Core Insights - The small nucleic acid drug industry is entering a new era with a focus on siRNA drugs for common diseases, driven by technological advancements and expanded indications [1][2] - siRNA drugs have transitioned from rare diseases to common diseases, showcasing strong commercial potential in areas like cardiovascular diseases, chronic hepatitis B, weight loss, anticoagulation, and autoimmune diseases [1][3] Group 1: Industry Trends - The small nucleic acid drugs represent the third wave of therapeutics, following small molecules and antibody drugs, characterized by strong target expansion capabilities, robust research extensibility, long-lasting effects, and low resistance [1][2] - The industry is witnessing a surge in business development (BD) transactions, particularly involving multinational corporations (MNCs) leveraging their understanding of indications to acquire pipelines or collaborate on technology platforms [2][3] Group 2: Market Opportunities - The maturation of the liver delivery system and the proven commercial value of small nucleic acid drugs are driving ongoing licensing transactions, as many pharmaceutical companies face patent cliffs and seek new products to mitigate pipeline risks [2][3] - Chinese companies are expected to play a significant role in this space, capitalizing on their engineering advantages and rapid iteration capabilities in chemical synthesis to differentiate their products [2][3] Group 3: Technological Advancements - The current industrialization of siRNA drugs focuses on commercializing common diseases with clear biological mechanisms, where early movers can secure better commercial returns and collaboration opportunities [3] - The efficiency and specificity of the GalNac delivery system present significant opportunities for breakthroughs in new disease areas, particularly those previously challenging to target [3]

Core Insights - The report highlights the significant advantages of ASIC over GPU in terms of cost-effectiveness and energy efficiency, marking a turning point for ASIC development [2][12] - The increasing penetration of AI is driving a surge in inference demand, expanding the market space for ASICs [3][12] - Domestic cloud providers are making strides in self-developed ASICs, indicating a strong demand in the Chinese AI cloud market [12][13] Summary by Sections ASIC vs. GPU - ASICs are specialized chips tightly coupled with downstream applications, focusing on specific needs like text and video inference, while GPUs are general-purpose chips covering a broader range of applications [2][12] - The energy efficiency of Google's TPU v5 is 1.46 times that of NVIDIA's H200, and Amazon's Trainium2 reduces training costs by 40% compared to GPU solutions [2][12] Market Growth and Demand - The global AI ASIC market is projected to reach $125 billion by 2028, with significant contributions from major clients [3][12] - The demand for inference computing is directly linked to throughput, with ChatGPT's weekly active users reaching 700 million by July 2025, driving the need for increased computational power [3][12] ASIC Design Services - ASIC design requires a high level of specialization, with major service providers like Broadcom and Marvell leading the market [3][12] - Broadcom's collaboration with Google on TPU has been pivotal, leveraging a comprehensive IP system and advanced packaging technologies [3][12] Domestic Developments - Leading Chinese cloud providers are achieving results in self-developed ASICs, with significant orders and advancements in technology [12][13] - The trends of PD separation and super nodes are emerging as key developments in the domestic ASIC landscape [12][13] Industry Outlook - The report anticipates a robust growth trajectory for the ASIC market, driven by increasing AI applications and domestic innovation [12][13]

东吴证券主要观点如下： 东吴证券发布研报称，根据灼识咨询预测，到2030年，RNAi疗法在常见病及肿瘤领域的市场规模将占 总市场规模的54%。而中国RNAi疗法的市场规模将由2022年的约4百万美元增至2025年的3亿美元以 上，CAGR超300%，预计2030年将达到约30亿美元。近期，全球范围内小核酸药物再起风云，进入BD 高潮，诺华、AZ、渤健等纷纷下注小核酸领域，我国靖因药业、苏州瑞博生物等药企也取得交易进 展，当前小核酸上市品种相对较少，中国企业有望抢占全球蓝海市场。 小核酸药物特性具备独特优势 小核酸药物以RNA为靶点、通过促进或抑制翻译来调节蛋白质表达，包括ASO(反义寡核苷酸)、 siRNA(小干扰RNA)等。小核酸药物主要具备靶标可及性广、靶向性/特异性强、研发效率高、给药间隔 长等优势，在精准靶向给药的同时，显著提升慢病患者依从性，打开潜在临床需求。 小核酸药物技术突破与研发热潮，迎来绝佳投资机遇 小核酸药物设计需要考虑3大方面，序列设计、化学修饰和递送方式，近年来针对这三点的技术突破， 较好地攻克了小核酸的血管内降解及清除、先天免疫激活、跨膜困难、内涵体逃逸、脱靶效应等难题。 当前小核酸 ...

Investment Rating - The report suggests a positive investment opportunity in the small nucleic acid drug industry, highlighting its unique advantages and potential for growth [2]. Core Insights - Small nucleic acid drugs possess unique advantages such as broad target accessibility, strong specificity, high development efficiency, and prolonged dosing intervals, which significantly enhance patient compliance and open up potential clinical demand [2]. - Recent technological breakthroughs in small nucleic acid drug design have addressed challenges such as vascular degradation, immune activation, and delivery difficulties, leading to successful market approvals and showcasing excellent efficacy and safety [2]. - The global market for RNAi therapies is projected to grow from $12 million in 2018 to $25 billion by 2030, with a CAGR of 449.2%, indicating a rapid expansion phase for small nucleic acid drugs [2]. - Major multinational corporations (MNCs) are increasingly investing in the small nucleic acid field, with significant collaborations and development projects emerging, particularly in China [2]. - The report emphasizes the limited number of approved small nucleic acid products, suggesting that Chinese companies have the potential to capture a significant share of the global market [2]. Summary by Sections 1. Introduction and Core Technology of Small Nucleic Acid Drugs - Small nucleic acid drugs are defined as short-chain nucleic acids composed of dozens of nucleotides, targeting RNA to regulate protein expression [10]. - The report outlines the unique characteristics of small nucleic acid drugs, including their ability to target a wide range of disease-related genes and their potential to become a third major class of therapeutics after small molecules and antibody drugs [19]. 2. Market Overview of Small Nucleic Acid Drugs - The small nucleic acid drug market is experiencing rapid growth, with the global market size expected to reach $52.47 billion in 2024, reflecting an 18% year-on-year increase [50]. - The report forecasts that the RNAi therapy market in China will grow from approximately $4 million in 2022 to over $300 million by 2025, with a CAGR exceeding 300% [50]. 3. Disease Areas for Small Nucleic Acid Drugs - The report identifies genetic rare diseases as the most common indication for approved small nucleic acid drugs, with 16 out of 22 approved products targeting this area [51][52]. 4. Leading Overseas Companies in Small Nucleic Acid - The report highlights several leading companies in the small nucleic acid space, including Alnylam, Ionis, and Arrowhead, which are at the forefront of innovation and development [2]. 5. Recommended Companies to Watch - The report suggests monitoring companies with proprietary technology platforms and innovative pipeline layouts, such as Yuyuan Pharmaceutical, Rejuve Biotech, and others, as potential investment opportunities [2].

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [6]. Core Insights - Small nucleic acid drugs are expected to become the third major class of drugs after small molecules and antibodies, with unique advantages such as broad targets, strong specificity, high development efficiency, and long dosing intervals [9][38]. - The commercialization of rare diseases is maturing, and the long-term advantages for chronic diseases are becoming evident, with significant sales growth for products like Spinraza and Leqivo [9][60]. - There is a notable increase in business development (BD) activities, highlighting the potential of early-stage chronic disease pipelines [9]. Summary by Sections 1. Small Nucleic Acids: Potential as a New Drug Class - Small nucleic acid drugs, including ASO, siRNA, and Aptamer, interact with mRNA to regulate gene expression, offering a new technological pathway for drug development [13]. - The global market for small nucleic acid drugs has grown from $1.04 billion in 2017 to $5.09 billion in 2024, with a CAGR of 25.5% [60]. 2. Milestones in Overseas and Domestic Markets - In the overseas market, significant developments are expected in the TTR field and cardiovascular diseases, with drugs like Vutrisiran and Pelacarsen showing promise [9]. - In China, new therapies for chronic hepatitis B and competitive advancements in cardiovascular drugs are emerging, with several companies making progress in their pipelines [9][60]. 3. Investment Recommendations and Targets - The report suggests focusing on high-quality domestic companies involved in the development of small nucleic acid drugs targeting chronic hepatitis B and cardiovascular diseases, such as HengRui Medicine, China National Pharmaceutical Group, and others [9].