投资评级： 报告日期： 推荐 （ 维持 ） 2026年01月11日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 证 券 研 究 报 告 行业周报 创新出海迎来开门红 医药行业周报 1.创新出海迎来开门红，创新药配置有望回升 2025年是中国创新药出海具有标志性意义的一年，根据医药魔方NextPharma®数据库显示，截至2025年12月31日，中国 创新药BD出海授权全年交易总金额达到1356.55亿美元，首付款70亿美元，交易总数量达到157起，各个维度的数据统计 均达到了历史新高。进入2026年，中国创新出海迎来开门红，1月9日，宜联生物宣布已与罗氏就YL201项目达成一项新的 独家许可协议，将联合推进该款靶向B7H3的候选创新抗体偶联药物（ADC）在多种实体瘤适应症中的开发和商业化。宜联 生物将获得5.7亿美元首付款及近期里程碑付款，并有权获得额外的开发，注册和商业化里程碑付款，以及YL201在海外获 批上市后基于净销售额的分级特许权使用费。2025年也是创新药估值重塑的一年，创新药出海不仅为中国企业获得研发 ...

｜2026年1月9日星期五｜ NO.1蓝箭航天已与中国星网、垣信卫星签署合同，将提供批量发射服务 1月7日，有媒体报道，蓝箭航天已与中国星网、垣信卫星签署正式发射服务合同，未来将提供批量化发 射服务，商业化前景非常值得期待。"GW星座"和"千帆星座"是中国规划的两个大型卫星互联网项目， 其中，GW星座是中国星网运营的宽带互联网卫星星座，计划发射共计约12992颗卫星，计划在5年内完 成约10%的卫星部署，在2035年完成全部卫星的发射。截至目前已完成17次组网发射，在轨组网卫星 136颗。千帆星座由垣信卫星运营，计划发射共计约1.5万颗卫星，截至目前已完成6次组网发射，在轨 组网卫星108颗。 NO.2广州：推动中科宇航液体火箭总装测试基地和星河动力火箭总装基地尽快落地 1月8日，广州印发《广州市加快建设先进制造业强市规划(2024—2035年)》，聚焦攻关可重复使用火箭 技术，依托从化商业火箭液体动力系统试验中心及总装测试产业化基地，为中大型液体火箭研制提供坚 实基础，未来将面向全国科研院所、企业和高校等开放共享。推动南沙中科宇航液体火箭总装测试基地 建设和黄埔星河动力火箭总装基地尽快落地，研发大推力、可复 ...

｜2026年1月9日星期五｜ NO.1 蓝箭航天已与中国星网、垣信卫星签署合同，将提供批量发射服务 1月7日，有媒体报道，蓝箭航天已与中国星网、垣信卫星签署正式发射服务合同，未来将提供批量化发 射服务，商业化前景非常值得期待。"GW星座"和"千帆星座"是中国规划的两个大型卫星互联网项目， 其中，GW星座是中国星网运营的宽带互联网卫星星座，计划发射共计约12992颗卫星，计划在5年内完 成约10%的卫星部署，在2035年完成全部卫星的发射。截至目前已完成17次组网发射，在轨组网卫星 136颗。 千帆星座由垣信卫星运营，计划发射共计约1.5万颗卫星，截至目前已完成6次组网发射，在轨 组网卫星108颗。 NO.2 广州：推动中科宇航液体火箭总装测试基地和星河动力火箭总装基地尽快落地 1月8日，广州印发《广州市加快建设先进制造业强市规划（2024—2035年）》，聚焦攻关可重复使用火 箭技术，依托从化商业火箭液体动力系统试验中心及总装测试产业化基地，为中大型液体火箭研制提供 坚实基础，未来将面向全国科研院所、企业和高校等开放共享。推动南沙中科宇航液体火箭总装测试基 地建设和黄埔星河动力火箭总装基地尽快落地，研发大推力 ...

凤凰网财经讯 1月8日，美股三大指数集体低开，道指跌0.35%，标普500指数跌0.10%，纳指跌0.20%。 热门中概股盘初涨跌互现，纳斯达克中国金龙指数跌0.4%，哔哩哔哩涨超3%，小鹏汽车涨超1%，百 度、京东、拼多多跌超1%。 黄金、白银股普跌，赫克拉矿业跌超5%，泛美白银跌超3%。军工股表现强势，洛克希德马丁涨超6%， 雷神技术公司涨超2%。 公司消息 【商务部回应审查Meta收购Manus：企业从事对外投资等活动须符合中国法律法规】 【告别终身服药？乙肝患者有望迎来"功能性治愈"时代】 英国制药公司葛兰素史克（GSK）宣布在研慢性乙肝疗法Bepirovirsen在两项关键三期临床试验中均达 到主要终点。如果该药物获批，将意味着全球首个仅需6个月有限疗程治疗，便可直接实现乙肝功能性 治愈的抗病毒疗法诞生。Bepirovirsen是一种新型反义寡核苷酸（ASO）乙肝抗病毒疗法，可直接抑制 病毒复制。GSK计划于今年第一季度正式启动Bepirovirsen的全球监管审批申请。所谓"功能性治愈"， 是指患者停药后在六个月或更长时间内，乙肝表面抗原（HBsAg）持续阴性且检测不到乙肝病毒 （HBV）DNA。 ...

Core Viewpoint - GSK's Bepirovirsen has achieved primary endpoints in two key Phase III clinical trials for chronic hepatitis B treatment, potentially leading to the first antiviral therapy that can achieve functional cure in just six months [3][4]. Group 1: Drug Development and Market Potential - Bepirovirsen is a novel antisense oligonucleotide (ASO) therapy that directly inhibits viral replication [3]. - If approved, Bepirovirsen could generate peak annual sales exceeding £2 billion (approximately $2.7 billion), bringing GSK closer to its goal of over £40 billion in annual revenue by 2031 [3]. - Analysts believe that even a 15% to 20% functional cure rate among hepatitis B patients would significantly alter global treatment outcomes [3]. Group 2: Current Treatment Landscape - Chronic hepatitis B (CHB) affects over 250 million people globally and is a leading cause of liver cancer, with over 1 million deaths attributed to it in 2022 according to WHO estimates [4]. - Current standard treatments, primarily nucleos(t)ide analogs (NAs), can effectively suppress viral replication but do not eliminate the virus, requiring lifelong medication for patients [4]. - Data indicates that standard treatments only allow 1% to 4% of patients to clear the virus over time, and these treatments may lead to complications [4]. Group 3: Implications for Future Treatment - If new therapies like Bepirovirsen are approved, there could be a fundamental shift in hepatitis B treatment outcomes in China and globally [5]. - Other pharmaceutical giants, including Roche and Johnson & Johnson, are also actively developing related therapies, indicating a competitive landscape in hepatitis B treatment innovation [5].

Bepirovirsen是一种新型反义寡核苷酸（ASO）乙肝抗病毒疗法，可直接抑制病毒复制。GSK计划于今 年第一季度正式启动Bepirovirsen的全球监管审批申请。 近日由复旦大学附属华山医院感染科张文宏教授等专家最新编撰的《中国高危人群乙型肝炎病毒再激活 防治指南（2026年版）》中援引数据，我国一般人群乙肝表面抗原（HBsAg）流行率为6.1%，慢性 HBV感染者约8600万例。 所谓"功能性治愈"，是指患者停药后在六个月或更长时间内，乙肝表面抗原（HBsAg）持续阴性且检测 不到乙肝病毒（HBV）DNA。分析师认为，即便是15%至20%的乙肝患者实现功能性治愈，这对于改变 全球乙肝治疗结局也将具有重要意义。 目前尚无其他疗法能够在停药后实现显著的功能性治愈率。投行杰富瑞分析师迈克尔·洛伊滕（Michael Leuchten）表示："GSK公布的消息意味着Bepirovirsen有望成为重磅炸弹级药物。" 如果该药物获批，将意味着全球首个仅需6个月有限疗程治疗，便可直接实现乙肝功能性治愈的抗病毒 疗法诞生。 目前针对慢性乙肝的标准治疗方案主要是核苷（酸）类似物（NA），虽然能有效抑制病毒复制，但难 ...

Bepirovirsen是一种具有三重作用机制的在研ASO疗法，旨在识别并破坏乙肝病毒的遗传成分(即RNA)， 从而可能使患者的免疫系统重新获得控制病毒感染的能力。 慢性乙型肝炎是全球范围内的一项重大健康挑战，影响着超过2.5亿人，并且已成为导致肝癌的主要原 因之一。目前，基于核苷(酸)类似物的标准治疗通常需要长期甚至终身用药，但其功能性治愈率仍然偏 低，通常仅约为1%。 GSK(GSK.US)今日宣布，其与Ionis Pharmaceuticals合作开发的在研反义寡核苷酸(ASO)疗法 bepirovirsen，在用于治疗慢性乙型肝炎(HBV)的两项关键性3期临床试验B-Well 1和B-Well 2中取得积极 结果。两项试验均达到主要终点。Bepirovirsen显示出具有统计学与临床意义的功能性治愈率。GSK计 划于2026年第一季度启动全球监管申报。 分析显示，B-Well试验达到了主要终点，且bepirovirsen显示出具有统计学意义并具有临床意义的功能性 治愈率。与单用标准治疗相比，bepirovirsen联合标准治疗显著提高了功能性治愈率。在所有终点中均达 到统计学显著性，包括基线HBsAg ...

Investment Rating - The report maintains a positive outlook on the innovative drug sector and suggests focusing on quality defensive assets in the pharmacy sector [1][11]. Core Views - The innovative drug industry continues to show long-term potential, with Chinese pharmaceutical companies demonstrating their strength in international markets. The report anticipates further business development (BD) activities from domestic companies [2][37]. - In the pharmacy sector, leading companies are expected to enhance their market share through mergers and acquisitions, supported by strong cash flow and self-sustaining capabilities. The report highlights the defensive attributes of these leading pharmacies [2][47]. - The report emphasizes the importance of monitoring the updates to the essential drug list and identifies companies with potential for inclusion, such as Fangsheng Pharmaceutical [2][11]. Summary by Sections Innovative Drugs - The report highlights a significant global strategic partnership between Innovent Biologics and Takeda, involving three second-generation IO and ADC products, with a total transaction value potentially reaching $11.4 billion [2][37]. - It suggests focusing on dual/multi-antibody drugs and slow disease medications that meet unmet clinical needs, as well as ADC and small nucleic acid therapies [11]. Pharmacies - The report notes that the retail scale of physical pharmacies in China reached 50.4 billion yuan in August 2025, indicating a recovery trend despite a slight year-on-year decline [2][42]. - Leading pharmacy chains are expected to increase their market share during the industry clearing phase, with a focus on mergers and acquisitions when the timing is right [2][47]. Traditional Chinese Medicine - The report advises paying attention to the progress of the essential drug list updates and highlights companies like Huazhong Sanjiu that have already absorbed high baseline pressures [2][11]. Biopharmaceuticals - The report discusses the promising results of the ASO drug Bepirovirsen for hepatitis B treatment, suggesting continued monitoring of research developments in this area [3][11]. Medical Devices - The report indicates that leading companies are accelerating their international strategies, with successful product registrations in markets like Ecuador [3][11]. Medical Services and Consumer Healthcare - The report notes a year-on-year increase in total medical visits in Chongqing, suggesting a recovery in the medical services sector [3][11].

Summary of GSK 2025 Conference Call Company Overview - **Company**: GSK (NYSE:GSK) - **Date**: September 24, 2025 - **Key Speakers**: Julie Brown (CFO), Tony Wood (Head of R&D) Core Industry Focus - GSK is focused on four major therapeutic areas: oncology, respiratory, immunology, and inflammation [2][3] - The company has upgraded its sales guidance to over $40 billion by 2031, up from $33 billion a few years ago [3][14] Financial Performance - GSK has had a strong year, achieving positive growth driven by its specialty business, particularly in oncology and respiratory sectors [2][3] - The company reported 13 phase III positive readouts last year, a record for GSK [3][4] - GSK is on track for five major approvals and four launches this year, including Blenrep and Depemokimab [3][4] Product Pipeline and R&D - **Oncology**: Blenrep is a key product, with significant expectations for growth. The company anticipates that half of the $6 billion gap in sales consensus is centered on Blenrep [15][16] - **Respiratory**: Depemokimab is expected to receive approval in December, with promising data showing a 72% reduction in exacerbations leading to hospitalization [26][27] - **HIV**: GSK's HIV business is performing well, with an upgrade in growth expectations from mid-single to high-single digits, driven by products like Cabenuva and Apretude [44] Regulatory Environment - GSK is actively engaging with the U.S. government regarding pricing policies, including the Most Favored Nation (MFN) proposal and its implications for drug pricing [6][8] - The company is preparing for negotiations regarding two products, Trelegy and Breo, with results expected in November [11] Market Dynamics - GSK is experiencing strong double-digit growth for Trelegy, despite industry challenges [11] - The company is optimistic about the long-term potential of its HIV portfolio, particularly with the upcoming Q6M product launch [44][46] Shingrix Performance - Shingrix has reached 42% market penetration in the U.S., with growth expected to come from international markets, particularly in Europe and China [62][63] Upcoming Data and Expectations - GSK is looking forward to significant data readouts in 2026, particularly for Camlipixant and Bepirovirsen, which are expected to drive future growth [64][75] - The company is confident in the potential of Bepirovirsen to provide a functional cure for chronic hepatitis B, with a focus on increasing diagnosis rates [75][76] Conclusion - GSK is positioned for strong growth with a robust pipeline and strategic focus on innovation and market expansion. The company is navigating regulatory challenges while maintaining a positive outlook on its product launches and market performance [3][14][44]