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]

Group 1 - The company has received approval from the National Medical Products Administration for clinical trials of Ketoprofen Gel Patch, which is intended for pain relief [1] - The product is classified as a Class 3 chemical drug and is indicated for conditions such as osteoarthritis, shoulder periarthritis, tendonitis, and muscle pain [1] - The Ketoprofen Gel Patch contains 30mg of Ketoprofen per 10g of gel and is administered topically, with a recommended dosage of one patch twice daily [1] Group 2 - Sales of Ketoprofen Gel Patch in China's major markets are projected to be approximately 49.58 million yuan in 2024 and about 76.44 million yuan in the first half of 2025 [2] - The approval for clinical trials is expected to enhance the company's product pipeline in the orthopedic chronic disease sector, potentially improving its strategic goals and core competitiveness [3] - The company acknowledges the long development cycle and high investment associated with drug research, which may introduce uncertainties regarding the approval and market performance of the product [3]

（编辑 丛可心） 证券日报网讯 2月11日，盘龙药业发布公告称，公司近日获国家药监局核准签发《药物临床试验批准通 知书》，同意酮洛芬凝胶贴膏开展镇痛临床试验。该化学药品3类规格14cm×10cm含酮洛芬30mg，拟用 于骨关节炎等局部镇痛，目前国内仅湖南九典制药获批上市。 ...

Core Viewpoint - The company, Panlong Pharmaceutical (002864.SZ), has received approval from the National Medical Products Administration for clinical trials of its ketoprofen gel patch, indicating a significant step in its product development pipeline [1]. Group 1: Product Details - The ketoprofen gel patch is designed for local application, with each patch measuring 14cm x 10cm and containing 10g of gel, which includes 30mg of ketoprofen [1]. - The patch is indicated for pain relief and anti-inflammatory treatment for conditions such as osteoarthritis, periarthritis of the shoulder, tendinitis, de Quervain's tenosynovitis, lateral epicondylitis (tennis elbow), muscle pain, and swelling and pain due to trauma [1]. - The administration method involves applying one patch twice a day [1]. Group 2: Regulatory Classification - The product is classified as a Class 3 chemical drug according to registration standards [1].

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。 证券代码：002864 证券简称：盘龙药业 公告编号：2026-006 陕西盘龙药业集团股份有限公司 关于公司获得药物临床试验批准通知书的公告 近日，陕西盘龙药业集团股份有限公司（以下简称"公司"）收到国家药品 监督管理局核准签发的《药物临床试验批准通知书》，同意酮洛芬凝胶贴膏开展 临床试验。现将有关情况公告如下： 一、药品相关情况 产品名称：酮洛芬凝胶贴膏 公司本次申请药物临床试验的酮洛芬凝胶贴膏，规格：每贴（14cm×10cm）， 含膏体 10g，含酮洛芬 30mg。其适应症为适用于下列疾病和症状的镇痛、消炎： 骨关节炎、肩周炎、肌腱炎、腱鞘周围炎、肱骨外上髁炎（网球肘）、肌肉痛、 外伤所致肿胀、疼痛。给药方式为局部贴敷，每次一贴，一日 2 次。注册分类属 化学药品 3 类。 酮洛芬凝胶贴膏最早于 1988 年由久光制药株式会社在日本上市，截至本公 告披露日，酮洛芬凝胶贴膏的原研药尚未在国内上市，国内仅湖南九典制药股份 有限公司获国家药品监督管理局批准上市。 1 申请事项：药物临床试验 通知书编号：2026L ...

Core Viewpoint - Panlong Pharmaceutical has received approval from the National Medical Products Administration for the clinical trial of Ketoprofen gel patch, which is intended for pain relief in various conditions [1] Group 1: Product Details - The approved drug is a Ketoprofen gel patch, classified as a Class 3 chemical drug [1] - The patch is designed for local application, with a size of 14cm x 10cm, containing 10g of gel and 30mg of Ketoprofen [1] - Indications for the drug include osteoarthritis, periarthritis of the shoulder, tendonitis, tenosynovitis, lateral epicondylitis (tennis elbow), muscle pain, and swelling and pain due to trauma [1] Group 2: Regulatory Approval - The clinical trial approval notification number is 2026LP00383 [1] - The approval allows the company to conduct clinical trials aimed at pain relief [1]

Core Viewpoint - The company has received approval from the National Medical Products Administration for clinical trials of Ketoprofen Gel Patch, indicating progress in its product development pipeline [1] Group 1: Product Details - The Ketoprofen Gel Patch is specified to be 14cm x 10cm in size, containing 10g of gel and 30mg of Ketoprofen [1] - The indications for the product include pain relief and anti-inflammatory treatment for conditions such as osteoarthritis, periarthritis of the shoulder, tendinitis, de Quervain's tenosynovitis, lateral epicondylitis (tennis elbow), muscle pain, and swelling and pain due to trauma [1] - The administration method is local application, with one patch applied twice daily [1] Group 2: Regulatory Classification - The product is classified as a Class 3 chemical drug according to registration standards [1]

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

Fundraising Overview - The company issued 9,352,740 shares of common stock at a price of RMB 32.29 per share, raising a total of RMB 301,999,974.60 [1] - After deducting underwriting fees and other related expenses, the net amount raised was RMB 294,836,292.23 [1] Fund Management - The company has established a fundraising management system in compliance with relevant laws and regulations to ensure efficient use of funds and protect investor rights [2] - A tripartite supervision agreement was signed with the sponsor and banks to manage the raised funds [2] Fund Account Closure - The account used for the "Traditional Chinese Medicine Formula Granule R&D and Industrialization Project" was closed on February 4, 2026, after the funds were permanently transferred to working capital, leaving a balance of RMB 0.00 [2]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.11%, the Shenzhen Component Index up by 0.65%, and the ChiNext Index also up by 0.65% as of midday [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.38 trillion yuan, a decrease of 63.3 billion yuan compared to the previous trading day, with over 3,800 stocks rising [2] Sector Performance - Active sectors included lithium batteries, energy metals, humanoid robots, and fintech, while traditional sectors like liquor, retail, and AI application stocks weakened [1] - The Chinese medicine and chemical sectors showed notable gains, with the Chinese medicine sector rising by 2.52% [2][7] - The small metals sector rebounded, with stocks like Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [7] Notable Stocks - Mingdiao Co. experienced significant trading activity, achieving a "limit-up" with nearly 700 million yuan in transactions and marking its fifth consecutive trading day of gains [3] - Jiangfeng Electronics saw a slight increase of 0.09% after announcing plans to acquire control of Kaide Quartz [9] Economic Indicators - The industrial development plan for traditional Chinese medicine aims for a collaborative development system by 2030, which may positively impact the sector [7]