目 录 | | 每日报告精选（2026-02-25 09:00——2026-02-26 15:00） | 2 | | --- | --- | --- | |  | 海外策略研究：《关税、地缘与 AI 叙事扰动，春节多数资产收涨》2026-02-25 2 | | |  | 行业跟踪报告：社会服务业《春节消费高景气，关注性价比、情绪价值和体验》2026-02-26 2 | | |  | 行业事件快评：其他小金属《津巴布韦收紧锂精矿出口，供给扰动再现》2026-02-26 3 | | |  | 行业跟踪报告：房地产《期待更强政策干预，推动供需再平衡》2026-02-26 4 | | |  | 行业专题研究：医药《从靶点到管线，FXI 引领抗凝产业新变革》2026-02-25 5 | | |  | 行业跟踪报告：汽车《1 月重卡"开门红"，同环比均有增长》2026-02-25 6 | | |  | 行业跟踪报告：房地产《沪"新七条"发布，小阳春可期》2026-02-25 6 | | |  | 行业专题研究：商业银行《大型银行短贷显著增加，中小银行信贷增长放缓》2026-02-25 7 | | |  ...

格隆汇2月26日丨石药集团(01093.HK)公告，于2026年2月25日，卖方石药创新制药股份有限公司(公司 非全资附属公司)与买方石药控股集团有限公司订立股权转让协议，内容有关买卖目标公司北京国新汇 金股份有限公司的30.0704%股权，代价为人民币2.3亿元。于出售事项完成后，卖方及集团将不再持有 目标公司的任何股权。 目标公司主要从事全媒体传播业务平台的运营，该业务并不属于卖方的核心业务。出售事项乃基于对卖 方实际发展状况的全面考量。预期出售事项将有助於优化卖方的资源配置及财务结构；同时，此举可使 卖方专注于核心业务并降低营运风险，从而实现高质量发展，亦对集团整体有利。 ...

智通财经APP讯，石药集团(01093)发布公告，于2026年2月25日，卖方石药创新制药股份有限公司(本公 司非全资附属公司，(股份代号：300765))与买方石药控股集团有限公司订立股权转让协议，内容有关买 卖目标公司北京国新汇金股份有限公司的30.0704%股权，代价为人民币2.3亿元。于出售事项完成后， 卖方及本集团将不再持有目标公司的任何股权。 目标公司主要从事全媒体传播业务平台的运营，该业务并不属于卖方的核心业务。出售事项乃基于对卖 方实际发展状况的全面考量。预期出售事项将有助于优化卖方的资源配置及财务结构;同时，此举可使 卖方专注于核心业务并降低营运风险，从而实现高质量发展，亦对本集团整体有利。 ...

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之內容概不負責，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分內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 CSPC PHARMACEUTICAL GROUP LIMITED 石 藥 集 團 有 限 公 司 （股份代號：1093） （於香港註冊成立之有限公司） 關連交易 出售目標公司的30.0704%股權 出售事項 於 2026 年 2 月 25 日， 賣 方（ 本 公司 非 全 資附 屬 公 司 ）與 買方 訂 立 股權 轉 讓 協議 ， 內 容有 關 買賣目標公司的30.0704 % 股權，代價為人民幣230,000,000元。於出售事項完成後，賣方 及本集團將不再持有目標公司的任何股權。 上市規則的涵義 買 方 為 本 公 司 董 事 及 主 要 股 東 蔡 東 晨 先 生 的 聯 繫 人 ， 故 為 上 市 規 則 第 14A 章 項 下 本 公 司 的關連人士。因此，出售事項構成本公司於上市規則第14A章項下的關連交易。 由於上市規則第14.07條所載有關出售事項的一項或多項適用百分比率超過0.1 ...

2026年春节后，全球代谢病药物研发领域显得格外躁动。 2月24日，辉瑞中国与杭州先为达生物共同宣布达成战略合作，辉瑞获得新一代偏向型GLP-1受体激动 剂埃诺格鲁肽注射液在中国大陆的独家商业化权益，交易总额最高可达4.95亿美元。仅仅一天之后的2 月25日，丹麦巨头诺和诺德宣布与美国生物科技公司Vivtex达成一项价值高达21亿美元的合作协议，旨 在开发用于肥胖症和糖尿病的下一代口服药物。 两天内两笔重磅交易，背后是两个截然不同的战略逻辑，却共同指向了火热的GLP-1赛道。随着司美格 鲁肽与替尔泊肽"双王之战"2025年度胜负揭晓，中国本土药企的仿制药大军也已兵临城下。这两笔几乎 同时发生的BD（商务拓展）案，绝非偶然的新闻拼凑，而是全球GLP-1市场格局裂变的关键信号—— 旧格局松动，新战争已然打响。 谈及当下GLP-1领域的竞争态势，有券商医药行业分析师向21世纪经济报道记者透露，近日两大跨国药 企（MNC）的密集举措，为火热的GLP-1赛道投下两枚重磅"探路石"，映射出产业在高速发展后的深度 调整与战略再平衡。 一方面，为"王座"寻找新引擎。面对礼来替尔泊肽在销售榜首的"登顶"及CagriSema在关 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [1][6]. Core Insights - The report highlights the strong innovative research and development capabilities of the company, which is entering a harvest period for innovative drugs while establishing an international business development ecosystem with several significant collaborations [2][10]. - The company is expected to achieve a compound annual growth rate (CAGR) in earnings per share (EPS) of 48% from 2025 to 2027, with a target price set at HKD 16.58 [10]. Financial Summary - Total revenue is projected to be RMB 31,450.11 million in 2023, with a slight increase of 1.7% year-on-year. However, a decline of 7.8% is expected in 2024, followed by a gradual recovery in subsequent years [4][11]. - Gross profit is forecasted to be RMB 22,177 million in 2023, with net profit expected to be RMB 5,873 million, reflecting a decrease of 3.6% [4][11]. - The price-to-earnings (P/E) ratio is projected to be 18.26 in 2023, increasing to 24.78 in 2024 before declining to 16.80 in 2025 [4][11]. Pipeline Overview - The company has a leading position in the oncology pipeline, with SYS6010 being the fastest progressing EGFR ADC globally, and multiple early-stage assets expected to report data in 2026 [10][14]. - In the weight loss and metabolic fields, the company has established a leading position domestically, with a strategic collaboration with AstraZeneca to develop innovative long-acting peptide drugs [10][24]. - The company has secured a total deal value of USD 18.5 billion from collaborations, including upfront payments and potential milestone payments [10][24]. Clinical Development - The report outlines several key clinical trials, including SYS6010, which is in Phase III for EGFRm NSCLC, and various other assets in different stages of development [18][20]. - The company is actively recruiting for multiple trials, with significant data expected to be released in 2026 [18][20]. Market Position - The company is positioned as a leader in the domestic market for small nucleic acid technology, with a strong pipeline in siRNA [10][24]. - The report emphasizes the company's competitive edge in the next-generation weight loss drugs and cardiovascular metabolic therapies, supported by strategic partnerships with multinational corporations [10][24].

Investment Rating - The report assigns an "Accumulate" rating to the company [1][6]. Core Insights - The report highlights the strong innovation and R&D capabilities of the company, which is entering a harvest period for innovative drugs and has established an international business development ecosystem with several significant licensing agreements [2][10]. - The company is expected to achieve a significant increase in EPS from 0.37 in 2024 to 0.75 in 2025, with a projected growth rate of 48% [10]. - The target price for the company is set at 16.58 HKD, reflecting a favorable valuation based on comparable company analysis [10]. Financial Summary - Total revenue is projected to be 31,450.11 million RMB in 2023, with a slight increase of 1.7% [4]. - Net profit is expected to decrease by 3.6% in 2023, followed by a significant recovery of 47.5% in 2025 [4]. - The company’s PE ratio is forecasted to decrease from 18.26 in 2023 to 12.34 in 2026, indicating an improving valuation over time [4]. Pipeline Overview - The company has a leading position in the oncology pipeline, particularly with SYS6010, which is the fastest progressing EGFR ADC globally, with multiple early-stage assets expected to report data in 2026 [10][16]. - In the weight loss and metabolic areas, the company has established a leading position domestically and has signed a strategic collaboration with AstraZeneca for the development of innovative long-acting peptide drugs [10][24]. - The company has a robust pipeline in the small nucleic acid technology sector, positioning it as a leader in the domestic siRNA market [10][24]. Business Development and International Strategy - The company is making steady progress in its international strategy, with ongoing collaborations with AstraZeneca and other multinational corporations, reflecting its competitive edge in innovative drug development [10][24]. - The company is expected to continue achieving external licensing agreements, with over 20 innovative drug assets entering clinical stages annually [10][24].

Group 1 - The pharmaceutical sector is experiencing significant growth, with BD transaction volumes reaching new highs and domestic innovative drugs gaining international recognition, making it a focal point for investors [1][3] - However, there is a growing fatigue regarding the expectations for innovative drugs going abroad, leading to a shift from a "highlight moment" to a "volatile adjustment" in the market [2][3] - This transition is viewed as a necessary step towards a long-term market trend, with signs of recovery in the pharmaceutical sector as it approaches a new cycle starting in 2026 [3][11] Group 2 - The current investment rationale in the pharmaceutical sector is supported by three main forces: demand, supply, and policy, which are converging to fuel a new round of growth [5][36] - Demand for healthcare is increasing due to an aging population and rising health awareness, transforming medical consumption from optional to essential [6][37] - The supply side shows that China's innovative drugs are becoming globally competitive, with the number of innovative drug pipelines accounting for nearly 30% of the global total and BD overseas licensing transactions reaching $135.7 billion in 2025, a 161% increase year-on-year [7][38] Group 3 - Policy changes are shifting from cost control to empowerment, with new measures introduced to support the entire chain of innovative drug development, access, usage, and payment [10][41] - The Hong Kong stock market is becoming a primary platform for Chinese innovative drug companies due to its flexible listing regulations and foreign investment environment, which has attracted over 70 competitive innovative drug and CXO companies [12][43] - The establishment of the Hong Kong Medical Device Regulatory Center (CMPR) and other supportive mechanisms is expected to enhance the internationalization and business development capabilities of companies listed in Hong Kong [13][44] Group 4 - The Hang Seng Biotechnology Index has outperformed other indices with a 82.75% increase, highlighting its strong market position [16][46] - The index is composed of the top 30 biotechnology companies, focusing on high-growth sectors such as innovative drugs (79% weight) and CXO services (11% weight), ensuring coverage of the core segments of the pharmaceutical industry [17][49] - The index's unique feature includes being the only pharmaceutical-themed index in Hong Kong equipped with index futures, providing risk management tools and enhancing liquidity for investors [23][54] Group 5 - The Hang Seng Biotechnology Index is currently at a historically low valuation, with a PE ratio of 30.01, significantly lower than the NASDAQ Biotechnology Index and the CSI Biotechnology Index, indicating a valuation advantage [26][55] - The index's components are primarily leading innovative drug and CXO companies with solid R&D capabilities, suggesting potential for steady profit release as pipelines mature and orders are fulfilled [28][57] - The current market conditions may present a favorable opportunity for long-term investors to allocate resources into high-quality pharmaceutical assets through the Hang Seng Biotechnology ETF [29][58]

今日（2.26），港股创新药板块回调，创新药纯度100%的港股通创新药ETF(159570)跌超1.5%，盘中成交额突破6亿元，资金逆市净流入超 1400万元！资金面上，近10日累计"吸金"超3.6亿元！最新规模超250亿元，同类规模遥遥领先！ 短期来看，2-3月有望迎来创新药企业的业绩披露窗口，多家药企有望迎来减亏或扭亏，同时预计2026年更多创新药企业有望扭亏并大幅释 放利润。展望全年，AACR（4月）、ASCO（5月）、ESMO（10月）等学术会议上国产创新药有望进一步带来临床数据的兑现。整体上， 创新药前期回调较为充分，向上产业趋势明确，催化近期密集，继续看好板块投资机会。（来源：国金证券20260207《业绩与临床数据催 化密集，看好创新药板块回暖》） 【机构盘点：2026年创新药投资三大主线】 国金证券指出，创新药企业扭亏节点到来，全年临床数据催化密集，叠加已BD出海管线海外临床进展顺利，看好创新药板块投资机会。 据医保魔方统计，2025年中国新药License-out交易数量达158笔，总交易规模达1357亿美元，总首付款规模达70亿美元，交易数量与金额均 创近十年新高。出海BD的繁荣，一方面有 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1] - The US stock market saw all three major indices rise, with the Dow Jones up 0.63%, S&P 500 up 0.81%, and Nasdaq up 1.26%, driven by Nvidia's strong earnings report [2] Sector Performance - In Hong Kong, local real estate, software, and 5G concept sectors faced significant declines, while gold stocks performed well [1] - The technology sector showed mixed results, with the Hang Seng Technology Index slightly down by 0.19% [1] - In the US, major tech stocks like Microsoft and Facebook saw gains, while the Nasdaq China Golden Dragon Index fell by 0.47% [2] Investment Opportunities - The report emphasizes the importance of "self-reliance in technology" and AI applications as key themes for future growth in the Hong Kong stock market, suggesting that leading companies in these sectors may see long-term development opportunities [3] - The recent policies from the Ministry of Industry and Information Technology regarding national computing power and communication infrastructure are expected to boost domestic computing and communication sectors [3] - Investors are advised to focus on sectors supported by policies aimed at expanding domestic consumption, such as sports apparel and non-essential services, as well as undervalued central state-owned enterprises with high dividends [3] Key Company Highlights - Haidilao (6862.HK) led the Hang Seng Index component stocks with a gain of 6.2%, while HSBC Holdings (0005.HK) and Longfor Group (0960.HK) rose by 5.5% and 4.6%, respectively [1] - The report notes that the recent adjustments in Shanghai's real estate policies are expected to release pent-up demand, benefiting core area property companies and their supply chains, such as Longfor Group and China Resources Land [10] - The Hong Kong government announced plans to issue licenses for stablecoin issuers and establish a committee focused on AI and industry development, which could benefit sectors related to digital assets and fintech [11]