Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

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].

Group 1 - The core point of the article is that Zai Lab (688266) has announced an international patent application for a new compound, indicating ongoing innovation in its drug development pipeline [1] - The patent is titled "Halogenated Alkyl Substituted Cycloalkyl or Heterocyclic Inhibitors and Their Preparation Methods and Applications," with the application number PCT/CN2025/110184 and an international publication date set for January 29, 2026 [1] - In 2025, Zai Lab has filed one international patent application so far, reflecting its commitment to research and development [3] Group 2 - In the first half of 2025, Zai Lab invested 197 million yuan in research and development, which represents an 8.47% year-on-year increase [3]

Core Viewpoint - Zai Jian Pharmaceutical (688266.SH) expects significant revenue growth in 2025, with projected revenues between 796.49 million and 828.99 million yuan, representing a year-on-year increase of 49.45% to 55.55% [1] Financial Performance - The company anticipates a net loss attributable to shareholders of the parent company ranging from 191.39 million to 139.60 million yuan for 2025, an increase in losses by 1.76 million to 53.56 million yuan compared to the previous year [1] - The expected net loss after deducting non-recurring gains and losses is projected to be between 237.87 million and 172.53 million yuan, reflecting an increase in losses by 1.37 million to 66.71 million yuan year-on-year [1] Revenue Drivers - The significant revenue growth is primarily attributed to an increase in drug sales, particularly due to the inclusion of recombinant human thrombin in the national medical insurance drug list, which has led to a noticeable increase in sales [1] - The approval and commercialization of Jikaxitini tablets during the reporting period have also contributed to the revenue growth [1] Expense Overview - Despite the revenue increase, the company continues to report negative net profits, with the anticipated losses attributed mainly to rising sales and research and development expenses [1]

Revenue Projections - The company expects to achieve an annual revenue of between 796.49 million and 828.99 million yuan for 2025, representing a year-on-year increase of 49.45% to 55.55%[2]. - The significant revenue growth is primarily driven by increased sales of pharmaceuticals, particularly after the inclusion of recombinant thrombin in the national medical insurance drug list[4]. - The commercial launch of Jikaxitinib tablets during the reporting period has also contributed to revenue growth[5]. Net Loss Estimates - The projected net loss attributable to the parent company for 2025 is estimated to be between -191.39 million and -139.60 million yuan, an increase in loss of 1.77 million to 53.56 million yuan compared to the previous year[2]. - The expected net loss attributable to the parent company after deducting non-recurring gains and losses is projected to be between -237.87 million and -172.53 million yuan, an increase in loss of 1.37 million to 66.71 million yuan compared to the previous year[2]. - The company anticipates that both net profits before and after deducting non-recurring gains and losses will remain negative, with increased losses attributed to rising sales and research and development expenses[5]. Financial Data and Auditing - The financial data provided in the earnings forecast has not been audited by registered accountants[6]. - Investors are advised to note that the forecast data is preliminary and the final audited financial data will be disclosed in the official 2025 annual report[7].

Core Viewpoint - Zejing Pharmaceutical announced an expected net profit attributable to the parent company for the year 2025 to be between -191 million yuan and -140 million yuan, indicating an increase in losses compared to the same period last year by 1.7692 million to 5.3592 million yuan [1] Financial Performance - The company anticipates achieving an operating revenue of 796 million to 829 million yuan for the year 2025, representing a year-on-year increase of 49.45% to 55.55% compared to the previous year [1]

Investment Rating - The report initiates coverage on Zai Lab with a "Buy" rating and a target price of RMB 166.16 [1][6] Core Insights - Zai Lab is a leading player in the TCE (T cell engager) field, with its flagship product ZG006 (DLL3/DLL3/CD3) expected to achieve a domestic peak sales of over RMB 4 billion and an overseas peak of nearly USD 6 billion [2][19] - The company has four innovative drugs already approved for sale in China, providing a sustainable cash flow to support early-stage R&D pipelines [1][15] - Zai Lab has partnered with AbbVie to expand ZG006 into international markets, which is anticipated to accelerate clinical progress and enhance market penetration [2][19] Summary by Sections Investment Rating - The report assigns a "Buy" rating to Zai Lab with a target price of RMB 166.16 [1][6] Market Potential - ZG006 is projected to have a domestic peak sales of over RMB 4 billion and an overseas peak of nearly USD 6 billion, driven by the high unmet medical need in small cell lung cancer (SCLC) [2][19] - The report highlights the potential for ZG006 to achieve a significant market share in the first-line SCLC treatment, with expectations of a 30% peak market share due to AbbVie's commercialization capabilities [5][19] Product Pipeline - Zai Lab has a robust pipeline with multiple innovative drugs, including ZG005 (PD-1/TIGIT) and ZGGS34 (MUC17/CD3/CD28), which are in various stages of clinical trials [4][22] - The company has successfully commercialized four innovative drugs, including Donafenib, which generated approximately RMB 530 million in sales in 2024 [3][15] Financial Projections - The report forecasts Zai Lab's revenue to grow from RMB 843 million in 2025 to RMB 2.22 billion in 2027, with a projected net profit of RMB 5.46 million in 2025 [6][10] - The DCF valuation method estimates a target market capitalization of RMB 43.98 billion, corresponding to the target price of RMB 166.16 [6][10]

（编辑 王雪儿） 证券日报网讯 1月28日，泽璟制药在互动平台回答投资者提问时表示，目前公司经营情况正常，研发、 生产和销售等各项工作均在正常开展中，不存在应披露而未披露的信息。后续如有需披露的信息，公司 将及时披露。二级市场股票股价变化受到多重因素影响。公司团队将持续努力，实现公司经营业绩的提 升。 ...

证券代码：688266 证券简称：泽璟制药 公告编号：2026-005 苏州泽璟生物制药股份有限公司 关于实际控制人续签一致行动协议的公告 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、准确性和完整性依法承担法律责任。 苏州泽璟生物制药股份有限公司（以下简称"公司"）于近日收到公司实际 控制人 ZELIN SHENG（盛泽林）先生、陆惠萍女士发出的《关于续签<一致行 动协议>的通知》，现将相关情况公告如下： 一、本次续签《一致行动协议》的背景情况 ZELIN SHENG（盛泽林）先生、陆惠萍女士于 2025 年 1 月 23 日签署了《一 致行动协议》，协议的有效期为自双方签署之日起 12 个月，该协议于 2026 年 1 月 22 日到期。在《一致行动协议》的有效期内，各方均充分遵守了有关一致行 动的约定及承诺，未发生违反《一致行动协议》的情形。 为保障公司持续、稳定发展，经充分沟通协商，ZELIN SHENG（盛泽林） 先生、陆惠萍女士于 2026 年 1 月 23 日续签了新的《一致行动协议》，协议的有 效期为自双方签署之日起 12 个月。 截至本 ...

泽璟制药公告称，公司实控人ZELINSHENG（盛泽林）、陆惠萍近日续签《一致行动协议》，有效期 12个月。截至公告披露日，盛泽林持股49,910,527股，占比18.85%；陆惠萍持股12,631,644股，占比 4.77%，二者合计持股62,542,171股，占比23.63%。协议规定陆惠萍在股东会、董事会与盛泽林保持一 致行动，以其意见为准。续签后公司实控权未变，利于控制权稳定和经营政策连贯。 ...