截至11:07，港股通创新药ETF(159570)标的指数热门股多数回调：石药集团、中国生物制药、三生制药、翰森制药、荣昌生物跌超5%，信达生物跌超4%， 康方生物跌超3%。 | 序号 | 代码 | 名称 | 估算板車 | 涨跌幅 | 17.47 80 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 1801 | 信达生物 | 10.51% | -0.56% | 6.81亿 | | 2 | 1093 | 石药集团 | 12.18% | -3.15% | 5.98 7. | | 3 | 6160 | 高密被田 | 10.99% | -1.13% | 2.83 Z | | 4 | 1530 | 三生制药 | 6.50% | -2.57% | 2.65 Z | | 5 | 9926 | 康方生物 | 8.49% | -1.33% | 2.57 Z | | 6 | 3692 | 翰森制药 | 6.84% | -1.84% | 1.99 Z | | 7 | 1177 | 中国生物制药 | 10.01% | -3.66% | 1.74Z | | 8 | 6990 | 科伦博 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Pharmaceutical (Pharma)** and **Biopharmaceutical/Biotech** sectors, highlighting companies with potential for value re-evaluation and those entering a performance ramp-up phase [1][2]. Core Insights and Arguments 1. **Value Re-evaluation of Pharma Companies**: - There is a recommendation to further support Pharma companies that have the potential for value re-evaluation, particularly emphasizing key marginal changes. The BD (Business Development) revenue for Pharma is expected to normalize, which will drive an upward shift in the valuation framework [1][2]. 2. **Performance Ramp-up in Biopharma/Biotech**: - Continuous recommendation for Biopharma/Biotech companies that are entering a performance ramp-up phase and have pipelines that are consistently delivering results. The expectation is that by 2026, leading Biopharma/Biotech companies will enter a period of accelerated performance [2]. 3. **Key Marginal Changes**: - The core marginal change driving the value re-evaluation logic for Pharma companies is the normalization of BD revenue. This is supported by two main factors: - Leading Pharma companies have a more comprehensive technology platform and pipeline layout, enhancing their ability to continuously produce BD assets [2]. - External transactions are evolving from sporadic single-asset licensing to a more platform-based and series-based licensing model, making upfront payments, milestones, and revenue sharing more replicable and predictable. Recent collaborations, such as the partnership between **Shiyao** and **AstraZeneca** for a long-acting weight loss drug (total package of $18.5 billion) and **Innovent** with **Eli Lilly** in oncology and immunology (total package of $8.9 billion), exemplify this trend [2]. Recommendations - Specific companies recommended for investment include: - **Hengrui Medicine** - **Hansoh Pharmaceutical** - **Shiyao Group** (new addition in February) - **China National Pharmaceutical Group** - **Sinopharm** (new addition in February) - **Haisco** [2]. Additional Important Insights - The oncology, metabolism, and autoimmune sectors are expected to see a concentration of critical data releases. The integration of new technology platforms such as small nucleic acids, bispecific/trispecific antibodies, next-generation ADCs, and PROTAC/molecular glue is anticipated to provide significant valuation elasticity for leading companies at key data points, potentially opening up overseas BD opportunities [3].

【国泰海通医药】春节期间创新药领域重点新闻梳理-上市公司 恒瑞医药： 1）2/12 CDE官网显示公司递交了ANGPTL3单抗SHR-1918针对HOFH的上市申请。 目前公司暂未披露1918的III期临床结果； 1）2/20 公司公告阿美替尼已获欧洲药品管理局EMA批准在欧盟上市，用于EGFR19del或L858RNSCLC一线治疗， 以及T790MNSCLC治疗； 石药集团： 1）2/16 公司公告旗下受体偏向性GLP1/GIP激动剂月制剂SYH2082在美国获批临床； 信立泰： 翰森制药： 1）2/20 公司公告阿美替尼已获欧洲药品管理局EMA批准在欧盟上市，用于EGFR19del或L858RNSCLC一线治疗， 以及T790MNSCLC治 【国泰海通医药】春节期间创新药领域重点新闻梳理-上市公司 恒瑞医药： 1）2/12 CDE官网显示公司递交了ANGPTL3单抗SHR-1918针对HOFH的上市申请。 目前公司暂未披露1918的III期临床结果； 翰森制药： 1）2/20 公司在《欧洲呼吸杂志子刊-开放研究》ERJ OPEN RESEARCH上披露了IL17RB单抗SM17针对CRSWNP和 IPF ...

Core Viewpoint - The medical device sector is experiencing a turning point, driven by performance recovery and innovation in overseas markets, with a focus on surgical robots, brain-computer interfaces, AI medical technology, and high-potential innovative devices like PFA, RDN, and TAVR [1] Group 1: Market Performance - As of February 24, 2026, the CSI Medical and Medical Device Innovation Index (931484) rose by 0.25%, with notable increases in component stocks such as Aier Eye Hospital (up 2.23%), Yingke Medical (up 1.96%), and Xingqi Eye Medicine (up 1.45%) [1] - The Medical Innovation ETF (516820) is currently in a state of market tension, with the latest quote at 0.36 yuan [1] Group 2: Industry Developments - Recent developments in the surgical robot sector, including successful bids from MicroPort Robotics and Aikang Medical, have significantly raised market expectations for the commercialization of related equipment [1] - Continued funding interest in cutting-edge areas such as AI medical technology and brain-computer interfaces is noted, alongside a U.S. court ruling that deemed tariff policies illegal, further strengthening the logic for medical device exports [1] Group 3: Index Composition - As of January 30, 2026, the top ten weighted stocks in the CSI Medical and Medical Device Innovation Index include WuXi AppTec, Mindray Medical, and Hengrui Medicine, collectively accounting for 63.9% of the index [2]

证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/02/24） 崔健 渤海证券研究所晨会纪要（2026.02.24） 固定收益研究 债市延续偏强震荡——利率债周报 行业研究 1-8 批国家药品集采平稳接续，基药目录管理办法印发——医药生物行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/02/24） 固定收益研究 债市延续偏强震荡——利率债周报 王哲语（证券分析师，SAC NO：S1150524070001） 周 喜（证券分析师，SAC NO：S1150511010017） 李济安（证券分析师，SAC NO：S1150522060001） 统计区间：2026 年 2 月 6 日至 2026 年 2 月 12 日。 统计期内，一级市场共发行利率债 96 只，实际发行总额为 9643 亿元，节前发行规模依然较高，其中，国 债发行规模增加，专项债发行规模小幅减少。 4、二级市场：债市延续偏强震荡 统计期内债市延续偏强震荡特征， ...

小核酸药物赛道再添重磅国际合作。 2月23日晚间，前沿生物（688221）公告，公司已于2月16日与跨国药巨头葛兰素史克（GSK）签署独家授权协议，将旗下两款小核酸（siRNA）在研产品 的全球权益授予GSK。 分工明确 权益清晰 根据公告，此次授权的两款产品中，一款候选药物已进入新药临床试验申请（IND）阶段，另一款处于临床前阶段。 根据协议，前沿生物将负责其中一款产品在中国的I期临床试验推进，以及另一款产品的IND支持性研究；GSK则将主导两款产品后续的全球临床开发、 注册申报及商业化工作。 根据协议，前沿生物将获得4000万美元首付款及1300万美元近期里程碑付款，并有望在后续开发、监管和商业化过程中获得最高9.5亿美元的里程碑付 款，交易总金额累计超过10亿美元。此外，前沿生物还将享有两款产品全球净销售额的分级特许权使用费。 前沿生物在公告中表示，此次合作不仅将为公司带来可观的现金流支持，助力核心研发投入与技术平台升级，也标志着其在小核酸药物领域的技术实力获 得国际认可。公司在此次合作中将借助GSK在全球临床开发与商业化方面的资源与经验，加速公司管线的国际化价值转化，并为后续推进产品商业化、拓 展全球 ...

Group 1 - The Hong Kong stock market experienced a significant rise on February 23, with the Hang Seng Index increasing by 2.53%, the Hang Seng China Enterprises Index by 2.65%, and the Hang Seng Tech Index by 3.34% [1] - Major stocks such as Zijin Mining, Meituan, and SMIC led the gains, each rising over 5%, while Tencent and Alibaba increased by more than 3% [1] - During the Chinese New Year holiday, the Hang Seng Index saw a cumulative increase of 1.94%, with the China Enterprises Index up by 1.82% and the Tech Index by 0.47% [1] Group 2 - The AH share premium index fell by 2.34% to 113.68 points, marking the lowest level since July 2, 2018, influenced by the strong performance of the Hong Kong market [1] - As of February 23, there were nine stocks with H shares trading at a premium to their A shares, including CATL with a premium exceeding 31% and others like China Merchants Bank and WuXi AppTec with premiums over 10% [1] - Market analysts believe that the positive performance of the Hong Kong market during the holiday may provide a boost to the A-share market post-holiday, with several brokerage firms optimistic about A-share performance [1]

Investment Rating - The report maintains a positive outlook on the blood products industry, suggesting that the supply-demand relationship will gradually improve, leading to performance recovery for companies in this sector [10][34]. Core Insights - The blood products industry is characterized by a clear long-term growth trajectory, supported by a favorable regulatory environment for plasma collection and an expanding product range among companies [12][34]. - Short-term performance has been impacted by supply-demand mismatches, with a notable decline in profitability observed in 2025 due to excess supply and price reductions [19][36]. - The report highlights the importance of white albumin and immunoglobulin (IVIG) as core products, with a stable demand expected despite recent price pressures [33][34]. Summary by Sections Market Review - The report notes a decline of 0.85% in the medical index, underperforming the CSI 300 index by 1.22 percentage points, ranking 21st among 30 sectors [6]. - The top-performing stocks in the medical sector include Aidi Te, Zhendai Medical, and Olin Bio, while the worst performers include Beixin Life and Huayuan Bio [6]. Industry and Stock Events - The report emphasizes the recovery of plasma collection activities post-pandemic, which has led to increased supply and a shift in the market dynamics for blood products [19][26]. - The report identifies key companies to watch, including Tian Tan Biological and Bo Ya Biological, as they are expected to benefit from the industry's growth [12][34]. Overall Perspective and Investment Themes - The report suggests focusing on innovative drugs, medical devices, and the blood products sector, highlighting the potential for significant growth driven by domestic differentiation and international expansion [10][12]. - The report also discusses the ongoing consolidation in the industry, particularly among state-owned enterprises, which may enhance market concentration and operational efficiencies [46]. Supply and Demand Dynamics - The report indicates that the supply of blood products is expected to tighten in 2026 due to a slowdown in plasma collection growth and a decrease in imported white albumin supply [30][34]. - Demand for white albumin remains robust, with sales showing signs of stabilization despite recent challenges [33][34]. Future Outlook - The report anticipates a gradual return to a balanced supply-demand relationship in the blood products industry, which could lead to improved financial performance for key players [34][36]. - The potential for new product introductions and market expansions is highlighted as a significant driver for future growth in the sector [12][34].

Investment Rating - The report maintains a positive outlook on the blood products industry, suggesting that the sector has clear long-term growth potential due to increasing supply and demand elasticity [12][19][36]. Core Insights - The blood products industry is expected to benefit from a more relaxed approval process for plasma collection stations during the 14th Five-Year Plan, leading to increased production capacity and a diverse range of products [12][19]. - The report highlights a significant shift in the industry from a supply surplus to a supply-demand balance, with expectations for improved performance in 2026 as supply constraints tighten and demand remains stable [36][34]. - Key companies to watch include TianTan Biotech, BoYa Bio, and HuaLan Bio, which are expected to see performance improvements as the market stabilizes [12][36]. Summary by Sections Market Review - The report notes that the CITIC pharmaceutical index fell by 0.85%, underperforming the CSI 300 index by 1.22 percentage points, ranking 21st among 30 primary industries [6]. - The top-performing stocks in the sector included AidiTe and ZhenDe Medical, while stocks like BeiXin Life and HuaYuan Bio faced significant declines [6][12]. Industry and Stock Events - The blood products sector has experienced a prolonged adjustment period, with a cumulative decline of 18.1% since early 2025, significantly underperforming the broader pharmaceutical sector [16]. - The report indicates that the performance of major blood product companies has varied, with some like WeiGuang Bio and HuaLan Bio performing better than the sector average [16]. Overall Perspective and Investment Themes - The report emphasizes the transition from a quantity-driven to a quality-driven approach in the innovative drug sector, suggesting a focus on differentiated products and international expansion [10]. - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, with companies like MaiRui and LianYing expected to benefit from ongoing upgrades [10]. - The report also highlights the importance of the CXO and life sciences services sectors, predicting a recovery in domestic investment and a return to high growth rates [10]. Blood Products - The blood products industry is characterized by a clear growth trajectory, with both supply and demand expected to show significant elasticity [12][19]. - The report suggests that the industry will see improved performance due to a combination of increased plasma collection and a tightening supply situation, which is expected to stabilize prices and enhance profitability for key players [36][34].

2026 年 02 月 22 日 策略类●证券研究报告 节后春季行情可能延续，科技和周期占优 定期报告 投资要点 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 2026.2.13 主动偏股基金加仓有色、通信，减仓医药 2026.2.12 震荡波动呈现收敛，新股板块向上活跃周期 或依然在途-华金证券新股周报 2026.2.8 http://www.huajinsc.cn/ 1 / 25 请务必阅读正文之后的免责条款部分 节前市场担忧的风险因素在假期期间基本未发生。（1）春节期间出行和消费数据 偏好，对经济和盈利的担忧未出现。一是春节期间出行数据同比增长明显。二是春 节期间消费数据也偏好。（2）美国通胀回落，流动性收紧的担忧未出现。一是美 国 1 月 CPI 同比增速从 2025 年 12 月的 2.7%下滑至 2.4%，同时 1 月非农时薪同 比增速继续下滑至 3.71%，通胀和就业市场继续降温，美联储年内大概率继续降息。 二是美国 ...