Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: Innovative pharmaceuticals, particularly in the context of China's biopharmaceutical sector and its international expansion - **Market Growth**: The total value of BD (Business Development) transactions for innovative drugs is projected to reach $137.7 billion by 2025, a 1.6 times increase year-on-year, significantly surpassing the electric vehicle sector's $74 billion in the same timeframe [1][2][3] Core Insights and Arguments - **International Expansion**: The innovative drug sector is experiencing explosive growth in international markets, with Q1 2026 BD transactions already reaching $60 billion, accounting for 46% of the total for 2025 [1][2] - **Policy Support**: Biopharmaceuticals have been designated as a new pillar industry by the Chinese government, shifting focus from public welfare to GDP contribution, indicating a supportive policy environment for growth [2][3] - **Performance Expectations**: Companies like Heng Rui Medicine are expected to see over 30% growth in innovative drug revenue by 2026, with significant contributions from key products [1][3] - **Clinical Developments**: Major clinical data releases are anticipated from key conferences such as AACR and ASCO, which could catalyze market movements [1][5] Notable Companies and Their Prospects - **Heng Rui Medicine**: Expected to achieve over 30% growth in innovative drug revenue, with a strong pipeline of 53 products anticipated for approval between 2022 and 2028 [15] - **Kangfang Biopharma**: Key product AK112 is set to release critical clinical data in 2026, which could significantly impact its market position [11][13] - **Baiyi Shenzhou**: Projected profits of $700-800 million in 2026, indicating a rapid profit climb [1][8] - **Xinda Biopharma**: Anticipated to benefit from new product approvals and commercial launches, with a focus on expanding its product pipeline [6][8] Investment Opportunities - **Recommended Stocks**: Key investment targets include Kangfang Biopharma, Xinda Biopharma, Baiyi Shenzhou, and Kelong Biotechnology in the H-share market, and Xintai, Haishike, and Heng Rui Medicine in the A-share market [4][8] - **Undervalued Stocks**: Companies like Hot Scene Biopharma and Yifang Biopharma, which have seen significant price declines, are suggested for bottom-fishing opportunities [4][8] Emerging Trends - **Small RNA Technology**: The small RNA sector is entering a critical phase with breakthroughs in liver-targeted delivery technologies, and several companies are expected to announce significant clinical data in 2026 [18][22] - **Clinical Data Impact**: Recent clinical data from companies like Serapta and Wave Life Sciences highlight the potential and challenges within the small RNA space, influencing market sentiment and investment strategies [20][21] Conclusion - The innovative pharmaceutical sector in China is poised for significant growth driven by international expansion, supportive policies, and strong company performances. Key clinical events and emerging technologies present substantial investment opportunities, particularly in small RNA and innovative drug development.

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [4]. Core Insights - The healthcare insurance fund is operating smoothly, with a total income of CNY 3.59 trillion and total expenditure of CNY 3 trillion in 2025, reflecting a stable operation of the fund [6][12]. - The report highlights the importance of focusing on sectors with individual stock alpha or defensive attributes amid increased market volatility due to external shocks [6][12]. - The report emphasizes the potential for price increases in the pharmaceutical sector, particularly in innovative drugs and high-end medical devices, supported by healthcare insurance policies [12]. - NVIDIA's GTC 2026 outlines a comprehensive strategy for integrating AI into the healthcare industry, indicating a significant transformation in the medical value chain [12][19]. Summary by Sections Industry Overview - The pharmaceutical and biotechnology sector has a total market capitalization of CNY 67,613.55 billion and a circulating market value of CNY 61,920.43 billion, with 504 listed companies [2]. Market Dynamics - The report notes that the Shanghai Composite Index fell by 2.19% and the pharmaceutical sector declined by 2.77%, ranking 8th among 31 sub-industries [6][19]. - The report identifies that the performance of individual stocks varies, with companies like Dong-E E-Jiao and China Resources Sanjiu showing positive profit growth [12]. Company Performance - Key recommended stocks include WuXi Biologics, Tigermed, and Sihuan Pharmaceutical, all rated as "Buy" [4]. - The report highlights the performance of specific companies, such as Sanofi and Jizhong Pharmaceutical, which have shown significant weekly gains [28]. Valuation Metrics - The pharmaceutical sector is currently valued at 21.9 times PE based on 2026 earnings forecasts, with a premium of 11% over the overall A-share market [21][22]. - The TTM valuation for the sector stands at 29.9 times PE, below the historical average of 34.8 times PE, indicating potential undervaluation [21][22].

证券代码：002653 证券简称： 海思科 公告编号：2026-026 海思科医药集团股份有限公司 关于部分 5%以上股东之一致行动人 减持股份触及 1%整数倍的公告 注：若出现总数与各分项数之和尾数不符的情况，均为四舍五入原因造成。 4.承诺、计划等履行情况 本次变动是否为履行已作出的 承诺、意向、计划 是 否□ 公司于 2026 年 2 月 3 日在巨潮资讯网披露了《关于部分 5%以上股东之一致行动人股份减持计划的预披露公告》 （公告编号：2026-015）：股东杨飞计划自公告披露之日 起十五个交易日后的三个月内，通过大宗交易或集中竞价 方式减持公司股份合计不超过 8,000,000 股，减持比例合 计不超过公司总股本的 0.71%。 截止本公告披露日，杨飞已减持 2,169,400 股，占公司总 股本的 0.19%，该减持计划正在履行中。 本次变动是否存在违反《证券 法》《上市公司收购管理办 法》等法律、行政法规、部门 规章、规范性文件和本所业务 规则等规定的情况 是□ 否 5.被限制表决权的股份情况 按照《证券法》第六十三条的 规定，是否存在不得行使表决 权的股份 是□ 否 6.30%以上股东增持股份 ...

Investment Rating - The report maintains an "Overweight" rating for the biopharmaceutical and chemical pharmaceutical sectors [6]. Core Insights - The Chinese innovative drug sector is at the beginning of a long cycle, with continuous global output of high-quality assets from Chinese companies. The potential of these assets is not fully reflected in A/H share pricing, leading to a recommendation for the innovative drug sector [1]. - The number and value of business development (BD) deals in the Chinese innovative drug industry have reached record highs in 2023, with 45 BD deals completed (+73% year-on-year) and a total disclosed amount of $57.5 billion (+135% year-on-year) [2]. - The report highlights a significant valuation gap between A/H shares and US stocks for similar innovative drug assets, indicating that A/H shares are systematically undervalued [4]. Summary by Sections Business Development Trends - The report notes that the Chinese innovative drug sector has achieved a global market share of approximately 20% in the number of BD projects and around 75% in the disclosed amount [2]. - There is a high predictability of continued growth in BD activities, driven by increasing interest from multinational corporations (MNCs) and private equity (PE) firms in Chinese assets [2]. Cash Flow Contributions - The report emphasizes that platform companies in China are expected to generate sustainable cash flows through ongoing BD activities, which have not been adequately valued in the market [3]. - It is projected that significant BD deals (with upfront payments exceeding $500 million) will contribute to continuous cash flow growth for companies like Heng Rui Medicine, Shiyao Group, and others [3]. Valuation Comparisons - The report compares the valuations of similar assets in A/H shares and US markets, revealing that Chinese innovative drug companies are undervalued relative to their US counterparts [4][19]. - Specific case studies illustrate the valuation discrepancies, such as between MSD and Kelun Biotech, and Insmed and Haizhi Pharmaceutical, highlighting the potential for significant upside in A/H share valuations [19][22]. Investment Recommendations - The report recommends focusing on large pharmaceutical and biopharmaceutical companies with sustained BD capabilities, including Heng Rui Medicine, Shiyao Group, and others [5]. - Companies that have completed large BD deals are expected to benefit from ongoing milestone cash flows, with specific recommendations for companies like Kelun Biotech and Rongchang Biopharmaceutical [5]. Target Prices and Market Outlook - Target prices for recommended stocks are provided, with specific price targets for companies such as Shiyao Group at HKD 19.25 and Heng Rui Medicine at HKD 98.43, indicating a bullish outlook for these stocks [26].

Market Strategy - The market is experiencing a rebound after hitting a low, with a notable recovery in the storage chip sector [5][7] - The overall A-share market saw a slight decline of 0.05%, with the Shanghai Composite Index down 0.26% and the ChiNext Index up 1.41% [7][8] - The storage chip sector is leading the market rebound, supported by anticipated price increases in storage products by major companies like Samsung and SK Hynix [10] Economic Indicators - In January-February 2026, the total retail sales of consumer goods in China reached 86,079 billion yuan, a year-on-year increase of 2.8% [15][16] - The industrial added value for large-scale enterprises grew by 6.3% year-on-year during the same period, with manufacturing increasing by 6.6% [17][18] - Fixed asset investment (excluding rural households) was 52,721 billion yuan, reflecting a year-on-year growth of 1.8% [19][20] Industry Dynamics - The real estate market saw new home sales of 818.6 billion yuan in January-February 2026, a year-on-year decline of 20.2% [27][28] - The National Bureau of Statistics reported that the sales prices of commercial residential properties in 70 large and medium-sized cities continued to narrow their decline in February 2026 [29][30] - The Southern Power Grid Company reported a significant increase in fixed asset investment, reaching 250.8 billion yuan in the first two months of 2026, a year-on-year growth of 95.3% [31][32] Company Updates - Haishi Ke (002653.SZ) received approval for clinical trials of its innovative drug HSK46575 for new indications in prostate cancer treatment [40][41] - Shantui (000680.SZ) reported a 2.82% increase in revenue for 2025, with net profit rising by 9.86% year-on-year, driven by strong performance in overseas markets [42][43]

证券代码：002653 证券简称：海思科 公告编号：2026-025 海思科医药集团股份有限公司 关于获得创新药 HSK46575 片新增适应症 《药物临床试验批准通知书》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、完整， 没有虚假记载、误导性陈述或重大遗漏。 海思科医药集团股份有限公司（以下简称"公司"）子公司辽宁 海思科制药有限公司于近日收到国家药品监督管理局下发的《药物临 床试验批准通知书》，现将相关情况公告如下： | HSK46575 | 片 | | 境内生产药品 | 本品联合奥拉帕利或联 | | | --- | --- | --- | --- | --- | --- | | | | 片剂 | 注册临床试验 | 合多西他赛和泼尼松片 | CXHL2501537 | | 药品名称 | | 剂型 | 申请事项 | 适应症 用于前列腺癌的治疗 | 受理号 CXHL2501536 CXHL2501538 | 前列腺癌是全球男性发病率排第2位、死亡率排第5位的恶性肿瘤。 前列腺癌细胞的生长具有特征性的雄激素依赖性，因此去除雄激素治 疗（ADT，包括手术去势和采用促黄体生成素释放激素类似物LHRH ...

Investment Rating - The report maintains a "Buy" rating for the industry, focusing on companies involved in brain-computer interfaces and innovative pharmaceuticals [1]. Core Insights - The report highlights significant advancements in the brain-computer interface sector, particularly the approval of the world's first invasive brain-computer interface by BoRuiKang, marking a pivotal moment for commercialization in this field [18][24]. - The report emphasizes a favorable outlook for innovative drugs, particularly in the small nucleic acid segment, and suggests a diversified investment strategy across various sub-sectors within the pharmaceutical industry [3][11]. Summary by Sections Industry Performance - The A-share pharmaceutical index has shown a slight decline of -0.22% this week and -0.13% year-to-date, underperforming the CSI 300 index by -0.41% and -0.97% respectively [11]. - The report notes that the medical device sector has seen a positive performance, with raw materials and medical devices increasing by 1.32% and 0.60% respectively [11]. Brain-Computer Interface Developments - BoRuiKang's invasive brain-computer interface, NEO, has received approval from the National Medical Products Administration, representing a breakthrough in the commercialization of brain-computer interfaces [18][20]. - The product is designed for patients with cervical spinal cord injuries, utilizing a minimally invasive implantation technique that reduces risks associated with traditional methods [20][24]. Investment Recommendations - The report ranks sub-sectors in the following order of attractiveness: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies [3][11]. - Specific companies to watch include: - PD1 PLUS: Sanofi Biopharma, Kangfang Biopharma, and others [14]. - ADC: YingEn Biopharma, Kelun Biotech, and others [14]. - Small nucleic acids: Frontier Biopharma, Fuyuan Biopharma, and others [14]. - CXO and research services: WuXi AppTec, Haoyuan Biopharma, and others [14]. - Medical devices: United Imaging Healthcare, Yuyue Medical, and others [14]. Regulatory and Market Insights - The report discusses the supportive regulatory environment for brain-computer interfaces, with policies aimed at facilitating research and commercialization [24]. - It also highlights the importance of technological breakthroughs in driving the industry forward, with BoRuiKang setting a benchmark for future product approvals [24].

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology industry, focusing on brain-machine interface technologies and companies like Microinvasive Brain Science, Xiangyu Medical, and Aipeng Medical [1]. Core Insights - The report highlights significant advancements in the brain-machine interface sector, particularly the approval of the first product, which marks a pivotal moment for the industry. This approval is expected to facilitate further commercialization and development within the sector [18][24]. - The report ranks sub-industries in the following order of attractiveness: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies. It emphasizes high elasticity in innovative drugs, especially in small nucleic acid therapies, and high dividend yields in traditional Chinese medicine and pharmacies [3][11]. Summary by Sections Industry Trends - The A-share pharmaceutical index has shown a slight decline of -0.22% this week and -0.13% year-to-date, underperforming the CSI 300 index by -0.41% and -0.97% respectively. The Hang Seng Biotechnology Index has also decreased by -4.00% this week [11]. - Notable stock performances include Yingke Medical (+35.18%), Zhonghong Medical (+25.26%), and *ST Jingfeng (+15.64%) for gains, while Yifang Biological (-11.59%) and Huakang Clean (-10.79%) faced significant losses [11]. R&D Progress and Company Dynamics - The report details the approval of several innovative drugs, including HSK31679 for non-alcoholic fatty liver disease and the GLP-1 receptor agonist Enoglutide, which has received approval in China [2][3]. - Companies to watch include: - From the PD1 PLUS perspective: Sanofi Biopharma, Kangfang Biopharma, and others - From the ADC perspective: Ying'en Biopharma and others - From the small nucleic acid perspective: Frontier Biopharma and others - From the CXO and upstream research services perspective: WuXi AppTec and others [3][14]. Brain-Machine Interface Developments - The report emphasizes the approval of the NEO brain-machine interface by the National Medical Products Administration, which is the first of its kind globally. This product is designed for patients with cervical spinal cord injuries and offers a minimally invasive solution with high signal quality and low tissue damage [18][20]. - The approval is seen as a breakthrough that sets a standard for future products in the brain-machine interface space, supported by government policies and funding initiatives aimed at fostering industry growth [24][25].

证券代码：002653 证券简称：海思科 公告编号：2026-024 海思科医药集团股份有限公司 关于获得创新药 HSK55879 片 《药物临床试验批准通知书》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、完整， 没有虚假记载、误导性陈述或重大遗漏。 海思科医药集团股份有限公司（以下简称"公司"）子公司上海 海思盛诺医药科技有限公司于近日收到国家药品监督管理局下发的 《药物临床试验批准通知书》，相关情况如下： 一、 研发项目简介 HSK55879片是公司自主研发的，具有独立知识产权的新一代口服 小分子激动剂药物，拟用于代谢系统疾病的治疗。临床前研究数据表 明，HSK55879在相关动物模型中表现出显著的药效活性和优异的药代 特征，作用机制明确，且在不同剂量下均显示出良好的耐受性，同时 拥有较大的安全窗。综合现有结果，HSK55879具备明确的开发价值和 良好的转化前景，有望为临床患者提供一种更高效、更安全的新型治 1 疗选择。 二、风险提示 创新药研发周期长、环节多、风险高，容易受到一些不确定性因 素的影响，敬请广大投资者谨慎决策，注意防范投资风险。公司将根 据该项目的后续进展及时履行信息披露 ...

证券代码：002653 证券简称：海思科 公告编号：2026-023 海思科医药集团股份有限公司 | 药品名称 | 剂型 | 申请事项 | 适应症 | 受理号 | | --- | --- | --- | --- | --- | | HSK44459 乳膏 | 乳膏 | | 银屑病 | CXHL2600299 | | | | | | CXHL2600300 | | | | 境内生产药品 | | CXHL2600301 | | | | 注册临床试验 | | CXHL2600302 | | | | | 特应性皮炎 | CXHL2600303 | | | | | | CXHL2600304 | 根据《中华人民共和国行政许可法》第三十二条的规定，经审查， 决定予以受理。 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 海思科医药集团股份有限公司（以下简称"公司"）于近日收到 国家药品监督管理局下发的《受理通知书》，基本情况如下： 关于获得创新药 HSK44459 乳膏两项适应症 IND 申请《受理通知书》的公告 根据国家药品监督管理局关于发布《化学药品注册分类及申报资 ...