Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector, emphasizing the potential for investment in bottom assets within the industry [5]. Core Insights - The report highlights the ongoing opportunities in the pharmaceutical sector, particularly in areas such as AI in medicine and innovative drug developments, while noting the recent market performance where the pharmaceutical sector outperformed the broader market [11][26]. - It emphasizes the importance of monitoring key milestones and data updates from major conferences in 2026, such as AACR and ASCO, which could significantly impact investment decisions [11]. Summary by Sections Market Performance - The pharmaceutical sector has shown a return of 3.28% since the beginning of 2026, outperforming the Shanghai Composite Index by 2.99 percentage points [26]. - Recent weekly performance indicates a slight increase in the pharmaceutical sector by 0.14%, while the broader market declined by 1.33% [11][26]. Investment Opportunities - The report identifies several key areas for investment, including: - IO plus strategies involving VEGF dual antibodies, which are gaining traction in clinical trials [12]. - ADC (Antibody-Drug Conjugates) with a focus on large indications and new indications that could enhance overseas mapping [14]. - The development of new RAS inhibitors and their potential in treating various cancers, highlighting companies like 加科思 and 劲方生物 [15]. - The commercial potential of CDK4/6 inhibitors in HR+ breast cancer, particularly as patents expire [16]. Key Companies and Recommendations - The report recommends several companies for investment, including: - 药明生物, 泰格医药, 先声药业, 康弘药业, 普洛药业, 美好医疗, 迪安诊断, 和铂医药-B, 药石科技, and 天宇股份, all of which are expected to perform well in the current market environment [8][19]. - It notes that the pharmaceutical sector's current valuation is 22.8 times PE based on 2026 earnings forecasts, indicating a premium over the broader A-share market [30]. Clinical Developments - The report discusses various clinical trials and their implications, such as: - The anticipated data readouts for several ADCs and dual antibodies in 2026, which could significantly influence market dynamics [17][20]. - The ongoing advancements in small nucleic acids and their expected commercialization, which could lead to substantial market growth [19][23]. Regulatory Environment - The report highlights the regulatory landscape, noting that the National Medical Insurance Administration will intensify oversight in 2026, which may impact pharmaceutical companies [22]. Overall Sector Outlook - The report maintains a positive outlook on the pharmaceutical sector, suggesting that despite recent market fluctuations, there are significant opportunities for growth and investment, particularly in innovative therapies and technologies [11][19].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector [5] Core Insights - The pharmaceutical sector is experiencing a rebound in bottom assets, particularly in traditional Chinese medicine, medical services, and pharmacies, driven by market rotation and price increase expectations in raw materials [7][11] - The report emphasizes the importance of focusing on bottom assets that are expected to see turning points and well-adjusted innovative drug sectors, with a positive outlook on growth directions representing the future of the pharmaceutical industry [11] - Key themes include continuous attention to pharmaceutical and medical AI+, as well as significant data updates expected from major conferences in 2026 [11] Summary by Sections Market Dynamics - The pharmaceutical sector has outperformed the broader market, with a return of 3.28% compared to the Shanghai Composite's 0.29% since the beginning of 2026 [26] - The report notes that the pharmaceutical sector's valuation is currently at 22.8 times PE, with a premium of 11.7% over the overall A-share market [30] Key Company Performance - Recommended stocks for February include WuXi Biologics, Tigermed, and others, with a focus on companies that have shown significant pipeline progress or business development expectations [8][36] - The report highlights the performance of companies like Guangsheng Tang and Nuo Cheng Jian Hua, which have made notable advancements in their core pipelines [36] Industry Trends - The report discusses the trend of combining IO plus therapies and the development of new targets in the dual antibody space, indicating a growing trend in clinical applications [12][14] - Attention is drawn to the ADC (Antibody-Drug Conjugate) sector, particularly large indication FIC (First-in-Class) products and the potential for new indications to enhance overseas mapping [14][17] - The report also highlights the evolving landscape in blood cancers, with new therapies showing promise in previously underserved areas [20]

HANGZHOU TIGERMED CONSULTING CO., LTD. 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的內 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的 任 何 損 失 承 擔 任 何 責 任。 茲 載 列 本 公 司 於 深 圳 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 杭州泰格醫藥科技股份有限公司 董事長 葉小平 杭州泰格醫藥科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3347） 海外監管公告 本 公 告 乃 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所有限公司證券上市規則第13.10B條 而 作 出。 香 港，2026年2月9日 於 本 公 告 日 期，執 行 董 事 為 葉 小 平 博 士、曹 曉 春 女 士、吳 灝 先 生 及 聞 增 玉 先 生；獨 立 非 執 行 董 事 ...

（於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 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的內 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的 任 何 損 失 承 擔 任 何 責 任。 HANGZHOU TIGERMED CONSULTING CO., LTD. 杭州泰格醫藥科技股份有限公司 （股 份 代 號：3347） 海外監管公告 本 公 告 乃 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所有限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 深 圳 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 杭州泰格醫藥科技股份有限公司 董事長 葉小平 香 港，2026年2月9日 於 本 公 告 日 期，執 行 董 事 為 葉 小 平 博 士、曹 曉 春 女 士、吳 灝 先 生 及 聞 增 玉 先 生；獨 立 非 執 行 董 事 ...

Group 1 - The CXO sector experienced a notable rebound in early 2026, primarily driven by domestic demand-focused CRO and experimental service companies, while leading CDMO companies with significant global exposure underperformed [2][25] - The current market activity reflects a short-term rebound rather than a comprehensive recovery of the CXO industry, with investors favoring easily confirmable segments [2][25] Group 2 - After a low in 2024, domestic innovative drug financing has improved, with policy expectations and order stability more evident in companies focused on domestic demand, while external demand CDMOs face a more complex pricing environment [4][27] - Despite overall industry sentiment improving, the market remains cautious towards CDMOs, which are seen as having the most certain fundamental recovery and highest order visibility [4][27] Group 3 - WuXi AppTec's 2025 performance forecast indicates a projected revenue of approximately 45.46 billion RMB, a year-on-year increase of about 15.84%, and a net profit of around 19.15 billion RMB, reflecting a significant growth of 102.65% [6][30] - The company's revenue guidance was adjusted upward multiple times throughout the year, indicating a continuous improvement in order conversion, project advancement, and capacity utilization [6][29] Group 4 - Market sentiment towards WuXi AppTec is complex, with a significant portion of profit growth attributed to non-recurring gains from asset disposals, leading to a cautious market outlook despite strong operational performance [7][30] - The market's valuation reflects skepticism not about 2025 performance but about the sustainability of growth beyond 2027 [7][30] Group 5 - Concerns regarding the future growth of TIDES and geopolitical risks are central to market pricing, indicating a focus on long-term growth potential rather than immediate performance [9][32] - The demand for TIDES products remains strong, with supply chain share increasing, suggesting that the challenges are more about supply capacity than demand saturation [11][34] Group 6 - WuXi AppTec's growth is characterized by a platform-based expansion rather than reliance on a single segment, with significant performance in small molecule D&M business [15][38] - The company has improved operational efficiency and capacity utilization without significant capital investment, enhancing its competitive position in the global pharmaceutical outsourcing industry [17][40] Group 7 - The acquisition of Dongyao Pharmaceutical by WuXi AppTec highlights a strategic move to secure capacity in a high-demand area, emphasizing the importance of time in meeting customer needs [19][41] - This acquisition reflects a broader trend of consolidation in the industry, where leading companies are increasingly focused on embedding themselves deeper into the global innovative drug supply chain [21][43] Group 8 - The current rebound in the CXO sector appears to be driven by sentiment and expectations rather than a full reassessment of long-term industry value, with a clear distinction between domestic and external demand dynamics [22][44] - The ongoing structural changes in the industry suggest that companies that have successfully adjusted their order and capability structures may see their value reassessed in the future [22][45]

Investment Themes - The report identifies several investment themes based on market trends, including "right-side breakout" for Huangjiu, soybeans, and epoxy propylene, which are showing sustained performance [4][10] - "Right-side trends" are noted in sectors such as photovoltaics, power IoT, target materials, new energy equipment, and aluminum, indicating ongoing positive momentum [4][10] - New themes showing signs of stabilization at the bottom include generic drugs, service robots, consumer finance, smart logistics, and electric vehicles [4][10] - Newly identified themes indicating a bottom reversal include lithium hexafluorophosphate, lithium battery electrolytes, and mobile phone batteries [4][10] Right-Side Breakout Opportunities - The Huangjiu index has shown a 5% increase over 20 days, while the soybean index has experienced a 3% increase, indicating potential investment opportunities [11] - The epoxy propylene index has a 12% increase over 20 days, suggesting strong performance in the basic chemical sector [11] Right-Side Trend Opportunities - The photovoltaic index has shown a 13% increase year-to-date (YTD), indicating strong growth potential in the power equipment sector [13] - Other indices such as the BC battery index and the power IoT index have also shown positive trends with YTD increases of 17% and 9%, respectively [13] Bottom Stabilization Opportunities - The CAR-T therapy index and the generic drug index have shown signs of stabilization, with the latter having a 3-day performance of 0% [17] - The electric vehicle index has also stabilized, with a slight increase of 1% over 5 days, indicating potential for recovery [17] Bottom Reversal Opportunities - The mobile phone battery index has shown a 2% increase over 5 days, while the lithium hexafluorophosphate index has a 3% increase, suggesting a potential turnaround in these sectors [19] - The lithium battery electrolyte index has also shown a 3% increase, indicating a positive shift in market sentiment [19]

证券代码：300347 证券简称：泰格医药 公告编码（2026）006 号 杭州泰格医药科技股份有限公司 关于召开 2026 年第一次临时股东会的公告 公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者重 大遗漏负连带责任。 一、召开会议的基本情况 1．股东会届次：2026年第一次临时股东会。 2．股东会的召集人：公司董事会。 3．会议召开的合法、合规性：经公司第五届董事会第二十二次会议审议通过，决定 召开2026年第一次临时股东会，召集程序符合有关法律、行政法规、部门规章、规范性文 件和公司章程的规定。 4．会议召开的日期、时间： 现场会议召开日期和时间：2026 年3 月5 日（星期四）下午15:00 网络投票日期和时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为：2026 年3 月5 日上午9:15 —9:25，9:30—11:30 和下午13:00-15:00； （2）通过深圳证券交易所互联网投票系统投票的具体时间为：2026 年3 月5 日上午 9:15 至2026 年3 月5 日下午15:00。 5．会议的召开方式：本次股东会采用现场表决与网络投票相结 ...

证券代码：300347 证券简称：泰格医药 公告编码（2026）005 号 杭州泰格医药科技股份有限公司 第五届董事会第二十二次会议决议公告 公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者 重大遗漏负连带责任。 二〇二六年二月十日 2 经与会董事审议，本次会议以投票表决的方式审议通过如下决议： 一、审议并通过《关于提议召开公司2026年第一次临时股东会的议案》。 公司定于2026年3月5日（星期四）15:00在公司会议室召开2026年第一次临时股东会， 审议《关于变更公司注册地址及修订<公司章程>的议案》，同时公司董事会提请股东会授 权公司董事会指定专人办理工商变更登记（备案）相关手续。 具体内容详见公司同日披露于巨潮资讯网的《关于召开2026年第一次临时股东会的公 告》。 表决结果：同意7票，反对0票，弃权0票。 特此公告。 1 杭州泰格医药科技股份有限公司董事会 杭州泰格医药科技股份有限公司（以下简称"公司"）第五届董事会第二十二次会议于 2026年2月9日在杭州市滨江区聚工路19号盛大科技园A座20层会议室举行，本次会议以现 场与通讯表决相结合的方式召开。全体董事一 ...

HANGZHOU TIGERMED CONSULTING CO., LTD. 杭州泰格醫藥科技股份有限公司 地址為 為本人╱ 吾等的受委代表，代表本人╱ 吾等出席本公司謹訂於2026年3月5日（星期四）下午 三時正假座中國杭州市濱江區聚工路19號盛大科技園 A 座18樓會議室舉行2026年第一次 臨時股東會（「臨時股東會」）及其任何續會，以考慮及酌情通過載於臨時股東會通告的決議 案，並於臨時股東會及其任何續會代表本人╱ 吾等並以本人╱ 吾等名義就下述決議案按以 下方式投票。除非另有說明，否則本代表委任表格所使用詞彙與本公司日期為2026年2月 10日的通函所定義者具有相同涵義。 | | 特別決議案 | 4 贊成 | 反對 | 4 | 棄權 | 4 | | --- | --- | --- | --- | --- | --- | --- | | 1. | 考慮及批准《關於變更公司註冊地址及建議修訂公 | | | | | | | | 司章程的議案》。 | | | | | | 日期：2026年 月 日 簽署 5 ： 2026年3月5日（星期四）舉行的2026年第一次臨時股東會代表委任表格 本人╱ 吾等 1 （於中華人 ...

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通告的內 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 不對因本通告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 HANGZHOU TIGERMED CONSULTING CO., LTD. 杭州泰格醫藥科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3347） 2026年第一次臨時股東會通告 葉小平 香 港，2026年2月10日 於 本 通 告 日 期，執 行 董 事 為 葉 小 平 博 士、曹 曉 春 女 士、吳 灝 先 生 及 聞增玉先生；獨立非執行董事為廖啟宇先生、袁華剛先生及劉毓文女士。 – 1 – 茲通告 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）謹 定 於2026年3月5日 （星 期 四）下 午 三 時 正 假 座 中 國 杭 州 市 濱 江 區 聚 工 路19號盛大科技園A座 18樓 會 議 室 舉 行 臨 時 股 東 會（「臨時股東會」） ...