证券研究报告 A股策略周报: 节前博弈与长期布局如何权衡？ 证券分析师 陈 骁 投资咨询资格编号：S1060516070001 郝思婧 投资咨询资格编号：S1060521070001 请务必阅读正文后免责条款 2026年2月8日 1 ※ 核心观点|节前博弈与长期布局如何权衡？ 1 近期动态|政策跟踪：国常会研究促进有效投资措施，虚拟货币监管政策收紧 资料来源：商务部，市场监管总局，中国政府网，央行，国家药监局，证监会，工信部，平安证券研究所 3 近一周重要政策梳理 日期 部门/会议 会议/文件/行动 主要内容 2026/2/2 商务部等九单位《2026"乐购新春"春节特别活动方 案》 涵盖"好吃""好住""好行""好游""好购""好玩"六方面内容。活动时间为2月15至23日春节9天假期， 旨在打造全域联动、全民乐享的春节消费盛宴。 2026/2/2 市场监管总局等 十部门 《低空经济标准体系建设指南（2025 年版）》 重点围绕低空航空器、低空基础设施、低空空中交通管理、安全监管和应用场景五大核心领域，建立"四维融 合"标准供给体系，要求到2027年体系基本建立。 2026/2/3 国务院 《中共中央 国务院 ...

Core Insights - The company has completed the first dosing of its innovative PHD inhibitor ISM5411 in a Phase IIa clinical trial named BETHESDA, which focuses on treating inflammatory bowel disease (IBD) [1] - The company has entered into a licensing collaboration with TaiJing for another innovative candidate drug ISM4808, aimed at treating anemia related to chronic kidney disease (CKD), with a total collaboration value of tens of millions of dollars [2] Group 1 - The innovative candidate drug ISM5411, developed with the assistance of the company's proprietary AI platform Pharma.AI, has received the official generic name Garutadustat from the USAN Council [1] - The ongoing multi-center, randomized, double-blind, placebo-controlled Phase IIa clinical study will evaluate the clinical application potential of Garutadustat in approximately 80 patients with ulcerative colitis (UC), focusing on safety, tolerability, and pharmacokinetic (PK) characteristics [1] - The study will explore efficacy signals through various multidimensional indicators, including clinical remission/response, endoscopic examination, histopathology, and biomarkers [1] Group 2 - The collaboration with TaiJing aims to leverage clinical and market expertise alongside the company's AI-driven drug development efficiency to address unmet medical needs [2] - The integration of advanced AI and automation technologies has significantly enhanced early-stage new drug development efficiency, setting a benchmark for AI-driven drug development [2] - Compared to the traditional drug development cycle of approximately 4.5 years, the company's self-research projects from 2021 to 2024 have an average timeline of only 12-18 months from project initiation to PCC nomination, requiring the synthesis and testing of about 60-200 molecules per project [2]

Core Insights - The company, Yingkui Intelligent (03696), has completed the first dosing of its innovative PHD inhibitor ISM5411 in a Phase IIa clinical trial named BETHESDA, aimed at treating inflammatory bowel disease (IBD) [1] - The generic name Garutadustat for ISM5411 has been officially approved by the USAN Council, indicating regulatory progress for the drug [1] - The ongoing multi-center, randomized, double-blind, placebo-controlled Phase IIa study will evaluate the clinical application potential of Garutadustat in approximately 80 patients with ulcerative colitis (UC), focusing on safety, tolerability, pharmacokinetics (PK), and efficacy signals through various multidimensional indicators [1] Company Developments - Yingkui Intelligent has entered into an external licensing collaboration with Taijing for another innovative candidate drug ISM4808, aimed at treating anemia related to chronic kidney disease (CKD), with a total collaboration value of tens of millions of dollars [2] - The collaboration aims to leverage Taijing's clinical and market expertise alongside Yingkui Intelligent's AI-driven drug development efficiency to address unmet medical needs [2] - The company has significantly enhanced early-stage new drug development efficiency through the integration of advanced AI and automation technologies, setting a benchmark for AI-driven drug development [2] - Compared to the traditional drug development cycle of approximately 4.5 years, Yingkui Intelligent's self-research projects from 2021 to 2024 have an average timeline of only 12-18 months from project initiation to PCC nomination, requiring the synthesis and testing of about 60-200 molecules per project [2]

Core Insights - Insilico Medicine announced a research collaboration with Servier worth a total of $888 million, combining Insilico's AI-driven drug development platform with Servier's global expertise in oncology drug development [1] Group 1: Collaboration Details - The agreement allows Insilico to receive up to $32 million in upfront and near-term milestone payments [1] - Insilico will utilize its proprietary AI technology platform to identify and advance potential drug candidates that meet established drug development and scientific standards [1] - Servier will co-fund the research costs and will lead subsequent clinical validation, regulatory communication, and commercialization of promising oncology drug candidates globally after nomination [1]

Core Insights - Novartis has signed a collaboration agreement with Monte Rosa Therapeutics worth up to $5.7 billion to jointly develop drugs for immune-mediated diseases [1] - Monte Rosa will receive an upfront payment of $120 million and has the potential to earn additional revenue through milestone payments and sales royalties [1] - The agreement grants Novartis exclusive rights to an undisclosed drug discovery target and options for two additional projects from Monte Rosa's early immunology pipeline [1] Group 1 - Immune-mediated diseases involve the immune system mistakenly attacking healthy tissues, leading to inflammation and damage, significantly affecting patients' quality of life [1] - Monte Rosa will utilize its AI-driven platform to discover and develop new degraders, which are small molecules designed to break down pathogenic proteins, with Novartis advancing clinical development and commercialization [1] - This collaboration marks the second partnership between Novartis and Monte Rosa, following a previous agreement on MRT-6160, which is currently in early clinical trials for autoimmune and inflammatory diseases [1] Group 2 - This agreement is the second large transaction for Novartis this month, following a $5.2 billion collaboration with Argo Biopharmaceuticals to develop an experimental heart disease drug [2]

Policy Environment - The Chinese government has relaxed foreign investment restrictions in the fields of gene and cell therapy, allowing foreign-funded hospitals to be established in major cities [17][26][28] - Local governments in cities like Beijing, Shanghai, and Suzhou are implementing targeted subsidies and fast-track approval processes to support biotechnology development [17][38] Industry Innovation and Company Growth - Chinese life science companies are transitioning from generic drug production to innovative therapies, with firms like CanSino Biologics and BeiGene leading in CAR-T cell therapy and bispecific antibodies [18][40] - These companies are attracting international investment and partnerships, enhancing China's global standing in the life sciences sector [18][53] Real Estate Development and Regional Hubs - Innovation hubs such as Suzhou BioBay and Shanghai Zhangjiang Hi-Tech Park provide comprehensive support, including shared laboratories and GMP-compliant facilities [19][46] - Second-tier cities like Chengdu and Ningbo are emerging, expanding growth opportunities in the life sciences sector [19][46] Owner Perspective - Real estate developers are adapting to industry-specific needs through light-asset models and flexible leasing arrangements, with a focus on sustainability and compliance [20][21] - Demand is concentrated on GMP-certified laboratories and modular facilities, emphasizing location and sustainability certifications [21][22] Tenant Perspective - Life science tenants are localizing production and R&D, leveraging regional subsidies and investing in AI-driven innovation platforms [21][22] - There is a strong demand for GMP-certified labs and modular production facilities, with tenants prioritizing location advantages and sustainability certifications [21][22] Future Outlook - Growth opportunities are anticipated in AI-driven drug development, personalized medicine, and advanced therapies, supported by government policies [22][24] - The life sciences real estate sector is evolving from generic parks to specialized, digitally-enabled facilities with high compliance and flexibility [22][24]

Core Insights - The Chinese life sciences industry is undergoing rapid transformation driven by policy relaxation, technological innovation, the rise of domestic companies, and the development of specialized real estate ecosystems [9][18][39] - The report "Trends in China's Life Sciences" provides a comprehensive overview of current market dynamics, regulatory changes, and future development directions [9] Policy Environment - Nationally, China has relaxed foreign investment restrictions in gene and cell therapy, allowing foreign-owned hospitals in major cities [10][20] - Local governments in cities like Beijing, Shanghai, and Shenzhen are offering targeted subsidies and fast-track approval processes to support biotechnology development [10][27] Industry Innovation and Company Growth - Chinese life sciences companies are shifting from generic drug production to innovative therapies, with firms like CanSino Biologics and BeiGene leading in CAR-T cell therapy and bispecific antibodies [11][29] - These companies are attracting international investment and licensing agreements, enhancing China's position in the global life sciences sector [11][39] Real Estate Development and Regional Hubs - Innovation hubs such as Suzhou BioBay and Shanghai Zhangjiang Hi-Tech Park provide end-to-end support, including shared laboratories and GMP-compliant facilities [12][35] - Second-tier cities like Chengdu and Ningbo are emerging as new growth centers, expanding the life sciences ecosystem [12][35] Owner Perspective - Real estate developers are adapting to industry-specific needs through light-asset models and flexible leasing arrangements [14][45] - While first-tier cities face saturation, demand remains robust in central and western regions, with a focus on sustainability and compliance [14][45] Tenant Perspective - Life sciences tenants are responding to regulatory reforms and increased compliance requirements, seeking flexibility and proximity to talent and infrastructure [15][46] - The highest demand is for GMP-certified laboratories and modular production facilities, emphasizing location advantages and sustainability certifications [15][46] Future Outlook - Growth opportunities lie in AI-driven drug development, personalized medicine, and advanced therapies, supported by government policies [16][39] - Life sciences real estate is evolving from generic parks to specialized, digitally-enabled facilities with high compliance and flexibility [16][39]