该行认为siRNA进入肥胖维持市场，将对所有胜肽类方案构成真正威胁。siRNA药物切入减重及肌保市 场，或最终挤压肽基肥胖疗法。该行密切追踪Arrowhead和Wave siRNA资产进展后，认为肥胖维持领域 正日益拥挤。建议投资人关注未来siINHBE和siALK7靶点对减重维持市场的影响。 招商证券国际发布研报称，石药集团(01093)与阿斯利康(AZN.US)达成历史性交易公告，表示看好交 易，但需等待石药或阿斯利康披露更多长效GLP-1全球开发细节。重申"中性"评级，认为短期基本面仍 存隐忧。 该行表示，根据石药最新公告，与阿斯利康合作的关键临床候选药物为SYH2082，长效GLP-1R/GIPR双 激动剂，现已进入I期临床。该行对此长效GLP-1平台了解甚少。SYH2082刚在中国启动I期研究。需等 待管理阶层揭露其设计细节及潜在临床开发路径，方能进行价值量化评估。该行维持"中国创新药进入 全球管线"的长期正面判断，但建议投资者仔细审视BD公告前已被市场计入预期的资产估值因素，并对 双方合作进展进行深度量化评估。 ...

该行表示，根据石药最新公告，与阿斯利康合作的关键临床候选药物为SYH2082，长效GLP-1R/GIPR双 激动剂，现已进入I期临床。该行对此长效GLP-1平台了解甚少。SYH2082刚在中国启动I期研究。需等 待管理阶层揭露其设计细节及潜在临床开发路径，方能进行价值量化评估。该行维持"中国创新药进入 全球管线"的长期正面判断，但建议投资者仔细审视BD公告前已被市场计入预期的资产估值因素，并对 双方合作进展进行深度量化评估。 该行认为siRNA进入肥胖维持市场，将对所有胜肽类方案构成真正威胁。siRNA药物切入减重及肌保市 场，或最终挤压肽基肥胖疗法。该行密切追踪Arrowhead和Wave siRNA资产进展后，认为肥胖维持领域 正日益拥挤。建议投资人关注未来siINHBE和siALK7靶点对减重维持市场的影响。 招商证券国际发布研报称，石药集团(01093)与阿斯利康(AZN.US)达成历史性交易公告，表示看好交 易，但需等待石药或阿斯利康披露更多长效GLP-1全球开发细节。重申"中性"评级，认为短期基本面仍 存隐忧。 ...

2 February 2026 | 8:22AM HKT Equity Research CSPC Pharma (1093.HK): A landmark deal with AZ on long-acting GLP-1 and platform technologies; Buy A new breakthrough in license-out: CSPC signed a deal with AstraZeneca (AZN, covered by Rajan Sharma) for the development of long-acting peptide medicine, utilising sustained-release delivery technology platform and AI-driven peptide drug discovery platform. Besides platform-based cooperation, CSPC will license-out the ex-China rights of eight assets, including 1) o ...

Group 1: Market Overview - The Hang Seng Index experienced a decline of 580 points or 2.08%, closing at 27,387 points, following a seven-day rise that saw an increase of 1,480 points [3] - The index's performance for the week showed a net gain of 637 points or 2.38%, while January recorded an increase of 1,756 points or 6.85% [3] - The trading volume for the day was 301.61 billion [3] Group 2: Company-Specific News - China National Building Material (03323) issued a profit warning, expecting a loss of approximately 2.3 billion to 4 billion RMB for the fiscal year ending December 2025, primarily due to impairment provisions and a decline in cement sales [10] - Xtep International (01368) proposed to issue 500 million RMB zero-coupon convertible bonds due in 2029, with a conversion price of 6.37 RMB per share, representing a premium of 23.93% over the last closing price [11] - SF Express (09699) anticipates a significant increase in net profit of no less than 238 million RMB for the previous year, reflecting a growth of at least 80% due to increased demand in real-time delivery services [12] Group 3: Industry Dynamics - Several major state-owned banks, including ICBC and ABC, have adjusted their gold investment businesses in response to significant fluctuations in gold prices, advising investors to maintain a rational investment mindset [7] - OPEC+ has agreed to continue its production freeze in March, following a similar decision in January, as part of their strategy to maintain market stability [8]

Core Insights - The strategic collaboration and licensing agreement between CSPC Pharmaceutical Group and AstraZeneca for the development of innovative long-acting peptide drugs has a potential transaction value of up to $18.5 billion, setting a new record for BD transactions among Chinese pharmaceutical companies [2][13]. Group 1: Transaction Details - The agreement includes an upfront payment of $1.2 billion and up to $17.3 billion in milestone payments [2][13]. - This transaction is part of a broader trend where multiple innovative drug BD transactions have been completed since the beginning of 2026, indicating a positive trend for Chinese innovative drugs going global [13][20]. Group 2: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) has shown strong performance, leading its peers since 2025, with a return of 75.03% [4][17]. - The index is characterized by high purity, elasticity, and sharpness, demonstrating strong aggressiveness in the rebound of the innovative drug market [4][17]. Group 3: Historical Context - In 2025, the total value of innovative drug BD outbound licensing transactions from China reached $135.655 billion, with a total of 157 transactions, both setting historical highs [20][21]. - The historical annual returns for the Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index from 2021 to 2025 were -22.72%, -16.48%, -19.76%, -14.16%, and 66.32% respectively [6][18].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **pharmaceutical industry**, particularly the **CDMO (Contract Development and Manufacturing Organization)** sector, highlighting key players like **Lonza** and **Samsung Biologics** [1][2]. Core Insights and Arguments - **Lonza's Financial Performance**: - For the year 2025, Lonza reported sales of **65.31 billion Swiss Francs**, with a constant exchange rate (CER) year-over-year growth of **21.7%**. - The core EBITDA margin improved by **1.4 percentage points** to **31.6%**, exceeding the revised annual expectations [1]. - The company maintains an optimistic outlook for 2026, projecting a **11-12%** CER year-over-year growth in CDMO sales and an EBITDA margin surpassing **32%** [1]. - **Upcoming Financial Disclosures**: - February will see a concentrated disclosure period for several leading CXO companies, which will provide insights into revenue, profits, orders, and capacity planning, along with 2026 operational guidance [2]. - **Strategic Collaborations**: - On January 30, **Shijiazhuang Pharmaceutical Group** announced a strategic R&D collaboration with **AstraZeneca** to develop innovative long-acting peptide drugs using its proprietary sustained-release drug delivery technology and AI drug discovery platform [2]. - **Growth Projections for CXO Companies**: - Given the order-to-performance conversion cycle, it is anticipated that CXO companies will continue to experience rapid growth over the next **1-2 years** [2]. Additional Important Content - **Medical Devices and Biologics**: - Roche reported positive topline results from the **CT388-103 Phase II clinical trial**, suggesting continued monitoring of subsequent R&D progress [3]. - **Medical Services and Consumer Healthcare**: - **Gushengtang** plans to issue convertible bonds totaling **$110 million** (approximately **860 million Hong Kong Dollars**) [3]. - **Synergistic Opportunities**: - There is potential for deep collaboration in business synergy and resource integration, which could yield significant synergistic effects [4]. - **Chinese Herbal Medicine**: - Some companies are expected to achieve good results in inventory reduction, and with a low base, the operational trend for 2026 is anticipated to improve, suggesting potential turnaround opportunities for certain companies [4]. - **Overall Industry Recovery**: - The combination of overseas CXO annual reports and 2026 performance guidance, along with domestic CXO companies' 2025 performance forecasts, indicates a clear recovery rhythm and upward trend in the industry, presenting strong investment value and suggesting active positioning [4].

每经AI快讯，石药集团(01093.HK)早盘涨超5%，截至发稿，涨2.19%，报9.81港元，成交4.46亿港元。 ...

中金认为，2025年公司已实现口服小分子GLP-1(1.2亿美元首付款)、阿斯利康战略合作(1.1亿美元预付 款)、伊利替康脂质体(1500万美元首付款)、ROR1ADC(1500万美元首付款)的对外授权。公司研发管线 中还有EGFR ADC/SiRNA系列等进度领先的创新资产，该行期待有望持续实现对外授权落地和更多里 程碑收入确认。 石药集团(01093)早盘涨超5%，截至发稿，涨2.19%，报9.81港元，成交4.46亿港元。 消息面上，近日，石药集团及附属公司授权阿斯利康在全球范围内(除中国内地/港澳台)独家开发、生产 和商业化8个创新长效多肽药物项目(包括SYH2082及3个临床前阶段分子，并就另4个新增项目进行合 作)，阿斯利康将支付合计12亿美元预付款以及后续累计最高35亿/138亿美元的开发/销售里程碑款项。 其中巨石生物(新诺威（300765）控股子公司)有权收取首付款的35%以及根据实际情况后续收取相应开 发/销售里程碑款项以及特许权使用费。 ...

Core Viewpoint - The recent partnership between Stone Pharmaceutical Group and AstraZeneca for the development and commercialization of eight innovative long-acting peptide drug projects is expected to significantly enhance the company's revenue potential through substantial upfront and milestone payments [1] Group 1: Financial Impact - Stone Pharmaceutical Group's stock rose over 5% in early trading, reflecting positive market sentiment regarding the AstraZeneca collaboration [1] - AstraZeneca will pay a total of $1.2 billion in upfront payments and up to $3.5 billion in cumulative milestone payments for the projects [1] - The company is projected to receive 35% of the initial payment from the collaboration, along with potential future milestone payments and royalties [1] Group 2: Development Pipeline - The company has successfully licensed out several projects, including oral small molecule GLP-1 and others, which are expected to generate significant revenue [1] - The research pipeline includes advanced innovative assets such as EGFR ADC and SiRNA series, indicating ongoing potential for further licensing agreements and milestone revenue recognition [1]

MNC押注超长效多肽药物，角逐减重与代谢大市场 2025年11月，辉瑞经过与诺和诺德激烈竞价最终以100亿美元对价实现对减肥药研发企业Metsera的收 购，Metsera基于其专有NuSH平台实现了MET-097(GLP-1，临床II期)的超长半衰期，使其具备每月注射 一次的药代动力学基础。而公司SYH2082是一款正推进至临床I期的每月一次注射长效GLP1R/GIP激动 剂，该行期待有更多优异疗效和安全性数据读出。 对外授权持续兑现，有望形成常态化收入 2025年公司已实现口服小分子GLP-1(1.2亿美元首付款)、阿斯利康战略合作(1.1亿美元预付款)、伊利替 康脂质体(1500万美元首付款)、ROR1ADC(1500万美元首付款)的对外授权。公司研发管线中还有EGFR ADC/SiRNA系列等进度领先的创新资产，该行期待有望持续实现对外授权落地和更多里程碑收入确 认。 中金发布研报称，维持石药集团(01093)"跑赢行业"评级，考虑对外授权持续兑现上调目标价9.1%到12 港元。该行维持公司25/26年盈利预测47.60亿元/53.53亿元，引入2027年56.95亿元预期。石药集团公告 与阿斯利康签 ...