| 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 8323.7 | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6876.88 | 行业相对指数表现 证券研究报告：医药生物|行业周报 发布时间：2026-03-02 行业投资评级 强于大市|维持 -8% -4% 0% 4% 8% 12% 16% 20% 24% 2025-03 2025-05 2025-07 2025-10 2025-12 2026-02 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈灿 SAC 登记编号:S1340525070001 Email:chencan@cnpsec.com 近期研究报告 《黎明已至，国产争先》 - 2026.02.27 医药生物行业报告 （2026.02.23-2026.02.27） 手术机器人行业或出台收费标准，龙头公司有望迎 加速发展 ⚫ 本周主题 手术机器人行业或出台收费标准，龙头公司有望迎加速发展 ...

证券之星消息，2月26日精准医疗板块较上一交易日下跌0.4%，华大基因领跌。当日上证指数报收于 4146.63，下跌0.01%。深证成指报收于14503.79，上涨0.19%。精准医疗板块个股涨跌见下表： 从资金流向上来看，当日精准医疗板块主力资金净流出5.12亿元，游资资金净流入1.87亿元，散户资金 净流入3.25亿元。精准医疗板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

智通财经APP获悉，据港交所2月25日披露，天辰生物医药(苏州)股份有限公司(简称：天辰生物医药)向港交所主板递交上市申请，国金证券(香港)为独家保 荐人。该公司曾于2025年8月21日递表港交所。 公司简介 招股书显示，天辰生物医药是一家临床阶段生物制药公司，主要专注于针对过敏性及自身免疫性疾病的生物药物的自主发现与开发。公司拥有(i)一款核心产 品LP-003，一种抗IgE抗体，主要作用是阻断血液及组织中的游离IgE，从而抑制发生IgE介导的过敏反应，旨在用于治疗过敏性疾病，包括季节性过敏性鼻 炎(AR)、慢性自发性荨麻疹(CSU)、过敏性哮喘及其他过敏性疾病；及(ii)一款主要产品。 于最后实际可行日期，公司已在中国启动八项关于LP-003的临床试验，其中两项已完成，其馀六项仍在进行中。在CSUII期临床试验的中期分析结果中， LP-003在治疗CSU方面展现出优于奥马珠单抗的显著疗效(起效迅速、疗效良好且作用持久)。此外，LP-003在针对经标准治疗后病情控制不佳的中重度季节 性AR的中国II期临床试验中显示出良好的疗效和安全性。目前，一项用于治疗季节性AR的III期临床试验正在中国开展。 作为双功能 ...

1、AI眼镜 | 据上证报，2026年春节期间，AI眼镜销售呈现爆发式增长态势，深圳华强北AI眼镜销量较平日激增70%至80%，全域科技类产品营收同比增长 35%,AI眼镜成为最热门的"科技年货"之一。 点评：银河证券认为，AI眼镜正逐步演变为新一代人机交互的核心载体，行业在2023年迎来关键转折，背后是多项核心技术的集中突破。一方面，多模态 大模型趋于成熟，并通过模型压缩技术成功部署至终端设备，使得轻量化设备也能具备复杂的语音与环境交互能力；另一方面，专用低功耗芯片的推出为全 天候的离线语音交互与实时翻译提供了硬件基础，多芯片异构架构与可换电设计进一步优化了功耗与续航平衡。技术进步共同推动AI眼镜从一个智能手机 的附属配件，转向为能在多场景下独立提供价值的智能设备，庞大的用户基础也为其未来替代手机成为新一终端奠定了基础。 2、电子布 | 据券商草根调研，目前特种电子布供需持续紧张，企业在边际利润的驱动下有较强动力持续转产特种布，从而造成7628电子布的织布机产能边 际持续压缩。机构预计本轮7628电子布价格上涨空间有望达到8元/米。 点评：中信证券认为，参照存储，本轮电子布需求周期主要由AI需求驱动，具有更 ...

(编辑：杨燕 林辰)关键字： 医疗 本轮融资同时获得了珠海格力集团旗下专业投资平台——深圳市阳和投资医药产业投资有限公司的青 睐，共同完成了对三优生物的战略入股。 （之江生物公众号） 2月24日，之江生物公众号发布公告称，之江生物完成对三优生物医药有限公司的新一轮战略增持。三 优生物是一家以超万亿分子库和智能科技驱动的生物医药高科技企业。本次战略增持基于技术互补性与 产业协同逻辑，进一步整合优势资源，巩固并深化了之江生物在精准医疗下"诊断+治疗"的全产业链布 局。 ...

近期事件 近7个交易日内，佛慈制药股价波动有限，最新数据显示2026年02月13日收盘价8.96元，当日跌1.65%， 5日累计跌幅6.96%。资金流向方面，02月13日主力资金净流入610.33万元，但整体技术面显示股价处于 空头行情，弱于大盘和行业平均。 医药行业近期事件方面，新版《国家基本药物目录管理办法》正式发布，这是基药目录时隔11年首次修 订，可能对中药企业如佛慈制药产生间接影响。公司自身无重大公告在近一周内发布。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 佛慈制药第三季度净利润同比大幅增长167.92%，经营活动现金流改善显著，同时公司切入 放射性同位素药物新赛道，布局精准医疗领域。机构观点显示，当前市场关注度一般，整体舆情偏中 性，2025年预测净利润同比增长52.11%，但估值较高（PE TTM约77.45倍）。行业层面，新版基药目录 发布可能为中药板块带来政策利好。 股票近期走势 ...

Financial Data and Key Metrics Changes - The company reported quarterly revenues of $121 million, a 27% year-over-year increase, with full-year revenues reaching $428 million, driven by a 54% growth in exome and genome revenue [5][17] - Adjusted net income for Q4 was $4.4 million, with a full-year adjusted net income of $4.8 million, indicating leverage in the business model [19] - Total company adjusted gross margin for Q4 and full year 2025 was 71%, up from 45% in 2023 and 65% in 2024, primarily due to higher reagent costs expected to decrease as adoption ramps [19] Business Line Data and Key Metrics Changes - Exome and genome revenues were $104 million in Q4, reflecting a 32% year-over-year increase, with an organic growth rate of 42% when excluding a one-time payor recovery from the previous year [17] - The company reported 27,761 exome and genome test results in Q4, showing a consistent acceleration in growth throughout the year, from 24% in Q1 to 34% by year-end [17] Market Data and Key Metrics Changes - The company is targeting six untapped markets, including general pediatrics, prenatal, NICU, and adult specialists, with significant room for growth in clinician adoption and test ordering [10][11] - The NICU market is expected to see increased utilization, with a goal of reaching 60% over time, while general pediatricians are anticipated to ramp up following the launch of a one-minute ordering experience [22][23] Company Strategy and Development Direction - The company aims to solidify its leadership in rare disease diagnostics by leveraging its extensive dataset, GeneDx Infinity, which includes over 2.5 million rare genetic tests and is designed to improve diagnostic capabilities [8][9] - The strategy includes nearly tripling the sales force to capture new markets and enhance clinician engagement, with a focus on converting single gene tests to exome and genome tests [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, reaffirming guidance for total revenues in the range of $540 million to $555 million for 2026, with expected exome and genome volume growth of 33%-35% [24] - The management highlighted the importance of patient-centered care and the convergence of clinical, economic, and policy factors that support the adoption of genomic solutions in mainstream medicine [6][29] Other Important Information - The company has recently received FDA Breakthrough Device designation, positioning it as a leader in comprehensive genomic solutions [6] - Management noted the importance of maintaining a conservative approach to new market entries and reimbursement rates, with a focus on building a strong foundation before projecting significant upside [55][76] Q&A Session Summary Question: Guidance assumptions regarding foundational tests - Management indicated that the guidance reflects confidence in reversing recent trends due to the potential for increased clinician activation and test ordering [32] Question: Quarterly cadence for volumes and gross margins - Management explained that Q1 is typically the lowest point for volume and reimbursement rates, with expectations for gradual improvement throughout the year [35][36] Question: Pricing outlook and reimbursement rates - Management stated that there is no pricing baked in for Medi-Cal yet, and they are taking a conservative view on reimbursement rates for new outpatient markets [75][76] Question: Growth drivers in NICU and prenatal markets - Management highlighted that the NICU market is expected to provide significant growth, with early signs of increased utilization, while prenatal testing is anticipated to ramp up later in the year [80][81]

Group 1: Financial Performance - The company raised its full-year revenue guidance for 2025 to $325 million, representing a 15% year-over-year growth, and the market will focus on whether the actual performance meets or exceeds this expectation [1] Group 2: Business Development - The company is emphasizing investments in AI and digital pathology to enhance laboratory service efficiency and advance its therapeutic development pipeline. In 2026, attention will be on the commercialization progress of AI technology in genetic testing and clinical breakthroughs in its therapeutic pipeline, particularly in oncology [2] Group 3: Industry Policy and Environment - The FDA approval process is becoming more standardized in 2026, and competition in the precision medicine field, particularly at the intersection of gene editing and AI, is intensifying. The company needs to maintain its innovative edge amid technological advancements in the sequencing domain [3]

Core Viewpoint - The research conducted by the team at Northwestern Polytechnical University aims to establish a unified computational physics evaluation system for blood rheology, addressing the complexities of non-Newtonian fluid behavior in blood flow simulations, which is crucial for cardiovascular disease diagnosis and thrombus risk prediction [3][6]. Group 1: Non-Newtonian Fluid Characteristics - Non-Newtonian fluids exhibit different behaviors under varying forces; for instance, they can behave like solids under high shear rates and like liquids under low shear rates, a phenomenon known as "shear thickening" [1]. - Blood, as a non-Newtonian fluid, demonstrates "shear thinning" behavior, where its viscosity decreases with increased flow rate, facilitating smooth circulation in blood vessels [1]. Group 2: Research Contributions - The study systematically reviews 140 core research findings since 1919 to create a comprehensive evaluation system that includes characteristics such as shear thinning, viscoelasticity, and yield stress, providing a reference for researchers in selecting computational models [3][6]. - The research identifies a scientific boundary for the non-Newtonian characteristics of blood, indicating that above a certain threshold, blood behaves like a Newtonian fluid, while below it, particularly in areas like aneurysms or narrowed vessels, it exhibits significant non-Newtonian properties [6]. Group 3: Computational Methods - The research evaluates different computational approaches for simulating blood flow, including the bidirectional fluid-structure interaction (FSI) methods and the arbitrary Lagrangian-Eulerian (ALE) method, highlighting the challenges of mesh reconfiguration in large deformation scenarios [7]. - To overcome computational limitations, the study introduces the Smoothed Particle Hydrodynamics (SPH) method, which avoids mesh distortion and enhances flexibility in handling large deformations, thus improving the accuracy of multi-phase physical interface tracking [7]. Group 4: Implications for Medical Applications - The findings provide a theoretical foundation for constructing high-precision patient-specific models, which can significantly advance precision medicine by enabling more accurate simulations of blood flow and vessel behavior in clinical settings [7].

Core Viewpoint - Roche's stock price remains stable, closing at $58.80 on February 13, 2026, with a 0.32% increase from the previous day, driven by recent developments in diagnostics and research, as well as strong financial performance [1][2]. Recent Events - Roche Diagnostics received approval from the National Medical Products Administration of China for the VENTANA CLDN18 companion diagnostic, marking it as the first tool for targeted therapy with trastuzumab for gastric cancer, potentially enhancing Roche's position in precision medicine [1]. - Roche announced that its investigational BTK inhibitor Fenebrutinib met its primary endpoint in a Phase 3 study for primary progressive multiple sclerosis, showing a 12% reduction in the risk of disability progression, reinforcing its pipeline potential in neuroscience [1]. Financial Performance - In 2025, Roche's global sales reached 61.5 billion Swiss francs (approximately $74.1 billion), reflecting a 7% year-over-year growth, with core operating profit increasing by 13%. The approval of four new products or indications in China and the inclusion of ten innovative drugs in the medical insurance system further solidified its position as the second-largest market globally [1]. Stock Performance - As of February 13, Roche's stock has increased by 2.45% over the past seven days and has risen 14.02% year-to-date, although it has not surpassed its historical high [2]. - The pharmaceutical sector in the U.S. rose by 1.83% during the same period, while the Nasdaq index fell by 2.02%. Roche's stock resilience is partly attributed to capital inflows into the sector and a low turnover rate, with an average turnover rate of approximately 0.05% over the past seven days [2]. - TD Cowen maintained a "Hold" rating on Roche as of February 11, with a target price of $67, citing progress in its oncology and neuroscience pipelines as supporting long-term value, while also noting challenges related to patent expirations [2].