[Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn [Table_Industry] [Table_BaseData] 1) 区间回顾。2 月 9 日-2 月 27 日，医药生物板块跌 0.32%，跑输 Wind 全 A（3.89%）和沪深 300（1.44%）。 从细分板块来看，医疗耗材（3.64%）、其他生物制品 （2.78%）和原料药（0.68%）领涨，线下药店（-2.12%）、 化学制剂（-1.53%）和医药流通（-1.37%）领跌。从个 股来看，万泽股份（44.06%）、科源制药（34.82%）和 多瑞医药（20.77%）涨幅居前，国发股份（-10.19%）、 泽璟制药-U（-10.18%）和花园生物（-9.4%）跌幅居 前。 2) 测序仪龙头押注技术跃迁。2 月 23 日，华大智造公告 与瑞士 Swiss Rockets 达成战略交易，以 5000 万美元 对价出售美国子公司 CGI 股权并锁 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the healthcare sector, including BeiGene, JD Health, and others, indicating a positive outlook for these stocks over the next 12-18 months [1]. Core Insights - The Hang Seng Healthcare Index rose by 6.8% during the week of November 10-14, 2025, significantly outperforming the Hang Seng Index, which increased by 1.3%. Year-to-date, the healthcare index has surged by 80.5%, outperforming the Hang Seng Index by 48.0 percentage points [4][15]. - The strong performance of the healthcare sector is attributed to better-than-expected third-quarter results from JD Health and BeiGene, which have increased market attention. Additionally, prior corrections in the Hong Kong healthcare sector have attracted capital inflows from other sectors [4][28]. - Sub-sector performance for the week included internet healthcare (+12.7%), biotech (+9.5%), pharmaceuticals (+5.2%), and pharmaceutical distribution (+4.3%), while medical devices saw a slight decline of -0.2% [4][15]. Summary by Sections Company Performance - JD Health reported a revenue of CNY 17.1 billion for Q3 2025, a year-on-year increase of 28.7%, exceeding expectations. The company also achieved a net profit of CNY 18.4 billion, reflecting a 97.2% increase year-on-year [11][33]. - Laekna entered into an exclusive licensing agreement for the AKT inhibitor LAE002, with potential payments totaling up to CNY 25.75 billion, including upfront and milestone payments [12][33]. - Rona Therapeutics presented positive Phase 1 clinical trial results for its siRNA drug RN0361, showing significant reductions in ApoC3 and triglyceride levels, with effects lasting at least six months [13][33]. - Insilico Medicine announced a collaboration with Eli Lilly for AI-driven drug discovery, with potential revenues exceeding USD 100 million from this partnership [14][33]. Market Dynamics - The report highlights that the healthcare sector's strong performance is expected to continue, particularly for internet healthcare and CXO/research service leaders, as well as top-tier biotech and pharmaceutical companies with robust fundamentals and successful overseas clinical trials [4][28].