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].

香港联交所最新资料显示，2月2日，Lazard Asset Management LLC增持国药控股（01099）116.304万 股，每股作价20.699港元，总金额约为2407.38万港元。增持后最新持股数目约为1.48亿股，最新持股比 例为11.06%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，2月2日，Lazard Asset Management LLC增持国药控股（01099）116.304万 股，每股作价20.699港元，总金额约为2407.38万港元。增持后最新持股数目约为1.48亿股，最新持股比 例为11.06%。 责任编辑：卢昱君 客户端 ...

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 股份數目 | | | 品,长上 磁缩照 有投票權股 (日 / 月 / 年) | | | | | | | | | | 份自分比 | | | | | | | | | % | | CS20260205E00048 | Lazard Asset Management | 1101(L) | | 1.163.040(L) | HKD 20.6990 | 148,386,976(L) | 11.06(L)02/02/2026 | | | LLC | | | | | 0(S) 0.00(S) | | | | | | | | | (P) 0.00(P) | | 增持后，Lazard Asset Management LLC最新持股数目为148,386,976股，持股比例由10.97%上升至11.06%。 | 股份代號: | 01099 | ...

来源：智通财经网 香港联交所最新资料显示，2月2日，Lazard Asset Management LLC增持国药控股(01099)116.304万股， 每股作价20.699港元，总金额约为2407.38万港元。增持后最新持股数目约为1.48亿股，最新持股比例为 11.06%。 ...

香港联交所最新资料显示，2月2日，Lazard Asset Management LLC增持国药控股(01099)116.304万股， 每股作价20.699港元，总金额约为2407.38万港元。增持后最新持股数目约为1.48亿股，最新持股比例为 11.06%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月2日，Lazard Asset Management LLC增持国药控股 (01099)116.304万股，每股作价20.699港元，总金额约为2407.38万港元。增持后最新持股数目约为1.48 亿股，最新持股比例为11.06%。 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新数据显示，1月30日，摩根大通增持国药控股（01099）130.4617万股，每股作价20.8553 港元，总金额约为2720.82万港元。增持后最新持股数目约为6738.7万股，持股比例为5.02%。 责任编辑：卢昱君 香港联交所最新数据显示，1月30日，摩根大通增持国药控股（01099）130.4617万股，每股作价20.8553 港元，总金额约为2720.82万港元。增持后最新持股数目约为6738.7万股，持股比例为5.02%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國藥控股股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01099 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,341,810,740 | RMB | | 1 | RMB | | 1,341,810,740 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,341,810,740 | RMB | | | 1 RMB | | 1,341,810,740 | FF301 ...

增持后，JPMorgan Chase & Co.最新持好仓数目为6738.699万股，持好仓比例由4.92%上升至5.02%。 | 股份代號: | 01099 | | --- | --- | | 上市法屬名稱: | 国镇控股股份有限公 | | 日期 (日 / 月 / 年): | 04/01/2026 - 04/02 | | 10-14-10-10-10-10-11-10-10-10-10-10-10-10-2 | | 格隆汇2月4日丨根据联交所最新权益披露资料显示，2026年1月30日，国药控股(01099.HK)获JPMorgan Chase & Co.以每股均价20.8553港元增持好仓130.5万股，涉资约2720.82万港元。 | 甚相序獎 | 共服更/體事/最后日放入隆名 作出接體的 廣人 / 國出或冰及的 每股的平均價 | URE | 原分散日 | | (路多期上述"甚 | 持有權益的胶份數目 估已發行的 有關鍵件的目點相關法國股份 豐權國權益 南拉曼橡胶(日/月/年) 煤炭 | | | --- | --- | --- | --- | --- | --- | --- | --- | | Che F ...

香港联交所最新数据显示，1月30日，摩根大通增持国药控股(01099)130.4617万股，每股作价20.8553港 元，总金额约为2720.82万港元。增持后最新持股数目约为6738.7万股，持股比例为5.02%。 ...