2026 年 2 月 2 日 投资要点 ➢ 近期观点 1、医药指数本周关注 6 个子行业录得负收益。 2、中国生物医药产业正从"快速扩张"的 1.0 时代，迈入以"价值与 全球竞争力"为核心的 2.0 时代。其标志是：中国已成为全球第二 大新药首发市场，2025 年 1-8 月对外许可交易额突破 500 亿美元， 并在靶向蛋白质降解等颠覆性技术领域确立全球领导地位。支持 性的"全链条"政策与理性回归的资本市场，共同推动行业转向以 扎实临床数据、可持续商业模式和系统化能力为根基的高质量发 展阶段。这标志着中国正从全球创新的跟随者，转变为不可忽视 的引领力量。 团队成员 医疗与消费周报——价值深耕，全球突破：中国 生物医药创新观察（2026.1.26-2026.1.30） 1、市场状态高频数据库——1 月第 3 周—— 2026.01.26 2、地缘扰动、"抛售美债"与金银——2026.01.26 3、海外科技和商品是对美元债务的避险，中国定 价 资 产 有 望 成 为 长 期 主 线 — — 周 观 点 — — 2026.01.25 ➢ 风险提示 内卷风险；支付挑战；国际化短板 证 券 研 究 报 告 诚信专业 ...

Core Insights - The medical ETF (159828) has risen over 1%, indicating that the pharmaceutical and biotechnology industry is entering a critical phase of innovation realization and global expansion [1] - The industry is expected to experience a convergence of industrial, policy, and capital cycles by 2026, transitioning from "innovation narrative" to "value realization," which may lead to performance inflection points and valuation restructuring [1] Industry Trends - The next generation of innovative therapies, including ADCs, bispecific/multispecific antibodies, cell and gene therapies, and small nucleic acids, are highlighted as key areas of focus [1] - The impact of centralized procurement on medical devices is diminishing, with over half of the policy coverage achieved; the coverage rates for high-value consumables, low-value consumables, in vitro diagnostics, and medical equipment are 58%, 35%, 23%, and 3% respectively [1] - Domestic medical device companies are making breakthroughs in high-end fields such as photon-counting CT and aortic regurgitation valves, with rapid growth in exports expected (medical device exports are projected to grow by 7.3% year-on-year from January to November 2025) [1] Investment Recommendations - Companies that can quickly achieve volume growth through price adjustments post-centralized procurement, as well as those benefiting from equipment upgrades driving procurement growth, are recommended for attention [1] - The medical ETF tracks the CSI Medical Index (399989), which selects listed companies in medical devices, medical services, and medical information technology, reflecting the overall performance of the medical theme [2] - The index is characterized by high growth attributes and industry concentration, influenced by aging trends, consumption upgrades, and policy guidance [2]

Core Viewpoint - The pharmaceutical and medical device sectors in China are expected to experience a convergence of industrial, policy, and capital cycles by 2026, presenting significant investment opportunities in innovative therapies and medical devices [1] Pharmaceutical Industry - The Chinese innovative drug sector is anticipated to reach a performance inflection point and valuation restructuring, with a focus on next-generation therapies such as ADCs, bispecific/multispecific antibodies, cell and gene therapies, and small nucleic acids [1] - Research and development spending by pharmaceutical companies is showing marginal improvement, with opportunities for domestic substitution and breakthroughs in mid-to-high-end products [1] Medical Device Industry - The impact of centralized procurement policies is gradually diminishing, while overseas markets continue to grow rapidly, suggesting a recovery in the performance of related companies [1] - Investment focus should be on rapidly scaling products post-procurement implementation and medical device companies driven by equipment upgrades [1] Blood Products Market - The demand for blood products and the volume of plasma collection are consistently increasing, with resources concentrating among leading companies in the sector [1] Investment Opportunities - The overall pharmaceutical industry is entering a critical phase of innovation realization and global expansion, with investment opportunities concentrated in innovative companies that possess global competitiveness [1] ETF Overview - The Guotai Innovation Pharmaceutical ETF (159377) tracks the Innovation Pharmaceutical Index (399275), which has a daily price fluctuation limit of 20%, focusing on companies with high R&D investment and innovation capabilities in the pharmaceutical sector [1]

Core Viewpoint - The company, Shanghai Yinos Biotechnology Co., Ltd., reported strong financial performance in its third-quarter results, highlighting significant growth in revenue and new orders, indicating a robust market position and operational efficiency [1][2]. Financial Performance - For the first three quarters, the company achieved a revenue of 571 million yuan, with third-quarter revenue reaching 195 million yuan, reflecting a quarter-on-quarter growth of 17.71% [1]. - The new order amount increased by 29.37% year-on-year, with the number of new drug clinical trial applications (IND) and new drug marketing applications (NDA) rising by 30.71% [1]. Order and Contract Growth - The contract amount for new drug applications grew by 23.06% year-on-year, and the total order amount on hand increased by nearly 20% compared to the end of 2024 [1]. Industry Position and Strategy - As a leading player in the CRO industry, the company leverages its technological advantages and comprehensive service offerings to meet high-end market demands, capitalizing on the current high-growth cycle in the global CRO sector [2]. - The company has established a dual-driven model of "market demand + forward-looking research," creating a solid technological barrier in the non-clinical evaluation field, reinforcing its leading position in domestic non-clinical safety evaluations [2]. International Market Expansion - The company is actively expanding into international markets through diverse marketing channels, including partnerships with industry capital and collaboration with upstream and downstream players in the industry, resulting in a significant increase in new orders from overseas markets [2]. Focus on Innovative Drug Development - The company continues to focus on high-potential areas in innovative drug development, particularly in emerging categories such as in vivo CAR-T, small nucleic acids, bispecific/multispecific antibodies, and radioactive drugs, with significant year-on-year growth in contract amounts for these innovative categories [2].

Core Insights - The company reported a revenue of 571 million yuan for the first three quarters of 2025, with a third-quarter revenue of 195 million yuan, reflecting a quarter-on-quarter growth of 17.71% [1] - New signed orders increased by 29.37% year-on-year, showcasing the strength of the core business, particularly in new drug clinical trial applications (IND) and new drug marketing applications (NDA), which saw a combined increase of 30.71% in order numbers and a 23.06% rise in contract value [1] - The company is positioned in a high-growth cycle within the global CRO industry, leveraging its technological advantages and comprehensive service capabilities to meet high-end demands [1] Business Performance - The company has shown signs of recovery in its operations, with a nearly 20% increase in the amount of orders on hand compared to the end of 2024, laying a solid foundation for future operations [2] - The company has expanded its overseas market presence through diverse marketing channels, resulting in a significant year-on-year increase in new signed orders from international markets, enhancing its brand recognition and influence [2] Innovation and R&D Focus - The company continues to focus on high-potential areas in innovative drug development, particularly in emerging categories such as in vivo CAR-T, small nucleic acids, bispecific/multispecific antibodies, and radioactive drugs, with significant year-on-year growth in contract values for these innovative products [2]

Core Insights - WuXi Biologics reported a 16.1% year-on-year revenue growth to 9.95 billion yuan for the first half of 2025, driven by the successful execution of its "Follow and Win Molecule" strategy and expansion of service offerings in the biopharmaceutical industry [1] - The company's IFRS net profit increased by 54.8% to 2.76 billion yuan, with profit attributable to shareholders rising by 56.0% to 2.34 billion yuan, primarily due to gross profit growth and returns from investments and asset optimization [1] - WuXi Biologics added 86 comprehensive development projects in the first half of 2025, with over 70% of new projects involving bispecific/multispecific antibodies and ADCs [1] Financial Performance - The company supported 67 clinical phase III projects and 24 commercial production projects as of June 30, 2025, with a 24.9% year-on-year increase in revenue from clinical phase III and commercial production, indicating a maturation of early projects and ongoing growth of existing commercial projects [2] - WuXi Biologics has a total unfulfilled order backlog of 20.34 billion USD, with unfulfilled service orders and potential milestone payment orders amounting to 11.35 billion USD and 9 billion USD, respectively [2] - The unfulfilled orders over the next three years increased from 3.65 billion USD in December 2024 to 4.21 billion USD, reinforcing expectations for near-term revenue growth [2] Future Outlook - Based on current performance, WuXi Biologics has raised its full-year revenue guidance for 2025 [3]