2026 年 02 月 24 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20260224）：Molbreevi 获 FDA 授予优先审评资 格 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/2/24 25/5/8 25/7/20 25/10/1 25/12/13 26/2/24 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<太平洋医药日报（20260213）：安进 Inebilizumab 获欧盟批准>>--2026- 02-15 <<太平洋医药日报（20260212）：默沙 东 Keytruda 获 FDA 批准新适应症>>- -2026-02-15 <<太平洋医药日报（20260211）：礼来 米吉珠单抗在华获批新适应症>>-- 2026-02-13 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： E-MAIL： ...

Group 1 - The core viewpoint of the news highlights the performance of the China Securities Pharmaceutical and Medical Device Innovation Index, with Zhejiang Medicine leading the gains at 1.43% and Xinhecheng experiencing the largest decline [1] - The Medical Innovation ETF (516820) has a latest price of 0.36 yuan, with a turnover rate of 0.28% and a transaction volume of 5.138 million yuan during the trading session [1] - Over the past month, the average daily transaction volume of the Medical Innovation ETF reached 62.8359 million yuan, indicating strong market interest [1] Group 2 - Recently, Eli Lilly's drug, Migalastat, received approval from the National Medical Products Administration of China for two formulations to treat moderate to severe active Crohn's disease and ulcerative colitis, marking a significant advancement in targeted therapies for autoimmune diseases in the digestive system [1] - According to CMB International, the pharmaceutical industry is experiencing structural differentiation due to medical insurance cost control and normalized centralized procurement, with resources increasingly concentrating on innovative pharmaceutical and medical device companies with technological barriers [1] - Since Q4 2025, both domestic and foreign institutions have been increasing their positions in the innovative pharmaceutical and medical device supply chain, reflecting a clearer market logic for allocating innovative assets with clinical value and overseas potential [1] Group 3 - The China Securities Pharmaceutical and Medical Device Innovation Index (931484) selects 30 publicly listed companies with good profitability, growth potential, and research innovation capabilities to reflect the overall performance of the pharmaceutical and medical device sector [2] - As of January 30, 2026, the top ten weighted stocks in the index include WuXi AppTec, Mindray Medical, Heng Rui Medicine, Aier Eye Hospital, and others, accounting for a total of 63.9% of the index [2]

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - Eli Lilly's new drug, Migalastat, has received approval from the National Medical Products Administration (NMPA) in China for the treatment of moderate to severe active Crohn's disease (CD) and ulcerative colitis (UC) in adults. This drug selectively inhibits the IL-23 pathway, which is involved in immune inflammatory responses [5]. - The pharmaceutical sector experienced a slight decline of -0.32% on February 11, 2025, underperforming the CSI 300 index by 0.10 percentage points, ranking 22nd among 31 sub-industries [4]. - Notable stock performances included Teva Biopharmaceuticals (+6.01%), ZhenDe Medical (+5.87%), and Keyuan Pharmaceutical (+5.79%) on the gainers' list, while Huakang Clean (-5.28%), Hualan Biologicals (-5.11%), and Qianyuan Pharmaceutical (-4.67%) led the decliners [4]. Sub-industry Summary - Chemical Pharmaceuticals: No rating [3] - Traditional Chinese Medicine: No rating [3] - Biopharmaceuticals II: Neutral [3] - Other Pharmaceutical Industries: Neutral [3]

Core Viewpoint - The National Medical Products Administration has approved the innovative drug Anlotinib (also known as Migalizumab) for the treatment of moderate to severe active Crohn's disease and ulcerative colitis in adults, which is expected to benefit more patients in China and improve their quality of life [1][2]. Group 1: Drug Approval and Mechanism - Anlotinib is a monoclonal antibody drug developed using biotechnology, specifically designed to block key inflammatory cytokines (IL-23p19 subunit) in the gut, thereby regulating excessive immune responses [1]. - The drug has already been approved in multiple countries and regions, including the US, Europe, and Japan, indicating its international recognition and potential effectiveness [1]. Group 2: Disease Impact and Patient Demographics - Inflammatory bowel disease (IBD), which includes Crohn's disease and ulcerative colitis, is a chronic and recurrent condition that has seen an increase in prevalence in China due to lifestyle changes, with Crohn's disease affecting approximately 3-4 cases per 100,000 people and ulcerative colitis affecting 17-18 cases per 100,000 people [1]. - The disease predominantly affects young adults, leading to symptoms such as abdominal pain, diarrhea, and weight loss, which significantly impact patients' quality of life and can result in increased healthcare costs, approximately three times higher than that of the general population [2]. Group 3: Clinical Efficacy - Clinical studies indicate that about one-third of patients treated with Anlotinib can observe early improvements in intestinal inflammation within three months, and nearly half can achieve clinical remission after one year of treatment, marking a promising new option for patients who have not responded well to traditional medications or other biologics [2].