Core Viewpoint - Kelun Pharmaceutical's subsidiary, Kelun Biotech, received approval from the National Medical Products Administration for a new indication of Lukanasa (Lukangshatu) for treating specific adult breast cancer patients, marking the fourth approved indication for this drug in China [1] Group 1: Drug Approval and Clinical Research - The approval is based on the results of the OptiTROP-Breast02 Phase 3 clinical study, which showed a significant improvement in progression-free survival for the drug group compared to the chemotherapy group [1] - There is a trend of benefit in overall survival and a notable increase in objective response rate [1] - Phase 3 clinical studies for Lukanasa in combination with or without Pembrolizumab for related breast cancer have been initiated globally and in China [1] Group 2: Previous Indications and Recognitions - Two previous indications for Lukanasa have been included in the medical insurance coverage [1] - The drug has also received six breakthrough therapy designations [1]

证券代码：002422 证券简称：科伦药业 公告编号：2026-008 四川科伦药业股份有限公司 关于子公司核心产品 TROP2 ADC 芦康沙妥珠单抗(sac-TMT) 获国家药品监督管理局批准 第四项适应症（用于治疗 2L+ HR+/HER2-乳腺癌）上市的公告 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。 四川科伦药业股份有限公司（以下简称"公司"）近日获悉，公司控股子公 司四川科伦博泰生物医药股份有限公司（以下简称"科伦博泰"）靶向人滋养细 胞表面抗原 2(TROP2)的抗体偶联药物(ADC)芦康沙妥珠单抗(sac-TMT，亦称 SKB264/MK-2870)(佳泰莱®)的一项新增适应症上市申请已获中国国家药品监督 管理局(NMPA)批准，用于治疗既往接受过内分泌治疗且在晚期疾病阶段接受过 至少一线化疗的不可切除或转移性的激素受体阳性(HR+)且人类表皮生长因子 受体 2 阴性(HER2-)(免疫组织化学(IHC) 0、IHC 1+或 IHC 2+/原位杂交(ISH)-)乳 腺癌(BC)成人患者。该适应症是芦康沙妥珠单抗(sac-TMT)在中国上市的 ...

Group 1 - Chengdu has 7 companies listed in the "2025 Hurun China 500," with a threshold of 34 billion yuan, an increase of 7.5 billion yuan from the previous year, representing a growth of 28% [1] - The total value of the 500 companies increased by 21 trillion yuan, a growth of 38%, reaching 77 trillion yuan, with an average value growth of 41.5 billion yuan, totaling 1.53 trillion yuan [1] - Among the top three companies, TSMC's value increased by 3.5 trillion yuan to 10.5 trillion yuan, Tencent's value grew by 1.9 trillion yuan to 5.3 trillion yuan, and ByteDance's value rose by 1.8 trillion yuan to 3.4 trillion yuan [1] Group 2 - Chengdu's representative company, Xinyi Technology, saw its value increase by 218.5 billion yuan to 309 billion yuan, ranking 31st and rising 89 places [2] - In the innovative drug sector, Chengdu's representative company, Baili Tianheng, experienced a value increase of 79.5 billion yuan to 153 billion yuan, ranking 86th and rising 56 places [2] - The other five Chengdu companies listed are: Tongwei Co., Ltd. (ranked 120th, 116 billion yuan), Langjiu (ranked 205th, 72 billion yuan), Kelun Pharmaceutical (ranked 279th, 55 billion yuan), New Hope (ranked 354th, 45 billion yuan), and Guojin Securities (ranked 457th, 36 billion yuan) [2]

根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所上市公司自律监管指引第 9号一一回购股份》等有关规定，上市公司在回购期间应当在每个月的前3个交易日内披露截至上月末的 回购进展情况，现将目前公司回购股份的进展情况公告如下： 截至2026年1月31日，公司暂未通过股份回购专用证券账户以集中竞价方式回购公司A股股份。 登录新浪财经APP 搜索【信披】查看更多考评等级 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。 四川科伦药业股份有限公司（以下简称"公司"）本次回购股份事项所涉议案《关于回购公司股份方案的 议案》已经2026年1月4日召开的第八届董事会第十一次会议审议通过。公司于2026年1月6日在公司指定 信息披露网站巨潮资讯网（www.cninfo.com.cn）、《证券时报》、《上海证券报》、《证券日报》和 《中国证券报》上披露了《第八届董事会第十一次会议决议公告》和《关于回购公司股份方案的公告暨 回购报告书》。 根据《关于回购公司股份方案的公告暨回购报告书》（以下统称"方案"），公司拟通过深圳证券交易所 以集中竞价交易方式回购公司股份。在 ...

格隆汇2月3日丨科伦药业(002422.SZ)公布，截至2026年1月31日，公司暂未通过股份回购专用证券账户 以集中竞价方式回购公司A股股份。 ...

证券代码：002422 证券简称：科伦药业 公告编号：2026-007 四川科伦药业股份有限公司 关于回购公司股份进展的公告 1 公司后续将根据市场情况实施本次回购方案，并根据相关规定及时履行信息 披露义务，敬请广大投资者注意投资风险。 特此公告。 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。 四川科伦药业股份有限公司（以下简称"公司"）本次回购股份事项所涉议 案《关于回购公司股份方案的议案》已经2026年1月4日召开的第八届董事会第十 一次会议审议通过。公司于2026年1月6日在公司指定信息披露网站巨潮资讯网 （www.cninfo.com.cn）、《证券时报》、《上海证券报》、《证券日报》和《中 国证券报》上披露了《第八届董事会第十一次会议决议公告》和《关于回购公司 股份方案的公告暨回购报告书》。 根据《关于回购公司股份方案的公告暨回购报告书》（以下统称"方案"）， 公司拟通过深圳证券交易所以集中竞价交易方式回购公司股份。在回购资金总额 不低于人民币5,000.00万元（含），且不超过人民币10,000.00万元（含），回购 价格不超过人民币35元/股（ ...

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [4][10][13]. Core Insights - The report continues to recommend the innovative pharmaceutical and medical device industry chain, including a list of A-share and H-share stocks with an "Overweight" rating [2][10][13]. - In January 2026, the pharmaceutical sector underperformed the broader market, with the Shanghai Composite Index rising by 3.8% while the SW Pharmaceutical and Biological Index increased by 3.1% [15][24]. - The report highlights that the medical services, chemical raw materials, and medical devices sub-sectors performed relatively well, with increases of 8.8%, 5.6%, and 5.3% respectively [19][24]. - The report notes that the A-share pharmaceutical sector's premium level is currently at a normal level, with a relative premium rate of 61.1% as of the end of January 2026 [21][26]. Summary by Sections 1. Continued Recommendation for Innovative Pharmaceutical and Medical Device Industry - The report maintains an "Overweight" rating for the following A-share stocks: Hengrui Medicine, Kelun Pharmaceutical, Xinlitai, BeiGene, Teru Biopharma, Jingxin Pharmaceutical, Yifang Biopharma, WuXi AppTec, Kailai Pharmaceutical, Tigermed, Lepu Medical, United Imaging, Microelectrophysiology, and Tongce Medical, and includes these stocks in the February 2026 monthly portfolio [10][12][13]. 2. January 2026 Pharmaceutical Sector Performance - The report states that the pharmaceutical sector underperformed the market in January 2026, with the SW Pharmaceutical and Biological Index ranking 18th among the Shenwan first-level industries [15][16][24]. 3. January 2026 Performance of Hong Kong and US Pharmaceutical Sectors - The Hong Kong pharmaceutical sector outperformed the market, with the Hang Seng Healthcare Index rising by 8.6% and the biotechnology sector by 8.5%, compared to a 6.9% increase in the Hang Seng Index [24]. - Conversely, the US pharmaceutical sector underperformed, with the S&P Healthcare Select Sector Index declining by 0.3% while the S&P 500 rose by 1.4% [24].

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [4][10][13]. Core Insights - The report continues to recommend the innovative pharmaceutical and medical device industry chain, including a list of A-share and H-share stocks with an "Overweight" rating [2][10][13]. - In January 2026, the pharmaceutical sector underperformed the broader market, with the Shanghai Composite Index rising by 3.8% while the SW Pharmaceutical and Biological Index increased by 3.1% [15][19]. - The report highlights that the medical services, chemical raw materials, and medical devices sub-sectors performed relatively well, with increases of 8.8%, 5.6%, and 5.3% respectively [19][24]. - The report notes that the A-share pharmaceutical sector currently has a premium level of 61.1% compared to the overall A-share market [21][26]. Summary by Sections 1. Continued Recommendation for Innovative Pharmaceutical and Medical Device Industry - The report maintains an "Overweight" rating for the following A-share stocks: Hengrui Medicine, Kelun Pharmaceutical, Xinlitai, BeiGene, Teva Pharmaceutical, Jingxin Pharmaceutical, Yifang Biotechnology, WuXi AppTec, Kailai Pharmaceutical, Tigermed, Lepu Medical, United Imaging Healthcare, Microelectronic Physiology, and Tongce Medical [10][11][12]. - The report also maintains an "Overweight" rating for the following H-share stocks: Hansoh Pharmaceutical, 3SBio, Kelun Biotech, CanSino Biologics, and BeiGene [13]. 2. January 2026 Pharmaceutical Sector Performance - The report indicates that the pharmaceutical sector's performance was weaker than the market, ranking 18th among the Shenwan first-level industries [15][16]. - The report provides details on individual stock performances, with the top gainers being Hongbo Pharmaceutical (+61.4%), Baolai Technology (+55.2%), and Hualan Biological (+51.7%) [21]. 3. January 2026 Hong Kong and US Pharmaceutical Sector Performance - The Hong Kong pharmaceutical sector outperformed the market, with the Hang Seng Healthcare Index rising by 8.6% and the Hang Seng Biotechnology Index by 8.5% [24]. - In contrast, the US pharmaceutical sector underperformed, with the S&P Healthcare Select Sector Index declining by 0.3% [24].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, with a focus on companies like Haoyuan Pharmaceutical and Aopumai [1]. Core Insights - The report highlights a recovery in the upstream research sector supported by interest rate cuts and other factors, indicating a renewed focus on early-stage research projects by pharmaceutical companies [4][16]. - The A-share pharmaceutical index has shown a year-to-date increase of 3.14%, outperforming the CSI 300 index by 2.51% [4]. - The report emphasizes the importance of innovation in drug development, particularly in early-stage projects, and suggests that the demand for life sciences services will increase as funding becomes more available [4][16]. Summary by Sections Industry Trends - The A-share pharmaceutical index has decreased by 3.31% this week, while the Hang Seng Biotechnology Index has decreased by 3.24% [4][9]. - The report notes that the pharmaceutical sector is experiencing a rebound in demand, driven by both domestic and international factors, including a resurgence in IPOs and funding opportunities [16][18]. Research and Development Progress - The report details significant advancements in innovative drugs and improved drugs, with several companies submitting applications for new drug approvals [20]. - Companies like Roche and Relay Therapeutics are making strides in clinical trials, with Roche submitting an application for Giredestrant for breast cancer treatment [4][20]. Recommended Stocks - The report suggests focusing on specific companies based on sub-industry strengths, including: - CXO and upstream research services: WuXi AppTec, Haoyuan Pharmaceutical, Aopumai, and King’s Ray Biotechnology [12]. - Traditional Chinese medicine: Jichuan Pharmaceutical, Zuoli Pharmaceutical, and Fangsheng Pharmaceutical [12]. - PD1 PLUS: 3SBio, Kangfang Biotech, and Innovent Biologics [12]. - ADC: InnoCare Pharma and Kelun-Biotech [12]. - AI drug development: Jingtaikong Holdings [12].

Core Viewpoint - The report highlights the performance of the China Europe Medical Health Mixed Fund managed by Ge Lan and Zhao Lei, indicating a decline in total fund size and negative returns compared to benchmarks [1][4]. Fund Performance - As of December 31, 2025, the total size of the funds managed by Ge Lan decreased from 43.544 billion to 35.389 billion yuan [1]. - The A-class share of the China Europe Medical Health Mixed Fund recorded a net value growth rate of -14.81%, while the C-class share saw a decline of -14.98%, both underperforming the benchmark return of -8.21% [1][3]. Holdings Overview - The top ten holdings of the China Europe Medical Health Fund include WuXi AppTec, Heng Rui Medicine, and Kanglong Chemical, with notable increases in holdings for Hai Si Ke and Tai Ge Medicine, while reductions were seen in stocks like Ke Lun Pharmaceutical and Xin Li Tai [1][2]. Market Context - In Q4 2025, the CSI Pharmaceutical Index fell by 12.7%, underperforming the CSI 300 Index, which declined by only 0.2%. The report notes significant differentiation within sub-sectors, with innovative industries experiencing corrections while traditional Chinese medicine and pharmaceutical commerce remained relatively stable [3]. Future Outlook - Looking ahead to Q1 2026, improvements in global liquidity are expected to boost investment and financing in innovative pharmaceuticals, supported by domestic policy enhancements. The innovative drug and device industry is anticipated to maintain a high level of activity, with several key domestic drugs approaching critical data readouts [4][5]. - The report suggests that the pharmaceutical sector may continue to experience structural trends due to macroeconomic improvements, supportive industry policies, and ongoing innovation, with investment opportunities focusing on the progress of innovative drug and device exports, domestic substitution in equipment, and recovery in consumer healthcare demand [5].