Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

Core Insights - The CRO (Contract Research Organization) industry in China is a strategic emerging industry that supports pharmaceutical innovation and is crucial for the transition from a pharmaceutical power to a pharmaceutical stronghold [1][9] - The development of policies for the CRO industry has evolved from a focus on the overall biopharmaceutical sector to specialized areas, emphasizing innovation, safety, and supply chain security [1][3] Policy Development History - The policy evolution from the "Tenth Five-Year Plan" to the "Fourteenth Five-Year Plan" has progressively recognized the importance of the CRO industry, with increasing support for specialized services [1] - The "Fifteenth Five-Year Plan" emphasizes differentiated, high-value innovation alongside supply chain security [1] National Policy Summary and Interpretation - Since 2006, multiple national policies have been introduced to support the CRO service system, focusing on regulatory standards, clinical trial optimization, and international development [3][7] - Key policies include the establishment of the MAH (Marketing Authorization Holder) system and the optimization of review and approval processes [3][7] Key National Policies (2025 Outlook) - Policies from 2006 to 2025 highlight the strategic importance of biopharmaceuticals and the CRO industry, with a focus on enhancing innovation capabilities and regulatory frameworks [4][5][6] - Recent policies aim to streamline clinical trial approvals and support the development of innovative drugs [6][10] Provincial and Municipal Policy Summary - Various provinces and cities have implemented supportive policies for the CRO industry, including investment subsidies, revenue rewards, and insurance subsidies, with some regions offering up to 50 million yuan in support [11][12] - Specific measures include allowing foreign investment in CROs and promoting AI integration in the industry [11][12][14] Provincial Development Goals - Regions like the Yangtze River Delta focus on high-end CRO service systems, while the Beijing-Tianjin-Hebei area emphasizes collaborative innovation and full-chain outsourcing [14] - Local governments aim to enhance the scale and service capabilities of the biopharmaceutical industry, with targeted initiatives for specific sectors such as seed industry CROs in Hainan [14]

香港联交所最新资料显示，2月10日，小摩增持凯莱英（002821）(06821)9400股，每股作价87.5591港 元，总金额约为82.31万港元。增持后最新持股数目约为167.41万股，最新持股比例为6.01%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月10日，小摩增持凯莱英(06821)9400股，每股作价 87.5591港元，总金额约为82.31万港元。增持后最新持股数目约为167.41万股，最新持股比例为6.01%。 ...

Group 1 - The core point of the article is that JPMorgan has increased its stake in Kairong Pharmaceutical (06821) by purchasing 4,700 shares at a price of 80.6776 HKD per share, totaling approximately 379,200 HKD [1] - After the purchase, JPMorgan's total holdings in Kairong Pharmaceutical amount to approximately 1.6727 million shares, representing a holding percentage of 6% [1]

Core Viewpoint - JPMorgan has increased its stake in Kelaiying (002821) to approximately 6% by acquiring 4,700 shares at a price of HKD 80.6776 per share, totaling around HKD 379,200 [1] Group 1 - On February 4, JPMorgan purchased 4,700 shares of Kelaiying [1] - The total amount spent on the acquisition was approximately HKD 379,200 [1] - After the purchase, JPMorgan's total shareholding in Kelaiying reached approximately 1.6727 million shares [1]

Group 1 - Norges Bank increased its stake in Kairong (06821) by 53,500 shares at a price of HKD 79.0068 per share, totaling approximately HKD 4.2269 million [1] - After the increase, Norges Bank's total shareholding in Kairong reached 4.5065 million shares, representing a holding percentage of 16.19% [1]

Group 1 - Morgan Stanley reduced its stake in Kelaiying (002821) (06821) by 19,800 shares at a price of 78.6378 HKD per share, totaling approximately 1.557 million HKD [1] - After the reduction, Morgan Stanley's latest holding is approximately 1.668 million shares, representing a holding percentage of 5.99% [1]

Group 1 - Norges Bank increased its stake in Kelaiying (002821) (06821) by 53,500 shares at a price of HKD 79.0068 per share, totaling approximately HKD 4.2269 million [1] - After the increase, Norges Bank's total shareholding in Kelaiying reached 4.5065 million shares, representing a new ownership percentage of 16.19% [1]

Group 1 - Morgan Stanley reduced its stake in Kelaiying (06821) by 19,800 shares at a price of HKD 78.6378 per share, totaling approximately HKD 1.557 million [1] - After the reduction, Morgan Stanley's latest holding is approximately 1.668 million shares, representing a holding percentage of 5.99% [1]