Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 1.07%, ranking 26th among 31 primary industries, outperforming the CSI 300 index which fell by 1.19% [4][15] - The valuation of the pharmaceutical and biotechnology industry as of January 23, 2026, is a PE (TTM overall method, excluding negative values) of 30.31x, down from 30.56x in the previous period, indicating a downward trend below the average [4][19] - The top three sub-industries by PE are vaccines (47.34x), hospitals (44.94x), and other medical services (40.38x), while the lowest valuation is in pharmaceutical circulation (15.31x) [4][19] - During the reporting period, 34 listed companies in the pharmaceutical and biotechnology sector saw a net reduction of 2.125 billion yuan in shareholder holdings, with 2 companies increasing holdings by 63 million yuan and 32 companies reducing holdings by 2.189 billion yuan [4] Industry Review - The report highlights significant developments in the pharmaceutical retail sector, emphasizing the need for transformation from traditional drug sales to comprehensive health services [24][25] - The Ministry of Commerce and other departments issued opinions to promote high-quality development in the pharmaceutical retail industry, projecting a market size increase from 2.41 trillion yuan in 2020 to 2.95 trillion yuan by 2024, a growth of 22.4% [24][25] - The report also discusses the approval of new drugs and treatments, including the PD-1/VEGF bispecific antibody RC148 by Rongchang Biopharmaceuticals, which has a potential total payment of up to 4.95 billion USD [7][50] Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with differentiated pipelines that have received validation from high-quality collaborations with multinational pharmaceutical companies, particularly in key areas such as ADC, bispecific antibodies, and siRNA therapies [7]

证券研究报告 | 医药生物 | 2026年1月24日 www.hczq.com | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 王宏雨 | 执业编号: S0360523080006 邮箱: wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号：S0360524070007 邮箱：zhukechen@hcyjs.com | 本报告由华创证券有限责任公司编制 报告仅供单创证券有限责任公司的客户使用，本公司不会因按人找到不报告而视其为客户。 华创证券的这些信息的准确性和完整也不作任何保证。报告中的内容 ...

中新网北京1月24日电 题：中国原创肝病新药 填补丁肝治疗空白 记者 张素 "绝大多数原研药，都是一国或多国科学家先取得重要突破，再由本国或其他国家的制药公司跟进。"北 京生命科学研究所所长王晓东说，但"从0到1再从1到100"都由同一个团队主导完成，"一条龙"全流程自 主创新，全世界都不多见。 23日，治疗慢性丁型肝炎病毒感染的立贝韦塔单抗获得国家药品监督管理局批准上市。这款创新药源于 北京生命科学研究所李文辉团队对乙肝和丁肝病毒受体的突破性研究发现，被视为填补国内丁肝治疗空 白。 值得注意的是，这款原研药不仅是全球病毒性肝炎领域获批的首个单抗药物，并且从发现病毒感染机 制、作用靶点到药物研发都为中国原创。 解锁"卫星"病毒 据介绍，丁型肝炎病毒(HDV)是一种缺陷型RNA病毒，需借助乙型肝炎病毒(HBV)表面蛋白作为其包膜 蛋白才能存活。换句话说，HDV为HBV的"卫星"病毒，两者进入肝细胞借助的是同样的受体。 跑出"加速度" 发现"钥匙孔"，李文辉并未止步于基础研究，而是瞄准造出能"锁"住病毒的药物。他与北京生命科学研 究所生物制品中心主任隋建华着手新药开发，并与这些志同道合的科学家共同创办华辉安健。 ...

Group 1 - The pharmaceutical industry in A-shares is showing a recovery trend, with some companies exceeding performance expectations for 2025 [1][14] - WuXi AppTec expects revenue of approximately 45.456 billion yuan for 2025, a year-on-year increase of about 15.84%, and a net profit of approximately 19.151 billion yuan, a year-on-year increase of about 102.65% [1][15] - WuXi AppTec's performance is driven by stable growth in its main business and the sale of equity in three companies, generating nearly 5.6 billion yuan in revenue [1][15] Group 2 - WoHua Pharmaceutical anticipates a net profit between 80 million and 115 million yuan for 2025, representing a year-on-year increase of 119.76% to 215.90% [2][16] - The growth in WoHua's performance is attributed to the price-volume trade-off trend after the entry of its product into centralized procurement and the extension to outpatient markets [3][17] Group 3 - Kangchen Pharmaceutical expects a net profit between 14.5 million and 17.5 million yuan for 2025, a year-on-year increase of 243% to 315% [4][19] - The company attributes its performance to the absence of goodwill impairment provisions for 2025, following a decline in revenue from a previously acquired business [5][19] Group 4 - Baiaosaitu is projected to achieve a net profit growth of 249.5% in 2025, with expected revenue of 1.31 billion yuan, a year-on-year increase of 37.75% [6][20] - The company began to achieve commercial profitability in 2024, successfully turning around its financial performance [6][20] Group 5 - The Chinese pharmaceutical market is expected to see significant developments in 2026, with a focus on innovative drug research and business development (BD) [7][21] - China has become the second-largest market for innovative drug launches globally, with leading pharmaceutical companies showing R&D intensities close to global averages [7][21] Group 6 - The total value of innovative drug licensing transactions from China is expected to exceed 130 billion USD in 2025, indicating strong recognition of Chinese pipelines by overseas buyers [9][23] - The CXO service industry is recovering, with predictions that the market size will approach 100 billion USD in 2026, driven by increased demand from innovative drug development [9][23] Group 7 - The AI pharmaceutical sector is becoming increasingly active, with significant transactions and the listing of AI companies on stock exchanges [11][25] - The global market for AI solutions in healthcare is projected to grow from 13.7 billion USD in 2022 to 155.3 billion USD by 2030, highlighting the potential for companies in this space [13][27]