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]

证券代码：002755 证券简称：奥赛康 公告编号：2026-002 北京奥赛康药业股份有限公司 关于使用闲置自有资金进行委托理财的公告 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。 北京奥赛康药业股份有限公司（以下简称"公司"）于 2026 年 2 月 6 日召开 第七届董事会第七次会议，审议通过了《关于使用闲置自有资金进行委托理财的 议案》，同意公司及子公司使用不超过人民币 12 亿元闲置自有资金进行委托理财。 在上述额度内资金可滚动使用，期限内任一时点的交易金额（含前述投资的收益 进行再投资的相关金额）不应超过审议额度，资金使用期限自董事会审议通过之 日起不超过 12 个月。现将具体情况公告如下： 一、委托理财情况概述 1、委托理财的目的 为了提高公司及子公司自有资金使用效率，在保证公司日常经营资金需求和 资金安全的前提下，拟使用闲置自有资金购买低风险的理财产品，增加公司收益。 2、投资额度 公司及子公司使用闲置自有资金不超过 12 亿元购买理财产品，在上述额度 内，资金可以循环滚动使用，期限内任一时点的交易金额（含前述投资的收益进 行再投资的相关金额 ...

具体内容详见同日发布于巨潮资讯网（http://www.cninfo.com.cn）上的《关 于使用闲置自有资金进行委托理财的议案》（公告编号：2026-002）。 北京奥赛康药业股份有限公司（以下简称"公司"）第七届董事会第七次会议 于 2026 年 1 月 30 日以书面发送、专人送达的方式通知各位董事，会议于 2026 年 2 月 6 日以现场会议的方式在南京江宁科学园科建路 699 号 A 楼 3102 会议室 召开。本次会议应到董事 9 人，实到董事 9 人。本次会议符合《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）等法律、行政法规、部门规章、规范性文件和《公司章程》的相关规 定。 会议由董事长陈庆财先生主持，经与会董事认真审议，一致形成如下决议： 一、审议通过《关于使用闲置自有资金进行委托理财的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 公司董事会同意公司及子公司使用不超过人民币 12 亿元闲置自有资金进行 委托理财。在上述额度内资金可滚动使用，期限内任一时点的交易金额（含前述 投资的收益进行再投资的相关金额）不应超过审议额度 ...

南财智讯2月6日电，奥赛康公告，公司于2026年2月6日召开第七届董事会第七次会议，审议通过《关于 使用闲置自有资金进行委托理财的议案》，同意公司及子公司使用不超过12亿元闲置自有资金购买银 行、证券公司、信托公司、基金管理公司等金融机构发行的低风险、流动性好的理财产品；资金来源为 公司及子公司的闲置自有资金；该事项在董事会审批权限范围内，无需提交股东大会审议。 ...

证券日报网讯2月4日，奥赛康（002755）在互动平台回答投资者提问时表示，截至1月20日，公司股东 人数为32087户。 ...

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].

Core Viewpoint - On January 15, Aosaikang's stock fell by 2.30%, with a trading volume of 202 million yuan, indicating a decline in market performance [1] Financing Summary - On January 15, Aosaikang had a financing buy amount of 20.15 million yuan, with a current financing balance of 130 million yuan, accounting for 0.77% of the circulating market value [2] - The company had a net financing buy of 6.90 million yuan after a repayment of 13.25 million yuan [1][2] - As of January 15, the total margin balance for Aosaikang was 131 million yuan [1] Company Overview - Aosaikang Pharmaceutical Co., Ltd. is located in Jiangning Science Park, Nanjing, Jiangsu Province, established on December 24, 1996, and listed on May 15, 2015 [2] - The company's main business involves the research, production, and sales of drugs, with revenue composition as follows: oncology 38.28%, anti-infection 24.74%, chronic diseases 21.65%, digestive 12.33%, and others 2.34% [2] Financial Performance - For the period from January to September 2025, Aosaikang achieved an operating income of 1.434 billion yuan, representing a year-on-year growth of 3.57% [2] - The net profit attributable to the parent company was 223 million yuan, showing a significant year-on-year increase of 75.81% [2] Dividend Information - Since its A-share listing, Aosaikang has distributed a total of 721 million yuan in dividends, with 111 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Aosaikang had 30,000 shareholders, a decrease of 2.21% from the previous period, with an average of 30,934 circulating shares per person, an increase of 2.26% [2][3] - Notable institutional shareholders include Yongying Medical Innovation Mixed Fund and others, with significant increases in holdings [3]

Group 1 - The chemical pharmaceutical sector increased by 0.24% on January 8, with Bibete leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Notable gainers in the chemical pharmaceutical sector included Bibete, which rose by 20.00% to a closing price of 49.68, and Qijingt, which increased by 10.00% to 28.27 [1] Group 2 - The chemical pharmaceutical sector experienced a net outflow of 191 million yuan from institutional investors, while retail investors saw a net inflow of approximately 84.42 million yuan [2] - The trading volume for Bibete was 140,500 shares, with a transaction value of 682 million yuan, indicating strong market interest [1] - The sector's overall trading activity showed a mix of inflows and outflows, with specific stocks like Hainan Haiyao and Xinyu Pharmaceutical seeing significant institutional interest [3]

Core Viewpoint - The innovative drug sector has experienced a strong rally since the beginning of 2026, driven by favorable policies, improving fundamentals, and a recovering capital market [1][4]. Group 1: Market Performance - The innovative drug concept sector in A-shares has seen a continuous rise, with multiple stocks, including Hainan Haiyao and Beibete-U, reaching their daily limit [1]. - Since the start of 2026, the innovative drug sector has recorded four consecutive days of gains, with over ten stocks rising more than 20% in four trading days, and Beibete-U's stock price has increased by nearly 70% [1][2]. Group 2: Policy and Regulatory Environment - The National Medical Products Administration (NMPA) has optimized the review and approval process for urgently needed foreign drugs, encouraging simultaneous global research and application in China [3]. - In 2025, China approved 76 innovative drugs for market entry, surpassing the 48 approved in 2024, marking a historical high [3]. Group 3: Industry Drivers - The recent rally in the innovative drug sector is attributed to several factors, including the implementation of new national medical insurance drug lists, which support the sales and market promotion of innovative drugs [4]. - The sector is also benefiting from advancements in cutting-edge fields such as ADC and small nucleic acids, attracting capital interest [4]. Group 4: Investment Focus - The investment focus for 2026 is shifting towards overseas expansion and emerging technologies, with an emphasis on business development (BD) as a long-term trend for Chinese innovative drugs [5]. - Companies with rapid milestone achievements in BD are expected to attract more market attention and investment opportunities [5].

Group 1 - The A-share market continues to show strength in innovative drug concept stocks, with notable gains from companies such as Bibot-U nearing the daily limit and reaching a new high, and Yuandong Bio rising over 9% [1] - The National Medical Products Administration (NMPA) is set to support the "China debut" of innovative drugs, with plans to implement a data protection system for drug trials and establish exclusive market periods for pediatric and rare disease medications by 2026 [1] - The NMPA has announced further optimization of the review and approval process for urgently needed foreign drugs already on the market to meet the pressing clinical needs of patients [1] Group 2 - Notable stock performances include Bibot-U with a 19.95% increase, Yuandong Bio up 9.33%, and Hongbo Pharmaceutical rising 8.16%, among others [2] - The total market capitalization for Bibot-U is 22.3 billion, while Yuandong Bio stands at 11.5 billion, and Hongbo Pharmaceutical at 4.867 billion [2] - Year-to-date performance shows Bibot-U leading with a 70.89% increase, followed by Hongbo Pharmaceutical at 16.74% and Lai Mei Pharmaceutical at 7.59% [2]