作为未来产业之一，生物制造赛道近期多点开花、动能充沛。政策层面持续加码，上海市近期印发行动 方案，将生物制造纳入积极引导的新兴产业领域，确立其战略优先级；企业端积极发力，富祥药业通过 成立跨国合资公司推进微生物蛋白全球化布局；科研前沿同步突破，"合成高等生物"先导项目启动，AI 驱动下的生命科学创新持续深化，多方协同发力激活万亿产业新潜力。 ● 本报记者 傅苏颖 万亿赛道根基渐牢 近年来，政策高度聚焦产业化落地与技术突破，形成多层次支撑体系，促进我国生物制造产业蓬勃发 展。 工信部此前披露，"十四五"期间，我国生物制造产业规模稳步扩大，总规模达1.1万亿元，生物发酵产 品产量占全球70%以上。其中食品及添加剂、生物制药等细分领域年产值超4000亿元，推动生物制造成 为新的经济增长点。易凯资本预测，到2030年，中国生物制造市场规模将会接近1.8万亿元。 长城证券化工新材料首席分析师肖亚平在接受中国证券报记者采访时表示，合成生物学技术作为生物制 造的核心支撑，可推动产业实现低碳生产、提升劳动生产率，其成果广泛应用于医疗健康、能源开发、 环境保护、工业制造等多个领域，为解决人类面临的各类发展挑战提供创新解决方案， ...

经营范围含一般经营项目是：细胞技术研发和应用；医学研究和试验发展；技术服务、技术开发、技术 咨询、技术交流、技术转让、技术推广；非居住房地产租赁；健康咨询服务（不含诊疗服务）；生物基 材料制造；生物基材料销售；生物基材料技术研发；自然科学研究和试验发展；生物化工产品技术研 发。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动），许可经营项目是：药品委托生 产；药品进出口；药品零售；药品生产；药品批发；检验检测服务。（依法须经批准的项目，经相关部 门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准） 企业名称深圳市羲和生命科技有限责任公司法定代表人郭采平注册资本10000万人民币国标行业科学研 究和技术服务业>研究和试验发展>工程和技术研究和试验发展地址深圳市光明区新湖街道云谷社区北 圳路669号卫光生命科学园一期5栋1层企业类型有限责任公司营业期限2026-2-9至无固定期限 来源：市场资讯 天眼查显示，近日，深圳市羲和生命科技有限责任公司成立，法定代表人为郭采平，注册资本10000万 人民币，深圳市卫光生物制品股份有限公司、深圳市深业生物医药产业发展有限公司、深圳细胞谷生物 医药 ...

Core Viewpoint - The company, Changchun High-tech Industry (Group) Co., Ltd., announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial application of the injectable GenSci136 drug, which is intended for the treatment of Immunoglobulin A Nephropathy (IgAN) [1][2]. Group 1: Drug Information - The product name is injectable GenSci136, and it is a Class 1 biological product developed by Jinsai Pharmaceutical for the treatment of IgAN [1]. - The clinical trial application was approved under acceptance number CXSL2600033, allowing the drug to proceed with clinical trials [1]. Group 2: Disease Context - IgAN is the most common primary glomerulonephritis globally and accounts for 39.73% of primary glomerulonephritis cases in China, primarily affecting individuals aged 30 to 40 [2]. - The disease progresses slowly but has a poor prognosis, with 20%-50% of patients eventually progressing to renal failure, posing a significant burden on families and the healthcare system [2]. - There is a substantial unmet clinical need for effective treatments for IgAN, as existing therapies have limitations in efficacy and safety [2]. Group 3: Drug Mechanism and Potential - Injectable GenSci136 is designed as a B-cell maturation antigen (BCMA) trimeric fusion protein, which enhances the blocking activity against endogenous ligands, potentially impacting the survival and differentiation of B lymphocytes and plasma cells [3]. - The drug aims to provide a new, safe, and effective first-line targeted treatment option for IgAN patients, with the potential for long-term application without the need for preventive anti-infection treatment [3].

Group 1 - The core announcement from Yongtai Bio (stock code: 6978) is regarding the financing through the issuance of new convertible bonds and notes, raising a total of approximately 300 million RMB [1] - The total principal amount of the new convertible bonds issued is 270 million RMB, while the principal amount of the notes is 30 million RMB [1] - The initial conversion price for the new convertible bonds is set at 2.92 HKD, representing a premium of about 18.2% over the previous trading day's closing price of 2.47 HKD [1] Group 2 - Upon full conversion, the company will issue 102,880,787 shares, which accounts for approximately 16.7% of the existing issued share capital [1] - The funds raised will be specifically used for the full and final repayment of the principal amount of the 2023 convertible bonds, which are due on February 20, 2026 [1] - The issuance is conducted under the general authorization granted by the shareholders' meeting and is expected to be completed after certain conditions of the subscription agreement are met or waived [1]

截至目前，2026年已有12家公司通过美股IPO募集约50亿美元资金，覆盖AI设备、生物制药等领域，其 中包括AI设备制造商Forgent Power和生物制药公司Eikon Therapeutics。英伟达的竞争对手Cerebras Systems近期完成10亿美元后期融资，估值达230亿美元，已进入上市筹备阶段。 2026年2月9日，高盛分析师指出，伴随SpaceX、OpenAI和Anthropic等头部企业临近上市，美国IPO市场 将在2026年迎来强劲复苏，全年募资规模预计翻两番至1600亿美元，创下历史新高。 该机构同时预计，2026年美国IPO数量将翻倍至120宗，经济增长改善、金融环境宽松等因素，共同推 动企业上市意愿与投资者风险偏好提升。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 从市场结构来看，软件与医疗健康公司将成为IPO发行主力；募资规模层面，少数后期阶段的大型科技 与人工智能企业将成为主要增长引擎。SpaceX、OpenAI及Anthropic等头部企业的上市节奏，将直接决 定2026年IPO市场的整体规模与 ...

恩维达 (通用名：恩沃利单抗注射液，原研代号：KN035)是重组人源化抗程序性死亡配体1(PD-L1)单域 抗体Fc融合蛋白。恩维达由康宁杰瑞生物制药(09966)的获豁免有限公司及其附属公司(均为独立第三 方))自主研发， 2016年起与公司合作开发。于2020年3月30日，江苏康宁杰瑞生物制药有限公司(为康宁 杰瑞的全资附属公司)、思路迪医药及江苏先声药业有限公司(为先声药业集团有限公司的附属公司)订立 一份合作协议。根据该协议，江苏先声获授予恩维达于中国大陆内的肿瘤适应症的独家市场推广权及对 外许可或转让下的优先受让权。于2024年1月，公司已与康宁杰瑞及Glenmark Specialty S.A.(Glenmark) 订立许可协议，据此思路迪医药与康宁杰瑞同意向Glenmark授予恩维达肿瘤适应症的独家许可及再授 权，以(其中包括)在印度、亚太区(新加坡、泰国及马来西亚除外)、中东及非洲、俄罗斯、独联体国家 及拉丁美洲在肿瘤所有使用领域开发及商业化恩维达。此外，其作为全球首个皮下注射PD-L1抑制剂， 已于2021年11月获得国家药监局批准上市用于不可切除或转移性微卫星高度不稳定(MSI-H)或错配 ...

Core Viewpoint - Yongtai Bio-B (06978) has announced a conditional agreement to issue new convertible bonds worth RMB 270 million and notes worth RMB 30 million, aimed at repaying existing convertible bonds due on February 20, 2026 [1] Group 1: Convertible Bonds and Notes - The new convertible bonds will have an initial conversion price of HKD 2.92 per share, equivalent to RMB 2.62 [1] - Upon full exercise of the conversion rights attached to the new convertible bonds, a maximum of 103 million shares will be issued, representing approximately 16.66% of the existing issued shares and about 14.28% of the enlarged issued shares after the conversion [1] Group 2: Use of Proceeds - The proceeds from the subscription will be exclusively used for the full and final repayment of the 2023 convertible bonds [1] - The issuance of the new convertible bonds and notes will be secured by collateral as per the relevant documentation [1] Group 3: Conditions and Agreements - The investors are required to sign a repayment deed in favor of the company, confirming the full and final repayment of the 2023 convertible bonds upon receipt of the new convertible bonds and notes [1]

Group 1 - The core point of the news is that Sihuan Pharmaceutical (01244) has received acceptance from the National Medical Products Administration (NMPA) for the regular approval of Envita (generic name: Envafolimab injection), which was previously conditionally approved [1] - The application was submitted by Sichuan Sihuan Kangrui Pharmaceutical Co., Ltd., and the submission materials were completed and accepted on February 2, 2026 [1] Group 2 - Envita (generic name: Envafolimab injection) is a recombinant humanized anti-PD-L1 single-domain antibody Fc fusion protein developed by Kangning Jereh Biopharmaceutical (09966) and its subsidiaries, in collaboration with Sihuan Pharmaceutical since 2016 [2] - A cooperation agreement was signed on March 30, 2020, granting Jiangsu Xiansheng exclusive marketing rights for Envita in mainland China for oncology indications [2] - In January 2024, Sihuan Pharmaceutical entered into a licensing agreement with Kangning Jereh and Glenmark Specialty S.A., granting exclusive licensing rights for Envita in oncology indications across various regions including India, the Asia-Pacific (excluding Singapore, Thailand, and Malaysia), the Middle East, Africa, Russia, CIS countries, and Latin America [2] - Envita is the world's first subcutaneous PD-L1 inhibitor, which was approved by the NMPA in November 2021 for the treatment of adult patients with unresectable or metastatic microsatellite instability-high (MSI-H) or mismatch repair-deficient (dMMR) advanced solid tumors [2]

Core Viewpoint - The company has received conditional approval for its drug Envita (generic name: Enviroli monoclonal antibody injection) to transition to regular approval, with the application officially accepted by the National Medical Products Administration (NMPA) of China [1] Group 1 - The application for Envita was submitted by Sichuan Silu Kangrui Pharmaceutical Co., Ltd., a subsidiary of the company, and the submission materials were completed and accepted on February 2, 2026 [1] - Envita is a recombinant humanized anti-PD-L1 single-domain antibody Fc fusion protein, developed by CanSino Biologics and has been in collaboration with the company since 2016 [2] - A cooperation agreement was established in March 2020 between Jiangsu CanSino Biologics, the company, and Jiangsu Xiansheng Pharmaceutical, granting exclusive marketing rights for Envita in mainland China for oncology indications to Jiangsu Xiansheng [2] Group 2 - In January 2024, the company entered into a licensing agreement with CanSino and Glenmark Specialty S.A., granting exclusive licensing and re-licensing rights for Envita in oncology indications across various regions including India, the Asia-Pacific (excluding Singapore, Thailand, and Malaysia), the Middle East, Africa, Russia, CIS countries, and Latin America [3] - Envita is the world's first subcutaneous PD-L1 inhibitor, which received approval from the NMPA in November 2021 for the treatment of adult patients with unresectable or metastatic microsatellite instability-high (MSI-H) or mismatch repair-deficient (dMMR) advanced solid tumors [3]

高盛相信，信达生物将继续保持其在中国生物技术领域的领先地位，主要得益于拥有大量针对下一代免 疫肿瘤靶点的新型分子，并已获得令人鼓舞的初步数据(如IBI363(PD-1/IL-2α偏向性双特异性抗体)，在 免疫治疗/冷肿瘤中具有差异化的药物特性；强大的商业化能力及与全球合作伙伴，特别是礼来公司的 深度合作等。 高盛发布研报称，信达生物(01801)昨日(8日)宣布与礼来(LLY.US)美元的里程碑付款；及基于中国以外 地区净销售额的分级销售特许权使用费。高盛考虑到当前市场隐含的加权平均资本成本(12%)较高，认 为其目前股价被低估；予该股"买入"评级；基于风险调整后、现金流量折现法，予目标价102.85港元。 信达生物 分时图 日K线 周K线 月K线 85.40 5.90 7.42% 8.18% 5.45% 2.73% 0.00% 2.73% 5.45% 8.18% 73.00 75.17 77.33 79.50 81.67 83.83 86.00 09:30 10:30 12:00/13:00 14:00 16:10 0 31万 62万 94万 ...