Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Pharmaceutical (Pharma)** and **Biopharmaceutical/Biotech** sectors, highlighting companies with potential for value re-evaluation and those entering a performance ramp-up phase [1][2]. Core Insights and Arguments 1. **Value Re-evaluation of Pharma Companies**: - There is a recommendation to further support Pharma companies that have the potential for value re-evaluation, particularly emphasizing key marginal changes. The BD (Business Development) revenue for Pharma is expected to normalize, which will drive an upward shift in the valuation framework [1][2]. 2. **Performance Ramp-up in Biopharma/Biotech**: - Continuous recommendation for Biopharma/Biotech companies that are entering a performance ramp-up phase and have pipelines that are consistently delivering results. The expectation is that by 2026, leading Biopharma/Biotech companies will enter a period of accelerated performance [2]. 3. **Key Marginal Changes**: - The core marginal change driving the value re-evaluation logic for Pharma companies is the normalization of BD revenue. This is supported by two main factors: - Leading Pharma companies have a more comprehensive technology platform and pipeline layout, enhancing their ability to continuously produce BD assets [2]. - External transactions are evolving from sporadic single-asset licensing to a more platform-based and series-based licensing model, making upfront payments, milestones, and revenue sharing more replicable and predictable. Recent collaborations, such as the partnership between **Shiyao** and **AstraZeneca** for a long-acting weight loss drug (total package of $18.5 billion) and **Innovent** with **Eli Lilly** in oncology and immunology (total package of $8.9 billion), exemplify this trend [2]. Recommendations - Specific companies recommended for investment include: - **Hengrui Medicine** - **Hansoh Pharmaceutical** - **Shiyao Group** (new addition in February) - **China National Pharmaceutical Group** - **Sinopharm** (new addition in February) - **Haisco** [2]. Additional Important Insights - The oncology, metabolism, and autoimmune sectors are expected to see a concentration of critical data releases. The integration of new technology platforms such as small nucleic acids, bispecific/trispecific antibodies, next-generation ADCs, and PROTAC/molecular glue is anticipated to provide significant valuation elasticity for leading companies at key data points, potentially opening up overseas BD opportunities [3].

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the global business development (BD) activities in the pharmaceutical sector during the Chinese New Year period from February 13 to February 23, 2026, highlighting a total of 18 BD transactions globally [1] Core Insights and Arguments - **Key Transactions**: - Qinhai Bio licensed its MAT2A inhibitor (GH31), which has received IND approval in China and the US and is currently in Phase I clinical trials, to Gilead. Qinhai will receive an upfront payment of $80 million, $1.45 billion in milestone payments, and a tiered double-digit percentage royalty based on net sales [1] - Other notable transactions include: - Novartis partnered with Unnatural Products to develop macrocyclic peptide drugs, focusing on cardiovascular applications, with Unnatural Products receiving an upfront payment of $100 million and potential milestone payments of $1.7 billion [1] - Eli Lilly acquired global rights for the IL6 monoclonal antibody clazakizumab from CSL for all indications except end-stage renal disease, with CSL receiving an upfront payment of $100 million [1] - Merck collaborated with Mayo Clinic to integrate clinical and genomic data, focusing on early research translation in inflammatory bowel disease, skin diseases, and neurology [1] - **Year-to-Date Transactions**: - From January 1 to February 23, 2026, there have been 36 BD transactions involving Chinese companies, with 13 of these transactions involving multinational corporations (MNCs) [1] Additional Important Insights - **Comparison with Previous Year**: - In comparison, there were 26 BD transactions during the same period in 2025, with only 3 involving MNCs [2] - **Future Outlook**: - The analysis indicates that MNCs have increased their focus on Chinese BD teams and asset searches since the second half of 2025, suggesting a positive outlook for more BD transactions involving Chinese assets and MNCs in 2026 [2]

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

英矽智能(03696)获纳入恒生综合指数成份股 图达通(02665)获纳入恒生综合指数成份股 长风药业(02652)获纳入恒生综合指数成份股 翰森制药(03692)：甲磺酸阿美替尼片单药治疗于欧盟获批上市 【重大事项】 拨康视云-B(02592)：CBT-199新药临床试验申请已生效，临床试验被认定为可安全推进 石药集团(01093)：GLP -1/GIP受体双偏向性激动多肽长效注射液在美国获临床试验批准 石药集团(01093)：罗哌卡因长效注射液(SYH9089注射液)在中国获临床试验批准 复宏汉霖(02696)：HLX15-SC (重组抗CD38全人单克隆抗体注射液-皮下注射)用于多发性骨髓瘤治疗的1 期临床试验申请获美国FDA批准 【财报数据】 首钢资源(00639)发盈警 预计2025年度公司拥有人应占综合溢利约6亿港元至7亿港元 石四药集团(02005)发盈警，预期年度股权持有人应占溢利同比下降约45%至60% 好孩子国际(01086)发盈警 预期2025年纯利同比下降约35%至 45% 速腾聚创(02498)2025财年激光雷达产品销售持续增长 Q4首次单季实现盈利 ...

该产品可通过抑制神经细胞钠离子通道，阻断钠离子流入神经纤维细胞膜内，从而对沿神经纤维的冲动 传导产生可逆性的阻滞；亦能降低给药频率，满足临床术後的持续镇痛需求，减少患者对阿片类药物的 依赖，避免持续镇痛装置感染或移位风险，从而显着提高治疗依从性及用药安全性。依托集团的长效药 物递送技术平台，该产品可将单次给药镇痛持续时间延长至一周，有望成为中国首款镇痛持续时间达到 一周的超长效镇痛产品。 临床前研究显示，该产品未见全身系统毒性或新增毒性靶器官，与市售罗哌卡因注射液相比展现出显着 的长效镇痛优势，具有良好的安全性和有效性。 格隆汇2月16日丨石药集团(01093.HK)宣布，集团开发的罗哌卡因长效注射液(SYH9089注射液)(「该产 品」)已获得中华人民共和国国家药品监督管理局批准，可在中国开展临床试验。 本次获批的临床适应症为术後镇痛。该产品临床试验的获批，有望填补超长效术後镇痛领域迫切的临床 需求，是集团在中枢神经领域的重要成果。 ...

SYH2082可选择性激活cAMP通路，降低β-arrestin募集，从而减少受体内吞及脱敏，提升药效并延长作 用持续时间。同时，SYH2082结合长半衰期修饰平台技术和长效制剂平台技术，旨在实现给药间隔内的 持续减重。在临床前研究中，SYH2082在长效减重及维持方面较同类上市产品表现出更优的疗效，且支 持每月一次的用药方案。在毒理学研究中，SYH2082的耐受性良好，未观察到显着不良反应。 本次获批的临床适应症为肥胖或超重合并至少一种体重相关合并症人群的体重管理。此外，SYH2082亦 具备改善成人2型糖尿病(T2DM)患者的血糖控制的潜力，带来额外临床获益。本次临床试验的获批，是 集团在代谢领域创新长效产品布局的重要成果，为未来更多创新产品的开发奠定坚实基础。 格隆汇2月16日丨石药集团(01093.HK)宣布，集团开发的GLP-1/GIP受体双偏向性激动多肽长效注射液 (SYH2082注射液)已获得美国食品药品监督管理局(FDA)批准，可在美国开展临床试验。 SYH2082有望成为临床开发阶段具领先潜力的长效GLP-1/GIP受体双重偏向性激动剂，每月给药一次。 依托集团的长效制剂技术平台，SYH20 ...

Core Viewpoint - The approval of SYH2082 by the FDA marks a significant milestone for the company in the development of innovative long-acting products in the metabolic field, with potential benefits for obesity management and type 2 diabetes [1][2] Group 1: Product Development - The company has developed SYH2082, a long-acting GLP-1/GIP receptor dual agonist injection, which has received FDA approval for clinical trials in the U.S. [1] - SYH2082 is designed for monthly administration, enhancing patient compliance and convenience [1] - The product utilizes a long half-life modification platform and long-acting formulation technology to achieve sustained weight loss during the dosing interval [1] Group 2: Clinical Benefits - The approved clinical indication for SYH2082 is weight management in individuals with obesity or overweight with at least one weight-related comorbidity [2] - SYH2082 also shows potential for improving blood glucose control in adults with type 2 diabetes, providing additional clinical benefits [2] Group 3: Preclinical and Toxicology Findings - In preclinical studies, SYH2082 demonstrated superior efficacy in long-term weight loss and maintenance compared to similar marketed products, supporting a monthly dosing regimen [1] - Toxicology studies indicated good tolerability for SYH2082, with no significant adverse reactions observed [1]

Core Viewpoint - The approval of SYH9089 injection by the National Medical Products Administration of China marks a significant advancement for the company in the field of postoperative analgesia, addressing a critical clinical need for long-lasting pain relief solutions [1] Group 1: Product Development - The SYH9089 injection utilizes a mechanism that inhibits sodium ion channels in nerve cells, providing reversible blockage of impulse conduction along nerve fibers [1] - This product aims to reduce the frequency of administration, fulfilling the continuous pain relief requirements in postoperative settings and decreasing reliance on opioid medications [1] - The long-acting drug delivery technology platform allows for pain relief duration of up to one week from a single administration, potentially making it the first ultra-long-acting analgesic product in China [1] Group 2: Clinical Research and Safety - Preclinical studies indicate that SYH9089 injection does not exhibit systemic toxicity or new toxic organ targets, showing significant long-lasting analgesic advantages compared to existing ropivacaine injections [1] - The approved clinical indication for this product is postoperative pain relief, highlighting its potential to meet urgent clinical demands in the ultra-long-acting postoperative analgesia market [1]

智通财经APP讯，石药集团(01093)发布公告，集团开发的罗哌卡因长效注射液(SYH9089注射液)(该产 品)已获得中华人民共和国国家药品监督管理局批准，可在中国开展临床试验。 该产品可通过抑制神经细胞钠离子通道，阻断钠离子流入神经纤维细胞膜内，从而对沿神经纤维的衝动 传导产生可逆性的阻滞;亦能降低给药频率，满足临床术后的持续镇痛需求，减少患者对阿片类药物的 依赖，避免持续镇痛装置感染或移位风险，从而显著提高治疗依从性及用药安全性。依托集团的长效药 物递送技术平台，该产品可将单次给药镇痛持续时间延长至一周，有望成为中国首款镇痛持续时间达到 一周的超长效镇痛产品。 临床前研究显示，该产品未见全身系统毒性或新增毒性靶器官，与市售罗哌卡因注射液相比展现出显著 的长效镇痛优势，具有良好的安全性和有效性。 本次获批的临床适应症为术后镇痛。该产品临床试验的获批，有望填补超长效术后镇痛领域迫切的临床 需求，是集团在中枢神经领域的重要成果。 ...

SYH2082可选择性激活cAMP通路，降低β-arrestin募集，从而减少受体内吞及脱敏，提升药效并延长作 用持续时间。同时，SYH2082结合长半衰期修饰平台技术和长效制剂平台技术，旨在实现给药间隔内的 持续减重。在临床前研究中，SYH2082在长效减重及维持方面较同类上市产品表现出更优的疗效，且支 持每月一次的用药方案。在毒理学研究中，SYH2082的耐受性良好，未观察到显著不良反应。 本次获批的临床适应症为肥胖或超重合并至少一种体重相关合并症人群的体重管理。此外，SYH2082亦 具备改善成人2型糖尿病(T2DM)患者的血糖控制的潜力，带来额外临床获益。本次临床试验的获批，是 本集团在代谢领域创新长效产品布局的重要成果，为未来更多创新产品的开发奠定坚实基础。 智通财经APP讯，石药集团(01093)发布公告，本集团开发的GLP-1/GIP受体双偏向性激动多肽长效注射 液(SYH2082注射液)已获得美国食品药品监督管理局(FDA)批准，可在美国开展临床试验。 SYH2082有望成为临床开发阶段具领先潜力的长效GLP-1/GIP受体双重偏向性激动剂，每月给药一次。 依托本集团的长效制剂技术平台，SYH ...