智通财经APP讯，中国生物制药(01177)发布公告，集团自主研发的国家1类创新药TQB2102"HER2双抗 ADC"正在开展一项"评价注射用TQB2102对比研究者选择的化疗在HER2低表达复发╱转移性乳腺癌中 有效性和安全性的随机、开放、平行对照的III期临床试验(TQB2102-III-01)"，近期已完成全部受试者入 组。 TQB2102是集团自主研发的新一代HER2双表位双特异性抗体偶联药物(ADC)，通过三项核心技术创 新，实现疗效与安全性的优化平衡： 1.双表位靶向设计：抗体端采用非对称型结构设计，同时结合 HER2的ECD II/IV结构域，可显著提升对肿瘤细胞的选择性及药物内吞效率，从而增强抗肿瘤活性。 2. 可裂解连接子：采用酶裂解型连接子，能够高效裂解释放毒素，并具备"旁观者效应"，清除周边异质性 肿瘤细胞，扩大杀伤范围。 3.优化的药物抗体比(DAR)：DAR值稳定控制在5.8-6.0，搭配拓扑异构酶I (Topo I)抑制剂毒素，在提升疗效的同时降低毒副作用。 以上核心技术的结合，突破了传统HER2单抗及单靶点ADC的局限，使TQB2102在HER2低表达肿瘤治 疗中展现出显著潜力 ...

在2025年美国临床肿瘤学会(ASCO)年会上，集团公布了TQB2102用于HER2低表达晚期乳腺癌的Ib期临 床研究结果，显示出良好的疗效与安全性： 疗效数据：在既往接受过多线治疗(中位晚期系统性治疗4线，中位姑息性化疗2线)的HER2低表达患者 中，总体客观缓解率(ORR)为53.4%(39/73)，其中7.5mg/kg组的ORR达到58.3%(21/36)。值得注意的是， 即使在既往接受过ADC治疗并进展的患者中，仍有44.4%的患者经TQB2102治疗后获得缓解。 安全性数据：3级及以上治疗相关不良事件(TRAEs)主要包括中性粒细胞减少(23.3%)、白细胞减少 (20.6%)、贫血(8.2%)和低钾血症(6.9%)等，总体耐受性良好。 在乳腺癌治疗领域，集团已布局HER2+、HER2低表达、HR+/HER2-及三阴性乳腺癌在内的全分子分 型，并系统覆盖从新辅助、一线、二线及以上、到辅助治疗的全病程治疗阶段，致力于为更多患者提供 新的治疗选择。 中国生物制药(01177)发布公告，集团自主研发的国家1类创新药TQB2102"HER2双抗ADC"正在开展一 项"评价注射用TQB2102对比研究者选择的 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 自願公告 安全性數據：3級及以上治療相關不良事件(TRAEs)主要包括中性粒細胞減少(23.3%)、白細胞減少 (20.6%)、貧血(8.2%)和低鉀血症(6.9%)等，總體耐受性良好。 乳腺癌是全球女性最常見的惡性腫瘤，2022年中國乳腺癌新發病例數約35.7萬例，死亡病例數約7.5 萬例[2]。其中，約45%-55%的乳腺癌為HER2低表達（即HER2 IHC 1+或2+/FISH-）。這類患者形成了 一個異質性群體，現有的常規靶向HER2療法對其臨床獲益有限，亟需新的治療手段改善預後[3-4]。 在乳腺癌治療領域，本集團已佈局HER2+、HER2低表達、HR+/HER2－及三陰性乳腺癌在內的全分 子分型，並系統覆蓋從新輔助、一線、二線及以上、到輔助治療的全病程治療階段，致力於為更多 患者提供新 ...

来源：新浪基金 开源证券指出，中国创新药正经历从"规模积累"走向"价值释放"的国际化跨越，并持续迎来从"管线预 期"转向"业绩兑现"的商业化收获期。创新药板块已回调近两个季度，长期看，较多优质标的估值性价 比明显，当前位置建议加大关注。* 再来看港股通医疗板块表现，AI医疗、脑机接口概念股较为活跃，大权重领衔涨势，京东健康、阿里 健康、平安好医生齐涨3%左右，港股通医疗ETF华宝（159137）日线五连阳。 目前AI医疗在C端的渗透正在加速，从智能问诊到慢病管理的应用场景不断拓展，推动阿里健康、京东 健康等港股互联网医疗平台价值重估。 中信建投证券指出，港股器械整体创新属性较强，部分企业的创新产品具有license-out或被并购的可 能。基本面维度，行业内部多数公司经营业绩持续改善，低估值投资价值凸显。事件方面，预计迈瑞医 疗、可孚医疗今年将在港股上市，港股医疗器械板块效应和投资机会或将增多。* 2月9日，港股市场全面反弹，港股医药板块延续修复行情。 信达生物拿下88.5亿美元BD大单，无意外全天领涨，最高涨至8.55%，收涨7.42%，龙头股大受提振， 百济神州涨超3%，石药集团、中国生物制药、三生制药集 ...

2月9日，港股市场全面反弹，港股医药板块延续修复行情。 信达生物拿下88.5亿美元BD大单，无意外全天领涨，最高涨至8.55%，收涨7.42%，龙头股大受提振， 百济神州涨超3%，石药集团、中国生物制药、三生制药集体跟涨。 100%创新药研发标的——港股通创新药ETF（520880）高开后上探2.75%，收涨1.77%成功连阳，一并 站上10日均线，全天成交3.81亿元。 2月8日晚，信达生物公告，公司与礼来制药达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研 发进程。信达将获3.5亿美元首付款，最高可获85亿美元里程碑付款及大中华区以外净销售额梯度分 成。 2025年中国创新药License-out总交易规模达到创纪录的1357亿美元，2026年开年以来重磅合作频出，除 信达外，1月份石药-阿斯利康（185亿美元）、荣昌-艾伯维（56亿美元）两笔超级BD均充分验证国产 创新药管线的全球价值。 开源证券指出，中国创新药正经历从"规模积累"走向"价值释放"的国际化跨越，并持续迎来从"管线预 期"转向"业绩兑现"的商业化收获期。创新药板块已回调近两个季度，长期看，较多优质标的估值性价 比明显，当前位置建议加大 ...

Global Macro - The nomination of Kevin Warsh reflects a rebalancing of monetary policy under the constraints of the Trump 2.0 policy framework, aiming to enhance the alignment of monetary policy with growth and financing cost objectives [2] - Warsh's selection is seen as an optimal compromise, meeting Trump's criteria of being communicative, favoring low interest rates, and avoiding an immediate "independence crisis" narrative [2] - The significance of Warsh's nomination lies not in an immediate change in interest rates but in altering market expectations regarding the Federal Reserve's "toolbox weight" and "intervention boundaries," potentially triggering repricing of term premiums and volatility [2] Asset Implications - The interest rate curve is likely to steepen, with the Federal Reserve expected to tolerate higher long-term rates and risk asset volatility, leading to a scenario where short-term rates decrease while long-term rates remain stable or even rise [3] - The dollar may strengthen in the medium term, provided the narrative of independence is not compromised, despite potential interest rate cuts [3] - A systemic elevation in volatility is anticipated as the Federal Reserve gradually withdraws from micro-management, allowing asset prices to be determined more by fundamentals rather than liquidity illusions [3] Company Focus: NIO Inc. - NIO reported a positive earnings surprise for Q4 2025, with adjusted operating profit expected to reach between 700 million to 1.2 billion yuan, marking the first quarter of positive operating profit for the company [6] - This turning point is attributed to increased deliveries, a higher proportion of premium products, and cost reduction efforts, validating the operational leverage of its business model [6] - Looking ahead to 2026, while the first half may experience fluctuations in profit due to seasonal and cost pressures, the launch of new large SUV models in the second half is expected to boost gross margins, making the new vehicle cycle a key catalyst for valuation reassessment [6]

板块表现： 证券研究报告 医药生物 行业定期报告 hyzqdatemark 2026 年 02 月 09 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 分子胶：撬动"不可成药"靶点的创新药新范式 投资评级： 看好（维持） ——医药行业周报（26/2/2-26/2/6） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 本周医药市场表现分析：2 月 2 日至 2 月 6 日，医药指数上涨 0.14%，相对沪深 300 指数超 额收益为 1.47%。上周市场风格有所变化，白酒等底部消费类资产表现较好，医药行业中的 医疗服务、中药亦有表现。另外，经历短期波动消化后，创新药板块已显现企稳回暖迹象。 我们建议精选基本面强劲、前期调整充分的创新药个股，看好未来股价有望走出新高度，同 时建议积极关注医疗新科技等板块，以及 26 年困境反转的底部个股。1）创新药建议关注，A 股）恒瑞医药、信立泰、泽璟制药、热景生物、科伦药业、上海谊众、康弘药业、华纳药厂、 前沿生物、福元医药、苑东生物、昂利康；港股）中国生物制药、三生制药、信达生物、康 方生物 ...

研究报告 Research Report 9 Feb 2026 香港医疗 Hong Kong Health Care 医药行业周报（2026.02.02-2026.02.06）：市场情绪回暖；看好基本面表现强劲的创新药产业链龙头 Healthcare Weekly (2026.02.02-2026.02.06): Market Sentiment Warms; Bullish on Leaders in Innovative Drug Chain with Strong Fundamentals [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 百济神州 | Outperform 华润医药 | | Outperform | | 京东健康 | Outperform 国药控股 | | Neutral | | 药明生物 | Outperform 映恩生物 | | Outperform | | 信达生物 | Outperform 金斯瑞生物科 ...

Macro Commentary - The report indicates a slowdown in China's economic growth in Q1, but improvements in deflation are noted, with policymakers signaling a focus on stabilizing real estate, promoting consumption, and countering "involution" [2] - The US economy is expected to rebound, with rental inflation declining, offsetting a rise in commodity inflation, leading to a stable dollar liquidity environment [2] - The report anticipates only one interest rate cut by the Federal Reserve in June this year, with a potential for a spring rebound in the stock market [2] Internet Sector - In January, high beta stocks benefitting from event-driven catalysts significantly outperformed the industry, aided by improved market risk appetite and liquidity [2] - Major Chinese internet companies are increasing market spending on AI applications targeting end-users, with 2026 identified as a critical year for capturing user engagement in the AI era [2] Stock Market Performance - The Hang Seng Index closed at 26,560, down 1.21% for the day but up 3.63% year-to-date, while the US markets showed a rebound with the Dow Jones up 2.47% [2] - The report highlights the performance of various indices, with the Hang Seng Financial Index down 1.89% and the Hang Seng Property Index up 17.49% year-to-date [3] Investment Strategy - A "barbell" investment strategy is recommended, focusing on companies with certain profit growth and those benefiting from AI [5] - Specific stocks to watch include Tencent, Alibaba, and Kuaishou for their AI-driven growth potential, and NetEase and Trip.com for their stable earnings visibility [5] Software and IT Services - The report expresses optimism for the software sector, expecting revenue growth to support valuations, while cautioning about the competitive pressures from AI model vendors [6] - Recommended stocks include Palo Alto Networks in the US and Kingdee in China, which are expected to benefit from AI-related revenue growth [6] Semiconductor Industry - The semiconductor sector is viewed positively, driven by AI demand, with structural shortages in memory products like HBM and server DRAM [7] - Recommended stocks include Zhongji Xuchuang and Northern Huachuang, which are expected to benefit from the ongoing demand for computing power [7] Technology Sector - The report anticipates a continued high demand for AI computing infrastructure and innovations in consumer electronics, with specific recommendations for companies like Luxshare Precision and BYD Electronics [8] Consumer Sector - The Hang Seng Consumer Index has risen 8% year-to-date, driven by high elasticity in discretionary consumption sectors [9] - The report highlights the potential for increased consumer spending during the Spring Festival, supported by government policies aimed at boosting consumption [10] Automotive Sector - January saw a slowdown in automotive sales, particularly in the new energy vehicle segment, but a recovery is expected post-Spring Festival [11] - Recommended stocks include Geely for its expanding new energy vehicle matrix and Xpeng for its potential to turn profitable [11] Pharmaceutical Sector - The report emphasizes the long-term trend of innovative drugs going global, with a focus on clinical progress and data validation for drugs already in international markets [12] - Recommended stocks include Innovent Biologics and CanSino Biologics, which are expected to benefit from the ongoing trend of drug commercialization [12] Capital Goods Sector - The report notes a positive outlook for the capital goods sector, particularly in construction machinery, driven by rising metal prices and increased mining capital expenditures [21] - Recommended stocks include SANY Heavy Industry and Zoomlion, which are expected to benefit from the ongoing demand for construction equipment [21] Real Estate and Property Management - The real estate sector is optimistic due to favorable policies, with the Hang Seng Property Index rising 15% year-to-date [19] - Recommended stocks include China Jinmao and Greentown China, which have shown significant price increases [19]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The supply of raw materials in the pharmaceutical industry is accelerating, with a focus on subsequent price and volume changes [2] - The global GLP-1 market is evolving, with Chinese companies continuing to explore international opportunities [3] - Leading companies are gradually entering the small nucleic acid field, which is expected to drive the development of supporting industrial chains [4] - The retail pharmaceutical market is showing positive trends, with chain pharmacies enhancing their positioning [5] - The value of oral immunosuppressive drugs is gaining attention [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 1.47 percentage points in the last week, ranking 15th among 31 primary industry indices [18] - The pharmaceutical industry index increased by 0.14% during the same period [18] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index has a current PE (TTM) of 37.31, above the five-year historical average of 31.11 [40] 3. Recent Research Achievements - The report highlights various deep-dive studies on topics such as the growth of biological agents and oral medications, and the impact of policies on the inhalation drug industry [44] 4. Recent Industry Policies and News - The National Healthcare Security Administration issued a notice to accelerate the cultivation and application of new scenarios in the medical insurance sector [46] - Recent approvals for clinical trials of new drugs by major pharmaceutical companies, including AstraZeneca and Hengrui Medicine, indicate ongoing innovation in the industry [47][48] 5. Key Companies and Profit Forecasts - The report includes profit forecasts for several companies, with recommendations for stocks such as Yuyuan Pharmaceutical and Sunshine Nuohua, indicating a positive outlook for their performance [9]