2月10日，英矽智能与康哲药业宣布在中枢神经系统及自身免疫疾病领域的多个项目上达成一系列由AI 赋能的创新药物研发合作。根据合作协议，双方将结合英矽智能已验证的AI平台与AI赋能创新药研发 能力，以及康哲药业经验丰富的研发团队和对疾病领域的深度认知，共同推进不少于2个研发项目的合 作开发。同时，英矽智能有望就每个项目获得最高达数千万港元的研发费用支持。 大摩此前研报指出，英矽智能是AIDD领域的领先者，在技术验证与应用方面均取得实质性进展。其化 学模型的执行力支撑其可重复的 "1-to-N" 创新创造引擎；随着生物学模型的人体验证逐步显现，其潜 在上行弹性有望在整个行业进入广泛AIDD采用期时得到进一步释放。 来源：新浪港股 英矽智能（03696）盘中涨超7%，高见74.80港元，创新高。截至发稿，股价上涨9.38%，报73.45港元， 成交额8705.87万港元。 ...

消息面上，2月10日，英矽智能与康哲药业宣布在中枢神经系统及自身免疫疾病领域的多个项目上达成 一系列由AI赋能的创新药物研发合作。根据合作协议，双方将结合英矽智能已验证的AI平台与AI赋能 创新药研发能力，以及康哲药业经验丰富的研发团队和对疾病领域的深度认知，共同推进不少于2个研 发项目的合作开发。同时，英矽智能有望就每个项目获得最高达数千万港元的研发费用支持。 大摩此前研报指出，英矽智能是AIDD领域的领先者，在技术验证与应用方面均取得实质性进展。其化 学模型的执行力支撑其可重复的"1-to-N"创新创造引擎；随着生物学模型的人体验证逐步显现，其潜在 上行弹性有望在整个行业进入广泛AIDD采用期时得到进一步释放。 英矽智能(03696)再涨超7%，高见72.55港元创新高。截至发稿，涨7.22%，报72港元，成交额1448.27万 港元。 ...

Core Viewpoint - The stock of Insilico Medicine (03696) has risen over 7%, reaching a new high of 72.55 HKD, driven by a collaboration announcement with Kanghong Pharmaceutical in AI-enabled drug development for central nervous system and autoimmune diseases [1] Group 1: Company Developments - Insilico Medicine and Kanghong Pharmaceutical have entered into a series of collaborative projects focused on AI-driven innovative drug development [1] - The collaboration will leverage Insilico's validated AI platform and drug development capabilities alongside Kanghong's experienced research team and deep understanding of disease areas [1] - Insilico is expected to receive up to tens of millions of HKD in research funding for each project [1] Group 2: Industry Insights - Morgan Stanley's previous report highlights Insilico Medicine as a leader in the AIDD (AI-Driven Drug Development) field, noting substantial progress in both technology validation and application [1] - The execution capability of Insilico's chemical models supports a repeatable "1-to-N" innovation creation engine, indicating strong potential for scalability [1] - As biological model human validation becomes more evident, the potential upside for Insilico is expected to be further released as the industry enters a broader adoption phase of AIDD [1]

Core Viewpoint - The company, 英硅智能, has announced a strategic collaboration with 康哲药业 for drug development, focusing on AI-powered innovative drug research in the central nervous system and autoimmune diseases [1] Group 1: Collaboration Details - The partnership will leverage 英硅智能's validated AI platform and innovative drug development capabilities alongside 康哲药业's experienced research team and deep understanding of disease areas [1] - The agreement stipulates the joint development of at least two research projects [1] Group 2: Financial Aspects - 英硅智能 is expected to receive up to several tens of millions of Hong Kong dollars in research funding for each project [1]

Core Viewpoint - Insilico Medicine (03696) has announced a strategic collaboration with Kanghong Pharmaceutical for drug development, focusing on AI-enabled innovative drug research in central nervous system and autoimmune disease areas [1] Group 1: Collaboration Details - The collaboration will leverage Insilico's validated AI platform and innovative drug development capabilities alongside Kanghong's experienced research team and deep understanding of disease areas [1] - The agreement stipulates that both parties will jointly advance at least two research projects [1] Group 2: Financial Aspects - Insilico is expected to receive research funding support of up to several tens of millions of Hong Kong dollars for each project [1]

Core Viewpoint - Insilico Medicine (03696) has announced a strategic collaboration with Kanghong Pharmaceutical for drug development, focusing on AI-powered innovative drug research in central nervous system and autoimmune disease areas [1] Group 1: Collaboration Details - The partnership will leverage Insilico's validated AI platform and drug development capabilities alongside Kanghong's experienced research team and deep understanding of disease areas [1] - The agreement stipulates the joint development of at least two research projects [1] Group 2: Financial Aspects - Insilico is expected to receive research funding support of up to tens of millions of Hong Kong dollars for each project [1]

根据该合作的协议条款，双方将结合英矽智能已验证的AI平台与AI赋能创新药研发能力，以及康哲药 业经验丰富的研发团队和对疾病领域的深度认知，共同推进不少于2个研发项目的合作开发。同时，英 矽智能有望就每个项目获得最高达数千万港元的研发费用支持。 格隆汇2月10日丨英矽智能(03696.HK)发布公告，集团已与康哲药业(00867.HK)达成药物研发战略合 作。透过该合作，双方将在中枢神经系统及自身免疫疾病领域的多个项目上达成一系列由AI赋能的创 新药物研发合作。 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [3] Core Insights - The commercialization of ADC (Antibody-Drug Conjugates) is accelerating, with 20 ADC drugs approved globally, and 6 of them have been in the "billion-dollar club" for two consecutive years [30][31] - The report highlights the increasing competition in the ADC sector, with approximately 60 ADC drugs currently in clinical phase 3 and application stages [30] - Domestic innovative pharmaceutical companies are adopting various strategies for ADC capacity layout, with companies like Rongchang Biopharma transitioning from outsourcing to in-house production, while others like Kelong Biotechnology are building their own production bases [31][32] Summary by Sections Market Review - The pharmaceutical index rose by 0.14% this week, outperforming the CSI 300 index by 1.47 percentage points, ranking 15th in industry performance [10] - Year-to-date, the pharmaceutical index has increased by 3.28%, also outperforming the CSI 300 index by 2.99 percentage points, ranking 23rd [10] Individual Stock Performance - In the A-share market, 255 out of 479 pharmaceutical stocks rose, with the top five performers being Guangshengtang (+29.83%), Haixiang Pharmaceutical (+18.64%), and Meidixi (+18.04%) [20] - In the Hong Kong market, 38 out of 116 pharmaceutical stocks rose, with the top performers including Yiteng Jiahe (+14%) and Kedi-B (+9.96%) [24] Industry News and Policies - The newly revised "Regulations on the Implementation of the Drug Administration Law" supports segmented contract manufacturing and commercial-scale drug sales, providing a foundation for ADC commercialization cooperation [32] - Notable industry developments include Novartis's application for Ianalumab in China and Johnson & Johnson's approval of Daratumumab injection for multiple myeloma treatment [27][28] Weekly Insights - The ADC commercialization battle has begun, with a significant increase in demand for ADC production capacity, leading to a supply-demand imbalance [30] - Major CXO companies are expanding ADC production capacity, with companies like WuXi AppTec acquiring East Yao Pharmaceutical to meet rising orders [31]

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown a slight increase in performance, with a closing rise of 0.79% and a trading volume of 849 million yuan on February 6, 2024 [1]. Group 1: Fund Overview - The Hong Kong Innovative Drug ETF (159567) was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of February 5, 2024, the fund's total shares stood at 10.244 billion, with a total size of 7.906 billion yuan, reflecting a 2.36% decrease in shares and a 0.13% increase in size since December 31, 2023 [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the cumulative trading amount for the ETF reached 21.573 billion yuan, with an average daily trading amount of 1.079 billion yuan [1]. - Since the beginning of the year, the ETF has recorded a cumulative trading amount of 29.237 billion yuan over 25 trading days, averaging 1.169 billion yuan per day [1]. Group 3: Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 56.50% during the management period [1]. Group 4: Top Holdings - The top holdings of the Hong Kong Innovative Drug ETF (159567) include: - CSPC Pharmaceutical Group (10.44% holding, 108 million shares, market value of 825 million yuan) [2] - BeiGene (9.91% holding, 4.8299 million shares, market value of 782 million yuan) [2] - CanSino Biologics (9.72% holding, 7.52 million shares, market value of 768 million yuan) [2] - China Biologic Products (9.66% holding, 13.7 million shares, market value of 763 million yuan) [2] - Innovent Biologics (9.53% holding, 10.9295 million shares, market value of 753 million yuan) [2] - Other notable holdings include 3SBio, Hansoh Pharmaceutical, and Kelun-Biotech [2].

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].