Group 1 - The demand for antithrombotic drugs is expanding due to the aging population and rising prevalence of cardiovascular diseases, with the global market size reaching $52.9 billion in 2023 and expected to exceed $110 billion by 2033 [2] - Anticoagulants are the core category within this market, showing steady growth, particularly in China, which provides a broad market foundation for the development and commercialization of new anticoagulants [2] - The upgrade window for anticoagulants has arrived, with the next generation of drugs poised for development as traditional anticoagulants struggle to balance efficacy and bleeding risks [2] Group 2 - FXI is identified as a key target for the next generation of anticoagulants due to its unique advantages of "precise anticoagulation and low bleeding risk," with multiple FXI/FXIa inhibitors currently in registration clinical stages globally [3] - Bayer's Asundexian and BMS/Johnson & Johnson's Milvexian are among the small molecule FXIa inhibitors undergoing clinical trials, with varying degrees of success in different indications [4] - In the realm of monoclonal antibodies, Novartis' Abelacimab has received FDA fast track designation for stroke prevention in atrial fibrillation and cancer-related thrombosis, while Regeneron is advancing two FXI monoclonal antibodies into Phase III trials [4] Group 3 - Recommended companies include Heng Rui Medicine (01276), with related companies being Reblozyl Bio-B (06938) and Jingyin Pharmaceutical [5]

从靶点到管线，FXI 引领抗凝产业新变革 [Table_Industry] 医药 FXI/FXIa 抑制剂行业研究报告 | [Table_Invest] | | | --- | --- | | 评级： | 增持 | | | | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 彭娉(分析师) | 021-23185619 | pengping@gtht.com | S0880525040080 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 靶向 FXI 的药物可在不显著增加出血风险的前提下防治血栓，有望为患者提供更安 全的抗凝选择。当前该领域的研发活跃，2026 年起预计有多个药物进入关键数据读 出的阶段，静待抗凝领域新一代"大药"的诞生。 投资要点： [Table_Report] 相关报告 医药《医疗设备招采规模高基数影响部分回落， 关注手术机器人市场机遇》2026.02.09 医药《高景气延续，持续推荐创新药械产业链》 2 ...

2月25日，受隔夜美股科技股反弹提振，港股三大指数追随亚太市场情绪集体高开，随后进入震荡整理 阶段。截至午间收盘，恒生指数涨0.75%报26790.23点，恒生科技指数涨0.34%报5288.47点，国企指数 涨0.9%报9089.04点，红筹指数涨1.18%报4498.18点；市场多空博弈加剧，个股呈现显著分化态势：业 绩预增股受到资金追捧，而部分消费及地产股则面临调整压力。 盘面上，市场多空博弈加剧，个股呈现显著分化态势，业绩预增股受到资金追捧；科技股中，阿里巴巴 涨0.88%，腾讯控股涨1.25%，京东集团涨0.94%，小米集团跌0.11%，网易跌0.67%，美团涨2.33%，快 手涨0.38%，哔哩哔哩跌0.95%。内房股、建材水泥股、钢铁股等建筑类股均大幅上涨，重庆钢铁盘中 一度飙涨27%，碧桂园涨超6%；有色金属板块走强，力勤资源涨超8%，灵宝黄金再创历史新高；航运 股多数走强，中远海发涨超7%；昨日领衔板块上涨的半导体存储概念股走低。 个股及板块新闻 业绩披露潮现"冰火两重天" 猫眼娱乐(01896.HK)早盘走高，公司预计2025财年收入达46亿至47亿元，同比增长12.7%至15.1%；净 ...

180治理ETF交银（510010）业绩比较基准为上证180公司治理指数，管理人为交银施罗德基金管理有限 公司，基金经理为邵文婷、蔡铮，成立（2009-09-25）以来回报为102.94%，近一个月回报为1.90%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月25日，截止午间收盘，180治理ETF交银（510010）涨0.77%，报1.836元，成交额41.85万元。180治 理ETF交银（510010）重仓股方面，贵州茅台截止午盘涨2.59%，中国平安涨1.75%，招商银行涨 0.15%，紫金矿业涨2.19%，工商银行涨0.00%，兴业银行涨0.71%，长江电力涨0.31%，恒瑞医药涨 0.07%，伊利股份涨0.76%，京沪高铁涨0.61%。 ...

数据显示，截至2026年1月30日，中证医药及医疗器械创新指数(931484)前十大权重股分别为药明康 德、迈瑞医疗、恒瑞医药、爱尔眼科、片仔癀、新和成、华东医药、康龙化成、艾力斯、甘李药业，前 十大权重股合计占比63.9%。 截至2026年2月25日 10:27，中证医药及医疗器械创新指数(931484)上涨0.25%，成分股三生国健上涨 3.33%，新和成上涨2.33%，爱博医疗上涨1.73%，特宝生物上涨1.71%，浙江医药上涨1.08%。医疗创新 ETF(516820)上涨0.55%，最新价报0.36元。 从估值层面来看，医疗创新ETF跟踪的中证医药及医疗器械创新指数最新市盈率（PE-TTM）仅27.28 倍，处于近1年18.88%的分位，即估值低于近1年81.12%以上的时间，处于历史低位。 医疗创新ETF紧密跟踪中证医药及医疗器械创新指数，中证医药及医疗器械创新指数从医药卫生行业的 上市公司中，选取30只盈利能力较好且具备一定成长性和研发创新能力的上市公司证券作为指数样本， 以反映兼具盈利性与成长性的医药及医疗器械上市公司证券的整体表现。 消息面上，普华永道（PwC）称，和Anthropic宣布达 ...

港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周二港股市场单边下挫，恒生指数收跌 1.82%， 报 26590.32 点；恒生科技指数跌 2.13%，报 5270.7 点；恒生中国企业指数下挫 2.06%，报 9007.86 点。市场成交额 2509.92 亿港元，较前 一交易日 1729.63 亿港元显著放量。恒生指数成 分股中，中国生物制药跌 6.6%，翰森制药跌 6.4%，中国人寿跌 6.1%，万洲国际涨 4.4%。恒生 科技指数成分股中，金蝶国际跌 7.8%，商汤-W 跌 5.8%，华虹半导体涨 3.1%。港股通成分股中，中 国中免跌 10.5%。 美股市场 1. 周 ...

华人置业(00127)预期2025年可能取得亏损减少75%至85%，但收入减少5%至15%，2024年其收入为3.37 亿港元，公司拥有人应占的综合亏损净额为21.08亿港元。 2月25日，港股集体高开，其中恒生指数涨0.58%报26745.2点，恒生科技指数涨0.86%报5316.09点，国 企指数涨0.68%报9069.19点，红筹指数涨0.41%报4464.07点；昨日港股三大指数集体走低，恒指再度失 守两万七大关、恒科指数跌超2%。 盘面上，大型科技股普遍走高，阿里巴巴涨1.22%，腾讯控股涨0.48%，京东集团涨1.03%，网易涨 1.51%，美团涨1.23%，快手涨0.38%；中资券商股活跃，中信建投证券涨超1%；有色金属板块高开， 中国宏桥涨超3%；半导体部分上涨，华虹半导体涨超1%。AI应用股走强，KEEP涨3.94%、出门问问涨 3.17%、范式智能涨2.82%、海致科技集团涨2.38%。 公司业绩有喜有忧 多家公司公布业绩情况 猫眼娱乐(01896.HK)表现亮眼，2025财年收入预计达46亿 - 47亿元，同比增长约12.7%至15.1%；净利润 5.4亿 - 5.9亿元，同比增长约19 ...

【重要事项】 海螺水泥：控股股东海螺集团拟7-14亿元增持公司股份 【业绩】 责任编辑：山上 通威股份：拟发行股份及现金收购青海丽豪清能100%股权并停牌筹划交易 恒瑞医药：SHR-1918注射液上市许可申请获国家药监局受理并纳入优先审评 ST人福：拟向控股股东定增募资不超35亿元 长芯博创：拟收购上海鸿辉光联通讯技术有限公司93.81%股权 布局光通信领域产业链上游 渤海租赁：控股子公司出售24架附带租约的飞机租赁资产 市场价格约为15.89亿美元 申联生物：拟2.37亿元收购世之源控股权并开展创新药业务 赛诺医疗：子公司产品Ghunter颅内取栓支架获得欧盟CE MDR认证 大族激光：拟1.5亿美元在东南亚设立海外运营中心 *ST松发：下属公司恒力造船2艘好望角型散货船建造合同于近日签约生效 韶能股份：全资子公司与元碳公司签订独立储能电站项目用地及电厂资源合作协议 光线传媒：电影《飞驰人生3》累计票房29.26亿元（营收4300-5300万元）；《惊蛰无声》票房8.67亿元 （营收520-660万元） 幸福蓝海：来源于两部影片《飞驰人生3》《熊出没：年年有熊》的营业收入共计约为79万元-102万元 华智数 ...

Performance Summary - Supor reported a net profit of 2.097 billion yuan for 2025, a decrease of 6.58% year-on-year [2] - Sanofi reported a net profit of 2.939 billion yuan for 2025, an increase of 317.09% year-on-year [17] - Wens Foodstuff Group reported a net profit of 5.235 billion yuan for 2025, a decrease of 43.59% year-on-year [18] - Sree New Materials reported a net profit of 154 million yuan for 2025, an increase of 35.04% year-on-year [22] - JiaoKong Technology reported a net profit of 156 million yuan for 2025, an increase of 86.13% year-on-year [22] - Aidi Pharmaceutical reported a net loss of 19.7337 million yuan for 2025, a reduction in loss [22] - MicroGuide Nano reported a net profit of 213 million yuan for 2025, a decrease of 6.12% year-on-year [22] - Zhongwei Semiconductor reported a net profit of 285 million yuan for 2025, an increase of 108.05% year-on-year [22] - Hengyu Environmental reported a net profit of 35.9325 million yuan for 2025, an increase of 106.25% year-on-year [22] - Zhongke Shuguang reported a net profit attributable to shareholders of 2.113 billion yuan for 2025, an increase of 10.54% year-on-year [22] - Oat Technology reported a net profit of 137 million yuan for 2025, an increase of 42.63% year-on-year [22] - Yongxi Electronics reported a net profit attributable to shareholders of 82.2403 million yuan for 2025, an increase of 23.99% year-on-year [22] Shareholding Changes - Asia Optical's shareholders plan to reduce their holdings by no more than 1.6 million shares [22] - Anhui Conch Cement's controlling shareholder plans to increase its holdings by 700 million to 1.4 billion yuan [22] - Huaneng Hydropower's controlling shareholder plans to increase its holdings by 100 million to 150 million yuan [22] - Fushi Holdings' shareholders plan to reduce their holdings by no more than 2% [22] - Zhixin Precision's board members plan to reduce their holdings by no more than 1.8562% [22] - Hongbaoli's deputy general manager plans to reduce their holdings by no more than 310,000 shares [22] - Yuanli Co. plans to repurchase shares worth 50 million to 60 million yuan [22] - Zhongshun Jierou plans to repurchase shares worth 60 million to 120 million yuan [22] Contract Awards - Fengfan Co. won a procurement project from Southern Power Grid worth approximately 184 million yuan [22] - Shaoneng Co.'s wholly-owned subsidiary signed a cooperation agreement for land and resources for an independent energy storage power station project with Yuancan Company [22] Major Investments - Zhejiang Medicine plans to invest 250 million yuan in a silver economy fund in collaboration with a private equity fund [4] Project Approvals - Gansu Energy's Minqin Shuangchike 2 million kilowatt wind power project has been approved [5] - China Tianying received investment approval for the expansion of its Hanoi project [5] Mergers and Acquisitions - Dazhu Laser plans to invest 150 million USD to establish an overseas operation center [6] - Dongyang Sunshine is planning to acquire control of Dongshu No. 1, with stock suspension [6] - Shenlian Bio plans to acquire control of Shizhi Source for 237 million yuan to fully develop its innovative drug business [23] - Tongwei is planning to purchase 100% of Lihua Qingneng, with stock suspension starting tomorrow [23] - Changxin Bochuang plans to acquire 93.8108% of Shanghai Honghui Optical Communication Technology Co., Ltd. for 375 million yuan [23] - Kaipu Cloud has terminated the acquisition of 100% of Nanning Taike [23] Other Developments - Kexin Mechanical and Electrical obtained a production license for ultra-high pressure containers (A6) [10] - Baiyin Nonferrous Metals received a government subsidy of 9 million yuan [24] - Rundou Co. received a drug registration certificate for ibuprofen tablets [25] - Hengrui Medicine's application for the marketing authorization of the innovative drug SHR-1918 injection has been accepted and included in the priority review process [26] - Duorui Medicine's tender offer period has expired, and the company's stock is suspended [27] - Inner Mongolia Huadian plans to apply for a change of its stock name to "Huaneng Mengdian" [28]

政策动向 国家药监局药审中心发布《罕见病用化学药物药学研究指导原则（试行）》 2月24日，中国药审官微发布消息显示，为落实《国务院办公厅关于全面深化药品医疗器械监管改革促 进医药产业高质量发展的意见》（国办发〔2024〕53号），加大对罕见病药物研发的支持力度，进一步 完善罕见病药物技术指导原则体系，鼓励和加速推动罕见病药物研发上市，在国家药品监督管理局的部 署下，药审中心组织制定了《罕见病用化学药物药学研究指导原则（试行）》，自发布之日起施行。 药械审批 恒瑞医药：1类创新药SHR-1918注射液获受理并纳入优先审评程序 2月24日，恒瑞医药(600276.SH)公告称，公司子公司北京盛迪医药有限公司收到国家药监局下发的《受 理通知书》，公司1类创新药SHR-1918注射液的药品上市许可申请获受理，且已被纳入优先审评程序。 该药品用于治疗成人和12岁及以上的未成年人纯合子家族性高胆固醇血症（HoFH）患者。SHR-1918注 射液是公司自主研发的血管生成素样蛋白3（ANGPTL3）单克隆抗体，通过抑制ANGPTL3的活性，从 而降低血清中的甘油三酯（TG）和LDL-C水平。截至目前，相关项目累计研发投入约2 ...