W 华尔街见闻 | 时间 | | 内容 | 预期 前值 | | | --- | --- | --- | --- | --- | | 2月2日 周一 | | | | | | 数据 | 09:45 | 中国 1月RatingDog制造业PMI | 50.1 | | | 17:00 | | 欧元区 1月制造业PMI终值 | | 49.4 | | 23:00 | | 美国 1月ISM制造业指数 | 48.3 | 47.9 | | 待定 | | 芝商所CME再上调金银交易保证金:黄金保证金率从6% 升至8%,白银从11%升至15% | | | | 待定 | | 中国2月2日起对威士忌酒实施5%的进口暂定税率 | | | | 事件 | 待定 | 伊朗地缘事件持续发酵（全周事件） | | | | 待定 | | 2月是"Al大战"之月,国内外科技巨头动作频频(全周事 件) | | | | 待定 | | 今年APEC第一次高官会于2月1日至10日广州举行 | | | | 待定 | | 春运2月2日开始、3月13日结束 | | | | 财报 | | 迪士尼 | | | | 2月3日 周二 | | | | | | 数据 | 11: ...

20. GSK - Sir Jonathon Symonds 21. Haleon - Brian McNamara 22. Halle - David Butcher 23. Heatherwick - Craig Miller 24. HSBC - Brendan Nelson 25. Holland & Barrett - Anthony Houghton 26. Jaguar Land Rover - Pathamadai Balaji 27. KPMG - Melissa Geiger 28. Mayor of West Midlands - Richard Parker 29. Lady Mayor of the City of London - Susan Langley 30. Liberty London - Andrea Petochi 31. FTSE Russell - Fiona Bassett 32. McLaren - Nicholas Collins 33. National Galleries of Scotland - Anne Lyden 34. National Mus ...

中金研究 特朗普自2025年1月再次就任美国总统以来多次表示将采取措施推动美国药价降低，其多项举措与药企直接相关。根据ICER的报告，相比于2022年， 2024年经通胀调整后的新药标价（中位数）提高了24%，新药净价（中位数）提高了51%，药企的定价权依旧强势。总的来讲，我们认为，美国的高药 价与医保支付体系、PBM盈利机制，以及药企的定价权等因素密切相关，当前各方利益博弈之下，特朗普政府药价政策的实际效果与推进节奏存在不 确定性，影响相对有限。 点击小程序查看报告原文 美国医保体系的发展历程及现状 医疗服务成本高，医保覆盖率偏低 美国作为一个没有建立全民公共医保的发达国家，其以私人医疗保险为主体，市场力量为主导的医疗体系是一把双刃剑：一方面，通过市场竞争，将资金 与科技优势转化为医疗技术的发展，进而实现医疗产业的升级；另一方面，也导致当前美国医疗体系呈现出医疗服务成本高，医保覆盖面偏低，且医疗服 务效率有待提高的问题。 图表1：美国总医疗支出及其占GDP比重（1960-2023） 资料来源：CMS，中金公司研究部 ► 医疗服务成本： 在美国医疗总支出中，个人健康护理支出占绝对比重，其中，医院护理、专业医疗 ...

如果我们把时间轴拉回至2024年初，俯瞰整个中国医疗市场，一份"撤退清单"已然浮现：短短两年间，至少7家曾经在中国市场长袖善舞的跨国医疗企 业，做出了令业界哗然的决绝选择——出售、剥离、裁撤，乃至清盘。 从住友制药将中国业务"打包卖身"，到百时美施贵宝（BMS）挥泪斩断40年的合资情缘；从协和麒麟的全权转让，到ZimVie在脊柱市场的黯然离场。 | | | | | 7家宣布"撤退"的跨国医疗企业 | | | --- | --- | --- | --- | --- | --- | | EDITET | 1541 | 总部 | 进入中国 | 调整 | 美键 | | 节点 | 名称 | 地址 | 市场时间 | 动作 | 影响 | | 2026.01 | 锐可迪 | 意大利 | 2021年 | 毛圓 | 罕见病药物断供,全员解 | | | | | | 清算注销 | 散。 | | 2025.09 | 百时美施贵宝 | 美国 | 1982年 | 剥离 | 出售SASS 60%股权,结 | | | | | | 合资工厂 | 束43年合资制造。 | | 2025.07 | 协和发酵 | 日本 | 1997年 | 出售 | 梅 ...

Core Insights - The small nucleic acid drug sector is experiencing a significant surge, marking the beginning of a golden era driven by technological breakthroughs and capital enthusiasm [2][11][22] Industry Developments - On January 5, 2026, Sanofi's APOC3 siRNA drug Plozasiran was approved for domestic market use to treat hyperlipidemia [1] - On January 9, 2026, Rebio Biotech, known as "China's first small nucleic acid stock," successfully listed on the Hong Kong Stock Exchange, with its stock price soaring by 40% on the first day, leading to a market capitalization exceeding 13 billion HKD [1] - China National Pharmaceutical Group announced a 1.2 billion CNY acquisition of Hegia Biotech, securing the world's first clinically validated liver-targeted delivery platform capable of annual dosing [1] Market Trends - The global small nucleic acid drug market has seen nearly 100 business development (BD) collaborations in the past three years, with transaction numbers and amounts increasing annually, reaching over 30 BD deals in 2025 totaling nearly 30 billion USD [4][9] - Notable transactions in 2025 included Novartis acquiring Avidity Biosciences for 12 billion USD and multiple other significant deals involving RNA therapies [7][9] Clinical Advancements - Ionis's APOC3 ASO drug Olezarsen showed promising results in reducing triglyceride levels by up to 72% in patients with severe hypertriglyceridemia, leading to an increase in peak annual sales forecast from 1.5 billion USD to 2.5 billion USD [12] - GSK's ASO therapy Bepirovirsen is expected to be the first drug to achieve functional cure for chronic hepatitis B, with a peak annual sales potential of 2 billion USD [12] Emerging Opportunities - The small nucleic acid drugs are expanding into various therapeutic areas, including obesity and kidney diseases, with promising results from clinical trials demonstrating significant weight loss and metabolic health improvements [13][15] - The number of small nucleic acid drugs in development globally has surpassed 1,200, with siRNA and ASO therapies being the most prominent [17] Strategic Collaborations - Domestic companies are increasingly recognized for their innovative value in small nucleic acid drugs, with active BD transactions, including significant collaborations by Rebio Biotech and other firms [18][21] - Companies like Saintin Biotech are forming strategic partnerships with major pharmaceutical firms to advance their small nucleic acid drug pipelines [19] Conclusion - The convergence of technological advancements, capital influx, and successful clinical outcomes is propelling small nucleic acid drugs into a pivotal position within the pharmaceutical industry, with China poised to become a global innovation hub [22]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 1.07%, ranking 26th among 31 primary industries, outperforming the CSI 300 index which fell by 1.19% [4][15] - The valuation of the pharmaceutical and biotechnology industry as of January 23, 2026, is a PE (TTM overall method, excluding negative values) of 30.31x, down from 30.56x in the previous period, indicating a downward trend below the average [4][19] - The top three sub-industries by PE are vaccines (47.34x), hospitals (44.94x), and other medical services (40.38x), while the lowest valuation is in pharmaceutical circulation (15.31x) [4][19] - During the reporting period, 34 listed companies in the pharmaceutical and biotechnology sector saw a net reduction of 2.125 billion yuan in shareholder holdings, with 2 companies increasing holdings by 63 million yuan and 32 companies reducing holdings by 2.189 billion yuan [4] Industry Review - The report highlights significant developments in the pharmaceutical retail sector, emphasizing the need for transformation from traditional drug sales to comprehensive health services [24][25] - The Ministry of Commerce and other departments issued opinions to promote high-quality development in the pharmaceutical retail industry, projecting a market size increase from 2.41 trillion yuan in 2020 to 2.95 trillion yuan by 2024, a growth of 22.4% [24][25] - The report also discusses the approval of new drugs and treatments, including the PD-1/VEGF bispecific antibody RC148 by Rongchang Biopharmaceuticals, which has a potential total payment of up to 4.95 billion USD [7][50] Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with differentiated pipelines that have received validation from high-quality collaborations with multinational pharmaceutical companies, particularly in key areas such as ADC, bispecific antibodies, and siRNA therapies [7]

新京报讯（记者王卡拉）1月23日，葛兰素史克（GSK）宣布，国家药品监督管理局已批准全再乐（氟 替美维吸入粉雾剂，FF/UMEC/VI）新增适应症，用于成人哮喘患者的维持治疗。此次新适应症的获 批，是对全再乐原有慢性阻塞性肺疾病（COPD）适应症的扩展，也使氟替美维吸入粉雾剂成为中国目 前首个且唯一可用于哮喘和COPD两种呼吸疾病维持治疗的单吸入装置的三联疗法。 校对 柳宝庆 氟替美维吸入粉雾剂是一种每日一次、通过单次吸入给药的单吸入装置三联疗法。它包含三种成分：吸 入性糖皮质激素（ICS）糠酸氟替卡松（FF）、长效抗胆碱能药物（LAMA）乌美溴铵（UMEC），以 及长效β2受体激动剂（LABA）三苯乙酸维兰特罗（VI），通过GSK独有的Ellipta干粉吸入器给药。 2019年，全再乐在中国首次获批，用于慢性阻塞性肺疾病患者的维持治疗。 哮喘是最常见的慢性呼吸系统疾病之一，尽管已有明确的治疗建议，仍有约半数患者的症状未得到有效 控制，这不仅增加了急性发作的风险，也影响了患者的生活质量。 GSK全球呼吸、免疫与炎症研发部高级副总裁Kaivan Khavandi博士表示，对于适合的、症状未受控制 的成人哮喘患者 ...

Investment Rating - The report maintains a positive outlook on the CXO sector for the year 2026, indicating strong demand and recovery in global orders [3][26]. Core Insights - Illumina's release of the Billion Cell Atlas marks a significant advancement in life sciences, transitioning from static genomic data to a comprehensive dataset that integrates AI for drug discovery [3][8]. - Regulatory developments in China and the US are accelerating drug approval processes, with China's implementation of eCTD and the US FDA's support for Bayesian methods enhancing clinical trial efficiency [3][23]. - The CXO sector is expected to see robust growth, supported by major players like Lonza and WuXi AppTec, who are expanding capacity and reporting increased order volumes [3][26]. Summary by Sections Industry Frontiers - Illumina's Billion Cell Atlas is the largest human genome perturbation dataset to date, aimed at accelerating drug discovery through AI [3][8]. - Regulatory dynamics indicate a race for faster drug approvals, with China's NMPA adopting eCTD and the FDA endorsing Bayesian statistical methods for clinical trials [3][23]. - The global order recovery is evident, with a positive outlook for the CXO sector throughout 2026, as major companies report growth and increased demand [3][26]. Capital Trends - GSK's acquisition of RAPT Therapeutics for $2.2 billion focuses on developing an anti-IgE monoclonal antibody for food allergies, highlighting the potential in the allergy treatment market [4][31]. - Novartis has entered a $1.5 billion agreement with SciNeuro to advance a new antibody project targeting Alzheimer's disease, indicating ongoing investment in neurodegenerative treatments [4][36]. Weekly Perspective - The report emphasizes the transition to an AI-driven era in drug discovery, suggesting that previous advantages in research may diminish as the landscape evolves [5][37]. - The demand for CXO services is expected to remain strong, driven by AI-enabled drug discovery and regulatory advancements [5][38].

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com. CONNECT WITH US: Facebook || Instagram || YouTube || TikTok || LinkedIn If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn (lewis.kahn@ksfcounsel.com) toll free at any time at 855-768-1857, or visit https://www.k ...

Core Insights - GSK plc has entered into a definitive agreement to acquire RAPT Therapeutics for an estimated equity value of $2.2 billion, which will enhance GSK's pipeline with RAPT's ozureprubart, a long-acting anti-IgE monoclonal antibody currently in phase IIb study for food allergy protection [1][6]. Company Summary - The acquisition is expected to close in the first quarter of 2026 and will strengthen GSK's respiratory, immunology, and inflammation pipeline [2][6]. - GSK will pay $58.00 per share to RAPT's shareholders, resulting in an upfront investment of $1.9 billion after accounting for cash acquired [4][6]. - GSK will gain global rights to the ozureprubart program, excluding certain regions in Asia, and will be responsible for success-based milestones and royalties to RAPT's partner [7]. Product Development - Ozureprubart is currently being evaluated in a phase IIb study for prophylactic protection against food allergens, with data expected in 2027 and phase III studies planned for at-risk adult and pediatric populations [8]. - The product is anticipated to enhance GSK's commercial presence in the allergy space, offering potentially less frequent dosing compared to current treatments [9]. Industry Context - The biotech and pharma sector is experiencing a surge in merger and acquisition activity as companies seek to diversify revenue streams amid declining sales of flagship drugs [10]. - Recent notable acquisitions in the industry include Merck's acquisition of Cidara Therapeutics for approximately $9.2 billion and J&J's acquisition of Halda Therapeutics for $3.05 billion, indicating a trend towards portfolio expansion and innovation [11][12].