10700日元，这是中外制药在2月25日创下的股价新高，相较于1990年至2013年长期徘徊的600日元区间，十几年间涨 幅高达16倍。 这一数字背后，是日本乃至亚洲制药行业首个千亿美元市值企业的诞生。截至25日，中外制药市值高达1087 亿美元， 不仅将将拥有240余年历史的武田制药、以及近年来在ADC领域风头无两的第一三共远远甩在身后，更跻身全球药企 前16名，与赛诺菲、再生元等站在同一水平线。 要知道，市值"千亿美元俱乐部"的成员均为欧美跨国巨头，这一顶级阵营中，一直没有亚洲药企的身影。而长久以 来，中外制药的标签也始终是"罗氏子公司"，如今却为我们带来另一重震撼： 日本是全球最早经历深度老龄化与持续医保控费的国家，其国内医药市场规模在长达20年的时间里近乎停滞。正是在 这样的"逆风局"中，中外制药却完成了从罗氏本土代理商到全球创新引擎的转变，其营业利润率更是维持在近50%的 高位。 当中外制药的千亿美元市值里程碑与日本的老龄化剧本、中国的医药产业现状叠加在一起时，一个核心命题浮出水 面：在支付端压力日益增大、创新成本飙升的全球背景下，药企的成长逻辑究竟发生了什么根本性变化？中外制药的 路径，又能为同样 ...

刘长洪 长江证券医药分析师: OK，各位线上的投资者大家好，我是那个长江医药的分析师刘长红。那今天由我来汇报一 下咱们这个近期的这个核心的推荐的标的，英恩生物。那从这一页的这个标题也可以看到 其实英人生物，在创新药里面，它主要是做这个 ADC 这个药物的研发的。然后我取的标 题，是这个携手 Biotech 共赴二代 ADC 的这个肿瘤治疗的这个新时代。是因为我们判断， 就是在创新药的这个肿瘤的这个一线治疗，往后去看的话，未来可能会是这个二代 O 和 ADC 的这样连用的这样一个趋势。 那在这个趋势当中，目前，进，全球的维度来看，进展最快而且布局最丰富的其实就是这 个 Biontech 这家公司。那么 Biontech 本身，它自己的这个 ADC 主要还是从这个英人 生物，也就是国内的，我们国内这家英人生物这家公司去引进的。所以如果说肿瘤未来的 治疗是二代或 ADC 这样一个格局的话，那可能英人生物和 Beyond Tech 两家公司一起 去分得全球这样一个巨大的这个蛋糕。那往后看的话，我们这篇报告可能分为几个部分。 那第一个是去看一下公司的一些基本情况，包括发展历史什么的。 然后后面再去拆解公司的核心的一些品 ...

如果用一个词语来形容2025年乳腺癌治疗领域的发展，那就是全面开花。 从新药密集上市到临床突破频频，再到积极探索新靶点与新机制，乳腺癌治疗领域可谓迎来了大爆发。 01 阿斯利康/第一三共的HER2 ADC德曲妥珠单抗（Enhertu，T-DXd）捷报频传：1月，获FDA批准上市，用于HR+/HER2低表达晚期乳腺癌的二线治疗，前移 了治疗线数；12月，获FDA批准联合帕妥珠单抗用于不可切除或转移性HER2阳性成人乳腺癌患者的一线治疗，以中位PFS突破40个月、较标准方案显著延 长并降低疾病进展或死亡风险44%的优异疗效，巩固其作为重磅炸弹药物的市场统治力。 阿斯利康与第一三共联合开发的德达博妥单抗（Dato-DXd）也是高歌猛进，先是在1月获FDA批准用于HR阳性HER2阴性乳腺癌患者的二线治疗，之后在6 月拿下第2项适应症，成为全球首个获FDA批准的针对经治晚期EGFR突变非小细胞肺癌患者的TROP2靶向疗法。 4月，阿斯利康的卡匹色替片（Capivasertib）成为首个且唯一在中国获批用于PIK3CA/AKT1/PTEN改变的乳腺癌患者的AKT抑制剂，并且突破了传统治疗 的耐药瓶颈，为乳腺癌患者提供了新 ...

Market Performance - Kolunbotai Biotech-B (06990.HK) experienced a decline of 3.33% on February 12, 2026, closing at HKD 423.40 with a trading volume of HKD 208 million, influenced by a general market downturn [1] - The Hang Seng Index fell by 0.86%, and the Hang Seng Tech Index dropped by 1.65%, with the biotechnology sector down by 0.84%, reflecting a decrease in market risk appetite affecting high-valuation biotech stocks [1] Institutional Insights - Bank of America Securities raised the target price for the company from HKD 470 to HKD 479 but maintained a "Neutral" rating, adjusting the annual treatment cost assumption for Sac-TMT (Lukangshatu Zhunzai) downwards, leading to a 5% and 6% reduction in revenue forecasts for 2026 and 2027 respectively, which may raise concerns about the product's commercialization profitability [2] Financial and Technical Analysis - Technical indicators show weakness, with the stock price falling below the 5-day moving average of HKD 428.2, and the MACD divergence value at -2.862, indicating insufficient bullish momentum [3] - There was a net outflow of HKD 11.09 million from major funds, while retail investors saw a net inflow of HKD 1.96 million, suggesting a cautious attitude from larger investors [3] Company Valuation - The company's price-to-earnings ratio (TTM) stands at -124.68, and the price-to-book ratio is 17.96, significantly higher than traditional pharmaceutical companies [4] - Despite the approval of the fourth indication for Sac-TMT (HR+/HER2- breast cancer) and its inclusion in the medical insurance list, increased competition in the TROP2 ADC space (e.g., AstraZeneca/Daiichi Sankyo's Enhertu) raises concerns about its long-term pricing advantage [4] Recent Company Status - CICC maintains an "Outperform" rating with a target price of HKD 550, but key catalysts for 2026, such as the FDA application for Sac-TMT and new clinical data, have yet to materialize, resulting in a lack of significant positive drivers for the stock price in the short term [5]

Group 1 - The latest survey by the China Japan Chamber of Commerce indicates a 3% improvement in companies' perception of their business conditions for the second half of 2025 compared to the previous survey [2] - 35% of member companies expect improvements in revenue and profit in the second half of 2025, an increase of 7% and 4% respectively from the last survey [2] - 59% of surveyed companies plan to increase or maintain their investments in China this year, reflecting a high level of satisfaction with the business environment [2] Group 2 - The bilateral trade volume between China and Japan remains above $300 billion, with a projected increase to $32.218 billion in 2025, representing a year-on-year growth of 4.5% [3] - Japanese companies are focusing their investments in China on ensuring competitiveness and developing new products and services [3] - Hitachi Elevator's president emphasized that their largest factory and R&D team are based in China, highlighting the importance of the Chinese market for their operations [3] Group 3 - Over 60% of manufacturing member companies are deploying AI energy management systems by 2025, with examples of Mitsubishi Electric and FANUC implementing AI to optimize energy consumption and reduce carbon emissions [4] - The establishment of Mizuho Securities' subsidiary in China is expected to enhance its capabilities in cross-border bond underwriting and corporate financing [4] Group 4 - There is an asymmetry in trade dependency, with Japan relying heavily on China for products like home appliances and agricultural goods, while exporting semiconductor equipment and precision components to China [5] - The ongoing economic security policies in Japan may lead to increased caution among Japanese companies regarding their investments in China [5] - Many Japanese firms recognize the significant costs of completely disengaging from the Chinese market, as it would result in missed growth opportunities [5]

2026.02. 12 中国日本商会10日发布最新一期《会员企业景气・营商环境认识问卷调查》。调查显示，对2025年 7月~12月本公司景气状况的认知比上次改善3个百分点。 关于投资，调查显示，在2025年下半年，会员企业的营收和利润都较上半年有所改善。反映营收增 长和利润上升的企业均占到35%，比上次分别增加了7个百分点和4个百分点。另外，还有59%的受 访企业表示今年将增加或维持对华投资。此外，"对事业环境的满意度"继续保持较高比例。 此次问卷调查以约8000家公司为对象，于今年1月8日至23日实施，聚焦去年下半年企业对在华运作 的感知，共收到1427份有效回答。 倚重中国市场 海关数据显示，中日双边货物贸易额常年维持在3000亿美元以上规模。2025年中日双边货物进出口 额为3221.8亿美元，相比2024年增长了139.1亿美元，同比增长4.5%。去年以来，丰田、尼得科、 旭化成、第一三共、三菱电机等日企纷纷加大在华项目投入。 前述调查显示，从"增加"对华投资的评论来看，集中于"确保、维持竞争力""开发新产品、新服务、提 高附加价值"为目的的投资。 本文字数：1487，阅读时长大约3分钟 作者 | 第 ...

从"增加"对华投资的评论来看，集中于"确保、维持竞争力""开发新产品、新服务、提高附加价值"为目 的的投资。 中国日本商会10日发布最新一期《会员企业景气・营商环境认识问卷调查》。调查显示，对2025年7月 ~12月本公司景气状况的认知比上次改善3个百分点。 在当前中国城市更新浪潮下，电梯更新改造与旧楼加装成为民生改善的重要课题，且中国电梯市场正 从"增量"向"存量+更新"的结构性转变。对此，贾宇辉表示，"日立电梯更新改造和加装的台量比例还将 持续提升。在旧改业务中，我们更注重产品的安全性、智能化与舒适性，同时融入绿色低碳理念，通过 加装能量回馈系统等技术，降低电梯耗电量，既符合国家政策导向，也能为用户节省使用成本。" 今年1月底，瑞穗证券中国子公司在北京正式成立，使得中国市场上的日资券商规模再度扩大。"依托这 一优势，瑞穗证券（中国）有望在跨境债券承销、中日企业投融资对接等领域抢占先机。"外资投行从 业人士刘莹对第一财经分析道。 面对当前全球都进入了AI和大数据时代，在华投资日企纷纷加快数字化转型步伐，以适应市场变化并 寻求新的增长点。中国日本商会此前发布的《2025年白皮书》显示，已有超过60%的制造业会 ...

Group 1 - The National Health Commission and 11 other departments issued the "National Essential Drug Directory Management Measures," revising six key areas to enhance the essential drug system in China [1] - The revised measures include optimizing the directory structure, categorizing drugs into chemical drugs, biological products, and traditional Chinese medicine based on clinical pharmacology and functionality [1] - The management mechanism for the directory has been improved, emphasizing the clinical value of drugs and considering factors such as disease spectrum changes and drug supply assurance [1] Group 2 - Reborna Biotech and Madrigal Pharmaceuticals entered a global exclusive licensing agreement worth $4.4 billion to develop innovative siRNA therapies for metabolic dysfunction-related fatty liver disease (MASH) [2] - Reborna will receive a $60 million upfront payment and is eligible for additional payments upon achieving clinical development and regulatory milestones, along with royalties based on global net sales [2] - The agreement highlights the international value of domestic innovative drugs and the urgent demand for effective therapies in the MASH field, indicating significant market potential [2] Group 3 - Watson Bio announced plans to invest 450 million yuan to establish a biological industry investment fund, targeting a total fund size of 1 billion yuan [3] - The fund will primarily invest in the synthetic biology manufacturing sector, including areas such as synthetic biology, health, bio-agriculture, bio-energy, and bio-materials [3] - This initiative is expected to help Watson Bio capture industry benefits and lay the groundwork for future strategic mergers and acquisitions [3] Group 4 - Hengrui Medicine's subsidiary, Suzhou MSD Biopharmaceutical Co., has had its drug SHR-A1811 included in the list of breakthrough therapies by the National Medical Products Administration [4] - SHR-A1811 is intended for first-line treatment of locally advanced or metastatic non-small cell lung cancer patients with HER2 (ERBB2) activating mutations [4] - The inclusion of SHR-A1811 reflects Hengrui's research achievements in the ADC field, although it will face competition from several already approved similar products [4]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. announced that its subsidiary, Suzhou Merdia Biopharmaceutical Co., Ltd., has received inclusion of its injectable SHR-A1811 (Rocatinib) in the list of breakthrough therapies by the National Medical Products Administration (NMPA), marking the 10th indication for which it has received breakthrough therapy certification [1] Group 1: Drug Information - Drug Name: Injectable Rocatinib (SHR-A1811) [1] - Acceptance Number: CXSL2000087 [1] - Drug Type: Therapeutic biological product [1] - Registration Category: Class 1 [1] - Application Date: December 2, 2025 [1] - Proposed Indication: First-line treatment for patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with HER2 (ERBB2) activating mutations [1] Group 2: Approved Indications - The injectable Rocatinib was approved for domestic market launch in May 2025, indicated for adult patients with unresectable locally advanced or metastatic NSCLC who have previously received at least one systemic therapy and have HER2 (ERBB2) activating mutations [2] Group 3: Market Context - Primary lung cancer is the most common malignant tumor globally, with GLOBOCAN 2022 data indicating approximately 2.48 million new cases and 1.82 million deaths annually, making it the leading cause of cancer mortality [3] - In 2022, China reported 1.06 million new lung cancer cases, accounting for 22.0% of all malignant tumors, and 733,300 deaths, representing 28.5% of all cancer deaths [3] - NSCLC accounts for about 85% of lung cancer cases, with approximately 2%-4% of NSCLC patients experiencing HER2 mutations, which are associated with high tumor invasiveness and poor prognosis [3] - Recent advancements in antibody-drug conjugates and highly selective HER2-TKIs have provided new treatment options for patients with advanced NSCLC harboring HER2 mutations [3] Group 4: Drug Mechanism and Competition - Injectable Rocatinib binds to HER2-expressing tumor cells, inducing cell cycle arrest and apoptosis through the release of toxins in the tumor cell lysosome [4] - Competing intravenous products in the domestic market include Roche's Ado-trastuzumab emtansine, AstraZeneca and Daiichi Sankyo's Fam-trastuzumab deruxtecan, Rongchang Biopharmaceutical's Vidisichu monoclonal antibody, and Kelun-Biotech's Bodo-trastuzumab [4] - According to EvaluatePharma, the global sales of similar products are projected to reach approximately $6.557 billion by 2024 [4] - Cumulative R&D investment for injectable Rocatinib is approximately 1.7725 billion yuan (unaudited) [4]

Core Viewpoint - Tianyu Co., Ltd. focuses on serving large multinational pharmaceutical companies and original research drug companies, aiming to deepen its "customer first" strategic goal [1] Group 1: Business Strategy - The company has provided active pharmaceutical ingredients (APIs) for 8 original research drug varieties and aims to add 1-2 new commercialized APIs annually with original research drug companies [1] - The company seeks to strengthen existing partnerships with original research clients while expanding its customer base to enhance its competitive advantage in APIs [1] Group 2: Strategic Partnerships - Tianyu has established long-term stable strategic partnerships with internationally renowned pharmaceutical companies such as Novartis, Sanofi, and Daiichi Sankyo [1] - The scope of cooperation has expanded from sartans APIs to non-sartan APIs, off-patent drugs, and innovative drug CDMO projects, indicating an increase in both depth and breadth of collaboration [1]