Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating an expected performance in line with the market index over the next six months [5][30]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 5.06% from March 13 to March 26, 2026, which is approximately 0.6 percentage points lower than the index [4][15]. - All sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and in vitro diagnostics sectors experiencing the least decline at 1.97% and 2.84%, respectively. The hospital and blood products sectors had the largest declines at 7.71% and 6.95% [4][16]. - Approximately 17% of stocks in the industry recorded positive returns, while around 83% experienced negative returns during the reporting period [17][20]. - The overall price-to-earnings (P/E) ratio for the SW pharmaceutical and biotechnology industry was approximately 44.86 times as of March 26, 2026, which reflects a decrease in industry valuation [21][30]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 5.06% from March 13 to March 26, 2026 [15]. - All sub-sectors recorded negative returns, with the least affected being medical research outsourcing and in vitro diagnostics [16]. - About 17% of stocks in the industry had positive returns, with the highest gainers and losers identified [20]. 2. Industry News - A significant procurement event occurred on March 24, 2026, regarding the centralized procurement of coronary intervention balloon medical consumables, which attracted attention due to its innovative pricing strategy [28]. - The National Health Commission issued guidelines for evaluating the clinical application of medical technologies, emphasizing the importance of quality and safety in healthcare [25][27]. 3. Company Announcements - Zhejiang Jiuzhou Pharmaceutical Co., Ltd. announced receiving a CEP certificate for its sulfanilamide raw material, indicating compliance with European quality standards [29]. 4. Industry Outlook - The report suggests that the investment risk-reward ratio for the innovative drug sector is improving, with several companies expected to exceed performance expectations during the earnings disclosure period [30][32]. - Recommended stocks for investment include leading companies across various segments such as medical devices, pharmaceutical commerce, aesthetic medicine, and innovative drugs [32][33].

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1] Core Insights - The new materials sector is identified as a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational role of the new materials industry in supporting other sectors [6][17]. Summary by Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [7] - In the first two months of 2026, China's total import and export value reached 7.73 trillion yuan, a year-on-year increase of 18.3%. Notably, the export value of integrated circuits reached 304.67 billion yuan, up 68.9% year-on-year [8][24]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [9] 3. New Energy Sector - Focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [11] 4. Biotechnology Sector - Key areas include synthetic biology and scientific services [13] 5. Energy Conservation and Environmental Protection Sector - Focus on adsorbent resins, membrane materials, and biodegradable plastics [15] 6. Key Companies and Profit Forecasts - The report lists several key companies with their stock prices and earnings per share (EPS) forecasts for 2023, 2024E, and 2025E, along with their respective investment ratings [18].

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [4][25]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 2.64% from February 27, 2026, to March 12, 2026, which is approximately 1.81 percentage points lower than the index [11]. - Most sub-sectors within the industry recorded negative returns during the same period, with in vitro diagnostics and medical consumables showing positive growth of 3.49% and 1.71%, respectively, while medical R&D outsourcing and medical devices experienced declines of 4.85% and 4.25% [12]. - Approximately 31% of stocks in the industry recorded positive returns, while 69% experienced negative returns, with notable performers including Shengjitang, which saw a weekly increase of 38.81% [13][16]. - The overall industry valuation has decreased, with the SW pharmaceutical and biotechnology industry index's PE (TTM) at approximately 49.25 times, which is 3.63 times higher than the CSI 300 index [17][25]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 2.64% from February 27, 2026, to March 12, 2026 [11]. - Most sub-sectors recorded negative returns, with in vitro diagnostics and medical consumables performing better [12]. - About 31% of stocks in the industry had positive returns, with significant fluctuations in individual stock performances [16]. 2. Industry News - A new procurement regulation was issued by the Jiangxi Medical Insurance Bureau, aiming to unify the procurement of drugs and medical consumables within county-level medical communities, addressing issues of fragmented management and weak bargaining power [23]. - The Jiangsu Provincial Government released an action plan to promote the development of the brain-computer interface industry, targeting the establishment of several innovative products and companies by 2030 [22]. 3. Company Announcements - Huadong Medicine announced that its subsidiary received FDA approval for a new drug clinical trial, which is a significant milestone for the company [24]. 4. Industry Outlook - The report suggests that the investment risk-reward ratio is improving in the innovation drug sector, recommending attention to various segments including medical devices, pharmaceutical commerce, aesthetic medicine, scientific services, and traditional Chinese medicine [25][26].

Investment Rating - The report maintains a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [3][26]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 0.95% from February 13 to February 26, 2026, which is approximately 1.1 percentage points lower than the index [11]. - Most sub-sectors within the industry recorded positive returns during the same period, with "Other Biological Products" and "Hospitals" leading with increases of 2.42% and 1.80%, respectively. Conversely, "Medical R&D Outsourcing" and "Offline Pharmacies" saw declines of 3.80% and 0.65% [12][24]. - Approximately 52% of stocks in the industry reported positive returns, with the highest gain being 14.44% for Erkang Pharmaceutical, while the largest decline was 13.28% for Zexing Pharmaceutical-U [13][16]. - The overall industry valuation remained stable, with a Price-to-Earnings (PE) ratio of approximately 51.16 times as of February 26, 2026, which is 3.82 times higher than the CSI 300 index [18][26]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 0.95% from February 13 to February 26, 2026 [11]. - Most sub-sectors recorded positive returns, with "Other Biological Products" and "Hospitals" leading the gains [12]. - About 52% of stocks in the industry achieved positive returns, with notable performances from Erkang Pharmaceutical and Zexing Pharmaceutical-U [13][16]. - The industry valuation showed little change, with a PE ratio of 51.16 times [18]. 2. Industry News - The Zhejiang Medical Insurance Bureau announced a training session for the centralized procurement of two types of medical consumables, which includes cardiac pacemakers and peripheral vascular intervention micro-catheters [24]. - The average price reduction for cardiac pacemakers was reported at 43.09%, with the highest reduction reaching 76.13% for implantable pacemakers [24]. 3. Company Announcements - Sinovac Biotech announced the approval of a clinical trial for its innovative drug GB19 injection, which targets BDCA2 [25]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector, which is highlighted in the 14th Five-Year Plan [26]. - Recommended stocks for attention include leading companies in medical devices, pharmaceutical retail, aesthetic medicine, scientific services, and traditional Chinese medicine [28].

Investment Rating - The report maintains a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry is expected to perform in line with the market over the next six months [6][28]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 0.95% from February 13 to February 26, 2026, which is approximately 1.1 percentage points lower than the index [13]. - Most sub-sectors within the industry recorded positive returns during the same period, with "Other Biological Products" and "Hospitals" leading with increases of 2.42% and 1.80%, respectively. Conversely, "Medical R&D Outsourcing" and "Offline Pharmacies" saw declines of 3.80% and 0.65% [14][18]. - Approximately 52% of stocks in the industry achieved positive returns, with the highest gain recorded by Erkang Pharmaceutical at 14.44%, while the largest decline was seen in Zexing Pharmaceutical-U at 13.28% [15][18]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry lagged behind the CSI 300 index, with a decline of 0.95% from February 13 to February 26, 2026 [13]. - Most sub-sectors recorded positive returns, with "Other Biological Products" and "Hospitals" leading the gains [14]. - About 52% of stocks in the industry posted positive returns, with notable performances from specific companies [15]. 2. Industry News - A significant announcement was made regarding the centralized procurement of medical consumables, particularly cardiac pacemakers, which saw an average price drop of 43.09% in previous procurements [26]. - The report highlights the upcoming training for centralized procurement of medical consumables scheduled for March 2, 2026 [26]. 3. Company Announcements - A notable announcement from Kexing Pharmaceutical regarding the approval of clinical trials for its innovative drug GB19 injection was made on February 26, 2026 [27]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector, which is emphasized in the national development plan. It recommends monitoring various companies across different segments, including medical devices, pharmaceutical commerce, and innovative drugs [28][30].

Group 1: Company Actions - The company held its 11th meeting of the 4th Board of Directors on February 5, 2026, approving a proposal to use idle funds for cash management, planning to utilize up to 1.48 billion yuan, with a maximum of 80 million yuan from idle raised funds and 1.4 billion yuan from self-owned funds, to invest in high-security, liquid financial products to enhance fund efficiency [1] - The proposal will be submitted for review at a temporary shareholders' meeting on February 26, 2026, and if approved, the fund usage period will be 12 months [1] Group 2: Stock Performance - Over the past 7 days (February 5 to 11, 2026), the company's stock price fluctuated by 1.12%, with a high of 34.31 yuan on February 10 and a low of 33.11 yuan on February 6 [2] - The latest closing price on February 11 was 33.53 yuan, down 1.50% for the day, with a trading volume of 42.35 million yuan; on February 10, there was a net outflow of 164,800 yuan in main funds, while the stock price increased by 1.16% [2] - Technical analysis indicates the stock is in a bullish trend, with a 20-day resistance level at 33.93 yuan and a support level at 31.91 yuan [2] Group 3: Institutional Insights - Dongguan Securities included the company as a focus in the scientific services sector in its biweekly report on the pharmaceutical and biotechnology industry published on February 6, 2026, noting that the industry is experiencing an overall pullback due to the impact of the 11th batch of national procurement, but future industries like brain-computer interfaces are receiving policy support [3] - The institution forecasts a 32.08% year-on-year growth in net profit and a 19.79% year-on-year growth in revenue for the company in 2025 [3]

Investment Rating - The report maintains a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [4][26]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, with a decline of 0.75% from January 9 to January 22, 2026, lagging behind the index by approximately 0.46 percentage points [11]. - Most sub-sectors within the industry recorded positive returns during the same period, with offline pharmacies and raw materials leading the gains at 3.14% and 2.34%, respectively. In contrast, the pharmaceutical distribution and chemical preparation sectors experienced declines of 3.26% and 2.87% [12][13]. - Approximately 66% of stocks in the industry recorded positive returns, with the top performer, Baolait, showing a weekly increase of 60.88%. Conversely, Luyan Pharmaceutical had the largest decline at 39.07% [13][16]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry index showed a decline of 0.75%, underperforming the Shanghai and Shenzhen 300 index by 0.46 percentage points [11]. - Most sub-sectors achieved positive returns, particularly offline pharmacies and raw materials, while pharmaceutical distribution and chemical preparations faced declines [12]. 2. Industry News - Recent policy changes in Hebei Province have lifted restrictions on the quantity of drugs that hospitals can stock, allowing for more flexibility in drug procurement and usage [24]. 3. Company Announcements - Enhua Pharmaceutical announced the approval of its drug registration certificate for a new injection, which is expected to enhance its market position [25]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector, which is highlighted as a key area for future growth. Specific companies to watch include Mindray Medical, Yuyuan Medical, and others across various segments [26][28].

Group 1 - Titan Technology's stock rose by 9.83% to 28.16 CNY per share, with a trading volume of 15.98 million CNY and a turnover rate of 0.35%, resulting in a total market capitalization of 4.631 billion CNY [1] - The company, established on October 18, 2007, and listed on October 30, 2020, provides integrated technical solutions for scientific services, including research reagents, biological consumables, analytical consumables, laboratory instruments, smart lab equipment, research informatization, specialty chemicals, and related comprehensive technical services [1] - The revenue composition of Titan Technology includes 42.70% from research reagents, 28.42% from research instruments and consumables, 26.48% from specialty chemicals, 2.37% from laboratory construction and research informatization, and 0.02% from other sources [1] Group 2 - Nord Fund has a significant holding in Titan Technology, with the Nord Quantitative Core A fund (006267) owning 55,100 shares, representing 1.04% of the fund's net value, making it the seventh-largest holding [2] - The Nord Quantitative Core A fund was established on November 22, 2018, with a latest scale of 93.2332 million CNY, achieving a year-to-date return of 4.45% and a one-year return of 51.39% [2] - The fund manager, Wang Hengnan, has been in position for 7 years and 54 days, with total assets under management of 24.5 million CNY and a best fund return of 59.71% during his tenure [3]

Investment Rating - The report gives a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [26][32]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 3.61% from December 26, 2025, to January 8, 2026, exceeding the CSI 300 index by approximately 1.56 percentage points [12]. - Most sub-sectors within the industry recorded positive returns during the same period, with the hospital and medical R&D outsourcing sectors leading with increases of 10.62% and 7.39%, respectively [13]. - Approximately 82% of stocks in the industry achieved positive returns, with notable performers including Xiangyu Medical, which saw a weekly increase of 57.50% [14][17]. - The overall industry valuation has risen, with the SW pharmaceutical and biotechnology index's PE (TTM) at approximately 52.75 times, which is 3.78 times higher than the CSI 300 index [18][26]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 3.61% from December 26, 2025, to January 8, 2026 [12]. - Most sub-sectors recorded positive returns, particularly hospitals and medical R&D outsourcing, which increased by 10.62% and 7.39%, respectively [13]. - About 82% of stocks in the industry had positive returns, with significant gains from several companies [14]. 2. Industry News - The report highlights the acceleration of volume-based procurement in 2026, with various local and national initiatives underway to streamline drug procurement processes [24]. - A new batch of encouraged generic drugs has been announced, focusing on optimizing the drug supply system and enhancing the availability of essential medications [23]. 3. Company Announcements - Jiangsu Yahui Pharmaceutical announced the completion of the first patient enrollment in a Phase I clinical trial for its drug APL-2401, targeting advanced solid tumors [25]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector, particularly following announcements from Neuralink regarding large-scale production plans [26]. - Recommended stocks for attention include leading companies in medical devices, pharmaceutical retail, aesthetic medicine, and innovative drugs, among others [28][29].

Core Viewpoint - Titan Technology announced the approval of a proposal to acquire 100% equity of Apollo Scientific Ltd. from Central Glass, with the transaction completed on July 23, 2025 [1] Group 1: Acquisition Details - The acquisition will be financed through the company's own or raised funds [1] - The company has completed the necessary overseas investment filing and approval procedures, passing the UK's national security review [1] - A delivery confirmation agreement has been signed, and the full acquisition payment has been made [1] Group 2: Post-Acquisition Status - Following the completion of the transaction, Apollo Scientific will become a wholly-owned subsidiary of Titan Technology [1] Group 3: Risks Associated - The transaction carries risks such as foreign exchange losses and uncertainties regarding integration effectiveness [1]