我们预测公司 2025-2027 年 EPS 为 0.55/0.75/0.70元，增速为 48%、36%、-7%。我们采用可比公司相对 估值法，给予目标价16.58 港元，首次覆盖石药集团，给予公司增持评级。 肿瘤管线EGFR ADC 全球进展最快，多个早期管线静待2026 年数据催化。SYS6010 是全球进展最快的 拓扑异构酶EGFR ADC，抗体部分为高亲和力的EGFR 单抗，通过GGFG 连接子结合拓扑异构酶毒素JS- 1，DAR=8，2025 年AACR，由陆舜教授披露了EGFR ADC的首次人体研究数据。诸多早期临床资产数 据将在2026 年披露，包括CDK2/4/6 抑制剂、CDK9 抑制剂、GPC3*IFN 融合蛋白、PD1*I L15融合蛋白 等。 减肥代谢、小核酸等管线布局国内领先。2026 年1 月30 日，石药集团与阿斯利康签订战略研发合作与 授权协议，以利用其专有的缓释给药技术平台及多肽药物AI 发现平台开发创新长效多肽药物。 根据合作协议，双方将围绕8 个创新长效多肽药物项目展开合作，包括1 个临床准备就绪的项目 SYH2082（长效GLP1R/GIPR 激动剂，正推进至I 期临床 ...

来源：经济观察网 经济观察网 瑞士银行分析师维持阿斯利康买入评级，并将目标价上调至238.85美元，公司近期在减重药 领域取得研发进展，市值表现突出。 机构观点 瑞士银行分析师Matthew Weston于2026年2月26日维持阿斯利康买入评级，并将目标价从221.21美元上 调至238.85美元，该分析师近一年总胜率为75.3%。目标价较当前股价有显著上行空间，可能对投资者 情绪产生积极影响。 近期事件 2026年2月25日，阿斯利康披露其口服GLP-1候选药物elecoglipron在针对肥胖和2型糖尿病的2b期临床试 验中均达成主要终点，支持启动3期临床试验，这有望强化公司在减重药市场的布局。 同日，公司CEO苏博科2025年薪酬增至1770万英镑，受益于业绩和股价表现；阿斯利康市值超3200亿美 元，为伦敦证交所市值最高企业。 2026年2月27日，跨国制药巨头如阿斯利康加速引进中国GLP-1减重药资产，显示中国创新药价值获国 际认可，可能拓展公司增长管线。 股票近期走势 截至2026年2月27日最新数据，阿斯利康美股股价报207.63美元，当日上涨1.79%，5日累计涨幅1.68%； 总市值达32 ...

证 券 研 究 报 告 药明合联（02268.HK）深度研究报告 推荐（首次） 蓄势待发，全球领先的 XDC CRDMO 有望 进入商业化收获期 ❖ 蓄势待发，全球领先的 XDC CRDMO 有望进入商业化收获期。药明合联凭借 端到端一体化生物偶联药物 CRDMO 服务能力与行业领先的技术平台，持续 巩固并夯实全球生物偶联药物 CRDMO 领域的领先地位。 站在当前时点，公司在手项目数量稳步攀升，尤其是商业化验证前期关键环节 的 PPQ（工艺验证）项目持续增加，充分印证公司 IND 后管线正加速向商业 化阶段转化。随着公司逐步进入商业化项目收获期，收入体量与利润规模有望 实现中长期快速增长。 ❖ 从 ADC 到 XDC，生物偶联药物行业高速发展。ADC 药物作为生物偶联药物 中最主要的一类，以 2024 年销售额计已出现 6 款"重磅炸弹"药物；此外， 以双抗 ADC 和双载荷 ADC 为代表的新型 ADC 商业化在即。据 Frost & sullivan 统计及预测，全球 ADC 药物有望于 2030 年达到 662 亿美元。除了 ADC，载 体和有效载荷还可以替换为其他形式的药物，并且有望拓展肿瘤以外的多 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [1][6]. Core Insights - The report highlights the strong innovative research and development capabilities of the company, which is entering a harvest period for innovative drugs while establishing an international business development ecosystem with several significant collaborations [2][10]. - The company is expected to achieve a compound annual growth rate (CAGR) in earnings per share (EPS) of 48% from 2025 to 2027, with a target price set at HKD 16.58 [10]. Financial Summary - Total revenue is projected to be RMB 31,450.11 million in 2023, with a slight increase of 1.7% year-on-year. However, a decline of 7.8% is expected in 2024, followed by a gradual recovery in subsequent years [4][11]. - Gross profit is forecasted to be RMB 22,177 million in 2023, with net profit expected to be RMB 5,873 million, reflecting a decrease of 3.6% [4][11]. - The price-to-earnings (P/E) ratio is projected to be 18.26 in 2023, increasing to 24.78 in 2024 before declining to 16.80 in 2025 [4][11]. Pipeline Overview - The company has a leading position in the oncology pipeline, with SYS6010 being the fastest progressing EGFR ADC globally, and multiple early-stage assets expected to report data in 2026 [10][14]. - In the weight loss and metabolic fields, the company has established a leading position domestically, with a strategic collaboration with AstraZeneca to develop innovative long-acting peptide drugs [10][24]. - The company has secured a total deal value of USD 18.5 billion from collaborations, including upfront payments and potential milestone payments [10][24]. Clinical Development - The report outlines several key clinical trials, including SYS6010, which is in Phase III for EGFRm NSCLC, and various other assets in different stages of development [18][20]. - The company is actively recruiting for multiple trials, with significant data expected to be released in 2026 [18][20]. Market Position - The company is positioned as a leader in the domestic market for small nucleic acid technology, with a strong pipeline in siRNA [10][24]. - The report emphasizes the company's competitive edge in the next-generation weight loss drugs and cardiovascular metabolic therapies, supported by strategic partnerships with multinational corporations [10][24].

Investment Rating - The report assigns an "Accumulate" rating to the company [1][6]. Core Insights - The report highlights the strong innovation and R&D capabilities of the company, which is entering a harvest period for innovative drugs and has established an international business development ecosystem with several significant licensing agreements [2][10]. - The company is expected to achieve a significant increase in EPS from 0.37 in 2024 to 0.75 in 2025, with a projected growth rate of 48% [10]. - The target price for the company is set at 16.58 HKD, reflecting a favorable valuation based on comparable company analysis [10]. Financial Summary - Total revenue is projected to be 31,450.11 million RMB in 2023, with a slight increase of 1.7% [4]. - Net profit is expected to decrease by 3.6% in 2023, followed by a significant recovery of 47.5% in 2025 [4]. - The company’s PE ratio is forecasted to decrease from 18.26 in 2023 to 12.34 in 2026, indicating an improving valuation over time [4]. Pipeline Overview - The company has a leading position in the oncology pipeline, particularly with SYS6010, which is the fastest progressing EGFR ADC globally, with multiple early-stage assets expected to report data in 2026 [10][16]. - In the weight loss and metabolic areas, the company has established a leading position domestically and has signed a strategic collaboration with AstraZeneca for the development of innovative long-acting peptide drugs [10][24]. - The company has a robust pipeline in the small nucleic acid technology sector, positioning it as a leader in the domestic siRNA market [10][24]. Business Development and International Strategy - The company is making steady progress in its international strategy, with ongoing collaborations with AstraZeneca and other multinational corporations, reflecting its competitive edge in innovative drug development [10][24]. - The company is expected to continue achieving external licensing agreements, with over 20 innovative drug assets entering clinical stages annually [10][24].

iADC：以STING 激动剂为payload，布局肿瘤免疫2.0。下一代ADC 平台"iADC"创新性地以ADC 形式通 过抗体介导的特异性识别，将STING 激动剂精准输送至肿瘤细胞，避免全身暴露，将冷肿瘤转化成热 肿瘤治疗PD-1 抗体无效的患者。平台首个临床候选药物HER2-STING iADC（JAB-BX467）前已确定 PCC，公司计划于2026H2 提交IND。此外，通过将专有STING 激动剂与不同的TAA 靶向抗体共轭，公 司正在开发一系列iADC 项目。iADC 平台经概念验证后，以STING 激动剂作为载荷的新型ADC 有望应 对ICI 疗法低反应率及传统ADC 毒性层面的双重挑战。 tADC：以KRAS 抑制剂为payload，开辟靶向治疗新范式。公司将高效KRASG12D 小分子抑制剂JAB- 22000 与抗体偶联，创新性构建KRAS G12D tADC平台。平台首个临床候选药物EGFR G12Di tADC （JAB-BX600）目前已确定PCC，公司计划于2026H2 提交IND。此外，研发管线中有多个未公开的 ADC候选药物正在积极推进中。tADC 平台经概念验证后，具备显 ...

本报记者 曹卫新 2026年，中国创新药对外BD交易（商务拓展交易）持续升温、势头强劲。医药魔方NextPharma数据库显示，截至2月25 日，年内中国创新药已发生44起对外授权（license-out）交易事件，首付款约为31.23亿美元，总金额达532.76亿美元。 普华永道中国医药医疗行业主管合伙人徐佳博士在接受《证券日报》记者采访时表示："近期中国创新药海外授权 （License-out）交易密集落地，折射出中国创新药产业正从'跟跑'向'并跑'乃至'领跑'转变，实现了从'引进模仿'向'创新输出'的 结构性跨越。这不仅标志着中国正成为全球不可或缺的创新策源地，也意味着中国在全球医药创新价值链中的话语权和影响力 持续增强。" 跨境BD交易密集落地 医药魔方NextPharma数据库显示，2025年，中国创新药BD"出海"授权全年交易总金额达到1356.55亿美元，首付款70亿美 元，交易总数量达到157起，各个维度的数据统计均创历史新高。 进入2026年，中国创新药对外BD交易势头不减。1月16日，西比曼生物科技（一家处于临床阶段的专注于创新细胞疗法发 现和开发的全球性生物制药公司）宣布与阿斯利康达成协 ...

万思瀚薪酬暴涨也源于公司长期绩效计划的高额兑现。2023至2025年期间，万思瀚的长期激励计划兑现 率高达188%，价值1730万瑞士法郎。过去三年间，诺华股价从2022年底的约90美元飙升至2026年初的 近160美元，总股东回报率高达84%，在15家全球医疗保健同行企业中排名第二。 另一家瑞士制药巨头罗氏CEO托马斯·施尼克尔（Thomas Schinecker）在2025年总共获得了1020万瑞士 法郎（约合9075万元人民币）的薪酬。 2026.02.25 本文字数：1036，阅读时长大约2分钟 作者 |第一财经 钱童心 当地时间2月24日，阿斯利康的一份备案文件显示，该公司CEO苏博科（Pacal Soriot）2025年的薪酬增 至1770万英镑（约合1.64亿元人民币），跻身英国富时100指数中薪酬最高的高管之列。 阿斯利康也是伦敦证交所上市公司中市值最高的企业，最新市值超过3200亿美元（约合2.2万亿元人民 币）。受益于公司强劲的业绩和股价表现，2025年，苏博科获得了高达430万英镑的年度奖金，较2024 年的水平增长约22%。 截至本月，欧洲制药公司高管2025年度年薪陆续披露。近日，瑞 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [7] Core Insights - The report highlights the continuous upgrading of policies in the Heilongjiang biomanufacturing industry, focusing on innovative traditional Chinese medicine and innovative medical devices [4] - The report emphasizes the significant revisions to the Drug Administration Law, which provides institutional support for pharmaceutical innovation and high-quality development [4] - The report identifies three major transformations in China's innovative drug business development (BD) in 2026: technology output combined with product authorization, platform cooperation, and global parallel innovation [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -7.06% compared to the CSI 300 index, with an absolute return of 11.53% [3] Investment Highlights - The report notes that BD transactions in the pharmaceutical sector are focused on unmet clinical needs, technological differentiation, and global value [6] - Key areas of focus include oncology therapies such as dual antibodies, ADCs, and TCE combinations, with significant financial agreements highlighted, such as a $650 million upfront payment for a PD-1/VEGF dual antibody [6] - The metabolic disease sector is centered on long-acting GLP-1 and small nucleic acid precision therapies, with notable collaborations resulting in substantial upfront payments and potential total amounts [6] Company-Specific Developments - Companies like Andover Pharmaceuticals and Frontier Biotech have secured significant collaborations with major pharmaceutical firms, indicating a trend towards platform-based cooperation and technology output [7] - Specific collaborations include a $1.05 billion deal for a CTLA-4 inhibitor and a $400 million agreement for small nucleic acid drugs, showcasing the growing interest in innovative therapies [7] - The report suggests monitoring companies such as Rebio Biotech and WuXi AppTec for their advancements in small nucleic acids and platform capabilities [8]

Core Viewpoint - Haitong International reports that the main business revenue and profit of CSPC Pharmaceutical Group (01093) have bottomed out, with expectations to return to an upward cycle by 2026 and benefit from the launch of innovative oncology and metabolic products starting in 2027 [1] Group 1: Revenue and Profit Outlook - The potential milestone revenue for CSPC Pharmaceutical Group is estimated at $5.8 billion (approximately RMB 40.6 billion), which is expected to gradually enhance the company's profits over the next 3-5 years [1] - The firm believes that upfront payments and milestone revenues will provide sustainable recurring income for the company, leading to an upward revision of the revenue forecast for authorized products post-2027 [1] Group 2: R&D and Collaboration - CSPC Pharmaceutical Group has achieved seven external collaboration deals in the past two years, with total upfront payments of $1.71 billion and potential milestone revenues exceeding $30 billion [2] - The company has partnered with AstraZeneca three times, highlighting its R&D platform's global influence and value [2] - The firm is optimistic about CSPC's ability to generate regular income through milestone sales and net revenue sharing throughout the drug lifecycle [2] Group 3: Pipeline and Technology - CSPC's small nucleic acid platform has a broad layout, targeting popular liver delivery points such as PCSK9, AGT, and ANGPTL3, and is ahead of domestic peers in development [3] - The company has applied for patents related to lipid delivery and specific siRNA treatments, indicating potential advancements in neurological and ocular delivery technologies [3] - The SYS6010 (EGFR-ADC) has accumulated clinical data from over a thousand patients, showing potential for best-in-class efficacy and safety [4] Group 4: Clinical Developments - The company has initiated a Phase III clinical trial for SYS6010 in China for first-line treatment of non-small cell lung cancer (NSCLC) and plans to advance global Phase III trials [4] - CSPC's in vivo CAR-T product, SYS6055, has received clinical approval in China, representing the first in vivo CAR-T product approved domestically, with potential advantages in cost and accessibility [4] Group 5: Financial Projections - The firm has adjusted revenue forecasts for FY25, FY26, and FY27 to RMB 26.7 billion, 28.9 billion, and 30.6 billion respectively, reflecting changes in the recognition of upfront payments [5] - The net profit forecasts for FY25, FY26, and FY27 have been revised to RMB 4.4 billion, 4.6 billion, and 5.3 billion respectively [6]