The concept of innovative drugs is once again active, Ruizhi Pharmaceuticals hits the 20% daily limit, and Baili Tianheng and others surge significantly.

Innovative drug concepts saw renewed intraday momentum again today. As of the time of this release, Zhisheng Pharma hit the 20% daily limit, Chengda Pharmaceutical and Yifang Bio rose more than 12%, Guangsheng Tang, Biweit, and Baili Tianheng rose more than 10%, while Kelun Therapeutics, Anlinkang, and others also reached the daily limit, and Tianjin Pharmaceutical won a four-day consecutive limit.

In recent days, the biopharmaceutical and life sciences sector has continued to see catalysts. On the one hand, the domestic policy side continues to release positive signals: the National Medical Products Administration will organize and implement the three-year “Spring Rain Action” for the clinical innovation achievements transformation of medical devices across the country, further strengthening support for the transformation and industrialization of innovative device achievements. On the other hand, overseas M&A integration and licensing collaboration have remained active. In the first three months of 2026, the total value of China’s innovative drug external licensing transactions has already exceeded $60 billion, approaching half of the total for all of 2025. China’s innovative drug assets’ participation level and recognition within the global transaction system continue to improve, further strengthening the pricing foundation of the logic of “independent innovation + global monetization.” In addition, the 2026 AACR Annual Meeting is coming soon, and participation by China’s innovative drug companies is expected to increase further. ADCs, small molecules, bispecific antibodies, and CAR-T remain key directions for continued deployment. As a major global data release window for oncology innovative drugs, the AACR Annual Meeting is expected to become an important catalyst for the next stage of the innovative drug sector and further reinforce the market’s recognition of China’s innovative drugs’ global competitiveness.

Great Wall Guorui Securities recommends focusing on: (1) innovative drug companies with core technology platforms, differentiated pipeline layouts, potential for global collaborations, and expectations for continuous data readouts—especially high-quality targets that are expected to deliver positive catalyst-driven monetization at major academic conferences such as AACR; (2) the CXO/CDMO industry chain direction benefiting from a marginal recovery in overseas R&D demand and improved orders; and (3) innovative medical devices and related sub-sectors with ongoing realization capability, supported by policy measures, accelerated transformation of achievements, and the continued push for domestic substitution.