Group 1 - The new infrastructure projects in Xinjiang, including the 2000 km New Tibet Railway, 100 billion Duku Highway, and 800 billion coal chemical projects, are expected to create significant investment opportunities for leading companies in the sector [1] - The market for innovative drugs for vitiligo is projected to reach 10 billion, with only 54% of the 22.83 million patients currently receiving treatment, indicating a substantial growth potential for leading pharmaceutical companies [1]

据华福证券研报，中国白癜风患者超2200万人，影响患者的社交和人际关系、健康情况。白癜风现有疗 法缺陷多，当前主流白癜风治疗药物包括钙调神经磷酸酶抑制剂、糖皮质激素等，在疗效、安全性和长 期用药依从性方面或多或少存在缺陷，且现有化药均为off-label用药，亟待有对症药物上市，经过华福 证券测算，中国白癜风创新药潜在市场空间或超200亿元。目前国内白癜风的研发格局良好，赛道拥挤 度低。 泰恩康董事长兼总经理郑汉杰先生表示："CKBA白癜风II期临床结果的理想数据令我们倍感振奋。这不 仅是对我们研发策略的肯定，也为急需安全有效长期疗法的患者带来了希望。我们将立即启动突破性疗 法认定申请工作，并全力推动III期临床试验进程，力争早日将这一创新药物带给患者。"郑汉杰强调， 相较目前在研的免疫抑制剂疗法，CKBA凭借其独特的作用机制和优异的安全性，有望成为需要长期治 疗的白癜风患者的重要治疗突破。 广东泰恩康（301263）医药股份有限公司(以下简称"泰恩康")今日宣布，其自主研发的1类创新药CKBA 软膏用于治疗非节段型白癜风的II期临床试验取得积极结果。研究显示，高剂量组患者疾病好转及复色 比例达36%，药物展 ...

Group 1 - The report highlights a significant potential market for vitiligo treatments in China, estimating the market could exceed 20 billion yuan, driven by over 22 million patients suffering from the condition [3][48][49] - The current treatment landscape for vitiligo is limited, with existing therapies having various shortcomings, and there is an urgent need for effective, targeted medications [20][15][14] - The report identifies two key companies, Kangzheng Pharmaceutical and Tianen Pharmaceutical, as leaders in the development of innovative treatments for vitiligo, with promising clinical data expected soon [3][28][44] Group 2 - Kangzheng Pharmaceutical's ruxolitinib cream has shown strong clinical efficacy, with a 24-week F-VASI75 response rate of 50% in real-world studies, indicating its potential for significant market impact [36][31][32] - Tianen Pharmaceutical's CKBA ointment is in phase II clinical trials, with data expected in Q3 2025, showcasing a novel mechanism that effectively inhibits immune responses associated with vitiligo [44][47] - The report emphasizes the low competition in the domestic vitiligo drug development space, suggesting a favorable environment for new entrants to capture market share [27][48]