Investment Rating - The industry maintains a "Neutral" rating, with specific company ratings of "Buy" for Heng Rui Pharmaceutical (600276) and "Increase" for WuXi Biologics (603259) [46] Core Insights - The recent national drug procurement has been stable, with active participation from companies and continued benefits for patients [8][9] - The issuance of the "National Basic Drug Directory Management Measures" aims to enhance the management of essential medicines [10][11] - Heng Rui Pharmaceutical reported positive top-line results for its GLP-1/GIP dual receptor agonist, indicating significant weight loss in clinical trials [12] - The approval of Mu Feng Da® for the treatment of adult type 2 diabetes marks a significant development in the market [12] Industry News - The national drug procurement involved 316 commonly used drugs across 26 therapeutic areas, with a high participation rate from over 5,100 medical institutions and 1,091 companies [8][9] - The procurement process has been standardized, allowing companies to bid online once for nationwide sales, significantly reducing costs [9] - The management measures for the national basic drug directory have been revised to include legal policy bases and optimize the directory structure [10][11] Company Announcements - Innovent Biologics has entered a global strategic partnership with Eli Lilly to advance new drug development in oncology and immunology [26] - Kelun Pharmaceutical's TROP2 ADC has received approval for a fourth indication from the NMPA [27] - Heng Rui Pharmaceutical's drug has been included in the list of breakthrough therapy products, and its application for marketing approval has been accepted for priority review [28] - WuXi Biologics has forecasted a positive earnings outlook, expecting a revenue increase of approximately 16.7% [30] Market Review - The Shanghai Composite Index rose by 1.43%, while the Shenzhen Component Index increased by 2.37%, with the SW Pharmaceutical and Biotech Index up by 0.23% [36] - The industry’s price-to-earnings ratio (TTM) stands at 51.17, with a valuation premium of 259% compared to the CSI 300 [40] Weekly Strategy - The report suggests focusing on investment opportunities in innovative drugs, CXO, and upstream life sciences, while also monitoring performance recovery indicators [46]

Group 1: Core Insights - The company has repurchased shares amounting to 1.01% of its total share capital, with a total repurchase amount of approximately 41.87 million yuan [1][3] - The company expects a significant narrowing of its net profit loss for 2025, projecting a loss between 32 million yuan and 47 million yuan, which represents a year-on-year reduction in loss of 63.13% to 74.89% [4] - The company has obtained medical device certification in Malaysia, valid until December 2030, facilitating its expansion into overseas markets [5] Group 2: Stock Performance - The company's stock price experienced a limit-up on January 26, 2026 [2] Group 3: Business Developments - The company continues to focus on an integrated strategy of "prevention, diagnosis, and treatment," with ongoing investments in innovative pharmaceuticals and AI healthcare [5]

中原期货研究咨询部 晨会纪要 2026 第（30）期 发布日期：2026-02-13 | 中原期货研究咨询部 | | | --- | --- | | 0371-58620081 | 0371-58620083 | | 公司官方微信 | | 公司官方微信 1 中原期货研究咨询部 | 化工 | 主力合约 | 2026/2/13 | 2026/2/12 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 1,121.00 | 1,120.00 | 1.0 | 0.089 | | | 焦炭 | 1,665.00 | 1,664.00 | 1.0 | 0.060 | | | 天然橡胶 | 16,485.00 | 16,450.00 | 35.0 | 0.213 | | | 20号胶 | 13,385.00 | 13,370.00 | 15.0 | 0.112 | | | 塑料 | 6,720.00 | 6,734.00 | -14.0 | -0.208 | | | 聚丙烯PP | 6,633.00 ...

Group 1: Company Overview - The report focuses on Dengkang Oral Care (001328.SZ), a state-owned enterprise established in 2001, primarily producing oral hygiene products such as toothpaste, toothbrushes, and mouthwash [4] - The company aims to double its revenue and profit during the "14th Five-Year Plan" period, with a compound annual growth rate (CAGR) of 10.6% for revenue and 20.6% for net profit from 2019 to 2024 [4] - Adult toothpaste constitutes approximately 80% of the company's revenue, which is the main driver of recent growth [4] Group 2: Industry Analysis - The toothpaste market in China is the largest segment of the oral care industry, with a market size of approximately 30 billion yuan in 2023 [5] - The market is characterized by intense competition, with established brands dominating offline channels, while new brands are emerging in the e-commerce space [5] - Price sensitivity among consumers is low, and there has been a gradual increase in toothpaste prices since 2013, with a shift towards higher-priced functional products [5] Group 3: Competitive Advantages - Dengkang Oral Care has established competitive barriers through brand strength, research and development capabilities, and distribution channels [6] - The brand "Ling Suan Ling" has maintained vitality and is undergoing a transformation towards professionalization and modernization [6] - The company has a strong offline distribution network and is rapidly expanding its online presence, with e-commerce revenue expected to grow by 52% year-on-year in 2024 [6] Group 4: Growth Potential - There is significant room for product structure optimization, with the company introducing high-end products that enhance its product range [7] - The average factory price of products has increased from 2.63 yuan/100g to 3.30 yuan/100g from 2019 to 2024, reflecting a CAGR of 4.6% [7] - The company has successfully implemented a mature strategy for its flagship products on platforms like Douyin, indicating strong consumer demand and brand recognition [7] Group 5: Market Expansion Opportunities - The company is expanding into the whitening and gum care segments, which have larger market sizes compared to sensitivity products, with potential revenue increases of 3.9 billion yuan and 4.76 billion yuan, respectively [8] - The market for gum care and whitening toothpaste is estimated at 8.523 billion yuan and 7.061 billion yuan, respectively, indicating substantial growth opportunities [8] Group 6: Financial Forecast and Valuation - Revenue projections for Dengkang Oral Care are estimated to reach 1.747 billion yuan, 2.105 billion yuan, and 2.506 billion yuan for 2025-2027, with net profits expected to be 177 million yuan, 221 million yuan, and 271 million yuan for the same period [9] - The price-to-earnings (PE) ratios are projected to be 42X, 33X, and 27X for 2025-2027, reflecting the company's growing brand influence and successful product optimization [9]

Group 1 - The core focus for investment in the upcoming year includes three main areas: domestic AI ecosystem, innovative pharmaceuticals, and commercial aerospace [1][2] - The domestic AI industry is expected to replicate the growth trajectory seen overseas, with significant advancements in large model technology and semiconductor manufacturing [1] - The AI industry chain is anticipated to strengthen progressively, with downstream sectors centered around large models and cloud computing, and upstream sectors including AI chips, storage, semiconductor manufacturing, equipment, and materials [1] Group 2 - The innovative pharmaceutical sector has shown explosive growth over the past 2-3 years, despite a recent pullback due to valuation pressures; companies with international capabilities are seen as good investment opportunities [2] - The commercial aerospace industry is expected to accelerate commercialization over the next 5-10 years, driven by breakthroughs in rocket recovery and low-orbit satellite technologies, making it a sector worth close attention [2]

资料显示，京新药业为一家以创新为驱动力的制药集团，重点专注于两大核心疾病领域：中枢神经系统 疾病、心血管及脑血管疾病。 京新药业发展轨迹紧随过去30年中国制药产业的演进，该公司最初专注于中间体与原料药领域，随后将 业务向下游延伸至药物领域。近年来，京新药业开始向创新药方向转型。 京新药业在申请材料中提到，公司既有的商业化业务为创新药物的研发与商业化提供可持续的技术、市 场及财务支持。财务数据方面，2024年，京新药业总收入为41.59亿元，净利为7.19亿元，研发投入约 3.84亿元。京新药业方面表示，公司计划持续维持相当高水平的研发投资，以推进创新战略，并促进成 长。 2月12日早间，京新药业在A股公告，公司已向中国香港联交所递交上市申请，这家最早专注于中间体 与原料药领域，又随着时代发展向创新药转型的老牌药企，正式踏上"A+H"两地上市的旅程。据北京商 报记者不完全统计，今年开年40余日，已有约30家医药企业递表港交所。 药企扎堆赴港，"创新"成为关键词。上述30家企业中，13家为带有特殊标识"B"的未盈利的创新药、创 新医疗器械企业。港交所对未盈利生物科技企业的上市审核，始终锚定产品的创新性、管线的差异 ...

2026.02. 12 本文字数：2499，阅读时长大约4分钟 作者 | 第一财经 林志吟 近日，1至8批国家集采药品新一轮接续采购已诞生拟中选结果，共有1020家企业的4163个产品获 得拟中选资格，涉及316种常用药品，覆盖抗感染、抗肿瘤、降血糖、降血压、降血脂、神经系统、 呼吸系统、消化系统等26个治疗领域。 从这接续采购的316种药品来看，据第一财经记者统计，有原研药中标的品种共有21个，整体占比 不到一成。 不到一成的原研药中标 国家药品集采，针对的仿制药以及过了专利保护期的原研药这两大类产品，一方面，挤掉药价虚高的 水分，降低患者用药负担；另外一方面，通过集采节省下的医保资金，转向支付临床价值显著的创新 药，满足临床亟需，鼓励药企研发创新。 本次是针对1-8批国家集采药品新一轮接续采购，由江苏、河南、广东三省医保局联合牵头，各省份 全部参与，实现了采购规则规范统一。企业只需在线投标一次，中选即可实现全国销售。具备投标资 格的企业绝大多数参与投标报价，整体中选率高达93%，每个品种平均14家企业中选。 本次接续采购，国内药品上市许可持有人（含药品注册批件持有人）、境外药品上市许可持有人及其 境内责任 ...

凭借品牌优势在院外市场找到新的发展空间。 近日，1至8批国家集采药品新一轮接续采购已诞生拟中选结果，共有1020家企业的4163个产品获得拟中 选资格，涉及316种常用药品，覆盖抗感染、抗肿瘤、降血糖、降血压、降血脂、神经系统、呼吸系 统、消化系统等26个治疗领域。 2018年以来，随着国家组织的药品集采启动，医药行业逐渐走向分水岭，过了专利保护期的原研药难以 在中国市场维持高利润且垄断局面，而原来以销售这类药物为生的跨国药企这几年已在密集调整业务， 重塑在华发展战略。 一些原研药虽然缺席集采，但并不意味着从市场消失，相反凭借品牌优势仍在院外市场找到新的发展空 间。 不到一成的原研药中标 国家药品集采，针对的仿制药以及过了专利保护期的原研药这两大类产品，一方面，挤掉药价虚高的水 分，降低患者用药负担；另外一方面，通过集采节省下的医保资金，转向支付临床价值显著的创新药， 满足临床亟需，鼓励药企研发创新。 本次是针对1-8批国家集采药品新一轮接续采购，由江苏、河南、广东三省医保局联合牵头，各省份全 部参与，实现了采购规则规范统一。企业只需在线投标一次，中选即可实现全国销售。具备投标资格的 企业绝大多数参与投标报价 ...

2月12日早间，京新药业（002020）在A股公告，公司已向香港联交所递交上市申请，这家最早专注于中间体与原料药领域，又随着时代发展向创新药转型 的老牌药企，正式踏上了"A+H"两地上市的旅程。据北京商报记者不完全统计，2026年开年仅40余日，已有约30家医药企业递表港交所。 药企扎堆赴港，"创新"成为关键词。上述30家企业中，13家为带有特殊标识"B"的未盈利的创新药、创新医疗器械企业。港交所对未盈利生物科技企业的上 市审核，始终锚定产品的创新性、管线的差异化、临床数据的扎实程度。即便在已盈利的企业阵营中，"创新"同样被屡屡提起。 此外，"A+H"频现也成为此轮药企赴港上市的显著特征。除了京新药业外，还有百普赛斯、迪哲医药、益方生物等A股公司已在年内递表。此外，还有信立 泰、海特生物两股已于年内官宣正在筹划赴港上市。 | 最新发布 申请人 | | | | --- | --- | --- | | 日期 | | | | 12/02/2026 | 仙乐健康科技股份有限公司 | | | | 12/02/2026 整体协调人公告-委任（经修订） 吧 | | | | 29/01/2026 申请版本（第一次呈交）全文档 ...

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with limited disruptions, and institutions are increasing their positions in innovative companies, maintaining a positive outlook on undervalued innovative targets [1][4] - The overall market sentiment has improved, driven by significant business development transactions, and the pharmaceutical sector is expected to continue its steady growth in 2026, despite potential short-term volatility [4][5] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, ranking second among 12 industry indices [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - Since Q4 2025, the proportion of domestic capital holding pharmaceutical stocks through Hong Kong Stock Connect has slightly decreased, while foreign capital holdings have increased [32] - As of February 10, 2026, domestic holdings were at 22.2%, down 0.2 percentage points, while foreign holdings rose to 39.7%, up 0.9 percentage points [32] Sales Performance - In 2025, China's pharmaceutical market sales decreased by 1% year-on-year, with public hospitals accounting for the largest market share at 10,977 billion RMB, down 2.1% [5] - Retail pharmacy sales reached 5,878 billion RMB, growing by 2.4%, with online pharmacies seeing a significant increase of 13.6% [5] National Procurement - The recent national procurement round had a high selection rate of 93%, with 1,020 products from 1,091 participating companies expected to be implemented by the end of March 2026 [5] - The procurement process has seen increased participation and a diverse range of selected products, ensuring stability in clinical demand [5] Investment Recommendations - The report recommends focusing on innovative drugs, particularly companies like Sanofi and Hengrui Medicine, which have rich catalysts and clear long-term growth logic [4] - It also suggests looking into CXO companies benefiting from high downstream demand and improving financing conditions, such as WuXi AppTec [4]