转自：智通财经 【创新药概念震荡反弹 广生堂涨近15%】智通财经1月23日电，创新药概念盘中震荡反弹，广生堂涨近 15%，海特生物、昭衍新药、美迪西、舒泰神、一品红等跟涨。消息面上，2026年1月22日，由国家科 技重大专项支持的"慢性乙型肝炎临床治愈联合治疗新方案研究"召开，广生堂药业旗下创新药子公司广 生中霖生物科技携旗下核心创新药GST-HG131、GST-HG141及其联合治疗方案，正式纳入国家科技重 大专项课题研究体系。 ...

智通财经APP讯，广生堂(300436.SZ)公告，公司创新药控股子公司福建广生中霖生物科技有限公司(简 称"广生中霖")参与申报的新发突发与重大传染病防控国家科技重大专项"慢性乙型肝炎临床治愈联合治 疗新方案研究"项目已获得国家卫生健康委医药卫生科技发展研究中心下发的立项完成通知。广生中霖 作为课题参与单位参与该乙肝治愈专项项目课题一、课题三，负责课题的研究工作，且在研乙肝创新药 GST-HG131、GST-HG141及联合用药将作为项目课题研究用药。 ...

Core Viewpoint - The announcement by Guangshengtang regarding its innovative hepatitis B drugs aligns with national policies aimed at achieving "clinical cure" for hepatitis B, receiving substantial support from the government [1][2]. Group 1: Project Overview - Guangshengtang's subsidiary, Fujian Guangsheng Zhonglin Biotechnology Co., has been included in a national major science and technology project focused on the clinical cure of chronic hepatitis B [1][2]. - The project, led by Southern Medical University, aims to explore and establish a clinically applicable hepatitis B cure and improve cure rates by 2028 [2]. Group 2: Market Demand and Public Health Significance - As of 2022, there are approximately 79.74 million HBV infected individuals in China, with chronic hepatitis B patients numbering between 20 to 30 million, highlighting a significant unmet clinical need [3]. - The national action plan for hepatitis virus prevention and control sets ambitious targets for diagnosis and treatment rates by 2030, emphasizing the urgency for innovative treatment solutions [3]. Group 3: Drug Development and Clinical Trials - The two innovative drugs, GST-HG131 and GST-HG141, are central to Guangshengtang's strategy and have shown strong competitive potential internationally [4][5]. - GST-HG131 is the first oral hepatitis B surface antigen inhibitor to complete Phase II clinical trials, demonstrating significant reductions in HBsAg levels [4]. - GST-HG141, a novel core protein regulator, has shown promising results in reducing HBV pgRNA levels, indicating potential for addressing the challenges of treatment discontinuation [5]. Group 4: Strategic Implications for Guangshengtang - Participation in the national project will provide Guangshengtang with expert guidance and collaboration opportunities, reinforcing its leading position in hepatitis B treatment [6]. - Successful outcomes from the project could influence industry standards and contribute to the development of clinical guidelines for chronic hepatitis B treatment in China [6].

格隆汇1月5日丨广生堂(300436.SZ)公布，公司创新药控股子公司福建广生中霖生物科技有限公司（简 称"广生中霖"）参与申报的新发突发与重大传染病防控国家科技重大专项"慢性乙型肝炎临床治愈联合 治疗新方案研究"项目已获得国家卫生健康委医药卫生科技发展研究中心下发的立项完成通知。广生中 霖作为课题参与单位参与该乙肝治愈专项项目课题一、课题三，负责课题的研究工作，且在研乙肝创新 药GST-HG131、GST-HG141及联合用药将作为项目课题研究用药。 ...

Core Viewpoint - Guangshengtang (300436.SZ) announced that its subsidiary, Guangsheng Zhonglin, has received a project approval notification for a national science and technology major project focused on the prevention and control of emerging infectious diseases, specifically for the research of new combined treatment plans for chronic hepatitis B clinical cure [1] Group 1 - The project aims to explore new combined treatment plans to improve the clinical cure rate of hepatitis B [1] - Guangsheng Zhonglin is responsible for research tasks one and three, utilizing the innovative hepatitis B drugs GST-HG131, GST-HG141, and combination therapies as research medications [1] - This project affirms the company's technological innovation capabilities and research and development strength in the field of hepatitis B treatment, highlighting its core competitiveness in related areas [1]

广生堂公告称，其创新药控股子公司广生中霖参与申报的"慢性乙型肝炎临床治愈联合治疗新方案研 究"国家科技重大专项已立项。该项目执行期为2025年12月至2028年11月，广生中霖参与课题一和课题 三，负责研究工作，在研乙肝创新药GST - HG131、GST - HG141及联合用药为研究用药。这是对公司 技术和研发实力的肯定，若成果达预期，将积极影响公司乙肝创新药发展，但项目实施存在进度和结果 不及预期等风险。 ...

Group 1 - The CITIC Pharmaceutical Index increased by 3.29%, outperforming the CSI 300 Index by 4.37 percentage points, ranking 3rd among 30 primary industries [1] - The top ten stocks with the highest gains this week include Jindike, Renmin Tongtai, Chengda Pharmaceutical, Hefuchina, Fuxiang Pharmaceutical, Te Yi Pharmaceutical, Yao Yigou, Bohui Innovation, Shuyupingmin, and Haichen Pharmaceutical [1] - The top ten stocks with the largest declines this week include *ST Changyao, Zhend Medical, Heyuan Biological-U, Weigao Blood Purification, Furui Shares, Ruimaite, Microelectrophysiology, Botuo Biological, Bibete-U, and Shuoshi Biological [1] Group 2 - On November 10, Guangshentang Pharmaceutical's core drug, the oral small molecule hepatitis B surface antigen inhibitor GST-HG131, had its Phase II clinical data selected for the AASLD annual meeting's latest breakthrough summary and was reported on-site [1] - GST-HG131 is the first oral drug in global hepatitis B clinical breakthrough research that significantly reduces HBsAg in hepatitis B patients, with 76.5% of patients achieving levels below 100 IU/ml within three months, attracting attention from many multinational pharmaceutical companies for potential collaboration [1] Group 3 - On November 10, Roche announced that its third-generation BTK inhibitor Fenebrutinib met primary endpoints in two Phase III studies (FENhance 2 and FENtrepid) for treating relapsing multiple sclerosis (RMS) [2] - Results showed that at week 96, the annualized relapse rate (ARR) for patients on Fenebrutinib was significantly lower compared to those on teriflunomide, and at week 120, Fenebrutinib was non-inferior to Ocrevus in delaying disability progression in primary progressive multiple sclerosis (PPMS) patients [2] - Pfizer announced the successful completion of its $9.2 billion acquisition of Metsera, a biopharmaceutical company focused on developing next-generation treatments for obesity and cardiovascular metabolic diseases [2] - This acquisition adds a series of potential candidates highly complementary to Pfizer's existing internal medicine pipeline, including MET-097i, a weekly or monthly injectable GLP-1 receptor agonist entering Phase III trials, and MET-233i, a monthly amylin analog currently in Phase I evaluation [2]

Core Viewpoint - The article focuses on the innovative pipeline layout of Xinlitai in the CKM (Cardio-Kidney-Metabolic) field, emphasizing the company's strategic focus on chronic diseases related to cardiovascular health, kidney function, and metabolic disorders [13][18]. Market Review - The CITIC Pharmaceutical Index rose by 3.29%, outperforming the CSI 300 Index by 4.37 percentage points, ranking third among CITIC's 30 primary industries [8]. - The top ten stocks by growth this week included Jindike, Renmin Tongtai, and Chengda Pharmaceutical, while the bottom ten included *ST Changyao and Zhendai Medical [8]. Overall Perspective and Investment Themes - The innovative drug sector is transitioning from a quantity-driven logic to a quality-driven logic, with a focus on differentiated and internationalized pipelines expected to yield profitable products by 2025 [10]. - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, and the home medical device market is benefiting from subsidy policies [10]. - The CXO and life sciences services sector is anticipated to see a rebound in domestic financing, with a trend towards high growth expected to return [10]. - The pharmaceutical industry is expected to enter a new growth cycle, particularly in the specialty raw materials sector, with a focus on patent expirations and vertical expansion of formulations [10]. Company-Specific Insights - Xinlitai currently has six innovative drugs on the market, with innovative drug revenue expected to exceed 50% by the end of 2025, driven by strong growth in products like Xinlitai and Fuli [12][16]. - The company is focusing on a comprehensive pipeline addressing various stages of CKM syndrome, with over 50 products in development targeting cardiovascular diseases, chronic kidney disease, and metabolic disorders [17][21]. - Xinlitai's internationalization strategy includes establishing a subsidiary in the U.S. (Salubris Bio) to enhance its global competitive edge [30]. Pipeline Development - The CKM pipeline includes drugs targeting obesity, hypertension, and chronic kidney disease, with a focus on innovative mechanisms and new targets for lipid management [25][27]. - The company is advancing multiple projects in various clinical phases, with significant milestones expected in the coming years [29][34]. Investment Recommendations - The medical device sector is expected to benefit from a recovery in bidding for imaging equipment and the growth of home medical devices due to government subsidies [40]. - The life sciences services sector is showing signs of recovery, with increasing demand and a focus on domestic product replacement [46].

Core Insights - The overall performance of the Shenwan Pharmaceutical Index decreased by 2.48% week-on-week, outperforming the ChiNext Index but underperforming the CSI 300 Index during the week of October 13-17 [1] - The report discusses the future potential of two drugs, GST-HG131 and GST-HG141, developed by Guangshentang [1] Recent Market Review - The market experienced wide fluctuations, with banks and coal sectors leading gains, while the pharmaceutical sector mirrored the overall market trend [2] - A notable rebound was observed in innovative drug stocks that had previously seen significant adjustments, driven by individual stock logic such as performance and ESMO data [2][3] Reasoning Behind Market Movements - Geopolitical concerns have led to a period of wide market fluctuations and a shift in investment styles [3] - The underlying industry logic remains unchanged, and as trading issues are digested, innovative drug stocks are expected to regain traction [3] - There is a perception of irrationality and pessimism in the market, but as the trading structure improves, new catalysts may emerge for innovative drugs [3] Future Outlook - In the short to medium term, the focus will be on identifying pharmaceutical stocks with strong Q3 performance and preparing for a potential rebound in Q4 [4] - The report emphasizes a continued optimistic outlook for innovative drugs through 2025, with key themes including overseas large pharmaceuticals, small and medium-sized tech revolutions, and the revaluation of generic drugs [4] Strategic Allocation Insights - For innovative drugs, recommended stocks include major players like Innovent Biologics, 3SBio, and BeiGene, as well as smaller biotech firms focusing on cancer treatments and gene therapies [4][5] - New technologies such as brain-computer interfaces and AI in healthcare are highlighted as areas of interest, with companies like Xunyi Medical and JD Health being noted [6] - Internationalization of medical devices is also a focus, with companies like Senhong International and Furuida being mentioned [7] - Other strategic areas include the integration of large groups with smaller companies and the ongoing reforms in state-owned enterprises [8]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights significant advancements in the hepatitis B treatment sector, with innovative drugs like GST-HG131 and Peginterferon being recognized for their clinical efficacy and market potential [6][4] - The global hepatitis B infection rate is concerning, with 254 million chronic infections reported in 2022, indicating a substantial market opportunity for effective treatments [4] - The Chinese government's action plan aims to enhance diagnosis and treatment rates for hepatitis B, which is expected to further drive market growth [5] Summary by Sections Industry Overview - The pharmaceutical and biotechnology industry is currently focused on hepatitis B treatments, with a notable increase in research and development efforts [1][6] Recent Developments - Guangsheng Tang's innovative drug GST-HG131 has been accepted for presentation at the American Association for the Study of Liver Diseases, marking a significant recognition in the field [3][4] - The approval of new indications for Peginterferon by TEBIO enhances its competitive position in the market [3][6] Market Potential - The report emphasizes the vast market potential for hepatitis B treatments, with current diagnosis and treatment rates in China at only 22% and 15% respectively, suggesting significant room for improvement [4][5] - The government's action plan sets ambitious targets for reducing hepatitis B prevalence and increasing treatment rates by 2030, which could lead to a more favorable market environment for pharmaceutical companies [5]