点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 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 ...

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 ...

Core Viewpoint - The pharmaceutical and biotechnology sector is expected to experience valuation recovery driven by policy and industry resonance in 2025, with the sector's PE (TTM) rising from 31x as of September 30, 2025, indicating a positive investment outlook [1][35]. Group 1: Market Review - The pharmaceutical sector's PE (TTM) has fluctuated between 21x and 53x since 2015, with an average of 33x, and has shown signs of recovery since Q1 2025 after hitting a low in September 2022 [1][11][45]. - The market capitalization of pharmaceutical stocks held by equity funds was 12.2% in Q2 2025, reflecting a 1.8 percentage point increase and indicating a recovery trend [12][49]. Group 2: Global Economic Context - The return to a rate-cutting environment globally, particularly with the Federal Reserve's rate cut in September 2025, is favorable for innovative assets, while global aging trends are driving increased healthcare spending [2][36][56]. - China's pharmaceutical innovation is gaining momentum, with expectations of capturing a larger share of the global pharmaceutical market, thus enhancing the competitiveness of the domestic industry [2][36]. Group 3: Investment Thesis - The investment strategy is framed around a three-stage clinical value model: 1. "0→1" technological breakthroughs in innovative drugs and devices, enhancing domestic capabilities [2][36]. 2. "1→10" clinical validation with high-quality domestic drugs accelerating overseas licensing [2][36]. 3. "10→100" efficiency in the Chinese pharmaceutical supply chain, with CXO companies achieving stable growth through cost advantages [2][36]. Group 4: Recommended Companies - Key companies recommended for investment include Innovent Biologics (H), Eifang Biologics (U), Tianshili, WuXi AppTec (A+H), Prasis, Mindray Medical, United Imaging Healthcare, and Weisi Medical [3][37].

Investment Rating - The report maintains a "Buy" rating for key companies in the pharmaceutical sector, including Innovent Biologics, Efang Biologics, Tianshili, WuXi AppTec, and Mindray Medical [4][28]. Core Insights - The policy-driven upgrade of traditional Chinese medicine (TCM) industry is expected to enhance industry concentration in the medium to long term, benefiting companies with strong quality control and innovative capabilities [2][24]. - The implementation plan for high-quality development of the TCM industry aims to establish a collaborative development system by 2030, focusing on raw material supply, innovation, production quality control, and internationalization [2][23]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, recommending a focus on innovative drugs and high-end medical devices [3][26]. Summary by Sections Market Review - The A-share pharmaceutical index rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points [1][16]. - The Hong Kong Hang Seng Medical Health Index fell by 1.41%, but still outperformed the Hang Seng Index by 1.65 percentage points [1][16]. Policy Insights - The Ministry of Industry and Information Technology and other departments issued a plan to enhance the TCM industry, which includes fostering leading enterprises and establishing high-standard raw material production bases [2][24]. - The plan emphasizes digitalization and sustainability, aiming to raise compliance standards and accelerate the exit of smaller companies from the market [2][25]. Company Updates - Recent clinical progress includes the NDA submission for HRS-9531 by Heng Rui Medicine and the initiation of clinical trials for various drugs by other companies [1][31][32]. - Key companies such as Yunnan Baiyao, Baiyunshan, and Taiji Group are highlighted for their strong positions in raw material supply [2][25]. Financial Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Innovent Biologics projected to have an EPS of 0.49 in 2025 and WuXi AppTec expected to reach an EPS of 5.07 in the same year [4][28]. - The pharmaceutical manufacturing industry reported a revenue decline of 1.2% year-on-year for 2025, with total revenue reaching 2,487 billion yuan [51].

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology sector [5]. Core Insights - The report emphasizes the continuous focus on investment opportunities related to AI in healthcare, driven by the growth of Tencent's AI applications and the need for data-driven solutions in medical settings [2][21]. - The investment logic centers around "data closed-loop" and "scene demand," highlighting AI's role as a core productivity driver in healthcare under the dual pressures of cost control and technological advancements [22]. - The report outlines a three-stage clinical value investment strategy, focusing on innovative drug chains and medical devices, with specific recommendations for companies in these sectors [3][27]. Summary by Sections Market Review - Last week, the A-share pharmaceutical and biotechnology index fell by 3.31%, underperforming the CSI 300 index by 3.39 percentage points and ranking 22nd among 31 sub-industries [1][15]. - The Hong Kong Hang Seng Medical Health Index also declined by 2.98%, lagging behind the Hang Seng Index by 4.69 percentage points [1][15]. R&D Progress - Recent developments include new drug applications from companies such as Hengrui Medicine and Innovent Biologics, with ongoing clinical trials for various products [30]. Key Companies and Valuation - The report provides a detailed earnings forecast and valuation table for key companies, recommending "Buy" for several firms including Innovent Biologics, WuXi AppTec, and Mindray Medical [4][27]. AI Healthcare Investment Focus - The report identifies several core areas for AI in healthcare, including AI drug development, medical imaging, chronic disease management, and surgical robotics, emphasizing the importance of proprietary data and business scenarios for competitive advantage [22][24]. Annual Investment Strategy - The report suggests that the investment focus should increasingly emphasize the clinical value of pharmaceuticals, with a positive outlook on innovative drug chains and high-end medical devices [3][26].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [5]. Core Insights - The report highlights the strong performance of WuXi AppTec and its subsidiaries, indicating robust growth momentum in the CXO sector. WuXi AppTec is expected to achieve a revenue of CNY 45.456 billion in 2025, representing a year-on-year increase of 15.84%, with TIDES business revenue projected to grow over 90% [2][21]. - The report emphasizes the recovery and structural upgrade trends in the CXO industry, driven by the resurgence of demand and the warming of investment in the innovative drug supply chain [23]. Summary by Sections Market Review - Last week, the pharmaceutical and biotechnology index fell by 0.39%, outperforming the CSI 300 index by 0.23 percentage points but underperforming the ChiNext index by 1.50 percentage points, ranking 27th among 31 sub-industries [1][16]. Company Performance - WuXi AppTec's subsidiaries reported strong earnings forecasts, with WuXi Biologics adding 209 comprehensive projects in 2025, two-thirds of which are bispecific antibodies and ADC drugs. The company aims for a compound annual growth rate of 30%-35% in revenue from 2025 to 2030 [2][22]. - The report recommends focusing on CXO chain companies such as WuXi AppTec (A+H), WuXi Biologics (H), and WuXi AppTec's subsidiaries, indicating a positive outlook for these firms [23][27]. Investment Strategy - The report suggests that future investments in the pharmaceutical sector should increasingly focus on the clinical value of drugs, driven by domestic and international policy changes. It highlights the importance of innovative drug supply chains and high-end medical devices, recommending companies like Mindray Medical and United Imaging Healthcare [3][25]. Financial Projections - Key companies are projected to show significant growth, with earnings per share (EPS) and price-to-earnings (PE) ratios indicating strong investment potential. For instance, WuXi AppTec is expected to have an EPS of CNY 5.07 in 2025, with a PE ratio of 19 [4]. Clinical Development Updates - Recent clinical developments include new applications for drugs from companies like InnoCare Pharma and Hengrui Medicine, with several drugs in various clinical trial phases [31][32]. Market Dynamics - The report notes that the pharmaceutical manufacturing industry experienced a year-on-year revenue decline of 2.0% in the first eleven months of 2025, indicating challenges in the sector [52]. Policy and Economic Environment - The report discusses the structural shift in domestic policies favoring innovative drugs and the anticipated global demand growth due to aging populations, which is expected to benefit the pharmaceutical industry [26].

Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology sector [4]. Core Insights - The brain-computer interface (BCI) sector is showing active performance, with recommendations to continue monitoring thematic opportunities. The global BCI market is projected to reach USD 7.63 billion by 2029, indicating a rapidly opening blue ocean market [20][21]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, focusing on innovative drug chains and medical devices. Key recommendations include companies involved in BD overseas acceleration and high-end medical devices [23][25]. Summary by Sections Market Review - The A-share pharmaceutical and biotechnology index rose by 7.81%, outperforming the CSI 300 index by 5.03 percentage points and the ChiNext index by 2.10 percentage points, ranking 6th among 31 sub-industries. The Hong Kong Hang Seng Healthcare Index increased by 10.26%, surpassing the Hang Seng Index by 11.57 percentage points [15][9]. R&D Progress - Recent clinical applications include IMM2510 and Tida-Paclitaxel from Yiming Anke, with ongoing Phase III trials for Tiengoteini from Yaokang and Phase II trials for SYS6017 from Shiyao Group [28]. Key Recommendations - Focus on three categories of companies: 1. Medical scene integrators (e.g., Xiangyu Medical, Weisi Medical) benefiting from insurance payment integration and existing rehabilitation needs [21]. 2. Leaders in invasive/semi-invasive technologies (e.g., Xinwei Medical, Jieti Medical) with significant technological advantages [21]. 3. Full-process support providers (e.g., Meihua Medical, Sanbo Neuroscience) focusing on high-certainty segments like supply chain production and clinical development [21]. Financial Forecasts and Valuations - Key companies and their projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024-2026 include: - Tianzhili: EPS of 0.64, PE of 24 [3]. - Innovent Biologics: EPS of -0.06, PE of NA [3]. - WuXi AppTec: EPS of 3.27, PE of 30 [3]. - Mindray Medical: EPS of 9.62, PE of 21 [3]. - Weisi Medical: EPS of 1.06, PE of 62 [3]. Policy and Industry Resonance - The report highlights a structural shift in domestic policies favoring innovative drugs, with a focus on clinical value and the potential for valuation recovery in the pharmaceutical sector. The report suggests that the investment attractiveness of the pharmaceutical sector will continue to grow [23][24].

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology sector, with a focus on specific companies such as Innovent Biologics, Efang Biologics, and Mindray Medical [4][27]. Core Insights - The report emphasizes the investment opportunities in the "One Old, One Young" sectors, particularly in reproductive assistance, pediatric drugs and vaccines, maternal and infant health monitoring, and aging-related consumer healthcare [2][24]. - It highlights the importance of clinical value in the pharmaceutical sector, suggesting that future investments should focus on innovative drug chains and high-end medical devices [3][25]. - The report notes that the domestic pharmaceutical sector is experiencing a valuation recovery, driven by supportive policies and increasing global competitiveness [26]. Summary by Sections Market Review - The A-share pharmaceutical index fell by 1.04%, underperforming the CSI 300 index by 0.96 percentage points and the ChiNext index by 2.52 percentage points, ranking 17th among 31 sub-industries [1][15]. - The Hong Kong Hang Seng Medical Health Index decreased by 2.26%, lagging behind the Hang Seng Index by 0.97 percentage points [1][15]. R&D Progress - Recent developments include IND applications from Haisimengnuo and clinical trial advancements for various drugs from companies like Hengrui Medicine and Anke Biotechnology [29][30]. Key Companies and Valuation - The report provides a detailed earnings forecast and valuation table for key companies, indicating a positive outlook for companies like WuXi AppTec and Mindray Medical, with projected PE ratios decreasing over the next few years [4][27]. Policy and Industry Resonance - The report discusses the eight key tasks for medical insurance in 2026, focusing on improving coverage for flexible employment and enhancing maternal healthcare services, which are expected to boost the birth rate and the rehabilitation medical device industry [2][20][24]. Investment Strategy - The report suggests a three-stage investment strategy based on clinical value, recommending investments in innovative drugs and high-value medical devices, with a focus on companies that are expanding internationally [3][25][26].

Market Overview - The A-share pharmaceutical and biotechnology index fell by 1.17%, underperforming the CSI 300 index by 2.44 percentage points and the ChiNext index by 1.89 percentage points, ranking 17th among 31 sub-industries [4] - The H-share Hang Seng Healthcare Index also declined by 0.71%, lagging behind the Hang Seng Index by 1.45 percentage points [4] R&D Progress - Recent IND applications include Yifang Biotech's D-0502 tablets and Hengrui Medicine's HRS-6257 tablets; clinical applications include BeiGene's BG-C137 injection and Hengrui's HRS-4642 [5] - Shijiazhuang Pharmaceutical's SYS6002 and Zai Lab's Epcoritamab are in Phase III clinical trials; Maiwei Biotech's 9MW3811 is in Phase II; and 3SBio's SSGJ-709 is in Phase I [5] Policy and Market Developments - On December 7, the National Healthcare Security Administration released the new National Basic Medical Insurance Drug Directory and the Commercial Health Insurance Innovative Drug Directory for 2025, with 127 products participating in negotiations, of which 114 were successfully included, achieving a success rate of 88%, the highest in seven years [6] - The first commercial insurance directory included 24 drugs, with 19 successfully negotiated, including CAR-T therapies and treatments for rare diseases such as neuroblastoma and Gaucher disease, as well as Alzheimer's disease [6] - The implementation of the commercial insurance innovative drug directory is expected to open broader market opportunities for innovative drugs in the context of a growing number of "global new" drugs emerging in China [6] Investment Strategy - The investment strategy for the pharmaceutical sector is shifting towards emphasizing the clinical value of drugs, addressing clinical needs of patients, influenced by domestic healthcare policies and global expansion [7] - The focus is on the innovative drug supply chain and innovative medical devices, reflecting a clinical value-based investment approach [7]

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology sector, with a focus on companies with strong R&D capabilities and commercialized innovative drug products [4][26]. Core Insights - The first commercial health insurance innovative drug directory has been released, which is expected to continuously expand the payment space for innovative drugs [2][21]. - The new basic medical insurance directory includes 127 products, with a success rate of 88% in negotiations, marking the highest success rate in nearly seven years [2][21]. - The commercial health insurance directory includes 24 drugs, with 19 successfully included, focusing on CAR-T and treatments for rare diseases and Alzheimer's [2][22]. - The report emphasizes the importance of clinical value in the pharmaceutical sector, suggesting that investments should focus on innovative drug chains and high-end medical devices [3][24]. Summary by Sections Market Review - The A-share pharmaceutical and biotechnology index fell by 1.17%, underperforming the CSI 300 index by 2.44 percentage points [1][16]. - The H-share Hang Seng Medical Health Index decreased by 0.71%, lagging behind the Hang Seng Index by 1.45 percentage points [1][16]. R&D Progress - Recent IND applications include Yifang Biotech's D-0502 and Hengrui Medicine's HRS-6257 [1][29]. - Clinical trials are ongoing for several drugs, including Shijiazhuang Pharmaceutical's SYS6002 and Zai Ding Pharmaceutical's Aigamod α [1][30]. Key Company Predictions and Valuations - The report provides earnings per share (EPS) forecasts and price-to-earnings (PE) ratios for key companies, recommending a "Buy" for companies like Innovent Biologics and WuXi AppTec [4][26]. Important Updates - The report highlights significant updates from various companies, including strategic partnerships and new product registrations [28][29]. Financial Data - Basic medical insurance revenue reached 2,108.6 billion yuan in the first nine months of 2025, with a monthly income of 227.6 billion yuan in September [33][38]. - The pharmaceutical manufacturing industry saw a revenue decline of 2.90% year-on-year for the first ten months of 2025 [47]. Policy and Market Trends - The report discusses the structural shift in domestic policies favoring innovative drugs and the impact of global economic conditions on the pharmaceutical sector [24][25].