2026 年 02 月 25 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20260225）：酶替代疗法 Loargys 获 FDA 批准 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/2/25 25/5/9 25/7/21 25/10/2 25/12/14 26/2/25 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<太平洋医药日报（20260224）： Molbreevi 获 FDA 授予优先审评资 格>>--2026-02-25 <<太平洋医药日报（20260213）：安进 Inebilizumab 获欧盟批准>>--2026- 02-15 <<太平洋医药日报（20260212）：默沙 东 Keytruda 获 FDA 批准新适应症>>- -2026-02-15 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 电话： E-MAIL：zha ...

2026 年 02 月 24 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20260224）：Molbreevi 获 FDA 授予优先审评资 格 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/2/24 25/5/8 25/7/20 25/10/1 25/12/13 26/2/24 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<太平洋医药日报（20260213）：安进 Inebilizumab 获欧盟批准>>--2026- 02-15 <<太平洋医药日报（20260212）：默沙 东 Keytruda 获 FDA 批准新适应症>>- -2026-02-15 <<太平洋医药日报（20260211）：礼来 米吉珠单抗在华获批新适应症>>-- 2026-02-13 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： E-MAIL： ...

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - AbbVie has submitted regulatory applications for its JAK inhibitor Rinvoq for the treatment of non-segmental vitiligo to both the FDA and EMA, based on positive results from the Phase 3 Viti-Up clinical study [5]. - The pharmaceutical sector showed a slight increase of +0.18% on February 5, 2025, outperforming the CSI 300 index by 0.78 percentage points, ranking 8th among 31 sub-industries [4]. - Among sub-industries, hospitals (+0.81%), offline pharmacies (+0.74%), and medical R&D outsourcing (+0.49%) performed well, while other bioproducts (-0.99%), vaccines (-0.44%), and pharmaceutical distribution (-0.25%) lagged behind [4]. Sub-industry Summary - Chemical pharmaceuticals: No rating [3] - Traditional Chinese medicine production: No rating [3] - Biopharmaceuticals II: Neutral [3] - Other pharmaceutical industries: Neutral [3]

2026 年 01 月 29 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20260129）：Immix 在研 NXC-201 获 FDA 突破 性疗法认定 ◼ 走势比较 (10%) 0% 10% 20% 30% 40% 25/2/5 25/4/17 25/6/27 25/9/6 25/11/16 26/1/26 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<太平洋医药日报（20260128）：罗氏 减重疗法 CT-388 二期临床成功>>-- 2026-01-28 <<太平洋医药日报（20260127）： Sarepta 基因疗法 Elevidys 三期临 床成功>>--2026-01-28 <<太平洋医药日报（20260126）：英矽 智能 ISM8969 获 FDA 批准临床>>-- 2026-01-27 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师 ...

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - Sarepta's gene therapy Elevidys has shown positive results in its Phase 3 clinical trial, maintaining higher than baseline scores in the North Star Ambulatory Assessment (NSAA) after three years in patients treated at an average age of 9 [5]. - The pharmaceutical sector experienced a decline of 1.11% on January 27, 2025, underperforming the CSI 300 index by 1.08 percentage points, ranking 27th among 31 sub-industries [4]. - Among sub-industries, other biological products (+0.13%) and in vitro diagnostics (-0.07%) performed well, while vaccines (-3.55%) and offline pharmacies (-2.69%) lagged [4]. Sub-industry Summary - Chemical Pharmaceuticals: No rating [3] - Traditional Chinese Medicine: No rating [3] - Biopharmaceuticals II: Neutral [3] - Other Pharmaceutical Industries: Neutral [3]

Investment Rating - The overall industry investment rating is neutral, with specific sub-industry ratings as follows: Chemical Pharmaceuticals - No rating, Traditional Chinese Medicine - No rating, Biopharmaceutical II - Neutral, Other Pharmaceuticals - Neutral [3][9] Core Insights - The pharmaceutical sector experienced a slight increase of +0.29% on January 26, 2025, outperforming the CSI 300 index by 0.19 percentage points, ranking 8th among 31 sub-industries in the Shenwan classification. Notable performers included vaccines (+7.99%), in vitro diagnostics (+3.73%), and blood products (+3.47%), while hospitals (-2.01%), medical R&D outsourcing (-1.36%), and offline pharmacies (-1.18%) lagged behind [4][5] - Recently, the company InSilico Medicine announced that its oral NLRP3 inhibitor ISM8969 received FDA approval for clinical trials aimed at treating Parkinson's disease. The upcoming Phase I trial will assess the safety, tolerability, and pharmacokinetics of ISM8969 in healthy volunteers, highlighting its potential to modulate pathological inflammatory responses in neurodegenerative diseases [5] - Ji'an Medical (002432) expects a net profit of 2.02-2.35 billion yuan for 2025, representing a year-on-year growth of 21.05%-40.83%. Meanwhile, Sangfor Health (688336) anticipates a revenue of 4.2 billion yuan, a 251.76% increase, and a net profit of 2.9 billion yuan, reflecting a 311.35% growth [6]

Core Insights - Adidas reported a 7% year-on-year revenue growth for FY2025H1, reaching €12.105 billion, with a net profit increase of 121% to €798 million [4] - The brand's revenue growth was 14% on a currency-neutral basis, with all regional markets achieving double-digit growth [4] - The company maintains its full-year guidance, expecting high single-digit revenue growth on a currency-neutral basis for FY2025, with double-digit growth for the Adidas brand [4] Market Trends - The domestic market indices showed positive performance, with the Shanghai Composite Index closing at 3,617.60, up 0.96% [3] - The textile and apparel sector experienced a decline of 2.14% this week, underperforming the broader market [5] - Retail sales of sports and entertainment products grew significantly, with a 22.2% year-on-year increase in the first half of 2025 [5] Industry Dynamics - The Chinese gold consumption in the first half of 2025 was 505.205 tons, a decrease of 3.54% year-on-year, with jewelry consumption dropping by 26% [5] - The pharmaceutical industry is seeing advancements in innovative drugs, particularly in obesity treatments with GLP-1 and Amylin therapies showing promising results in clinical trials [8][11] - In the biopharmaceutical sector, ADC drugs for lung cancer are demonstrating significant efficacy, with several products showing improved outcomes in clinical trials [10][12]

Core Insights - The report highlights the strong performance of the U.S. job market, with June non-farm employment data showing an increase of 147,000 jobs and a decrease in the unemployment rate from 4.2% to 4.1% [4] - The report notes the significant growth of the jewelry brand Zhou Li Fu, which went public on the Hong Kong Stock Exchange, raising approximately HKD 1.292 billion [5][6] - The report discusses the rapid expansion of 361 Degrees, which opened 49 new stores, establishing itself as a new landmark in urban sports consumption [6][7] Market Trends - The U.S. economy is experiencing a mild cooling phase, with concerns about the job market being alleviated by strong employment data [4] - The textile and apparel sector saw a 1.36% increase, while the light industry manufacturing sector rose by 0.58% [6] - The gold and jewelry retail sector reported a year-on-year growth of 21.8% in May, indicating a robust demand for gold and jewelry products [7] Company Performance - Zhou Li Fu's revenue is projected to grow from CNY 3.102 billion in 2022 to CNY 5.718 billion in 2024, with a compound annual growth rate (CAGR) of 35.8% [5] - The net profit of Zhou Li Fu is expected to increase from CNY 575 million in 2022 to CNY 706 million in 2024, with a CAGR of 10.8% [5] - Tao Tao Vehicle's net profit for the first half of 2025 is projected to be between CNY 310 million and CNY 360 million, representing a year-on-year growth of 70.34% to 97.81% [14][16] Industry Developments - The global regulatory framework for stablecoins is advancing, with significant legislative actions in the U.S., EU, and Hong Kong [9][10] - The report emphasizes the entry of traditional financial institutions and tech giants into the stablecoin market, enhancing the ecosystem [9] - The report also highlights the potential for Real World Assets (RWA) to create new growth opportunities for stablecoins [10] Investment Recommendations - The report recommends focusing on companies with strong mid-year performance, particularly in the textile and apparel sector, such as Anta Sports and 361 Degrees [6][7] - In the gold and jewelry sector, companies like Lao Pu Gold and Chao Hong Ji are highlighted as having strong mid-year performance potential [7] - The report suggests monitoring the progress of virtual asset licensing in Hong Kong and the core application scenarios for stablecoins in the long term [12]

Investment Rating - The industry rating is neutral for the biopharmaceutical sector and other pharmaceutical sectors [3] Core Insights - Samsung Biologics reported a strong performance in Q1 2025, achieving revenue of 12,980 billion KRW, a year-on-year increase of 37.06%, and a net profit of 3,760 billion KRW, up 110.06% [4][8] - The company maintains its full-year guidance for 2025, expecting revenue growth of 20%-25%, primarily driven by the stable operation of its fourth factory [8] - The growth in Q1 2025 was attributed to the steady operation of the fourth factory, increased sales of biosimilar products, and foreign exchange gains [8] Summary by Sections Financial Performance - In Q1 2025, Samsung Biologics reported an EBITDA of 6,500 billion KRW, reflecting a year-on-year growth of 78.08% [8] - The gross profit for the same period was 7,330 billion KRW, marking a 74.52% increase year-on-year [8] - As of Q1 2025, the company had current assets of 52,630 billion KRW and non-current assets of 121,740 billion KRW, with current liabilities of 36,190 billion KRW and non-current liabilities of 25,380 billion KRW [8] Performance Guidance - The company expresses confidence in achieving its previously set performance guidance for 2025 despite uncertainties in the macroeconomic environment [8] - The company is closely monitoring tariff changes in the U.S. pharmaceutical industry and is prepared to respond accordingly [8]

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [10]. Core Insights - The report highlights that Eli Lilly's Q1 2025 revenue reached $12.729 billion, a 45% year-on-year increase, primarily driven by strong sales of tirzepatide, which contributed $6.15 billion, accounting for approximately 48% of Q1 revenue [5]. - The company maintains its full-year revenue guidance for 2025 at $58-61 billion but has lowered its adjusted EPS forecast to a range of $20.78 - $22.28, down from the previous $22.50 - $24.00 due to rising R&D costs and the impact of CVS Health's decision to remove Zepbound from its reimbursement list [6]. - Key catalysts for 2025 include data readouts for oral GLP-1 Orforglipron and Retatrutide, as well as various clinical trials for other drugs [8]. Sub-industry Ratings - Chemical Pharmaceuticals: No rating - Traditional Chinese Medicine: No rating - Biopharmaceuticals II: Neutral - Other Pharmaceuticals: Neutral [4]. Company Recommendations - The report does not provide specific buy or sell ratings for individual companies but emphasizes the overall performance of Eli Lilly in the context of its market position and product pipeline [4]. Financial Performance - Eli Lilly's R&D expenses were $2.73 billion, an 8% increase year-on-year, while SG&A expenses rose by 26% to $2.47 billion. The non-GAAP net profit was $3 billion, reflecting a 29% year-on-year growth, with earnings per share at $3.34, also up by 29% [5]. Research and Development Progress - The report notes successful progress in the development of oral GLP-1 and siRNA therapies, with significant advancements in oncology pipelines [7]. Future Focus - The report emphasizes the importance of monitoring the upcoming data readouts for oral GLP-1 and other key drugs in 2025, which could significantly impact the company's market position and financial performance [8].