Core Viewpoint - The article discusses the current funding logic in the market, highlighting the significant movements of public funds in the technology sector, particularly in the semiconductor and biopharmaceutical industries, as they adjust their portfolios based on performance and valuation metrics [3][8]. Group 1: Public Fund Movements - Public funds have shown a notable shift in their holdings, particularly in the STAR Market, with the STAR 50 Index rising by 12.1% this year [3][4]. - The total market capitalization of STAR Market companies reached 10.4 trillion yuan, with the technology sector dominating, accounting for 62.1% of the total market cap [5][6]. - The semiconductor industry remains the core focus for fund allocation, with 12 companies in the sector having a market capitalization exceeding 10 billion yuan [9][11]. Group 2: Semiconductor Sector Insights - The market's pricing anchor for the semiconductor sector has shifted from "valuation expansion" to "performance realization," emphasizing the importance of actual earnings [13][14]. - Key drivers for future growth in the semiconductor sector include strong order backlogs, profit growth through acquisitions and expansions, and sustained price increases in advanced processes [13][14]. - Public funds have significantly increased their holdings in semiconductor materials, chip design, and equipment, with companies like ShenGong Co. seeing an 11% increase in fund holdings [15][21]. Group 3: Biopharmaceutical Sector Insights - The biopharmaceutical sector is a critical area for public funds, with major holdings in companies like BeiGene and United Imaging Healthcare, although the sector has faced a reduction in holdings for several key companies [24][26]. - The article notes that innovative drug companies are currently under pressure, with significant reductions in holdings observed in companies like BaiLi TianHeng and RongChang Biopharma [26][28]. - Despite the challenges, companies with strong earnings potential and innovative drug pipelines are still attracting interest from public funds, indicating a selective investment approach [35][40].

Core Viewpoint - Chengdu Yuandong Pharmaceutical Co., Ltd. has participated in the continuation procurement of drugs whose agreements have expired under the national organization procurement program, with 13 products proposed for selection in this round [1][2]. Group 1: Proposed Selected Products - The proposed selected products include 12 that were previously selected in the first to eighth batches of the national organization procurement, and one new product, Paricalcitol Injection [2]. - The total expected sales revenue from these products is approximately 651.20 million yuan for 2024, accounting for 48.25% of the company's total revenue for that year [2]. - For the first nine months of 2025, the expected sales revenue is about 504.08 million yuan, representing 49.46% of the company's total revenue for that period [2]. Group 2: Impact on the Company - The procurement cycle for these selected products will run from the actual execution date of the selection results until December 31, 2028, with medical institutions prioritizing the use of these selected drugs [2]. - The overall procurement is expected to maintain price stability or further decline, providing medical institutions with greater choice and ensuring continuity in clinical medication [2]. - Although some selected products may see a decrease in price compared to previous sales, having 13 products proposed for selection allows the company to solidify its market share and enhance the accessibility of these drugs [2].

Core Viewpoint - The company, Yuandong Biotech (688513.SH), has participated in the procurement process for the continuation of drug products after the expiration of the national organized procurement agreements, with 13 products, including Bisoprolol Fumarate Tablets and Etoricoxib Tablets, proposed for selection in this procurement [1] Group 1 - The procurement process is led by Jiangsu, Henan, and Guangdong provinces, aiming to stabilize or further reduce prices while providing greater choice for medical institutions [1] - The selection of products allows medical institutions to choose suppliers with better supply assurance capabilities, thereby ensuring continuity in clinical medication and reducing the risks associated with drug switching due to centralized procurement [1] - Although some selected products have lower prices compared to previous sales, the selection of 13 products positions the company to maintain its market share and enhance the accessibility of these drugs if contracts are signed and executed [1]

Core Viewpoint - Yuan Dong Biotech (688513.SH) has participated in the procurement process for the continuation of drug selection following the expiration of the national organized procurement agreements, with 13 products, including Fumarate Bisoprolol Tablets and Etoricoxib Tablets, proposed for selection in this round of procurement [1] Group 1 - The procurement process is organized by Jiangsu, Henan, and Guangdong provinces, aiming to stabilize or further reduce drug prices while providing greater choice for medical institutions [1] - The selection of 13 products by the company, despite some price reductions compared to original sales prices, is expected to help maintain market share and enhance drug accessibility if contracts are signed and executed [1] - The procurement aims to ensure continuity in clinical medication and reduce the risks associated with drug switching due to organized procurement [1]

Group 1 - Unisplendour Corporation has decided to terminate its plan to issue H-shares and list on the Hong Kong Stock Exchange due to strategic development considerations [2] - Yuandong Biotech is participating in a follow-up procurement for 13 products, with expected sales revenue of approximately 651 million yuan in 2024, accounting for 48.25% of total revenue [3] - Blue Lithium has terminated its participation in the GreenMei Indonesia project due to strategic adjustments by GreenMei, with no significant impact on its operations [4] Group 2 - Jinhaitong plans to invest up to 400 million yuan in the construction of a semiconductor equipment manufacturing center in Shanghai, covering an area of 55,000 square meters [5] - Kaiying Network's subsidiary has signed a settlement agreement with Legend IP, which is expected to positively impact profits by approximately 200 million yuan [6] - Newray plans to acquire 70% of PCB tool company Huilian Electronics for no more than 700 million yuan, enhancing its market position in the PCB tool sector [7] Group 3 - Longbai Group intends to acquire a 5.46% stake in Yunnan Guotai for 234 million yuan [8] - Dawi Technology's Zhangbei data center project is set to be completed by October 2025, primarily providing customized standard data center environments [9] Group 4 - Guobang Electronics reported a net profit of 508 million yuan for 2025, a year-on-year increase of 4.72%, despite a revenue decline of 7.92% [11] - Daotong Technology achieved a net profit of 935 million yuan in 2025, reflecting a significant year-on-year growth of 45.89% [12] - Jingchen Co. reported a net profit of 871 million yuan for 2025, with a growth of 6% year-on-year [13] Group 5 - Qizhou Dongfeng plans to repurchase shares worth between 50 million and 100 million yuan to implement an employee stock ownership plan [17] - Keri Technology's shareholders plan to reduce their holdings by a total of up to 3.13% of the company's shares [19] Group 6 - Roman Co. signed a 260 million yuan contract for a wind power project, with the company’s share of the contract amounting to approximately 190 million yuan [21] - Zhongke Haixun is expected to win projects totaling approximately 288 million yuan [22] - Shan Jian Co. won four construction projects with a total value of 4.834 billion yuan [23]

证券代码：688513 证券简称：苑东生物 公告编号：2026-004 成都苑东生物制药股份有限公司 关于自愿披露公司参与国家组织集采药品协议期满 品种接续采购拟中选的公告 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、准确性和完整性依法承担法律责任。 近日，成都苑东生物制药股份有限公司（以下简称"公司"）参与了由江苏省、 河南省和广东省牵头组织的原国家组织集采1-8批协议期满品种接续采购的申报 工作。根据国家组织集采药品协议期满品种接续采购办公室（以下简称"接续采 购办公室"）于 2026 年 2 月 10 日在广东省医疗保障局官网（http://hsa.gd.gov.cn） 发布的《国家组织集采药品协议期满品种接续采购拟中选结果公示》显示，公司 富马酸比索洛尔片、依托考昔片等 13 个产品拟中选本次接续采购。现将相关情 况公告如下： 一、拟中选产品基本情况 | 序号 | 拟中选品 | | 适应症或功能主治 | 主要规格包 | 拟中选 | 采购 | 拟中选 | | --- | --- | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - The AI medical sector experienced a decline of 0.66% on February 11, with QianYuan Pharmaceutical leading the drop. The Shanghai Composite Index rose by 0.09%, while the Shenzhen Component Index fell by 0.35% [1]. Group 1: Market Performance - The closing price of QianYuan Pharmaceutical was 11.44, down by 4.67%, with a trading volume of 209,800 shares and a transaction value of 243 million [2]. - The AI medical sector saw a net outflow of 1.345 billion from major funds, while retail investors contributed a net inflow of 1.14 billion [2][3]. Group 2: Individual Stock Performance - YoukeDe (688158) closed at 37.54, up by 5.12%, with a trading volume of 631,000 shares and a transaction value of 2.36 billion [1]. - AidiTe (301580) closed at 55.18, up by 4.63%, with a trading volume of 46,100 shares and a transaction value of 251 million [1]. - SanNuo Biology (300298) closed at 18.54, up by 2.71%, with a trading volume of 105,200 shares and a transaction value of 194 million [1]. - The top decliners included QianYuan Pharmaceutical (300254) and KaiPu Biology (300639), with declines of 4.67% and 4.23%, respectively [2].

Core Viewpoint - The company, Yuandong Biotech (688513.SH), has participated in the procurement process for the continuation of drugs whose agreements from the national centralized procurement have expired, with 13 products proposed for selection in this round [1][2]. Group 1: Procurement Details - The company has submitted applications for the continuation procurement organized by Jiangsu, Henan, and Guangdong provinces [1]. - The proposed selected products include 12 that were previously selected in the first to eighth batches of national centralized procurement and one new product, Paricalcitol Injection [1]. - The sales revenue from these products is projected to be approximately 651.20 million yuan in 2024, accounting for 48.25% of the company's total revenue for that year [1]. Group 2: Impact on Revenue - For the period from January to September 2025, the expected sales revenue from these products is about 504.08 million yuan, representing 49.46% of the company's total revenue for that period [1]. - The procurement cycle will last until December 31, 2028, during which medical institutions will prioritize the selected drugs, ensuring the completion of agreed procurement volumes [2]. Group 3: Market Stability - The overall pricing of the procurement is expected to remain stable or decrease further, providing medical institutions with greater choice and ensuring continuity in clinical medication [2]. - Although some selected products may see a price decrease compared to original sales prices, the selection of 13 products allows the company to maintain its market share and enhance the accessibility of these drugs [2].

Group 1: Pharmaceutical Industry - The pharmaceutical index increased by 0.14%, outperforming the CSI 300 index by 1.47% during the week [2][6] - The report highlights the potential of molecular glue technology to target "undruggable" proteins, expanding the scope for innovative drug development [8][9] - Recommended stocks in the innovative drug sector include Heng Rui Medicine, China Biologic Products, and Yuan Dong Biology, among others [11][9] Group 2: Construction and Building Materials - Major engineering projects are identified as a key focus for the "14th Five-Year Plan," with significant investments planned across various provinces [13][14] - The report notes that infrastructure projects will dominate investment, with substantial funding allocated to transportation, municipal, and energy sectors [14] - The issuance of special bonds has increased significantly, with a total of 5,164.55 billion yuan issued as of February 8, 2026, marking a year-on-year increase of 125.35% [15] Group 3: Real Estate - The Shanghai government has initiated the acquisition of second-hand homes for rental housing projects, indicating a strategic move to stabilize the real estate market [19][21] - New home sales in 42 key cities totaled 1.48 million square meters, a slight decrease of 0.1% week-on-week, while second-hand home sales fell by 3.0% [20][19] - The report suggests that the real estate market is entering a phase of structural differentiation, with high-quality housing expected to see increased demand [23] Group 4: Overseas and Education Research - The first round of negotiations between the US and Iran concluded, with market sentiment shifting towards risk assets, particularly in AI and commercial aerospace sectors [26][30] - Bloom Energy reported better-than-expected earnings, with Q4 2025 revenue reaching $777.8 million, a year-on-year increase of 35.9% [26] - The quantum computing sector is gaining attention, with NERSC announcing a call for proposals utilizing neutral atom quantum processors [28]

Core Viewpoint - Chengdu Yuandong Biopharmaceutical Co., Ltd. has announced the completion of the first dosing of the EP-0210 monoclonal antibody injection in a Phase I clinical trial for treating inflammatory bowel disease, indicating progress in its drug development pipeline [1][3]. Group 1: Drug Overview - EP-0210 monoclonal antibody injection is a humanized IgG1 monoclonal antibody targeting TNF-like ligand 1A (TL1A), aimed at treating inflammatory bowel disease by blocking TL1A-mediated pro-inflammatory signaling pathways [1][2]. - Preclinical studies have shown that EP-0210 has a clear mechanism of action and significant efficacy in various inflammatory bowel disease models, demonstrating better target activity and efficacy compared to the foreign competitor RVT-3101 [2]. Group 2: Clinical Trial Details - The Phase I clinical trial for EP-0210 received formal approval from the National Medical Products Administration in January 2026, with the trial focusing on safety, tolerability, pharmacokinetics, and immunogenicity in healthy adult participants [3]. - As of the announcement date, the first dosing in the single-dose administration phase of the trial has been completed [3].