10月14日，"世界聚变能源集团"第2次部长级会议暨第30届聚变能国际大会在成都启幕。 大会期间，四川正式发布《进一步促进核医疗产业高质量发展的政策措施》，聚焦精准支持、产业升级、扩大应用需求、营造良好发展环境等方 面，出台24条政策措施，进一步打破产业发展的制约瓶颈。开幕式当天，成都同步发布核医疗产业领域机会清单，瞄准核医疗产业链中游核药研 制，抢先布局3个核药基地，依托丰富的创新资源、完善的要素保障等，向全球伸出合作橄榄枝。 ▲开幕式现场（王勤 摄） 9月29日，国家药品监督管理局药品审评中心公示显示，来自成都的百利天恒首款抗体放射性核素偶联药物（ARC）镥[177Lu]-BL-ARC001注射液临床试验 申请获得默示许可。 这款用于局部晚期或转移性实体瘤治疗的药物，是基于公司自主研发HIRE-ARC平台的首款I类创新药，具有完全自主知识产权且潜在全球首创。与传统药 物相比，其更强的靶点特异性和肿瘤富集性，有望在抗耐药性方面实现重大突破。 百利天恒创新核药获批临床、复星医药核药总部落户、核医药企业纽瑞特医疗完成8亿元D轮融资……就在聚变能大会开幕前后，成都核医疗领域同样动作 频频。竞逐前沿生物医药赛道的成 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Grand Pharmaceutical (0512.HK) [7]. Core Views - Grand Pharmaceutical is positioned as a leading player in the nuclear medicine and high-end formulation sectors, with a comprehensive pipeline and a focus on innovative drug development. The company is expected to achieve significant growth driven by its nuclear medicine products and a robust traditional pharmaceutical segment [6][7]. Summary by Sections 1. Innovation Leading Nuclear Medicine Development - The company has established a comprehensive industrial chain covering research, production, and commercialization in nuclear medicine and precision intervention fields [11]. - Grand Pharmaceutical's core product, Yttrium-90 microsphere injection (易甘泰®), is the first approved nuclear medicine for liver cancer treatment in China, with a significant market presence [11][14]. - The nuclear medicine segment is expected to grow rapidly, with projected sales of 500 million HKD in 2024, reflecting a year-on-year increase of 140% [6]. 2. Nuclear Medicine Pipeline Entering Harvest Phase - The global nuclear medicine market is projected to grow at a compound annual growth rate (CAGR) of 16.4%, reaching 21.9 billion USD by 2029 [6][25]. - The company has a rich pipeline with 12 clinical candidates, including four in Phase III trials, targeting various cancers such as prostate and kidney cancer [6][11]. - The report highlights the potential of STC3141, a novel treatment for sepsis, which has shown significant efficacy in clinical trials [6][7]. 3. Financial Performance and Forecast - The company achieved a revenue of 61.1 billion HKD in the first half of 2025, with a year-on-year growth of 1.0%, while the net profit was 11.7 billion HKD, down 26.1% year-on-year [14][18]. - The report forecasts net profits of 20.21 billion HKD, 23.47 billion HKD, and 27.56 billion HKD for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 17, 14, and 12 [7][14]. - The traditional pharmaceutical segment remains stable, contributing 63% of total revenue, with key products in respiratory and critical care showing solid growth [18][20]. 4. Competitive Positioning - Grand Pharmaceutical's valuation is attractive, with a 2025 P/E ratio of 17, lower than the average of comparable companies at 22 [7]. - The company has established a global sales network covering over 50 countries, demonstrating its international competitiveness [22][24]. - The report emphasizes the strategic acquisitions and partnerships that have strengthened the company's market position and product offerings [11][22].