根据披露的机构调研信息2025年9月1日至2025年9月26日，泉果基金对上市公司迈威生物进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为161.82亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得54.74%。 截至2025年9月29日，泉果基金近1年回报前9非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A54.742022年10月18日 赵诣 016710泉果旭源三年持有期混合C54.122022年10月18日赵诣 018329泉果思源三年持有期混合 A39.492023年6月2日刚登峰 018330泉果思源三年持有期混合C38.952023年6月2日刚登峰 022223泉果消 费机遇混合发起式A31.762024年9月27日孙伟 019624泉果嘉源三年持有期混合A28.882023年12月5日钱 思佳 019625泉果嘉源三年持有期混合C28.372023年12月5日钱思佳 020855泉果泰然30天持有期债券 A ...

Wind数据显示，截至10月9日记者发稿时，9月以来超170家医药生物行业上市公司接受机构调研。值得 关注的是，迈威生物、甘李药业等多家创新药企备受机构青睐。其中，创新药管线研发投入、研发进 展、BD(商务拓展)交易等是机构重点关注的话题。 机构表示，"创新+国际化"的产业趋势将保持不变，继续看好创新药主线。预计接下来，围绕2025年欧 洲肿瘤内科学会(ESMO)大会前后相关的临床数据披露与BD交易有望带来板块新一轮投资机遇。 创新药研发进展备受关注 根据Wind数据，截至10月9日记者发稿时，9月以来接受机构调研频次前十的医药生物公司中，迈威生 物获机构关注度最高，累计接受机构调研超330家次；甘李药业、兴齐眼药并列第二，接受机构调研频 次均为84家次；博瑞医药、恩华药业、信立泰等紧随其后，接受机构调研频次均在75家次以上。 兴齐眼药日前在机构调研中表示，目前公司的1类治疗用生物制品SQ-22031滴眼液已经完成Ⅰ期临床试 验，正在开展神经营养性角膜炎Ⅱ期临床试验。公司开发的SQ-129玻璃体缓释注射液已完成临床前研 究，经国家药品监督管理局审批后将开展用于治疗黄斑水肿的临床试验研究。"未来公司将持续加大在 ...

Core Insights - Over 170 pharmaceutical and biotechnology companies have been investigated by institutions since September, with a focus on innovative drug companies like Maiwei Biotech and Ganli Pharmaceutical, highlighting the trend of "innovation + internationalization" in the industry [1][6] Group 1: Company Research and Development - Maiwei Biotech has received the highest institutional attention, with over 330 institutional investigations, and recently signed exclusive licensing and preferred stock purchase agreements for the 2MW7141 project [2] - Ganli Pharmaceutical aims to become a large multinational pharmaceutical company and has been investing in innovative drug development for about a decade, focusing on technologies like PROTAC and ADC [2] - Xingqi Eye Medicine has completed Phase I clinical trials for its SQ-22031 eye drops and is conducting Phase II trials for neurotrophic keratitis [3] Group 2: AI Applications in Pharmaceuticals - Xiangsheng Medical is integrating AI and robotics in ultrasound technology to enhance cancer screening capabilities [4] - Haoyuan Pharmaceutical is developing an AI-driven drug screening platform and aims to improve operational efficiency through AI applications in drug development [4][5] - Enhua Pharmaceutical is exploring the use of AI in early-stage drug development and plans to establish a system for this purpose [5] Group 3: Market Outlook and Trends - The innovative drug sector is expected to maintain a high level of activity, with significant opportunities arising from clinical data disclosures and business development transactions around the 2025 ESMO conference [6] - The Chinese pharmaceutical industry has transitioned to a new growth model, with traditional companies like Heng Rui and Han Sen successfully pivoting to innovation [6] - The trend of "innovation + internationalization" remains a core direction for the pharmaceutical sector, with ongoing policy support expected to enhance the global competitiveness of domestic innovative drug companies [6]

Group 1: Industry Investment Rating - The report maintains a positive outlook on the overseas education sector, indicating a favorable investment rating due to the maturation of profit-oriented classification management and market reforms driving the expansion of higher education institutions [1][2]. Group 2: Core Insights - The conditions for profit-oriented classification management in private education are gradually maturing, with quality improvement in private schools being a crucial prerequisite for this transition. The report anticipates an acceleration in the implementation of profit-oriented policies for private schools, which will enhance the supply of higher education while ensuring quality [1][9]. - The establishment of profit distribution rights for private schools has led to increased certainty in asset returns. The average profit margin for the six listed private higher education companies is approximately 30.9%, with an average ROE of 12%. This indicates a robust commercial model that seeks to expand scale and revenue [2][10]. - The report highlights a significant mismatch between supply and demand in the higher education sector, with the number of college admissions only increasing from 10.36 million in 2021 to 10.69 million in 2024, while the number of high school graduates entering the college entrance examination has risen from 10.78 million in 2021 to 13.42 million in 2024. This has resulted in a declining college admission rate from 96.1% in 2021 to 79.6% in 2024 [2][10]. - The report suggests that the current quality standards achieved by listed private higher education companies will lay a solid foundation for the reintroduction of profit-oriented choices, which is expected to enhance the valuation of the higher education sector [2][11]. Group 3: Company Focus - The report recommends focusing on several key companies in the overseas education sector, including Yuhua Education, Zhongjiao Holdings, China Kepei, Neusoft Ruixin, Zhonghui Group, New Higher Education, Xijiao International Holdings, and Huaxia Holdings, as they are well-positioned to benefit from the anticipated policy changes [3][11][14].

Group 1 - The core viewpoint of the article emphasizes the ongoing developments related to the essential drug catalog, indicating that while the release has been delayed, it is expected to occur soon, with a focus on unique essential drugs that are anticipated to grow faster than non-essential drugs [11][20][21] - The article highlights the performance of the pharmaceutical sector, noting that the CITIC pharmaceutical index fell by 1.98%, underperforming the CSI 300 index by 1.54 percentage points, ranking 22nd among 30 primary industries [8][9] - The article discusses the investment opportunities in the pharmaceutical sector, particularly in traditional Chinese medicine, state-owned enterprise reforms, and the impact of the new medical insurance catalog on OTC companies [11][14][29] Group 2 - The article provides a detailed overview of the essential drug catalog selection process, which includes expert evaluations and consultations to ensure that the selected drugs meet clinical and economic criteria [34] - It presents data on the historical changes in the essential drug catalog, showing a gradual increase in the number of traditional Chinese medicine products included, with a notable shift towards unique products since the 2009 version [17][18] - The article outlines the sales performance of newly included unique essential drugs, indicating significant growth rates for certain products, particularly in the pediatric and respiratory categories [30][32]

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, suggesting a potential for diverse investment opportunities by 2025 [10]. Core Insights - The pharmaceutical sector is currently undervalued, with public funds showing low allocation to this sector. Positive macroeconomic factors, such as the recovery of U.S. Treasury rates, are expected to drive growth in the industry [10]. - The report emphasizes a shift from quantity to quality in the domestic innovative drug sector, highlighting the importance of products that can generate profits. Companies such as BeiGene, Innovent Biologics, and others are recommended for investment [10]. - In the medical device sector, there is a notable recovery in bidding for imaging equipment, and home medical devices are expected to benefit from subsidy policies. Companies like Mindray and Yuwell are highlighted as key players [10]. - The report discusses the potential for growth in the CXO and life sciences services sectors, with expectations of a rebound in domestic investment and a return to high growth rates by 2025 [10]. - The traditional Chinese medicine sector is expected to see significant growth due to the upcoming updates to the essential drug list, with companies like Kunming Pharmaceutical and Kangyuan Pharmaceutical recommended for attention [12][31]. Summary by Sections Market Review - The report notes a 1.98% decline in the CITIC Pharmaceutical Index, underperforming the CSI 300 Index by 1.54 percentage points, ranking 22nd among 30 sectors [7]. - The top-performing stocks include Yino Science, Furuida, and Chengda Pharmaceutical, while the worst performers include Anglikang and Nuo Cheng Jianhua [7]. Industry and Stock Events - The report highlights the ongoing work related to the essential drug list, with expectations for updates that will favor innovative and traditional Chinese medicines [13][15]. - The essential drug list has not been updated since 2018, and the report anticipates a dynamic management approach to future updates [13]. Overall Perspective and Investment Themes - The report suggests that the pharmaceutical industry is entering a new growth cycle, particularly in the specialty raw materials sector, which is currently at a near-decade low in valuation [10]. - The report emphasizes the importance of the essential drug list in promoting reasonable drug use and its integration into hospital performance assessments [19]. - The report identifies several categories of products likely to be included in the essential drug list, including unique proprietary drugs and innovative traditional Chinese medicines [31][33].

Group 1 - Maiwei Biotech has signed exclusive licensing and preferred stock purchase agreements with Kalexo Bio, potentially receiving up to $1 billion in upfront and milestone payments, along with a significant stake in Kalexo's Series A financing [1] - The NewCo model, which involves granting overseas development and commercialization rights to a newly established company, is gaining traction among both large and small innovative pharmaceutical companies in China [1][2] - The NewCo approach is considered a smarter "going global" strategy compared to traditional licensing models, as it allows companies to benefit from both cash and equity in the new company [2] Group 2 - Maiwei Biotech's collaboration with Kalexo marks its first attempt at the NewCo model, which is backed by the Aditum Bio Fund [2] - Companies are now more rational in their "going global" strategies, considering not only economic returns but also the research capabilities and commercialization strengths of their partners [3] - The evolution of "going global" strategies reflects the accumulated experience of innovative pharmaceutical companies, leading to more sophisticated choices in partnership and negotiation [4] Group 3 - The market has seen the emergence of various NewCo models, including pure overseas NewCo and hybrid NewCo, with notable examples like BeiGene's royalty leasing model [5] - The relationship between multinational pharmaceutical companies and domestic innovative firms is characterized by a complementary dynamic, where each party leverages its strengths [5] - For small and medium-sized biotech companies in China, selling partial rights to early-stage projects can accelerate cash flow and support ongoing research and development efforts [5]

Core Viewpoint - Maiwei Biotech has signed exclusive licensing and preferred stock purchase agreements with Kalexo Bio, Inc. for the 2MW7141 project, which could yield up to $1 billion in upfront and milestone payments, along with low single-digit royalties [1][2]. Group 1: Company Overview - Maiwei Biotech's stock price increased by over 10% following the announcement, reaching a peak increase of 13.21% [1]. - The company is focused on developing dual-target small nucleic acid drugs, with 2MW7141 aimed at managing dyslipidemia and preventing high-risk cardiovascular events [2][5]. - The 2MW7141 project is currently in the CMC (Chemistry, Manufacturing, and Controls) development stage, and specific drug targets have not been disclosed due to confidentiality [1][5]. Group 2: Partnership Details - The agreement with Kalexo allows for exclusive global development, production, and commercialization rights for the 2MW7141 project [2]. - Kalexo, established in December 2023, is an innovative drug company created by AditumBio, which focuses on accelerating new drug development through capital and expertise [2][3]. - The potential total transaction value for the partnership is higher than previous collaborations, with Maiwei Biotech receiving an upfront payment of $12 million and milestone payments contributing to the total of up to $1 billion [3]. Group 3: Industry Context - The cardiovascular disease sector is highly competitive, with major pharmaceutical companies actively pursuing small nucleic acid therapies [5]. - Existing therapies, while effective, still leave room for improvement in reducing disease indicators, which the dual-target approach of 2MW7141 aims to address [5]. - Recent collaborations in the industry, such as the one between Boehringer Ingelheim and Novartis, highlight the trend of strategic partnerships focusing on early-stage projects in the small nucleic acid space [5][6].

Policy Developments - The head of the National Medical Products Administration emphasized the importance of improving the efficiency of drug review and approval processes to ensure product quality and accelerate the market entry of new drugs [2] - Measures include prioritizing the review of urgently needed clinical products, reducing the review time for innovative drug clinical trials from 60 to 30 working days, and optimizing supplementary application review procedures [2] Industry Insights - The optimization of the review and approval process addresses the issues of "difficult and expensive medication" for patients, while also reducing time and institutional transaction costs for pharmaceutical companies, alleviating core pressures in R&D, production, and operations [3] Market Developments - Health 160 successfully listed on the Hong Kong Stock Exchange, closing at HKD 28.22 per share, with a market capitalization of HKD 9.495 billion [10] - Meikang Bio's subsidiary obtained a medical device registration certificate for four products, enhancing the company's product line and market competitiveness [7] Innovation and Drug Approvals - In the first seven months of the year, 50 innovative drugs were approved, surpassing the total of 48 for the entire previous year, indicating a strong momentum in drug innovation [13] - The approval of innovative drugs is driven by policy support, technological advancements, and increased capital investment, with a shift from me-too drugs to first-in-class innovations [13] Strategic Partnerships - Maiwei Bio signed an exclusive licensing agreement with Kalexo Bio, potentially receiving up to USD 1 billion in upfront and milestone payments, which is expected to positively impact the company's future performance [14]

Group 1 - Heng Rui Medicine's subsidiary received the acceptance notice from the National Medical Products Administration for the marketing application of SHR-A1811, which is designed for HER2-positive breast cancer patients who have previously received one or more anti-HER2 therapies [1] - The approval process for SHR-A1811 has been prioritized, indicating its potential significance in the treatment landscape for breast cancer, particularly for HER2-positive patients [1] - The unique design of SHR-A1811 and its previous success in lung cancer treatment may allow it to carve out a new path in breast cancer therapy, enhancing treatment options for patients [1] Group 2 - Maiwei Biotech signed an exclusive licensing agreement with Kalexo for the 2MW7141 project, which could yield up to $1 billion in upfront and milestone payments, along with low single-digit royalties [2] - The collaboration is significant as the 2MW7141 project has broad prospects, potentially filling a market gap and providing new therapies for patients [2] - This partnership is expected to enhance Maiwei Biotech's profitability and international influence, although the high risks associated with biopharmaceutical development introduce uncertainties regarding the $1 billion payment [2] Group 3 - Kangfang Biotech's AK138D1, a novel antibody-drug conjugate targeting HER3, has received clinical trial approval in China, marking the company's first ADC to enter clinical stages [3] - HER3 is a popular target in cancer drug development, with expression in various malignancies, and AK138D1's unique design and progress in early clinical trials could offer new hope for patients with advanced malignancies [3] - Successful further trials of AK138D1 may enhance Kangfang Biotech's competitive position in the oncology market [3] Group 4 - Aikobio has submitted its listing application to the Hong Kong Stock Exchange, with J.P. Morgan and CITIC Securities as joint sponsors, focusing on therapies for respiratory and pediatric diseases [4] - The company has developed a pipeline of six candidate drugs, indicating good progress in its research and development efforts [4] - Although Aikobio has not yet turned a profit and faces significant R&D costs, a successful IPO could provide the necessary funding to support commercialization and enhance competitiveness in a challenging market [4]