Core Insights - The collaboration in the AI pharmaceutical sector has significantly accelerated entering 2026, with notable partnerships being formed, including a recent agreement between Insilico Medicine and Kangzheng Pharmaceutical for AI-driven drug development [1][3]. Company Overview - Insilico Medicine, founded in 2014, is an AI-driven innovative pharmaceutical company that relocated from the U.S. to Hong Kong in 2019. It has developed over 20 clinical or IND assets through its generative AI platform, Pharma.AI [2]. - The company successfully went public on the Hong Kong Stock Exchange in December 2025, marking the largest biotech IPO in the Hong Kong market for that year [2]. Recent Collaborations - The recent partnership with Kangzheng Pharmaceutical is the fourth deal Insilico Medicine has secured in 2026, with total payments from previous collaborations amounting to $42 million, contributing to a cumulative total exceeding $1 billion across various therapeutic areas [3]. - Other collaborations include partnerships with Shiweya, Hengtai Biotech, and Qilu Pharmaceutical, focusing on oncology, central nervous system, and autoimmune diseases [3]. Industry Trends - The surge in collaborations indicates a shift from "proof of concept" to "commercial realization" in AI pharmaceuticals, with traditional pharmaceutical companies increasingly adopting AI technologies due to their efficiency and cost advantages [3][4]. - Insilico Medicine's AI platform significantly reduces the time required to identify clinical candidates from an average of 4.5 years to 12-18 months, while also decreasing the number of synthesized molecules and associated costs [4]. Cost Efficiency - Traditional drug development requires synthesizing hundreds to thousands of molecules, whereas Insilico Medicine only needs to synthesize dozens to a few hundred, reducing costs from over $10 million to approximately $2-3 million [4]. Industry Sentiment - A report cited by Guosheng Securities indicates that 85% of surveyed company leaders are increasing investments in AI, with 70% considering it a top priority. There is a notable shift towards collaboration or acquisition of external AI solutions rather than in-house development [4].

（文章来源：每日经济新闻） 创新药ETF国泰（517110）跟踪的是SHS创新药指数（931409），该指数从中国A股市场中选取涉及创 新药研发、生物制药等领域的上市公司证券作为指数样本，以反映创新型医药相关上市公司证券的整体 表现。 华泰证券指出，AI for Science（AI4S）的研究范式打破了传统"实验发现"或"手工推导方程"的局限，正 通过赋能量子、原子与连续介质系统中的高级建模、仿真与预测，引领科研革命。该机构持续看好AI 制药在2026年的商业化前景，预计行业将呈现小分子药物合作深化与大分子抗体领域合作爆发的双轮驱 动格局。其中，抗体等大分子领域有望成为2026年最大的增长亮点，AI能够高效探索广阔的蛋白质序 列空间，设计出具有更佳特性的新型抗体。预计AI新材料将成为AI4S的重点应用与投资方向，AI加速 材料发现，并通过数字化工艺优化直接推动产业化，是实现制造产业升级的核心引擎。 ...

该行认为，石药集团此次与阿斯利康的合作围绕公司专有的缓释给药技术平台及多肽药物AI发现平台 展开，公司的长效技术可实现多肽药物的缓释。同时，公司的多肽药物AI发现平台可以针对药物靶点 快速设计及筛选候选分子，并可在药效、选择性与信号偏向性等维度进行系统优化。 石药集团(01093)再涨近5%，截至发稿，涨4.7%，报10.24港元，成交额4.86亿港元。 消息面上，近日，石药集团宣布与阿斯利康就创新长效多肽药物开发签订战略合作与授权协议。东北证 券认为，公司此次与阿斯利康的BD交易金额超预期，高额预付款充分彰显阿斯利康对公司长效多肽与 AI制药技术平台的高度认可与长期看好。此次合作也标志着公司与阿斯利康合作的再升级，有望加速 公司长效多肽药物的全球布局。 ...

该行认为，石药集团此次与阿斯利康的合作围绕公司专有的缓释给药技术平台及多肽药物AI发现平台 展开，公司的长效技术可实现多肽药物的缓释。同时，公司的多肽药物AI发现平台可以针对药物靶点 快速设计及筛选候选分子，并可在药效、选择性与信号偏向性等维度进行系统优化。 消息面上，近日，石药集团宣布与阿斯利康就创新长效多肽药物开发签订战略合作与授权协议。东北证 券认为，公司此次与阿斯利康的BD交易金额超预期，高额预付款充分彰显阿斯利康对公司长效多肽与 AI制药技术平台的高度认可与长期看好。此次合作也标志着公司与阿斯利康合作的再升级，有望加速 公司长效多肽药物的全球布局。 石药集团(01093)再涨近5%，截至发稿，涨4.7%，报10.24港元，成交额4.86亿港元。 ...

证券研究报告：医药生物|行业周报 发布时间：2026-02-09 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 8350.08 | | --- | --- | --- | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6876.88 | 行业相对指数表现 2025-02 2025-04 2025-07 2025-09 2025-11 2026-02 -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 近期研究报告 《AI 制药临床管线回顾：早研优势凸 显，后期范式迎来积极改变》 - 2026.02.02 医药生物行业报告 （2026.02.02-2026.02.06） 政策加快中药工业结构优化和转型升级，支持中药 工业龙头企业发展 l 本周主 ...

// 市场要闻 // 1、美国非农与CPI罕见"背靠背"发布，3月降息预期迎终极考验 受联邦政府停摆影响，原定上周发布的1月非农就业数据推迟至北京时间2月11日（周三）晚间发布，而1月CPI数据将于2月13日（周五）公布。这意味着 在本周内，市场将密集消化就业与通胀两大核心指标。若非农数据因统计滞后出现"噪音"，叠加CPI核心通胀粘性未减，美联储3月降息路径可能面临重 估，全球资产定价或在节前最后一周经历剧烈震荡。 2、中国1月通胀数据定于周三公布 国家统计局将于2月11日（周三）发布1月CPI与PPI数据。由于2026年春节在2月中旬，1月份处于完整的节前备货期，市场预期CPI同比涨幅将受食品及服 务价格拉动回升至1.2%左右。若PPI降幅持续收窄，将进一步确认工业企业盈利修复的拐点，为节后A股行情的展开提供基本面支撑。 3、1月信贷"开门红"成色几何？ 2月9日-15日期间，央行将发布1月金融数据。机构普遍预计，在"早投放、早受益"的政策导向下，1月新增人民币贷款有望保持高位，企业中长期贷款占 比将是核心看点。强劲的社融数据往往是春季行情的有力催化剂，若数据超预期，将显著提振节后市场信心。 4、欧元区经济 ...

Group 1 - The company announced a strategic research and development collaboration and licensing agreement with AstraZeneca, granting AstraZeneca global exclusive rights (excluding Greater China) to the company's weight management product portfolio, including a clinical-ready project SYH2082 and three preclinical projects [1] - The agreement includes an upfront payment of $1.2 billion, potential milestone payments of up to $3.5 billion for research, and up to $13.8 billion for sales, along with a double-digit percentage royalty on annual net sales of the licensed products [1] - This collaboration marks an upgrade in the partnership with AstraZeneca, following previous agreements for the development of Lp(a) small molecule inhibitors and AI-driven oral small molecule drug development, with total potential transaction amounts of $2.02 billion and $5.33 billion respectively [1] Group 2 - The company's core technology platforms are advancing, leading in AI drug discovery and long-acting formulation technology, with a focus on proprietary sustained-release delivery technology and AI drug discovery platform for peptide drugs [2] - The long-acting technology allows for monthly or longer dosing intervals, enhancing patient compliance for long-term medication [2] - The company is building eight innovative technology platforms across multiple disease areas, including oncology, neuropsychiatry, cardiovascular, metabolic, infectious diseases, and autoimmune diseases, with expected net profits of 5.343 billion, 7.869 billion, and 6.761 billion yuan for 2025-2027 [2]

Core Viewpoint - The company is actively monitoring developments and collaboration opportunities in the AI pharmaceutical sector, aiming to integrate AI technology with innovative drug research and development across the entire industry chain [1] Group 1 - The company is exploring multidimensional AI innovative drug research and development collaborations with quality partners in the industry [1] - The company will evaluate and actively promote any strategic collaboration opportunities that align with its development goals [1] - The company commits to timely information disclosure if there are any substantial advancements in related collaborations [1]

Core Viewpoint - Deep Intelligence has completed a new round of financing amounting to $60 million, with total funding exceeding $100 million in just two months, indicating strong investor confidence in its AI-driven drug development capabilities [2][3]. Group 1: Financing and Investment - The new investors in this financing round include Xincheng Capital, Jinyi Capital, and KAITAI Capital, while existing shareholders such as Dinghui Baifu and New Ding Capital have also increased their stakes [2]. - The funds raised will primarily be used for upgrading the core technology system of the company [2]. Group 2: Technological Advancements - Deep Intelligence offers a full-stack intelligent solution for global pharmaceutical companies, covering all stages from preclinical research to post-marketing studies, unlike most companies that focus only on the preclinical phase [2][3]. - The company has achieved a breakthrough in its underlying technology architecture, which has contributed to its ability to attract continuous investment [3]. Group 3: AI Implementation in Drug Development - The company has developed a "bionic brain" composed of high-precision "Atomic Agents" that handle various tasks in the clinical research process, such as protocol design, statistical analysis, and regulatory compliance [4]. - The "bionic brain" operates through a closed-loop process of hypothesis-verification-reflection-correction, achieving an accuracy rate of over 99% in medical terminology [4][5]. Group 4: Self-Improving AI Systems - The system can automatically trigger reflection processes for attribution analysis, source tracing, and self-revision, allowing it to correct its own issues over time [5]. - Deep Intelligence has implemented a four-layer protective mechanism to address hallucination issues in AI models, achieving an industrial-grade accuracy of 99.9% [5]. Group 5: Innovations in Clinical Trials - The company has introduced a new Protocol Rehearsal AI that simulates virtual clinical trials to predict enrollment rates, dropout risks, and resource bottlenecks before actual patient recruitment [5]. - This innovation aims to accelerate the application of AI technology in human clinical trials, transforming drug development from a labor-intensive process to one focused on intelligent decision-making [5].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [4]. Core Insights - The company has signed a strategic research and development collaboration agreement with AstraZeneca, granting AstraZeneca exclusive global rights (excluding Greater China) to the company's weight management product portfolio, including a clinical-ready project SYH2082 and three preclinical projects. The company will receive an upfront payment of $1.2 billion, with potential milestone payments of up to $3.5 billion for research and $13.8 billion for sales, along with a double-digit percentage royalty on net sales [1][2]. - The collaboration marks an upgrade from single product licensing to platform licensing, reflecting AstraZeneca's strong recognition of the company's long-acting peptide and AI pharmaceutical technology platforms [1]. - The company is advancing its proprietary sustained-release drug delivery technology and AI drug discovery platform, which enhances patient compliance by allowing for monthly or longer dosing intervals [2]. Financial Summary - The company's projected revenues for 2025-2027 are estimated at 28.8 billion, 35.9 billion, and 32.5 billion CNY, respectively, with a compound annual growth rate (CAGR) of 24.62% in 2026 [3]. - The net profit attributable to the parent company is forecasted to be 5.34 billion, 7.87 billion, and 6.76 billion CNY for 2025-2027, with corresponding earnings per share (EPS) of 0.46, 0.68, and 0.59 CNY [3]. - The current market capitalization is approximately 112.23 billion HKD, with a total share count of 11,522 million [4].