(本文来自第一财经) 百济神州跌超8%，药明生物跌超7%，泰格医药、康龙化成跌超5%，君实生物、药明康德、诺诚健华等 跟跌。 ...

消息面上，北海康成此前宣布，向药明生物旗下子公司配售8,403.36万股股份，占扩大后股本约 14.12%。配股事项所得款项净额约1.99亿港元，约12%将用于商业化产品的营运资金及注册维护；28% 用于现有产品线的研发开支；60%用于结算集团的贸易应付款项。配售完成后，药明生物于北海康成的 持股比例将升至约16.27%。 智通财经APP获悉，北海康成-B(01228)午后涨超6%，截至发稿，涨5.68%，报2.79港元，成交额172.27 万港元。 ...

张玮航 国联民生证券医药分析师: 各位投资者，大家这个上午好。那个开年第一天，大家开工大吉。那首先感谢大家来参加 我们国联民生。医药团队的这个电话会，今天是那个北海康成的这个近期情况的更新的电 话会议。我是那个，就是国内民生的研究员张金阳，在线跟我一起主持的还有我们团队的 胡若冰胡博，还有那个郭王洋。那节前，我们团队也组织了在康城的这个电话会，当时是 从这个罕见病行业的角度，这个当时这个邀请了薛总和百洋的这个副总来跟大家做了一个 沟通。那今天，这个电话会的主要的这个内容，是盖康城其实在春节期间，我们看到了一 个公告，这个配收了这个 8400 万股的这个股份给这个药明生物子公司，募集了 2 亿港元。 这个公告里面这个说这 2 亿港元的 12%用于商业化这个产品的运营。28%用于这个管线 的这个研发开支，60%用于这个结算集团的贸易应付款，那也，这个另外也补充公告了这 个售出现有股票的这个单位，其中一名服务供应商向本集团提供发展这个策略咨询，而另 一名的这个服务供应商就是，就要药物监管审批事宜，向本集团提供这个监管咨询，这些 相关的公告内容，我相信大家也看到了。那我们今天，针对这件事，也是很荣幸的再次请 到了这个 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

| 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 腾讯控股(00700) | +13.91亿元 | +266.49万股 | | 小米集团－Ｗ(01810) | +9.83亿元 | +2779.84万股 | | 美团-W(03690) | +9.31亿元 | +1152.98万股 | | 中国石油化工股份(00386) | +3.15亿元 | +5828.20万股 | | 兆易创新(03986) | +3.09亿元 | +76.66万股 | | 金山云(03896) | +2.77亿元 | +3853.80万股 | | 山东黄金(01787) | +2.59亿元 | +653.25万股 | | 联想集团(00992) | +2.31亿元 | +2509.00万股 | | 华虹半导体(01347) | +2.14亿元 | +227.72万股 | | 紫金黄金国际(02259) | +2.07亿元 | +96.45万股 | 备注：以上数据由智通机器人根据港交所数据，经过人工智能运算后自动生成，并不保证数据100%准 确；持股额变动=变动持股数*昨日收盘价。 3、港股通最近 ...

前10大净流入比榜 | 股票名称 | 净流入比↓ | 净流入(元) | 收盘价 | | --- | --- | --- | --- | | 南方东西精选(03441) | 1937.29% | 1.88 亿 | 11.650（+0.52%） | | 远大医药(00512) | 149.39% | 3040.81 万 | 7.780（-1.52%） | | 安徽皖通高速公路 | 144.79% | 1238.33 万 | 13.580（+1.80%） | 药明生物（02269）、紫金矿业（02899）、南方恒生科技（03033）南向资金净流出金额位列市场前 三，分别净流出-4.93 亿、-4.57 亿、-3.63 亿 在净流入比方面，南方东西精选（03441）、远大医药（00512）、安徽皖通高速公路（00995）以 1937.29%、149.39%、144.79%位列市场前三。 在净流出比方面，北京首都机场股份（00694）、雅迪控股（01585）、中国能源建设（03996） 以-209.12%、-92.61%、-78.78%位列市场前三。 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 ...

港交所：2月16日，贝莱德持有的药明生物H股多头头寸从5.22%降至4.51%。 来源：滚动播报 ...

Group 1 - The core point of the article is that Beihai Kangcheng-B (01228) announced a share placement to WuXi Biologics, leading to a significant increase in its stock price [1] - The company plans to issue 84.03 million new shares, representing approximately 14.12% of the enlarged issued share capital, at a price of HKD 2.38 per share, which is a discount of about 14.7% compared to the closing price of HKD 2.79 on February 13 [1] - The net proceeds from the placement are expected to reach HKD 199 million, with around 60% allocated for settling trade payables, approximately 28% for R&D expenses of existing product lines, and the remaining 12% for working capital and regulatory maintenance of commercialized products [1] Group 2 - Following the completion of the placement, WuXi Biologics' stake in Beihai Kangcheng will increase to approximately 16.27% [1]

Core Viewpoint - North Sea Kangcheng-B (01228.HK) has entered into a subscription agreement with WuXi Biologics HealthCare Venture, agreeing to issue and the subscriber agreeing to purchase a total of 84.036 million subscription shares at a price of HKD 2.38 per share, representing approximately 16.44% of the existing issued shares as of the announcement date [1] Group 1 - The total amount raised from the subscription is expected to be approximately HKD 200 million, with the estimated net proceeds from the subscription being around HKD 199 million [1] - The company plans to use the net proceeds for (i) working capital and regulatory maintenance for commercialized products; (ii) research and development expenses for existing product lines; and (iii) settling trade payables of the group [1]

Core Viewpoint - The Chinese innovative pharmaceutical sector is entering a golden development period, presenting a once-in-a-century investment opportunity due to unmet global medical needs and significant advancements in the industry [4][9]. Group 1: Market Growth and Trends - In 2025, the total value of out-licensing (BD) transactions for Chinese innovative drugs reached $135.7 billion, a significant increase from $51.9 billion in 2024, with upfront payments rising to $7 billion from $4.1 billion [4][9]. - In January 2026 alone, the transaction volume reached $30 billion, with upfront payments of $3 billion, indicating a strong start to the year [4][9]. - The proportion of external procurement pipelines from China for multinational pharmaceutical companies surged from 10% in 2020 to 42% in 2025, highlighting China's growing importance in the global pharmaceutical landscape [4][9]. Group 2: Clinical Milestones and Innovations - 2026 is identified as a critical year for validating major drugs, with several key clinical milestones expected to emerge, potentially leading to a re-evaluation of industry value [5][9]. - Notable clinical trials include Kangfang Biotech's AK112 for non-small cell lung cancer, which is anticipated to redefine first-line treatment standards [5][9]. - The ADC sector is also poised for significant developments, with Kelong Botai's SKB264 and Baili Tianheng's BL-B01D1 expected to release important phase III clinical data [5][9]. Group 3: Impact on Related Industries - The CXO (Contract Research Organization) sector, closely tied to innovative pharmaceuticals, is expected to benefit from the technological advancements in drug development, leading to a recovery in industry sentiment [5][10]. - Companies within the "WuXi" ecosystem, such as WuXi Biologics and WuXi AppTec, are experiencing a resurgence in orders and performance, reaching historical highs despite previous unfavorable U.S. policies [10].