sources [1] Group 2 - E Fund's ETF, E Fund National Robot Industry ETF (159530), entered Tianzhihang's top ten circulating shareholders, holding 10.7803 million shares, accounting for 2.38% of circulating shares, with a floating loss of approximately 6.4682 million yuan today [2] - The E Fund National Robot Industry ETF has a total scale of 15.267 billion yuan, with a year-to-date return of 0.81% and a one-year return of 20.43% [2] - Fund managers Li Shujian and Li Xu have managed the fund for 2 years and 3 years respectively, with the best returns during their tenure being 118.55% and 166.96% [2]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The commercialization of Antibody-Drug Conjugates (ADC) is accelerating, with 20 ADC drugs approved globally, and 6 of them consistently generating over $1 billion in revenue for two consecutive years. The competition in the ADC market is entering a new phase, with approximately 60 ADC drugs currently in clinical phase 3 or awaiting market approval [6][30]. - Domestic innovative pharmaceutical companies are adopting various strategies for ADC capacity layout, with companies like Rongchang Biopharma transitioning from outsourcing to in-house production, while others like Kelong Biotechnology are building their own production bases [6][31]. - The recent revision of the "Regulations on the Implementation of the Drug Administration Law of the People's Republic of China" supports segmented contract manufacturing and commercial-scale drug sales, providing a foundation for ADC commercialization partnerships [6][32]. Market Performance - The pharmaceutical index rose by 0.14% this week, outperforming the CSI 300 index by 1.47 percentage points, ranking 15th in industry performance [10]. - Since the beginning of 2026, the pharmaceutical index has increased by 3.28%, again outperforming the CSI 300 index by 2.99 percentage points, ranking 23rd [10]. - The best-performing sub-sector this week was Traditional Chinese Medicine, which increased by 2.56%, while Chemical Pharmaceuticals and Biological Products saw declines of 0.62% and 1.82%, respectively [15][17]. Stock Performance - Among A-share pharmaceutical stocks, the top five performers this week were Guangshengtang (+29.83%), Haixiang Pharmaceutical (+18.64%), and Meidixi (+18.04%) [20]. - In the Hong Kong market, the top performers included Yiteng Jiahe (+14%) and Kedi-B (+9.96%), with 38 out of 116 pharmaceutical stocks rising, representing 32.76% [24][25]. Industry News and Policies - The inclusion of implantable brain-machine interfaces in the category of Class III medical devices marks a significant regulatory development, indicating a focus on innovative medical technologies [27]. - Novartis has submitted an application for the marketing of Ianalumab in China, a drug targeting various autoimmune diseases, which has shown promising results in clinical trials [27]. - Johnson & Johnson announced the approval of Daratumumab injection for a new combination therapy in China, providing a new treatment option for multiple myeloma patients [28].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [3] Core Insights - The commercialization of ADC (Antibody-Drug Conjugates) is accelerating, with 20 ADC drugs approved globally, and 6 of them have been in the "billion-dollar club" for two consecutive years [30][31] - The report highlights the increasing competition in the ADC sector, with approximately 60 ADC drugs currently in clinical phase 3 and application stages [30] - Domestic innovative pharmaceutical companies are adopting various strategies for ADC capacity layout, with companies like Rongchang Biopharma transitioning from outsourcing to in-house production, while others like Kelong Biotechnology are building their own production bases [31][32] Summary by Sections Market Review - The pharmaceutical index rose by 0.14% this week, outperforming the CSI 300 index by 1.47 percentage points, ranking 15th in industry performance [10] - Year-to-date, the pharmaceutical index has increased by 3.28%, also outperforming the CSI 300 index by 2.99 percentage points, ranking 23rd [10] Individual Stock Performance - In the A-share market, 255 out of 479 pharmaceutical stocks rose, with the top five performers being Guangshengtang (+29.83%), Haixiang Pharmaceutical (+18.64%), and Meidixi (+18.04%) [20] - In the Hong Kong market, 38 out of 116 pharmaceutical stocks rose, with the top performers including Yiteng Jiahe (+14%) and Kedi-B (+9.96%) [24] Industry News and Policies - The newly revised "Regulations on the Implementation of the Drug Administration Law" supports segmented contract manufacturing and commercial-scale drug sales, providing a foundation for ADC commercialization cooperation [32] - Notable industry developments include Novartis's application for Ianalumab in China and Johnson & Johnson's approval of Daratumumab injection for multiple myeloma treatment [27][28] Weekly Insights - The ADC commercialization battle has begun, with a significant increase in demand for ADC production capacity, leading to a supply-demand imbalance [30] - Major CXO companies are expanding ADC production capacity, with companies like WuXi AppTec acquiring East Yao Pharmaceutical to meet rising orders [31]

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

Group 1 - The humanoid robot industry is expected to accelerate its commercialization, with 49 A-share humanoid robot companies being intensively researched by institutions since January 2026 [2] - Jingzhi Technology has launched its first full-size humanoid robot, Blot, which achieved a record speed of 10 meters per second, marking the fastest humanoid robot globally [2] - Li Xiang, chairman of Ideal Auto, announced that the upcoming Ideal L9 will transform from a passive tool to an active partner, integrating a complete technology stack for embodied intelligent robotics [2] Group 2 - Faraday Future has entered the robotics field by unveiling its first series of embodied intelligent robots at the National Automobile Dealers Association (NADA) event, including the Futurist, Master, and Aegis series [3] - Analysts from Great Wall Securities predict that 2026 will be a critical year for robot mass production, with leading domestic companies achieving breakthroughs that could resonate across related industries [3] - The robot ETF Huatai-PineBridge (159213) is highlighted as a tool for investors to access the humanoid robot market, with a high concentration of humanoid robots in its index [4] Group 3 - In the robot ETF Huatai-PineBridge, key stocks such as Koryo Technology and Tianzhihang-U have shown significant gains, with Koryo Technology hitting the daily limit and Tianzhihang-U rising over 9% [5]

Group 1 - Tianzhihang Medical Technology Co., Ltd. experienced a stock price increase of 5.17%, reaching 25.23 CNY per share, with a trading volume of 305 million CNY and a turnover rate of 2.72%, resulting in a total market capitalization of 11.505 billion CNY [1] - The company, established on October 22, 2010, and listed on July 7, 2020, focuses on the research, production, sales, and service of orthopedic surgical navigation robots. The revenue composition is as follows: orthopedic surgical navigation robots 58.31%, supporting equipment and consumables 23.86%, technical services 16.49%, and others 1.31% [1] Group 2 - Among the top ten circulating shareholders of Tianzhihang, Huaxia Fund's Huaxia CSI Robot ETF (562500) increased its holdings by 1.6284 million shares in the third quarter, holding a total of 8.7238 million shares, which accounts for 1.93% of the circulating shares. The estimated floating profit today is approximately 10.8175 million CNY [2] - The Huaxia CSI Robot ETF (562500) was established on December 17, 2021, with a latest scale of 26.465 billion CNY. Year-to-date returns are 4.34%, ranking 2777 out of 5566 in its category; the one-year return is 30.24%, ranking 2430 out of 4285; and since inception, the return is 6.23% [2] Group 3 - The fund manager of Huaxia CSI Robot ETF (562500) is Hualong. As of the report date, Hualong has served for 3 years and 169 days, with total fund assets of 39.451 billion CNY. The best fund return during the tenure is 209.94%, while the worst return is -15.08% [3]

证券代码：688277 证券简称：天智航 公告编号：2026-007 北京天智航医疗科技股份有限公司 关于开立募集资金临时补流专项账户并签订募集资金专户 存储三方监管协议的公告 为了规范公司募集资金的存放、使用和管理，维护投资者的合法权益，确保 公司募投项目顺利开展，提高募集资金使用效率，根据《上市公司募集资金监管 规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等 有关规定，公司已根据相关规定签署募集资金监管协议，对募集资金的存放和使 用进行监督。前述协议与上海证券交易所《募集资金专户存储三方监管协议（范 本）》不存在重大差异。 募集资金专户的开立情况如下： 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。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意北京天智航医疗科技股份有限公司向 特定对象发行股票注册的批复》（证监许可[2022]797 号）同意注册，公司向特定 对象发行 A 股股票 29,545,091 股，每股面值人民币 1 元，每股发行价格 12.53 元， 募集资金总额为 370 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - The company is a leading player in the orthopedic surgical robot industry in China, focusing on reshaping surgical processes through intelligent technology and integrating upstream and downstream resources [3][16]. - The company has launched multiple generations of orthopedic surgical robots, with significant advancements in product capabilities and regulatory approvals, including the first all-in-one orthopedic surgical robot [3][5]. - The policy environment is becoming increasingly favorable for surgical robots, with expectations of broader inclusion in medical insurance coverage, which could significantly boost the company's market potential [4][48]. - The consumables and services segment is projected to become a major growth driver, with increasing surgical volumes and a growing demand for related services [5][28]. - Financial forecasts indicate strong revenue growth, with expected revenues of 275 million, 396 million, and 567 million yuan for 2025, 2026, and 2027 respectively, alongside a path to profitability by 2027 [6][9]. Company Overview - The latest closing price is 22.79 yuan, with a total market capitalization of 10.4 billion yuan [2]. - The company has a total share capital of 456 million shares, with a debt-to-asset ratio of 24.3% [2]. - The company has a unique business model that combines equipment sales, consumables, and technical services, aiming for a comprehensive service approach [24]. Market Dynamics - The global orthopedic surgical robot market is expected to grow significantly, driven by an aging population and the increasing demand for precise surgical interventions [31][36]. - The domestic market is characterized by a "one strong, many strong" competitive landscape, with the company holding over 40% market share in China [41][43]. - The report highlights the potential for rapid growth in the orthopedic surgical robot market, with projections indicating a compound annual growth rate of 33.3% from 2026 to 2030 [36][47]. Financial Performance - The company has maintained a high gross margin, with a sales gross margin of 70.2% in 2024, expected to improve further in subsequent years [30]. - Revenue for the first three quarters of 2025 reached 187 million yuan, reflecting a year-on-year growth of 103.5% [29][32]. - The company is on track to reduce losses, with forecasts indicating a return to profitability by 2027 [6][9].