曾经，中国药企的标签多与仿制药、原料药生产或技术引进（License-in）绑定，如今已悄然转变为全球创新药研发的重要策源地，推动行业形成全新的生 态分工。 在这样的行业浪潮中，和铂医药精准卡位。其自有的Harbour Mice®抗体技术平台可生成双重、双轻链（H2L2）和仅重链（HCAb）形式的全人源单克隆抗 体，基于HCAb开发的免疫细胞衔接器（HBICE®）更能实现传统联合疗法难以企及的疗效，这套技术体系与单B细胞克隆筛选平台共同构成了企业的创 新"引擎"，为其BD战略的推进提供了坚实的技术支撑。 BD为矛破局，技术价值加速兑现 中国Biotech发展迅猛，但当前依然面临着资金压力、原创能力不足、国际化短板等诸多挑战：一款创新药10-20亿美元的研发成本和十年以上的研发周期， 给众多初创药企带来了加大的资金压力；基于已知靶点的快速跟进仍是中国Biotech的主流，First-in-class原创靶点发现能力依然薄弱；初创企业全球化经验 不足，自主开展全球多中心临床试验、对接国际监管机构的能力欠缺。 可见，对于中国Biotech企业而言，如何有效地将创新成果转化为持续的现金流，是比研发本身更现实的挑战。和 ...

证券分析师 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2026.02.02） 宏观及策略研究 地缘再起波澜，政策抢抓内需——2026 年 1 月宏观经济月报 固定收益研究 债市延续偏强震荡——利率债周报 行业研究 石药集团达成大额合作，关注创新药产业链——医药生物行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 晨会纪要（2026/02/02） 晨会纪要（2026/02/02） 宏观及策略研究 地缘再起波澜，政策抢抓内需——2026 年 1 月宏观经济月报 周 喜（证券分析师，SAC NO：S1150511010017） 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、海外经济及政策环境 美国方面，整体经济预计在特朗普减税政策以及科技企业资本开支的推动下延续 2025 年底的强韧态势。 ...

Investment Rating - The industry maintains a "Neutral" rating, with specific company ratings of "Buy" for 恒瑞医药 (Hengrui Medicine) and "Increase" for 药明康德 (WuXi AppTec) [12][60]. Core Insights - The report highlights significant collaborations in the innovative drug sector, including 石药集团 (Shijiazhuang Yiling Pharmaceutical) partnering with AstraZeneca for long-acting peptide drug development and receiving clinical trial approval for SYS6055 injection in China [8][37]. - The report emphasizes the robust R&D capabilities of Chinese pharmaceutical companies showcased at the 2026 JPM Healthcare Conference, suggesting investment opportunities in innovative drugs, CXO, and upstream life sciences [12][60]. - The report notes the recent release of the revised "Regulations on the Implementation of the Drug Administration Law of the People's Republic of China," which aims to enhance drug innovation and regulatory processes [19][20]. Industry Data - As of January 29, 2026, the SW Pharmaceutical and Biological Industry's price-to-earnings ratio (TTM) is 51.60 times, with a valuation premium of 259% relative to the CSI 300 index [10][52]. - The report provides current prices for vitamin raw materials, with Vitamin B1 at 237.5 RMB/kg and Vitamin D3 at 130 RMB/kg, remaining stable compared to January 28 [22]. - The Chinese herbal medicine market index shows a decline of 15% year-on-year, with specific herbs like 党参 (Codonopsis) and 当归 (Angelica) experiencing price drops of 41% and 29% respectively [26]. Company Announcements - 先声药业 (Xiansheng Pharmaceutical) signed an exclusive licensing agreement with Boehringer Ingelheim for the dual-specific antibody SIM0709, with potential milestone payments reaching up to 1.016 billion euros [36]. - 恒瑞医药 (Hengrui Medicine) received acceptance for a drug listing application and clinical trial approval for multiple products, including a breakthrough therapy designation for HRS-5346 [39][40]. - 诺诚健华 (Innovent Biologics) anticipates a revenue of approximately 2.365 billion RMB for 2025, marking a 134% year-on-year increase [41].

Core Insights - In 2025, Hangzhou is set to have five Class 1 new drugs approved, accounting for 83% of the total in the province, marking a historical high and showcasing the city's strength in biopharmaceutical innovation [1] - The establishment of the Hangzhou Biopharmaceutical and Medical Device Industry Alliance aims to enhance resource circulation and address challenges such as fragmented innovation resources and insufficient collaboration within the industry [1][2] Group 1 - The alliance comprises 249 member units from various sectors, including government, industry, academia, research, healthcare, and finance, creating a comprehensive innovation community [2] - The alliance will implement three main mechanisms: quarterly activities, resource sharing, and demand response to empower member units effectively [2] - The first rotating chairman of the alliance, Ding Lieming from Betta Pharmaceuticals, emphasized the importance of the alliance in building a platform for resource sharing and collaborative innovation among biopharmaceutical companies [2] Group 2 - The alliance will focus on cutting-edge fields such as synthetic biology, nucleic acid drugs, and AI in pharmaceuticals, promoting deep integration of innovation chains, industry chains, capital chains, and talent chains [3] - The alliance will also serve as a high-end think tank, leveraging the expertise of its members to provide scientific support for the planning and decision-making of the biopharmaceutical industry cluster in Hangzhou [2]

FAST IE 4.97 2 CARTY 0 R The 0 11 1 美国人民政治协商会议 4 / 3 / 991 The Base 北京创新药正蓬勃向前。 2025年，北京市医疗保障局、北京市卫生健康委员会等九部门联合印发《北京市支持创新医药高质量发展若干措施（2025年）》（以下简称"新32条"），将 临床试验审评审批时限大幅压缩，更在市场准入、医保支付、投融资支持及生产智造升级等环节同步推出务实举措。 来自科学技术界的市政协委员、北京嘉林药业股份有限公司总裁刘伟，在政协北京市第十四届委员会第四次会议期间接受了北京商报记者采访。刘伟谈 到，"新32条"措施，从研、产、审、用全链条加强了对创新药械的支持，解决了制约行业发展的一系列痛点问题，可以感受到北京对医药创新的支持更系 统、更务实，既为医药制造升级指明了前瞻性方向，也为创新药从研发到成果转化营造了良好的产业环境。 在刘伟看来，创新药是医药健康赛道的"压舱石"，是必须抓住的核心关键。刘伟建议，进一步聚焦创新药发展各环节，系统性优化支持政策，凝聚协同创新 合力，持续推动创新药高质量发展。 Q：北京"新32条"措施中，哪些政策对公司的研发和产业化帮助最大？ ...

Macro and Strategy Research - The US economy shows strong internal momentum with a 0.3% month-on-month increase in personal consumption expenditures adjusted for inflation in November 2025, marking the highest growth rate since the second half of 2025 [2] - In Europe, inflation dropped below 2% year-on-year in December 2025, indicating easing pressure, supported by labor costs and year-end consumption [3] - Domestic economic growth in China for 2025 is expected to meet targets despite a slowdown in the fourth quarter, with net exports providing structural support in early 2026 [3] Fixed Income Research - The bond market continues to show signs of recovery, with mid- to long-term bonds performing well, driven by a strong equity market and manageable bank liability pressures [5][7] - The issuance of special bonds increased significantly, with a total of 56 bonds issued, amounting to 619.1 billion yuan during the reporting period [7] - The overall bond market is characterized by a recovery trend, with the yield on 7-year government bonds declining the most [7] Industry Research - Nine departments in China have issued opinions to promote high-quality development in the pharmaceutical retail industry, indicating potential benefits for leading chain pharmacies and an expected operational turning point [10][12] - The SW pharmaceutical industry index shows a price-to-earnings ratio of 52.01, with a valuation premium of 266% relative to the CSI 300 index [11] - The report suggests focusing on investment opportunities in innovative drugs, CXO, and upstream life sciences, while also monitoring segments like small nucleic acids [12]

Core Viewpoint - The pharmaceutical sector is experiencing a rebound, with the pharmaceutical ETF (159929) rising by 0.8% and a total trading volume exceeding 86 million yuan, indicating strong investor interest and capital inflow [1]. Group 1: Market Performance - The pharmaceutical ETF (159929) has seen a capital inflow of over 320 million yuan in the last 20 days, with 15 of those days showing increased funding [1]. - The latest financing balance has surged to over 75 million yuan, reflecting continued leverage in the market [1]. - Major stocks within the ETF, such as Mindray Medical and United Imaging, have shown positive performance, with several stocks rising over 1% [4]. Group 2: Sector Analysis - The report highlights a shift in focus within the pharmaceutical sector towards innovative fields such as AI healthcare and medical robotics, moving away from previously strong areas like brain-computer interfaces [3]. - The CRO (Contract Research Organization) sector has also shown some performance, driven by market sentiment and expectations of turning points in the industry [3]. - The top three investment directions identified for 2026 include BD 2.0, small nucleic acids, and supply chain (CXO and upstream), emphasizing the importance of innovation and international expansion [5]. Group 3: Company Highlights - Key companies in the ETF include WuXi AppTec, with an estimated weight of 10.77%, and Hengrui Medicine, with a weight of 9.41%, both of which are significant players in the pharmaceutical industry [2]. - Tempus AI reported a revenue of approximately 1.27 billion USD for 2025, marking an 83% year-on-year growth, showcasing the commercial viability of AI in healthcare [6]. - NVIDIA and Eli Lilly announced a partnership to establish an AI innovation lab, investing up to 1 billion USD over five years to address challenges in drug discovery and development [5].

Investment Rating - The industry is rated as "Neutral" [8][60] - Specific company ratings include "Buy" for 恒瑞医药 (Hengrui Medicine) and "Increase" for 药明康德 (WuXi AppTec) [8][60] Core Insights - The report highlights the issuance of opinions by nine departments, including the Ministry of Commerce, aimed at promoting high-quality development in the pharmaceutical retail industry, indicating a potential turning point for pharmacy operations [8][16] - The report emphasizes the expected benefits for leading chain pharmacies from policy support and increased industry concentration [8][16] - The inclusion of the drug替尔泊肽 (Tirzepatide) as a breakthrough therapy for treating metabolic-associated fatty liver disease is noted as a significant development [8][16] Industry News - The National Medical Insurance Administration issued a guideline for the pricing of surgical and treatment auxiliary services, consolidating existing price projects into 37 items [16] - The report discusses the promotion of pharmaceutical retail industry transformation towards a "health service hub" through enhanced pharmacy services and optimized purchasing experiences [16][17] - The report mentions the ongoing development of AI applications in healthcare and pharmaceuticals, suggesting investment opportunities in AI-related companies [8][58] Industry Data - As of January 22, 2026, the price index for traditional Chinese medicine shows a year-on-year decline of 14%, with specific herbs like 连翘 (Forsythia) and 党参 (Codonopsis) experiencing significant price drops of 31% and 36% respectively [18][23] - The SW pharmaceutical industry’s price-to-earnings ratio (TTM) is reported at 52.01 times, with a valuation premium of 266% relative to the CSI 300 index [52] Company Announcements - 恒瑞医药 (Hengrui Medicine) received clinical trial approval for multiple drugs, including SHR-7787 and 阿得贝利 (Adalimumab) [30] - 百利天恒 (Baili Tianheng) has had its drug application for treating recurrent or metastatic esophageal squamous cell carcinoma accepted [31] - 复星医药 (Fosun Pharma) announced plans to spin off a subsidiary for listing and received clinical trial approval for a drug targeting advanced colorectal cancer [35]

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [16]. Core Insights - NVIDIA and Eli Lilly announced a partnership to establish an AI joint innovation lab aimed at addressing challenges in the pharmaceutical industry, with a planned investment of up to $1 billion over the next five years [2][5]. - The global AI pharmaceutical market is projected to grow from approximately $1.76 billion in 2024 to $2.99 billion in 2026, with a compound annual growth rate (CAGR) of about 30% from 2021 to 2026 [5]. - Companies like 英矽智能, 华兰股份, and 晶泰控股 are highlighted as key players in the AI + biopharmaceutical sector, showcasing significant advancements and investments in AI-driven drug discovery and development [5]. Industry Data - The computer industry consists of 337 listed companies with a total market capitalization of ¥64,957.50 billion and a circulating market capitalization of ¥58,620.09 billion [2]. - The absolute performance of the industry over the past 12 months is reported at 42.4%, with a relative performance of 19.2% compared to the benchmark [3].

Core Insights - The investment value in the AI+pharmaceutical industry lies in understanding the current role of AI, its business models, growth potential, key growth factors, and competitive barriers [1] Group 1: Role of AI in Pharmaceuticals - AI enhances efficiency and innovation in drug development, particularly in preclinical phases by significantly reducing the number of compounds needed for real trials, thus shortening development cycles and lowering costs [2] - Current AI molecular advancements, such as TNIK, are entering clinical phase II, indicating potential for realizing innovative value [2] Group 2: Market Size and Trends - The global market for AI-enabled drug development is projected to grow from $11.9 billion in 2023 to $74.6 billion by 2032, with a CAGR of 22.6% [3] - AI+CRO/AI+Biotech is seen as a major trend for companies to generate revenue quickly while enhancing their algorithm models through collaborative projects [3] Group 3: Core Competitiveness - The integration of algorithms and high-quality data is crucial for technological advancement in the industry, with a focus on producing high-quality data rather than merely accumulating traditional trial data [4] - The scarcity of high-quality data is attributed to stringent requirements for training sets and the existence of "data silos," which are unlikely to change in the long term, making data production capability a core competitive advantage [4] - Companies to watch include leading players such as InSilico Medicine, CrystalVue, Hongbo Pharmaceutical, and Chengdu XianDao, as the industry may exhibit a Matthew effect [4]