Brain-Computer Interface Debuts in Government Work Report; Biopharma Designated as Emerging Pillar Industry – Weekly Pharmaceutical & Biotech Sector Report

Hou YananSecurities Analyst

SAC No：S1150524120001

Industry News

(1) The 2026 China National Conference on Traditional Chinese Medicine Registration Management and Quality Safety Supervision was convened;

(2) Antengene Corporation and UCB reach an exclusive global licensing agreement to advance the global development of ATG-201 in the field of autoimmune diseases.

Company Announcement

(1) Sino Biopharm: ①Rovalpituzumab tesirine tablets approved for marketing; ②Exclusive licensing agreement with SANOFI for Rovalpituzumab tesirine established;

(2) Innovent Bio: Jiepali® (Pirtobrutinib) Approved in China for Relapsed or Refractory Chronic Lymphocytic Leukemia or Small Lymphocytic Lymphoma Indication;

(3) Hansoh Pharma: Marketing Authorization Application for Dacemurafenib Mesylate Tablets Accepted by NMPA.

Market Review

This week (2026/2/27-2026/3/5) SSE Composite Index fell0.92%, SZSE Component Index fell2.86%，SWPharmaceuticals and Biotech Decline4.72%, All sub-sectors fell (Traditional Chinese MedicineⅡ-3.14%> Pharmaceutical Commerce-3.38%> Medical Devices-3.87%> Chemical Pharmaceuticals-4.98%> Biologics-5.77%> Medical Services-6.09%）。2026Year3Month5Day,SWPrice-to-Earnings Ratio of the Pharmaceutical and Biotechnology Industry (TTM, the overall method, without excluding negative values) is48.07Times, relative to Shanghai and Shenzhen300The valuation premium rate is238%。

This Week's Strategy

This week, the National Two Sessions of China were convened. The "Government Work Report" (hereinafter referred to as the "Report") mentioned "fostering and strengthening emerging and future industries, creating emerging pillar industries such as integrated circuits, aerospace, biomedicine, and low-altitude economy." By listing biomedicine as an emerging pillar industry, its strategic position in the industry has been further elevated, signaling a strong push for long-term industrial development. The "Report" proposed "developing future industries such as future energy, quantum technology, embodied intelligence, brain-computer interfaces, and 6G." This marks the first time that brain-computer interfaces have been included in the "Report." Following the issuance of the "Implementation Opinions on Promoting Innovation and Development of the Brain-Computer Interface Industry" jointly published by the Ministry of Industry and Information Technology and six other departments in July 2025, this move represents another strong signal of policy support at the national level to accelerate industrial growth.

China's innovative drug core competitiveness continues to strengthen, BD continuously lands, and the commercialization process gradually delivers results. We are optimistic about the development logic of the innovative drug industry in the long term. We recommend seizing the investment opportunities in the innovative drug sector after the pullback, including innovative drugs, CXO, and the upstream industrial chain of life sciences, while paying attention to thematic catalysts such as brain-computer interfaces and AI applications. Additionally, entering the annual report earnings disclosure period, we suggest focusing on stocks with earnings bottom reversals.

In summary, we maintain a "neutral" rating for the industry and keepHengrui Pharma(600276) "Buy" Rating,WuXi AppTec(603259) "Buy" rating.

Risk Warning

Overseas geopolitical risks; the risk of product development failure; the risk of further expansion of centralized procurement leading to increased price-cutting pressure on drugs and devices; the risk of price reductions due to intense industry competition; the risk of significant increases in raw material costs.

The above content is sourced from the securities research report "Morning Meeting Minutes of Bohai Securities Research Institute" released by Bohai Securities Research Institute on March 9, 2026.

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Editor: Guo Lingzhi

Review: Zhu Yanjun,Zhang Jinghua, Ren Xiangong

Final Review: Cui Jian