晨会纪要（2025/09/15） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.09.15） 宏观及策略研究 警惕预期兑现和风险共振——宏观经济周报 固定收益研究 收益率曲线陡峭化上行——利率债周报 行业研究 中国药企 WCLC 表现亮眼，恒瑞再次 NewCo 出海——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 6 晨会纪要（2025/09/15） 宏观及策略研究 警惕预期兑现和风险共振——宏观经济周报 周 喜（证券分析师，SAC NO：S1150511010017） 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、外围环境而言 美国方面，联储议息会议前关键数据陆续披露。8 月新增非农就业超预期疲软，此前两月就业人数也被下修， 唯有失业率在家庭调查就业人数高增的 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [6] Core Insights - The report highlights the promising clinical data of BaiLi Tianheng's EGFR/HER3 dual antibody ADC, iza-bren, for treating EGFR mutation lung cancer, which shows potential for further clinical advancement [2][3][20][21][23] Summary by Sections Weekly New Drug Market Review - From September 8 to September 14, 2025, the top five gainers in the new drug sector were: - Saintno Pharmaceutical (+32.00%) - Junshengtai (+23.73%) - Canaan Bio (+20.43%) - Rongchang Bio (+16.52%) - Hengrui Medicine (+11.91%) - The top five losers were: - Basestone Pharmaceuticals (-18.90%) - Laika Pharmaceuticals (-18.12%) - Gilead Sciences (-16.93%) - Maiwei Bio (-14.41%) - Yifang Bio (-12.46%) [1][15] Recommended Stocks to Watch - The report suggests focusing on several potential catalysts in the sector, including academic conferences, business development realizations, and insurance negotiations. Key stocks to watch include: 1. Potential overseas licensed MNC heavyweights: - Differentiated GLP-1 assets: Zhongsheng Pharmaceutical, Gilead Sciences, Borui Pharmaceutical, Kangyuan Pharmaceutical - Upgraded PD-1 products: Kangfang Bio and other PD-1/VEGF assets, Innovent Biologics - Breakthroughs in autoimmune fields: Yifang Bio, China Antibody - Innovative target ADCs: Fuhong Hanlin, Shiyao Group 2. MNC-certified products with high overseas volume certainty: - Upgraded PD-1 products: Sanofi Pharmaceutical - GLP-1 assets: Lianbang Pharmaceutical - ADC assets: Kelong Botai, BaiLi Tianheng 3. Products likely to benefit from insurance negotiations and innovative drug directories [2][20] New Drug Industry Focus Analysis - At the recent 2025 World Lung Cancer Conference (WCLC), BaiLi Tianheng presented results from two studies on its EGFR×HER3 dual antibody ADC, iza-bren, showing excellent clinical data in both first-line and second-line treatments for advanced or metastatic EGFR mutation NSCLC. The results indicate a promising future for its application in relevant indications [2][20][21] New Drug Approval and Acceptance Status - No new drug or new indication applications were approved this week, but seven new drug or new indication applications were accepted [3][25] Clinical Application Approval and Acceptance Status - This week, 41 new drug clinical applications were approved, and 46 new drug clinical applications were accepted [9][28]