摩根士丹利发表报告指，中国生物科技板块今年进入转折期，基本面正在稳定，创新基础具韧性，授权 交易正在进行，融资活动持续复苏。但上半年在催化剂稀缺的背景下，高度确信的投资主题有限，风险 偏好Beta仍不稳定。大摩料中国生物科技板块上半年将区间波动；而催化剂、资金重新配置及更理想估 值，将在今年下半年更明确的股价方向奠定基础。 该行预计下一轮增长可能开始于有意义的数据发布、商业发展(BD)活动和授权交易的可见性开始集中 出现时。由于大多数事件集中于2026年下半年，该行认为进一步的行业重估应该是延后而非被打断。该 行重新覆盖信达生物，并予"增持"评级，目标价130港元。 ...

国泰海通晨报 2026 年 03 月 03 日 国泰海通证券股份有限公司 研究所 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_Summary] 1、【策略研究】：热点主题交易热度节后回升，金属资源品主题普涨，AI 应用主题回调。中东战 火强化能源资源价格，Token 出海成为 AI 投资新叙事，重视两会内需方向增量政策。 2、【汽车研究】汽车：展望 2026 年，乘用车销量预计温和增长，新能源高端化趋势明确，细分 市场供给加速释放。我们看好全球化布局领先、高端化表现亮眼、智能化能力突出的车企。 3、【固定收益研究】：战争冲击对债券的影响往往呈现"短期避险—中期再定价"的阶段切换， 判断持续性需同时跟踪通胀/财政路径与尾部风险指标，而非仅看单一期限利率点位。 4、【食品饮料研究】海天味业：引领"餐饮解决方案"及"复调"商业模式并举将保障公司中长 期超额收益，同时我们预计新一轮提价潮即将到来，顺势而为有望实现"量价齐升"。 5、【海外科技研究】MINIMAX-WP：极致性 ...

证券研究报告 行业研究 / 行业点评 2026 年 03 月 02 日 行业及产业 中国创新 ADC 闪耀 ASCO GU，长效三 靶点减肥药二期临床成功 医药生物 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《医药行业跟踪报告：信达生物与礼来合作再 度升级，打造全球创新生态体系》2026-02-09 《医药行业跟踪报告：MNC 重金加码中国创新 药，中国 IO2.0 双抗出海迈出关键一步》 2026-02-02 《医药行业跟踪报告：医药板块迎来开门红， 2026 年继续看好创新出海和硬科技》 2026-01-13 《2026 年度医药行业策略：创新出海新征程， 寻找需求新增量》2026-01-05 《医药行业跟踪报告：蚂蚁阿福 App 上线带动 "AI+大健康"投资热情，关注英矽智能新股发 售》2025-12-22 张智聪 S0820525020002 021-32229888-25524 zhangzhicong@ajzq.com 强于大市 投资要点： 医药板块行情复盘：本周（2/23~3/1）为春节假期后第一周，市场温和反弹，沪深 300 指 数+1.08 ...

Core Insights - The healthcare sector is entering a promising phase in 2025 after four years of "de-bubbling" and "restructuring," with a significant increase in IPO activities and a shift towards innovative drug companies [1] Group 1: Market Trends - In 2025, 39 healthcare companies successfully issued IPOs, raising a total of 35.9 billion yuan, with over 100 companies experiencing annual growth exceeding 100% [1] - The market capitalization of 14 companies, including China Biologic Products and Innovent Biologics, surpassed 100 billion yuan, indicating a shift in the top 10 healthcare companies from traditional pharmaceutical firms to innovative drug concept enterprises [1] Group 2: BD Transactions and Opportunities - The total amount for BD transactions in China's innovative drug sector reached 130 billion USD in 2025, with no significant decline in BD transaction enthusiasm observed [3] - The focus of BD transactions is diversifying beyond oncology to include various disease areas, such as obesity and respiratory diseases, with notable acquisitions by major pharmaceutical companies [3][4] Group 3: Investment Focus and Strategies - China Biologic Products is concentrating on four key areas: oncology immunotherapy, liver disease metabolism, respiratory antiviral treatments, and topical medications, while also planning to expand into cardiovascular and central nervous system products [4] - The company is also investing in AI drug development, believing that AI-designed molecules will inevitably gain regulatory approval, emphasizing the importance of data in clinical advancement [4] Group 4: IPO Market Dynamics - The secondary market has matured, with investors demanding higher standards for IPO projects, leading to over 400 companies queued for IPOs in Hong Kong [5] - The 2026 IPO performance is expected to be differentiated, with funds likely to flow towards companies with successful BD cases and clear product launch timelines, while those lacking competitive advantages may face significant IPO pressure [5]

leukemia. J Clin Oncol. 2017;35(13):1437-1443. doi:10.1200/JCO.2016.70.22826. Sharman JP,et al.2024 ASH Oral presentation #8867. Mato AR, Shah NN, Jurczak W, et al. Pirtobrutinib in relapsed or refractory B-cell malignancies (BRUIN): a phase 1/2 study. Lancet. 2021;397(10277):892-901. doi:10.1016/S0140- 6736(21)00224-58. Jaypirca. Prescribing Information. Lilly USA, LLC.SOURCE Innovent Biologics## 21% [more press release views with Request a Demo]## Also from this source### Innovent Dosed First Participant ...

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 2026 版基药目录调整在即，利好拟纳入目录 的中药标的 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 具体思路:看好的子行业排序分别为:创新药>科研服务>CXO>中药>医疗器械>药店 等。具体标的思路：从中药基药角度，建议关注佐力药业、方盛制药、盘龙药业等。 从 CXO、上游科研服务角度，建议关注药明康德、皓元医药、奥浦迈、百奥赛图、 百普赛斯、纳微科技等。从 PD1 PLUS 角度，建议关注三生制药、康方生物、信达生 物、泽璟制药等。从 ADC 角度，建议关注映恩生物、科伦博泰、百利天恒等。从小 核酸角度，建议关注前沿生物、福元医药、悦康药业等。从自免角度，建议关注康 诺亚、益方生物-U、一品红等。从创新药龙头角度，建议关注百济神州、恒瑞医药 等。从医疗器械角度，建议关注联影医疗、鱼跃医疗等。从 AI 制药角度，建议关注 晶泰控股、英矽智能等。从 GLP1 角度，建议关注联邦制药、博瑞医药、众生药业 等。 ◼ 风险提示：药品或耗材降价超预期；医保政策风险等；产品销售及研发进度不及预 期。 2026 年 03 ...

2026 年 3 月 1 日 行情回顾：上周 A 股医药生物（申万，下同）指数上涨 0.50%，跑输沪深 300 指数 0.58pp，跑输创业板综指 1.82pp，在 31 个子行业中排名第 25。港股恒生 医疗健康指数上周收跌 6.07%，跑输恒生国企指数 4.96pp。 研发进展：上周，康哲药业的 CMS-D008 注射液、康辰药业的 KC1036 片的临 床申请新进承办；海思科的 HSK46575 片、百利天恒的注射用伦康依隆妥单抗 和注射用 BL-M11D1 的 IND 申请新进承办；恒瑞医药的 SHR-1905 注射液以及 SHR-1819 注射液申请临床。 上周，诺诚健华的 ICP-538 以及华润双鹤的 DC6001 正在进行一期临床；复宏 汉霖的 HLX43 和天境生物的普那利单抗进行二期临床；石药集团的 SYH2053 和 SYS6010 进行三期临床；禾元生物的重组人白蛋白（水稻）进行四期临床。 本周观点：坚定看好医药板块回暖，重申投资临床价值三段论 从临床价值三段论看投资主线：1）"0→1"技术突破：创新药领域，高端前沿 创新靶点，正在肿瘤、减重、自免等领域重塑药企研发格局；创新器械领域 ...

Performance Summary - Xinyi Solar (00968.HK) reported a revenue of 20.861 billion yuan for 2025, a decrease of 4.8% year-on-year, with a net profit of 844.5 million yuan, down 16.2%, primarily due to a decline in average selling prices of solar glass products [2] - Zhongxin Innovation (03931.HK) expects a net profit of 2.025 billion to 2.193 billion yuan for 2025, an increase of approximately 140% to 160% compared to the previous year, driven by high growth in leading technology products across passenger, commercial, and energy storage sectors [2] - Rongchang Bio (09995.HK) anticipates a revenue of 3.251 billion yuan for 2025, an increase of 89.36% year-on-year, with a net profit of 709 million yuan, turning profitable due to increased sales of Tislelizumab and injection-use Vedolizumab [2] - Xinyi Energy (03868.HK) expects a revenue of 2.453 billion yuan for 2025, a slight increase of 0.53%, with a net profit of 1.011 billion yuan, up 27.79% [2] - Sihang Property (00083.HK) reported a revenue of 5.185 billion HKD for the six months ending December 31, 2025, an increase of 34.54%, while net profit decreased by 15.77% to 1.533 billion HKD [3] - Haohai Biological Technology (06826.HK) expects a revenue of approximately 2.473 billion yuan for 2025, a decrease of 8.33%, with a net profit of about 251 million yuan, down 40.3% [4] - Chunli Medical (01858.HK) anticipates a total revenue of approximately 1.044 billion yuan for 2025, a year-on-year increase of 29.52%, with a net profit of 272 million yuan, up 117.72% [5] - Baosheng International (03813.HK) issued a profit warning, expecting a net profit of approximately 211 million yuan for 2025, a decrease of about 57.1% [6] - Chip Intelligence Holdings (02166.HK) expects a net profit of approximately 140 million to 170 million HKD for 2025, an increase of about 40% to 70%, benefiting from the booming AI technology and increasing market demand [6] - Fengcai Technology (01304.HK) anticipates a total revenue of approximately 774 million yuan for 2025, a year-on-year increase of 28.91%, with a net profit of about 227 million yuan, up 1.92% [6] - Huayou Energy (01251.HK) issued a profit warning, expecting a loss of approximately 100 million to 150 million HKD for the 2025 fiscal year [7] - Zhoneng Group (00131.HK) reported a revenue of 272 million HKD for the six months ending December 31, 2025, an increase of 250.64%, with a net profit of 180 million HKD, turning profitable [8] - Fudan Zhangjiang (01349.HK) expects a revenue of approximately 686 million yuan for 2025, a decrease of 3.33%, with a net loss of approximately 157 million yuan, turning from profit to loss [9] Company News - Bay Area Development (00737.HK) reported that the total toll revenue for January from the Guangzhou-Shenzhen Expressway, Guangzhou-Zhuhai West Line Expressway, and the Shenzhen section of the Yangtze River Expressway was approximately 241 million, 105 million, and 75.169 million yuan, respectively, representing year-on-year growth of 15%, 17%, and 19% [10] - LeCang Logistics (02490.HK) plans to acquire two large container ships [10] - Innovent Biologics (01801) received approval for Jebatuzumab (Pimobendan) in China for the indication of relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma [11] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.8582 million shares for a total of approximately 99.9973 million HKD, with a repurchase price ranging from 34.92 to 35.04 HKD per share [12] - Geely Automobile (00175.HK) repurchased 3.673 million shares for approximately 59.4327 million HKD, with a repurchase price between 16.1 and 16.3 HKD [13] - Miniso Group (09896.HK) repurchased approximately 0.0526 million shares for about 1.8893 million HKD, with a repurchase price ranging from 35.64 to 36.34 HKD [14] - NetEase Cloud Music (09899.HK) repurchased approximately 0.09715 million shares for about 14.9959 million HKD, with an average repurchase price of 154.36 HKD [14]

此次新适应症获批是基于国际多中心、随机对照的BRUIN CLL-321 III期研究结果。BRUIN CLL-321是 全球首个在既往接受过共价BTK抑制剂(cBTKi)治疗的 CLL/SLL患者中开展的随机III期试验，共纳入 238例患者，旨在对比匹妥布替尼单药治疗与研究者选择的idelalisib联合利妥昔单抗(IdelaR)或苯达莫司 汀联合利妥昔单抗(BR)方案的疗效与安全性。研究结果显示，匹妥布替尼显着延长患者的中位无进展生 存期(PFS)(14.0个月vs 8.7个月，风险比[HR]=0.54)，且因治疗相关不良事件导致的停药率更低(5.2% vs 21.1%)，进一步验证了其在共价BTK 抑制剂经治人群中的疗效与耐受性优势3。 捷帕力®(匹妥布替尼)本次在中国获批CLL/SLL是该领域的重大突破，标志着我国CLL/SLL患者能同步 受益于这一全球创新成果。公司将充分发挥在肿瘤领域的领先品牌和专业的商业化能力，致力于加速这 一创新疗法的可及性，惠及更多亟需治疗的癌症患者。 信达生物(01801)发布公告，非共价(可逆)布鲁顿酪氨酸激酶(BTK)抑制剂捷帕力®(匹妥布替尼)正式获得 中国国家药品监 ...

此次新适应症获批是基于国际多中心、随机对照的BRUIN CLL-321III期研究结果。BRUIN CLL-321是 全球首个在既往接受过共价BTK抑制剂(cBTKi)治疗的CLL/SLL患者中开展的随机III期试验，共纳入238 例患者，旨在对比匹妥布替尼单药治疗与研究者选择的idelalisib联合利妥昔单抗(IdelaR)或苯达莫司汀联 合利妥昔单抗(BR)方案的疗效与安全性。研究结果显示，匹妥布替尼显着延长患者的中位无进展生存期 (PFS)(14.0个月vs8.7个月，风险比[HR]=0.54)，且因治疗相关不良事件导致的停药率更低 (5.2%vs21.1%)，进一步验证了其在共价BTK抑制剂经治人群中的疗效与耐受性优势3。 信达生物(01801)发布公告，非共价(可逆)布鲁顿酪氨酸激酶(BTK)抑制剂捷帕力(匹妥布替尼)正式获得 中国国家药品监督管理局(NMPA)批准新增适应症，用于治疗既往经过至少包含BTK抑制剂在内的一种 系统治疗的成人慢性淋巴细胞白血病(CLL)╱小淋巴细胞淋巴瘤(SLL)患者。 匹妥布替尼是一种高选择性激酶抑制剂，采用新型结合机制，可以在既往接受过共价BTK抑制剂(包括 伊布 ...