北京作为全国疫苗研发与生产的重要集聚地，拥有8家疫苗生产企业、品种占全国40%以上，生产供应 的疫苗数量居全国首位。记者从市药监局了解到，预计2026年一季度，北京市疫苗检验中心将开始承担 已获授权的京产9种疫苗批签发。 坐落于中关村生命科学园的北京市疫苗检验中心，建筑面积1.6万平方米，拥有疫苗检验所需的病毒疫 苗室、细菌疫苗室、动物实验室、微生物室和综合实验室共5个专业实验室以及配套设施，覆盖京产疫 苗在产品种全部检验项目。该中心可满足每年4000-4500批次的疫苗批签发检验需求，具备未来5-10年 新上市疫苗的批签发检验能力。与此同时，中心还可满足新型疫苗、新型抗体药物、细胞基因治疗产品 等生物新药研发需求，实现对本市生物制品创新研发的全链条质控技术支持。 转自：北京日报客户端 12月26日，北京市疫苗检验中心正式建成并揭牌投用，这也是全国首个疫苗检验单体建设项目。记者从 市药监局了解到，该中心可满足每年4000-4500批次的疫苗批签发检验需求，具备未来5-10年新上市疫 苗的批签发检验能力。 来源：北京日报客户端 ...

Core Viewpoint - Shenzhen Wego Biological Products Co., Ltd. successfully won the bidding for state-owned construction land use rights in Guangming District, Shenzhen, for a price of RMB 60.4 million, which aligns with the company's strategic development plan for establishing an intelligent industrial base [1] Group 1: Land Acquisition Details - The company participated in the bidding for the land use rights of plot A628-0045, covering an area of 69,986.43 square meters, with a usage period of 30 years [1] - The funding for this land acquisition will come from the company's own or self-raised funds, and it does not constitute a related party transaction or a major asset restructuring as per regulations [1] Group 2: Strategic Implications - The acquisition of the land is intended to support the company's intelligent industrial base project, which is crucial for the company's high-quality development [1] - Upon completion of the new industrial base, the company plans to relocate its operations and will cooperate with the Guangming District government to facilitate the recovery of the existing factory site [1]

Core Viewpoint - The year 2025 is anticipated to be a pivotal moment for the Chinese innovative drug industry, marking the transition from technological accumulation to the full realization of value, driven by multiple industry trends such as AI empowerment, commercial insurance establishment, profitability, and record-breaking international expansion [1][7]. Long-term: Three Major Resonances - **Revenue Growth Year**: Innovative drugs included in the medical insurance directory through negotiations are expected to see accelerated sales. In 2024, 76% of innovative drug products were approved for accelerated sales channels, expanding the coverage of medical insurance and making new drugs more accessible to patients. The approval speed for new innovative drugs reached a record high, with 11 new drugs approved on May 29 alone [2][4]. - **Profitability Leap Year**: The innovative drug industry faces high R&D costs and long cycles, typically taking 8-10 years from development to market. However, companies that have invested in R&D since 2015 are beginning to cross the breakeven point. This profitability is supported by external licensing agreements and reduced production costs, allowing for increased profit margins [4]. - **Valuation Uplift Year**: The establishment of a "Category C Drug Directory" by the National Healthcare Security Administration aims to guide commercial insurance coverage for high-priced innovative drugs, creating a dual payment system of "medical insurance + commercial insurance." This is expected to lower patient out-of-pocket expenses to below 30%, extend drug lifecycles, and enhance sales peaks. Additionally, the integration of AI in drug development is likely to lead to a systematic uplift in long-term valuations for the innovative drug sector [4][6]. Short-term: Continued Global Spotlight - During the American Society of Clinical Oncology (ASCO) annual meeting from May 30 to June 3, Chinese innovative drug companies presented 73 oral reports, accounting for nearly one-third of global significant research, showcasing the efficacy of domestic new drugs and attracting collaborations with multinational pharmaceutical companies. Over 30% of high-value licensing deals in 2024 are expected to come from Chinese companies [6]. - Upcoming international conferences, such as the European League Against Rheumatism (EULAR) and the American Diabetes Association (ADA), will feature new antibody drugs for autoimmune diseases and innovative therapies for metabolic diseases, respectively. These events are expected to catalyze both technical validation and commercial transformation for Chinese innovative drugs [6]. Overall Outlook - The convergence of various favorable factors in 2025 is likely to mark the beginning of a value reassessment for the Chinese innovative drug industry [7]. Related Products - The Hong Kong Stock Connect Innovative Drug Index (987018.CNI) focuses on innovative drug companies within the Hong Kong Stock Connect, benefiting from the 18A listing rules and entering a mature phase with increasing new drug sales [8]. - The Innovative Drug Index (931152.CSI) targets leading companies in the A-share innovative drug industry chain, including global CXO leaders and domestic companies transitioning to innovative drug production, poised to benefit from the anticipated revenue growth in the innovative drug sector [8].