www.hczq.com 证券研究报告 | 医药生物 | 2026年3月7日 华创医药投资观点&研究专题周周谈 · 第165期 @2021 华创 版权所有 第一部分 行情回顾 01 板块观点和投资组合 02 行业和个股事件 03 电生理行业近况更新 本周专题联系人：李婵娟、陈俊威 华创医药团队： 首席分析师郑辰 联席首席分析师刘浩 医疗器械组组长李婵娟 中药和流通组组长高初蕾 高级分析师王宏雨 高级分析师朱珂琛 分析师陈俊威 分析师张良龙 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com 执业编号：S0360524070007 邮箱：zhukechen@hcyjs.com 执业编号：S0360525060002 邮箱：chenjunwei ...

【加科思】pan-KRAS价值重估空间巨大 pan-KRAS抑制剂进度领先：RMC-6236临床数据优异推动Revolution市值涨超200亿美元。 iADC首个候选药物HER2-STINGiADC已确定PCC，预计2026H2提交IND。 KRAS G12C抑制剂戈来雷塞进入医保放量迅速，联用SHP2抑制剂、胰腺癌、结直肠癌注册临床进行中。 基于风险调整的DCF测算，给予公司估值89.12亿港元，对应目标价为11.26港元，"强推"评级。 pan-KRAS抑制剂进度领先：RMC-6236临床数据优异推动Revolution市值涨超200亿美元。 加科思pan-KRAS抑制剂JAB-23E73初步数据优异，安全性显著更优（爬坡剂量下无3级毒性，皮肤毒性发生率 10%且均为1级，RMC-6236皮肤毒性90%/3级8%），与AZ达成20亿美元合作有望通过联合治疗方案（IO/ADC等） 加速全球进度。 下一代ADC平台具备多靶点、多适应症扩展潜力：tADC首个候选药物EGFRG12DitADC已确定PCC，预计 2026H2提交IND。 加科思pan-KRAS抑制剂JAB-23E73初步数据优异，安全性显著更优 ...

www.hczq.com 证券研究报告 | 医药生物 | 2026年2月28日 华创医药投资观点&研究专题周周谈 · 第164期 海外CXO 2025财报总结&2026年展望 本周专题联系人：王宏雨 | 华创医药团队： | | | | --- | --- | --- | | 首席分析师郑辰 | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | 联席首席分析师刘浩 | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长高初蕾 | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 高级分析师王宏雨 | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 高级分析师朱珂琛 | 执业编号：S0360524070007 | 邮箱：zhukechen@hcyjs.com | | 分析师陈俊威 | 执 ...

华创医药投资观点&研究专题周周谈 · 第164期 海外CXO 2025财报总结&2026年展望 www.hczq.com 证券研究报告 | 医药生物 | 2026年2月28日 本周专题联系人：王宏雨 | 华创医药团队： | | | | --- | --- | --- | | 首席分析师郑辰 | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | 联席首席分析师刘浩 | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长高初蕾 | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 高级分析师王宏雨 | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 高级分析师朱珂琛 | 执业编号：S0360524070007 | 邮箱：zhukechen@hcyjs.com | | 分析师陈俊威 | 执 ...

证券研究报告 | 医药生物 | 2026年2月28日 www.hczq.com | 首席分析师郑辰 | 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com | | --- | --- | | 联席首席分析师刘浩 | 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com | | 医疗器械组组长李蝉娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 高级分析师王宏雨 | 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com | | 高级分析师朱珂琛 | 执业编号: S0360524070007 邮箱: zhukechen@hcyjs.com | | 分析师陈俊威 | 执业编号: S0360525060002 邮箱: chenjunwei@hcyjs.com | | 分析师张良龙 | 执业编号: S0360525110002 邮箱: zhanglian ...

Core Insights - The company has successfully launched its first commercial product, the KRAS G12C inhibitor, Goleirese, and is recognized internationally for its research capabilities through collaboration with AstraZeneca on the pan-KRAS inhibitor [1][3] - The company is innovating in the ADC field with tADC and iADC platforms, aiming to overcome traditional treatment limitations and enhance targeted therapies [1][2] Group 1: Product Development - The pan-KRAS inhibitor JAB-23E73 is in collaboration with AstraZeneca, accelerating global development with promising clinical data showing a 10% incidence of grade 1 skin toxicity [1] - The tADC platform, utilizing KRAS inhibitors as payloads, has its first clinical candidate, EGFR G12Di tADC (JAB-BX600), with plans to submit an IND by H2 2026 [1] - The iADC platform aims to deliver STING agonists specifically to tumor cells, with the first candidate HER2-STING iADC (JAB-BX467) also targeting an IND submission by H2 2026 [2] Group 2: Market Expansion - The KRAS G12C inhibitor has received approval for second-line treatment of advanced NSCLC, with further indications being explored, including combination therapies with JAB-3312 [3] - The company has a robust pipeline with multiple undisclosed ADC candidates actively progressing, indicating significant potential for expansion [1][2] Group 3: Financial Outlook - The company has a strong cash reserve, with Goleirese contributing to cash flow, and the collaboration with AstraZeneca expected to enhance global value realization [4] - Projected revenues for 2025-2027 are estimated at 234 million, 627 million, and 508 million yuan, reflecting growth rates of 50.5%, 167.6%, and -19.1% respectively [4] - The company is valued at 8.912 billion HKD, with a target price of 11.26 HKD, indicating a strong buy recommendation [4]

Market Overview - The Hong Kong stock market showed signs of recovery with the Hang Seng Index rising by 0.02%, while the Hang Seng China Enterprises Index fell by 0.08% and the Hang Seng Tech Index dropped by 0.58%, marking five consecutive days of decline [1] - Market sentiment remains low, but there are indications of a potential rebound [1] Sector Performance - Major technology stocks such as Baidu, Meituan, and Kuaishou saw gains, with Baidu up by 2.43% and Kuaishou up by 2.28%, while Xiaomi continued to decline, dropping nearly 3% to a new low [3][5] - Financial stocks, including banks and insurance companies, performed actively, with several Chinese brokerage stocks showing gains despite a high open and subsequent decline [3][9] - The real estate sector remained strong in the afternoon, with Sunac China and Zhongliang Holdings leading the gains [3][8] - The biopharmaceutical, home appliance, and aviation sectors also showed relative activity [3] Real Estate Market Insights - According to Centaline Property, Hong Kong's residential market recorded over 1,700 transactions in October, marking the ninth consecutive month of over 1,000 transactions, matching the longest record from March to November 2019 [7] - The month also saw at least 64 transactions exceeding HKD 50 million, totaling over HKD 6.8 billion, a new high for the year [7] - Major international banks, including Morgan Stanley and Citigroup, predict a recovery in the Hong Kong real estate market post-2025 [7] Brokerage Sector Developments - Chinese brokerage stocks saw significant increases, with Financial Street Securities rising over 4% [9][10] - The announcement of major asset restructuring plans by several brokerages is expected to enhance industry consolidation and competitiveness [9] Semiconductor Sector Activity - The semiconductor sector was active, with stocks like Contrelon rising over 8% [10][12] - Reports indicate that the U.S. may delay the imposition of long-promised semiconductor tariffs, which could impact the sector positively [11] New Energy Material Sector Decline - The new energy materials sector faced declines, with companies like China Silicon Corporation dropping over 16% [13] - The lithium battery sector also saw significant drops, with CATL falling by 5.66% [14][15] Coal Sector Insights - Coal prices have risen above RMB 830 per ton, but short-term price increases may be stabilizing [16] - The coal industry's supply-demand dynamics have fundamentally shifted since May, indicating a long-term upward trend in coal prices [16] Individual Stock Highlights - Gakos-B surged by 19.97% following the approval of its self-developed KRAS G12C inhibitor for commercialization [18] - Southbound capital saw a net inflow of HKD 15.992 billion, indicating strong investor interest [21] Future Market Outlook - CITIC Securities anticipates that the Hong Kong stock market will benefit from internal and external economic policies, predicting a second round of valuation recovery and performance resurgence by 2026 [23] - Suggested investment directions include technology sectors, healthcare, resource commodities, essential consumer goods, and sectors benefiting from RMB appreciation [23]

Core Viewpoint - The stock of 加科思-B (01167) has risen over 5%, currently trading at 6.98 HKD, with a transaction volume of 10.73 million HKD, following the approval of its self-developed KRAS G12C inhibitor, Golecitinib, for commercialization in China through a licensing agreement with艾力斯 [1] Group 1: Company Developments - 加科思-B has entered into a licensing agreement with 艾力斯 for the commercialization of Golecitinib in China, while multiple registration clinical trials are ongoing to maximize the clinical and market value of its assets [1] - The company is focusing on innovative breakthroughs in difficult drug targets, maintaining controllable operating expenses while advancing its research projects, particularly in the KRAS field with a multi-dimensional layout including KRAS G12C, KRAS G12D, and Pan KRAS [1] - 加科思-B has established a strong patent portfolio to ensure a first-mover advantage in the market while focusing on innovation [1] Group 2: Future Prospects - The pan-KRAS inhibitor JAB-23E73 is expected to disclose Phase 1 climbing data in the first half of 2026, while the innovative targeted EGFR KRAS G12D tADC (JAB-BX600) is anticipated to submit an IND application in 2026 [1] - The company aims to cover different KRAS mutation subtypes and address resistance issues through its pipeline, which includes both the already marketed Golecitinib and the upcoming JAB-23E73 and KRAS G12D inhibitors [1]

Core Viewpoint - He Yu Pharmaceutical announced the completion of the first patient dosing in a Phase II clinical study of its oral small molecule PD-L1 inhibitor ABSK043 in combination with the KRAS G12C inhibitor, Goresir, for the treatment of non-small cell lung cancer (NSCLC) with KRAS G12C mutations [1] Group 1: Clinical Study Details - The open-label Phase II clinical study aims to evaluate the safety, tolerability, and efficacy of ABSK043 combined with Goresir in patients with locally advanced or metastatic NSCLC carrying KRAS G12C mutations [1] - The study received approval from the National Medical Products Administration (NMPA) in China for a new drug clinical trial (IND) in August 2025 [1] - The successful dosing of the first patient marks a significant step in the clinical development of this promising combination therapy [1] Group 2: KRAS G12C Mutation Context - KRAS is the most common oncogenic driver gene in human cancers, with an occurrence rate of approximately 14% for KRAS G12C mutations in NSCLC patients [1] - The oral small molecule PD-L1 inhibitor ABSK043 has shown good safety and potential anti-tumor activity as a monotherapy in previous Phase I clinical studies involving advanced solid tumor patients, particularly in groups with high PD-L1 expression, EGFR mutations, and KRAS mutations [1]

Core Viewpoint - The announcement by He Yu-B (02256.HK) regarding the completion of the first patient dosing in a Phase II clinical study for its oral small molecule PD-L1 inhibitor ABSK043 in combination with Shanghai Ailis Pharmaceutical Technology Co., Ltd.'s KRAS G12C inhibitor, Goleirese, for treating KRAS G12C mutation-positive non-small cell lung cancer (NSCLC) [1] Group 1 - He Yu-B has initiated a Phase II clinical study for ABSK043 in combination with Goleirese [1] - The study targets patients with KRAS G12C mutation-positive NSCLC [1] - The first patient has been dosed in this clinical trial [1]