[Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn [Table_Industry] [Table_BaseData] 1) 区间回顾。2 月 9 日-2 月 27 日，医药生物板块跌 0.32%，跑输 Wind 全 A（3.89%）和沪深 300（1.44%）。 从细分板块来看，医疗耗材（3.64%）、其他生物制品 （2.78%）和原料药（0.68%）领涨，线下药店（-2.12%）、 化学制剂（-1.53%）和医药流通（-1.37%）领跌。从个 股来看，万泽股份（44.06%）、科源制药（34.82%）和 多瑞医药（20.77%）涨幅居前，国发股份（-10.19%）、 泽璟制药-U（-10.18%）和花园生物（-9.4%）跌幅居 前。 2) 测序仪龙头押注技术跃迁。2 月 23 日，华大智造公告 与瑞士 Swiss Rockets 达成战略交易，以 5000 万美元 对价出售美国子公司 CGI 股权并锁 ...

[Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 G 测序仪龙头押注技术跃迁 [Table_ReportDate] 2026 年 03 月 02 日 [Table_ReportType] 医药生物行业周报（2 月第 4 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] | 一、 市场周度回顾 3 | | | | --- | --- | --- | | 二、 行业要闻及重点公司公告 4 | | | | 2.1 | 行业重要事件 | 4 | | 2.2 | 行业要闻 | 4 | | 2.3 | 公司公告 | 5 | 1) 区间回顾。2 月 9 日-2 月 27 日，医药生物板块跌 0.32%，跑输 Wind 全 A（3.89%）和沪深 300（1.44 ...

行 业 及 产 业 医药生物 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 《本周申万医药生物指数下跌 0.8%，关注 基药目录发布——医药行业周报 （2026/02/09-2026/02/20）》 2026/02/23 《本周申万医药生物指数上涨 0.14%，关 注中药高质量发展方案——医药行业周报 （2026/02/02-2026/02/06）》 2026/02/09 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 2026 年 03 月 02 日 本 周 申 万 医 药 生 物 指 数 上 涨 0.5%，关注大宗原料药价格上涨 看好 —— 医药行业周报（2026/02/23-2026/02/27） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 ⚫ 市场表现：本周申万医药生物指数上涨 0.5%，同期 ...

近日，杭州先为达生物科技股份有限公司（以下简称 "先为达生物"）研发的埃诺格鲁肽注射液，其单药治疗2型糖尿病的Ⅲ期临床研究 （EECOH-1）成果，成功登上国际知名期刊《自然-通讯》（Nature Communications）。该研究在饮食运动干预后血糖控制不佳的成 人2型糖尿病患者中进行，研究结果表明：全球首个有望获批的cAMP偏向型GLP-1受体激动剂埃诺格鲁肽注射液可以显著降低血糖，同 时展示出降低体重、改善代谢指标等综合获益。 整理 | GLP1减重宝典内容团队 本文通讯作者和第一作者为南京大学医学院附属鼓楼医院朱大龙教授，先为达生物的邴绍辉担任共同通讯作者。EECOH-1研究是一项 多中心、随机、双盲、安慰剂对照的Ⅲ期临床研究，在中国32个中心开展，共入组211例经饮食运动干预后血糖控制不佳的成年2型糖 尿病（T2DM）患者，按1:1:1比例随机分配接受每周一次埃诺格鲁肽注射液0.6mg、1.2mg或安慰剂双盲治疗24周，完成双盲治疗后， 埃诺格鲁肽注射液组参与者继续接受埃诺格鲁肽治疗，安慰剂组参与者结转接受埃诺格鲁肽治疗28周，总治疗时长为52周。研究的主要 终点为治疗24周后经由中心实验室检测 ...

Investment Rating - The report maintains an "Overweight" rating for the overseas consumer services sector, indicating a positive outlook for the industry [1]. Core Insights - The total visitor volume and average daily visitor volume in Macau during the Spring Festival reached historical highs, with total inbound travelers at 1.554 million and an average daily volume of 173,000, reflecting a year-on-year growth of 5.5% [6][1]. - The average hotel occupancy rate during the Spring Festival in Macau was 95.6%, peaking at 99.2% on the fourth day of the festival [6][1]. - In the overseas pharmaceutical sector, companies like BeiGene and Zai Lab are showing significant revenue growth, with BeiGene projected to achieve $5.343 billion in revenue for 2025, a 40% increase year-on-year [9][2]. Summary by Sections Overseas Consumer Services - Macau's Spring Festival saw a record total of 1.554 million inbound travelers, with a daily average of 173,000, marking a 5.5% increase year-on-year [6][1]. - The peak single-day visitor count reached approximately 228,000, the highest since records began [6][1]. - Hotel occupancy rates averaged 95.6%, with the highest rate of 99.2% on the fourth day of the festival [6][1]. Overseas Pharmaceuticals - BeiGene reported a revenue of $5.343 billion for 2025, a 40% increase from the previous year, and an adjusted net profit of $917 million, marking a return to profitability [9][2]. - Zai Lab is expected to achieve $460 million in revenue for 2025, a 15% year-on-year increase, despite a net loss of $176 million [9][2]. - The report highlights the progress of domestic pharmaceutical companies, including the efficacy results of Innovent Biologics' B7-H3 ADC in treating metastatic castration-resistant prostate cancer [10][3]. Education Sector - The report indicates a positive trend in vocational education, with significant enrollment data and a recommendation to focus on China Oriental Education, which is expected to see accelerated growth in spring 2026 [18][5]. - The education index has shown a year-to-date increase of 6.01%, outperforming the Hang Seng Index [16][5]. - The report suggests monitoring companies like New Oriental and TAL Education, which are expected to benefit from improved operational strategies and increased demand for vocational training [18][5].

近日，国产创新药企海外商务拓展（BD）合作持续升温，先为达、前沿生物、和铂医药等多家公司相 继披露重磅海外授权协议。从小核酸药物到肿瘤免疫疗法，从产品授权到平台合作，国内创新药领域正 与全球药企深度对接。业内人士表示，密集落地的国际合作不仅为企业带来充裕现金流、助力研发推 进，更标志着我国创新药产业正从单一产品授权向技术输出、平台共建、全球并跑转型，核心赛道全球 化价值持续兑现。 国产创新药企达成多个海外授权合作，将为公司的研发推进和国际化布局等方面带来助力。 前沿生物表示，公司与GSK达成的授权合作，将为公司带来首付款及后续里程碑付款，有利于改善现金 流、优化财务结构，为核心管线研发与技术平台升级提供资金支持。同时，协议中基于合作产品全球净 销售额的分级特许权使用费安排，形成潜在长期收入来源，持续为全体股东创造价值。此外，此次双方 达成合作，体现了公司小核酸药物研发技术与平台价值获得国际认可。未来公司将借助GSK全球临床开 发及商业化资源，加速推进管线国际化价值转化，为后续产品商业化及拓展全球合作奠定基础。 多赛道合作升温 2月24日，先为达与辉瑞中国宣布，双方就新一代偏向型GLP-1受体激动剂埃诺格鲁肽注 ...

前沿生物2月23日晚间公告，公司与全球生物制药企业葛兰素史克（GSK）达成一项独家授权许可协 议。根据该协议，葛兰素史克将获得两款小核酸（siRNA）管线产品在全球范围内的独家开发、生产及 商业化权利，其中一款候选药物已进入新药临床试验申请（IND）阶段，另一款为临床前候选药物。根 据协议，公司将获得4000万美元首付款及1300万美元近期里程碑付款；公司还将额外在两个项目中累计 获得最高9.5亿美元的基于成功开发、监管及商业化里程碑的付款，同时享有两款产品全球净销售额的 分级特许权使用费。 ● 本报记者 傅苏颖 近日，国产创新药企海外商务拓展（BD）合作持续升温，先为达、前沿生物、和铂医药等多家公司相 继披露重磅海外授权协议。从小核酸药物到肿瘤免疫疗法，从产品授权到平台合作，国内创新药领域正 与全球药企深度对接。业内人士表示，密集落地的国际合作不仅为企业带来充裕现金流、助力研发推 进，更标志着我国创新药产业正从单一产品授权向技术输出、平台共建、全球并跑转型，核心赛道全球 化价值持续兑现。 多赛道合作升温 2月24日，先为达与辉瑞中国宣布，双方就新一代偏向型GLP-1受体激动剂埃诺格鲁肽注射液达成商业 化战略 ...

Core Insights - The global metabolic disease drug development sector is experiencing significant activity, highlighted by two major strategic partnerships involving Pfizer and Novo Nordisk, signaling a shift in the GLP-1 market dynamics [1][2][3] Group 1: Strategic Partnerships - Pfizer has secured exclusive commercialization rights for the GLP-1 receptor agonist, Enoglutide, in mainland China through a partnership with Hanzhou Xianweida Biotech, with a total deal value of up to $495 million [1][4] - Novo Nordisk has entered a $2.1 billion collaboration with Vivtex to develop next-generation oral medications for obesity and diabetes, aiming to overcome current delivery technology limitations [2][8] Group 2: Market Dynamics - The GLP-1 market is transitioning from a focus on efficacy to a more complex competition involving technology platforms and commercialization ecosystems [3][11] - The competitive landscape is shifting as local Chinese biotech firms begin to play a more significant role, with partnerships between multinational corporations and local companies becoming a prevalent strategy [10][13] Group 3: Company Strategies - Pfizer's recent strategy reflects a shift from self-research failures to aggressive business development, seeking to quickly fill gaps in its GLP-1 pipeline through partnerships [4][6] - Novo Nordisk's collaboration with Vivtex is seen as a defensive move to maintain its competitive edge in the oral medication space, especially in light of recent clinical trial results showing its current products lagging behind competitors [2][8] Group 4: Financial Implications - The financial stakes are high, with Novo Nordisk's revenue for 2025 reaching approximately $48.9 billion, driven largely by its GLP-1 products, while Eli Lilly's revenue reached $65.2 billion, showcasing the lucrative nature of the GLP-1 market [11][12] - The impending patent expirations and the influx of generic competitors are prompting significant price reductions in the GLP-1 market, indicating a shift towards more accessible pricing for these medications [12][13]

Core Viewpoint - Xianweida Biotech has established a commercialization partnership with Pfizer China for its first approved product, Enoglutide, with a total payment of up to $495 million, marking a significant step in its strategy to penetrate the competitive GLP-1 market [1][2]. Group 1: Partnership Details - The agreement grants Pfizer exclusive commercialization rights for Enoglutide in mainland China, while Xianweida remains the marketing authorization holder responsible for R&D, registration, production, and supply [2]. - The total payment from Pfizer includes an upfront payment and milestone payments related to registration and sales [2]. Group 2: Product Information - Enoglutide is a novel long-acting GLP-1 receptor agonist with cAMP bias, enhancing efficacy in blood sugar control and weight management without triggering excessive receptor internalization [2]. - It was approved for use in adults with type 2 diabetes for blood sugar control in January 2026, becoming the first cAMP biased GLP-1 receptor agonist globally [2]. Group 3: Financial Overview - Xianweida's R&D expenditures for 2023, 2024, and the first half of 2025 are projected to be 456 million, 284 million, and 65 million yuan respectively, totaling over 800 million yuan, while revenues during the same period are expected to be 0, 0, and 91 million yuan, with losses of 620 million, 486 million, and 108 million yuan [3]. Group 4: Market Context - The global weight management drug market is projected to grow from $112.8 billion in 2024 to $165.9 billion by 2029, indicating a high-growth opportunity for Xianweida [6]. - The competitive landscape includes established players like Novo Nordisk and Eli Lilly, as well as local competitors such as Innovent Biologics, intensifying the market rivalry [6]. Group 5: Strategic Moves - Xianweida has initiated a global strategy, having submitted its IPO application to the Hong Kong Stock Exchange in September last year, aiming to become the "first stock in weight management" [5]. - The company has also signed agreements for future development and commercialization of Enoglutide in South Korea and other regions, indicating proactive steps to enhance its market presence [6].

作者 |第一财经 钱童心 2月25日亚太股市开盘后，联邦制药（3933.HK）股价一路上涨，下午股价一度飙涨超过7%。 前一日，联邦制药公布了新一代三重靶点减重药UBT251中国的一项中期临床试验数据，该注射液每周 给药一次，在连续给药24周后，试验药组平均减重达19.7%，安慰剂组仅为2%。 2026.02.25 本文字数：1021，阅读时长大约2分钟 在减重药竞争日益加剧的背景下，跨国制药巨头纷纷聚焦中国的减重药资产。就在2月24日，中国减重 药开发商先为达生物宣布与辉瑞中国达成战略合作，辉瑞将获得其核心GLP-1类产品埃诺格鲁肽注射液 在中国大陆的独家商业化权益。这项合作总交易额最高可达近5亿美元。 去年12月，辉瑞还与复星医药控股子公司药友制药达成许可协议，获得一款口服小分子GLP-1受体激动 剂的全球独家权益，交易总额超过20亿美元。 去年7月，石药集团以20.75亿美元将口服小分子GLP-1受体激动剂授权给Madrigal公司；今年年初，石 药集团又将另一款双靶点的新一代减重注射药授权给阿斯利康。 目前，包括恒瑞医药、翰森制药、诚益生物在内的本土药企的GLP-1类药物都已经通过对外授权的方式 实现 ...