Group 1: Pharmaceutical Industry - The pharmaceutical index increased by 0.14%, outperforming the CSI 300 index by 1.47% during the week [2][6] - The report highlights the potential of molecular glue technology to target "undruggable" proteins, expanding the scope for innovative drug development [8][9] - Recommended stocks in the innovative drug sector include Heng Rui Medicine, China Biologic Products, and Yuan Dong Biology, among others [11][9] Group 2: Construction and Building Materials - Major engineering projects are identified as a key focus for the "14th Five-Year Plan," with significant investments planned across various provinces [13][14] - The report notes that infrastructure projects will dominate investment, with substantial funding allocated to transportation, municipal, and energy sectors [14] - The issuance of special bonds has increased significantly, with a total of 5,164.55 billion yuan issued as of February 8, 2026, marking a year-on-year increase of 125.35% [15] Group 3: Real Estate - The Shanghai government has initiated the acquisition of second-hand homes for rental housing projects, indicating a strategic move to stabilize the real estate market [19][21] - New home sales in 42 key cities totaled 1.48 million square meters, a slight decrease of 0.1% week-on-week, while second-hand home sales fell by 3.0% [20][19] - The report suggests that the real estate market is entering a phase of structural differentiation, with high-quality housing expected to see increased demand [23] Group 4: Overseas and Education Research - The first round of negotiations between the US and Iran concluded, with market sentiment shifting towards risk assets, particularly in AI and commercial aerospace sectors [26][30] - Bloom Energy reported better-than-expected earnings, with Q4 2025 revenue reaching $777.8 million, a year-on-year increase of 35.9% [26] - The quantum computing sector is gaining attention, with NERSC announcing a call for proposals utilizing neutral atom quantum processors [28]

Market Overview - The A-share pharmaceutical and biotechnology index rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points and the ChiNext index by 2.06 percentage points, ranking 15th among 31 sub-industries [4] - The Hong Kong Hang Seng Healthcare Index fell by 1.41%, outperforming the Hang Seng Index by 1.65 percentage points [4] R&D Progress - Heng Rui Medicine submitted an NDA for HRS-9531; He Yu Bio's ABSK043 clinical application is under new undertaking [5] - Xianwei's Enogrelide is in Phase III clinical trials; Xiansheng Pharmaceutical's SIM0278 is in Phase II clinical trials; Yingxi Intelligent's ISM-4808 is in Phase I clinical trials [5] Investment Outlook - Continuous attention to AI healthcare-related investment opportunities is advised [6] - The Ministry of Industry and Information Technology, along with eight other ministries, issued the "Implementation Plan for High-Quality Development of Traditional Chinese Medicine Industry (2026-2030)", aiming to establish a collaborative development system for the entire industry chain by 2030 [6] - The plan focuses on enhancing the stable supply of key traditional Chinese medicine raw materials, improving digital and green levels, and optimizing the structure of the traditional Chinese medicine industry, which is expected to benefit the sector through policy dividends [6] Investment Strategy for 2026 - Future investments in the pharmaceutical sector should increasingly focus on the intrinsic clinical value of medicines, addressing clinical needs of patients [7] - Both domestic medical insurance policies and global expansion strategies are placing higher premiums on clinical value [7]

[Table_Title] 四季度主动权益基金主动加仓前四大行业： 金属、化学品、保险和机械设备 金融工程丨深度报告 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 与 2025 年三季报相比，2025 年四季度主动权益基金增持最多的四个行业为电信业务（1.90 pct）、金属材料及矿业（1.90pct）、化学品（1.10 pct）和保险（0.94 pct）。从主动调仓角度来 看，主动加仓最多的四个行业分别是金属材料及矿业（0.99 pct）、化学品（0.86 pct）、保险（0.77 pct）和机械设备（0.59 pct）。剔除行业主题基金影响后，主动加仓最多的四个行业分别是保险 （1.03pct）、金属材料及矿业（0.90pct）、化学品（0.86pct）和机械设备（0.62pct）。 分析师及联系人 [Table_Author] 覃川桃 杨凯杰 SAC：S0490513030001 SAC：S0490525080004 SFC：BUT353 请阅读最后评级说明和重要声明 2 / 31 %% %% %% %% research. ...

整理 | GLP1减重宝典内容团队 2026年2月5日，默沙东在 ClinicalTrials.gov 上注册了其小分子GLP-1受体激动剂MK-4082的全球一期临床试验，标志着这家在DPP-4时代占据 统治地位的跨国药企，正式加入新一轮GLP-1减重药物的技术竞赛。 根据注册信息，该一期临床计划入组120例健康受试者，主要评估安全性、耐受性及药代动力学特征，预计将于2026年8月完成。这一时间表显 示，默沙东当前对该项目的定位仍处于"快速验证可行性"的早期阶段，但在GLP-1赛道整体高度拥挤的背景下，其战略信号意义远大于临床阶 段本身。 ▍ GLP-1热潮之下，MNC走向分化布局 过去数年，GLP-1类药物在减重领域掀起的热潮，几乎吸引了所有主流跨国药企（MNC）入场，但不同公司的切入路径已出现明显分化。作为 该领域的先驱，礼来 与 诺和诺德 选择了"全维度覆盖"的策略，从注射型到口服制剂、从GLP-1单靶点到双靶点及多靶点激动剂，力图构建系 统性护城河。 而后进入者则更多采取差异化切口。罗氏 通过收购Carmot获得GLP-1/GIP及小分子GLP-1资产，同时引进Zealand Pharma的Amyl ...

Core Viewpoint - The competition for GLP-1 weight loss drugs in China by 2026 will shift from who can get approved first to who can survive under pressure from payment and distribution channels while continuing to grow [4] Group 1: Market Dynamics - In 2025, the market will see a competitive landscape where Novo Nordisk's semaglutide system dominates, Eli Lilly's tirzepatide penetrates the market, and domestic players like Innovent and Yinoo differentiate themselves with dual-target GLP-1/GCG and long-acting GLP-1 products [6] - By 2026, the market will face intensified competition as insurance pricing pressures increase, major players normalize price wars, and the patent for semaglutide approaches expiration, leading to a surge in supply from biosimilars and similar products [6][9] Group 2: Company Strategies - For Novo Nordisk, the key challenge in 2025 is not new drug approvals but the rare decline in core products in Greater China, necessitating aggressive pricing and channel policies to maintain market share [7] - Eli Lilly's strategy involves a dual approach: using insurance pricing to gain scale in hospitals while adopting flexible retail strategies to capture weight management users [7] - Domestic companies face a common challenge of needing to reassess revenue models as major players drive prices down and insurance anchors lower, making it difficult to sustain high pricing and growth expectations [9] Group 3: New Variables in 2026 - The introduction of oral small-molecule GLP-1s will significantly increase competition in outpatient settings, with Eli Lilly's Orforglipron expected to enhance long-term adherence and channel integration [10] - The impact of insurance and hospital procurement will be felt in 2026, with products entering insurance quickly expanding prescription volumes but requiring acceptance of lower payment prices [10] - The market will see a surge of new domestic players, including those with recently approved products and innovative candidates that could disrupt the market structure [11][12] Group 4: Price Structure and Market Segmentation - By late 2026, the GLP-1 market in China will likely form a three-tier structure: a premium tier for original and strong innovative brands, a second tier for domestic innovations, and a third tier for biosimilars and similar products competing on price [20] - The expiration of semaglutide's patent will lead to a significant shift in the pricing landscape, requiring companies to adopt more conservative revenue expectations and refined commercialization strategies to avoid price wars [21]

Core Insights - The collaboration between Innovent Biologics and Eli Lilly is valued at over $8.8 billion, marking a significant milestone in the pharmaceutical industry [1][2] - Innovent will receive an upfront payment of $350 million and has the potential to earn up to approximately $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [1][2] - This partnership represents a shift from traditional licensing agreements to a more integrated model involving deep collaboration on technology platforms and research systems [1][2] Group 1 - Innovent will lead the research and development from drug discovery to clinical concept validation in China, while Eli Lilly will have exclusive global development and commercialization rights outside Greater China [3][4] - The collaboration aims to combine Innovent's efficient drug discovery capabilities with Eli Lilly's extensive global reach, creating a synergistic innovation ecosystem [3][4] - The specific number of projects involved in this collaboration has not been disclosed, but it is indicated to be fewer than similar recent partnerships [3][4] Group 2 - Previous collaborations between Chinese pharmaceutical companies and multinational firms have involved a larger number of projects, such as the partnership between CSPC and AstraZeneca, which included eight projects [4] - Innovent's CEO noted that the success of such technology platform collaborations depends on the uniqueness and validation of the platform technology, as well as the contributions to intellectual property from both parties [4] - This marks the seventh collaboration between Innovent and Eli Lilly, indicating a strong existing relationship and mutual understanding [4][5] Group 3 - The trend of multinational companies shifting early-stage research work to China reflects their recognition of the research efficiency and capabilities of Chinese pharmaceutical firms [5] - Innovent achieved product revenues of 11.9 billion yuan in 2025, marking its first time surpassing 10 billion yuan, with a target of reaching 20 billion yuan by 2027 [5]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1] Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 831.03%, with H-share priced at 0.290 HKD and A-share at 2.25 CNY [1] - Zhejiang Shibao (01057) follows with a premium rate of 347.33%, H-share at 5.810 HKD and A-share at 21.7 CNY [1] - Sinopec Oilfield Service (01033) ranks third with a premium rate of 304.44%, H-share at 0.900 HKD and A-share at 3.04 CNY [1] Group 2: Bottom AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest AH premium rate at -13.97%, with H-share priced at 513.500 HKD and A-share at 368.82 CNY [1] - China Merchants Bank (03968) has a premium rate of -3.80%, H-share at 49.220 HKD and A-share at 39.53 CNY [1] - Heng Rui Medicine (01276) shows a minimal premium rate of -0.35%, with H-share at 69.050 HKD and A-share at 57.45 CNY [1] Group 3: Top Deviation Values - Sinopec Oilfield Service (01033) leads in deviation value at 26.29%, indicating a significant difference from its average premium rate [1] - Beijing Jingcheng Machinery Electric (00187) has a deviation value of 22.66% [1] - Longpan Technology (02465) ranks third with a deviation value of 19.24% [1] Group 4: Bottom Deviation Values - Junda Co., Ltd. (02865) has the lowest deviation value at -66.46%, indicating a substantial drop from its average premium rate [1] - Zhejiang Shibao (01057) follows with a deviation value of -42.67% [1] - Yangtze Optical Fibre and Cable (06869) shows a deviation value of -33.26% [1]

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 ...

春节将至，投资者普遍关注节前节后港股市场表现规律。对此广发证券指出，历史数据显示，恒生指数在春节前3个交易日上涨概率高达82%，且上涨幅度 普遍较大。这反映出节前资金行为趋同，短期做多情绪明显。 图 2:春季~两会,A股上涨明显;港股没有明显的目历效应 St Friday ■ 上涨概率:春节->两会(2010年~2015年 100% 93.8% -93.8% 93.8% 87.5% 90% 81.39 it 80% 72.7% ter 2 5: 70% 62.5% 62.5% 56.3% 54 .! 60% 50% 40% 30% 20% 10% 0% el ck 02月 717 班 极 | 上涨概率 | 圣诞节-春节前 | 春节后-两会 | 两会期间 | 两会-3月底 | 1月 | | --- | --- | --- | --- | --- | --- | | 恒生科技 | 72.7% | 72.7% | 45.5% | 50.0% | 63.6% | | 恒生指数 | 80.0% | 46.7% | 40.0% | 42.9% | 73.3% | | 恒生中国企业指数 | 73.3% | 40.0% | ...

来源：智通财经 图 2:春季~两会,A股上涨明显;港股没有明显的目历效应 E SECTION FOR ■ 上涨概率:春节->两会(2010年~2015年 100% 93.8% -93.8% 93.8% 87.5% 90% 81.39 it 80% 72.7% 184 2 5: 70% 62.5% 62.5% 56.3% 54 .! 60% 50% 40% 30% 20% 10% 0% el ch 02肖 717 班 极 数据来源：Wind,广发证券发展研究中心。备注：恒生科技、恒生港股通、港股通高股息采用 2016~2 图 3: 过去15年,春节后港股各指数日历效应 | 上涨概率 | 圣诞节-春节前 | 春节后-两会 | 两会期间 | 两会-3月底 | 1月 | | --- | --- | --- | --- | --- | --- | | 恒生科技 | 72.7% | 72.7% | 45.5% | 50.0% | 63.6% | | 恒生指数 | 80.0% | 46.7% | 40.0% | 42.9% | 73.3% | | 恒生中国企业指数 | 73.3% | 40.0% | 46.7% | 57. ...