Group 1 - The company announced a strategic research and development collaboration and licensing agreement with AstraZeneca, granting AstraZeneca global exclusive rights (excluding Greater China) to the company's weight management product portfolio, including a clinical-ready project SYH2082 and three preclinical projects [1] - The agreement includes an upfront payment of $1.2 billion, potential milestone payments of up to $3.5 billion for research, and up to $13.8 billion for sales, along with a double-digit percentage royalty on annual net sales of the licensed products [1] - This collaboration marks an upgrade in the partnership with AstraZeneca, following previous agreements for the development of Lp(a) small molecule inhibitors and AI-driven oral small molecule drug development, with total potential transaction amounts of $2.02 billion and $5.33 billion respectively [1] Group 2 - The company's core technology platforms are advancing, leading in AI drug discovery and long-acting formulation technology, with a focus on proprietary sustained-release delivery technology and AI drug discovery platform for peptide drugs [2] - The long-acting technology allows for monthly or longer dosing intervals, enhancing patient compliance for long-term medication [2] - The company is building eight innovative technology platforms across multiple disease areas, including oncology, neuropsychiatry, cardiovascular, metabolic, infectious diseases, and autoimmune diseases, with expected net profits of 5.343 billion, 7.869 billion, and 6.761 billion yuan for 2025-2027 [2]

来源：新浪基金∞工作室 最新定期报告显示，港股创新药ETF（159567）重仓股包括石药集团、百济神州、康方生物、中国生物 制药、中国生物制药、信达生物、三生制药、翰森制药、科伦博泰生物-B、康哲药业，持仓占比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）01093石药集团10.44%1.08亿8.25亿06160百 济神州9.91%482.99万7.82亿09926康方生物9.72%752.00万7.68亿01177中国生物制药9.66%1.37亿7.63亿 08027中国生物制药9.66%1.37亿7.63亿01801信达生物9.53%1092.95万7.53亿01530三生制药6.95%2512.55 万5.49亿03692翰森制药6.93%1679.60万5.47亿06990科伦博泰生物-B3.48%77.48万2.74亿00867康哲药业 2.55%1729.70万2.02亿 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.c ...

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].

[Table_Title] 证券研究报告 / 港股公司报告 与阿斯利康合作升级，长效多肽全球布局提速 事件： [Table_Summary] 1 月 30 日，公司宣布与全球生物制药领导者阿斯利康签订战略研发合作 与授权协议。阿斯利康将获得公司每月一次注射用体重管理产品组合除 大中华区以外的全球独家权利，包括一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），以及三个处于临床前 阶段、具备不同作用机制的研发项目。公司将获得 12 亿美元的预付款， 并有权获得最高 35 亿美元的潜在研发里程碑付款和最高 138 亿美元的 潜在销售里程碑付款，以及基于相关授权产品年净销售额的最高达双位 数比例的销售提成。 点评： 从单品到平台授权，公司与阿斯利康的全球化合作持续升级。此前，公 司和阿斯利康已达成两次重要合作，1）2024 年 10 月，公司授予阿斯利 康在全球范围内开发、制造及商业化 Lp(a)小分子抑制剂 YS2302018 的 独家授权，潜在交易总金额为 20.2 亿美元；2）2025 年 6 月，双方就 AI 驱动口服小分子药物开发达成合作，潜在交易总金额为 ...

港股红利ETF工银（159691）成立于2023年3月30日，基金全称为工银瑞信中证港股通高股息精选交易 型开放式指数证券投资基金，基金简称为港股红利ETF工银。该基金管理费率每年0.45%，托管费率每 年0.07%。港股红利ETF工银（159691）跟踪标的指数为港股通高息精选(港币)（930839）。 规模方面，截止2月3日，港股红利ETF工银（159691）最新份额为62.82亿份，最新规模为85.4亿元。回 顾2025年12月31日，港股红利ETF工银（159691）份额为65.3亿份，规模为84.35亿元。即该基金今年以 来份额减少3.80%，规模增加1.24%。 流动性方面，截止2月3日，港股红利ETF工银（159691）近20个交易日累计成交金额65.01亿元，日均 成交金额3.25亿元；今年以来，22个交易日，累计成交金额71.51亿元，日均成交金额3.25亿元。 港股红利ETF工银（159691）现任基金经理为刘伟琳、何顺。刘伟琳自2023年3月30日管理（或拟管 理）该基金，任职期内收益36.96%；何顺自2024年5月30日管理（或拟管理）该基金，任职期内收益 14.67%。 来源：新浪 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The report highlights the significant commercial value of extrahepatic delivery technology for small nucleic acid drugs, which is expanding from liver diseases to multiple disease areas. Domestic companies are rapidly developing multi-target drugs and extrahepatic delivery platforms, which are expected to accelerate the release of potential clinical value [3][8] - The report emphasizes that multinational corporations (MNCs) are intensifying their focus on next-generation delivery platforms, moving from "liver validation" to "multi-organ expansion." This shift is crucial as it addresses unmet clinical needs in various tissues such as fat, muscle, central nervous system, heart, and kidneys [8] - The report indicates that 2026 is a pivotal year for small nucleic acid therapies, with domestic innovative drugs expected to become core assets for transactions. Domestic companies have accumulated rich experience in chemical modifications and liver-targeted delivery technologies, covering high-value areas such as hyperlipidemia, hypertension, hepatitis B, and weight loss [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry in China, specifically on small nucleic acid drugs and their evolving delivery technologies [5][6] Investment Recommendations and Targets - The report lists several investment targets, including: - YK Pharma (688658, Buy) - Hengrui Medicine (600276, Buy) - Xinda Biopharma (01801, Not Rated) - Other companies such as Chengdu XianDao (688222, Not Rated), Reborn Biotech (06938, Not Rated), and others [3]

Group 1 - The core viewpoint is that various institutions maintain "buy" ratings for different companies, highlighting their growth potential and strategic partnerships [1][2][3][4][5][6][7][8][9][10] Group 2 - China-based pharmaceutical company, Stone Pharmaceutical Group, has entered a significant $18.5 billion strategic collaboration with AstraZeneca, focusing on long-acting GLP-1/GIPR dual-target peptides and multiple obesity/diabetes pipelines, enhancing its AI-driven drug discovery capabilities [1][2] - Baidu Group's cloud business has shown a 10% year-on-year growth in Q4, driven by intelligent cloud infrastructure, with AI-native marketing services now covering 70% of search result pages [3] - Sunny Optical Technology is projected to see a 70-75% increase in net profit by 2025, benefiting from improved ASP and gross margin in mobile lenses and modules [4] - InSilico Medicine has secured over HKD 930 million in cardiovascular metabolic collaborations, continuing its partnerships with major pharmaceutical companies, and has produced 27 preclinical candidate molecules through its Pharma.AI platform [5][6] - Kuaishou Technology is enhancing its platform with advanced AI models, which are expected to improve user engagement and profitability [6] - Decon Agriculture is expected to achieve a target price of HKD 87, with a stable cost structure and leading efficiency in pig farming [7] - Dongfang Zhenxuan has exceeded profit expectations by 68% in the first half of FY26, with self-operated product GMV rising to 52.8% [8] - Hang Lung Properties is experiencing a recovery in retail sales, with Q3/Q4 growth rates of 10% and 18%, respectively, and an improved tenant mix [10]

石药与阿斯利康(AZN.US)及Madrigal Pharmaceuticals(MDGL.US)达成的4项重大BD交易，预计将带来约 102亿美元的近期首付款及研发里程碑付款，从而推动2025至27年盈利大幅提升至63亿、102亿及109亿 元人民币。该行将2025至27年盈利预测分别下调2.4%、上调8.2%及上调53.7%，以反映BD交易经风险 调整后的财务影响。公司目前仅以2026年预测市盈率9.2倍交易，远低于行业中位数的16.4倍。 里昂发布研报称，重申石药集团(01093)"高度确信跑赢大市"评级，目标价由17.4港元上调至19港元。该 行预期石药目前已完成的业务拓展(BD)交易，将自今年起转化为经常性收入。 ...

该信息由智通财经网提供 石药与阿斯利康(AZN.US)及Madrigal Pharmaceuticals(MDGL.US)达成的4项重大BD交易，预计将带来约 102亿美元的近期首付款及研发里程碑付款，从而推动2025至27年盈利大幅提升至63亿、102亿及109亿 元人民币。该行将2025至27年盈利预测分别下调2.4%、上调8.2%及上调53.7%，以反映BD交易经风险 调整后的财务影响。公司目前仅以2026年预测市盈率9.2倍交易，远低于行业中位数的16.4倍。 智通财经APP获悉，里昂发布研报称， 重申石药集团(01093)"高度确信跑赢大市"评级，目标价由17.4港 元上调至19港元。该行预期石药目前已完成的业务拓展(BD)交易，将自今年起转化为经常性收入。 ...

Investment Rating - The report provides a positive outlook for CSPC Pharmaceutical Group, indicating a clear roadmap for internationalization and significant revenue growth expected from completed business development transactions by 2026 [5][6]. Core Insights - CSPC is projected to convert its completed business development transactions into recurring revenue by 2026, supported by major research milestones and successful overseas development progress [6]. - The company has secured approximately $10.2 billion in upfront and milestone payments from significant partnerships with AstraZeneca and Madrigal, which are expected to enhance profitability from 2025 to 2027 [5][6]. - Key products such as KN026 and SYS6010 are anticipated to drive domestic business recovery and accelerate growth post-2027 [7]. Summary by Sections Business Development and Revenue - CSPC's completed business development transactions are expected to yield around $9 billion in free cash flow from milestone payments by 2030, with AstraZeneca's recent $1.2 billion non-refundable upfront payment being a significant contributor [6]. - The company has established eight innovative R&D platforms, transitioning from a raw material producer to a complex generics and innovative drug enterprise, achieving a compound annual growth rate of 3.1% in profitability from 2019 to 2023 [10]. Market Position and Financials - As of February 2, 2026, CSPC's stock price was HKD 9.15, with a market capitalization of $13.54 billion [13]. - The company ranks among the top ten in the Chinese pharmaceutical industry by drug revenue, with a significant portion of its income derived from the Asian market [11]. Catalysts for Growth - Key catalysts include the progress of overseas R&D projects, particularly the core product EGFR ADC, and the clinical development plans of major partners like AstraZeneca [8]. - The anticipated launch of innovative drugs and the entry of early-stage products into clinical phases are expected to validate the company's R&D capabilities [8].