2026年2月4日立春，福布斯中国年终盛典在上海西岸美高梅酒店举行。本次盛典汇聚了科技、医疗、半导体、投资等领域的杰出企业家与行业领袖，以论 坛与晚宴的形式，共同探讨人工智能、硬科技、生物医药及商业文明的未来趋势。福布斯中国亦借此平台，向长期支持的各界人士致谢，并对过去一年在 商业、科技及文化领域展现出创新力与影响力的代表人物及企业进行表彰。 自2003年进入中国市场以来，福布斯中国依托全球视野与本土洞察，持续推出了包括中国最佳CEO、中国杰出商界女性100、中国创投人100、中国30 Under 30、中国创新力企业50强及中国ESG 50等在内的一系列榜单。这些榜单大多拥有超过十年的数据积淀，在发掘行业标杆的同时，也忠实记录了中国 经济发展的路径与转折，成为观察中国商业社会变迁的重要参考。 论坛伊始，福布斯中国集团总裁张清琏发表致辞。他代表福布斯中国感谢各界长久以来的信任与支持，并指出，在充满变数的市场环境中，商业不仅是财 富积累的手段，更是社会进步的助推器。他强调："商业的意义不仅在于创造财富，更在于创造价值。当商业切实推动了社会进步、改善了人类生活、促 进了人与自然的和谐共生时，它便承载了超越利润的深 ...

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].

本文源自：金融界AI电报 港股生物医药板块震荡走高，诺诚健华(09969.HK)涨超4%，再鼎医药(09688.HK)、药明康德 (02359.HK)、药明生物(02269.HK)、复宏汉霖(02696.HK)等个股跟涨。 ...

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion [1] - The net inflow of funds through the Hong Kong Stock Connect was 484 million, with Shanghai Stock Connect contributing 283 million and Shenzhen Stock Connect 201 million [1] Sector Performance - Energy and real estate sectors performed well, with coal-related assets rising due to supply constraints from Indonesia, leading to Yanzhou Coal Mining increasing over 10% and China Shenhua Energy rising over 5% [1] - Domestic property stocks also saw gains, with Shimao Group up over 14%, Sunac China up over 8%, Vanke up over 6%, and Yuexiu Property up over 6% [1] - Conversely, chip and tech stocks declined, with Shanghai Fudan down over 5%, Hua Hong Semiconductor down nearly 5%, and Tencent Holdings down nearly 4% [1] US Market Performance - The US stock market had mixed results, with the Dow Jones up 0.53%, while the S&P 500 and Nasdaq fell by 0.51% and 1.51% respectively [2] - Notable gainers included Amgen, which rose over 8%, and Nike, which increased by over 5% [2] - The tech sector faced challenges, with the Nasdaq China Golden Dragon Index down 1.95% and major chip stocks like AMD dropping over 17% [2] Investment Opportunities - The report emphasizes the importance of "technological self-reliance" and AI applications as key themes for future growth in the Hong Kong stock market, suggesting that leading companies in these sectors may see medium to long-term development opportunities [3] - It is recommended to focus on sectors supported by policies aimed at expanding domestic consumption, such as sports apparel and non-essential services [3] - The report highlights the continued value of Hong Kong stocks centered around Chinese assets, particularly in technology, consumer sectors, and undervalued state-owned enterprises [3] Company Highlights - ZTE Corporation (0763.HK) is noted for its comprehensive communication manufacturing capabilities, with a projected revenue of 121.299 billion for 2024, despite a slight decline [10] - The company maintains a high gross margin of 37.91% and is expected to see significant growth in its server and storage revenue, particularly in the AI computing sector [10] - Analysts predict ZTE's net profits for 2025 and 2026 to be 7.98 billion and 8.81 billion RMB respectively, indicating a relatively low valuation compared to its earnings potential [10]

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: WuXi Biologics (Cayman) Inc. 藥明生物技術有限公司*（於開曼群島註冊成立的有限公司）*僅供識別 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02269 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | USD | 0.000008333333 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 6,000,000,000 | U ...

当生物制药工艺赛道的国产化替代浪潮风起云涌，背靠药明生物这棵"大树"的多宁生物，却在资本市场的门外三度徘徊。 近日，这家国内首家商业化无血清培养基的生物工艺解决方案提供商，第三次向港交所递交招股书，试图以2025年前三季度扭亏为盈的业绩拐点，叩开上 市大门。 然而，这份看似回暖的成绩单背后，是无法回避的三重隐忧。 药明生物作为第二大股东、第一大客户兼供应商的双重绑定，让关联交易公允性质疑如影随形；8.43亿元商誉高悬，或存并购标的业绩不及预期的减值风 险；3.89亿元的短期借款，让仅有3.02亿元的类现金储备的多宁生物，资金链压力倍增。 三重枷锁之下，多宁生物的第三次IPO征程，终究要在机遇与风险的博弈中艰难前行。 狂奔二十年，陷"增收不增利"泥潭？ 早在2005年，多宁生物就已在中国扎根起步，彼时，公司仅是一家从事细胞培养基研发的小型技术企业。 由于动物细胞广泛应用于科研及生物药物开发生产，细胞培养基是维持动物细胞体外生长的核心必备原料，应用覆盖药物早期开发、基础科研及疫苗、抗 体等生物药物生产。 2016年，公司董事长兼首席执行官、执行董事王猛以18万元收购60%股权入主公司，此后通过持续引入外部融资、推 ...

这里是《21健讯Daily》，欢迎与21世纪经济报道新健康团队共同关注医药健康行业最新事件！ 政策动向 上海：大力培育发展脑机接口等未来产业 上海市第十六届人大四次会议2月3日上午在世博中心开幕。上海市市长龚正作《政府工作报告》。报告 表示，今年要推进临港科创城建设，加快打造一批高水平科创社区，持续提升东方芯港、大飞机园等特 色产业园区能级，大力培育发展脑机接口、第四代半导体等未来产业。 必贝特：BEBT-701临床试验申请获国家药监局批准 2月3日，必贝特公告，近日，公司收到国家药品监督管理局（NMPA）签发的《药物临床试验批准通知 书》，同意公司自主研发的全球首创AGT/PCSK9双靶点小干扰核酸（siRNA）药物BEBT-701开展用于 治疗轻中度高血压合并低密度脂蛋白胆固醇升高的I-II期临床试验。 药械审批 诺华可善挺®（司库奇尤单抗）放射学阴性中轴型脊柱关节炎（nr-axSpA）新适应症在华获批 2月3日，诺华公司宣布，其创新生物制剂可善挺®（司库奇尤单抗）新适应症获得国家药品监督管理局 批准，适用于治疗对非甾体类抗炎药（NSAID）应答不佳的活动性放射学阴性中轴型脊柱关节炎成人 患者（其客观征象 ...

根据协议条款，Vertex将获得该处于临床前阶段、计划用于治疗B细胞介导的自免疾病的三特异性TCE 的全球独家开发及商业化权益。药明生物将获得一笔首付款，并有资格获得与开发、注册及销售相关的 里程碑付款，以及产品上市后的销售提成。此外，药明生物还将为其创新TCE提供一体化合同研究和开 发服务。 智通财经APP获悉，药明生物(02269)涨超4%，截至发稿，涨3.35%，报37.04港元，成交额4.39亿港元。 消息面上，据药明生物官微消息，2月3日，公司宣布与Vertex Pharmaceuticals(VRTX.US)已针对一款创 新三特异性T细胞衔接子(TCE)签署授权和研究服务协议。Vertex计划用于治疗B细胞介导的自身免疫性 疾病。 ...

根据协议条款，Vertex将获得该处于临床前阶段、计划用于治疗B细胞介导的自免疾病的三特异性TCE 的全球独家开发及商业化权益。药明生物将获得一笔首付款，并有资格获得与开发、注册及销售相关的 里程碑付款，以及产品上市后的销售提成。此外，药明生物还将为其创新TCE提供一体化合同研究和开 发服务。 消息面上，据药明生物官微消息，2月3日，公司宣布与Vertex Pharmaceuticals(VRTX.US)已针对一款创 新三特异性T细胞衔接子(TCE)签署授权和研究服务协议。Vertex计划用于治疗B细胞介导的自身免疫性 疾病。 药明生物(02269)涨超4%，截至发稿，涨3.35%，报37.04港元，成交额4.39亿港元。 ...

据方舟健客公告，配售事项完成已于2026年1月29日落实及认购事项完成已于2026年2月2日落实。所得 款项净额的约90%将用于加速公司AI驱动的慢病管理平台的发展。 2月3日早盘，方舟健客大涨，盘中一度涨超20%；港股医疗板块强势反弹，百济神州、泰格医药、石药 集团、药明生物等涨幅靠前，港股通医疗ETF（520510）一度涨超2%。 药明生物2月3日宣布与Vertex Pharmaceuticals（纳斯达克上市公司）已针对一款创新三特异性T细胞衔 接子（TCE）签署授权和研究服务协议。 ...