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 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16日，摩根大通增持国药控股（01099）34.7233万股，每股均价21.4135 港元，总金额约为743.55万港元。增持后最新持股数目约为6712.03万股，最新持股比例为5%。 责任编辑：卢昱君 香港联交所最新资料显示，2月16日，摩根大通增持国药控股（01099）34.7233万股，每股均价21.4135 港元，总金额约为743.55万港元。增持后最新持股数目约为6712.03万股，最新持股比例为5%。 责任编辑：卢昱君 ...

智通财经APP获悉，香港联交所最新资料显示，2月16日，摩根大通增持国药控股(01099)34.7233万股， 每股均价21.4135港元，总金额约为743.55万港元。增持后最新持股数目约为6712.03万股，最新持股比 例为5%。 ...

香港联交所最新资料显示，2月16日，摩根大通增持国药控股(01099)34.7233万股，每股均价21.4135港 元，总金额约为743.55万港元。增持后最新持股数目约为6712.03万股，最新持股比例为5%。 ...

| 数码通电讯(00315) | 5.190 | 5.200 | 0.97% | | --- | --- | --- | --- | | ＡＧＸ亚洲(03104) | 81.400 | 81.400 | 0.92% | | 力高健康生活(02370) | 0.990 | 1.180 | 0.85% | | 昆仑能源(00135) | 8.350 | 8.390 | 0.84% | | 鸿承环保科技(02265) | 1.190 | 1.210 | 0.83% | | 国药控股(01099) | 21.800 | 21.900 | 0.83% | | ＡＢＦ港债指数(02819) | 103.500 | 103.850 | 0.83% | | 易方达黄金矿(02824) | 14.580 | 14.720 | 0.82% | | ＰＰ新兴东盟(02810) | 80.620 | 80.620 | 0.78% | | 阳光房地产基金(00435) | 2.630 | 2.640 | 0.76% | | 港铁公司(00066) | 37.540 | 37.680 | 0.75% | | 置富产业信托(00778) ...

经济观察网 国药控股（01099.HK）在2026年2月20日（马年首个交易日）出现逆势下跌，主要是受短期 市场情绪、流动性因素及行业环境共同影响。 股票近期走势 2月20日，国药控股开盘报20.60港元，较前一日收盘价21.48港元低开4.1%，盘中一度跌超4%，最低触 及20.60港元。截至收盘，股价报20.98港元，单日跌幅2.33%，成交额约1.00亿港元。当日恒生指数下跌 1.10%，药品分销板块整体下跌5.13%，国药控股成为恒生指数成分股中领跌个股之一。 股价异动原因 流动性真空放大抛压：当日港股通（南向资金）处于关闭状态（至2月23日恢复），内地资金无法入场 托底，市场买盘薄弱。少量抛盘即导致股价快速下探，尤其医药板块资金出逃明显。 行业政策与业绩预期平淡：春节假期期间医药行业未现利好，市场对带量采购等政策调整的担忧持续， 叠加国药控股2025年前三季度营收同比下降2.47%（虽净利润微增0.53%），投资者对短期业绩改善信 心不足。 权重股拖累与板块轮动：当日资金从医药、科技等高估值板块流向能源、地产等防御性板块，国药控股 作为医药权重股遭遇集中抛售。同期百度、阿里等科技龙头亦大跌，加剧市场 ...

Core Viewpoint - The report highlights the financing, investment, logistics, and merger activities of China's chain pharmacy industry, emphasizing the importance of logistics center construction and the trend of expanding business scale and diversification among leading companies [1][8]. Financing Situation - The primary financing methods for listed companies in the chain pharmacy industry include private placements and convertible bonds, mainly aimed at constructing logistics centers, opening new pharmacies, and supplementing working capital [1]. - Key financing events since 2022 include: - Yifeng Pharmacy raised 2.547 billion yuan for logistics and digital platform upgrades [1]. - Yixin Tang raised up to 1.5 billion yuan for new pharmacies and logistics projects [1]. - Daclin raised 3.025 billion yuan for new chain pharmacies [1]. - Shuyupingmin raised up to 800 million yuan for modern logistics projects [1]. - Jianzhijia raised 410 million yuan for logistics center projects [1]. Investment Activities - From 2020 to 2025, major companies like Daclin, Yifeng Pharmacy, and Laobaixing have been actively investing, with Daclin leading with 36 investment events, followed by Yifeng Pharmacy with 14 and Laobaixing with 13 [5][6]. - The investment purposes include expanding business scale and diversifying operations, with companies investing in subsidiaries across different regions to enhance their market presence [8][10]. Merger and Acquisition Trends - Recent mergers and acquisitions in the chain pharmacy industry are primarily aimed at expanding the scale of midstream enterprises, often involving the acquisition of other pharmacy brands to increase store numbers and improve regional business layouts [11]. - Notable merger events include: - Huaren Health's acquisition of three pharmacy chains in Fujian and Zhejiang to expand its market presence [11]. - Yixin Tang's acquisition of multiple pharmacies in Sichuan to enhance competitiveness [11]. - Laobaixing's acquisition of a pharmacy chain in Anhui to strengthen market position [11]. Logistics Center Development - The construction of logistics centers is identified as a major purpose for financing, with companies focusing on enhancing their supply chain efficiency and operational capabilities [1][8].

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].

Group 1 - Lazard Asset Management LLC increased its stake in China National Pharmaceutical Group (国药控股) by 1.16304 million shares at a price of HKD 20.699 per share, totaling approximately HKD 24.0738 million [1] - After the increase, Lazard's total shareholding in China National Pharmaceutical Group reached approximately 148 million shares, representing a stake of 11.06% [1]

Group 1 - Lazard Asset Management LLC increased its stake in China National Pharmaceutical Group (国药控股) by acquiring 1,163,040 shares at an average price of HKD 20.699 per share on February 2, 2026, amounting to approximately HKD 24.0738 million [1][2] - Following this acquisition, Lazard Asset Management LLC's total shareholding rose to 148,386,976 shares, increasing its ownership percentage from 10.97% to 11.06% [1][2]

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%。 ...