证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/02/24） 崔健 渤海证券研究所晨会纪要（2026.02.24） 固定收益研究 债市延续偏强震荡——利率债周报 行业研究 1-8 批国家药品集采平稳接续，基药目录管理办法印发——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 5 晨会纪要（2026/02/24） 固定收益研究 债市延续偏强震荡——利率债周报 王哲语（证券分析师，SAC NO：S1150524070001） 周 喜（证券分析师，SAC NO：S1150511010017） 李济安（证券分析师，SAC NO：S1150522060001） 统计区间：2026 年 2 月 6 日至 2026 年 2 月 12 日。 统计期内，一级市场共发行利率债 96 只，实际发行总额为 9643 亿元，节前发行规模依然较高，其中，国 债发行规模增加，专项债发行规模小幅减少。 4、二级市场：债市延续偏强震荡 统计期内债市延续偏强震荡特征， ...

长风药业（02652）发布公告，本公司自主研发的吸入粉雾剂候选药物ICF004（产品）的新药临床试验 （IND）申请（该申请）已获中国国家药品监督管理局（NMPA）受理。 ICF004拟用于治疗进行性纤维化间质性肺病，该疾病领域包括特发性肺纤维化及进行性肺纤维化等危 及生命的适应症。ICF004采用吸入干粉给药途径，旨在将药物直接递送至肺部病变区域，从而增加肺 部局部暴露量，同时尽可能降低全身暴露量，以期实现疗效与安全性之间更为有利的平衡。 在已完成的临床前研究中，ICF004经吸入给药后呈现差异化的分布特征，表现为肺组织高暴露量及低 全身暴露量。上述研究结果支持以局部给药方式提高靶器官递送效率、同时降低全身负担为核心的开发 策略。此外，在相关临床前模型中观察到的抗纤维化活性趋势为进一步临床开发提供了初步支持性证 据；然而，上述研究结果能否转化为人体的临床疗效及安全性获益，仍有待于未来临床试验中加以验 证。 该申请的受理是本公司创新药研发进程中的重要里程碑，并进一步体现了本公司在复杂呼吸制剂及精准 递送平台方面的转化潜力。本公司相信，ICF004项目的进展展现了本公司整合复杂制剂、递送系统及 装置工程以针对临 ...

Group 1: AI and Automation - Anthropic's Claude Code can now automate the exploration and analysis phase of COBOL modernization, traditionally requiring large consulting teams, impacting IBM's consulting service model [1] - OpenAI has established long-term partnerships with four consulting firms to deploy its enterprise AI agent platform, significantly lowering the barrier for businesses to adopt AI technology [2] - Uber has launched a new department, Uber Autonomous Solutions, aimed at commercializing autonomous driving technology, enhancing market expectations for the transition from technology validation to commercial operation [4] Group 2: Pharmaceuticals and Healthcare - Eli Lilly has introduced a new dosage form of its weight loss drug Zepbound, priced at $299 per month, with Q4 revenue in the U.S. reaching $4.2 billion, a 122% increase year-over-year [3] Group 3: Technology and Consumer Electronics - Samsung has integrated Perplexity into its Galaxy AI platform, allowing users to access and control various applications, enhancing competitive differentiation in the smartphone AI market [5]

Group 1 - Heptares Therapeutics has entered into a licensing and equity cooperation agreement with Solstice Oncology for HBM4003, granting exclusive rights for development and commercialization outside Greater China, with potential upfront payments exceeding $105 million [1] - Frontier Biotech has signed an exclusive licensing agreement with GlaxoSmithKline (GSK) for two small RNA (siRNA) pipeline products, one of which is in the IND stage, marking a significant breakthrough in its international strategy [2] - CStone Pharmaceuticals has received approval from the UK Medicines and Healthcare products Regulatory Agency for a new indication of Sugli monoclonal antibody for treating adult patients with advanced non-small cell lung cancer, highlighting its global operational capabilities [3] Group 2 - Novo Nordisk's stock has dropped significantly following the disappointing clinical data for CagriSema, which showed only a 23% weight loss effect, failing to meet the primary endpoint of the trial [4] - Tongce Medical's chairman and executives have announced plans to increase their shareholding in the company, aiming to stabilize market sentiment amid pressures from weak consumer demand and dental implant procurement [5]

Group 1: Market Overview - The A-share market is experiencing a wide range of fluctuations, with a focus on price-increasing sectors and export industry chains [6][9] - As of February 13, 2026, the major indices showed declines: the Shanghai Composite Index fell by 1.26% to 4082.07 points, and the ChiNext Index dropped by 1.57% to 3275.96 points [6][7] - The overall market sentiment is cautious, with expectations of a gradual return to intrinsic market dynamics as the National People's Congress approaches [6][8] Group 2: Industry Dynamics - Hansoh Pharmaceutical's (3692.HK) Amivantamab has been approved for marketing in the EU for specific types of lung cancer [27] - The world's largest offshore wind farm, Hornsea 3, is set to begin construction, with significant logistical preparations already underway [29] - The CWEA reported that China's wind power installation capacity is expected to grow significantly, with a 49.9% year-on-year increase anticipated for 2025 [31] Group 3: Company Updates - Dongfang Cable (603606.SH) has successfully shipped a large-scale underwater cable to the UK, valued at over 900 million RMB, for use in multiple offshore wind projects [37] - The actual controller of Youkeshu (300209.SZ) plans to increase his stake in the company, reflecting confidence in its business recovery [39] - The electric motorcycle industry is seeing accelerated growth due to new policies and market demand, with over 12.5 million units expected to be replaced under the "old for new" subsidy program in 2025 [33]

Market Overview - Concerns over AI and renewed risks from trade wars led to a decline of at least 1% in all three major US stock indices, with financial and software stocks dragging down the market [2] - IBM's stock plummeted 13%, marking its largest single-day drop in 25 years, due to threats posed by Anthropic's products to programming languages [2][9] - The financial sector fell over 3%, with American Express down more than 7% and KKR dropping nearly 9% [2] - Retail stocks sensitive to tariffs also fell, with Wayfair down nearly 10% [2] - European and UK stock indices dropped from record highs, with Novo Nordisk's stock falling over 16% after trial results showed its weight loss drug was less effective than Eli Lilly's [2] US Treasury and Currency Markets - US Treasury yields rebounded, with the 10-year yield approaching a three-month low [3] - Following the Supreme Court's overturning of Trump's tariffs, the US dollar fell from a four-week high over two days [3] - The offshore RMB rose above 6.89, nearing a three-year high [3] AI and Technology Developments - Anthropic announced its Claude Code tool could modernize Cobol systems, causing IBM's stock to drop significantly [9] - Nvidia launched a new laptop chip aimed at re-entering the consumer PC market, focusing on lightweight designs with long battery life [22] - ASML revealed breakthroughs in EUV light source technology, potentially increasing chip production by 50% by 2030 [22] Trade and Tariff Developments - The US Customs announced it would stop collecting tariffs deemed illegal by the Supreme Court starting February 24 [19] - The Democratic Party aims to block any attempts to extend tariffs and is pushing for a refund scheme for previously paid tariffs [19] - The European Parliament has paused the approval of the US-EU trade agreement, with the UK potentially facing the largest impact from new tariffs [20] Private Equity and Market Conditions - Bain & Company reported that the private equity industry is facing a prolonged downturn, with a backlog of $3.8 trillion in assets [24] - The report indicated that profit return rates have dropped to a 16-year low, and investor expectations have risen to a 20% return threshold [24] AI and Economic Predictions - A hypothetical report from Citrini Research suggested that while AI productivity may exceed expectations, it could lead to significant job losses and economic contraction by 2028 [21] - The report triggered a sell-off in various sectors, including food delivery and payment software, as investors reacted to potential risks associated with AI [21] Robotics and AI Applications - The performance of humanoid robots during the Spring Festival Gala highlighted significant advancements in hardware, with expectations for a surge in shipments from 20,000 to 76,000 units by 2026-2027 [29] - The introduction of AI capabilities in robotics is anticipated to drive further applications and market growth [29]

今日提示 ·证监会近日对天风证券为武汉当代集团涉嫌违法提供融资及信息披露违法违规行为作出行政处罚及市 场禁入事先告知。 ·北交所新股海菲曼24日发行，申购代码920183，发行价19.71元/股，发行市盈率14.99倍，申购上限 47.37万股，主营耳机等电声产品。 上证精选 ·春节期间，阿里、字节、智谱、Kimi、Minimax、Google等大模型厂商纷纷发布新模型和产品。除夕当 天，豆包AI互动总数达19亿次，"豆包过年"活动在除夕帮助用户生成超过5000万张新春主题头像、生成 超过1亿条新春祝福。 ·据猫眼专业版数据，截至2月23日14时11分，2026年2月电影市场总票房已破60亿元，《飞驰人生3》 《惊蛰无声》《镖人：风起大漠》分列2月票房榜前三位。 ·飞猪平台2月23日发布的数据显示，2026年春节假期，该平台国内游订单量再创新高，其中门票订单量 同比去年增长超80%，酒店间夜量同比增长75%。AI预订旅行服务大爆发，飞猪AI订单量比节前增长 800%以上。国内冰雪游热情高涨，跨境游继续强劲增长。 ·2月24日，1年期和5年期以上LPR将公布最新值。 ·苹果公司将于2月24日举行线上年度股东大会 ...

丨2026年2月24日星期二丨 NO.1 和铂医药就新一代CTLA-4抗体达成授权协议及股权合作 2月23日，和铂医药公告称，公司与SOLSTICE ONCOLOGY就HBM4003订立授权协议及股权合作协 议。据此，公司同意向Solstice Oncology授予独家授权，以在大中华区以外地区开发及商业化其临床阶 段组合资产HBM4003。根据该等协议的条款，公司有资格获得价值超过1.05亿美元的前期对价。 2月23日，基石药业公告称，舒格利单抗的新适应证申请已获英国药品和医疗保健用品管理局批准单药 用于治疗肿瘤细胞PD-L1表达≥1%、无表皮生长因子受体敏感突变或ALK、ROS1基因组变异、在含铂 放化疗后未出现疾病进展的、不可切除的III期非小细胞肺癌成人患者。 点评：这是舒格利单抗出海进程的又一里程碑。不过，非小细胞肺癌领域PD-1/PD-L1竞争白热化，基 石药业需依托合作伙伴的本地化商业化能力抢占份额，本次获批更多体现监管认可度与全球化运营能力 的提升。 NO.4 诺和诺德股价大跌，CagriSema临床数据不及预期 2月23日，丹麦药企诺和诺德股价大跌。消息面上，公司公布了CagriSema临床 ...

大中华区要闻： 1、美股三大指数均跌超1%，IBM跌超13%，诺和诺德跌超16%； 2、纽约期金涨3.3%，纽约期银涨超7.2%； 3、摩通：预估2026年铜市将出现13万吨供应缺口； 4、美国被曝已决定对伊朗发动军事打击 预计23日或24日； 5、多地骚乱！多国针对墨西哥发布安全警告； 6、特朗普：最高法在无意间给予了我更多的权力； 7、特朗普：任何想"耍花招"的国家将面临更高的关税； 8、特朗普释放美伊局势缓和信号：更倾向协议而非战争； 9、美总统特使威特科夫和女婿库什纳将参加新一轮美伊谈判； 来源：格隆汇APP 1、马年春节假期期间现货白银大涨近17% 多国指数创新高； 2、突破80亿！2026中国电影票房暂列全球第一； 3、香港黄金交易所：金价稍调整后 有望第二三季挑战6000美元； 4、春晚概念股梳理； 5、CINNO Research：淡季叠加成本高企 2月手机面板价格全线下行； 6、花旗：马年新春高端中场玩家人均投注升13%，创下纪录高位； 7、今日A股海菲曼申购； 8、国浩集团中期股东应占综合溢利20.26亿港元 同比增加13%； 9、爱德新能源拟认购Horizon Minerals发行的36 ...

近日，德国、西班牙、美国、俄罗斯等国领导人相继公布访华计划，"访华热"持续升温。2026年开年以 来，韩国、爱尔兰、加拿大、芬兰、英国、乌拉圭等国领导人相继访华；中国同周边、欧洲、北美、拉 美、非洲等开展双多边积极互动……"向东看""到中国去"正成为国际社会一股热潮。 开年"访华热"向世界传递了哪些信号？专家分析，面对变乱交织的世界，中国为全球提供了宝贵的稳定 性和发展的可预期性。多家外媒报道指出，这一现象凸显了中国在全球局势动荡背景下所展现的稳定特 质。 "中国外交迎来了一个'小阳春'" 外国领导人访华不只是一场场外交活动，还是一次次有温度、有深度的文明交流 对此，专注于中美关系的智库中美研究中心发文称，这不仅体现各国对华政策正出现不同程度的调整， 也需关注中方在这些访问期间传递的信息。中国主张的和平发展等内容，应被看作是中方为打破长期安 全化叙事、重建务实合作空间所做的努力。 近期，外国领导人访华呈现出3个特点：行程时间较长，活动安排丰富，随行代表团阵容强大。 加强务实合作是外国领导人访华的共同诉求。他们带着阵容强大的代表团而来，又带着丰硕的合作成果 而归：中韩签署科技创新、生态环境、交通运输、经贸合作等 ...