Investment Rating - The investment rating for the industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 3.17%, ranking 22nd among 31 primary industries, underperforming the CSI 300 index which fell by 1.25% [6][17] - The valuation of the pharmaceutical and biotechnology industry as of February 6, 2026, is a PE (TTM overall method, excluding negative values) of 29.57x, down from 30.31x in the previous period, indicating a downward trend below the average [6][22] - The top three sub-industries in terms of PE (TTM overall method, excluding negative values) are vaccines (46.30x), hospitals (43.34x), and medical consumables (37.71x), while the median is 32.64x, with pharmaceutical distribution having the lowest valuation at 14.88x [22] Industry Trends - The focus in the global pharmaceutical market is on GLP-1 targets, with Eli Lilly's Tirzepatide establishing a leading position in the metabolic disease field due to its clinical value and commercialization performance [9] - The collaboration model between multinational pharmaceutical companies and Chinese biopharmaceutical firms is evolving towards "platform capabilities + multi-project combinations," highlighting the long-term strategic value of underlying innovative capabilities such as sustained delivery technology and peptide R&D platforms [9] - The investment logic in the industry is shifting from single blockbuster products to platform-based, matrixed approaches, and key supply chain segments [9] Investment Recommendations - Focus on innovative pharmaceutical companies with "core technology platforms + diversified pipelines," as their ability to derive multiple values from platforms and achieve cross-border collaboration milestones will be a key advantage [9] - Pay attention to industry chain segments benefiting from drug long-acting and oral trends, including complex formulation processes, high-end delivery technologies, and related peptide CDMO fields [9] - In the context of strong global R&D and production demand, peptide CXO companies that are active in cross-border collaborations, have balanced customer structures, and possess solid compliance systems will continue to share in the industry's high prosperity dividends [9]

科创创新药ETF汇添富（589120）标的指数成分股多数冲高，荣昌生物、百利天恒涨超5%，百济神州涨超4%，泽璟制药、博瑞医药等涨幅居前， 特宝生物、益方生物等小幅回调。 【科创创新药ETF汇添富（589120）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 688235 | J-Z**KD | 医药生物 | 4.04% | 10.43% | | 2 | 688578 | 艾力斯 | 医药生物 | 0.82% | 9.10% | | 3 | 688506 | 百利天恒 | 医药生物 | 5.10% | 7.89% | | র্ব | 688180 | 君实生物-U | 医药生物 | 1.10% | 6.70% | | 5 | 688331 | 荣昌生物 | 医药生物 | 5.51% | 6.35% | | 6 | 688266 | 泽昌制药-U | 医药生物 | 3.74% | 6.07% | | 7 | 688166 | 博瑞医药 | 医药生物 | 2.27% | 4 ...

截至2026年2月10日 10:49，恒生港股通创新药指数(HSSCID)强势上涨4.32%，港股通创新药ETF易方达 (159316)上涨3.50%， 冲击3连涨。盘中换手9.42%，成交4.03亿元。 港股通创新药ETF易方达(159316)紧密跟踪恒生港股通创新药指数，恒生港股通创新药指数旨在反映可 经港股通买卖，业务与创新药研究、开发及生产相关的香港上市公司之表现。 相关产品 根据合作协议，信达生物依托自身成熟的抗体技术平台及高效的临床能力，将主导相关项目从药物发现 至中国临床概念验证（二期临床试验完成）的研发工作。根据协议，礼来获得相关项目在大中华区以外 的全球独家开发与商业化许可，信达生物保留相关项目在大中华区的全部权利。根据协议条款，信达生 物将获得 3.5 亿美元首付款；在达成后续特定里程碑事件后，信达生物还有资格获得总额最高约85亿美 元的研发、监管及商业化里程碑付款。此外，信达生物有权就各产品在大中华区以外的净销售额获得梯 度的销售分成。 中邮证券认为，创新药板块虽短期受资金面扰动有所回调，但产业层面全球参与度提升趋势已在2025年 充分体现；国产新药正从早研追赶迈向效率制胜阶段，中期维度 ...

瑞银发表研报指，信达生物与礼来就多项早期肿瘤及免疫学资产达成合作。协议包括3.5亿美元的首付 款，潜在里程碑付款最高达85亿美元，以及基于净销售额的分层权利金。该行对两间公司进行第7次合 作持积极看法，并认为相较于以往的对外授权，是次成立新公司及共同开发模式，是一种新的合作模 式。信达生物指出，是次合作的潜在资产数量较同业其他类近的合作少，且财务条款优厚。更重要是， 该行注意到潜在资产包括信达生物研发管线中未出现过的新资产，为公司原先指引每年推进8至10个候 选药物进入临床阶段的目标带来上行空间。该行现予公司目标价137.4港元及"买入"评级。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The proportion of driver gene-negative non-small cell lung cancer (NSCLC) patients is approximately 31% in both China and the United States, indicating a significant market opportunity for treatments targeting this demographic [2][15] - The estimated market size for immune drugs used in first-line treatment of driver gene-negative NSCLC is projected to be around 7.5 billion CNY (approximately 1.1 billion USD) in China and 18 billion CNY (approximately 2.7 billion USD) in the United States by 2030 [2] - The current first-line treatment for advanced driver gene-negative NSCLC primarily relies on PD(L)-1 inhibitors combined with chemotherapy, but there are limitations in long-term efficacy and options for patients intolerant to chemotherapy [3] Summary by Sections Section 1: NSCLC Global Overview - Lung cancer is the leading cancer type globally, with new cases accounting for approximately 12% of all cancer cases in 2022, translating to about 2.5 million new lung cancer cases [10] - In China, lung cancer represents about 22% of new cancer cases, with approximately 1.06 million new cases in 2022 [10] Section 2: Market Potential for Driver Gene-Negative NSCLC - The report highlights the significant market potential for immune therapies in treating driver gene-negative NSCLC, with a focus on the limitations of current treatment options [2][3] Section 3: Next-Generation Immunotherapy Approaches - The report discusses the advancements in dual (multi) antibody therapies and immune-oncology (IO) combined with antibody-drug conjugates (ADC), emphasizing their potential to improve treatment outcomes for patients with driver gene-negative NSCLC [5][8] - The clinical data supporting these new therapies is expected to catalyze further investment and development in this area [5] Section 4: Treatment Guidelines Comparison - The report compares treatment guidelines for driver gene-negative NSCLC between the United States and China, noting differences in treatment stratification and recommended therapies [32][34] - The U.S. guidelines emphasize PD-L1 expression levels, while Chinese guidelines focus more on performance status (PS) [32][34] Section 5: Future Catalysts - Key upcoming clinical data releases and studies are highlighted as potential catalysts for investment opportunities in the sector, particularly regarding dual antibodies and ADC therapies [5][8]

【海通国际】信达生物与礼来制药达成全球战略合作，推进肿瘤及免疫领域的新药开发，Dealsize超预期 根据协议条款，信达生物将获得 3.5 亿美元首付款；在达成后续特定里程碑事件后，信达生物还有资格获得总额 最高约 85 亿美元的研发、监管及商业化里程碑付款。 此外，信达生物有权就各产品在大中华区以外的净销售额获得梯度的销售分成。 事件：信达生物宣布与礼来达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研发。 根据合作协议，信达生物依托自身成熟的抗体技术平台及高效的临床能力，将主导相关项目从药物发现至中国临 床概念验证（二期临床试验完成）的研发工作。 根据协议，礼来获得相关项目在大中华区以外的全球独家开发与商业化 【海通国际】信达生物与礼来制药达成全球战略合作，推进肿瘤及免疫领域的新药开发，Dealsize超预期 事件：信达生物宣布与礼来达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研发。 根据合作协议，信达生物依托自身成熟的抗体技术平台及高效的临床能力，将主导相关项目从药物发现至中国临 床概念验证（二期临床试验完成）的研发工作。 根据协议，礼来获得相关项目在大中华区以外的全球独家开发与商业化许可，信达 ...

根据公开资料，Orna Therapeutics的主要候选药物ORN-252旨在治疗B细胞驱动的自体免疫疾病，目前 处于早期研发阶段。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 来源：观点地产网 观点网讯：2月10日，礼来宣布将以最高24亿美元现金收购生物科技公司Orna Therapeutics，以加强自身 在自体免疫领域的布局。 ...

礼来宣布，将以现金高达24亿美元收购生物科技公司Orna Therapeutics。 Orna Therapeutics主要候选药 物ORN-252旨在治疗B细胞驱动的自体免疫疾病，目前处于早期研发阶段。 ...

编辑丨王多鱼 排版丨水成文 2026 年 2 月 9 日， 国际制药巨头 礼来公司 （ Eli Lilly ） 宣布与环状 RNA （circRNA） 生物技术公司 Orna Therapeutics 达成最终协议，礼来将以最高 24 亿美元 的价格收购 Orna （目前尚不清楚这 24 亿美 元中多少为 预付款支付，多少会留待临床开发里程碑达成后支付 ） 。 Orna 的研发管线分为三类—— in vivo CAR 细胞疗法 （用于治疗自身免疫疾病以及 B 细胞恶性肿瘤） 、 下一代基因编辑疗法 （用于治疗镰状细胞病和 β-地中海贫血） 、 下一代疫苗 （用于预防传染病） 。 此次收购，意味着 礼来 将拥有一个源源不断的 in vivo CAR-T 产品线。礼来表示， 这一"广泛平台"将 为"基因医学和体内细胞工程的长期创新"提供支持 。 礼来 此次的收购紧随 吉利德科学 （Gilead Sciences） 等公司的步伐，2025 年 8 月，吉利德科学以 3.5 亿美元 价格收购了 in vivo CAR-T 公司 Interius BioTherapeutics ，并与中国生物技术公司 普瑞金 达成 了 ...

Eli Lilly (NYSE: LLY) has been a growth beast over the years, there's no denying that. And a big reason for its incredible performance has been due to its approved GLP-1 drugs -- Mounjaro (approved for diabetes) and Zepbound (approved for weight loss). These products have been generating billions in revenue for the company, and yet, they still have much more growth on the horizon. At the same time, it could be a concerning issue for investors because so much of the company's revenue and growth prospects a ...