Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical sector [4] Core Insights - The pharmaceutical sector is experiencing a rebound due to the recognition of its importance as a pillar industry during the Two Sessions, alongside specific market events that have positively influenced certain stocks, particularly in innovative drugs and vitamin price increases [10][28] - The report emphasizes the importance of innovation and international expansion as key drivers for the pharmaceutical industry in 2026, with a focus on high-growth Q1 performance and strategic combinations of companies [10][21] - The report identifies specific companies to watch, including KJ Pharmaceuticals, Weili Zhibo-B, and others, highlighting their innovative drug pipelines and potential for growth [10][13][22] Summary by Sections 1. Newly Included Hong Kong Stock Connect Pharmaceutical Targets - The report outlines the new pharmaceutical targets included in the Hong Kong Stock Connect for March 2026, which are expected to benefit from improved liquidity and valuation [13] - Key companies include: - **InSilico Medicine**: Focused on AI drug discovery with promising clinical pipelines [13][17] - **KJ Pharmaceuticals**: Leading in CAR-T cell therapy for solid tumors [18][21] - **Weili Zhibo**: Developing multi-mechanism immunotherapy for tumors [22] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical index decreased by 2.78% from March 2 to March 6, underperforming compared to the ChiNext and CSI 300 indices [28] - The report notes that the pharmaceutical sector has been in a state of recovery, with specific stocks showing significant rebounds due to market dynamics [10][28] - The report highlights the trading volume in the pharmaceutical sector, which accounted for 3.40% of the total market turnover, below the historical average of 7.08% [47] 3. Industry Valuation and Performance - The current PE ratio for the pharmaceutical sector is 30.48X, which is below the historical average of 35.85X, indicating a relative undervaluation [46] - The report notes that the valuation premium of the pharmaceutical sector compared to the A-share market is at a low level, suggesting potential for future growth [46][48]

Group 1 - The report highlights that the GDP increment for 2026 is expected to exceed 6 trillion yuan, with a growth target of 4.5%-5% [5][6] - The six emerging pillar industries in the technology sector (integrated circuits, aerospace, biomedicine, low-altitude economy, new energy storage, and intelligent robotics) are projected to reach a combined output of over 10 trillion yuan by 2030, doubling from nearly 6 trillion yuan in 2025 [6][15] - The service industry is anticipated to surpass 100 trillion yuan during the "14th Five-Year Plan" period, indicating significant growth potential in the consumption sector [6][15] Group 2 - The report emphasizes the importance of expanding domestic demand, with a focus on service consumption and new consumption models, including a special bond issuance of 250 billion yuan to support the replacement of consumer goods [7][17] - Key areas for service consumption include transportation, housekeeping, online audio-visual services, tourism, automotive aftermarket, and inbound consumption, along with potential growth in performance arts and experiential services [7][17] - The report suggests that the government will encourage consumption in lower-tier markets, promoting innovative consumption experiences and enhancing local cultural brands [7][17] Group 3 - The report recommends a focus on sectors aligned with the "14th Five-Year Plan," particularly in technology industry revolutions, national security, and the expansion of domestic demand [8] - Specific investment themes include the impact of geopolitical tensions on metal resources and energy transitions, as well as opportunities in AI infrastructure and hard technology sectors [8] - The report advises monitoring industries that are expected to benefit from policy support for service consumption and market expansion [8]

Core Viewpoint - The research reveals a new mechanism of immune evasion in KRAS-mutant colorectal cancer (CRC), highlighting the potential of targeting the TRIP6–ENO2–CD44 lactylation signaling axis as a promising strategy to overcome resistance to immunotherapy [3][8]. Group 1: Research Findings - The study identifies TRIP6 phosphorylation as a key mechanism for immune evasion in KRAS-mutant CRC [6]. - In KRAS wild-type CRC cells, unphosphorylated TRIP6 binds to KDM1A, inhibiting ENO2 expression and limiting glycolysis [6]. - In KRAS-mutant CRC cells, ERK1/ERK2-mediated TRIP6 phosphorylation disrupts this interaction, enhancing glycolysis and lactate production, which leads to increased lactylation of CD44 on CD8+ T cells [6]. Group 2: Implications for Treatment - Elevated extracellular lactate levels impair CD8+ T cell function by damaging hyaluronic acid binding and AKT signaling [6]. - The research team developed a specific blocking peptide, mPT6, which restores T cell function and enhances the efficacy of PD-1 immunotherapy in preclinical models [6][8]. - The findings suggest that targeting the TRIP6–ENO2–CD44 lactylation axis could be a viable approach to address immunotherapy resistance in KRAS-mutant CRC [8].

Economic Goals - The "15th Five-Year Plan" emphasizes flexible economic growth targets, aiming to maintain growth within a reasonable range and adjust annually based on circumstances[2] - R&D investment growth targets remain unchanged, reflecting a commitment to innovation-driven development[2] - New quantitative goals include the digital economy's core industry value-added ratio, energy production capacity, and aging-related indicators, addressing technological, energy, and demographic challenges[2] Policy Orientation - The policy tone for 2026 is characterized by stability and progress, focusing on quality and efficiency, with an emphasis on balancing domestic and international dynamics[3] - Fiscal policy is more proactive, prioritizing "investment in people" to boost consumption, while "investment in things" focuses on major projects[3] - Monetary policy remains moderately loose, with a goal to promote reasonable price recovery, reinforcing inflation expectations in the market[3] Consumption and Investment - Domestic demand is prioritized, with measures to boost consumption and investment, including a special fund of 100 billion yuan to stimulate demand[4] - Investment focuses on new productivity, new urbanization, and comprehensive human development, with a commitment to support "dual heavy" construction[4] - The issuance of 800 billion yuan in new policy financial instruments aims to attract more social capital for investment[4] New Growth Drivers - Traditional industries will be optimized with unchanged fiscal support for equipment upgrades, while smart manufacturing and construction will be expanded[5] - Emerging and future industries are prioritized, including integrated circuits, aerospace, biomedicine, and low-altitude economy, with new focus areas like future energy and brain-computer interfaces[5] - The digital economy is transitioning to an intelligent economy, with comprehensive support for AI initiatives and new infrastructure projects[5] Green Transition - The target for carbon dioxide emissions per unit of GDP is set to decrease by approximately 3.8%, emphasizing carbon reduction over energy consumption reduction[6] - Establishment of a national low-carbon transition fund to foster new growth points in hydrogen energy and green fuels[6] - Development of a new energy power system and acceleration of smart grid construction are key initiatives[6] Market Reforms - The report emphasizes the need for a unified national market, with measures to combat "involution" competition through capacity regulation and quality supervision[8] - Financial and tax reforms are highlighted, with a focus on expanding private equity and venture capital exit channels[8] - Efforts to enhance the vitality of business entities include addressing overdue payments to enterprises[8] Real Estate and Urbanization - The focus in real estate has shifted from stabilizing the market to ensuring market stability, aligning with previous central economic work conference discussions[9] - Urbanization strategies emphasize a people-centered approach, with plans for the renovation of old urban areas potentially increasing demand in related industries[9]

Group 1 - The government work report emphasizes a comprehensive approach that connects short-term and long-term goals, focusing on the integration of annual targets with the 14th Five-Year Plan and the 2035 vision [5][18] - Key tasks such as expanding domestic demand, strengthening innovation, promoting reform, improving people's livelihoods, and preventing risks are systematically planned within the same framework, reflecting a stronger overall coordination [5][19] - The report introduces a 100 billion yuan fiscal-financial collaborative fund to promote domestic demand, showcasing a granular and actionable policy tool [5][20] Group 2 - The economic growth target for 2026 is set at 4.5%-5%, indicating a balance between stable growth and structural adjustment, with a focus on long-term development [6][24] - The fiscal deficit rate is maintained at around 4%, with a deficit scale of 5.89 trillion yuan, reflecting a proactive fiscal policy stance [32][36] - The emphasis on building a strong domestic market is highlighted as the top priority among the government's ten major tasks, indicating a shift towards a more systematic and long-term approach to domestic demand [33][34] Group 3 - Fiscal policy continues to support both "material" and "human" investments, with significant allocations for technology, education, and social welfare [7][45] - The monetary policy remains moderately loose, with potential for further reductions in reserve requirements and interest rates, aimed at stabilizing economic growth and guiding prices [47][48] - Structural tools are significantly expanded, with a focus on precise financial support for key sectors, including consumption and small and medium-sized enterprises [48][49] Group 4 - The industrial policy emphasizes stabilizing the manufacturing base while nurturing new pillar industries, reflecting a dual approach to industrial upgrading [8][51] - The report identifies emerging pillar industries such as integrated circuits, aerospace, biomedicine, and low-altitude economy, indicating a strategic focus on these sectors [53] - The concept of an "intelligent economy" is introduced, highlighting the government's commitment to promoting large-scale applications of artificial intelligence across various industries [54]

Liquidity Data - The US dollar index rose 1.3% to 98.96, briefly hitting a three-month high before easing[2] - Brent crude oil surged 9.3% to US$93.3 amid geopolitical tensions[2] - The 10-year US Treasury yield increased by 18.4 basis points to 4.13% due to rising inflation concerns[2] - Hong Kong equities saw net inflows of HK$8 billion from foreign investors during Feb 26–Mar 4, but reversed to net outflows of HK$29.9 billion during Mar 5–6[2] Sector Trends - Southbound capital significantly increased exposure to energy and banks while accelerating outflows from e-commerce and reducing holdings in biotech and insurance[2] - The strategic revaluation of oil and gas resources is ongoing, with global oilfield service capital expenditures recovering[7] - The report highlights a potential supply shock in oil prices, with Brent crude possibly reaching US$100+ per barrel if geopolitical tensions escalate[34]

Group 1 - The economic growth target for 2026 is set at 4.5%-5%, with a focus on achieving better results in practice. This growth rate is expected to generate significant economic increments as China's GDP surpasses 140 trillion yuan [1] - The government will implement a more proactive fiscal policy and moderately loose monetary policy to support this growth target. The fiscal budget expenditure is projected to exceed 30 trillion yuan for the first time this year [2] - Key emerging industries will be prioritized, including integrated circuits, aerospace, biomedicine, low-altitude economy, new energy storage, and intelligent robotics. Future industries such as quantum technology, biomanufacturing, green hydrogen energy, and 6G will also be developed [1][2] Group 2 - The capital market will focus on supporting technological innovation, with two new inclusive reform measures being introduced: deepening the reform of the ChiNext board and optimizing the refinancing mechanism to simplify processes and improve convenience [1] - The central bank will flexibly use tools like reserve requirement ratio cuts and interest rate reductions, with a focus on expanding domestic demand, supporting technological innovation, and aiding small and micro enterprises [2] - The consumption market in China is expected to grow steadily, with policies aimed at further releasing consumer spending and promoting the purchase of automobiles and mobile phones through national subsidies [2]

Core Viewpoint - Six companies in the Sci-Tech Innovation Board's growth tier have turned profitable in 2025 and will be removed from this tier, marking a significant milestone for these previously unprofitable firms [1][3]. Group 1: Company Performance - Cambrian (688256) reported a revenue of 6.497 billion and a net profit of 2.059 billion in 2025 [1]. - BeiGene (688235) achieved a revenue of 38.2 billion and a net profit of 1.422 billion, reflecting a 40.4% increase in total revenue compared to the previous year [3][5]. - Orbbec (688322) generated a revenue of 941 million and a net profit of 127 million in 2025 [4][6]. - Jikong Electric (688280) reported a revenue of 2.726 billion and a net profit of 162 million [6]. - North Chip Life (688712) achieved a revenue of 542 million and a net profit of 81 million [8]. - Innovent Biologics (688428) projected a revenue of approximately 2.365 billion and a net profit of around 633 million for 2025, although it did not release a performance report by the specified date [9]. Group 2: Growth Tier Overview - The Sci-Tech Innovation Board's growth tier was established to support technology companies that are not profitable at the time of listing but have significant technological breakthroughs and commercial potential [1]. - As of March 6, 2025, there are 39 companies in the growth tier, with 32 existing and 7 newly registered [1].

Core Viewpoint - The article emphasizes the importance of accelerating high-level technological self-reliance and innovation in China, particularly in the context of the 2026 National Two Sessions and the new phase of the "14th Five-Year Plan" [1][2]. Group 1: Technological Advancements - The government work report highlights the need to enhance independent innovation capabilities to support high-quality development, particularly in artificial intelligence, robotics, and innovative pharmaceuticals, which are seen as the core engines driving new productive forces [2][4]. - The "new new three" sectors—artificial intelligence, robotics, and innovative pharmaceuticals—mark a significant shift in China's technological innovation, moving towards intelligent leadership and breakthroughs in life health and high-end equipment [4][7]. - By 2025, China's AI core industry is projected to exceed 1.2 trillion yuan, with over 6,200 companies and an application penetration rate of over 30% in large-scale manufacturing [4]. Group 2: Industry Integration and Application - The report calls for the establishment of a new intelligent economic model, promoting the commercialization and large-scale application of AI technologies across various sectors, including smart manufacturing and healthcare [5][6]. - The robotics industry is expected to transition from scale growth to quality enhancement in 2026, with significant applications in automotive, electronics, and service sectors [5][6]. - Innovative pharmaceuticals are positioned as a critical component of life health, with a notable shift from generic drugs to original innovations, supported by streamlined regulatory processes [6][7]. Group 3: Competitive Advantages - China’s innovation ecosystem is bolstered by four key advantages: a vast market, strong capabilities in technology transfer and industrialization, a new type of national system for tackling core technologies, and a stable development environment [9][10]. - The large consumer market, with over 1.4 billion people and 400 million middle-income individuals, serves as a natural ground for innovation and application [9]. - The new type of national system facilitates coordinated efforts in strategic technology areas, enhancing the role of enterprises in innovation and project implementation [10]. Group 4: Future Industry Development - The government report outlines a strategic focus on future industries such as future energy, quantum technology, embodied intelligence, brain-computer interfaces, and 6G, establishing mechanisms for investment growth and risk sharing [13][14]. - Emphasis is placed on fostering an open innovation environment, integrating global resources, and enhancing cooperation in key technology areas to boost self-reliance and innovation capabilities [14].

国务院新闻办公室于2026年3月7日（星期六）下午3时举行吹风会，请国家发展改革委副主任郑备，国家发展改革委秘书长袁达，国 家发展改革委发展战略和规划司司长陈雷，国家发展改革委创新和高技术发展司司长白京羽，国家发展改革委社会发展司司长刘德 春解读"十五五"规划《纲要（草案）》，并答记者问。 发布会要点如下： 国家发展改革委副主任 郑备： "十五五"规划纲要草案共设18篇、62章、171节 "十五五"规划纲要草案共设18篇、62章、171节，分为三大板块。 第一板块为总论，对应第一篇，包括发展环境、指导方针和主要目标，主要是贯彻落实党中央《建议》明确的指导思想、原则和目 标要求，提出了"十五五"时期经济社会发展的20项主要指标。 第二板块是重大战略任务，对应第二篇至第十七篇，从产业发展、科技创新、数智化发展、国内市场、深化改革、对外开放、乡村 振兴、城乡区域、文化建设、人口发展、民生保障、绿色发展、安全发展、国防建设、民主法治、一国两制等16个方面阐述主要任 务和重大举措。 其中，顺应数字技术和人工智能发展大势，将提升数智化发展水平单独成篇；立足人口发展的阶段性特征，将人口 高质量发展单独成篇。 第三板块是规划 ...