"十五五"规划开局之年，上海站在建设具有全球影响力的科技创新中心和健康城市建设的新起点。在此 背景下，2月2日，中国人民政治协商会议上海市第十四届委员会第四次会议在上海开幕。 面对国家层面多层次医疗保障体系的顶层设计出台、生物医学新技术监管新政实施，以及"新质老龄 化"带来的结构性挑战，此次会议，上海市政协常委、复星国际联席CEO陈启宇以医疗、医保、医药"三 医协同"的系统思维递交多份提案，为上海在大健康产业领域构筑全球竞争优势建言献策。 陈启宇指出，当前上海生物医药产业发展正处于从"跟跑"向"并跑""领跑"跨越的关键阶段，但创新链与 产业链脱节、支付端与供给端错配、老龄化需求与服务供给失衡等仍待进一步破题。特别是在国务院 《生物医学新技术临床研究和临床转化应用管理条例》即将实施、国家医保局发布首版《商业健康保险 创新药品目录》的政策背景下，上海要充分发挥改革开放排头兵作用。 此次陈启宇提出的系列提案立足于上海作为生物医药产业高地、医疗保障改革先行区、深度老龄化超大 城市的三重定位，从临床转化体系、多层次支付保障、科学智能基础设施、产业创新生态等维度提出具 体建议。 打通生物医药前沿技术转化通道 当前，新一轮 ...

发布时间：2026-02-02 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 8338.3 | | 52 周最高 | 9323.49 | | 52 周最低 | 6876.88 | 行业相对指数表现 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 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:徐智敏 SAC 登记编号:S1340525100003 Email: xuzhimin@cnpsec.com 近期研究报告 2025 年有数十个 AI 衍生的管线进入人体临床试验，但回顾过往 管线来看，与任何其他新技术的发展一样，AI 制药的发展之路也是曲 折的。AI 制药极大加速了临床早期的进程同时亦能取得超出传统经验 水平的 1 期成功率（80%~90% vs 40%~65%），而在 2 期及后续的进 ...

消息面上，2月1日，华为云正式宣布，"行业AI梦工厂"首个落地成果——智慧医疗专区亮相，同时，即 日起启动公开测试，率先开放健康管理与病理AI辅助诊断两大核心功能，面向广大医疗机构、医生及 大众开放服务与体验。该专区深度融合上海瑞金医院等顶尖医疗机构的临床经验与华为在云、AI及ICT 领域的技术积累，旨在构建一个端到端的AI赋能平台。 光大证券强调，在医保控费（DRG/DIP）与大模型技术奇点双重驱动下，AI已成为医疗新基建的核心 生产力；其中AI制药因能显著缩短研发周期、药企付费意愿最强，AI医学影像是当前落地最成熟的赛 道，而AI慢病管理和AI手术机器人则分别依托商业保险降本逻辑与医疗资源均衡逻辑，具备强国产化 替代潜力。未来竞争核心在于独家高质量私有数据与业务场景闭环能力。 医疗创新ETF紧密跟踪中证医药及医疗器械创新指数，中证医药及医疗器械创新指数从医药卫生行业的 上市公司中，选取30只盈利能力较好且具备一定成长性和研发创新能力的上市公司证券作为指数样本， 以反映兼具盈利性与成长性的医药及医疗器械上市公司证券的整体表现。 截至2026年2月2日 10:44，中证医药及医疗器械创新指数(931484)下 ...

2026 年 02 月 02 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 曹泽运 S0350525110001 证券分析师： 万鹏辉 S0350524050003 caozy@ghzq.com.cn wanph@ghzq.com.cn [Table_Title] 与齐鲁制药达成合作，持续验证 AI 制药能力 ——英矽智能（03696）点评报告 最近一年走势 事件: 2026 年 1 月 27 日，英矽智能发布公告：公司与齐鲁制药签署战略合作 协议，双方将围绕心血管与代谢类疾病领域，利用英矽智能的 Pharma.AI 平台进行小分子抑制剂的研发。协议总金额超过 9.31 亿港元，包含开发 和销售里程碑付款，以及单位数的后续净销售额分成。 投资要点: | 相对恒生指数表现 | | 2026/01/30 | | | --- | --- | --- | --- | | 表现 | 1M | 3M 12M | | | 英矽智能 | 109.8% | - | - | | 恒生指数 | 5.9% | - | - | | 市场数据 | | 2026/01/30 | | | 当前价格（元） | | 62.90 ...

Core Insights - Deep Intelligence has recently completed a $60 million financing round, bringing its total funding to over $100 million in just two months, following a $50 million round in December [1] - The funds will primarily be used for upgrading the company's core technology system, which provides a full-stack intelligent solution for drug development, from preclinical research to post-market studies [1][4] Company Overview - Deep Intelligence offers a comprehensive AI-driven solution for pharmaceutical companies, enabling them to conduct clinical trials with high precision and efficiency, achieving a "zero revision" rate for clinical trial protocols approved by regulatory bodies [1][2] - The company has developed a "bionic brain" composed of high-precision "Atomic Agents" that handle various tasks in the clinical development process, ensuring scientific validity and compliance [2][3] Technological Advancements - The system incorporates a self-reflective process that allows for continuous improvement and error correction, enhancing the accuracy of medical terminology to over 99% [3] - A new Protocol Rehearsal AI has been introduced, which simulates clinical trials to predict outcomes and optimize resource allocation, potentially transforming the drug development process from labor-intensive to intelligent decision-making [3] Investor Perspectives - Investors express strong confidence in Deep Intelligence's ability to leverage AI in clinical research, highlighting its rapid iteration of AI capabilities and its potential to reshape industry cost structures and operational models [4][5] - The company is seen as a key player in the transition from labor-intensive to intelligence-driven drug development, with expectations for significant growth in the AI and healthcare sectors [4][5]

Core Viewpoint - AI is revolutionizing the life sciences and pharmaceutical research, significantly improving efficiency and reducing costs associated with drug development [3][4][7]. Group 1: Global AI Medical Market Expansion - The global AI medical market is rapidly expanding, characterized by the entry of major tech companies like NVIDIA, Google, and Microsoft, which are restructuring medical infrastructure [3][4]. - AI technology is deeply integrating with biotechnology, leading to unprecedented levels of financing and mergers in the AI medical sector, with projections indicating a record high in 2025 [4][5]. - Major pharmaceutical companies are investing billions in partnerships with AI startups, exemplified by Sanofi's $2.5 billion collaboration with Earendil and other significant deals with Atomwise and Dren Bio [5][6]. Group 2: AI Drug Development and Applications - AI is transforming drug development by addressing various diseases, including cancer, neurodegenerative diseases, metabolic disorders, autoimmune diseases, infectious diseases, and rare diseases, significantly lowering trial costs and improving success rates [7][8][9]. - The efficiency of AI in drug development is highlighted by its ability to reduce the traditional 10-year, $1 billion timeline with only a 10% success rate, enhancing the overall drug discovery process [8][9]. - AI's role in drug discovery is expanding from initial target identification to clinical trial design and patient recruitment, covering the entire industry spectrum [8][9]. Group 3: Policy Support for AI in Healthcare - National strategies are being implemented to support AI applications in healthcare, including the 2025 guidelines promoting AI in drug development to reduce costs and time [9][10]. - Local governments are providing financial incentives for AI drug development, with subsidies for computational costs and support for companies achieving regulatory approvals [11][12]. - Policies are encouraging the internationalization of innovative drugs, with significant support for local companies conducting global clinical trials [11][12]. Group 4: Future Opportunities in AI Healthcare - The first major opportunity lies in AI-assisted drug discovery, which is expected to have a trillion-dollar market potential, particularly in treating diseases like cancer and Alzheimer's [25][26]. - AI is set to enhance diagnostic accuracy in medical imaging, addressing resource distribution issues and integrating diagnostic capabilities into imaging devices [28][29]. - AI will drive advancements in clinical decision support and healthcare information systems, improving data utilization and patient care efficiency [30][31]. - AI-powered surgical robots are expected to redefine surgical precision and enable remote medical procedures, breaking geographical barriers in healthcare delivery [32][33].

Core Insights - The global biopharmaceutical industry is still experiencing a "capital winter" in 2025, undergoing deep structural adjustments and facing a critical period of transformation and reconfiguration [1] - Shanghai's biopharmaceutical industry has shown resilience and steady growth, with manufacturing output reaching 209.9 billion yuan, driven by a shift towards innovative and high-quality enterprises [2] Structural Optimization: Full-Chain Innovation Development - The shift from generic drugs to innovative drugs is exemplified by the success of Silver诺药业, which launched the first original human long-acting GLP-1 drug in China, benefiting many patients with type 2 diabetes [3] -艾力斯医药's revenue surged from 530 million yuan in 2021 to 3.56 billion yuan in 2024, with a compound annual growth rate of 88.6% [3] - In 2025, Shanghai approved nine domestic Class 1 innovative drugs, ranking second nationally, and accounted for 33% of business development transactions in the country, leading the nation [3] Policy Support and Innovation Ecosystem - Over the past five years, Shanghai has approved 32 domestic Class 1 innovative drugs, maintaining its position as a leader in the industry [4] - The city has implemented forward-looking policies, such as the drug listing license holder system, to address the challenges of "having technology but no factory" [4] New Growth Areas: Diverse Expansion - Shanghai is emerging as a leader in brain-computer interface technology, with nearly 30 registered companies and significant funding in this sector [5] - The city also leads in cell and gene therapy, with 57% of the country's products launched between 2021 and September 2025 [5] AI-Driven Pharmaceutical Innovation - AI-driven drug development is reshaping research paradigms, with 英矽智能 discovering 27 preclinical candidates, 13 of which have received clinical trial approvals [6] - By the end of 2025, 英矽智能 is expected to become the first AI pharmaceutical company listed on the Hong Kong Stock Exchange, raising a record 2.277 billion HKD [6] Global Value Co-Creation - Shanghai's innovative drugs are increasingly entering global markets, transitioning from a one-time sale model to a co-creation model, enhancing their bargaining power [8] - 和铂医药's licensing transactions exceeded 7 billion USD in 2025, reflecting the growing international recognition of Shanghai's innovative drug development capabilities [8] Globalization of Innovative Medical Devices - 联影医疗 has launched over 140 proprietary products, entering more than 90 countries and regions, showcasing the global reach of Shanghai's innovative medical devices [9] - The city has established supportive policies for innovative drugs and devices that achieve registration and sales in multiple countries, providing up to 10 million yuan in support for qualifying projects [9]

Core Insights - InSilico Medicine leverages its generative AI platform, Pharma.AI, to enhance drug discovery efficiency, having developed multiple promising pipelines and established collaborations with several multinational pharmaceutical companies, creating a significant competitive advantage [1][14]. Industry Background - AI-driven drug discovery and development (AIDD) is becoming an increasingly important trend in the pharmaceutical industry, with AI technology applicable in both early and late stages of drug development, improving efficiency in target identification, molecular design, and clinical trial optimization [2][5]. - The global AIDD market is projected to grow from $11.9 billion in 2023 to $74.6 billion by 2032, with a compound annual growth rate (CAGR) of 22.6% [2]. Business Model - InSilico Medicine operates a dual CEO structure, integrating generative AI with drug discovery and development through a collaborative operational model, focusing on prioritizing targets, molecular design, and optimizing experimental protocols [14]. - The company’s revenue model includes drug discovery and pipeline development, software solutions, and other discovery-related businesses, primarily generating income through licensing and collaboration agreements [14]. Pipeline Development - The company has developed a robust pipeline with over 20 assets in clinical or IND application stages, covering areas such as fibrosis, oncology, immunology, metabolism, and pain management [18][20]. - InSilico Medicine has established partnerships with 13 of the top 20 global pharmaceutical companies, reflecting strong confidence in its platform and pipeline [21][22]. Financial Performance - InSilico Medicine's revenue has shown rapid growth, reaching $30.15 million in 2022, $51.18 million in 2023, and $85.83 million in 2024, although the company remains in a loss position [25][26]. - The company’s R&D expenses were $35.57 million in the first half of 2025, a 22% decrease year-on-year, indicating a focus on cost management [25]. Conclusion - The application of AI in drug discovery allows companies to explore previously overlooked targets at lower costs, increasing opportunities for first-in-class drugs [28]. - Despite challenges in the industry, AI in drug development holds significant potential, with InSilico Medicine positioned as a key player in the Chinese AI pharmaceutical market, continuously enhancing its pipeline and expanding its licensing efforts [32].

Core Insights - The article discusses recent advancements in the medical field, particularly focusing on new cholesterol-lowering drugs and metabolic drugs like tirzepatide, which are being researched for cardiovascular outcomes [1] - There is a notable trend in the industry towards the use of AI in drug development, gene editing, and synthetic biology, which is expected to enhance efficiency from research and development to production [1] - Chinese companies, including Huaxi Biological, are actively investing in synthetic biology and biomanufacturing to improve the scalability and accessibility of certain bioactive components [1] Group 1 - Recent approvals of new cholesterol-lowering drugs and ongoing research into metabolic drugs are significant developments in the healthcare sector [1] - AI-assisted technologies are accelerating the efficiency of drug development and production, potentially lowering costs and increasing accessibility [1] - The need for more clinical evidence and long-term follow-up to validate the safety and effectiveness of these new technologies remains a critical consideration [1] Group 2 - Companies like Huaxi Biological are focusing on synthetic biology and biomanufacturing to enhance the production of bioactive components [1] - There is an emphasis on early risk identification and management of lifestyle and chronic disease indicators as practical health strategies for the general public [1]

Core Viewpoint - The strategic collaboration between CSPC Pharmaceutical Group and AstraZeneca aims to develop innovative long-acting peptide drugs, leveraging CSPC's proprietary drug delivery technology and AI discovery platform, with a potential total value of up to $18.5 billion [2][5][6]. Group 1: Collaboration Details - CSPC has signed a strategic R&D collaboration and licensing agreement with AstraZeneca, which includes a $1.2 billion upfront payment and potential milestone payments of up to $3.5 billion for R&D and $13.8 billion for sales [2][5]. - AstraZeneca will gain exclusive global rights (excluding mainland China, Hong Kong, Macau, and Taiwan) to develop, manufacture, and commercialize a weight management product portfolio, including the clinical-ready project SYH2082 [5][6]. - The collaboration will also focus on developing four additional projects based on CSPC's technology platforms [5]. Group 2: Market Potential - The global obesity issue is projected to escalate, with over 2.9 billion adults expected to be classified as having a high BMI by 2030, driving demand for GLP-1 receptor agonists [6][7]. - The GLP-1RA market is anticipated to reach a valuation of $100 billion by 2030, attracting significant interest from pharmaceutical companies [7][8]. - Existing GLP-1 drugs have shown substantial revenue growth, with Eli Lilly's drug generating $24.837 billion in revenue in the first three quarters of 2025, accounting for 54% of its total revenue [6][7]. Group 3: Competitive Landscape - The GLP-1 market is transitioning from an early "blue ocean" phase to a competitive landscape dominated by major players like Novo Nordisk and Eli Lilly, with ongoing opportunities for differentiation and innovation [7][8]. - Current trends in GLP-1 drug development are focusing on multi-target approaches, longer efficacy, and more convenient administration methods, with oral formulations becoming a key competitive focus [7][8]. Group 4: Financial Context - CSPC's recent collaborations are part of a broader trend in the biopharmaceutical sector, where partnerships are increasingly seen as a means to enhance cash flow and support ongoing R&D efforts [11][12]. - Despite recent collaborations, CSPC has faced financial pressures, with a reported revenue decline of 12.32% year-on-year for the first three quarters of 2025 [12].