Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Pharmaceutical (Pharma)** and **Biopharmaceutical/Biotech** sectors, highlighting companies with potential for value re-evaluation and those entering a performance ramp-up phase [1][2]. Core Insights and Arguments 1. **Value Re-evaluation of Pharma Companies**: - There is a recommendation to further support Pharma companies that have the potential for value re-evaluation, particularly emphasizing key marginal changes. The BD (Business Development) revenue for Pharma is expected to normalize, which will drive an upward shift in the valuation framework [1][2]. 2. **Performance Ramp-up in Biopharma/Biotech**: - Continuous recommendation for Biopharma/Biotech companies that are entering a performance ramp-up phase and have pipelines that are consistently delivering results. The expectation is that by 2026, leading Biopharma/Biotech companies will enter a period of accelerated performance [2]. 3. **Key Marginal Changes**: - The core marginal change driving the value re-evaluation logic for Pharma companies is the normalization of BD revenue. This is supported by two main factors: - Leading Pharma companies have a more comprehensive technology platform and pipeline layout, enhancing their ability to continuously produce BD assets [2]. - External transactions are evolving from sporadic single-asset licensing to a more platform-based and series-based licensing model, making upfront payments, milestones, and revenue sharing more replicable and predictable. Recent collaborations, such as the partnership between **Shiyao** and **AstraZeneca** for a long-acting weight loss drug (total package of $18.5 billion) and **Innovent** with **Eli Lilly** in oncology and immunology (total package of $8.9 billion), exemplify this trend [2]. Recommendations - Specific companies recommended for investment include: - **Hengrui Medicine** - **Hansoh Pharmaceutical** - **Shiyao Group** (new addition in February) - **China National Pharmaceutical Group** - **Sinopharm** (new addition in February) - **Haisco** [2]. Additional Important Insights - The oncology, metabolism, and autoimmune sectors are expected to see a concentration of critical data releases. The integration of new technology platforms such as small nucleic acids, bispecific/trispecific antibodies, next-generation ADCs, and PROTAC/molecular glue is anticipated to provide significant valuation elasticity for leading companies at key data points, potentially opening up overseas BD opportunities [3].

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]

（原标题：信立泰递表港交所：心肾代谢龙头抢滩"A+H"赛道） 国内心血管领域龙头信立泰，港股上市进程正式步入实质性阶段。 2月13日，公司发布公告确认，已于前一日（2月12日）正式向香港联合交易所递交H股发行上市申请，拟在港交所主板挂牌交易，高盛、花旗与 中信证券共同担任本次发行的联席保荐人。 招股书披露公司创新药转型的详细成效，更折射出当前国内优质药企加速"A+H"布局、抢占全球创新药市场话语权的行业趋势。 作为深耕心肾代谢疾病治疗领域二十余年的老牌药企，信立泰自2009年登陆深交所后，便逐步从仿制药主导转向创新药驱动，此次递表港股，既 是对其转型成果的一次全面检验，也是其打通国际化资本渠道、冲刺全球市场的关键一步。 截至2月13日午间收盘，信立泰A股报51.30元，微跌0.19%，总市值约571.90亿元；回溯近一年走势，公司股价累计上涨74.97%，但近三个月受市 场波动影响，股价回调幅度达16.00%。 创新药成支柱 根据信立泰递交的招股书（申请版本）及公开数据显示，公司成立于1998年，经过二十余年的深耕，已构建起以创新药为核心，涵盖仿制药、生 物类似药及医疗器械的多元化产品组合，成为中国心血管-肾 ...

Group 1 - The company, Shenzhen Xinlitai Pharmaceutical Co., Ltd., submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange on February 12, 2026 [1][2] - The application materials were published on the Hong Kong Stock Exchange website and are subject to updates and revisions as required by the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1][2] - If the issuance and listing are implemented, the target investors will be limited to qualified foreign investors and domestic qualified investors authorized to conduct overseas securities investments according to Chinese laws and regulations [1][2] Group 2 - The announcement serves to inform domestic investors about the issuance and listing, and does not constitute an offer or invitation to purchase the H-shares [2] - The issuance and listing are subject to approvals from relevant government agencies and regulatory bodies, including the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, indicating uncertainty in the process [2] - The company will fulfill its information disclosure obligations in accordance with the progress of the matter [2]

北京商报讯（记者 丁宁）2月13日，信立泰（002294）发布公告称，公司于2月12日向香港联交所递交 了发行H股股票并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行上市 的申请材料。 ...

据港交所2月12日披露，深圳信立泰（002294）药业股份有限公司(简称：信立泰，002294.SZ)向港交所 主板递交上市申请书，高盛、花旗、中信证券为其联席保荐人。 | [編纂]的 : [編纂]股H股(視乎[編纂]行使與否而定) | | --- | | [編纂]數目 | | [編纂]數目 :[编纂]H股(可予[編纂]) | | [編纂]數目 : [編纂]股H股(可予[編纂]及視乎[編纂]行使 | | 與否而定) | | 最高[編纂] : 每股H股[編纂]港元,另加[編纂]([編纂]) | | 面值 : 每股H股人民幣1.00元 | | [編纂] : [編纂] | 公司简介 据招股书，该公司是中国心血管-肾脏-代谢(心肾代谢综合征)疾病治疗领域的先行者。根据弗若斯特沙利 文的资料，2024年该公司是按收入规模计中国心血管创新药领域第二大的制药企业。截至最后实际可行 日期(2026年2月4日)，根据弗若斯特沙利文的资料，该公司拥有按规模计国内企业中第二大的心肾代谢 综合征创新药管线。该公司的产品组合以创新药为战略核心，同时涵盖仿制药、生物类似药及医疗器 械，相互协同以满足心肾代谢综合征领域巨大未被满足的医疗需 ...

Group 1 - In 2025, a total of 6.763 million marriage registrations were recorded in China, an increase of 657,000 compared to the previous year, representing a growth of 10.76% [3][4] - The new marriage registration regulations effective from May 10, 2025, will eliminate regional restrictions and allow nationwide processing of marriage certificates [3][4] - The increase in marriage registrations is particularly notable in cities with high influxes of migrant populations [3] Group 2 - Elon Musk was ranked as the greatest innovator in the Forbes "Innovators 250" list, with Nvidia CEO Jensen Huang placed fifth [4] - The top ten innovators include notable figures such as Jeff Bezos, Bill Gates, and George Lucas [4] - The U.S. stock market saw a collective decline, with major tech stocks like Apple dropping by 5% [4] Group 3 - The CEO of Insta360, Liu Jingkang, announced the distribution of five apartments and several luxury cars as incentives during the company's annual meeting [2][3] - The total value of the cars given away exceeded 10 million yuan, highlighting the importance of material incentives for employee motivation [2] Group 4 - The Chinese market for high-end talent is increasingly influenced by both intrinsic motivations like achievement and extrinsic incentives such as material rewards [2] - The introduction of a "low-quality seat" reminder by the 12306 ticketing platform has sparked discussions among consumers regarding the quality of available seating options [2] Group 5 - Samsung Electronics has begun mass production of HBM4 memory and is actively expanding its production capacity, anticipating a threefold increase in sales compared to 2025 [7] - Nuveen is set to acquire Schroders for £9.9 billion, marking the end of the latter's 200-year independence [7] Group 6 - LV, Dior, and Tiffany were fined over 36 billion KRW in South Korea due to poor management of customer information leading to data leaks [12] - The fines were imposed by the Personal Information Protection Commission, with LV facing the largest penalty of 21.385 billion KRW [12] Group 7 - SoftBank Group reported a net profit increase to 3.1726 trillion yen for the period from April to December 2025, marking a fivefold increase compared to the previous year [20] - Hermes announced a revenue of 16 billion euros for 2025, reflecting a 5.5% year-on-year growth [20] - Siemens reported a net profit of 2.222 billion euros for the first quarter of 2026, a decrease of 43% year-on-year [20]

智通财经APP讯，信立泰(002294.SZ)公告，公司于2026年2月12日向中国香港联合交易所有限公司递交 了发行H股股票并在中国香港联交所主板挂牌上市的申请，并于同日在中国香港联交所网站刊登了本次 发行上市的申请材料。 ...

智通财经APP讯，信立泰(002294.SZ)公告，公司于2026年2月12日向中国香港联合交易所有限公司递交 了发行H股股票并在中国香港联交所主板挂牌上市的申请，并于同日在中国香港联交所网站刊登了本次 发行上市的申请材料。 ...

https://www1.hkexnews.hk/app/sehk/2026/108199/documents/sehk26021201241. pdf 证券代码：002294 证券简称：信立泰 编号：2026-014 深圳信立泰药业股份有限公司 关于向香港联交所递交 H 股发行上市申请并 刊发申请资料的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳信立泰药业股份有限公司（下称"公司"）于 2026 年 2 月 12 日向香港 联合交易所有限公司（下称"香港联交所"）递交了发行 H 股股票并在香港联 交所主板挂牌上市（下称"本次发行上市"）的申请，并于同日在香港联交所网 站刊登了本次发行上市的申请材料。该申请材料为公司按照香港证券及期货事务 监察委员会（下称"香港证监会"）及香港联交所的要求编制和刊发，为草拟版 本，其所载资料可能会适时作出更新及修订，投资者不应根据其中的资料作出任 何投资决定。 本次发行上市如果最终实施，发行对象将仅限于符合相关条件的境外投资者 及依据中国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会 在境内证券交易 ...