公告显示，先衍生物为成都先导的参股公司暨关联方，注册资本1724.08万元，出于自身发展融资不超 过1.5亿元（含）。先衍生物已经建立起包括新颖的小核酸修饰技术、肝外递送技术和单分子双靶点调 节技术在内的创新技术体系，并聚焦慢病治疗领域，布局针对高血压、高血脂、高体脂等疾病的小核酸 新药管线。本次交易前成都先导持有先衍生物23.2%的股权，交易后持有先衍生物股权比例将根据最终 融资金额及新增注册资本确定。 （文章来源：北京商报） 北京商报讯2月10日晚间，成都先导（688222）发布公告称，公司拟按照投前估值4.5亿元，以2400万元 认购成都先衍生物技术有限公司（以下简称"先衍生物"）新增注册资本。 ...

证券代码：688222 证券简称：成都先导 公告编号：2026-005 成都先导药物开发股份有限公司 关于增资参股公司暨关联交易公告 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。 重要内容提示： 至本公告披露日，成都先导药物开发股份有限公司（以下简称"成都 先导"或"公司"）过去 12 个月与同一关联人先衍生物进行的日常关联交易金 额为 1,287.44 万元，未超过董事会审议的日常关联交易金额；与本次交易累 计已达到股东会审议标准，尚需提交公司股东会审议。 公司过去 12 个月与关联方曹家铭、拉萨经济技术开发区华博医疗器械有 限公司（以下简称"华博器械"）均未发生关联交易。 交易实施尚需履行的审批及其他相关程序 本次关联交易已经公司第三届董事会第五次会议审议通过，关联董事已回避 表决。独立董事专门会议对本次交易事项进行了事先审议，全体独立董事一致同 意该交易事项。本次关联交易事项达到股东会审议标准，尚需提交股东会审议。 其它需要提醒投资者重点关注的风险事项 本次对参股企业先衍生物增资，各方均在履行内部签约流程，尚未完成实际 ...

格隆汇2月10日丨成都先导(688222.SH)公布，先衍生物作为公司孵化和参股的子公司，已经建立起包括 新颖的小核酸修饰技术、肝外递送技术和单分子双靶点调节技术在内的创新技术体系，并聚焦慢病治疗 领域，布局针对高血压、高血脂、高体脂等疾病的小核酸新药管线。目前，其针对AGT靶点的超长效 降压药物LDR2402已经进入Ⅱ期临床研究并完成首例受试者给药；用于治疗肥胖的小核酸新药LDR2515 注射液（INHBE靶点）的临床试验申请（IND）已于近日获得中国国家药品监督管理局药品审评中心 （CDE）默示许可。先衍生物为成都先导的参股公司暨关联方，注册资本1,724.0819万元，出于自身发 展融资不超过15,000万元（含）。本次交易前成都先导持有先衍生物23.20%的股权，本次公司拟按照投 前估值4.5亿元人民币，以2,400万元认购其新增注册资本，交易后持有先衍生物股权比例将根据最终融 资金额及新增注册资本确定。 先衍生物本次融资领投方为成都天使道远国生医疗健康创业投资合伙企业（有限合伙）（简称"道远国 生"），其他投资方中，曹家铭、华博器械为公司关联方。 ...

先衍生物本次融资领投方为成都天使道远国生医疗健康创业投资合伙企业（有限合伙）（简称"道远国 生"），其他投资方中，曹家铭、华博器械为公司关联方。 格隆汇2月10日丨成都先导(688222.SH)公布，先衍生物作为公司孵化和参股的子公司，已经建立起包括 新颖的小核酸修饰技术、肝外递送技术和单分子双靶点调节技术在内的创新技术体系，并聚焦慢病治疗 领域，布局针对高血压、高血脂、高体脂等疾病的小核酸新药管线。目前，其针对AGT靶点的超长效 降压药物LDR2402已经进入Ⅱ期临床研究并完成首例受试者给药；用于治疗肥胖的小核酸新药LDR2515 注射液（INHBE靶点）的临床试验申请（IND）已于近日获得中国国家药品监督管理局药品审评中心 （CDE）默示许可。先衍生物为成都先导的参股公司暨关联方，注册资本1,724.0819万元，出于自身发 展融资不超过15,000万元（含）。本次交易前成都先导持有先衍生物23.20%的股权，本次公司拟按照投 前估值4.5亿元人民币，以2,400万元认购其新增注册资本，交易后持有先衍生物股权比例将根据最终融 资金额及新增注册资本确定。 ...

【长江TMT&医药】最新观点汇总0208 1、PCB：板块自去年四季度以来表现偏弱，主要因正交背板方案市场观点分化，部分认为可能会被铜缆/CPO替代 或推迟至28年，而我们了解到目前正交背板当前仍在正常稳步推进中，预计在27年H2步入批量生产阶段，龙头公 司因正交背板分歧导致股价滞涨，性价比凸显，推荐东山精密、胜宏科技、沪电股份。 CoWoP方案（芯片直接封装在PCB上）确定性更强，可降本 【长江TMT&医药】最新观点汇总0208 电子 电子 1、PCB：板块自去年四季度以来表现偏弱，主要因正交背板方案市场观点分化，部分认为可能会被铜缆/CPO替代 或推迟至28年，而我们了解到目前正交背板当前仍在正常稳步推进中，预计在27年H2步入批量生产阶段，龙头公 司因正交背板分歧导致股价滞涨，性价比凸显，推荐东山精密、胜宏科技、沪电股份。 CoWoP方案（芯片直接封装在PCB上）确定性更强，可降本、提效并绕过紧缺的载板产能，PCB单平米价值量或 提升数倍至十倍，有望提前至27年底出产品，28年落地，该方向下推荐关注鹏鼎控股、深南电路、兴森科技。 2、存储：合约价仍处上行周期（现货价波动无碍），模组公司Q1业绩将爆发（江 ...

证券研究报告 2026 年 02 月 08 日 湘财证券研究所 核心要点： 本周医药生物上涨 0.14%，涨跌幅排名位列申万一级行业第 15 位 根据 Wind 数据，本周申万一级行业医药生物上涨 0.14%，涨幅排名位列申 万 31 个一级行业第 15 位。沪深 300 指数下跌 1.33%，医药跑赢沪深 300 指数 1.47 个百分点。申万医药生物二级子行业医疗服务 II 报收 6827.17 点，上涨 1.31%；中药 II 报收 6282.76 点，上涨 2.56%；化学制药Ⅱ报收 12759.67 点，下跌 0.62%；生物制品Ⅱ报收 6271.33 点，下跌 1.82%；医 药商业Ⅱ报收 5434.98 点，上涨 0.57%；医疗器械 II 报收 6635.59 点，下 跌 0.13%。 行业研究 医疗服务行业周报 互联网医疗首诊破冰，关注专科连锁龙头 --医疗服务行业周报 2.2-2.6 相关研究： 从医疗服务板块公司的表现来看，表现居前的公司有：美迪西（+18.0%）、 通策医疗（+8.1%）、诺思格（+5.7%）、贝瑞基因（+4.8%）、泰格医药（+4.2%）； 表现靠后的公司有： 皓元医 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The report highlights the significant commercial value of extrahepatic delivery technology for small nucleic acid drugs, which is expanding from liver diseases to multiple disease areas. Domestic companies are rapidly developing multi-target drugs and extrahepatic delivery platforms, which are expected to accelerate the release of potential clinical value [3][8] - The report emphasizes that multinational corporations (MNCs) are intensifying their focus on next-generation delivery platforms, moving from "liver validation" to "multi-organ expansion." This shift is crucial as it addresses unmet clinical needs in various tissues such as fat, muscle, central nervous system, heart, and kidneys [8] - The report indicates that 2026 is a pivotal year for small nucleic acid therapies, with domestic innovative drugs expected to become core assets for transactions. Domestic companies have accumulated rich experience in chemical modifications and liver-targeted delivery technologies, covering high-value areas such as hyperlipidemia, hypertension, hepatitis B, and weight loss [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry in China, specifically on small nucleic acid drugs and their evolving delivery technologies [5][6] Investment Recommendations and Targets - The report lists several investment targets, including: - YK Pharma (688658, Buy) - Hengrui Medicine (600276, Buy) - Xinda Biopharma (01801, Not Rated) - Other companies such as Chengdu XianDao (688222, Not Rated), Reborn Biotech (06938, Not Rated), and others [3]

来源：新浪基金∞工作室 中证2000ETF（563300）业绩比较基准为中证2000指数收益率，管理人为华泰柏瑞基金管理有限公司， 基金经理为李沐阳、柳军，成立（2023-09-06）以来回报为45.49%，近一个月回报为6.52%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月3日，中证2000ETF（563300）开盘涨1.17%，报1.472元。中证2000ETF（563300）重仓股方面，鼎 通科技开盘涨2.53%，骄成超声涨1.85%，平潭发展涨0.60%，信息发展涨0.67%，成都先导涨0.43%，华 锐精密涨1.30%，炬芯科技涨1.53%，东田微涨1.61%，卓易信息涨3.48%，神工股份涨3.52%。 ...

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The small nucleic acid drug market is experiencing robust growth, transitioning from technology validation to accelerated commercialization, with a global market size increasing from $2.7 billion in 2019 to $4.6 billion in 2023, and projected to reach $45.7 billion by 2033, reflecting a CAGR of 26.08% [2][39] - The small nucleic acid CXO sector is benefiting from technological breakthroughs and commercialization acceleration, establishing a comprehensive CRDMO service system [2] - Key players in the small nucleic acid field include CROs with core technologies and rich project experience, such as Chengdu XianDai and Kanglong Chemical, and CDMOs with leading production capabilities like WuXi AppTec and Kailai Ying [2] Summary by Sections 1. Small Nucleic Acid Drugs - Small nucleic acid drugs encompass various types, including ASO, siRNA, and aptamers, which target gene expression for disease treatment [11][12] - These drugs offer advantages such as shorter development cycles, broad therapeutic areas, sustained efficacy, and higher success rates compared to traditional drugs [15][16] 2. Market Expansion and BD Activity - The small nucleic acid market is expanding, with significant BD transactions occurring, including a $9 billion collaboration between Wobang Pharmaceutical and Novartis, and a $2 billion platform authorization between Rebio and Boehringer Ingelheim [48] - Domestic companies are actively developing drugs targeting hyperlipidemia, hypertension, and hepatitis B, with notable progress in clinical stages [45][47] 3. CXO Empowerment in Small Nucleic Acid R&D - The CXO industry is crucial for supporting the R&D and production of small nucleic acid drugs, with a focus on enhancing delivery technologies and chemical modifications to improve drug stability and efficacy [22][26]