证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 两会将创新药列为新兴支柱产业， 26 年 BD 出海再提速 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 03 月 08 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 《2026 版基药目录调整在即，利好拟 纳入目录的中药标的》 2026-03-01 《FDA 创新药审评政策再松绑，利好 创新药板块》 2026-02-23 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨跌幅分别为-2.42%、0.10%，相对沪深 300 的超额收益分别为-1.02%、-0.56%；本周、年初至今恒生医疗保健 指数涨跌幅分别为-2.20%、2.66%，相对于恒生科技指数跑赢 0.97%、 12.96%。本周医疗服务（-4.43%）、原料药（-3.10%）、生物制品（-2.86%） 跌幅居前。本周 A 股涨幅居前亚虹医药-U（+40.65%）、多瑞医药 （+30.81%）、新和成（+16.87%），跌幅居前海翔药业（ ...

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 两会将创新药列为新兴支柱产业， 26 年 BD 出海再提速 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 03 月 08 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 21% 24% 2025/3/10 2025/7/8 2025/11/5 2026/3/5 医药生物 沪深300 相关研究 《2026 版基药目录调整在即，利好拟 纳入目录的中药标的》 2026-03-01 《FDA 创新药审评政策再松绑，利好 创新药板块》 2026-02-23 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨跌幅分别为-2.42%、0.10%，相对沪深 300 的超额收益分别为-1.02%、-0.56%；本周、年初至今恒生医疗保健 指数涨跌幅分别为-2.20%、2.66%，相对于恒生科技指数跑赢 0.97%、 12.96%。本周医疗服 ...

Core Viewpoint - Recently, Haisco Pharmaceutical Group Co., Ltd. announced that the Shenzhen Stock Exchange has accepted its application for a private placement of shares, aiming to raise up to 1.365 billion yuan for new drug research and development and to supplement working capital [1] Company Overview - Haisco is a diversified and specialized pharmaceutical group engaged in new drug research and development, manufacturing, and marketing, with a product portfolio covering multiple segments including anesthesia, parenteral nutrition, anti-tumor, and cardiovascular drugs, among others [3] - The company has over 40 products, including four Class 1 new drugs that have been approved for market, with many others being the first or sole generic versions in China [3] Strategic Transformation - Haisco is undergoing a rapid transformation from focusing on "innovative generics" to a "combination of generics and innovation" due to the impact of generic drug procurement policies [3][4] - The proportion of revenue from generic drugs has decreased from over 80% in 2019 to below 60% in 2024, while the revenue from innovative drugs is expected to exceed 40% by 2025 [4][5] Financial Performance - In 2024, Haisco achieved a revenue of 3.721 billion yuan, a year-on-year increase of 10.92%, and a net profit of 396 million yuan, up 34% year-on-year [5] - Following the release of the annual report, the company's stock price hit the limit up, and its market capitalization exceeded 50 billion yuan for the first time, reflecting market recognition of its innovative drug transformation strategy [5] Funding Needs - The innovative drug research and development process is characterized by long cycles, high investment, and low success rates, leading to significant funding needs for Haisco [6] - The company reported a total R&D investment of 1.589 billion yuan from 2022 to 2024, with 624 million yuan allocated in 2024, marking a 20.7% increase year-on-year [6] Future Plans - Haisco plans to use the raised funds for the research and development of several innovative drugs, including HSK31679 for non-alcoholic fatty liver disease and HSK31858 for respiratory diseases, among others [6] - The company aims to enhance its R&D investment, accelerate clinical trials, and improve the efficiency of drug registration processes, thereby expanding its product line and creating new profit growth points for sustainable development [6]