瑞银认为，上述消息带来的积极影响主要包括:预计新产品（IGF-1R、EGFR、BTK、ROS1、KRAS G12C、RET等靶点）销售额将在2026年实现快速增长;同时，替尔泊肽糖尿病适应症进入医保目录，对 预计于2026年上市的玛仕度肽具有正面影响，但需关注其价格下调。此外，公司股票纳入恒指有望进一 步提升流动性。 智通财经APP获悉，瑞银发布研报称，信达生物(01801)旗下六款新产品及信迪利单抗新适应症已被纳入 最新版《国家基本医疗保险、生育保险和工伤保险药品目录（2025年）》。此外，信达生物已于今日(8 日)起正式纳入恒生指数。瑞银维持其"买入"评级，目标价137.4港元。 ...

瑞银发表研报指，信达生物六款新产品及信迪利单抗新适应症纳入新版《国家基本医疗保险、生育保险 和工伤保险药品目录(2025年)》。瑞银认为上述消息的正面影响包括，预测新产品(IGF-1R、EGFR、 BTK、ROS1、KRAS G12C、RET)销售将在2026年快速增长；又指替尔泊肽糖尿病适应症纳入医保对玛 仕度肽(考虑2026年上市)有正面影响；该股被纳入恒生指数有助提升流动性。瑞银予其目标价137.4港 元，评级"买入"。 ...

Core Viewpoint - The report from CMB International emphasizes a conservative investment approach, focusing on undervalued stocks in the healthcare sector, particularly in the context of recent market fluctuations and recovery in capital financing [1] Group 1: Market Performance - The MSCI China Healthcare Index has increased by 59.5% year-to-date, outperforming the MSCI China Index by 24.0% [1] - The healthcare sector has recently experienced a pullback, with the MSCI China Healthcare Index declining by 10% since October [1] Group 2: Investment Opportunities - CMB International identifies several stocks with attractive valuations, including Solid Biosciences (02273), Three-Sixty Biopharma (01530), Giant Biologics (02367), WuXi AppTec (02268), Innovent Biologics (01801), and China Biologic Products (01177) [1] - The report highlights a significant buyback plan from Solid Biosciences, which has repurchased HKD 350 million worth of shares this year, with a total expected return from buybacks and dividends reaching 7% [1] Group 3: Clinical Development and Regulatory Environment - The report stresses the importance of overseas clinical progress for authorized drug pipelines, which is expected to be a catalyst for stock price increases [2] - Three-Sixty Biopharma's collaboration with Pfizer is noted, with two global Phase 3 clinical trials for its drug 707 targeting non-small cell lung cancer and colorectal cancer [2] Group 4: Healthcare Policy and Market Dynamics - The recent healthcare negotiations and the 11th batch of centralized procurement have seen reduced market attention, with 127 drugs participating in negotiations and 55 drugs included in the procurement [3] - The new procurement rules focus on maintaining clinical stability and quality, indicating a shift towards rational price competition in the market [3] - Despite the reduced focus on procurement, the domestic market performance remains a critical variable for overall business performance [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the pharmaceutical sector, indicating a potential upside of over 15% in the next 12 months [30]. Core Insights - The MSCI China Healthcare Index has increased by 59.5% since early 2025, outperforming the MSCI China Index by 24.0%. However, the healthcare sector has recently experienced a 10% pullback, presenting opportunities in undervalued stocks [1]. - The report emphasizes the importance of overseas clinical advancements for authorized innovative drug pipelines, which are expected to be significant catalysts for stock price increases [3]. - The report highlights a recovery in domestic innovative drug research and development demand, driven by a resurgence in capital market financing and an increase in the scale of innovative drug transactions abroad [1][3]. Summary by Sections Industry Overview - The report suggests a more conservative investment approach, focusing on undervalued stocks within the pharmaceutical sector. It notes that the recent healthcare insurance negotiations and the implementation of the 11th batch of centralized procurement have led to reduced market attention [3]. - The report identifies key products to watch in the upcoming healthcare negotiations, including drugs from companies like 信达生物 and 康方生物, among others [3]. Company Recommendations - The report recommends buying shares in 三生制药, 固生堂, 巨子生物, 药明合联, 信达生物, and 中国生物制药, citing their strong potential for growth and favorable market conditions [3]. - Specific companies are highlighted for their promising clinical trial results and strategic partnerships, such as 三生制药's collaboration with Pfizer on global clinical trials [3]. Valuation Metrics - The report provides a valuation table for recommended companies, showing target prices and potential upside percentages. For example, 固生堂 has a target price of 48.28 with a 62% upside potential [2].

Core Viewpoint - ROSCon China 2025 will be held from October 31 to November 1, 2025, at the Shanghai Hongqiao Xinhua Union Sofitel Hotel, promising a valuable and content-rich event for attendees [2]. Group 1: Event Highlights - The previous ROSCon China 2024 featured industry leaders sharing insights on cutting-edge algorithms and practical case studies, creating an engaging atmosphere for discussions [3]. - Attendees had opportunities to interact with experts and network with peers, fostering collaboration and idea exchange within the robotics community [4]. - The event is designed to showcase the latest advancements in robotics technology, allowing participants to experience innovative products firsthand [12][16]. Group 2: Participation Opportunities - The conference is currently accepting proposals for guest speeches, workshops, and lightning talks, focusing on ROS1 and ROS2 topics [13][14]. - Interested speakers can submit their topics and personal/team profiles to share their insights on the conference stage [16]. - The event aims to gather top experts globally to discuss the latest research and applications in robotics, helping attendees stay updated on industry trends [16]. Group 3: Sponsorship and Ticketing - The conference is actively recruiting sponsors, providing brands with exposure and collaboration opportunities within the robotics sector [17]. - Early bird tickets are available for purchase, with limited quantities, encouraging prompt registration for the event [20]. - Attendees can enjoy discounted hotel rates at the conference venue, enhancing the overall experience [22].