【siRNA药物行业深度：黎明已至，国产争先】 siRNA药物机制优势突出，递送为核心技术 相较于传统小分子和生物药，siRNA药物为代表的核酸疗法可精准沉默致病蛋白，高效降解且作用时间长，目前已 成为新药开发热门方向。 技术层面主要包括修饰和递送，其中递送为核心技术，肝外递送是目前的突破重心，技术路径包括LNP、抗体、 肽类以及VLP递送，各有优劣，其中AOC发展稍快。 【siRNA药物行业深度：黎明已至，国产争先】 siRNA药物机制优势突出，递送为核心技术 相较于传统小分子和生物药，siRNA药物为代表的核酸疗法可精准沉默致病蛋白，高效降解且作用时间长，目前已 成为新药开发热门方向。 技术层面主要包括修饰和递送，其中递送为核心技术，肝外递送是目前的突破重心，技术路径包括LNP、抗体、 肽类以及VLP递送，各有优劣，其中AOC发展稍快。 siRNA行业先驱Alnylam开发的GalNAc肝内递送凭借递送效率极高、特异性强以及作用持久等优势，已成为肝递送 的"标准答案"，其他海外巨头如Arrowhead和Dicerna等针对PCSK9、AGT、Lp(a)以及ApoC3等心血管常见靶点的 siRNA药物已进入 ...

siRNA行业先驱Alnylam开发的GalNAc肝内递送凭借递送效率极高、特异性强以及作用持久等优势，已 成为肝递送的"标准答案"，其他海外巨头如Arrowhead和Dicerna等针对PCSK9、AGT、Lp(a)以及ApoC3 等心血管常见靶点的siRNA药物已进入临床后期或商业化的收获期，而针对肌肉、神经系统以及眼部等 肝外器官目前仍处于研发早期阶段，目前Alnylam的C16递送平台已在CNS领域、Arrowhead的TRiM平 台在脂肪组织领域初步展现潜力，未来新靶点的发现与肝外递送平台将成为竞争的核心要点。 智通财经APP获悉，中邮证券发布研报称，siRNA药物可精准沉默致病蛋白，优势显著，递送系统为核 心技术。海外巨头基于GalNAc肝递送平台，针对心血管靶点的药物已进入收获期。国内企业百花齐 放，成为全球重要参与者，与MNC合作频发。 中邮证券主要观点如下： siRNA药物机制优势突出，递送为核心技术 相较于传统小分子和生物药，siRNA药物为代表的核酸疗法可精准沉默致病蛋白，高效降解且作用时间 长，目前已成为新药开发热门方向。技术层面主要包括修饰和递送，其中递送为核心技术，肝外递送是 目前 ...

证券研究报告 ➢ siRNA药物机制优势突出，递送为核心技术 相较于传统小分子和生物药，siRNA药物为代表的核酸疗法可精准沉默致病蛋白，高效降解且作用时间长，目前已成为新药开发热门方向。 技术层面主要包括修饰和递送，其中递送为核心技术，肝外递送是目前的突破重心，技术路径包括LNP、抗体、肽类以及VLP递送，各有优劣， 其中AOC发展稍快。 ➢ 海外巨头渐入收获期，静待肝外递送POC 黎明已至，国产争先 ——siRNA药物行业深度报告 行业投资评级：强大于市|维持 盛丽华/陈灿 中邮证券研究所 医药生物团队 中邮证券 1 1 发布时间：2026-02-27 投资要点 siRNA行业先驱Alnylam开发的GalNAc肝内递送凭借递送效率极高、特异性强以及作用持久等优势，已成为肝递送的"标准答案"，其他海 外巨头如Arrowhead和Dicerna等针对PCSK9、AGT、Lp(a)以及ApoC3等心血管常见靶点的siRNA药物已进入临床后期或商业化的收获期，而 针对肌肉、神经系统以及眼部等肝外器官目前仍处于研发早期阶段，目前Alnylam的C16递送平台已在CNS领域、Arrowhead的TRiM平台在脂 肪 ...

Summary of siRNA Industry Insights Industry Overview - The siRNA drug market is projected to reach $50.3 billion by 2040, indicating a significant growth opportunity in the nucleic acid therapy sector, which is gaining traction as a new drug development direction [1][1][1] Key Insights - siRNA drugs offer high efficiency, low toxicity, and long-lasting effects compared to traditional small molecules and biologics, making them a popular choice in new drug development [1][1][1] - The GalNAc liver delivery platform has matured, showing high delivery efficiency and specificity, becoming the standard for liver-targeted siRNA drugs. Notable targets include PCSK9, AGT, Lp(a), and ApoC3, which have demonstrated therapeutic potential [1][1][1] - There is potential for breakthroughs in extrahepatic delivery systems, with early-stage developments in areas such as muscle, CNS, and ocular applications. Alnylam's C16 delivery platform is showing promise in Alzheimer's disease, while Arrowhead and Wave Life Sciences are exploring fat tissue targets [1][1][1] Market Dynamics - Domestic siRNA companies are positioned to capitalize on the demand for new technologies as traditional chronic disease drugs approach the end of their sales lifecycle. Collaborations with multinational corporations (MNCs) are expected to increase, particularly in liver delivery systems [2][2][2] - The industry outlook is optimistic, with domestic siRNA drugs likely to secure partnerships in popular targets like PCSK9 and Lp(a). New demands in weight loss and CNS delivery are further opening up the market as international giants make breakthroughs [2][2][2] Relevant Companies - A-share listed companies: Yuyuan Pharmaceutical, Frontier Biotech, Fuyuan Pharmaceutical, Bibetech, Sunshine Nuohuo, Chengdu Xian Dao - Hong Kong listed companies: Reebio, and upcoming IPOs such as Jingyin Biotech and Bowe Pharmaceutical - Upstream industry chain participants include WuXi AppTec, Lianhua Technology, Aorite, Lanxiao Technology, Nawei Microbiology, and Jiuzhou Pharmaceutical [2][2][2]

该行认为siRNA进入肥胖维持市场，将对所有胜肽类方案构成真正威胁。siRNA药物切入减重及肌保市 场，或最终挤压肽基肥胖疗法。该行密切追踪Arrowhead和Wave siRNA资产进展后，认为肥胖维持领域 正日益拥挤。建议投资人关注未来siINHBE和siALK7靶点对减重维持市场的影响。 招商证券国际发布研报称，石药集团(01093)与阿斯利康(AZN.US)达成历史性交易公告，表示看好交 易，但需等待石药或阿斯利康披露更多长效GLP-1全球开发细节。重申"中性"评级，认为短期基本面仍 存隐忧。 该行表示，根据石药最新公告，与阿斯利康合作的关键临床候选药物为SYH2082，长效GLP-1R/GIPR双 激动剂，现已进入I期临床。该行对此长效GLP-1平台了解甚少。SYH2082刚在中国启动I期研究。需等 待管理阶层揭露其设计细节及潜在临床开发路径，方能进行价值量化评估。该行维持"中国创新药进入 全球管线"的长期正面判断，但建议投资者仔细审视BD公告前已被市场计入预期的资产估值因素，并对 双方合作进展进行深度量化评估。 ...

该行表示，根据石药最新公告，与阿斯利康合作的关键临床候选药物为SYH2082，长效GLP-1R/GIPR双 激动剂，现已进入I期临床。该行对此长效GLP-1平台了解甚少。SYH2082刚在中国启动I期研究。需等 待管理阶层揭露其设计细节及潜在临床开发路径，方能进行价值量化评估。该行维持"中国创新药进入 全球管线"的长期正面判断，但建议投资者仔细审视BD公告前已被市场计入预期的资产估值因素，并对 双方合作进展进行深度量化评估。 该行认为siRNA进入肥胖维持市场，将对所有胜肽类方案构成真正威胁。siRNA药物切入减重及肌保市 场，或最终挤压肽基肥胖疗法。该行密切追踪Arrowhead和Wave siRNA资产进展后，认为肥胖维持领域 正日益拥挤。建议投资人关注未来siINHBE和siALK7靶点对减重维持市场的影响。 招商证券国际发布研报称，石药集团(01093)与阿斯利康(AZN.US)达成历史性交易公告，表示看好交 易，但需等待石药或阿斯利康披露更多长效GLP-1全球开发细节。重申"中性"评级，认为短期基本面仍 存隐忧。 ...

Core Viewpoint - China Biopharmaceutical (01177.HK) announced a strategic acquisition of Hegia for a total price of 1.2 billion yuan, aiming to enhance its innovation layout and clinical advancement in the chronic disease sector, particularly in the field of small interfering RNA (siRNA) therapies [1][2]. Group 1: Acquisition Details - The acquisition price of Hegia is set at 1.2 billion yuan, which is subject to adjustment [1]. - Hegia specializes in the development of siRNA innovative drugs and has established an integrated drug development system from target discovery to proof of concept (POC) [1][2]. Group 2: Hegia's Capabilities - Hegia has developed six liver-targeted and extrahepatic delivery platforms, including MVIP, which is the world's first clinically validated platform allowing for "once-a-year" long-acting administration [2]. - The company has four innovative drugs currently in clinical stages, including Kylo-11, which is the first siRNA for treating hyperlipoproteinemia (a) with a once-a-year dosing schedule, currently in Phase II clinical trials [3]. Group 3: Strategic Importance - The acquisition is expected to leverage Hegia's strengths in sequence design, delivery systems, and chemical modifications, complementing China Biopharmaceutical's experience in molecular forms, patent layout, and clinical translation [2]. - The small nucleic acid sector has become one of the most promising areas in the biopharmaceutical industry, with a total disclosed transaction value of approximately 35 billion USD since 2025, reflecting a year-on-year growth of over 40% [3].

Group 1: Biopharmaceutical Research - The small nucleic acid drug industry is entering a new era with a focus on siRNA drugs for common diseases, driven by mature technology platforms and expanding indications [1][2] - siRNA drugs have transitioned from rare diseases to common diseases, showing strong commercial potential in areas like cardiovascular diseases and chronic hepatitis B [2][3] - The industry is witnessing active business development (BD) transactions, particularly involving Chinese companies leveraging their engineering advantages in small nucleic acid technology [3][4] Group 2: Automotive Research - Bertli's new "small diameter caliper technology" is expected to enhance its market share in the braking sector, aligning with the automotive industry's cost-reduction trends [6][30] - The company has received recognition for its innovative technology, which reduces vehicle weight by 4.4 kg (17% reduction), improving energy efficiency and vehicle handling [30][31] - Bertli is establishing a subsidiary focused on electric motor systems for chassis, aiming to strengthen its position in intelligent driving and robotics [31] Group 3: Food and Beverage Research - The expansion of domestic demand has been elevated to a strategic level, with the consumption sector expected to rebound [8][9] - The liquor sector, particularly Wuliangye, is targeting high-quality sales and market share growth for 2026, while the dairy industry is anticipated to experience a cyclical reversal [9][11] - Structural growth is expected in the beverage sector, with companies like Dongpeng Beverage and Nongfu Spring positioned for significant gains [11] Group 4: Transportation Research - 吉祥航空 is expected to see a gradual reduction in the impact of flight maintenance issues in 2026, with significant profit potential driven by industry recovery and fleet turnover [12][13] - The company has a robust network that is projected to yield substantial profits as the aviation market improves [12][28] - The introduction of the B787 aircraft is expected to enhance international operations, with optimistic long-term profitability forecasts [29]

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]

Core Viewpoint - Suzhou Ribo Bioengineering Co., Ltd., a leader in RNA drug development, has passed the Hong Kong Stock Exchange listing hearing, marking a new phase in its IPO process [2] Company Summary - In the first half of this year, Ribo Bio reported a revenue growth of 56.6%, reaching 103.8 million yuan (approximately 14.7 million USD), compared to 66.3 million yuan in the same period last year [2] - The company's losses narrowed to 97.8 million yuan, an improvement from 141.6 million yuan in the previous year [2] - Established in 2007, Ribo Bio specializes in RNA small nucleic acid drug development, focusing on therapies that utilize small interfering RNA (siRNA) to block pathogenic gene activity [2] - The company claims to have one of the richest siRNA development pipelines globally, with seven clinical-stage candidate drugs targeting cardiovascular, metabolic, renal, and liver diseases, four of which have entered Phase II clinical trials [2] - Ribo Bio has entered into licensing agreements with several industry peers, including Qilu Pharmaceutical, which obtained the rights to produce and sell its cholesterol-lowering drug in mainland China and Hong Kong and Macau [2] - In 2023, the company signed a collaboration agreement with Boehringer Ingelheim, valued at over 2 billion USD, to jointly advance small nucleic acid drug development [2] Industry Summary - Research cited in the prospectus indicates that the global small nucleic acid drug market is expected to reach 54.9 billion USD by 2034, with a compound annual growth rate (CAGR) of 29.4% from 2024 to 2029 [3] - By 2024, siRNA drugs are projected to account for approximately 44.5% of this market [3]