Core Viewpoint - AI is revolutionizing the life sciences and pharmaceutical research, significantly improving efficiency and reducing costs associated with drug development [3][4][7]. Group 1: Global AI Medical Market Expansion - The global AI medical market is rapidly expanding, characterized by the entry of major tech companies like NVIDIA, Google, and Microsoft, which are restructuring medical infrastructure [3][4]. - AI technology is deeply integrating with biotechnology, leading to unprecedented levels of financing and mergers in the AI medical sector, with projections indicating a record high in 2025 [4][5]. - Major pharmaceutical companies are investing billions in partnerships with AI startups, exemplified by Sanofi's $2.5 billion collaboration with Earendil and other significant deals with Atomwise and Dren Bio [5][6]. Group 2: AI Drug Development and Applications - AI is transforming drug development by addressing various diseases, including cancer, neurodegenerative diseases, metabolic disorders, autoimmune diseases, infectious diseases, and rare diseases, significantly lowering trial costs and improving success rates [7][8][9]. - The efficiency of AI in drug development is highlighted by its ability to reduce the traditional 10-year, $1 billion timeline with only a 10% success rate, enhancing the overall drug discovery process [8][9]. - AI's role in drug discovery is expanding from initial target identification to clinical trial design and patient recruitment, covering the entire industry spectrum [8][9]. Group 3: Policy Support for AI in Healthcare - National strategies are being implemented to support AI applications in healthcare, including the 2025 guidelines promoting AI in drug development to reduce costs and time [9][10]. - Local governments are providing financial incentives for AI drug development, with subsidies for computational costs and support for companies achieving regulatory approvals [11][12]. - Policies are encouraging the internationalization of innovative drugs, with significant support for local companies conducting global clinical trials [11][12]. Group 4: Future Opportunities in AI Healthcare - The first major opportunity lies in AI-assisted drug discovery, which is expected to have a trillion-dollar market potential, particularly in treating diseases like cancer and Alzheimer's [25][26]. - AI is set to enhance diagnostic accuracy in medical imaging, addressing resource distribution issues and integrating diagnostic capabilities into imaging devices [28][29]. - AI will drive advancements in clinical decision support and healthcare information systems, improving data utilization and patient care efficiency [30][31]. - AI-powered surgical robots are expected to redefine surgical precision and enable remote medical procedures, breaking geographical barriers in healthcare delivery [32][33].

证 券 研 究 报 告 行业周报 技术加持稳定原料药出口竞争力 医药行业周报 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 医 药 行 业 观 点 投资评级： 报告日期： 推荐 （ 维持 ） 2026年02月01日 1.技术加持稳定原料药出口竞争力，重视供给变量 根据医保商会数据，2025年中国医药保健品出口额1113.41亿美元，增长3.14%，其中西药原料出口额428.67亿美元，占西 药总出口的76.8%，同比微降0.27%。原料药出口能保持出口总量的相对稳定，是克服全球贸易变局和内部价格竞争内卷下 实现的，是中国原料药产业竞争力的体现。受关税贸易影响，2025年中国对美国医药出口下降了10.6%，而非美市场，欧 盟增长11.38%，新兴市场增长4.49%。展望2026年原料药贸易依然存在较多的不确定性，中国与印度之间原料药竞争合作 将进一步演绎。价格方面，价格竞争内卷是一方面，另一方面合成生物学等新技术加持，新工艺新产能的投产，单位成本 下降是重要一面。 ...

股票研究 /[Table_Date] 2026.02.01 持续推荐创新药械产业链 [Table_Industry] 医药 ——国泰海通医药 2026 年 2 月月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 郑琴(分析师) | 021-23219808 | zhengqin@gtht.com | S0880525040108 | | 谈嘉程(分析师) | 021-38038429 | tanjiacheng@gtht.com | S0880523070004 | 本报告导读： 持续推荐创新药械及产业链。 投资要点： | [Table_Invest] | | | --- | --- | | 评级： | 增持 | [Table_Report] 相关报告 医药《V940 五年随访数据披露，mRNA 肿瘤疫 苗长期价值验证》2026.01.30 医药《支持政策不断，持续推荐创新药械产业 链》202 ...

股票研究 /[Table_Date] 2026.02.01 持续推荐创新药械产业链 [Table_Industry] 医药 ——国泰海通医药 2026 年 2 月月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 郑琴(分析师) | 021-23219808 | zhengqin@gtht.com | S0880525040108 | | 谈嘉程(分析师) | 021-38038429 | tanjiacheng@gtht.com | S0880523070004 | 本报告导读： 持续推荐创新药械及产业链。 投资要点： | [Table_Invest] | | | --- | --- | | 评级： | 增持 | [Table_Report] 相关报告 医药《V940 五年随访数据披露，mRNA 肿瘤疫 苗长期价值验证》2026.01.30 医药《支持政策不断，持续推荐创新药械产业 链》202 ...

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology sector [5]. Core Insights - The report emphasizes the continuous focus on investment opportunities related to AI in healthcare, driven by the growth of Tencent's AI applications and the need for data-driven solutions in medical settings [2][21]. - The investment logic centers around "data closed-loop" and "scene demand," highlighting AI's role as a core productivity driver in healthcare under the dual pressures of cost control and technological advancements [22]. - The report outlines a three-stage clinical value investment strategy, focusing on innovative drug chains and medical devices, with specific recommendations for companies in these sectors [3][27]. Summary by Sections Market Review - Last week, the A-share pharmaceutical and biotechnology index fell by 3.31%, underperforming the CSI 300 index by 3.39 percentage points and ranking 22nd among 31 sub-industries [1][15]. - The Hong Kong Hang Seng Medical Health Index also declined by 2.98%, lagging behind the Hang Seng Index by 4.69 percentage points [1][15]. R&D Progress - Recent developments include new drug applications from companies such as Hengrui Medicine and Innovent Biologics, with ongoing clinical trials for various products [30]. Key Companies and Valuation - The report provides a detailed earnings forecast and valuation table for key companies, recommending "Buy" for several firms including Innovent Biologics, WuXi AppTec, and Mindray Medical [4][27]. AI Healthcare Investment Focus - The report identifies several core areas for AI in healthcare, including AI drug development, medical imaging, chronic disease management, and surgical robotics, emphasizing the importance of proprietary data and business scenarios for competitive advantage [22][24]. Annual Investment Strategy - The report suggests that the investment focus should increasingly emphasize the clinical value of pharmaceuticals, with a positive outlook on innovative drug chains and high-end medical devices [3][26].

2026 年 02 月 01 日 证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 降息等多因素支持科研上游持续复苏，重点 推荐皓元医药、奥浦迈等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 医药生物 沪深300 相关研究 《mRNA 疫苗龙头释放积极临床数据 信号，建议关注悦康药业、康希诺等》 2026-01-26 《JPM 2026 最前线观察：中国创新药 再次成为全球焦点！》 2026-01-18 东吴证券研究所 1 / 37 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为-3.31%、3.14%，相对沪深 300 的超额收益分别为-0.56%、2.51%；本周、年初至今恒生生物科技指数 涨跌幅分别为-3.24%、8.76%，相对于恒生科技指数跑赢-1.87%、5.09%； ...

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 降息等多因素支持科研上游持续复苏，重点 推荐皓元医药、奥浦迈等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 01 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 医药生物 沪深300 相关研究 《mRNA 疫苗龙头释放积极临床数据 信号，建议关注悦康药业、康希诺等》 2026-01-26 《JPM 2026 最前线观察：中国创新药 再次成为全球焦点！》 2026-01-18 东吴证券研究所 1 / 37 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为-3.31%、3.14%，相对沪深 300 的超额收益分别为-0.56%、2.51%；本周、年初至今恒生生物科技指数 涨跌幅分别为-3.24%、8.76%，相对于恒生科技指数跑赢-1.87%、5.09%； ...

Investment Rating - The industry maintains a "Neutral" rating, with specific company ratings of "Buy" for 恒瑞医药 (Hengrui Medicine) and "Increase" for 药明康德 (WuXi AppTec) [12][60]. Core Insights - The report highlights significant collaborations in the innovative drug sector, including 石药集团 (Shijiazhuang Yiling Pharmaceutical) partnering with AstraZeneca for long-acting peptide drug development and receiving clinical trial approval for SYS6055 injection in China [8][37]. - The report emphasizes the robust R&D capabilities of Chinese pharmaceutical companies showcased at the 2026 JPM Healthcare Conference, suggesting investment opportunities in innovative drugs, CXO, and upstream life sciences [12][60]. - The report notes the recent release of the revised "Regulations on the Implementation of the Drug Administration Law of the People's Republic of China," which aims to enhance drug innovation and regulatory processes [19][20]. Industry Data - As of January 29, 2026, the SW Pharmaceutical and Biological Industry's price-to-earnings ratio (TTM) is 51.60 times, with a valuation premium of 259% relative to the CSI 300 index [10][52]. - The report provides current prices for vitamin raw materials, with Vitamin B1 at 237.5 RMB/kg and Vitamin D3 at 130 RMB/kg, remaining stable compared to January 28 [22]. - The Chinese herbal medicine market index shows a decline of 15% year-on-year, with specific herbs like 党参 (Codonopsis) and 当归 (Angelica) experiencing price drops of 41% and 29% respectively [26]. Company Announcements - 先声药业 (Xiansheng Pharmaceutical) signed an exclusive licensing agreement with Boehringer Ingelheim for the dual-specific antibody SIM0709, with potential milestone payments reaching up to 1.016 billion euros [36]. - 恒瑞医药 (Hengrui Medicine) received acceptance for a drug listing application and clinical trial approval for multiple products, including a breakthrough therapy designation for HRS-5346 [39][40]. - 诺诚健华 (Innovent Biologics) anticipates a revenue of approximately 2.365 billion RMB for 2025, marking a 134% year-on-year increase [41].

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司福建盛迪医药有限公司收到国家药品监督 管理局（以下简称"国家药监局"）下发的《受理通知书》，公司注射用磷罗拉匹坦帕洛诺司琼 （HR20013）的药品上市许可申请获国家药监局受理。现将相关情况公告如下： 一、药品的基本情况 受理号：CXHS2600019 申报阶段：上市 申请人：福建盛迪医药有限公司 拟定适应症（或功能主治）：本品用于成年患者预防中度致吐性抗肿瘤药物引起的急性和迟发性恶心和 呕吐。 二、药品的临床试验情况 此次申报新适应症，是基于一项评价注射用磷罗拉匹坦帕洛诺司琼用于预防中度致吐性抗肿瘤药物引起 恶心呕吐的有效性和安全性的多中心、随机、双盲、阳性对照的Ⅲ期临床试验（HR20013-302）。该研 究由中山大学肿瘤防治中心作为牵头单位，张力教授和李宇红教授担任主要研究者，全国96家临床研究 中心共同参与，共随机入组706例受试者。研究主要终点和关键次要终点分别为中 ...

评级：中性(维持) 曹泽运(证券分析师) 李畅(证券分析师) S0350525110001 S0350524010004 caozy@ghzq.com.cn lic05@ghzq.com.cn 证券研究报告 2026年01月30日 医药生物 生物医药深度报告：国产ADC药物即将迎来高光时刻 ——ADC子行业专题研究 最近一年走势 相关报告 《医药生物行业动态研究：中国独立医学实验室行业的先行者（中性）*医药生 物*曹泽运，林羽茜》——2026-01-27 《医药生物行业动态研究：AI药研或引产业革命，JPM大会再推行业新峰（中 性）*医药生物*曹泽运，林羽茜》——2026-01-20 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 医药生物 | 2.0% | -2.7% | 21.1% | | 沪深300 | 2.1% | 1.3% | 24.5% | 请务必阅读报告附注中的风险提示和免责声明 2 -9% 0% 9% 19% 28% 37% 2025/02/05 2025/05/06 2025/08/04 2025/11/02 医药生物 ...