Summary of Industry Reports Industry: Pharmaceutical and Biotechnology Key Points from Document 1 1. **Raw Material Supply Changes**: The supply of raw materials is accelerating, with a focus on subsequent volume and price changes [1] 2. **Global GLP-1 Landscape**: The global GLP-1 landscape is continuously evolving, and Chinese companies are still pursuing international expansion [1] 3. **Small Nucleic Acid Sector**: Leading companies are gradually entering the small nucleic acid field, with market progress expected to drive the development of supporting industrial chains [1] 4. **Retail Pharmaceutical Market Outlook**: The retail pharmaceutical market is expected to improve by Q4 2025, with an enhanced positioning of chain pharmacies [1] 5. **Value of Oral Immunomodulatory Drugs**: Emphasis on the market value of oral immunomodulatory drugs [1] 6. **Investment Recommendations**: Recommended companies include Chuaning Biological, with attention to Lianbang Pharmaceutical, Guobang Pharmaceutical, and Puluo Pharmaceutical, as well as synthetic biology companies [1] 7. **CXO Order Trends**: Positive trends in CXO orders and rising prices for safety evaluation orders, with recommendations for Yinos and Zhaoyan New Drug, and recommendations for Weiya Biological and Puris [1] Key Points from Document 2 1. **Small Nucleic Acids Breakthrough**: Continuous breakthroughs in small nucleic acids, with ongoing progress in external authorizations by Chinese companies, recommending Yuekang Pharmaceutical and Sunshine Novo [2] 2. **Self-Immunity Field**: Focus on breakthroughs in oral directions and difficult-to-treat areas like UC/IBD, recommending Yahong Pharmaceutical and Yifang Biological [2] 3. **GLP-1 Weight Loss Authorizations**: Recommendations for Zhongsheng Pharmaceutical in the GLP-1 weight loss field, with attention to Lianbang Pharmaceutical and Shiyao Group [2] 4. **ZAP-X Radiation Therapy Equipment**: Initiation of domestic clinical research for ZAP-X radiation therapy equipment, recommending Baiyang Pharmaceutical [2] 5. **Policy Support for Brain-Computer Interface Technology**: Support for the development of invasive brain-computer interfaces, recommending Meihao Medical and Botuo Biological, with accelerated approvals for non-invasive devices, focusing on Xiangyu Medical and Kefu Medical [2] 6. **High-Value Medical Device Exports**: Breakthroughs in exports of high-value medical consumables, with attention to Chunli Medical, Aikang Medical, Nanwei Medical, and Baixin An [2] 7. **AI in Healthcare**: Accelerated applications of AI in healthcare, reshaping application scenarios and bringing changes in industrial chain value, recommending Anbiping and focusing on Yuyue Medical and Meinian Health [2] 8. **Chain Pharmacy Industry**: Industry consolidation in chain pharmacies, with policy support for enhanced positioning, recommending Yifeng Pharmacy and Laobaiqing, with attention to Yixintang [2]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector, emphasizing the potential for investment in bottom assets within the industry [5]. Core Insights - The report highlights the ongoing opportunities in the pharmaceutical sector, particularly in areas such as AI in medicine and innovative drug developments, while noting the recent market performance where the pharmaceutical sector outperformed the broader market [11][26]. - It emphasizes the importance of monitoring key milestones and data updates from major conferences in 2026, such as AACR and ASCO, which could significantly impact investment decisions [11]. Summary by Sections Market Performance - The pharmaceutical sector has shown a return of 3.28% since the beginning of 2026, outperforming the Shanghai Composite Index by 2.99 percentage points [26]. - Recent weekly performance indicates a slight increase in the pharmaceutical sector by 0.14%, while the broader market declined by 1.33% [11][26]. Investment Opportunities - The report identifies several key areas for investment, including: - IO plus strategies involving VEGF dual antibodies, which are gaining traction in clinical trials [12]. - ADC (Antibody-Drug Conjugates) with a focus on large indications and new indications that could enhance overseas mapping [14]. - The development of new RAS inhibitors and their potential in treating various cancers, highlighting companies like 加科思 and 劲方生物 [15]. - The commercial potential of CDK4/6 inhibitors in HR+ breast cancer, particularly as patents expire [16]. Key Companies and Recommendations - The report recommends several companies for investment, including: - 药明生物, 泰格医药, 先声药业, 康弘药业, 普洛药业, 美好医疗, 迪安诊断, 和铂医药-B, 药石科技, and 天宇股份, all of which are expected to perform well in the current market environment [8][19]. - It notes that the pharmaceutical sector's current valuation is 22.8 times PE based on 2026 earnings forecasts, indicating a premium over the broader A-share market [30]. Clinical Developments - The report discusses various clinical trials and their implications, such as: - The anticipated data readouts for several ADCs and dual antibodies in 2026, which could significantly influence market dynamics [17][20]. - The ongoing advancements in small nucleic acids and their expected commercialization, which could lead to substantial market growth [19][23]. Regulatory Environment - The report highlights the regulatory landscape, noting that the National Medical Insurance Administration will intensify oversight in 2026, which may impact pharmaceutical companies [22]. Overall Sector Outlook - The report maintains a positive outlook on the pharmaceutical sector, suggesting that despite recent market fluctuations, there are significant opportunities for growth and investment, particularly in innovative therapies and technologies [11][19].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector [5] Core Insights - The pharmaceutical sector is experiencing a rebound in bottom assets, particularly in traditional Chinese medicine, medical services, and pharmacies, driven by market rotation and price increase expectations in raw materials [7][11] - The report emphasizes the importance of focusing on bottom assets that are expected to see turning points and well-adjusted innovative drug sectors, with a positive outlook on growth directions representing the future of the pharmaceutical industry [11] - Key themes include continuous attention to pharmaceutical and medical AI+, as well as significant data updates expected from major conferences in 2026 [11] Summary by Sections Market Dynamics - The pharmaceutical sector has outperformed the broader market, with a return of 3.28% compared to the Shanghai Composite's 0.29% since the beginning of 2026 [26] - The report notes that the pharmaceutical sector's valuation is currently at 22.8 times PE, with a premium of 11.7% over the overall A-share market [30] Key Company Performance - Recommended stocks for February include WuXi Biologics, Tigermed, and others, with a focus on companies that have shown significant pipeline progress or business development expectations [8][36] - The report highlights the performance of companies like Guangsheng Tang and Nuo Cheng Jian Hua, which have made notable advancements in their core pipelines [36] Industry Trends - The report discusses the trend of combining IO plus therapies and the development of new targets in the dual antibody space, indicating a growing trend in clinical applications [12][14] - Attention is drawn to the ADC (Antibody-Drug Conjugate) sector, particularly large indication FIC (First-in-Class) products and the potential for new indications to enhance overseas mapping [14][17] - The report also highlights the evolving landscape in blood cancers, with new therapies showing promise in previously underserved areas [20]

Core Viewpoint - The company has experienced rapid growth in its CDMO projects, which are now entering the commercialization phase, contributing to an increase in CDMO capacity utilization [2] Group 1: CDMO Project Growth - The number of CDMO projects has been steadily increasing in recent years [2] - The transition to commercial production is expected to enhance capacity utilization for CDMO [2] Group 2: Business Performance Insights - The CDMO projects and capacity involve multiple subsidiaries and numerous production lines, indicating that strong performance in some production lines does not fully represent the overall business situation [2] - The company advises investors to rely on disclosed announcements for accurate business performance assessments and to exercise caution in their analyses [2]

Core Viewpoint - The company has reported a significant increase in CDMO orders for Q1 2026, with a year-on-year growth of 100%, indicating strong confidence in achieving record profits in 2026 [1] Group 1: CDMO Project Growth - The company has experienced rapid growth in its CDMO projects in recent years, which are gradually entering the commercial production phase [1] - Increased utilization of CDMO capacity is expected as a result of this growth [1] Group 2: Production Capacity and Business Outlook - The CDMO projects and production capacity involve multiple subsidiaries and numerous production lines, meaning that strong performance in some production lines does not fully represent the overall business situation [1] - The company advises investors to rely on disclosed announcements for accurate performance expectations and to exercise caution in their analyses [1]

Market Overview - The chemical pharmaceutical sector increased by 0.76% on February 4, with Guangshantang leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Top Gainers in Chemical Pharmaceutical Sector - Guangshantang (300436) closed at 116.01, up 7.50% with a trading volume of 144,300 shares and a transaction value of 16.55 billion [1] - Xinlitai (002294) closed at 48.15, up 4.27% with a trading volume of 118,000 shares and a transaction value of 564 million [1] - Zehao Pharmaceutical (688266) closed at 90.30, up 4.19% with a trading volume of 31,500 shares and a transaction value of 280 million [1] - Other notable gainers include Puluo Pharmaceutical (000739) and Shutaishen (300204), with increases of 4.17% and 4.14% respectively [1] Top Losers in Chemical Pharmaceutical Sector - Xinnoway (300765) closed at 35.80, down 3.79% with a trading volume of 126,300 shares [2] - Tonghua Jinma (000766) closed at 23.57, down 3.72% with a trading volume of 352,100 shares and a transaction value of 814 million [2] - Changshan Pharmaceutical (300255) closed at 48.63, down 3.09% with a trading volume of 246,200 shares and a transaction value of 1.186 billion [2] Capital Flow Analysis - The chemical pharmaceutical sector saw a net inflow of 39.83 million from institutional investors, while retail investors experienced a net outflow of 190 million [2][3] - Notable net inflows from institutional investors include ST Renfu (600079) with 123 million and Guangshantang (300436) with 110 million [3] - Retail investors showed significant outflows from ST Renfu (600079) and Guangshantang (300436), with outflows of 71.99 million and 86.96 million respectively [3]

Group 1 - The core announcement indicates that Prologis Pharmaceutical (000739) has reported a guarantee balance of 369.638 million yuan for its subsidiaries, which accounts for 54.83% of the company's audited net assets for the year 2024 [1] - The guarantees are exclusively for the company's subsidiaries, and there are no overdue guarantees reported [1]

证券代码：000739 证券简称：普洛药业 公告编号：2026-06 普洛药业股份有限公司 关于对下属公司担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 1、2026 年 1 月 6 日，普洛药业股份有限公司（以下简称"公司"）与中国 银行股份有限公司东阳支行（以下简称"中国银行"）签订《保证合同》（合同 编号：横店 2026 年人保字 003 号），同意为公司全资子公司浙江普洛家园药业 有限公司（以下简称"家园药业"）与中国银行签署的《流动资金借款合同》（合 同编号：横店 2026 年人借字 003 号）中的 6,000 万元流动资金贷款提供连带责 任保证，担保期限 10 个月。 2、2026 年 1 月 7 日，公司与中国银行签订《保证合同》（合同编号：横店 2026 年人保字 007 号），同意为公司全资子公司家园药业与中国银行签署的《流 动资金借款合同》（合同编号：横店 2026 年人借字 007 号）中的 7,000 万元流 动资金贷款提供连带责任保证，担保期限 10 个月。 3、2026 年 1 月 8 日，公司与 ...

Core Viewpoint - Pro Pharmaceutical (000739.SZ) has signed a strategic cooperation framework agreement with Hangzhou Derui Zhiyao Technology Co., Ltd. to establish a long-term partnership for CDMO projects, emphasizing mutual benefits and complementary advantages [1] Group 1 - The agreement marks the formation of a strategic partnership between Pro Pharmaceutical and Derui Zhiyao [1] - The collaboration aims to enhance capabilities in the CDMO (Contract Development and Manufacturing Organization) sector [1]

Core Viewpoint - Pro Pharmaceutical (000739) has signed a strategic cooperation framework agreement with Hangzhou Derui Zhiyao Technology Co., Ltd. to engage in long-term collaboration on CDMO projects, enhancing its competitive edge in the CDMO business [1]. Group 1 - The strategic cooperation agreement establishes a partnership based on mutual benefits and complementary advantages between Pro Pharmaceutical and Derui Zhiyao [1]. - The collaboration aims to promote the application of relevant technologies in Pro Pharmaceutical's CDMO projects, from process development to large-scale production [1]. - This partnership is expected to facilitate the expansion of Pro Pharmaceutical's CDMO business, thereby improving its competitiveness in the industry [1].