证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 2026 版基药目录调整在即，利好拟纳入目录 的中药标的 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 具体思路:看好的子行业排序分别为:创新药>科研服务>CXO>中药>医疗器械>药店 等。具体标的思路：从中药基药角度，建议关注佐力药业、方盛制药、盘龙药业等。 从 CXO、上游科研服务角度，建议关注药明康德、皓元医药、奥浦迈、百奥赛图、 百普赛斯、纳微科技等。从 PD1 PLUS 角度，建议关注三生制药、康方生物、信达生 物、泽璟制药等。从 ADC 角度，建议关注映恩生物、科伦博泰、百利天恒等。从小 核酸角度，建议关注前沿生物、福元医药、悦康药业等。从自免角度，建议关注康 诺亚、益方生物-U、一品红等。从创新药龙头角度，建议关注百济神州、恒瑞医药 等。从医疗器械角度，建议关注联影医疗、鱼跃医疗等。从 AI 制药角度，建议关注 晶泰控股、英矽智能等。从 GLP1 角度，建议关注联邦制药、博瑞医药、众生药业 等。 ◼ 风险提示：药品或耗材降价超预期；医保政策风险等；产品销售及研发进度不及预 期。 2026 年 03 ...

证券研究报告 2026 年 02 月 27 日 湘财证券研究所 行业研究 中药行业周报 中药板块表现居中，静待基药与创新催化 相关研究： 1. 《行业未来五年有望迎来快 速转型发展期》 20260208 2. 《基药目录管理办法发布，中 药行业将进入循证驱动新周期》 20260215 行业评级：增持（维持） 近十二个月行业表现 -10 0 10 20 30 25/02 25/05 25/08 25/11 沪深300_累计 中药_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -1 | -6 | -18 | | 绝对收益 | 0 | -2 | 3 | | | | 注：相对收益与沪深 300 相比 | | 分析师：许雯 证书编号：S0500517110001 Tel：(8621) 50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 市场表现：上周中药Ⅱ上涨 0.73%，在医药二级子板块中表现居中 根据 wind 数据，上周（2026.02.22-2 ...

证券研究报告 2026 年 02 月 27 日 湘财证券研究所 行业研究 中药行业 价值重塑之年，寻找确定性α 相关研究： 1. 《行业未来五年有望迎来快 速转型发展期》 20260208 2. 《基药目录管理办法发布， 中药行业将进入循证驱动新周 期》 20260215 行业评级：增持（维持） 近十二个月行业表现 -10 0 10 20 30 25/02 25/05 25/08 25/11 沪深300_累计 中药_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -1 | -7 | -19 | | 绝对收益 | -1 | -2 | 2 | | | | 注：相对收益与沪深 300 相比 | | 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 从历次全国中成药集采来看，呈现出覆盖范围扩大、集采规则优化、 敬请阅读末页之重要声明 ❑ 2025 年行业在阵痛中筑底，2026 年关注政 ...

Core Viewpoint - The new management measures for the National Essential Medicines List emphasize the selection of drugs based on their clinical value and establish a rigid adjustment cycle of no more than three years for the list [1][2][3] Group 1: Essential Medicines List Management - The revised management measures state that the essential medicines should meet basic medical needs, be suitable for current national conditions, and ensure supply and affordability [2] - The previous version of the management measures had not been updated since 2018, with the current list containing 685 drug varieties [2] - The new measures highlight the importance of timely adjustments to the essential medicines list, with a focus on dynamic management and regular evaluations [2][3] Group 2: Clinical Value and Drug Selection - The new management measures stress the importance of clinical value in drug selection, aiming to include more innovative drugs that meet clinical needs [3][5] - The selection process for the essential medicines list does not accept applications from companies; instead, it is determined by a coordination mechanism involving 11 departments [3][5] Group 3: Coordination with Other Policies - The revised measures aim to improve coordination with other healthcare policies, including medical insurance and centralized procurement [6][8] - The management measures have removed the requirement for all grassroots medical institutions to exclusively use essential medicines, allowing for more flexibility in drug selection [7] - Future adjustments to the essential medicines list will consider various factors, including public health needs, disease spectrum changes, and drug safety monitoring [9]

Group 1 - The core viewpoint of the news is that traditional Chinese medicine (TCM) stocks are experiencing an upward trend, with Da Ren Tang rising over 5%, which in turn boosts the performance of various TCM ETFs [1] - Da Ren Tang announced a cash dividend distribution of 2.45 yuan per share, totaling approximately 1.886 billion yuan, based on a total share capital of 770,094,356 shares [2] - The TCM ETFs closely track the CSI Traditional Chinese Medicine Index, with major weighted stocks including Yunnan Baiyao, Pian Zai Huang, Dong E E Jiao, Tong Ren Tang, and others [1][2] Group 2 - New regulations are reshaping the TCM landscape, with the implementation of the Drug Administration Law and specific regulations for TCM registration, emphasizing a review system that combines traditional theory, human experience, and clinical data [3] - Century Securities believes that the TCM industry is likely to undergo a reshuffle due to recent policies promoting compliance and innovation, favoring leading enterprises with a strong reserve of classic formulas [3] - Xiangcai Securities indicates that the TCM material market is expected to transition towards scale, standardization, and branding, following a period of chaotic expansion [4] Group 3 - Three main investment themes are identified: price governance, consumption recovery, and state-owned enterprise reform [5][6] - Price governance focuses on the impact of price reductions through centralized procurement and insurance negotiations, with a recommendation to pay attention to unique products and companies with strong R&D capabilities [5] - The consumption recovery theme highlights the potential for increased sales of consumer TCM products due to macroeconomic recovery and an aging population, benefiting companies with brand and product advantages [6]

Summary of Kangyuan Pharmaceutical Conference Call Company Overview - **Company**: Kangyuan Pharmaceutical - **Industry**: Pharmaceutical, specifically focusing on traditional Chinese medicine and innovative drugs Key Points Financial Performance - In 2025, Kangyuan Pharmaceutical experienced a decline in revenue and sales profit, with net profit decreasing by 30% compared to the previous year. However, the fourth quarter saw significant growth in flu-related products and other major products, which helped narrow the overall decline in revenue and profit for the year [4][2]. Organizational Changes - The company has restructured its organization by establishing a Cardiovascular Division and a Sunshine Division. This aims to focus on the development of core products like Ginkgo and Tianshu, as well as new retail OTC channels, to promote a diverse portfolio of innovative drugs by 2026 [2][4]. Product Pipeline and Market Strategy - Kangyuan Pharmaceutical anticipates that 5 to 6 key products will likely enter the essential drug list, primarily in pediatrics and cardiovascular fields, which will help the company quickly capture market share in grassroots markets [2][5][6]. - The company is actively addressing the impact of DRG/DIP payment policies by enhancing academic promotion and advancing innovative product combinations to stabilize revenue and profit [2][13]. Clinical Trials and Innovations - The company is making progress in clinical trials for its three-target and two-target diabetes drugs, expecting to complete Phase II trials and read data by May 2026, indicating strong market potential [2][11]. - The first biological innovative drug, ZHONGXING 1,305 eye drops, is expected to be launched in 2027, with a concentrated period of innovative drug launches planned for 2028-2029 [3][15]. Regulatory Environment - The adjustment of the essential drug list policy emphasizes prioritizing innovative drugs and strengthening evidence-based medicine research. Kangyuan Pharmaceutical believes it has a competitive advantage in this area due to its commitment to clinically valuable innovation [5][9]. Market Outlook - The company aims for a rebound in 2026 after a challenging 2025, with a focus on core products and a sales strategy to achieve growth and address investor concerns [8][17]. - Kangyuan Pharmaceutical is also preparing for the commercialization of new drugs, with plans to increase R&D funding and potentially consider strategic partnerships to meet future funding needs [15]. Challenges and Opportunities - The new regulations for traditional Chinese medicine are seen as a positive signal for industry development, although they may pose risks for smaller companies. Kangyuan Pharmaceutical views this as an opportunity to increase industry concentration [9][10]. Future Expectations - Despite the setbacks in 2025, Kangyuan Pharmaceutical plans to leverage its strengths and enhance collaboration and R&D investments to achieve better results in 2026 [17]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, product pipeline, and market outlook.

Summary of Yiling Pharmaceutical Conference Call Company Overview - **Company**: Yiling Pharmaceutical - **Industry**: Traditional Chinese Medicine and Pharmaceuticals Key Points Financial Performance and Growth Outlook - Yiling Pharmaceutical achieved a net profit of **1.2 to 1.3 billion** CNY in 2025, indicating a recovery from the pandemic's impact on performance [3] - The company expects stable overall operations in 2026, with efforts to achieve growth [3] - The first patented new drug, **Ibuprofen**, has been approved and is anticipated to launch rapidly in 2026, providing a new growth point for the company [2][3] Market Dynamics and Product Strategy - The adjustment of the basic drug catalog is significant for the traditional Chinese medicine sector, promoting high-quality development and increasing the concentration of traditional Chinese medicine products [2][5] - Yiling has six medical insurance products not yet included in the basic drug catalog, such as **Lianhua Qingke** and **Jieyu Shugan**. Inclusion in the catalog could significantly enhance sales performance [5] - The cardiovascular sector benefits from an aging population, with a broad market outlook. The company plans to improve coverage and penetration through basic drug policies, currently achieving about **80%** hospital coverage [7] Product Coverage and Market Penetration - Cardiovascular products have approximately **80%** hospital coverage and **70%** retail coverage, while the respiratory product line, particularly the **Lianhua Qingwen** series, has nearly **90%** hospital coverage [8] - The company’s main products show high market penetration but still have room for further expansion [8] Innovation and New Product Development - Yiling focuses on cardiovascular and respiratory fields while developing other patented innovative products, such as **Lianhua Qingke**, which has significant potential [4][9] - The company has launched a new pain relief drug and plans to submit an IND application for a CBD small nucleic acid drug in 2026 [12][13] - The **G201** assisted reproduction project and the **0.031A** stroke project are expected to complete Phase II clinical trials in 2026, with the **0.206** AML treatment project on track for NDA submission [14] Marketing and Sales Strategy - The marketing system is divided into three main business units: medical, retail, and business distribution, employing differentiated strategies for each channel [10] - The company plans to increase support for the **Lianhua Qingke** product, expecting sales of over **100 million** CNY in 2025, with a focus on sustained rapid growth in the coming years [11] Future Trends and Strategic Focus - The company has adopted a strategy of not pursuing high growth for products over **1 billion** CNY but instead reallocating resources to secondary products, anticipating significant growth in these areas [11] - The basic drug catalog update is a crucial adjustment in eight years, expected to enhance coverage and penetration with supportive policies [6] Additional Insights - The company emphasizes the accumulation of evidence-based medical data to further drive sales growth [7] - The marketing strategy includes online and offline retail channels, with a greater focus on online promotion for products like **Bazi Bujin Capsule** [15]

Core Viewpoint - The Chinese medicine sector is experiencing a rebound, with the Chinese Medicine ETF (560080) showing significant inflows and a notable increase in trading volume, indicating renewed investor interest [1][5]. Group 1: Market Performance - The Chinese Medicine ETF (560080) rose by 1.34% with a trading volume of nearly 100 million yuan, reflecting a 34% increase compared to the previous period [1]. - Over the past three days, the ETF has attracted approximately 100 million yuan in investments [1]. - Key constituent stocks of the ETF, such as Pizhou Pharmaceutical, have shown strong performance, with Pizhou rising nearly 7% after a nine-day decline [5]. Group 2: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Chinese Medicine ETF is 24.23, which is below 83.95% of the time since its inception in May 2015, indicating attractive valuation [3]. - The index's valuation percentile is at 16.05%, suggesting a favorable price-performance ratio for investors [3]. Group 3: Future Outlook - The Chinese medicine sector is expected to recover in 2026 after a weak performance in 2025, driven by inventory digestion and an increase in flu incidence, which may boost demand for OTC products [7]. - Companies with strong brand power and effective inventory management are likely to benefit from the anticipated recovery in the sector [8]. - The adjustment of the essential drug list is expected to progress in 2026, potentially enhancing the accessibility of traditional Chinese medicine [8]. Group 4: Investment Recommendations - Investors are advised to focus on high-quality assets with low valuations in the Chinese medicine sector, particularly those that can effectively manage inventory and have strong brand recognition [8][9]. - The performance of companies that successfully integrate both hospital and outpatient markets is highlighted as a key factor for future growth [8].

Core Viewpoint - The traditional Chinese medicine (TCM) sector is experiencing a second consecutive day of decline, with the TCM ETF (560080) dropping by 1.13% and a total trading volume exceeding 71 million yuan, indicating a potential buying opportunity as it has attracted over 86 million yuan in the last two days [1][3]. Group 1: Market Performance - The TCM ETF (560080) has seen a decline in key constituent stocks, with Yunnan Baiyao and China Resources Sanjiu both falling over 1%, while Yiling Pharmaceutical dropped over 3%. Conversely, Jilin Aodong rose over 1% [3]. - The TCM ETF's tracked index has a current price-to-earnings (PE TTM) ratio of 24.22, which is below 83.72% of the time since its inception in May 2015, indicating a favorable valuation [6]. Group 2: Earnings Forecasts - As of January 25, 2026, 11 TCM listed companies have released their 2025 annual reports and earnings forecasts, with 6 companies showing positive year-on-year net profit growth. Notably, 3 companies have growth rates exceeding 100% [7]. - The primary drivers for the earnings growth include the establishment of a "hospital + external" collaborative development model, with a focus on enhancing external market channels, particularly e-commerce [7]. Group 3: Policy and Structural Changes - The basic drug catalog has completed preliminary expert selection, with significant adjustments expected in 2026. The current catalog, last updated in 2018, includes 685 varieties, of which 268 are traditional Chinese medicines [7]. - The upcoming adjustments to the basic drug catalog are anticipated to enhance the accessibility of grassroots medications and promote a "1+X" medication model, potentially leading to rapid market expansion [7]. Group 4: Investment Themes - Three main investment themes in the TCM sector are highlighted: 1. Price governance, focusing on price reductions and market share in the context of centralized procurement and insurance negotiations [8]. 2. Consumption recovery, driven by macroeconomic improvement and increased health awareness among the aging population, benefiting TCM sales [9]. 3. State-owned enterprise reform, which is expected to yield performance improvements and investment opportunities in the TCM sector [9].

Investment Rating - The report maintains a positive investment rating for the pharmaceutical sector [6] Core Insights - The pharmaceutical sector experienced a week-on-week decline of 0.68%, underperforming compared to the ChiNext and CSI 300 indices, ranking 17th among all industries [2][36] - The report emphasizes the importance of innovation, international expansion, and overcoming challenges as key themes for investment in 2026, with a focus on BD 2.0, small nucleic acids, and supply chain opportunities [3][4] - The upcoming adjustment of the National Essential Drug List is seen as critical, aiming to address clinical needs that have evolved since the last update in 2018, particularly in pediatrics, oncology, and rare diseases [5][14] Summary by Sections National Essential Drug List Adjustment Analysis - The current drug list has not been updated since 2018, leading to a disconnect with clinical needs, necessitating a systematic adjustment [14] - The adjustment will focus on filling gaps in disease coverage, particularly in pediatrics, oncology, and rare diseases, while also solidifying the integration of collective procurement and national negotiation outcomes [18][19] - The report identifies potential beneficiaries in traditional Chinese medicine, particularly in areas with previously weak coverage [28] JP Morgan Conference Overview - The 44th JP Morgan Health Conference highlighted strategic developments from major global pharmaceutical companies, showcasing their core pipeline advancements and key clinical milestones for 2026 [33] - Companies like Pfizer, Merck, and Eli Lilly presented their focus on innovative treatments and upcoming clinical trials, indicating a robust pipeline for future growth [34][35] Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance in early 2026 has shown a 7.08% increase, outperforming both the CSI 300 and ChiNext indices [36] - The report notes a shift in market sentiment, with certain innovative sectors like AI healthcare and medical robotics showing strong performance, while traditional sectors faced adjustments [2][3]