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 - Tianyu Co., Ltd. announced that its wholly-owned subsidiary, Zhejiang Norde Pharmaceutical Co., Ltd., has received the drug registration certificate for Canagliflozin from the National Medical Products Administration [1] Group 1: Product Approval - The drug Canagliflozin can be used in conjunction with Metformin to improve blood sugar control in adult patients with type 2 diabetes when Metformin alone is insufficient [1] - Canagliflozin can also be used in combination with Metformin and Sulfonylureas to enhance blood sugar control in adult patients with type 2 diabetes when the combination of these medications is not effective [1]

Core Viewpoint - Tianyu Co., Ltd. (300702.SZ) announced that its wholly-owned subsidiary, Zhejiang Nuode Pharmaceutical Co., Ltd., has received the drug registration certificate for Canagliflozin Tablets from the National Medical Products Administration (NMPA) [1] Group 1: Product Approval - The product is indicated for use in adult patients with type 2 diabetes to improve blood sugar control when used in combination with Metformin [1] - It can also be used in conjunction with Metformin and sulfonylureas when blood sugar control is inadequate with these medications alone [1] - The product is not recommended for improving blood sugar control in patients with type 1 diabetes [1]

Core Viewpoint - Tianyu Co., Ltd. (300702.SZ) announced that its wholly-owned subsidiary, Zhejiang Nuode Pharmaceutical Co., Ltd., has received the drug registration certificate for Canagliflozin Tablets from the National Medical Products Administration (NMPA) [1] Group 1: Product Approval - The product is indicated for use in adult patients with type 2 diabetes to improve blood sugar control when used in combination with Metformin [1] - It can also be used in conjunction with Metformin and sulfonylureas when blood sugar control is inadequate with these medications alone [1] - The product is not recommended for improving blood sugar control in patients with type 1 diabetes [1]

证券代码：300702 证券简称：天宇股份 公告编号：2026-008 浙江天宇药业股份有限公司 关于全资子公司药品获得批准的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江天宇药业股份有限公司（以下简称"公司"）全资子公司浙江诺得药业 有限公司（以下简称"诺得药业"）于近日收到国家药品监督管理局（以下简称 "国家药监局"）核准签发的关于卡格列净片的《药品注册证书》。现将相关情 况公告如下： 一、药品情况 | 药品名称 | 卡格列净片 | | | | | | --- | --- | --- | --- | --- | --- | | 英文名 | Canagliflozin | | | Tablets | | | 剂型 | 片剂 | | | | | | 规格 | 300mg（按 | | | C24H25FO5S | 计） | | 是否处方药 | 是 | | | | | | 申请事项 | 药品注册（境内生产） | | | | | | 注册分类 | 化学药品 4 | 类 | | | | | 药品批准文号 | 国药准字 | ...

Core Viewpoint - Tianyu Co., Ltd. expects a significant year-on-year increase in net profit attributable to shareholders for the full year of 2025, indicating a stable operational foundation despite challenges in the fourth quarter [2] Group 1: Financial Performance - The company reported a decline in gross profit margin in the fourth quarter due to changes in product sales structure, increased costs, and asset impairment provisions [2] - Expenses have increased, contributing to a reduction in overall profit for the fourth quarter compared to the previous periods [2] Group 2: Future Outlook - The company advises stakeholders to refer to the upcoming 2025 Annual Report for detailed financial disclosures and performance metrics [2]

Group 1 - The company stated that it strictly complies with regulatory requirements for information disclosure and currently has no significant information that should be disclosed but has not been [2] - The company will continue to optimize its market value management while adhering to relevant laws and regulations regarding information disclosure [2] - If there are any related plans in the future, the company will fulfill its information disclosure obligations in a timely manner as per regulations [2]

Group 1 - The core viewpoint of the article highlights that Tianyu Co., Ltd. has officially launched its "annual production of 20,000 tons of high-purity solvent project," which has effectively improved capacity utilization [2] - The company continues to solidify its leading position in the raw material drug market for sartans, with significant results from its "raw materials + formulations" integrated strategy, leading to growth in both raw material drug revenue and formulation product revenue [2] - Several product varieties have obtained CEP certification or are in the process of FDA certification, with revenue from certified products expected to gradually materialize as the global market expands [2]

Group 1 - The core viewpoint of the article is that Tianyu Co., Ltd. is currently maintaining stable operational performance and is committed to creating reasonable returns for investors through a scientifically formulated dividend plan based on its 2025 annual performance and future development plans [2] Group 2 - The company has responded to investor inquiries on its interactive platform, indicating confidence in its business operations [2] - Tianyu Co., Ltd. aims to develop a dividend scheme that aligns with its overall business strategy and performance outlook [2]

Core Viewpoint - Tianyu Co., Ltd. expects a significant year-on-year increase in net profit attributable to shareholders in 2025, indicating a stable growth trend in overall performance [2] Financial Performance - The company reported that the financial indicators for the fourth quarter, including sales net profit, were affected by changes in product sales structure, cost expenses, and asset impairment provisions [2] - The company will provide specific details in the upcoming 2025 Annual Report [2] Business Operations - Current production and operations of the company are normal, with steady growth in core business segments, including raw materials and formulation business [2]