泽璟制药已于2020年1月登陆科创板，证券代码：688266.SH，截至1月5日收盘，公司股价为96.99元/股，市值为256.7 亿元。 在经历了近4个月的阴跌之后，今天创新药板块终于再度爆发，港股创新药ETF涨超5%，昭衍新药、三生制药、信达 生物、百济神州等个股大涨。 消息面上，马斯克近日在社交媒体上表示，其脑机接口公司Neuralink将于2026年开始对脑机接口设备进行"大规模生 产"。A股上演映射行情，三博脑科、美好医疗、翔宇医疗、伟思医疗、爱朋医疗等纷纷录得20cm涨停。 次新股英硅智能今日公告，已与全球独立制药公司施维雅（Servier）达成了一项总金额达8.88亿美元的研发合作。 此外，泽璟制药于2025年12月31日公告达成BD，将其CD3×DLL3三特异性抗体(ZG006)授权给艾伯维，泽璟将获得1亿 美元的首付款，以及最高可超11亿美元的里程碑付款。 与此同时，泽璟制药也正在冲击港股IPO。 格隆汇获悉，苏州泽璟生物制药股份有限公司（简称：泽璟制药）于2025年12月19日递表港交所，由中金公司担任保 荐人。 01 总部位于江苏昆山，已有三款产品上市 泽璟制药成立于2009年，2019 ...

泽璟BD合作达成： 泽璟与艾伯维就ZG006达成战略合作，首付款1亿美元，总交易金额最高达10.75亿 美元+销售分成，证明产品全球价值获MNC认可。 方正证券指出，创新药核心资产仍将上行，小核酸、体内CAR新机遇层出不穷：创新药BD是长期产业 趋势，是中国创新药力量进入世界舞台的价值兑现，对于已授权MNC的核心资产将随着临床进展持续 兑现价值，除此以外，未来仍要锚定前沿技术平台，紧跟临床数据进展。 消息面，创新药板块催化不断，脑机接口海内外共振： 马斯克宣布Neuralink将于2026年启动脑机接口 设备大规模生产，转向全自动化手术流程。国内首个脑机接口医疗器械行业标准《采用脑机接口技术的 医疗器械术语》于2026年1月1日正式实施，为行业规范化发展奠定基础。脑机接口百亿级大龙头上市预 计催化板块，强脑科技、博睿康进入pre ipo轮融资。 科创创新药ETF国泰（589720）聚焦科创板创新药企业，跟踪汇聚30家代表性优质公司的上证科创板创 新药指数，以高成长biotech为主，产品20%涨跌幅限制使其更贴合板块波动。从业绩表现来看，2024年 9月24日至2025年10月31日市场反弹期间，科创新药/恒 ...

1885 医药生物 2026 年 01 月 04 日 版 行业 《本周申万医药生物指数下跌 0.2%，关注 对外授权及新品上市 -- 医药行业周报 (2025/12/22-2025/12/26) 》 2025/12/29 《本周申万医药生物指数下跌 0.1%，关注 国内药企出海动态——医药行业周报 (2025/12/15-2025/12/19)》 2025/12/22 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 申万宏源研究微信服务号 本期投资后示 2.1%，关注脑机接口产业 ―― 医药行业周报（2025/12/29-2026/01/02） 请务必仔细阅读正文之后的各项信息披露与声明 本 周 申 万 医 药 生 物 指 数 T 看好 相关研究 市场表现：本周申万医药生物指数下跌 2.1%，同期上证指数上涨 0.13%，万得全 A ● （除金融石油石化） 下跌 0.3%。本周医药生物指 ...

行 业 及 产 业 医药生物 本期投资提示： 2026 年 01 月 04 日 本 周 申 万 医 药 生 物 指 数 下 跌 行 业 研 究 / 行 业 点 评 《本周申万医药生物指数下跌 0.2%，关注 对外授权及新品上市——医药行业周报 （2025/12/22-2025/12/26）》 2025/12/29 《本周申万医药生物指数下跌 0.1%，关注 国内药企出海动态——医药行业周报 （2025/12/15-2025/12/19）》 2025/12/22 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 2.1%，关注脑机接口产业 看好 —— 医药行业周报（2025/12/29-2026/01/02） 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 1．市场表现：本周医药板块下跌 2.1% 本周申万医药生物指数下跌 2. ...

本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 2026 年 01 月 04 日 生物医药Ⅱ 新药周观点：2025 年约 101 款创新药 国内获批上市，行业蓬勃发展 本周新药行情回顾： 2025 年 12 月 29 日-2026 年 1 月 4 日，新药板块涨幅前 5：友芝友 （+12.45%）、艾迪药业（+8.07%）、永泰生物（+6.72%）、开拓药业 （+6.25%）、亚虹医药（+4.07%）；跌幅前 5：加科思（-15.53%）、 云顶新耀（-15.06%）、科笛（-11.73%）、歌礼制药（-8.64%）、康宁 杰瑞（-8.06%）。 本周建议关注标的： 考虑板块后续仍有多个催化值得期待，包括学术会议、数据读出、 多个 BD 兑现等，仍建议关注： 1）已获 MNC 认证未来海外放量确定性高的品种：三生制药、联邦制 药、科伦博泰等； 2）存在海外数据催化的品种：贝达药业、和黄医药、映恩生物等； 3）下一个可能海外授权 MNC 的重磅品种：复宏汉霖、石药集团、益 方生物等； 4）新的创新药技术突破领域：小核酸、体内 CAR-T、减脂增肌、自 免 CAR-T/双抗、基因疗法等。 本周国 ...

Core Viewpoint - The company has entered into a strategic collaboration and licensing agreement with AbbVie for the global development and commercialization of ZG006, retaining rights in Greater China while granting AbbVie exclusive rights outside this region [1] Group 1: Financial Terms - The company will receive an upfront payment of $100 million from AbbVie [1] - There are potential milestone and licensing option payments of up to $60 million in the near term [1] - If AbbVie exercises its option, the company could receive up to $1.075 billion in milestone payments, along with tiered royalties on net sales outside Greater China [1] Group 2: Rights and Approvals - AbbVie has exclusive development and commercialization rights for ZG006 outside of Greater China, while the company retains rights within the region [1] - The transaction has been approved by the board and does not constitute a related party transaction or a significant asset restructuring [1] Group 3: Risks - There are inherent risks associated with the approval and commercialization of ZG006 overseas, as well as the subsequent payment amounts [1]

Core Viewpoint - Zhejiang Shimai Pharmaceutical Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the growing T cell engager (TCE) therapy market, which is experiencing rapid development and increasing interest from major international pharmaceutical companies [1][6]. Company Overview - Founded in 2017, Shimai Pharmaceutical is a pioneer in next-generation TCE therapies, focusing on utilizing the human immune system to combat cancer [1]. - The company has developed a next-generation TCE therapy that can be selectively activated in tumors for the treatment of solid tumors [1]. Financial Performance - Shimai Pharmaceutical is currently in the clinical research phase with no commercialized products. The company reported revenues of 14.649 million, 6.618 million, and 2.278 million RMB for 2023, 2024, and the first half of 2025, respectively [2]. - The company has incurred losses of 74.943 million, 59.899 million, and 25.42 million RMB over the same periods, showing a trend of narrowing losses [2]. - Research and development expenses were 76.109 million, 53.382 million, and 22.389 million RMB for the same periods, with employee costs being a significant component [2]. Product Pipeline - Shimai Pharmaceutical has four innovative drug candidates in clinical stages and two additional candidates in preclinical stages targeting solid tumors [2][5]. - The lead candidate, DNV3, targets LAG3 and has shown promising clinical data, including a 44.4% objective response rate in melanoma patients previously treated with PD-(L)1 inhibitors [3][4]. - SMET12, another candidate, is a potential first-in-class intravenous TCE for EGFR-positive advanced solid tumors and is currently in Phase IIa clinical trials [5]. Market Potential - The global TCE market is projected to grow from $400 million in 2020 to $3 billion by 2024, with a compound annual growth rate of 67.6%, and could reach $47.5 billion by 2030 and over $120 billion by 2035 [9][11]. - The TCE therapy offers advantages over CAR-T therapies and antibody-drug conjugates (ADCs), making it a promising direction for next-generation cancer immunotherapy [6][9]. Competitive Landscape - The TCE field is witnessing significant interest, with over $8.5 billion in transactions in 2024 alone, as major pharmaceutical companies enter the market [8]. - Currently, only two TCE drugs for solid tumors have been globally approved, indicating a substantial market opportunity for companies like Shimai Pharmaceutical that focus on this area [11][13]. Strategic Positioning - Shimai Pharmaceutical's focus on solid tumor TCE therapies positions it well in a market with limited competition, as most domestic players are still concentrated on hematological malignancies [13][14]. - The company’s innovative drug candidates are developed through specialized platforms, creating a competitive barrier in the TCE space [5].

Group 1: North Exchange Market Overview - In 2025, the North Exchange market achieved significant breakthroughs, with total market value exceeding 820 billion, number of accounts reaching 9.5 million, and average daily trading volume approaching 30 billion, indicating a qualitative leap in liquidity [6][8]. - The market's focus on "specialized, refined, distinctive, and innovative" characteristics is evident, with national-level "little giant" companies accounting for 61%, fostering a matrix of high-growth and scarce enterprises in sectors like new energy, robotics, and AI [6][8]. - The average net profit of newly listed companies in 2024 increased from 30 million to 110 million, reflecting continuous improvement in enterprise quality [6]. Group 2: Investment Strategy for 2026 - The North Exchange will deepen its layout around "scarcity" and "new productive forces" as it enters the 15th Five-Year Plan, with policies expected to continue promoting innovation in fund products and optimizing the IPO mechanism [8][9]. - The average first-day IPO gain in the first 11 months of 2025 was 356%, with average subscription funds exceeding 640 billion, indicating a vibrant IPO market expected to continue into 2026 [8]. - Public fund holdings reached 22.4 billion in the first half of 2025, with a clear trend of dual-driven growth from active and passive funds, and the introduction of new ETF products is anticipated to inject significant capital [8][9]. Group 3: Metal New Materials Sector - Copper prices have risen significantly, with weekly increases of 5.74% in London copper and 6.12% in Shanghai copper, driven by macroeconomic factors and a substantial reduction in domestic copper inventories [12][13]. - The supply-demand balance for copper is shifting from tight equilibrium to potential shortages due to insufficient capital expenditure in copper mining and frequent supply disruptions [12]. - Aluminum prices are also on the rise, with a 3.28% increase in Shanghai aluminum, supported by stable demand and limited supply growth [13]. Group 4: Pharmaceutical Sector Insights - The pharmaceutical index fell by 0.74%, but the sector is expected to see a wave of valuation recovery in the first half of 2026 due to numerous innovation drug catalysts [18][21]. - ZG006 from Zai Lab shows promising clinical data for treating refractory small cell lung cancer, with response rates of 60% and 66.7% in different dosage groups, indicating a significant market potential [20][21]. - Recommended stocks in the pharmaceutical sector include Xinyi Tai, Zai Lab, and Heng Rui Medicine, focusing on companies with clear performance trends and potential for operational reversals in 2026 [23].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the focus on innovative drugs as the main investment theme for the year, highlighting the potential for recovery in valuations due to numerous upcoming catalysts in the innovative drug sector [5][15] - ZG006 from Zai Lab is highlighted as a promising candidate for small cell lung cancer, with clinical data showing high efficacy and safety, positioning it as a potential Best-in-Class (BIC) drug [5][8][14] Summary by Sections ZG006 - ZG006 is a trispecific antibody developed by Zai Lab, targeting DLL3 and CD3, and has received clinical trial approval from both the FDA and NMPA [8] - Clinical trial results show an overall response rate (ORR) of 60.0% and 66.7% for two dosage groups, with disease control rates (DCR) at 73.3% for both [11][12] - The drug is expected to have a significant market opportunity, especially in the context of its promising clinical data and competitive landscape [14] Industry Perspective - The pharmaceutical index has shown a decline of 0.74% in the recent week, with a year-to-date increase of 15.86%, indicating a relatively stable industry outlook [15] - The report suggests focusing on innovative drugs, manufacturing exports, and aging-related consumption as key investment themes [34][35] - The report identifies several companies to watch, including Xinlitai, Zai Lab, and Heng Rui Medicine, among others, as they are expected to benefit from the ongoing industry trends [37]

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Views - The pharmaceutical and biotechnology sector saw a weekly increase of 2.67%, underperforming the Wind All A index (2.9%) but outperforming the CSI 300 index (1.64%). The raw material drug sector experienced a decline of 4.27%, while chemical preparations and pharmaceutical circulation products increased by 4.18% and 3.71%, respectively [3][8] - Recent policies in Shanghai and Beijing aim to support the high-quality development of the medical device industry, indicating a shift towards innovation and global competitiveness in this sector. The report suggests monitoring the transformation progress of leading companies in the medical device field [3][12] - Flu activity is on the rise, with the percentage of flu-like cases reported by sentinel hospitals in southern provinces reaching 7.8%, up from 6.8% the previous week, and higher than the same period in 2022 and 2024 [3][11] Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector increased by 2.67% from November 24 to November 28, 2025, with raw material drugs declining by 4.27% and chemical preparations increasing by 4.18% [8][9] - Individual stock performances included significant gains for Haiwang Biological (38.2%), Yue Wannianqing (36.2%), and Guangji Pharmaceutical (31.7%), while *ST Changyao (-15.3%), Huitai Medical (-9.6%), and Kangwei Century (-8.8%) saw notable declines [11] Industry News and Key Company Announcements Important Industry Events - The report highlights the increase in flu-like illness percentages in both southern (7.8%) and northern (8.6%) provinces, indicating a significant rise in flu activity compared to previous years [11][12] Industry News - Significant approvals were noted, including the NMPA's approval of Xinmeiyue® for treating moderate to severe plaque psoriasis and the FDA's accelerated approval of Sibeprenlimab for IgAN treatment [12][14] Company Announcements - Notable announcements include the FDA approval of a generic injectable drug by Jianyou Co. and the successful completion of a Phase III trial for JS001sc, a subcutaneous PD-1 monoclonal antibody for non-small cell lung cancer [15][16]