Core Viewpoint - The strategic collaboration between CSPC Pharmaceutical Group and AstraZeneca, valued at up to $18.5 billion, was met with unexpected market skepticism, leading to a significant drop in stock prices for both companies involved [2][4][7]. Group 1: Strategic Collaboration Details - CSPC Pharmaceutical Group announced a strategic partnership with AstraZeneca to co-develop innovative long-acting peptide drugs based on CSPC's drug delivery technology and AI discovery platform [3][4]. - The agreement includes a $1.2 billion upfront payment, up to $3.5 billion in research milestone payments, and $13.8 billion in sales milestone payments, along with a double-digit revenue share based on annual net sales [4][5]. - This deal surpasses the previous record of $11.4 billion set by Innovent Biologics and Takeda in 2025, marking a new high for outbound licensing in China's biopharmaceutical sector [4]. Group 2: Market Reaction and Concerns - Following the announcement, CSPC's stock fell by 9.82% to HKD 9.64 per share, while its closely related company, New Horizon Health, saw a drop of 15.72% [2][7]. - Analysts suggest that the market's negative reaction stems from concerns over the details of the deal and the companies' fundamentals, indicating that the perceived benefits may not align with the actual risks involved [7]. - The milestone payments are contingent on successful clinical trials and market performance, raising questions about the viability of CSPC's projects in a competitive landscape [7][8]. Group 3: Product and Competitive Landscape - The core asset in this collaboration is SYH2082, a long-acting weight management drug currently in Phase I clinical trials, targeting GLP-1R and GIPR receptors [8][9]. - The competitive landscape for GLP-1 drugs is intensifying, with major players like Eli Lilly and domestic companies rapidly advancing their own dual-target and multi-target drugs [9][10]. - CSPC's late entry into the clinical phase with SYH2082 presents challenges in efficacy differentiation and safety optimization, which will be critical for its future competitiveness [10]. Group 4: Financial Context and Implications - CSPC's decision to pursue this significant licensing deal comes at a time when its financial performance is under pressure, with a reported revenue decline of 12.32% year-on-year for the first three quarters of 2025 [11]. - New Horizon Health stands to benefit from the upfront payment, which will help alleviate its cash flow issues as it anticipates a significant net loss in 2025 due to high R&D expenditures [12].

1月30日，新诺威（300765）及其间接控股股东石药集团相继公告，宣布与全球生物制药巨头阿斯利康 (AstraZeneca)签署战略研发合作与授权协议，将在创新多肽分子发现和长效递送产品的开发领域开展全 面战略合作。 合作总金额 最高可达185亿美元 根据石药集团公告，在中国以外，阿斯利康将获得该集团"每月一次注射用体重管理产品组合"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。 根据石药集团公告，阿斯利康将向石药集团支付12亿美元预付款。此外，石药集团有权获得最高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。若所有里程碑均达成，该合作总金额最高可达185亿美元。 针对此次合作，添翼数字经济智库高级研究员吴婉莹对记者表示，此次石药集团与阿斯利康创纪录的战 略合作，标志着其"创新+国际化"战略取得里程碑式突破，不仅以巨额合作金额强力验证了其AI药物发 现与缓释给药等前沿技术平台的全球竞争力，为正处于传统 ...

Investment Rating - The report maintains a positive outlook on the overseas education sector, particularly highlighting key companies in the education and training industry [1]. Core Insights - The overseas education sector has shown significant improvement in operational efficiency, with a focus on key companies in the education and training industry [1]. - New Oriental (09901.HK) reported a revenue of $1.191 billion for Q2 FY26, a year-on-year increase of 14.7%, with a Non-GAAP net profit of $73 million, reflecting a 68.6% increase [6]. - Oriental Selection (01797.HK) achieved a revenue of 2.31 billion yuan in 1H FY26, up 5.7% year-on-year, and turned a profit with a net profit of 239 million yuan [9]. Summary by Sections 1. Overseas Education - The education index surged by 7.2% in the week of January 23-29, outperforming the Hang Seng Index by 2.2 percentage points [5]. - New Oriental's education business (including cultural tourism) generated $974 million, a 13% increase year-on-year, while other businesses (mainly Oriental Selection) saw a 22.9% revenue growth [6]. - The study abroad business's revenue growth has stabilized, with a 1% increase year-on-year, although it has slowed compared to previous periods [6]. 2. Oriental Selection - The company reported a revenue of 2.31 billion yuan in 1H FY26, marking a 5.7% increase year-on-year, and achieved profitability with a net profit of 239 million yuan [9]. - The gross merchandise volume (GMV) from self-operated products reached 2.16 billion yuan, with a significant improvement in gross margin from 21.5% to 33.7% year-on-year [10]. - The company is expanding its product offerings and enhancing operational efficiency, with a focus on increasing the utilization rate of existing teaching sites [7]. 3. Overseas Pharmaceuticals - The report highlights a strategic R&D collaboration between CSPC Pharmaceutical Group and AstraZeneca, valued at $18.5 billion, focusing on innovative long-acting peptide drugs [3][19]. - The agreement includes a $1.2 billion upfront payment and potential milestone payments totaling up to $13.8 billion, along with sales royalties based on net sales [19]. 4. Overseas Social Services - Macau's gaming revenue maintained double-digit growth, with December's gross gaming revenue reaching 20.9 billion MOP, a 14.8% year-on-year increase [23]. - The total visitor count for Macau in 2025 reached 40.06 million, a 14.7% increase year-on-year, marking a historical high [23].

[Table_Title] 研究报告 Research Report 30 Jan 2026 石药集团 CSPC Pharmaceutical Group (1093 HK) 长效多肽产品组合授权阿斯利康，加速全球创新药布局 Long-Acting Peptide Product Portfolio Out-licensed to AZ, Accelerating Global Innovative Drug Deployment 孟科含 Kehan Meng 聂照亿 Zhaoyi Nie 3）双方还将依托该等平台就另外四个新增项目开展合作。 kh.meng@htisec.com john.zy.nie@htisec.com 交易对价 [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 石药创新（新诺威 300765.SZ，石药集团的控股子公司）的控股子公司巨石生物及石药集团、中奇制药（石药集团 的全资控股子公司）共同与阿斯利康签署《战略合作与授权协议》，将与阿斯利康 ...

Core Insights - AstraZeneca has announced a collaboration with China National Pharmaceutical Group (CSPC) for a licensing agreement valued at up to $18.5 billion, focusing on the development of obesity and diabetes medications [1][2] - The partnership will leverage CSPC's proprietary sustained-release drug delivery technology and AI drug discovery platform to jointly develop innovative long-acting peptide drugs [1] - This agreement marks CSPC's largest business development deal to date, with potential total payments reaching $18.5 billion if all milestones are achieved [2] Financial Aspects - CSPC will receive an upfront payment of $1.2 billion, with the potential for up to $3.5 billion in research milestone payments and up to $13.8 billion in sales milestone payments, along with a double-digit percentage royalty on annual net sales of the licensed products [1][2] - The deal is expected to significantly support AstraZeneca's pipeline for obesity drugs, which currently includes three candidates at various stages of development [5] Market Context - The global obesity drug market is projected to reach $100 billion by 2030, indicating a rapidly growing sector where AstraZeneca aims to compete against established players like Novo Nordisk and Eli Lilly [5] - The collaboration is part of a broader trend where multinational pharmaceutical companies are increasingly investing in the Chinese market, driven by the need for high-quality drug pipelines amid patent expirations and declining R&D efficiency [6][7] Strategic Importance - AstraZeneca plans to invest $15 billion in the Chinese market by 2030 to enhance its capabilities in drug production and R&D, which is crucial for achieving its goal of launching 20 innovative drugs by that year [6] - The partnership with CSPC is seen as a complement to AstraZeneca's investment strategy in China, reinforcing its commitment to local innovation and development [6] Industry Trends - By 2025, China's innovative drug licensing transactions are expected to exceed $130 billion, reflecting a significant increase in the number of deals and the value of Chinese biotech assets [7] - The shift from simple licensing to more complex collaborations indicates that Chinese pharmaceutical companies are poised to capture a larger share of the global pharmaceutical value chain [7][8]

Core Viewpoint - AstraZeneca has announced a collaboration with China National Pharmaceutical Group (CSPC) to develop obesity and diabetes drugs, with a maximum value of $18.5 billion, aiming to strengthen its position in a rapidly growing market [1][2]. Group 1: Collaboration Details - The agreement allows AstraZeneca exclusive global rights (excluding mainland China, Hong Kong, Macau, and Taiwan) to develop, produce, and commercialize a weight management product portfolio, including one project entering clinical trials and three preclinical projects [1]. - CSPC will receive a $1.2 billion upfront payment, with potential milestone payments of up to $3.5 billion for development and $13.8 billion for sales, plus a double-digit percentage royalty based on annual net sales of the licensed products [1][2]. Group 2: Market Context - If all milestones are achieved, CSPC could receive a total of $18.5 billion, making it the largest business development deal for the company to date [2]. - The deal is expected to surpass recent significant transactions in the obesity drug market, including Pfizer's acquisition of a weight loss drug startup for over $10 billion [5]. Group 3: Strategic Importance - This collaboration supports AstraZeneca's pipeline for obesity drugs, with three treatments currently in various stages of development, and positions the company to compete in a market dominated by Novo Nordisk and Eli Lilly [5]. - Analysts predict that the global obesity drug market could reach $100 billion by 2030, highlighting the strategic importance of this collaboration for AstraZeneca [5]. Group 4: Investment in China - AstraZeneca plans to invest $15 billion in the Chinese market by 2030 to enhance its capabilities in drug production and research, which is crucial for achieving its goal of launching 20 innovative drugs by 2030 [6]. - The partnership with CSPC is seen as a complement to this investment strategy, reflecting the increasing focus of multinational pharmaceutical companies on the Chinese market [6]. Group 5: Industry Trends - The Chinese pharmaceutical market is experiencing a surge in innovation, with projections indicating that by 2025, the total value of innovative drug licensing transactions will exceed $130 billion [7]. - The industry is evolving from simple licensing agreements to more complex collaborations, allowing Chinese pharmaceutical companies to capture a larger share of the global pharmaceutical value chain [7][8].

Core Viewpoint - The strategic collaboration between Shijiazhuang Pharmaceutical Group and AstraZeneca marks a significant milestone in the outbound business development (BD) of Chinese innovative drugs, with a potential total payment of up to $18.5 billion, setting a new record for BD transactions in the Chinese pharmaceutical industry [1][3]. Group 1: Transaction Details - Shijiazhuang Pharmaceutical has signed a strategic R&D cooperation and licensing agreement with AstraZeneca, utilizing its proprietary sustained-release drug delivery technology and peptide drug AI discovery platform to develop innovative long-acting peptide drugs [1]. - The total potential payment of $18.5 billion includes an upfront payment of $1.2 billion, with the remaining $17.3 billion contingent on achieving various R&D and sales milestones over the coming years [3]. Group 2: Market Reaction - Despite the significant deal, Shijiazhuang Pharmaceutical's stock experienced a sharp decline, dropping nearly 13% intraday and closing down 10.2%, attributed to profit-taking after a strong pre-announcement stock performance [1][3]. - The overall market sentiment was also negative, with major indices in Hong Kong, including the Hang Seng Index and the Hang Seng Biotechnology Index, falling over 2%, impacting the performance of other leading Chinese biopharmaceutical companies [3]. Group 3: Industry Outlook - Analysts suggest that the core logic of domestic innovative drugs remains solid, indicating a favorable window for investment as the BD of Chinese companies accelerates and the price gap for innovative drugs between China and the U.S. narrows, presenting significant long-term growth potential [5]. - The Hong Kong Stock Connect innovative drug ETF (520880) has seen substantial net subscriptions, indicating ongoing investor interest despite recent market volatility [4].

Group 1: Market Overview - The Hong Kong stock market saw a net inflow of 32.22 billion HKD from northbound trading, with 20.39 billion HKD from Shanghai and 11.83 billion HKD from Shenzhen [1] - The most bought stocks included CSPC Pharmaceutical Group (01093), Xiaomi Group-W (01810), and the Tracker Fund of Hong Kong (02800) [1] Group 2: Notable Stock Transactions - CSPC Pharmaceutical Group (01093) received a net inflow of 9.36 billion HKD, following a strategic cooperation agreement with AstraZeneca for the development of innovative long-acting peptide drugs, potentially worth up to 18.5 billion USD [4] - The Tracker Fund of Hong Kong (02800) saw a net inflow of 5.89 billion HKD, with positive market sentiment driven by earnings recovery, improved liquidity, low valuations, and policy support [5] - Alibaba Group-W (09988) had a net inflow of 3.29 billion HKD, as it launched a high-end AI chip, enhancing its position in the AI technology sector [5] - Longi Green Energy Technology (06869) experienced a net inflow of 2.41 billion HKD, driven by strong demand for AI infrastructure and optical communication upgrades [5] Group 3: Stocks with Significant Net Outflows - Shandong Gold (01787) and Zijin Mining (02899) faced net outflows of 2.06 billion HKD and 6.35 billion HKD respectively, amid significant volatility in the precious metals market [7] - Semiconductor manufacturer SMIC (00981) saw a net outflow of 545.8 million HKD, with limited impact expected from the approval of H200 chips for the domestic market [7] - Xiaomi Group-W (01810) had a net inflow of 9.14 billion HKD, while China Mobile (00941) and CNOOC (00883) faced net outflows of 5.41 billion HKD and 5.25 billion HKD respectively [7]

不过，这一消息发布后，石药集团1月30日股价大跌，收跌10.2%，收盘价报9.6港元/股。旗下A股公司 新诺威收跌15.72%，收盘价为38.87元/股。 北京商报讯（记者 丁宁）1月30日，石药集团（01093.HK）发布公告称，已与阿斯利康签订战略研发合 作与授权协议，以利用石药集团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。 公告显示，本次合作潜在总金额高达185亿美元，其中石药集团将获得12亿美元预付款，还将有权获得 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 年净销售额的最高双位数比例销售提成。 ...

Group 1 - The net inflow of southbound funds today amounted to 3.22 billion HKD [1] - The top three companies with net inflows were CSPC Pharmaceutical Group, Xiaomi Group-W, and the Tracker Fund of Hong Kong, with net purchases of 935 million HKD, 914 million HKD, and 590 million HKD respectively [1] - The companies with the highest net outflows included Zijin Mining, China Mobile, and CNOOC, with net sales of 635 million HKD, 541 million HKD, and 526 million HKD respectively [1]