| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4147 | 0.72 | 0.27 | 1.6 | | 深证综指 | 2746 | 1.21 | 0.01 | 2.46 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.56 | 0.59 | 5.01 | | 中盘指数 | 1.39 | 0.21 | 21.94 | | 小盘指数 | 1.59 | -0.96 | 15.17 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 小金属Ⅱ | 7.77 | 11.75 | 60.09 | | 冶钢原料 | 5.65 | 5.49 | 59.48 | | 房地产服务 | 5.41 | 7.08 | 4.44 | | 普钢Ⅱ | 5.04 | 3.31 | 3.25 | | 航天装备Ⅱ | ...

本报记者 曹卫新 2026年，中国创新药对外BD交易（商务拓展交易）持续升温、势头强劲。医药魔方NextPharma数据库显示，截至2月25 日，年内中国创新药已发生44起对外授权（license-out）交易事件，首付款约为31.23亿美元，总金额达532.76亿美元。 普华永道中国医药医疗行业主管合伙人徐佳博士在接受《证券日报》记者采访时表示："近期中国创新药海外授权 （License-out）交易密集落地，折射出中国创新药产业正从'跟跑'向'并跑'乃至'领跑'转变，实现了从'引进模仿'向'创新输出'的 结构性跨越。这不仅标志着中国正成为全球不可或缺的创新策源地，也意味着中国在全球医药创新价值链中的话语权和影响力 持续增强。" 跨境BD交易密集落地 医药魔方NextPharma数据库显示，2025年，中国创新药BD"出海"授权全年交易总金额达到1356.55亿美元，首付款70亿美 元，交易总数量达到157起，各个维度的数据统计均创历史新高。 进入2026年，中国创新药对外BD交易势头不减。1月16日，西比曼生物科技（一家处于临床阶段的专注于创新细胞疗法发 现和开发的全球性生物制药公司）宣布与阿斯利康达成协 ...

曾经，中国药企的标签多与仿制药、原料药生产或技术引进（License-in）绑定，如今已悄然转变为全球创新药研发的重要策源地，推动行业形成全新的生 态分工。 在这样的行业浪潮中，和铂医药精准卡位。其自有的Harbour Mice®抗体技术平台可生成双重、双轻链（H2L2）和仅重链（HCAb）形式的全人源单克隆抗 体，基于HCAb开发的免疫细胞衔接器（HBICE®）更能实现传统联合疗法难以企及的疗效，这套技术体系与单B细胞克隆筛选平台共同构成了企业的创 新"引擎"，为其BD战略的推进提供了坚实的技术支撑。 BD为矛破局，技术价值加速兑现 中国Biotech发展迅猛，但当前依然面临着资金压力、原创能力不足、国际化短板等诸多挑战：一款创新药10-20亿美元的研发成本和十年以上的研发周期， 给众多初创药企带来了加大的资金压力；基于已知靶点的快速跟进仍是中国Biotech的主流，First-in-class原创靶点发现能力依然薄弱；初创企业全球化经验 不足，自主开展全球多中心临床试验、对接国际监管机构的能力欠缺。 可见，对于中国Biotech企业而言，如何有效地将创新成果转化为持续的现金流，是比研发本身更现实的挑战。和 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [7] Core Insights - The report highlights the continuous upgrading of policies in the Heilongjiang biomanufacturing industry, focusing on innovative traditional Chinese medicine and innovative medical devices [4] - The report emphasizes the significant revisions to the Drug Administration Law, which provides institutional support for pharmaceutical innovation and high-quality development [4] - The report identifies three major transformations in China's innovative drug business development (BD) in 2026: technology output combined with product authorization, platform cooperation, and global parallel innovation [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -7.06% compared to the CSI 300 index, with an absolute return of 11.53% [3] Investment Highlights - The report notes that BD transactions in the pharmaceutical sector are focused on unmet clinical needs, technological differentiation, and global value [6] - Key areas of focus include oncology therapies such as dual antibodies, ADCs, and TCE combinations, with significant financial agreements highlighted, such as a $650 million upfront payment for a PD-1/VEGF dual antibody [6] - The metabolic disease sector is centered on long-acting GLP-1 and small nucleic acid precision therapies, with notable collaborations resulting in substantial upfront payments and potential total amounts [6] Company-Specific Developments - Companies like Andover Pharmaceuticals and Frontier Biotech have secured significant collaborations with major pharmaceutical firms, indicating a trend towards platform-based cooperation and technology output [7] - Specific collaborations include a $1.05 billion deal for a CTLA-4 inhibitor and a $400 million agreement for small nucleic acid drugs, showcasing the growing interest in innovative therapies [7] - The report suggests monitoring companies such as Rebio Biotech and WuXi AppTec for their advancements in small nucleic acids and platform capabilities [8]

截至2026年2月25日 13:49，中证医药及医疗器械创新指数(931484)上涨0.71%，成分股三生国健上涨 8.16%，浙江医药上涨4.83%，南微医学上涨3.45%，新和成上涨2.80%，康龙化成上涨2.16%。医疗创新 ETF(516820)上涨0.55%，最新价报0.36元。 医药板块结构性机会持续深化，AI医疗与脑机接口成为短期主线。消息面上，常州市第一人民医院门 诊大厅内，两个人形机器人"智能导诊员"正式上岗。它们不仅具备预检分诊、信息查询等功能，还能与 患者握手互动，让就医更高效、更有温度。 中信建投证券认为，春节前后A股脑机接口板块部分个股大幅上涨，港股手术机器人公司亦因中标进展 获正面催化；叠加恒瑞医药IL-15疗法启动NMIBC三期、亚盛医药BTK PROTAC进入美国一期临床、和 铂医药新一代CTLA-4抗体通过NewCo出海等密集管线进展，创新药械"从0到1"逻辑正从前端研发向临 床验证与商业化环节传导，AI驱动的靶点发现、药物设计及智能诊疗设备有望成为中长期核心赛道。 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 ...

Group 1: Transportation Industry Insights - The Spring Festival travel peak has shown a significant increase in passenger volume and ticket prices, indicating an industry turning point. The total inter-regional passenger flow reached 5.08 billion, with a year-on-year growth of 5.5% [3][4] - During the first 20 days of the Spring Festival, the civil aviation passenger volume increased by 6.0% year-on-year, with an average ticket price of 943 yuan, up 3.5% year-on-year [3][4] - The civil aviation industry is expected to maintain a growth rate of over 5% in passenger volume for 2026, supported by a recovery in business travel and a high seat occupancy rate [5] Group 2: Chemical Industry Outlook - The chemical industry is entering a favorable cycle with rising prices due to the upcoming peak season and a global trend of reducing overcapacity. The focus is on the recovery of demand and the potential for increased dividend yields from leading companies [6][8] - Key sectors to watch include coal chemical, oil refining, and agricultural chemicals, with specific companies highlighted for their strong performance potential [8][9] - The industry is expected to benefit from a reduction in supply and increased demand, particularly in sectors like PTA and tire manufacturing, as well as in the context of AI-driven demand [8][9] Group 3: Coal Market Dynamics - The price of thermal coal has risen to 718 yuan per ton, reflecting a week-on-week increase of 23 yuan, driven by supply constraints and increased demand from power plants [45][46] - The competitiveness of imported coal has diminished, leading to a favorable outlook for domestic coal prices as supply tightens and demand remains stable [45][46] - The overall coal mining industry is expected to see a long-term upward trend in prices due to rising operational costs and regulatory pressures, with a focus on maintaining high-quality assets and cash flow [47]

Core Insights - The Chinese pharmaceutical industry is experiencing a surge in Business Development (BD) activities, with significant collaborations and licensing agreements being announced at the beginning of the year [1][3][8] - The total value of licensing agreements for Chinese innovative drugs reached approximately $135.65 billion (about 933.56 billion RMB) in the previous year, with 157 transactions recorded [3] - The trend of BD is expected to continue, driven by the increasing capabilities of domestic innovative drug development and the need for multinational corporations (MNCs) to fill pipeline gaps [5][8] BD Transaction Highlights - Frontier Biotech announced an exclusive licensing agreement with GlaxoSmithKline (GSK) for two small RNA products, with an upfront payment of $40 million (about 27.8 million RMB) and potential milestone payments totaling up to $950 million (about 6.594 billion RMB) [4] - Hengrui Medicine disclosed a partnership with Solstice Oncology, granting exclusive rights for the development and commercialization of HBM4003 outside Greater China, with an upfront payment exceeding $10.5 million (about 7.29 million RMB) and potential milestone payments of up to $1.1 billion (about 7.336 billion RMB) [3][4] Market Trends - The small RNA drug sector is gaining attention, with Frontier Biotech focusing on chronic disease treatments and showcasing potential for first-in-class or best-in-class candidates [6] - The rapid development of small RNA technologies is driving deeper industry collaborations, positioning small RNA drugs as a significant area for BD activities [7] - Domestic BD collaborations are increasingly focused on resource sharing and risk mitigation, contrasting with previous trends that emphasized international partnerships [8][9] Domestic Collaboration Growth - There has been a notable increase in domestic BD transactions, with companies like Zhongsheng Pharmaceutical and Jichuan Pharmaceutical engaging in licensing agreements to enhance their market presence [8][9] - The emphasis on domestic collaborations reflects a trend towards resource integration and technology sharing, aiming to accelerate product development and market entry [9]

Group 1 - The core viewpoint of the articles highlights the continued high demand for Chinese innovative drugs in global markets, with significant business development (BD) transactions occurring in early 2026, indicating a strong growth trajectory for the industry [1][2]. - As of February 15, 2026, there have been 39 license-out transactions for Chinese innovative drugs, with an upfront payment of approximately $2.953 billion and a total value exceeding $49 billion, surpassing one-third of the total amount for 2025 [1]. - Morgan Stanley's report emphasizes a positive long-term outlook for the Chinese pharmaceutical industry, identifying "catalysts" as a key theme, with expectations for numerous catalysts in 2026 that will enhance the global value of domestic pharmaceutical assets [2]. Group 2 - Morgan Stanley specifically mentions that 2025 saw a total BD transaction amount of $135.7 billion for Chinese innovative drugs, surpassing the U.S. for the first time, with 2026 showing even stronger growth as the first 49 days of transactions exceeded any single quarter in 2025 [2]. - The report highlights Hengrui Medicine as a preferred investment target, predicting accelerated sales growth in 2026 and a positive trend in new cooperative transactions, which are crucial for realizing milestone payments [2]. - The transformation of Kangzhe Pharmaceutical towards innovative drugs is noted, with the approval of a targeted drug for vitiligo, indicating a significant step in the company's transition and growth strategy [3]. Group 3 - Despite the ongoing BD transaction boom, the innovative drug sector is experiencing a market downturn, with the Hong Kong innovative drug ETF dropping 0.78% after the Spring Festival, indicating a disconnect between market sentiment and fundamentals [4]. - The focus of BD transactions in 2026 is shifting towards early-stage research projects, with over 50% of the 39 transactions being in preclinical stages, reflecting a strategic pivot in the industry [5]. - Companies like Kangfang Biotech are optimistic about the global impact of Chinese innovative drugs, aiming to expand their global footprint and enhance their international presence in drug development [5].

每经记者｜金喆 每经编辑｜陈俊杰 2026年，我国创新药出海延续高景气度，最近两天先为达、前沿生物及和铂医药接连达成三笔BD（商 务拓展）交易。 医药魔方NextPharma数据库显示，截至2月15日（春节假期期间暂未新增交易事件），中国创新药已发 生39起license-out（对外授权）交易事件，首付款约29.53亿美元，总金额超490亿美元。 《每日经济新闻》记者注意到，这一金额已超过 2025年全年总额的1/3，中国创新药的全球价值正快速 兑现。与此同时，国际顶级投行摩根士丹利（大摩）也在近期发布报告，明确看多中国医药行业长期创 新能力，行业分化与全球化成为核心关键词。大摩持续看好中国创新药 在这份报告中，摩根士丹利提炼的关键词是"催化"。报告提到，根据管理层表述，2026年1月行业会议 后，中国本土医药资产的对外授权合作交易热度依旧高涨。此外，合作方对现有合作的执行情况及期权 行使行为，是评估资产质量和全球化价值的关键——2026年将迎来大量催化因素。 医药魔方NextPharma数据库显示，2025年中国创新药BD总金额达1357亿美元，首次超过美国。2026年 增长势头更猛，前49天交易规模已超 ...

Core Insights - The pharmaceutical industry in China is experiencing a surge in business development (BD) activities, particularly in the innovative drug sector, with significant transactions occurring in early 2026 [1][4][10] - Companies like Frontier Biotech and Hengrui Medicine have recently announced exclusive licensing agreements with multinational corporations, indicating a trend of collaboration aimed at global market access [1][4][5] BD Transaction Heat - In 2025, the total value of innovative drug licensing transactions in China reached $135.655 billion, with 157 deals reported [4] - In the first quarter of 2026, the total value of licensing transactions has already reached $33.28 billion, surpassing the highest quarterly figure from 2025 [4] - Hengrui Medicine's agreement with Solstice Oncology includes upfront payments exceeding $105 million and potential milestone payments of up to $1.1 billion [4] - Frontier Biotech's deal with GSK involves an upfront payment of $40 million and potential milestone payments totaling up to $950 million [5] Focus on Small Nucleic Acids - Frontier Biotech's recent licensing agreement highlights the growing interest in small nucleic acid drugs, which are seen as a promising third category of therapeutics alongside small molecules and antibody drugs [7][8] - The company is focusing on chronic disease treatments, with pipelines covering various conditions, indicating a strategic emphasis on innovative drug development [7] - The small nucleic acid sector has seen multiple transactions recently, reflecting its status as a key area for BD activities [7] Domestic Transactions on the Rise - There has been a notable increase in BD collaborations among domestic pharmaceutical companies, moving beyond simple "going global" narratives [9][10] - Recent domestic deals include collaborations between companies like Zhongsheng Pharmaceutical and Qilu Pharmaceutical, as well as partnerships involving Jichuan Pharmaceutical and Kangfang [9] - The focus of domestic BD is on resource sharing and risk mitigation, allowing companies with R&D strengths to partner with those possessing commercialization capabilities [10]