智通财经网·2026-01-13 09:19Group 1 - UBS reports that China Biologic Products (01177) management indicates that more time is needed to determine the guidance for the external authorization (BD) business development this year [1] - The expected data results to be announced this year include Phase I clinical data for TQB3702 in blood cancer, Phase II clinical data for TQA3334, and Phase III clinical data for lanifibranor targeting metabolic-associated fatty liver disease [1] - UBS maintains a "Buy" rating for the company with a target price of HKD 12.2 [1] Group 2 - Regarding the 2025 National Medical Insurance Drug List negotiation results, management is optimistic about the inclusion prospects for VIIa, as only three companies were selected [1] - Penpulimab has successfully entered the medical insurance directory for the first time; Anlotinib has been approved for expansion to first-line treatment of soft tissue sarcoma without any price reduction, while Yilishu benefits from an expanded reimbursement scope [1]