Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [31] Core Insights - On January 30, 2023, the report highlights that the company has signed a strategic R&D cooperation and licensing agreement with AstraZeneca to develop innovative long-acting peptide drugs using its proprietary sustained-release drug delivery technology and peptide drug AI discovery platform [3] - AstraZeneca will gain global exclusive rights to the company's weight management product portfolio, which includes a clinical-ready project SYH2082 and three preclinical projects targeting obesity and weight-related issues [3] - The company is set to receive $1.2 billion in upfront payments, with potential milestone payments of up to $3.5 billion for R&D and up to $13.8 billion in sales milestone payments, along with a double-digit percentage royalty on annual net sales of the licensed products [3] Summary by Sections Industry Overview - The report emphasizes the increasing recognition of Chinese innovative pharmaceutical companies by international multinational corporations (MNCs), particularly through the recent collaboration with AstraZeneca [4] - The report also notes AstraZeneca's plan to invest $15 billion in China by 2030 to expand drug manufacturing and R&D, leveraging China's scientific capabilities and manufacturing strengths [4] Investment Strategy - The report suggests that the global competitiveness of Chinese innovative pharmaceutical companies is continuously improving, with a focus on potential treatment areas such as metabolic diseases, chronic diseases, and central nervous system disorders [5] - It recommends paying attention to emerging fields like small nucleic acid drugs, radioactive drugs, and CAR-T therapies, highlighting specific companies to watch [5] Market Performance - The pharmaceutical sector experienced a decline of 3.31% last week, ranking 20th among 28 industries, while the Hong Kong pharmaceutical sector fell by 2.98% [9][30] - The report indicates that the valuation of the pharmaceutical sector is at 32.45 times (TTM), with a premium of 15.83% compared to the overall A-shares [23]

Core Viewpoint - AstraZeneca plans to invest over 100 billion RMB (approximately 15 billion USD) in China by 2030, marking its largest strategic investment since entering the market in 1993, aimed at expanding its pharmaceutical production and R&D footprint [2][4] Group 1: Investment Details - The investment will cover the entire value chain from drug discovery, clinical development to manufacturing, enhancing AstraZeneca's capabilities in cell therapy and antibody-drug conjugates [4][5] - The investment will significantly deepen AstraZeneca's R&D presence in China, linking over 500 clinical hospitals with its global strategic R&D centers in Beijing and Shanghai [4][5] - AstraZeneca's collaboration with CSPC Pharmaceutical Group could reach up to 18.5 billion USD (approximately 128.5 billion RMB), with an initial payment of 1.2 billion USD (approximately 8.4 billion RMB) [3][5] Group 2: Market Dynamics - China's pharmaceutical market is undergoing structural changes, with a record 76 innovative drugs approved by the National Medical Products Administration in 2025, indicating a trend towards diversified innovative therapies [3][6] - Approximately one-third of global licensing transactions are related to Chinese biopharmaceutical companies, with over 30% of clinical trials in cutting-edge fields like cell therapy and ADCs occurring in China [3][6] Group 3: Strategic Partnerships - AstraZeneca has formed partnerships with leading biotech companies in China, aiming to leverage local innovations and enhance global supply chains [5][6] - The company has engaged in 17 licensing collaborations with 15 Chinese partners since 2023, with contract values exceeding 10 billion USD in 2025 alone [5][6] Group 4: Innovation and Development - The investment aligns with China's "Healthy China 2030" initiative, focusing on improving disease prevention, early screening, and accessibility of innovative drugs [10][12] - AstraZeneca's R&D pipeline in China has grown significantly, with over 200 projects, and is expected to yield around 20 new drug approvals by 2030 [7][9] Group 5: Industry Impact - AstraZeneca's investment reflects the ongoing opening of the Chinese pharmaceutical market, supported by favorable policies and reforms that enhance the R&D environment [7][10] - The company has invested in 31 Chinese innovative enterprises through its medical industry fund, facilitating 17 global licensing collaborations worth over 13.7 billion USD [9][10]

[Table_Title] 研究报告 Research Report 30 Jan 2026 石药集团 CSPC Pharmaceutical Group (1093 HK) 长效多肽产品组合授权阿斯利康，加速全球创新药布局 Long-Acting Peptide Product Portfolio Out-licensed to AZ, Accelerating Global Innovative Drug Deployment 孟科含 Kehan Meng 聂照亿 Zhaoyi Nie 3）双方还将依托该等平台就另外四个新增项目开展合作。 kh.meng@htisec.com john.zy.nie@htisec.com 交易对价 [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 石药创新（新诺威 300765.SZ，石药集团的控股子公司）的控股子公司巨石生物及石药集团、中奇制药（石药集团 的全资控股子公司）共同与阿斯利康签署《战略合作与授权协议》，将与阿斯利康 ...

1月30日，石药集团宣布与阿斯利康签订战略研发合作与授权协议，以利用石药集团专有的缓释给药技术 平台及多肽药物AI发现平台开发创新长效多肽药物。 石药集团的长效技术可实现多肽药物的缓释，使给药间隔达到每月一次或更长。基于此平台开发的产品 为即用型，使用简便，支持患者自行给药，能有效提升长期用药人群的治疗依从性。同时，石药集团的 多肽药物AI发现平台可以针对药物靶点快速设计及筛选候选分子，并可在药效、选择性与信号偏向性等 维度进行系统优化。 根据该协议的条款，石药集团将与阿斯利康在创新多肽分子的发现和长效递送产品的开发方面开展全面 战略合作。除持续推进现有临床前长效多肽管线之外，石药集团亦将为阿斯利康发现和开发其他创新长 效多肽产品。 除中国内地、香港特别行政区、澳门特别行政区及台湾地区外，阿斯利康将获得石药集团每月一次注射 用体重管理产品组合的全球独家权利，包括一个临床准备就绪的项目SYH2082（长效GLP1R/GIPR激动 剂，正推进至I期临床），以及三个处于临床前阶段、具备不同作用机制的研发项目，旨在为肥胖及体重 问题相关人群提供更持久的治疗获益，双方还将依托该等平台就另外四个新增项目开展合作。 按照该 ...

阿斯利康将向许可方支付合计12亿美元的总首付款，其中巨石生物收取的首付款金额为总首付款金额的 35%。阿斯利康将根据许可区域范围内的开发、上市和销售等情况，向许可方支付相应里程碑款项。阿 斯利康将向许可方累计支付最高35亿美元的开发里程碑款项、最高138亿美元的销售里程碑款项。其 中，巨石生物将有权根据《战略合作与授权协议》所授权管线的实际情况收取相应的开发里程碑款项和 销售里程碑款项。 本次交易有利于加快公司相关创新药管线在全球范围内的开发和商业化进程，对公司深化全球布局、加 速创新成果转化具有重要意义。本次交易将持续优化公司现金流结构，加速前期研发投入回收，为后续 创新药管线的持续研发提供稳定的资金支持，高度契合公司加速打造领先的创新生物医药平台的长期发 展战略，有利于促进公司的长远可持续发展，对公司的未来经营发展将产生较大的积极影响。 新诺威（300765）(300765.SZ)发布公告，公司的控股子公司石药集团巨石生物制药有限公司(以下简 称"巨石生物")及公司的关联方石药集团有限公司(以下简称"石药集团")、石药集团中奇制药技术(石家 庄)有限公司(以下简称"中奇制药")共同与阿斯利康于2026年1 ...

根据该协议的条款，集团将与阿斯利康在创新多肽分子的发现和长效递送产品的开发方面开展全面战略 合作。除持续推进现有临床前长效多肽管线之外，集团亦将为阿斯利康发现和开发其他创新长效多肽产 品。 除中国内地、中国香港、中国澳门及中国台湾外，阿斯利康将获得集团每月一次注射用体重管理产品组 合的全球独家权利，包括一个临床准备就绪的项目SYH2082(长效GLP1R/GIPR激动剂，正推进至I期临 床)，以及三个处于临床前阶段、具备不同作用机制的研发项目，旨在为肥胖及体重问题相关人群提供 更持久的治疗获益，双方还将依托该等平台就另外四个新增项目开展合作。 按照该协议的条款及条件，集团将授予阿斯利康对相关授权产品在全球范围(不含中国内地、中国香 港、中国澳门及中国台湾)开发、生产和商业化的独家授权，同时将保留该等产品在中国内地、中国香 港、中国澳门及中国台湾的权益。就阿斯利康对八个项目及该等平台的使用，集团将获得12亿美元的预 付款，并有权获得最高35亿美元的潜在研发里程碑付款和最高138亿美元的潜在销售里程碑付款，以及 基于相关授权产品年净销售额的最高达双位数比例的销售提成。 石药集团(01093)发布公告，集团已与全球 ...