【siRNA药物行业深度：黎明已至，国产争先】 siRNA药物机制优势突出，递送为核心技术 相较于传统小分子和生物药，siRNA药物为代表的核酸疗法可精准沉默致病蛋白，高效降解且作用时间长，目前已 成为新药开发热门方向。 技术层面主要包括修饰和递送，其中递送为核心技术，肝外递送是目前的突破重心，技术路径包括LNP、抗体、 肽类以及VLP递送，各有优劣，其中AOC发展稍快。 【siRNA药物行业深度：黎明已至，国产争先】 siRNA药物机制优势突出，递送为核心技术 相较于传统小分子和生物药，siRNA药物为代表的核酸疗法可精准沉默致病蛋白，高效降解且作用时间长，目前已 成为新药开发热门方向。 技术层面主要包括修饰和递送，其中递送为核心技术，肝外递送是目前的突破重心，技术路径包括LNP、抗体、 肽类以及VLP递送，各有优劣，其中AOC发展稍快。 siRNA行业先驱Alnylam开发的GalNAc肝内递送凭借递送效率极高、特异性强以及作用持久等优势，已成为肝递送 的"标准答案"，其他海外巨头如Arrowhead和Dicerna等针对PCSK9、AGT、Lp(a)以及ApoC3等心血管常见靶点的 siRNA药物已进入 ...

Core Insights - The anti-tumor drug industry is crucial for treating malignant tumors, with a shift from traditional chemotherapy to precision-targeted therapies driven by high cancer incidence globally and in China [1][2][5] Industry Overview - Anti-tumor drugs, also known as anti-cancer drugs, are designed to inhibit tumor cell growth and proliferation, playing a central role in systemic treatment for malignant tumors [2][3] - The industry is characterized by a transition towards innovative therapies such as immunotherapy and antibody-drug conjugates (ADCs), reflecting a global trend towards precision medicine [1][6] Development Background in China - China's cancer incidence and mortality rates are on the rise, with lung cancer, gastric cancer, and liver cancer being the most prevalent, creating a strong clinical demand [5][6] - The government has introduced various policies to support the development of the anti-tumor drug industry, including optimizing clinical trial approvals and enhancing drug accessibility through insurance [5][6] Current Market Analysis - The global anti-tumor drug market is projected to grow from $167 billion in 2020 to $295 billion by 2025, representing a cumulative growth of 76.7% [6][7] - In China, the anti-tumor drug market is expected to increase from 185.8 billion yuan in 2020 to 318.7 billion yuan by 2025, with a growth rate of 71.5% [8][9] Competitive Landscape - The Chinese anti-tumor drug industry features a competitive landscape where multinational companies lead in high-end markets while domestic firms are rapidly emerging [7][9] - Key domestic players like Heng Rui Medicine and BeiGene are making significant strides in core segments such as PD-1 inhibitors and small molecule targeted drugs [8][9] Future Trends - The industry is expected to focus on innovation, with a shift from generic drugs to original innovations and differentiated breakthroughs in areas like ADCs and cell therapies [10][11] - Domestic companies will continue to enhance their market share through policy support and cost advantages, while also working towards self-sufficiency in critical supply chains [11][12] - The regulatory environment will evolve to improve drug accessibility and quality, fostering a competitive ecosystem that prioritizes clinical value and patient affordability [12]

机构：中信建投证券 研究员：赵然/何泾威 核心观点 受益于港股市场交投活跃度显著提升及IPO募资规模重登全球榜首，港交所2025 年业绩创历史新高，盈 利能力持续增强。 现货业务为核心增长引擎，商品及数据连接业务稳健发展，收入结构持续优化。展望未来，A+H 上市 热潮延续，科企专线制度创新成效显著，债券业务生态链布局启动，将进一步提升盈利确定性与业务多 元性。当前估值处于历史相对低位，具备较高安全边际与投资性价比。 事件 2 月26 日，香港交易所公布2025 年业绩情况。 2025 年，公司收入及其他收益同比增长30.33%至291.61 亿港元，其中非投资业务收入同比增长37.30% 至238.62 亿港元，营运支出同比增长5.33%至60.68 亿港元，EBITDA 同比增长40.02%至227.96 亿港 元，归母净利润同比增长36.05%至177.54亿港元。 简评 受益于港股市场交投活跃，公司业绩创下历史新高2025 年全年，受宏观经济基本面转好、政策红利释 放、国内产业结构升级与全球流动性改善等多重因素共同作用，港股市场交投情绪维持高位。公司收入 及其他收益同比增长30.33%至291.61 亿 ...

Investment Rating - The report maintains a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [3][26]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 0.95% from February 13 to February 26, 2026, which is approximately 1.1 percentage points lower than the index [11]. - Most sub-sectors within the industry recorded positive returns during the same period, with "Other Biological Products" and "Hospitals" leading with increases of 2.42% and 1.80%, respectively. Conversely, "Medical R&D Outsourcing" and "Offline Pharmacies" saw declines of 3.80% and 0.65% [12][24]. - Approximately 52% of stocks in the industry reported positive returns, with the highest gain being 14.44% for Erkang Pharmaceutical, while the largest decline was 13.28% for Zexing Pharmaceutical-U [13][16]. - The overall industry valuation remained stable, with a Price-to-Earnings (PE) ratio of approximately 51.16 times as of February 26, 2026, which is 3.82 times higher than the CSI 300 index [18][26]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 0.95% from February 13 to February 26, 2026 [11]. - Most sub-sectors recorded positive returns, with "Other Biological Products" and "Hospitals" leading the gains [12]. - About 52% of stocks in the industry achieved positive returns, with notable performances from Erkang Pharmaceutical and Zexing Pharmaceutical-U [13][16]. - The industry valuation showed little change, with a PE ratio of 51.16 times [18]. 2. Industry News - The Zhejiang Medical Insurance Bureau announced a training session for the centralized procurement of two types of medical consumables, which includes cardiac pacemakers and peripheral vascular intervention micro-catheters [24]. - The average price reduction for cardiac pacemakers was reported at 43.09%, with the highest reduction reaching 76.13% for implantable pacemakers [24]. 3. Company Announcements - Sinovac Biotech announced the approval of a clinical trial for its innovative drug GB19 injection, which targets BDCA2 [25]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector, which is highlighted in the 14th Five-Year Plan [26]. - Recommended stocks for attention include leading companies in medical devices, pharmaceutical retail, aesthetic medicine, scientific services, and traditional Chinese medicine [28].

前10大未平仓空仓比 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 中远海控(01919) | 5.26 亿股 | 5.20 亿股 | 18.86% | | 宁德时代(03750) | 2605.32 万股 | 2600.64 万股 | 16.68% | | 中国平安(02318) | 11.52 亿股 | 11.53 亿股 | 15.48% | | 舜宇光学科技(02382) | 1.64 亿股 | 1.64 亿股 | 15.24% | | 东方电气(01072) | 6239.12 万股 | 6166.94 万股 | 15.12% | | 中兴通讯(00763) | 1.10 亿股 | 1.10 亿股 | 14.53% | | 万科企业(02202) | 3.14 亿股 | 3.13 亿股 | 14.16% | | 紫金矿业(02899) | 8.00 亿股 | 8.08 亿股 | 13.50% | | 恒瑞医药(01276) | 3468.60 万股 | 3439.41 万股 | 13.32% | | 药明康德(02359) ...

10% 医药生物 沪深300 -5% 0% 5% 10% 医药生物 沪深300 标配（维持） 医药生物行业双周报（2026/2/13-2026/2/26） 静待板块回暖 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 -35% -35% -30% -20% 0% 20% 医药生物 沪深300 -15% -10% -5% 0% 5% 10% 医药生物 沪深300 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： -40% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 -30% -25% -20% xiexiongxiong@dgzq.com.cn -35% 资料来源：iFind，东莞证券研究所 相关报告 -30% -25% -20% -15% -10% 5% -25% -20% -15% -10% -5% 0% -35% 2026 年 2 月 27 日 医药生物（申万）指数走势 证 券 研 ...

Group 1 - The core point of the article is that Heng Rui Pharmaceutical conducted a block trade on February 27, with a total of 75,100 shares traded, amounting to 4.2477 million yuan, which represents 0.21% of the total trading volume for that day [1][2] - The transaction price was 56.56 yuan per share, which remained unchanged compared to the market closing price of 56.56 yuan [1][2]

证 券 研 究 报 告 药明合联（02268.HK）深度研究报告 推荐（首次） 蓄势待发，全球领先的 XDC CRDMO 有望 进入商业化收获期 ❖ 蓄势待发，全球领先的 XDC CRDMO 有望进入商业化收获期。药明合联凭借 端到端一体化生物偶联药物 CRDMO 服务能力与行业领先的技术平台，持续 巩固并夯实全球生物偶联药物 CRDMO 领域的领先地位。 站在当前时点，公司在手项目数量稳步攀升，尤其是商业化验证前期关键环节 的 PPQ（工艺验证）项目持续增加，充分印证公司 IND 后管线正加速向商业 化阶段转化。随着公司逐步进入商业化项目收获期，收入体量与利润规模有望 实现中长期快速增长。 ❖ 从 ADC 到 XDC，生物偶联药物行业高速发展。ADC 药物作为生物偶联药物 中最主要的一类，以 2024 年销售额计已出现 6 款"重磅炸弹"药物；此外， 以双抗 ADC 和双载荷 ADC 为代表的新型 ADC 商业化在即。据 Frost & sullivan 统计及预测，全球 ADC 药物有望于 2030 年达到 662 亿美元。除了 ADC，载 体和有效载荷还可以替换为其他形式的药物，并且有望拓展肿瘤以外的多 ...

2026年，中资企业境外上市格局正经历深刻重塑。随着中央经济工作会议于2025年12月明确提出"拓宽企业境外上市渠道，强化香港作为连接内地与国际市 场的枢纽功能"，港股的战略地位被提升至全新高度。这一表述不仅肯定了香港市场的既有价值，更赋予其在国家资本市场开放中的核心地位。在当前国际 环境复杂多变的背景下，香港作为人民币国际化和资本账户渐进开放的"试验田"与"防火墙"作用将进一步凸显，成为连接内外资本的"超级联系人"。 与此同时，美股市场虽呈回暖态势，但纳斯达克新规已将IPO核心财务门槛最高提升200%，公众持股市值要求从500万美元直接跃升至1500万美元，并赋予 交易所对"易操纵风险"企业的更大的自由裁量权。SEC于2025年12月正式签署的《追究外国内幕人士责任法案》更进一步要求外国私人发行人的董事及高管 自2026年3月18日起遵守内幕人士申报义务取消披露豁免，纳入统一监管。这意味着，中小市值企业若缺乏扎实的业绩支撑和规范的治理结构，将很难跨越 美股上市门槛。 港股凭借深港通、沪港通的互联互通机制，能无缝衔接内地资金与产业资源，2025年已有17家A股企业赴港实现A+H股上市，贡献了港股53.65%的 ...

交银国际研究 行业更新 行业评级 领先 2026 年 2 月 27 日 医药行业周报 ASCO GU 大会召开在即，板块波动中持续看好低估创新标的 行业与大盘一年趋势图 资料来源： FactSet 2/25 6/25 10/25 2/26 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 行业表现 恒生指数 丁政宁 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Gloria.Zhuge@bocomgroup.com (852) 3766 1845 估值概要 | 公司名称 | 股票代码 评级 | | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY26E | | | FY27E FY26E FY27E FY26E FY27E FY26E | | | | | | | | | ...