Core Viewpoint - The innovative pharmaceutical sector is experiencing a significant rise, with multiple companies reporting substantial stock increases due to recent high-profile collaborations and a positive outlook for revenue growth in the industry [1] Group 1: Stock Performance - Innovative drug concept stocks are generally rising, with notable increases: - CSPC Pharmaceutical Group (01093) up 7.16% to HKD 10.48 - WuXi Biologics (02269) up 5.54% to HKD 40.36 - CanSino Biologics-B (02162) up 5.45% to HKD 60.95 - Innovent Biologics (01801) up 5.15% to HKD 89.8 - Zai Lab (09688) up 4.9% to HKD 14.76 [1] Group 2: Collaborations and Partnerships - Significant collaborations have been announced in 2026, including: - CSPC Pharmaceutical Group's partnership with AstraZeneca worth up to USD 18.5 billion - Rongchang Biologics' agreement with AbbVie valued at USD 5.6 billion - Various innovative drug export formats are emerging, such as "single product licensing" and "technology platform + heavyweight single product" [1] Group 3: Industry Outlook - According to Kaiyuan Securities, the revenue growth in innovative drugs is accelerating, with over 70% of companies expected to achieve positive revenue growth by 2025 - The innovative drug sector has seen a correction over the past two quarters, but long-term prospects indicate that many quality stocks offer attractive valuation opportunities - It is recommended to increase allocation in this sector, focusing on companies with established overseas operations and high clinical data performance [1]

Core Viewpoint - The innovative drug sector is experiencing a significant rise, with multiple companies reporting substantial stock increases and notable collaborations in 2026, indicating a robust growth phase for the industry [1] Group 1: Stock Performance - Companies such as CSPC Pharmaceutical (01093) saw a stock increase of 7.16%, trading at HKD 10.48; WuXi Biologics (02269) rose by 5.54% to HKD 40.36; CanSino Biologics-B (02162) increased by 5.45% to HKD 60.95; Innovent Biologics (01801) gained 5.15% to HKD 89.8; and Zai Lab (09688) rose by 4.9% to HKD 14.76 [1] Group 2: Collaborations and Partnerships - Significant collaborations have emerged in 2026, including CSPC Pharmaceutical's partnership with AstraZeneca valued at up to USD 18.5 billion, and Rongchang Biopharmaceutical's agreement with AbbVie worth USD 5.6 billion, showcasing various innovative drug export models [1] Group 3: Industry Growth and Outlook - According to Open Source Securities, the revenue growth in the innovative drug sector is accelerating, with over 70% of companies expected to achieve positive revenue growth by 2025; the sector has undergone a correction over the past two quarters, but long-term prospects for quality stocks appear favorable [1] - The firm recommends increasing allocation to the innovative drug sector, focusing on companies with established overseas operations and high clinical data quality, which are likely to have better export probabilities [1]

每经AI快讯，石药集团(01093.HK)涨近5%，截至发稿，涨4.7%，报10.24港元，成交额4.86亿港元。 （文章来源：每日经济新闻） ...

该行认为，石药集团此次与阿斯利康的合作围绕公司专有的缓释给药技术平台及多肽药物AI发现平台 展开，公司的长效技术可实现多肽药物的缓释。同时，公司的多肽药物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。 石药集团(01093)再涨近5%，截至发稿，涨4.7%，报10.24港元，成交额4.86亿港元。 消息面上，近日，石药集团宣布与阿斯利康就创新长效多肽药物开发签订战略合作与授权协议。东北证 券认为，公司此次与阿斯利康的BD交易金额超预期，高额预付款充分彰显阿斯利康对公司长效多肽与 AI制药技术平台的高度认可与长期看好。此次合作也标志着公司与阿斯利康合作的再升级，有望加速 公司长效多肽药物的全球布局。 ...

该行认为，石药集团此次与阿斯利康的合作围绕公司专有的缓释给药技术平台及多肽药物AI发现平台 展开，公司的长效技术可实现多肽药物的缓释。同时，公司的多肽药物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。 消息面上，近日，石药集团宣布与阿斯利康就创新长效多肽药物开发签订战略合作与授权协议。东北证 券认为，公司此次与阿斯利康的BD交易金额超预期，高额预付款充分彰显阿斯利康对公司长效多肽与 AI制药技术平台的高度认可与长期看好。此次合作也标志着公司与阿斯利康合作的再升级，有望加速 公司长效多肽药物的全球布局。 石药集团(01093)再涨近5%，截至发稿，涨4.7%，报10.24港元，成交额4.86亿港元。 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of the Hong Kong Dividend ETF (工银, 159691), which has shown a slight increase in scale and a decrease in shares since the beginning of the year [1] - As of February 6, 2023, the fund's latest share count is 6.275 billion, with a total scale of 8.653 billion yuan, reflecting a 3.90% decrease in shares and a 2.58% increase in scale since December 31, 2022 [1] - The fund's management fee is 0.45% annually, and the custody fee is 0.07% annually, with its performance benchmark being the adjusted return of the China Securities Hong Kong Stock Connect High Dividend Select Index [1] Group 2 - The current fund managers are Liu Weilin and He Shun, with Liu managing since March 30, 2023, achieving a return of 39.18%, while He is set to manage from May 30, 2024, with a return of 16.38% [2] - The fund's top holdings include China National Offshore Oil Corporation (14.55%), China Shenhua Energy Company (9.65%), and China Pacific Insurance (8.90%), among others, with significant market values [2][3] - The cumulative trading amount for the fund in the last 20 trading days is 7.145 billion yuan, with an average daily trading amount of 357 million yuan [1]

石药集团(01093)涨超3%，截至发稿，涨2.69%，报9.92港元，成交额3.78亿港元。 消息面上，汇丰研究发布研究报告指出，石药集团股价年初至今累计上涨约9%，在1月30日公布与阿斯 利康的合作前已升14%，目前认为其估值仍然吸引，并憧憬未来在EGFR ADC及研发平台将有更多对外 授权合作机会，计及预付款及上季销售轻微改善的预期，将2025至2027年收入预测上调3%至11%。该 行并将石药集团2025至2027年净利润预测上调7%至18%，认为对外授权收入的增长已能抵销药品集中 带量采购政策所带来的负面影响。 来源：智通财经网 里昂表示，预期石药集团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。该行指 出，石药集团与阿斯利康及Madrigal Pharmaceuticals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。 ...

消息面上，汇丰研究发布研究报告指出，石药集团股价年初至今累计上涨约9%，在1月30日公布与阿斯 利康的合作前已升14%，目前认为其估值仍然吸引，并憧憬未来在EGFR ADC及研发平台将有更多对外 授权合作机会，计及预付款及上季销售轻微改善的预期，将2025至2027年收入预测上调3%至11%。该 行并将石药集团2025至2027年净利润预测上调7%至18%，认为对外授权收入的增长已能抵销药品集中 带量采购政策所带来的负面影响。 石药集团(01093)涨超3%，截至发稿，涨2.69%，报9.92港元，成交额3.78亿港元。 里昂表示，预期石药集团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。该行指 出，石药集团与阿斯利康及Madrigal Pharmaceuticals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。 ...

Core Viewpoint - The stock price of CSPC Pharmaceutical Group (01093) has increased by approximately 9% year-to-date, with a notable rise of 14% prior to the announcement of its collaboration with AstraZeneca on January 30. HSBC Research maintains that the company's valuation remains attractive and anticipates more licensing opportunities in the future related to EGFR ADC and its R&D platform [1][1][1] Group 1 - HSBC has raised its revenue forecasts for CSPC Pharmaceutical Group for 2025 to 2027 by 3% to 11%, considering prepayments and slight improvements in last quarter sales [1][1][1] - The net profit forecasts for the same period have been increased by 7% to 18%, indicating that growth in licensing revenue can offset the negative impacts of centralized procurement policies for pharmaceuticals [1][1][1] Group 2 - Citi expects that the business development (BD) transactions already completed by CSPC will start converting into recurring revenue from this year [1][1][1] - The four significant BD transactions with AstraZeneca and Madrigal Pharmaceuticals are projected to generate approximately $10.2 billion in upfront and milestone payments, significantly boosting profits to 6.3 billion, 10.2 billion, and 10.9 billion RMB for 2025 to 2027 [1][1][1]

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]