分析师：甘坛焕 SAC:S1130525060003 gantanhuan@gjzq.com.cn 1 2026 年 1 月 27 日 产业研究周报 | 医药 AI 基建大时代， 研发转场， 医药格局将变 分析师: 赵海春 SAC:S1130514100001 zhaohc@gjzq.com.cn | 证券研究报告 | 核心要点 产业前沿 （1）前沿动向：AI 基建大时代，研发将从实验室转战 AI 平台，医药格局将变。 2026 年 1 月 21 日，在达沃斯世界经济论坛年会上，英伟达创始人黄仁勋做出重要 前瞻发言。对于医药医疗产业，要点有三：①AI 基建大时代来临。黄仁勋强调，AI 更应该被理解为一个多层系统。包括能源、芯片、云、人工智能模型本身以及应用 在内的五个层，这些层面必须协同扩展，并且已经引发了"人类历史上规模最大的基 础设施建设"。②研发从实验室转向 AI 平台。黄仁勋预测，药物研究将从传统实验 室转向人工智能平台，而制药巨头们已经开始迈出这一步。③AI 改变医药格局。我 们认为，随着各家药企 AI 融入度的改变，药企构架与产业格局将会受到 AI 应用这 一颠覆性的科技突破的影响而变化。（2）监 ...

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PresentationGood morning, everyone. Thank you for standing by, and welcome to the Corvus Pharmaceuticals Conference Call. [Operator Instructions] It is now my pleasure to turn the call over to Zack Kubow of Real Chemistry. Please go ahead, sir.Zack KubowReal Chemistry, Inc. Thank you, operator, and good morning, everyone. Thanks for joining us today on the call. This conference call is being webcast with presentation slides. We encourage participants to join the webcast in order to view the slides. You can ...

Cohort 4 data demonstrated positive safety and efficacy results, including additional clinical benefit observed following longer 8-week treatment 75% of soquelitinib patients achieved EASI 75, 25% achieved EASI 90 and 33% achieved IGA 0/1 Cohort 1-4 have demonstrated positive safety and efficacy results in patients who have received prior systemic therapy including patients who are treatment resistant Company to host conference call and webcast today at 8:00 am ET / 5:00 am PT SOUTH SAN FRANCISCO, Calif., ...

Soquelitinib Overview - Soquelitinib is a first-in-class immune modulator with broad potential in cancer and immune diseases, targeting ITK [4, 5] - It has a novel mechanism of action with opportunities in oncology and immune diseases [5] - The drug has demonstrated a convenient oral dosing and attractive safety/tolerability profile in over 100 patients [5] - Corvus has strong IP protection with issued composition patents extending to November 2037 [5] Clinical Trials and Data - A randomized Phase 3 trial in PTCL is enrolling, with the potential for the first fully FDA-approved drug for PTCL [23, 24] - Phase 1 study in atopic dermatitis (AD) showed a significant reduction in EASI score at 28 days of treatment [68] - In the AD study, the 200 mg BID dose showed earlier and deeper responses, along with greater reductions in itch [68] - In AD Cohorts 1 and 2 (N=24), the mean EASI change was a 54.6% reduction, while in Cohort 3 (N=12), it was a 64.8% reduction, compared to a 34.4% reduction in the combined placebo group (N=12) [42] - In AD Cohort 3, 50% of patients with baseline PP-NRS ≥4 experienced a ≥ 4-point decrease in PP-NRS at Day 28 [53] Market and Future Development - The atopic dermatitis (AD) market is projected to reach $28 billion by 2030 [34] - Angel Pharma initiated a Phase 1b/2 trial in China for atopic dermatitis in Q4 2025 [59, 62] - Corvus anticipates data from the atopic dermatitis Phase 1 extension cohort 4 in January 2026 and plans to initiate a Phase 2 trial in early Q1 2026 [58, 69]

Group 1 - Corvus Pharmaceuticals is a biopharmaceutical company focused on developing treatments for autoimmune conditions and cancer [1] - The leading candidate of the company is Soquelitinib, an ITK inhibitor that possesses anti-inflammatory and anti-tumor properties [1]