Hengrui Pharma(SH:600276) BOHAI SECURITIES·2025-09-26 09:51Investment Rating - The industry investment rating is "Positive" [4][61] - The specific company rating for 恒瑞医药 is "Buy" [4][61] Core Insights - The report highlights the release of the 11th batch of centralized procurement announcements, indicating ongoing optimization of procurement rules [4][12] - It emphasizes the trend of reducing internal competition within the pharmaceutical industry, as the new procurement rules will use anchor prices rather than simply selecting the lowest bid [4][60] - The report suggests focusing on investment opportunities in innovative drugs and related industries, particularly in light of upcoming academic conferences showcasing Chinese pharmaceutical companies' R&D progress [4][60] Industry News - The National Organization for Drug Procurement announced the 11th batch of centralized procurement, with procurement agreements to be signed annually based on actual usage and supply conditions [12] - The report mentions that Zejing Pharmaceutical's CD3/DLL3 tri-antibody has entered Phase III clinical trials [13] - The approval of the subcutaneous formulation of Pembrolizumab (Keytruda) by Merck is noted, which offers a more convenient administration method [14] - Jinfang Pharmaceutical successfully listed in Hong Kong, raising approximately 1.44 billion HKD [15] Market Review - The Shanghai Composite Index rose by 0.56%, while the Shenzhen Component Index increased by 2.83%. However, the pharmaceutical and biological sector fell by 1.68% [47] - All sub-sectors within the pharmaceutical industry experienced declines, with the largest drop in the pharmaceutical commercial sector at -3.83% [47] Company Announcements - 恒瑞医药 signed a licensing agreement with Glenmark Specialty for the innovative drug SHR-A1811, with potential milestone payments reaching up to 1.093 billion USD [28] - 信达生物 received approval for the new indication of its drug for adult Type 2 diabetes patients [30] - 甘李药业 announced a significant contract with Brazilian partners, with a total expected value of no less than 3 billion RMB [31] - 百奥赛图's A-share issuance has been approved for listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board [32]