2025 年 12 月 24 日 国泰海通晨报 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【生物医药研究】医药：小核酸药物行业近期 BD 和数据催化密集，随着技术平台的成熟和适 应症的不断拓展，属于小核酸药物的治疗时代将逐步开启，我们重点关注 siRNA 药物在常见病 大适应症的商业价值。 2、【汽车研究】伯特利：伯特利创新成果"小缸径卡钳技术方案"顺应汽车行业降本趋势，有望 助力线控制动份额提升和在制动赛道的订单获取。维持"增持"评级。 3、【食品饮料研究】食品饮料：扩内需逐步被提升至战略地位，消费板块有望触底反弹。白酒板 块五粮液 1218 定调 2026 年高质量动销+份额提升，大众品板块乳制品产业链周期反转可期。 4、【交通运输研究】吉祥航空：2025 年飞发维修影响显现，2026 年影响或逐季减弱。市场对飞 发维修影响已预期充分，且不改未来两年盈利显著上行趋势，业绩估值空间巨大，建议逆向提前 布局。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 ...

Group 1: siRNA Drug Development - The core viewpoint is that siRNA drugs are transitioning from rare diseases to common diseases, driven by technological upgrades and product approvals, marking a new era in targeted therapy [3][4] - siRNA drugs are characterized by strong target expansion capabilities, robust research extensibility, long-lasting effects, and low likelihood of developing resistance, making them a focus for domestic pharmaceutical companies [3][4] - Since 2016, with advancements in the GalNac delivery system and fully modified applications, siRNA drugs have entered a rapid development phase, validating their value in rare diseases and gradually moving towards common disease research [3][4] Group 2: Market Dynamics and Opportunities - The market for small nucleic acid drugs is heating up, with multinational corporations (MNCs) actively engaging in business development (BD) transactions, indicating a sustained interest in this field [4] - Chinese companies are expected to shine in this area due to their engineering advantages, particularly in chemical synthesis, allowing for rapid iteration on leading technologies [4] - The commercialization process of siRNA drugs is focused on common diseases with clear biological mechanisms, where early movers are likely to gain significant commercial benefits [5] Group 3: Industry Trends and Future Outlook - The efficiency and specificity of the GalNac delivery system present opportunities for breakthroughs in liver-targeted therapies and the exploration of previously challenging drug targets [5] - The industry is witnessing a shift towards addressing common diseases, with a focus on new disease areas and advancements in extrahaptic delivery systems [5] - The overall sentiment in the pharmaceutical sector is optimistic, with expectations of significant developments in the siRNA drug space, particularly in large indications such as cardiovascular diseases and chronic hepatitis B [3][4][5]

招股书引用的研究显示，全球小核酸药物市场规模预计到2034年将达549亿美元，2024至2029年间年均复合增长率达29.4%。2024年 siRNA药物已占据该市场约44.5%的份额。 最新招股书显示，瑞博生物今年前6个月营收同比增长56.6%，达1.038亿元（约1,470万美元），上年同期为6,630万元。期内亏损收窄 至9,780万元，较上年同期的1.416亿元有所改善。 这家成立于2007年的苏州企业深耕RNA小核酸药物研发多年，专攻利用小干扰RNA（siRNA）阻断致病基因活性疗法。公司称其拥有 全球最丰富的siRNA研发管线之一，涵盖7款针对心血管、代谢、肾脏及肝脏疾病的临床阶段候选药物，其中4款已进入二期临床试 验。 瑞博生物已与多家同业达成授权协议，其中齐鲁制药获得其降胆固醇药物在中国大陆及港澳地区的生产销售权。公司亦于2023年与德 国勃林格殷格翰（Boehringer Ingelheim）签署合作协议，总价值超20亿美元，共同推进小核酸药物研发。 12月21日晚，根据港交所官网披露的聆讯后资料集，RNA药物研发龙头企业苏州瑞博生物技术股份有限公司已通过港交所上市聆讯， 标志着其IPO进程 ...

近日，瑞博生物已成功通过港交所聆讯，中金公司和花旗为其保荐机构。那么，如何看待其投资价值？ 在全球生物医药悄然迈入"核酸时代"的今天，小核酸药物正成为继小分子、抗体药之后颠覆性治疗的第三大药物范 式。 全球范围内具备完整小核酸药物自主研发能力的公司凤毛麟角，而来自中国的瑞博生物正是其中少数具备"端到端"能 力的平台型企业。这家公司不仅是"中国版Alnylam"，更是一家以原创技术驱动、具备全球定义未来治疗标准潜力的 平台型生物科技公司。 图表一：瑞博生物招股书节选 | 編纂]的[編纂]數目 | : [編纂]股H股(視乎[編纂] | | --- | --- | | | 行使與否而定） | | [編纂]數目 | .. [編纂]股H股(可予[編纂]) | | [編纂]數目 | :「編纂]股H股(可予[編纂]及 | | | 視乎[編纂]行使與否而定) | | 最高[編纂] | .. 每股H股[編纂]港元,另加1.0%經紀 | | | 佣金、0.0027%證監會交易徵費、 | | | 0.00015%會財局交易徵費及 | | | 0.00565％聯交所交易費(須於申請時 | | | 以港元繳足,多繳股款可予退還) | ...

内容概要：小干扰RNA(siRNA)药物是核酸药物的一种，因其具有高效、高特异性、低毒等优点而备受 关注。自2017年后在研siRNA药物处于高速增长阶段，2023年研siRNA药物在研数量达到289个，增长 率达到103.52%的顶峰。2024年有338个siRNA药物在研。siRNA在生物医药领域应用广泛，尤其在抗肿 瘤领域具有巨大潜力。2024年全球siRNA药物市场规模增长到24亿美元，其中，美国siRNA药物市场规 模13亿美元；预计2025年全球siRNA药物市场规模将达到31亿美元，其中，美国18亿美元，中国1亿美 元。已上市的siRNA药物主要用于治疗遗传性和代谢性疾病，在研siRNA药物已逐步扩展至肿瘤、心血 管、神经系统、免疫系统等疾病领域。其中，在至肿瘤占17.9%，消化系统疾病占14.00%，内分泌与代 谢疾病占12.40%。随着科学技术的不断发展、研究成果的不断涌现，相信在不久的将来siRNA药物递送 系统的开发会迈上一个新台阶，实现多种疾病的靶向递送，更好地保障人类健康。 上市企业：诺和诺德公司[NVO]、瑞博生物(A04619)、圣诺医药-B[02257]、君实生物[688180 ...

Core Viewpoint - The surge in IPO applications from pharmaceutical companies in Hong Kong has created a competitive environment, leading to challenges in securing cornerstone investors and navigating the market dynamics [1][5]. Group 1: IPO Market Dynamics - The Hong Kong IPO market for healthcare has seen a significant recovery, with 23 companies successfully listed this year compared to only 8 last year [1]. - Over 40 healthcare companies have applied for IPOs this year, with 8 applications in just the first half of November [1]. - The competition among companies to attract suitable investors has intensified due to the increasing number of IPO applications [1][5]. Group 2: Specific Company Developments - Bai Li Tianheng's IPO was delayed due to market conditions, with reports suggesting that investor demand did not meet expectations [2][3]. - The company aimed to attract long-term value-focused investors rather than those interested in short-term gains [4]. - The IPO structure includes cornerstone placements, book-building placements, and public offerings, with cornerstone investors playing a crucial role in stabilizing the market perception of the IPO [4]. Group 3: Investor Behavior and Market Trends - Investors are currently more focused on new IPOs due to the significant gains seen in the secondary market this year, leading to a preference for new offerings over existing stocks [5]. - The participation of cornerstone investors has increased, with many successful IPOs this year having multiple cornerstone investors involved [7]. - Despite a recent cooling in the secondary market, the enthusiasm for IPO applications remains high, with expectations for several companies to list in the first quarter of next year [8][9]. Group 4: Future Outlook - The healthcare sector is still attracting attention from both international and domestic investors, with a focus on high-quality investment targets [10]. - The pricing strategy for upcoming IPOs will be critical, as sufficient discounting is necessary to garner investor interest [10].

Core Viewpoint - The article discusses the surge in IPO applications from pharmaceutical companies in Hong Kong, highlighting the competitive landscape and the challenges faced by these companies in securing investors amid a crowded market [3][5][10]. Group 1: IPO Market Dynamics - As of November 14, 2023, 23 healthcare companies have successfully listed on the Hong Kong stock market this year, compared to only 8 in the same period last year [3]. - Over 40 healthcare companies have applied for IPOs in Hong Kong this year, with 8 applications submitted in just the first half of November [3]. - The increase in IPO applications has led to heightened competition among companies to attract suitable investors, resulting in a more complex negotiation landscape between companies and institutional investors [3][5]. Group 2: Case Study of Baillie Gifford - Baillie Gifford's planned global offering was delayed due to market conditions, with reports suggesting that investor demand did not meet expectations [4][5]. - The company aimed to attract long-term value investors rather than those focused on short-term price fluctuations, indicating a strategic approach to its IPO [5][6]. - The IPO process involves cornerstone placements, book-building, and public offerings, with cornerstone investors playing a crucial role in validating the company's value [6]. Group 3: Market Sentiment and Trends - The pharmaceutical sector has seen significant stock price increases this year, leading investors to focus on new IPOs rather than existing stocks [7]. - The introduction of new IPO pricing mechanisms by the Hong Kong Stock Exchange has increased the participation of cornerstone investors in pharmaceutical IPOs [9]. - Despite a recent cooling in the secondary market, the enthusiasm for IPO applications remains strong, with expectations of multiple companies going public in the first quarter of the following year [10][11]. Group 4: Investment Focus Areas - Certain sectors within the pharmaceutical industry, such as siRNA and ADC drugs, are attracting more attention from investors, indicating a trend towards specialized investment opportunities [11]. - The competition among major pharmaceutical companies for acquisitions, particularly in the GLP-1 drug space, has heightened interest in related IPOs [11]. - The article notes that while many IPOs are being pursued, the quality of the offerings and their pricing will be critical in attracting investor interest [13].

Core Viewpoint - The surge in IPO applications from pharmaceutical companies in Hong Kong has created a competitive environment, leading to challenges in securing cornerstone investors and achieving favorable pricing for new listings [1][2][3]. Group 1: IPO Market Dynamics - The Hong Kong IPO market for healthcare has seen a significant recovery, with 23 companies successfully listed this year compared to only 8 last year [1]. - Over 40 healthcare companies have applied for IPOs this year, with 8 applications submitted in just the first half of November [1]. - The competition among companies to attract suitable investors has intensified due to the increasing number of IPO applications [1][4]. Group 2: Case Study of Baillie Gifford - Baillie Gifford's IPO plans were delayed due to unfavorable market conditions and insufficient demand from cornerstone investors [2][3]. - The company aims to attract long-term investors who value growth potential rather than short-term price fluctuations [3]. - The IPO structure includes cornerstone placements, book-building placements, and public offerings, with cornerstone investors playing a crucial role in establishing market credibility [3]. Group 3: Investor Sentiment and Market Trends - The performance of the pharmaceutical sector has been strong, with many stocks experiencing significant gains, leading investors to focus on new IPOs rather than existing stocks [4][5]. - Despite a recent cooling in the secondary market, the enthusiasm for IPOs remains high, with many companies eager to secure reputable cornerstone investors [5][8]. - The market is witnessing a differentiation in investor interest, with certain sectors like siRNA and ADC drugs attracting more attention [7][8]. Group 4: Future Outlook - Several companies are expected to launch IPOs in the first quarter of next year, as they aim to capitalize on favorable market conditions [7]. - The IPO pricing strategy is critical, as investors are looking for sufficient discount space to engage with new offerings [8].

Core Viewpoint - The siRNA drug sector is entering a rapid development phase, transitioning from rare diseases to common diseases, with significant commercial potential in large indications due to advancements in delivery systems and technology [1][2]. Group 1: Industry Trends - The siRNA drug market is evolving as a third wave of therapeutics following small molecules and antibody drugs, characterized by strong target expansion capabilities, extended research applicability, long-lasting effects, and reduced drug resistance [1]. - The GalNac delivery system has significantly improved the efficiency and specificity of siRNA drugs, leading to their validation in rare diseases and a gradual shift towards common disease applications, including cardiovascular diseases, chronic hepatitis B, weight loss, anticoagulation, and autoimmune diseases [1][3]. Group 2: Business Development and Collaborations - The market for small nucleic acid drugs is experiencing active business development (BD) transactions, with multinational corporations (MNCs) leveraging their understanding of indications to license pipelines or collaborate on technology platforms [2]. - The ongoing patent cliff faced by many pharmaceutical companies is driving them to seek new products to mitigate potential risks, making the acquisition of pipelines from companies specializing in small nucleic acid technology a rapid solution [2]. Group 3: Focus Areas and Future Opportunities - The commercialization of siRNA drugs is focused on common diseases with clear biological mechanisms, where early movers can achieve significant commercial benefits and collaboration opportunities [3]. - Future breakthroughs in the siRNA sector may depend on exploring new disease areas and overcoming challenges related to extrah hepatic delivery systems [3]. Group 4: Domestic Companies - Listed companies in the siRNA sector include Yuyuan Pharmaceutical, Hengrui Medicine, CSPC Pharmaceutical Group, Junshi Biosciences, Frontier Biotechnologies, Fuyuan Pharmaceutical, Chengdu Xian Dao, and Shengnuo Pharmaceutical [4]. - Unlisted companies include Bowang Pharmaceutical, Rebo Biotech, Jingyin Pharmaceutical, Shengyin Biotech, Dairui Biotech, and Weia Zhen Biotech [4].

Core Insights - The small nucleic acid drug industry is entering a new era with a focus on siRNA drugs for common diseases, driven by technological advancements and expanded indications [1][2] - siRNA drugs have transitioned from rare diseases to common diseases, showcasing strong commercial potential in areas like cardiovascular diseases, chronic hepatitis B, weight loss, anticoagulation, and autoimmune diseases [1][3] Group 1: Industry Trends - The small nucleic acid drugs represent the third wave of therapeutics, following small molecules and antibody drugs, characterized by strong target expansion capabilities, robust research extensibility, long-lasting effects, and low resistance [1][2] - The industry is witnessing a surge in business development (BD) transactions, particularly involving multinational corporations (MNCs) leveraging their understanding of indications to acquire pipelines or collaborate on technology platforms [2][3] Group 2: Market Opportunities - The maturation of the liver delivery system and the proven commercial value of small nucleic acid drugs are driving ongoing licensing transactions, as many pharmaceutical companies face patent cliffs and seek new products to mitigate pipeline risks [2][3] - Chinese companies are expected to play a significant role in this space, capitalizing on their engineering advantages and rapid iteration capabilities in chemical synthesis to differentiate their products [2][3] Group 3: Technological Advancements - The current industrialization of siRNA drugs focuses on commercializing common diseases with clear biological mechanisms, where early movers can secure better commercial returns and collaboration opportunities [3] - The efficiency and specificity of the GalNac delivery system present significant opportunities for breakthroughs in new disease areas, particularly those previously challenging to target [3]