Macroeconomic Insights - January non-farm employment data exceeded expectations with an increase of 130,000 jobs, significantly higher than the anticipated 65,000[2] - The unemployment rate unexpectedly dropped to 4.3%, despite a rise in labor participation rate[2] - The Federal Reserve may pause interest rate cuts until June, with market expectations for a rate cut probability of less than 6% in March[3] Inflation and Economic Trends - The U.S. economy is transitioning from a "K-shaped" recovery to a "re-inflation" phase, with high-net-worth individuals stabilizing the economy through refinancing[6] - Inflation expectations are self-reinforcing, with actual mortgage rates at a three-year low, contributing to a recovery in the housing sector[8] - The housing affordability index remains above 100, indicating that median-income households can still afford homes despite high prices[21] Industry-Specific Developments - The traditional electronic fabric market is experiencing accelerated price increases due to supply shortages, with prices rising by 0.5-0.6 RMB/m[43] - The AI electronic fabric sector is expected to see significant growth in 2026, driven by demand from AI chips and consumer electronics[46] - The coal industry is projected to benefit from a resurgence in coal power in the U.S., with companies like Peabody Energy and China Shenhua expected to gain[51]

Investment Rating - The report assigns an "Accumulate" rating to Kelun Pharmaceutical [13] Core Views - The approval of the fourth indication for the subsidiary's core asset SKB264 in China is a positive development, indicating that the sales of innovative drugs are gradually materializing, and there is an expectation for the recovery of the main business [2][13] - The report anticipates total revenue for 2025-2027 to be 174.2 billion, 197.6 billion, and 225.7 billion yuan, respectively, with year-on-year growth rates of -20.1%, 13.4%, and 14.2% [13] - Expected EPS for 2025-2027 is projected to be 0.93, 1.14, and 1.72 yuan [13] - The report highlights that Kelun Pharmaceutical, as a leading company in the industry, has stable business development, and the first product from Kelun Botai is about to be launched overseas, which supports the outlook for the company's innovative drug business [13] Financial Summary - Total revenue for 2023 is projected at 21,454 million yuan, with a year-on-year increase of 12.7% [5] - Net profit attributable to the parent company is expected to be 2,456 million yuan in 2023, reflecting a significant increase of 44.0% [5] - The report provides a detailed financial forecast, including revenue and net profit projections for the next five years, indicating fluctuations in growth rates [5][16] Market Data - The stock price range over the past 52 weeks is between 26.85 and 40.70 yuan, with a total market capitalization of 51,218 million yuan [8] - The report notes that the company has a total equity of 23,708 million yuan and a net asset per share of 14.84 yuan [9] Clinical Development - Kelun Botai has initiated nine registration clinical studies for SKB264 in China, with significant clinical trial results indicating improved progression-free survival (PFS) and overall survival (OS) rates compared to chemotherapy [13]

投资要点： 风险提示。销售不及预期风险，研发不及预期风险。 创新逐步兑现，期待主业复苏 科伦药业(002422) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 周航(分析师) | 021-23185606 | zhouhang@gtht.com | S0880525040077 | | 张子彤(研究助理) | 021-23183273 | zhangzitong@gtht.com | S0880125042250 | 本报告导读： 子公司核心资产 SKB264 的第四项适应症在国内获批上市。我们看好创新药销售逐 步兑现，同时期待主业进一步复苏。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 21,454 | ...

南财智讯2月10日电，科伦药业公告，公司控股股东刘革新先生于近日解除质押其所持有的公司股份 1019.00万股。 ...

证券代码：002422 证券简称：科伦药业 公告编号：2026-009 四川科伦药业股份有限公司 关于公司控股股东部分股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 四川科伦药业股份有限公司（以下简称"公司"）于近日收到公司控股股东 刘革新先生关于其持有的公司部分股份质押及解除质押的通知，相关情况具体如 下： | 股东姓 | 是否为控股股 东或第一大股 | 本次解除质 | 占其所持股 | 占公司总股 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名 | 东及其一致行 | 押股份数量 | 份比例 | 本比例 | 起始日 | 解除日 | 质权人 | | | 动人 | （股） | | | | | | | 刘革新 | 是 | 10,190,000 | 2.69% | 0.64% | 2025/2/20 | 2026/2/10 | 华泰证券（上海） 资产管理有限公司 | | 合计 | - | 10,190,000 | 2.69% | 0.64% | - | - | - | ...

2月6日，据国家药品监督管理局（NMPA）官网公示，TROP2 ADC药物——芦康沙妥珠单抗（sac-TMT）正式获批一项新适应症，用于治疗既往接受过内分 泌治疗且在晚期或转移性阶段接受过其他系统治疗的不可切除的局部晚期或转移性激素受体阳性（HR+）且人表皮生长因子受体2阴性（HER2-）乳腺癌 （BC）成人患者。值得关注的是，该适应症此前已被国家药监局药品审评中心（CDE）纳入优先审评审批程序，足见其临床价值与市场紧迫性。 | 受理号 | 药品名称 | 申请人 | 批准文号 | 批准日期 | | --- | --- | --- | --- | --- | | CXHS2500084 | 甲磺酸伏美替尼片 | 上海艾力斯医药科 | 国药准字 | 2026年02月02 | | | | 技股份有限公司 | H20210008 | 日 | | CXSS2400116/CXSB2500196 | 帕妥珠单抗注射液 | 贝达药业股份有限 | 国药准字 | 2026年02月02 | | | | 公司 | S20260009 | 문 | | CXSS2500052 | 注射用芦康沙妥珠 | 四川科伦博泰生物 | 国药准字 ...

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The pharmaceutical index in A-shares has shown a slight increase of 0.14% this week and 3.28% year-to-date, outperforming the CSI 300 by 1.41% and 0.85% respectively [3][8] - The report highlights the emergence of molecular glue as a significant trend in the industry, with several successful stocks like RVMD, GLU, and KYMR, and substantial business development (BD) activities [3][15] - The report suggests that molecular glue has the potential to create new blockbuster drugs in oncology and autoimmune diseases, urging investors to focus on domestic companies involved in this area [3][11] Summary by Sections 1. Market Performance - The A-share pharmaceutical index has outperformed the CSI 300 index, with notable gains in traditional Chinese medicine (2.56%), medical services (1.31%), and raw materials (0.64%) [3][8] - The report lists top-performing stocks, including Guangsheng Tang (+29.83%) and HaiXiang Pharmaceutical (+18.64%), while noting declines in stocks like Changshan Pharmaceutical (-15.78%) [8] 2. Molecular Glue - Molecular glue is defined as a class of small molecule drugs that facilitate the binding of E3 ubiquitin ligases to previously unrecognized pathogenic target proteins, leading to their degradation [15] - The report mentions that BMS has two marketed molecular glues with peak sales exceeding $16 billion, and ongoing research into new iterations [3][15] - Domestic companies such as Yuan Dong Biology and Jin Fang Pharmaceutical are noted for their potential in molecular glue development [3][11] 3. R&D Progress and Corporate Developments - The report highlights significant clinical research milestones, including Pfizer's initiation of a Phase II/III trial for its PD-1/VEGF bispecific antibody SSGJ-707 [3] - It also notes that Novartis has submitted its BAFF-R monoclonal antibody for approval in China, and AbbVie has started a Phase II trial for its Bcl-2 inhibitor Venetoclax [3] 4. Recommended Stocks - The report provides a list of recommended stocks across various sectors, including: - CXO and upstream research services: WuXi AppTec, Hao Yuan Pharmaceutical, and Aopumai [11] - Traditional Chinese medicine: Zuo Li Pharmaceutical and Fang Sheng Pharmaceutical [11] - PD-1 PLUS: 3SBio, KANGFANG Biologics, and Innovent Biologics [11] - ADC: Ying En Biologics and Kelong Biotechnology [11] - AI drug development: Jing Tai Holdings [11]

四川科伦药业股份有限公司 关于子公司核心产品TROP2 ADC芦康沙妥珠单抗(sac-TMT)获国家药品监督管理局批准 第四项适应症（用于治疗2L+ HR+/HER2-乳腺癌）上市的公告 证券代码：002422 证券简称：科伦药业 公告编号：2026-008 四川科伦药业股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 四川科伦药业股份有限公司（以下简称"公司"）近日获悉，公司控股子公司四川科伦博泰生物医药股份 有限公司（以下简称"科伦博泰"）靶向人滋养细胞表面抗原2(TROP2)的抗体偶联药物(ADC)芦康沙妥珠 单抗(sac-TMT，亦称SKB264/MK-2870)(佳泰莱■)的一项新增适应症上市申请已获中国国家药品监督管 理局(NMPA)批准，用于治疗既往接受过内分泌治疗且在晚期疾病阶段接受过至少一线化疗的不可切除 或转移性的激素受体阳性(HR+)且人类表皮生长因子受体2阴性(HER2-)(免疫组织化学(IHC) 0、IHC 1+或IHC 2+/原位杂交(ISH)-)乳腺癌(BC)成人患者。该适应症是芦康沙妥珠单抗(sac-TMT)在中国上市的 第四项适应症。 一、药品基本情况 本次获批 ...

Group 1 - ZTE Corporation plans to invest 200 million RMB to subscribe to the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund, focusing on areas supported by national policies such as new generation information technology and biotechnology [1] - Huayi Jewelry's subsidiary has reported overdue loans totaling 200 million RMB due to tight liquidity, with a cumulative overdue principal of 254 million RMB [2] - Guangzhou Baiyunshan Pharmaceutical's subsidiary has received approval for the consistency evaluation of Alfacalcidol soft capsules, which are used to treat calcium metabolism disorders [3] Group 2 - Kunming Pharmaceutical Group reported a 21.72% decline in revenue to 6.577 billion RMB and a 46% drop in net profit to 350 million RMB for 2025 [4] - Jiantou Energy's application for a specific stock issuance has been approved by the Shenzhen Stock Exchange [5] - Jinchuan Titanium Industry's subsidiary has temporarily suspended its sulfuric acid production due to reduced demand [6] Group 3 - Kelun Pharmaceutical's subsidiary has received approval for a new indication for its antibody-drug conjugate, which is used to treat advanced hormone receptor-positive breast cancer [7] - Fawer Co., Ltd. has completed the relocation of its Chongqing Yuantai Shock Absorber Company and commenced production [8] - Jiuzhoutong's subsidiary has received acceptance for the listing application of Betahistine Hydrochloride tablets [9] Group 4 - Zhongguancun plans to build a traditional Chinese medicine and raw material drug production base in Jiamusi City, Heilongjiang Province [11] - China Wuyi announced that part of its land in Kenya has been requisitioned by the government, with compensation of approximately 6.25 million RMB [12] - Times Electric reported a 15.46% increase in revenue to 28.761 billion RMB and a 10.88% increase in net profit to 4.105 billion RMB for 2025 [13] Group 5 - Top Cloud Agriculture's shareholder has received regulatory measures from the Zhejiang Securities Regulatory Bureau for failing to timely disclose shareholding changes [14] - Xinwanda's subsidiary has reached a settlement in a lawsuit involving over 2.314 billion RMB, with an estimated impact of 500 to 800 million RMB on net profit for 2025 [15] - Dongrui Co., Ltd. reported a 25.19% increase in pig sales revenue in January, totaling 214 million RMB [16] Group 6 - Tianjin Tianshi reported a 3.08% decline in revenue to 8.236 billion RMB, while net profit increased by 15.68% to 1.105 billion RMB for 2025 [17] - Wantong Expressway plans to invest approximately 5.42 billion RMB in the renovation and expansion of the Lianhuo Expressway [18] - Qiaoyin Co., Ltd. has pre-qualified for a sanitation integration service project worth approximately 73.8 million RMB [20] Group 7 - Jindi Co., Ltd. plans to acquire 100% equity of Yuni Precision for 116 million RMB, focusing on precision stamping products [21] - Heng Rui Medicine's HRS-4642 injection has been included in the list of breakthrough therapeutic varieties [22] - Tongde Chemical has had some assets frozen due to a financing lease dispute [23] Group 8 - Zhongli Co., Ltd. is establishing an industrial fund with a total commitment of approximately 408.76 million RMB, focusing on new materials and artificial intelligence [24] - Tianbang Food reported a 9.93% increase in pig sales revenue in January, totaling 674 million RMB [25] - New Hope reported a 10.03% decrease in pig sales revenue in January, totaling 1.628 billion RMB [26] Group 9 - Tainkang's subsidiary has received a drug registration certificate for Minoxidil topical solution [27] - Lihua Co., Ltd. reported a 9.8% increase in chicken sales revenue in January, totaling 1.289 billion RMB [28] - Guojitong General reported a 45.71% increase in net profit to 58.52 million RMB for 2025 [29] Group 10 - Zhixin Co., Ltd. plans to invest up to 1.1 billion RMB in an automotive stamping and welding parts project [30] - Chuangyuan Technology's subsidiary has pre-qualified for a National Grid project worth approximately 94.77 million RMB [31] - Lisheng Pharmaceutical's adenine phosphate raw material has passed the listing application [32] Group 11 - Tongguang Cable's subsidiary has pre-qualified for a National Grid project worth approximately 108 million RMB [33] - Zhenghong Technology reported a 7.74% increase in pig sales revenue in January, totaling 14.35 million RMB [34] - Pengding Holdings reported a 0.07% decrease in consolidated revenue in January, totaling 2.701 billion RMB [35] Group 12 - Hongri Pharmaceutical has received approval for clinical trials of its injectable drug for acute pancreatitis [36][37] - Xinhua Medical has decided to terminate the acquisition of a 36.19% stake in Wuhan Zhongzhi Biotechnology [38] - Tianyu Bio reported an 11.23% decrease in pig sales revenue in January, totaling 54.29 million RMB [39]

格隆汇2月6日丨科伦药业(002422.SZ)公布，近日获悉，公司控股子公司四川科伦博泰生物医药股份有 限公司（简称"科伦博泰"）靶向人滋养细胞表面抗原 2(TROP2)的抗体偶联药物(ADC)芦康沙妥珠单抗 (sac-TMT，亦称SKB264/MK-2870)(佳泰莱®)的一项新增适应症上市申请已获中国国家药品监督管理局 (NMPA)批准，用于治疗既往接受过内分泌治疗且在晚期疾病阶段接受过至少一线化疗的不可切除或转 移性的激素受体阳性(HR+)且人类表皮生长因子受体 2 阴性(HER2-)(免疫组织化学(IHC) 0、IHC 1+或 IHC 2+/原位杂交(ISH)-)乳腺癌(BC)成人患者。该适应症是芦康沙妥珠单抗(sac-TMT)在中国上市的第四 项适应症。 ...