牛张明将AI药物研发形象地比喻为下棋的进化："过去下棋我们要问人类专家，现在计算机可以自 学，不用学习人类的经验。AI辅助设计本质上是分子设计和组装的智能化过程。"这种基于海量数据 的"智能组装"，大幅降低了成本和研发风险，提升了成功率。 早在2025年6月，MDR-001针对317例受试者的临床IIb期试验结果已公布。数据显示，入组患者在 治疗24周后体重下降幅度达10.3%，展现出优异的治疗潜力与卓越的安全性优势。基于这些数据， MDR-001成为中国创新药在口服GLP1-RA小分子药物领域冲击全球"同类最佳"地位的有力竞争者，为 进入Ⅲ期关键试验奠定了坚实基础。接下来，德睿智药将在全国范围内招募约750名超重或肥胖受试 者，进行长达52周的系统性评估。一切顺利的话，该药物有望在2028年年底或2029年上市。 值得关注的是，德睿智药所在的杭州医药港，作为"中国医药港"核心承载区，已集聚生物医药企业 1800余家，产业营收突破500亿元，132个创新药物进入临床试验，数量居全市第一。当前，钱塘（新） 区正聚力攻坚AI医药、具身智能、高端芯片等特色赛道，建强智端、智药、智芯三大社区，通过实 施"人工智能+" ...

惠及民生，从免费开源到共建产业生态 DrugCLIP的精准度在实际应用中同样经得住检验。据兰艳艳介绍，联合团队先针对抑郁症相关靶点进 行实验，让平台从160万个候选分子中精准筛选出100个潜力分子，其中15%被证实可有效作用于靶点， 12个分子结合效果优于常用抗抑郁药，成效均通过生物、化学实验验证。 1月9日，清华大学发布重磅科研成果：该校智能产业研究院（AIR）教授兰艳艳联合生命学院、化学系 团队，研发出AI驱动的超高通量药物虚拟筛选平台DrugCLIP，相关研究成果登上国际学术期刊《科 学》。该平台将新药筛选速度提升百万倍，首次实现人类基因组级靶点全覆盖筛选，推动新药研发迈入 精准高效新阶段。 精准高效，突破新药筛选速度瓶颈 新药研发的核心难题，是为疾病靶点匹配适配小分子，过程如同大海捞针。人体内有2万多种蛋白质， 不少是抗病关键靶点，但目前能应用靶向药的靶点仅占10%；可用于制药的小分子数量庞大，传统筛选 方式难以全面覆盖。 "传统筛选好比在无边无际的化学宇宙里逐一排查，若筛选1万个靶点、每个靶点匹配10亿个候选分子， 一台电脑连轴转也得数百年。因此，现有药物研发只能在少量靶点和小规模分子上进行，大量潜 ...

湘财证券近期研报指出，从制药的流程看，AI技术已经在多个环节找到了适合自己的应用场景，并发 挥出巨大潜力。该行认为，面对创新药研发领域日趋激烈的同质化竞争，AI技术在药物研发过程中带 来的诸多底层创新无疑也展现出了巨大的价值。 智通财经APP获悉，英矽智能(03696)再涨超5%，高见40.5港元创上市新高。截至发稿，涨5.56%，报 40.26港元，成交额5211.21万港元。 消息面上，英矽智能近日宣布与施维雅(Servier)达成多年期研发合作，总金额达8.88亿美元，双方将携 手利用英矽智能自主研发的人工智能平台Pharma.AI，聚焦于抗肿瘤领域具有挑战性的靶点，识别并开 发全新的治疗药物。根据协议，英矽智能将有资格获得最高3200万美元的首付款及近期研发里程碑付 款，并将主导利用其人工智能技术平台，发现并开发符合既定标准的潜在候选药物；施维雅将共同承担 研发成本，并主导后续临床验证及商业化进程。 ...

行 业 及 产 业 医药生物 本期投资提示： 2026 年 01 月 04 日 本 周 申 万 医 药 生 物 指 数 下 跌 行 业 研 究 / 行 业 点 评 《本周申万医药生物指数下跌 0.2%，关注 对外授权及新品上市——医药行业周报 （2025/12/22-2025/12/26）》 2025/12/29 《本周申万医药生物指数下跌 0.1%，关注 国内药企出海动态——医药行业周报 （2025/12/15-2025/12/19）》 2025/12/22 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 2.1%，关注脑机接口产业 看好 —— 医药行业周报（2025/12/29-2026/01/02） 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 1．市场表现：本周医药板块下跌 2.1% 本周申万医药生物指数下跌 2. ...

中国经济网北京12月30日讯英矽智能(03696.HK)今日在港交所上市，截至收盘报29.98港元，涨幅 24.66%。 配发结果公告显示，英矽智能全球发售项下的发售股份数目为94,690,500股发售股份(视乎超额配股权行 使与否而定)，其中香港发售股份数目为9,469,500股发售股份，国际发售股份数目为85,221,000股发售股 份。 | 發售股份及股本* | | | --- | --- | | 發售股份數目 | 94,690,500 | | 香港公開發售的發售股份數目 | 9,469,500 | | 國際發售的發售股份數目 | 85,221,000 | | 上市後已發行股份數目(行使超額配股權前) | 557.418.500 | 英矽智能的联席保荐人为摩根士丹利亚洲有限公司、中国国际金融香港证券有限公司、广发融资(香港) 有限公司，整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为摩根士丹利亚洲有限公 司、中国国际金融香港证券有限公司、广发融资(香港)有限公司、法国巴黎证券(亚洲)有限公司，联席 全球协调人、联席账簿管理人及联席牵头经办人为国金证券(香港)有限公司，联席账簿管理人及联席牵 ...

如果说深厚的研发底蕴定义了恒瑞影响力的深度，那么其成功的国际化战略则显著拓展了影响力的广 度。恒瑞医药正系统性地将"中国创新"推向全球舞台，构建了"自主出海"与"对外合作"双线并进的成熟 范式。 在对外合作方面，公司已成为中国生物医药技术输出的重要力量。自2020年以来，已完成15笔对外许可 交易，潜在总交易额超过270亿美元，其中2025年即达成5笔。这些交易不仅带来了可观的现金流，更深 层次的意义在于，它标志着恒瑞的研发能力与产品管线获得了全球顶尖药企的认可，深度参与了全球创 新价值链的分工与价值分配。 累计研发投入超500亿元，24个1类创新药成功上市，对外许可交易潜在总金额逾270亿美元——这些数 字不仅勾勒出一家中国药企的成长轨迹，更见证了一个民族品牌从本土走向世界的"影响力征程"。 在财经网2025年度新消费·新经济评选中，恒瑞医药（600276）凭借其卓越的自主创新实力与深远的行 业引领作用，荣膺"年度医药行业影响力品牌"这一称号，不仅是对其坚持"科技创新"与"国际化"双轮驱 动，更是对其持续重塑中国医药产业全球竞争力的高度认可。 以持续高投入构筑研发"护城河" 在医药行业，影响力首先源于创新能 ...

□川观智库研究员 罗韬 李媛莉 调研公司与机构 ●四川科伦药业股份有限公司 ●四川科伦博泰生物医药股份有限公司 ●四川汇宇制药股份有限公司 ●四川海思科制药有限公司 ●地奥集团成都药业股份有限公司 ●好医生药业集团有限公司 ●成都康弘药业集团股份有限公司 ●成都海博为药业有限公司 ●成都通德药业有限公司 ●成都西岭源药业有限公司 ●成都普康唯新生物科技有限公司 ●成都以邦医药科技有限公司 ●成都佩德生物医药有限公司 ●成都盛世君联生物技术有限公司 ●成都威斯津生物医药科技有限公司 ●成都倍特药业股份有限公司 ●成都苑东生物制药股份有限公司 ●成都微芯药业有限公司 ●成都百裕制药股份有限公司 ●成都天府国际生物城 ●成都医学城 ●四川省商务发展协会 ●成都市经济发展研究院 ●成都高新策源投资集团有限公司 ●成都生物城股权投资有限公司 ●摩熵医药-生物医药全产业链数据服务平台 人工智能正在全球制药领域掀起一场"革命"。今年11月，美国AI生物科技公司Valo Health宣布与 德国默克公司合作，默克将利用Valo Health的AI技术平台来识别验证新的疾病靶点和快速生成临 床前化合物。中国头部AI生物科技公司 ...

Core Viewpoint - ST诺泰 (688076.SH) has received an administrative penalty decision, but this has not negatively impacted its current business performance, with significant revenue and profit growth reported for the first three quarters of 2025 [2] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.527 billion yuan, representing a year-on-year increase of 21.95% [2] - The net profit attributable to shareholders reached 445 million yuan, up 26.92% year-on-year, while the net profit excluding non-recurring items was 437 million yuan, reflecting a 23.20% increase [2] Group 2: Business Growth and Strategy - The company's peptide raw material drug business continues to grow significantly, driven by the expanding GLP-1 market, and is a core driver of its performance [2] - The company is implementing a development strategy focused on time and technology leadership, with a foundation in peptide drugs and small molecule drugs, while strategically expanding into oligonucleotide business and cutting-edge fields like synthetic biology and AI drug development [2] Group 3: Innovation and R&D - The company has made a significant breakthrough in innovative R&D, with its subsidiary, Hangzhou Nuoao Biopharmaceutical Technology Co., Ltd., receiving acceptance for a clinical trial application for the new drug Semaglutide tablets, marking a milestone in oral peptide delivery technology for weight management [2] - Currently, there are no approved oral Semaglutide formulations for weight management in the domestic and international markets, indicating a substantial market opportunity for the company [2] Group 4: Market Position and Collaborations - As a leading enterprise in the peptide raw material drug sector, the company has overcome technical bottlenecks in large-scale production of long-chain peptide drugs, achieving single-batch production of over 10 kilograms for drugs like Semaglutide and Tirzepatide [3] - The company has established collaborations with several leading generic drug companies for the raw materials and formulations of Semaglutide and Tirzepatide, maintaining high growth in peptide raw material sales [3] - The company has also announced comprehensive coverage of its GLP-1 pipeline products, with ongoing development of new targets like Retatrutide, which is set to begin development in early 2024 with an investment of approximately 5.08 million yuan [3] Group 5: Oligonucleotide and New Technologies - The company is actively involved in the oligonucleotide field, with plans for commercial production capacity expected to be completed by 2025, aiming for an annual output of 1,000 kilograms of oligonucleotides and 200 kilograms of PEG-conjugated cyclic peptides [4] - Collaborations with companies like Novogene and DeepTech in synthetic biology and AI-enabled areas are accelerating the exploration of new business fields, positioning the company for high-quality development across multiple tracks [4]

Core Viewpoint - The AI pharmaceutical company Insilico Medicine has successfully passed the Hong Kong Stock Exchange listing hearing, marking a significant milestone in its two-year-long listing journey, amidst a backdrop of increased activity in the Hong Kong biopharmaceutical sector [1][5]. Group 1: Company Overview - Insilico Medicine, founded in 2014 and headquartered in Hong Kong, operates as an end-to-end AI drug discovery company with over 247 scientists and AI researchers, 85% of whom hold advanced degrees [6]. - The company employs a unique "AI + Biotech" integration approach, utilizing its proprietary generative AI platform, Pharma.AI, to streamline the drug development process from target discovery to clinical prediction [6]. - Insilico has established partnerships with over 30 pharmaceutical companies and has more than 20 projects in development, with three drugs already achieving early value transformation through external licensing [6]. Group 2: Financial Performance - The company's revenue has shown growth from $30.15 million in 2022 to $85.83 million in 2024, but there was a significant decline of 54% in the first half of 2025, with revenue dropping to $27.46 million [8]. - Insilico has been operating at a loss, with net losses of $220 million in 2022, $211 million in 2023, and $17 million in 2024, alongside a loss of $19.22 million in the first half of 2025 [8][10]. - The company's financial structure is heavily reliant on milestone payments from a few key partners, with the largest customer contributing 66.3% of revenue in the first half of 2025, leading to significant revenue volatility [8][10]. Group 3: Market Context - The listing attempt occurs in a vibrant market for biopharmaceutical financing in Hong Kong, with 21 companies successfully listed in 2025 and over 50 more having submitted applications [5]. - Recent successful listings, such as Baijia Pharmaceutical, which saw a 138% surge on its debut, indicate strong market enthusiasm for innovative therapies [5]. - However, the regulatory environment is tightening, emphasizing the need for robust data and clear commercialization pathways, which may pose challenges for companies like Insilico [5].

Core Viewpoint - The AI-driven drug development platform, DeepMind, has successfully completed a nearly $50 million Series D financing round, indicating strong investor confidence in the company's potential and growth prospects [1][1]. Financing Details - The Series D financing round was led by Dinghui Baifu, with participation from existing investors including New Ding Capital and Sequoia China [1][1]. - The financial advisory for this round was provided exclusively by Index Capital [1][1].