记者丨孙燕 编辑丨陶力 张伟贤 在全球经济格局深刻重构的当下，上海浦东正以一种开放包容的姿态，举起全球化的大旗。 不同于以往的企业"单兵"出海、产业链"集群"出海，浦东正在探索一条更深层次、更富韧性的 路径——中外企业协同出海。 作为改革开放的前沿阵地，浦东正以其独特的开放基因和产业生态，将中外企业打造成一艘 艘"联合舰队"。这不仅是中国企业"走出去"的升级版，也是外资企业在华战略的新蓝海。 一幅多元共融的中外企业协同出海画卷正在浦东徐徐展开：罗克韦尔自动化、丹纳赫等生产 性服务外企正以数字化与生态优势赋能中企扬帆远航。与此同时，中建八局则凭借强大的总 包能力"链"动外企共拓海外版图，西门子能源等巨头也通过技术标准与供应链整合引领中企 走向全球。这些双向互动、互利共赢的实践共同交织成中外企业深度融合、协同出海的时代 图景。 " 1 + 1 > 2 " 坐拥全国最密集的跨国公司地区总部和外资研发中心集群，浦东在推动中外企业合作出海方 面有天然优势：截至2025年9月，上海累计认定跨国公司地区总部1060家、外资研发中心631 家，稳居我国内地首位。其中，浦东新区集聚了500家跨国公司地区总部，占上海市近一半。 ...

从"有药可保"到"有药可用"，新版目录内部分罕见病药目前已在本市定点医药机构落地销售，后续还将 有更多药品陆续落地，让"罕见"不再意味着"无解"，为更多罕见病患者带来治疗希望。 来源：北京日报 本报讯 每年2月最后一天是国际罕见病日，今年的主题为"不止罕见"。今年1月，本市开始执行新版国 家医保药品目录及首版商业健康保险创新药品目录，神经母细胞瘤等多种罕见病"救命药"报销通道打 通，曾因药费而"望药兴叹"的患者和家庭迎来转机。 与此同时，新版国家医保目录也新增4种罕见病用药，目录内罕见病用药数量超100种、覆盖病种超50 种。其中，罕见病黑色素瘤的治疗创新药物特瑞普利单抗首次被纳入，成为本次目录调整的亮点之一。 "黑色素瘤是一种死亡率高、转移率高、治疗难度大的恶性肿瘤。特瑞普利单抗是我国自主研发的国内 首个用于该疾病一线免疫治疗的药物。"北京大学肿瘤医院黑色素瘤与肉瘤内科副主任斯璐介绍，该药 纳入国家医保目录后，平均可为患者节省50%至70%的治疗费用。"一名全年需使用17次该药的患者， 年治疗费用可从约4.2万元降至约1.3万元。" "神经母细胞瘤是一种婴幼儿颅外实体肿瘤，发病率约百万分之7.72，是一种' ...

来源：新浪证券-红岸工作室 2月27日，君实生物涨0.18%，成交额2.13亿元，换手率0.82%，总市值349.07亿元。 异动分析 猴痘概念+生物疫苗+创新药+AIGC概念 1、公司公众号：2023年10月27日，君实生物宣布，公司与北京大学、中国科学院微生物研究所（中科 院微生物所）、山西高等创新研究院、北京航空航天大学达成合作，共同开发猴痘重组蛋白疫苗。 2、2024年3月12日互动易：公司控股子公司君拓生物通过与科研院所和高校合作开发等形式持有疫苗相 关产品管线，如猴痘疫苗、寨卡疫苗等，目前均处于临床前开发阶段。 3、2024年年报，公司具备完整的从创新药物的发现和开发、 在全球范围内的临床研究、 大规模生产到 商业化的全产业链能力， 旨在成为立足中国、 布局全球的创新医药公司。 公司坚持质量为本、 求真务 实、 诚信合规、 追求卓越的企业价值观， 致力于通过源头创新以及合作开发等形式来研发 first-in-class （同类首创）或 best-in-class（同类最优） 的药物。 通过卓越的创新药物发现能力、 强大的生物技术研 发能力和大规模生产能力， 公司已成功开发出极具市场潜力的药品组合， ...

Core Viewpoint - Junshi Biosciences is actively developing a monkeypox recombinant protein vaccine in collaboration with several prestigious institutions, indicating a strong focus on innovative vaccine development and a commitment to expanding its product pipeline in the biopharmaceutical sector [2][3]. Group 1: Company Developments - On October 27, 2023, Junshi Biosciences announced a partnership with Peking University, the Institute of Microbiology of the Chinese Academy of Sciences, Shanxi Advanced Innovation Research Institute, and Beihang University to jointly develop a monkeypox recombinant protein vaccine [2]. - The company’s subsidiary, Junshi Biotech, is involved in the development of various vaccine-related products, including monkeypox and Zika vaccines, which are currently in the preclinical development stage [2]. - Junshi Biosciences has a complete industry chain capability from drug discovery and development to global clinical research, large-scale production, and commercialization, aiming to become a leading innovative pharmaceutical company [3]. Group 2: Product Pipeline and Achievements - Junshi's core product, Toripalimab, is the first domestically approved PD-1 monoclonal antibody in China, with 11 approved indications and one supplemental NDA under review, showcasing its market potential [3]. - The company has also developed Tifcemalimab, the world's first anti-BTLA monoclonal antibody entering clinical development, with ongoing Phase III clinical trials and multiple Phase Ib/II studies in various tumor types [3]. - Junshi is exploring early-stage pipelines, with several products expected to initiate key registration clinical trials by 2025 [3]. Group 3: Financial Performance - For the period from January to September 2025, Junshi Biosciences reported revenue of 1.806 billion yuan, a year-on-year increase of 42.06%, while the net profit attributable to shareholders was -596 million yuan, reflecting a 35.72% year-on-year growth [9]. - The company’s main business revenue composition includes 90.67% from drug sales, 8.74% from technology licensing, and 0.59% from technical services and others [9]. Group 4: Market Position and Shareholder Information - As of September 30, 2025, Junshi Biosciences had 35,900 shareholders, an increase of 15.17% from the previous period, with an average of 21,361 circulating shares per person, a decrease of 12.96% [9]. - The company is part of the pharmaceutical and biotechnology sector, focusing on biopharmaceuticals and virus prevention, with significant involvement in monkeypox and COVID-19 related products [9].

异动分析 来源：新浪证券-红岸工作室 2月24日，君实生物涨0.00%，成交额2.16亿元，换手率0.82%，总市值351.85亿元。 猴痘概念+生物疫苗+创新药+AIGC概念 1、公司公众号：2023年10月27日，君实生物宣布，公司与北京大学、中国科学院微生物研究所（中科 院微生物所）、山西高等创新研究院、北京航空航天大学达成合作，共同开发猴痘重组蛋白疫苗。 2、2024年3月12日互动易：公司控股子公司君拓生物通过与科研院所和高校合作开发等形式持有疫苗相 关产品管线，如猴痘疫苗、寨卡疫苗等，目前均处于临床前开发阶段。 3、2024年年报，公司具备完整的从创新药物的发现和开发、 在全球范围内的临床研究、 大规模生产到 商业化的全产业链能力， 旨在成为立足中国、 布局全球的创新医药公司。 公司坚持质量为本、 求真务 实、 诚信合规、 追求卓越的企业价值观， 致力于通过源头创新以及合作开发等形式来研发 first-in-class （同类首创）或 best-in-class（同类最优） 的药物。 通过卓越的创新药物发现能力、 强大的生物技术研 发能力和大规模生产能力， 公司已成功开发出极具市场潜力的药品组合， ...

Group 1 - The core viewpoint of the article highlights that Junshi Biosciences' major shareholder has increased their stake, and the company is advancing its monkeypox vaccine and other pipelines, demonstrating a full industry chain capability [1][2]. Group 2 - Recent events include the major shareholder, Xiong Jun, increasing their stake by acquiring 100,000 A-shares, which represents 0.01% of the total share capital, with an investment of 3.8384 million yuan. The shareholder plans to invest no less than 100 million yuan over the next 12 months, indicating internal confidence [2]. - The company is actively developing innovative drugs, with its monkeypox vaccine pipeline currently in the preclinical stage. In October 2023, Junshi Biosciences collaborated with several research institutions to develop a recombinant protein vaccine for monkeypox, showcasing its full industry chain capability [2]. Group 3 - In terms of stock performance, Junshi Biosciences' A-share price fluctuated significantly over the past week, closing at 35.72 yuan on February 10, 2026, with a single-day increase of 0.90%. However, by February 12, the price fell to 34.72 yuan, reflecting a decrease of 0.88% [3]. - The trading volume on February 12 showed a net outflow of 18.32 million yuan from institutional investors, while retail investors saw a net inflow of the same amount. The financing balance remained high at 1.427 billion yuan as of February 11, indicating market divergence [3]. Group 4 - Institutional perspectives from Guojin Securities suggest that the innovative drug sector is entering a performance disclosure window, with Junshi Biosciences and similar companies expected to reduce losses or turn profitable. The report emphasizes a shift in investment strategy towards selective focus on cutting-edge areas such as ADC and bispecific antibodies, while also highlighting the importance of companies with independent production capabilities [4]. - Junshi Biosciences is recognized as a leading player in the domestic innovative drug sector, with its international expansion and pipeline progress, such as the volume increase of Tislelizumab, being long-term focal points, although research and development risks should be considered [4].

Core Insights - The Chinese biopharmaceutical industry is at a pivotal moment as it transitions from "scale and speed" to "quality and value" during the end of the 14th Five-Year Plan and the beginning of the 15th Five-Year Plan [1][3] - The company emphasizes the importance of innovation, dual-track development, and value orientation to navigate the challenges and opportunities in 2026 [1][4] Group 1: Industry Transition - The industry is experiencing a transformation focused on quality and value, moving away from previous growth models based on scale and speed [1][3] - The company aims to address the challenges of homogenization and competition by focusing on original innovation and differentiated strategies [3][4] Group 2: Globalization and Market Expansion - The company has established a global commercialization network covering over 80 countries and regions, with products launched in 40 international markets [2] - The strategy includes enhancing local patient access while expanding global partnerships to overcome international market entry barriers [4] Group 3: Innovation and Technology - The company is committed to deepening its innovation in the field of tumor immunotherapy, particularly in addressing PD-(L)1 inhibitor resistance [3] - AI technology is being leveraged to optimize operational efficiency and enhance quality, aligning with the industry's focus on sustainable development [4]

Core Viewpoint - Junshi Biosciences is actively developing a monkeypox recombinant protein vaccine in collaboration with several prestigious institutions, indicating a strong focus on innovative vaccine development and a commitment to expanding its product pipeline in the biopharmaceutical sector [2][3]. Company Developments - On October 27, 2023, Junshi Biosciences announced a partnership with Peking University, the Institute of Microbiology of the Chinese Academy of Sciences, Shanxi Higher Innovation Research Institute, and Beihang University to jointly develop a monkeypox recombinant protein vaccine [2]. - The company’s subsidiary, Junshi Biotech, is involved in the development of various vaccine-related products, including monkeypox and Zika vaccines, which are currently in the preclinical development stage [2]. Product Pipeline and Achievements - Junshi Biosciences has a comprehensive capability in the entire industry chain from drug discovery and development to large-scale production and commercialization, aiming to become a global innovative pharmaceutical company based in China [3]. - The company’s core product, Toripalimab, is the first domestically approved PD-1 monoclonal antibody in China, with 11 approved indications and one supplemental NDA under review. It has also received approvals in multiple countries including the U.S., EU, and Australia [3]. - The company is advancing its proprietary drug tifcemalimab, which is the first anti-BTLA monoclonal antibody to enter clinical development, with ongoing Phase III clinical trials and several Phase Ib/II studies in various tumor types [3]. Financial Performance - For the period from January to September 2025, Junshi Biosciences reported revenue of 1.806 billion yuan, representing a year-on-year growth of 42.06%. However, the net profit attributable to shareholders was a loss of 596 million yuan, although this reflects a 35.72% improvement compared to the previous year [9]. Technological Advancements - The company has deployed an AI translation platform that has replaced over 80% of external translation services for scientific literature, clinical trials, and quality management, enhancing operational efficiency [4]. Market Position - As of February 10, 2023, Junshi Biosciences had a market capitalization of 36.673 billion yuan, with a trading volume of 3.32 billion yuan and a turnover rate of 1.21% [1].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The proportion of driver gene-negative non-small cell lung cancer (NSCLC) patients is approximately 31% in both China and the United States, indicating a significant market opportunity for treatments targeting this demographic [2][15] - The estimated market size for immune drugs used in first-line treatment of driver gene-negative NSCLC is projected to be around 7.5 billion CNY (approximately 1.1 billion USD) in China and 18 billion CNY (approximately 2.7 billion USD) in the United States by 2030 [2] - The current first-line treatment for advanced driver gene-negative NSCLC primarily relies on PD(L)-1 inhibitors combined with chemotherapy, but there are limitations in long-term efficacy and options for patients intolerant to chemotherapy [3] Summary by Sections Section 1: NSCLC Global Overview - Lung cancer is the leading cancer type globally, with new cases accounting for approximately 12% of all cancer cases in 2022, translating to about 2.5 million new lung cancer cases [10] - In China, lung cancer represents about 22% of new cancer cases, with approximately 1.06 million new cases in 2022 [10] Section 2: Market Potential for Driver Gene-Negative NSCLC - The report highlights the significant market potential for immune therapies in treating driver gene-negative NSCLC, with a focus on the limitations of current treatment options [2][3] Section 3: Next-Generation Immunotherapy Approaches - The report discusses the advancements in dual (multi) antibody therapies and immune-oncology (IO) combined with antibody-drug conjugates (ADC), emphasizing their potential to improve treatment outcomes for patients with driver gene-negative NSCLC [5][8] - The clinical data supporting these new therapies is expected to catalyze further investment and development in this area [5] Section 4: Treatment Guidelines Comparison - The report compares treatment guidelines for driver gene-negative NSCLC between the United States and China, noting differences in treatment stratification and recommended therapies [32][34] - The U.S. guidelines emphasize PD-L1 expression levels, while Chinese guidelines focus more on performance status (PS) [32][34] Section 5: Future Catalysts - Key upcoming clinical data releases and studies are highlighted as potential catalysts for investment opportunities in the sector, particularly regarding dual antibodies and ADC therapies [5][8]

Core Viewpoint - Junshi Biosciences is actively developing a monkeypox recombinant protein vaccine in collaboration with several prestigious institutions, indicating a strategic focus on innovative vaccine development and expanding its product pipeline [2][3]. Group 1: Company Developments - On October 27, 2023, Junshi Biosciences announced a partnership with Peking University, the Institute of Microbiology of the Chinese Academy of Sciences, Shanxi Higher Innovation Research Institute, and Beihang University to jointly develop a monkeypox recombinant protein vaccine [2]. - The company’s subsidiary, Junshi Biotech, holds vaccine-related product pipelines, including monkeypox and Zika vaccines, which are currently in preclinical development [2]. - Junshi Biosciences aims to establish itself as a global innovative pharmaceutical company with a complete industry chain capability from drug discovery to commercialization [3]. Group 2: Product Pipeline and Achievements - Junshi's core product, Toripalimab, is the first domestically approved PD-1 monoclonal antibody in China, with 11 approved indications and one supplemental NDA under review [3]. - The company has also developed Tifcemalimab, the world's first anti-BTLA monoclonal antibody entering clinical development, currently undergoing two Phase III registration clinical trials [3]. - Multiple products are expected to initiate critical registration clinical trials by 2025, showcasing the company's commitment to innovation [3]. Group 3: Financial Performance - For the period from January to September 2025, Junshi Biosciences reported revenue of 1.806 billion yuan, a year-on-year increase of 42.06%, while the net profit attributable to shareholders was -596 million yuan, reflecting a 35.72% year-on-year growth [9]. - The company’s main business revenue composition includes 90.67% from drug sales, 8.74% from technology licensing, and 0.59% from technical services [9]. Group 4: Technological Advancements - Junshi has deployed an AI translation platform that has replaced over 80% of external translation services across various fields, enhancing operational efficiency [4]. - The company has introduced a digital employee, "i Xiao Jun," powered by AI, to support sales with medical information queries and provide IT system support [4].