Group 1 - The A-share and Hong Kong stock markets showed strength on January 12, with the innovative drug concept experiencing fluctuations after several days of rebound; the Hang Seng-Hushen-Hong Kong Innovative Drug Selected 50 Index fell by 0.63% at the time of reporting, while stocks like CSPC Pharmaceutical Group, BeiGene, and Boteng Co., Ltd. saw slight increases [1] - Since the beginning of 2026, as of the close on January 9, the Hang Seng-Hushen-Hong Kong Innovative Drug Selected 50 Index has rebounded over 10% cumulatively [1] - The Tianhong Innovative Drug ETF (517380) was actively traded, with a transaction amount exceeding 40 million yuan and a premium rate of 0.78% at the time of reporting; it has seen continuous capital inflow, accumulating over 170 million yuan from January 7 to 9 [1] Group 2 - According to Zhongtai Securities, it is recommended to focus on three dimensions for investment in 2026: "innovative drugs and their industrial chain, demand recovery and operational turning points, and AI+" [2] - Continuous attention should be paid to the AI+ theme, the positive catalysts from the JPM conference in the innovative drug sector, and the potential for exceeding annual performance forecasts or clearing turning point opportunities [2]

前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 腾讯控股(00700) | 19.53 亿 | 14.71% | 624.500（-1.26%） | | 小米集团-W(01810) | 16.34 亿 | 22.31% | 38.160（-1.55%） | | 盈富基金(02800) | 15.68 亿 | 11.46% | 26.660（-0.82%） | | 南方恒生科技(03033) | 9.38 亿 | 12.52% | 5.625（-1.32%） | | 恒生中国企业(02828) | 8.57 亿 | 8.28% | 93.700（-1.01%） | | 比亚迪股份(01211) | 4.93 亿 | 13.30% | 95.300（-3.93%） | | 美团-W(03690) | 4.02 亿 | 8.80% | 104.500（-1.51%） | | 中国人寿(02628) | 3.82 亿 | 11.86% | 31.820（+2.32%） | | 石药集团(01093) | 3.81 亿 | 2 ...

截至2026年1月9日 13:15，创新药ETF天弘(517380)盘中换手2.54%，成交4041.23万元。跟踪的恒生沪深港创新药精选50指数 (HSSSHID)一度跌超1.5%，随后反转拉升翻红。成分股药明合联(02268)上涨3.14%，迪哲医药(688192)上涨2.92%，皓元医药 (688131)上涨2.48%，绿叶制药(02186)上涨2.03%，美迪西(688202)上涨1.89%。 拉长时间看，截至1月8日，创新药ETF天弘(517380)最新规模达15.97亿元，最新份额达19.80亿份，创成立以来新高。 从资金净流入方面来看，创新药ETF天弘(517380)近3天获得连续资金净流入，最高单日获得8941.75万元净流入，合计"吸 金"1.15亿元。 【产品亮点】 创新药ETF天弘(517380)，对应场外联接基金(A类：014564；C类：014565)。 【机构观点】 万联证券指出，2025年FDA批准新药的创新"质量"提升和技术平台多元化，国内药企崭露头角。建议聚焦前沿技术平台，重点 关注拥有ADC、siRNA、细胞基因治疗（CGT）等前沿技术平台的公司；建议布局具有"出海"潜力的 ...

Group 1 - The top three stocks with net inflows are Yingfu Fund (02800) with 6.826 billion, Hang Seng China Enterprises (02828) with 2.151 billion, and Kuaishou-W (01024) with 1.553 billion [1] - The top three stocks with net outflows are Tencent Holdings (00700) with -0.920 billion, China Mobile (00941) with -0.365 billion, and China Hongqiao (01378) with -0.257 billion [1] - In terms of net inflow ratio, Jiangsu Ninghu Expressway (00177) leads with 68.66%, followed by COSCO Shipping Ports (01199) with 62.64%, and Beijing Enterprises Water Group (00371) with 62.27% [1] Group 2 - The top ten stocks by net inflow include Xiaomi Group-W (01810) with 1.020 billion and Southern Hang Seng Technology (03033) with 0.944 billion [2] - The top ten stocks by net outflow also include China People's Insurance Group (01339) with -0.255 billion and GCL-Poly Energy (03800) with -0.213 billion [2] - The net outflow ratio for China National Building Material (03323) is -48.46%, followed by Gao Xin Retail (06808) at -48.27% and Swire Properties (01972) at -47.79% [3]

Group 1: Market Performance - Hong Kong's innovative drug ETF (159570) surged by 3%, with a trading volume exceeding 1.5 billion yuan, following a net inflow of over 62 million yuan today after a previous inflow of 430 million yuan [1][3] - As of January 6, the latest scale of the Hong Kong innovative drug ETF reached over 23.3 billion yuan, leading its peers in the same category [1] Group 2: Economic Signals - Federal Reserve Governor Milan indicated that upcoming economic data may support further interest rate cuts, with expectations of a reduction exceeding 100 basis points this year [3] - Wall Street analysts suggest that if the U.S. unemployment rate rises to 4.7% by December 2025, the Fed may cut rates by 25 basis points this month [3] Group 3: Company Developments - Brain-computer interface "unicorn" Strong Brain Technology completed a financing round of 2 billion yuan, second only to Musk's Neuralink [3] - AI pharmaceutical company Insilico Medicine announced a long-term collaboration with Siveya for anti-tumor drug development, with a total deal value of 888 million USD [3] Group 4: New Drug Approvals - On January 6, BeiGene announced that its self-developed BCL2 inhibitor, Baiyueda® (sotucumab), received conditional approval from the National Medical Products Administration [3] - Shiyao's SYS6017 has initiated Phase II clinical trials for the prevention of shingles [3] Group 5: Investment Insights - Zhongtai Securities predicts that the pharmaceutical sector's opportunities in 2025 will focus on innovation and industry upgrades, with investment strategies continuing into 2026 [5] - The report emphasizes the importance of "innovative drugs and industry chains, demand recovery, and AI" as key investment dimensions [5] Group 6: J.P. Morgan Healthcare Conference - The 44th J.P. Morgan Healthcare Conference is set to take place from January 12 to 15, 2026, in San Francisco, attracting over 8,000 global participants [6] - The conference will feature over 500 listed companies and thousands of startups, focusing on "capital + strategy" discussions [6] Group 7: Industry Trends - Three major trends are highlighted for 2026: the continued rise of gene and cell therapies, deep integration of AI in pharmaceuticals, and the emergence of new market forces [7] - The report notes that over 20 gene editing companies will showcase breakthroughs in CAR-T and base editing at the conference [7] Group 8: MNC Engagement - Multinational corporations (MNCs) are willing to pay higher prices for innovative drugs from China, with the average total package for drugs purchased from China being 2.76 billion USD, compared to 1.29 billion USD for those from overseas [8] - The willingness of MNCs to pay a premium for Chinese innovations is driven by the need to fill significant pipeline gaps due to impending patent expirations [8] Group 9: Investment Focus - Investment strategies should focus on companies with strong clinical development capabilities and those in popular therapeutic areas such as ADCs, GLP-1, and dual antibodies [11] - Companies that can produce high-quality late-stage clinical assets are likely to attract MNC interest [11] Group 10: Key Therapeutic Areas - The report identifies key therapeutic areas for investment, including ADCs, GLP-1, dual antibodies, and neuroscience, emphasizing the need for innovative platforms and clinical data superiority [12]

Group 1 - The majority of Hong Kong pharmaceutical stocks experienced an increase, with 恒瑞医药 (Hengrui Medicine) and 和黄医药 (Hutchison China MediTech) rising over 3% [1] - 康龙化成 (Crown Bioscience), 石药集团 (Shijiazhuang Pharmaceutical Group), and 泰凌医药 (Tianling Pharmaceutical) saw increases of over 2% [1]

智通财经APP获悉，石药集团(01093)涨超3%，截至发稿，涨3.39%，报9.15港元，成交额2.97亿港元。 消息面上，1月5日，据中国国家药品审评中心(CDE)官网最新公示，石药集团全资附属公司石药集团欧 意药业有限公司按化药注册分类4类申报的恩格列净片上市申请获受理。公开资料显示，恩格列净片作 为钠葡萄糖共转运体2(SGLT-2)抑制剂，主要用于治疗2型糖尿病、心力衰竭和慢性肾脏病。 公开资料显示，恩格列净是由德国勃林格殷格翰研发、与礼来联合推广的SGLT2抑制剂类药物。作为全 球三大SGLT2抑制剂之一，恩格列净凭借其独特的降糖机制和心血管、肾脏保护作用，成为糖尿病治疗 领域的明星药物。近年来，在中国的三大终端和六大市场中，恩格列净片的销售规模迅速扩大，尤其在 2024年达到了10亿元的里程碑，并在2025年第一季度实现了接近20%的同比增长。 ...

公开资料显示，恩格列净是由德国勃林格殷格翰研发、与礼来联合推广的SGLT2抑制剂类药物。作为全 球三大SGLT2抑制剂之一，恩格列净凭借其独特的降糖机制和心血管、肾脏保护作用，成为糖尿病治疗 领域的明星药物。近年来，在中国的三大终端和六大市场中，恩格列净片的销售规模迅速扩大，尤其在 2024年达到了10亿元的里程碑，并在2025年第一季度实现了接近20%的同比增长。 消息面上，1月5日，据中国国家药品审评中心(CDE)官网最新公示，石药集团全资附属公司石药集团欧 意药业有限公司按化药注册分类4类申报的恩格列净片上市申请获受理。公开资料显示，恩格列净片作 为钠葡萄糖共转运体2(SGLT-2)抑制剂，主要用于治疗2型糖尿病、心力衰竭和慢性肾脏病。 石药集团(01093)涨超3%，截至发稿，涨3.39%，报9.15港元，成交额2.97亿港元。 ...

2025年12月份收益率表现 从此前公布的最新季报看，宝盈医疗健康沪港深股票在去年三季度前十大重仓股为信达生物、科伦 博泰生物、百利天恒、三生制药、诺诚健华、百济神州、恒瑞医药、康方生物、信立泰、康弘药业。宝 盈创新医疗混合发起式的前十大重仓股为百利天恒、科伦博泰生物、信达生物、三生制药、康方生物、 诺诚健华、康弘药业、信立泰、石药集团、一品红。 对比来看，不仅其中有八只重仓股都相同，而且多只个股都在去年12月里遭遇了大幅下跌，如第一 大重仓股信达生物在当月下跌18.97%，三生制药更是下跌超过22%。 | 名称 | | 复权单位净值增长率% 累计单位净值元 规模 亿元 基金经理 | | | | --- | --- | --- | --- | --- | | 宝盈创新医疗混合发起式C | -14.19 | 0. 8857 | 0. 51 | 姚艺 | | 宝盈创新医疗混合发起式A | -14.14 | 0. 8886 | 0. 47 | 姚艺 | | 宝盈医疗健康沪港深股票C | -13.26 | 1.8650 | 8.29 | 姚艺 | | 宝盈医疗健康沪港深股票A | -13.20 | 1.9630 | ...

流动性方面，截止1月6日，港股创新药ETF（159567）近20个交易日累计成交金额164.64亿元，日均成 交金额8.23亿元；今年以来，2个交易日，累计成交金额27.89亿元，日均成交金额13.94亿元。 港股创新药ETF（159567）现任基金经理为马君。马君自2024年1月3日管理（或拟管理）该基金，任职 期内收益50.52%。 最新定期报告显示，港股创新药ETF（159567）重仓股包括百济神州、康方生物、信达生物、中国生物 制药、中国生物制药、石药集团、三生制药、翰森制药、科伦博泰生物-B、再鼎医药，持仓占比如下。 规模方面，截止1月5日，港股创新药ETF（159567）最新份额为104.79亿份，最新规模为83.31亿元。回 顾2025年12月31日，港股创新药ETF（159567）份额为104.92亿份，规模为78.96亿元。即该基金今年以 来份额减少0.12%，规模增加5.50%。 来源：新浪基金∞工作室 1月6日，港股创新药ETF（159567）收盘涨0.38%，成交额11.63亿元。 港股创新药ETF（159567）成立于2024年1月3日，基金全称为银华国证港股通创新药交易型开放式指数 ...