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] - The most sold stocks were Zijin Mining (02899), China Mobile (00941), and CNOOC (00883) [1] Group 2: Notable Stock Performances - 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, 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 sector [5] Group 3: Sector-Specific Insights - Long Fiber Optic Cable (06869) received a net inflow of 2.41 billion HKD, driven by strong demand for AI infrastructure and high-speed optical modules [5] - China Spring (01969) had a net inflow of 46.22 million HKD, with growth potential in student enrollment and tuition fee increases [6] - Gold stocks faced significant sell-offs, with Shandong Gold (01787) and Zijin Mining (02899) experiencing net outflows of 2.06 billion HKD and 6.35 billion HKD, respectively, amid volatility in the precious metals market [7]

Core Viewpoint - The agreement to acquire rights outside of China for a portfolio of experimental obesity and diabetes drugs has a potential valuation in the billions of dollars [1] Group 1 - The deal involves rights to a portfolio of drugs targeting obesity and diabetes [1] - The valuation of the agreement could reach billions, indicating significant market potential [1]

根据协议，双方将开展全面战略合作，包括现有临床前长效多肽管线的推进，以及为阿斯利康发现和开 发其他创新长效多肽产品。 根据协议，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。此外，公司还将根据相关授权产品年净销售额获得最高达双位数比例的 销售提成。 阿斯利康将获得公司每月一次注射用体重管理产品组合的全球独家权利，其中包括一个临床准备就绪的 项目SYH2082，以及三个处于临床前阶段的研发项目。 1月30日，石药集团发布公告称，与阿斯利康签订战略合作与授权协议，旨在利用公司的缓释给药技术 平台及多肽药物AI发现平台，开发创新长效多肽药物。 ...

根据协议，合作将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。石药集团的长效技术可实现多肽药物的缓释，使给药间隔达到每月一次或更长。基于以上两个平 台开发的产品为即用型，使用简便，支持患者自行给药，能有效提升长期用药人群的治疗依从性，同时 可以针对药物靶点快速设计及筛选候选分子，并可在药效、选择性与信号偏向性等维度进行系统优化。 （文章来源：新华财经） 新华财经石家庄1月30日电（记者刘桃熊）记者从石药集团了解到，该集团已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。石药集团将获得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、最高138亿美元的潜在销售里程碑付款，以及基于相关产品年净销售额的最高达 双位数比例的销售提成，潜在交易总额最高达185亿美元。 ...

Core Viewpoint - The collaboration between Stone Pharmaceutical Group and AstraZeneca is a significant strategic partnership with a potential total deal value of up to $18.5 billion, highlighting the importance of innovative drug development and technology platforms in the pharmaceutical industry [1][2]. Group 1: Financial Aspects - The initial payment of $1.2 billion is the second-largest upfront payment in recent collaborations, following a $1.25 billion payment from a partnership between Three Life Pharmaceuticals and Pfizer in 2025 [2]. - The deal includes potential milestone payments of up to $3.5 billion for research and up to $13.8 billion for sales, along with a sales commission based on net sales of authorized products [1]. Group 2: Technological and Developmental Focus - The collaboration is centered around Stone Pharmaceutical Group's proprietary sustained-release drug delivery technology platform and AI-driven peptide drug discovery platform, indicating AstraZeneca's interest in the underlying technological capabilities [2]. - The sustained-release technology allows for monthly or longer dosing intervals for peptide drugs, enhancing patient compliance for long-term treatments [2]. - Stone Pharmaceutical Group will collaborate with AstraZeneca on the discovery of innovative peptide molecules and the development of long-acting delivery products, including a weight management product and several other projects in various stages of development [2][3]. Group 3: Historical Context and Market Position - This is not the first collaboration between Stone Pharmaceutical Group and AstraZeneca; the total deal value from their three collaborations has exceeded $25 billion [3]. - AstraZeneca has shown a strong commitment to the Chinese market, ranking first among foreign pharmaceutical companies in sales and actively engaging in patent licensing transactions [3]. - Stone Pharmaceutical Group, established in 1994, is transitioning from generic to innovative drug development, facing challenges with its key products as core patents expire [3][4]. Group 4: R&D Investment and Industry Trends - Stone Pharmaceutical Group has steadily increased its R&D spending from 2 billion yuan in 2019 to 5.19 billion yuan in 2024, reflecting its focus on innovative drug development [4]. - The company has eight innovative technology platforms and aims to launch a billion-yuan peak product annually from these platforms [4]. - The trend in the industry shows a surge in business development transactions, with over 150 deals and a total value exceeding $130 billion in 2025, indicating a robust market for innovative drug collaborations [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 此次合作延续双方2024年以来70亿美元级合作，助力阿斯利康补齐管线，推动中国创新药从"产品出 海"升级为"技术输出"，重塑全球赛道格局。 （本文不构成任何投资建议，信息披露内容以公司公告为准。投资者据此操作，风险自担。） 2026年1月30日，石药集团（01093.HK）与阿斯利康达成战略合作，潜在交易额185亿美元，彰显中国 创新药技术全球认可度。 双方依托石药月给药缓释技术、AI多肽发现两大平台，合作开发8个体重管理创新项目，含1个即将进 入I期临床的SYH2082双靶点激动剂，及3个临床前项目及4个新增项目。 石药获12亿美元预付款，及最高35亿研发、138亿销售里程碑付款与双位数销售提成。阿斯利康获大中 华区外全球独家权益，石药保留本土权益，形成"本土研发 + 全球商业化"模式。 ...

石药集团则将获得12亿美元的预付款、最高35亿美元的研发里程碑付款、138亿美元的销售里程碑付 款，以及最高达双位数比例的销售提成。此次合作也创下GLP-1赛道海外BD交易的新纪录。 据介绍，此次合作标的长效技术可实现多肽药物的缓释，使给药间隔达到每月一次或更长。AI技术台 可以针对药物靶点快速设计及筛选候选分子，在药效、选择性与信号偏向性等维度进行系统优化。 但资本市场反应却一反常态。截至发稿，石药集团港股股价跌超11%。 研发实力的稳步提升，也推动石药集团创新管线加速兑现。财报显示，截至2025年9月底，其已落地4笔 BD交易，累计实现授权收入15.40亿元。 值得一提的是，阿斯利康与石药集团已达成多次合作。早在2024年10月，双方就签订独家许可协议，推 进Lp(a)干扰剂YS2302018的开发。后又在去年6月宣布共同开发新型口服小分子候选药物，潜在交易总 金额达53.3亿美元。 1月30日，石药集团在港交所发布公告，宣布与阿斯利康达成协议，将利用其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，合作潜在交易价值高达185亿美元。 而石药集团之所以能持续获得阿斯利康青睐，离不开其 ...

1月30日，石药集团宣布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。 石药集团的长效技术可实现多肽药物的缓释，使给药间隔达到每月一次或更长。基于此平台开发的产品 为即用型，使用简便，支持患者自行给药，能有效提升长期用药人群的治疗依从性。同时，石药集团的 多肽药物AI发现平台可以针对药物靶点快速设计及筛选候选分子，并可在药效、选择性与信号偏向性等 维度进行系统优化。 根据该协议的条款，石药集团将与阿斯利康在创新多肽分子的发现和长效递送产品的开发方面开展全面 战略合作。除持续推进现有临床前长效多肽管线之外，石药集团亦将为阿斯利康发现和开发其他创新长 效多肽产品。 除中国内地、香港特别行政区、澳门特别行政区及台湾地区外，阿斯利康将获得石药集团每月一次注射 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，旨在为肥胖及体重 问题相关人群提供更持久的治疗获益，双方还将依托该等平台就另外四个新增项目开展合作。 按照该 ...

Core Viewpoint - The strategic collaboration between CSPC Pharmaceutical Group and AstraZeneca aims to develop innovative long-acting peptide drugs, leveraging CSPC's proprietary drug delivery technology and AI discovery platform, with a potential total value of up to $18.5 billion [2][5][6]. Group 1: Collaboration Details - CSPC has signed a strategic R&D collaboration and licensing agreement with AstraZeneca, which includes a $1.2 billion upfront payment and potential milestone payments of up to $3.5 billion for R&D and $13.8 billion for sales [2][5]. - AstraZeneca will gain exclusive global rights (excluding mainland China, Hong Kong, Macau, and Taiwan) to develop, manufacture, and commercialize a weight management product portfolio, including the clinical-ready project SYH2082 [5][6]. - The collaboration will also focus on developing four additional projects based on CSPC's technology platforms [5]. Group 2: Market Potential - The global obesity issue is projected to escalate, with over 2.9 billion adults expected to be classified as having a high BMI by 2030, driving demand for GLP-1 receptor agonists [6][7]. - The GLP-1RA market is anticipated to reach a valuation of $100 billion by 2030, attracting significant interest from pharmaceutical companies [7][8]. - Existing GLP-1 drugs have shown substantial revenue growth, with Eli Lilly's drug generating $24.837 billion in revenue in the first three quarters of 2025, accounting for 54% of its total revenue [6][7]. Group 3: Competitive Landscape - The GLP-1 market is transitioning from an early "blue ocean" phase to a competitive landscape dominated by major players like Novo Nordisk and Eli Lilly, with ongoing opportunities for differentiation and innovation [7][8]. - Current trends in GLP-1 drug development are focusing on multi-target approaches, longer efficacy, and more convenient administration methods, with oral formulations becoming a key competitive focus [7][8]. Group 4: Financial Context - CSPC's recent collaborations are part of a broader trend in the biopharmaceutical sector, where partnerships are increasingly seen as a means to enhance cash flow and support ongoing R&D efforts [11][12]. - Despite recent collaborations, CSPC has faced financial pressures, with a reported revenue decline of 12.32% year-on-year for the first three quarters of 2025 [12].

Group 1 - The stock price of CSPC Pharmaceutical Group fell by 12% to HKD 9.41, leading the decline in the Hang Seng Index [2]