药明生物去年新增209个综合项目，同比增加38%，当中三分之二属复合模式(双特异性及多特异性抗体 以及抗体药物偶联物)，约半数来自美国客户。此外，公司去年亦获得23个项目，包括6个后期阶段项 目，其中约半数来自美国客户，超过50%属复合模式。截至2025财年，公司持有945个项目，包括临床 前阶段463个、一期临床289个、二期临床94个、三期临床74个及商业化阶段25个项目。 智通财经APP获悉，美银证券发布研报称，为反映去年药明生物(02269)于研发及生产阶段的快速发展， 并考虑到其CMO业务具高增长能见度，该行将2025至2027年收入预测分别上调1%、5%及8%，目标价 由35港元上调至41.8港元。 ...

大和指，药明生物去年净新增项目128个，多于该行预测的105个。期内毛新增209个项目，半数来自美 国客户，三分二为双特异性/多特异性抗体及ADC。去年新签合约潜在里程碑总额最高可达40亿美元。 公司去年完成28个PPQ，今年则已有34个排期。 大和发布研报称，上调对药明生物(02269)目标价，由35.5港元上调至42港元，维持"买入"评级。该行上 调对药明生物2025年至2027年每股盈利预测1%至5%，基于新签项目预期上升及持续的经营开支杠杆， 以及上调2028至2032年收入预测3%至7%，基于项目增长趋势上调。 ...

大和指，药明生物去年净新增项目128个，多于该行预测的105个。期内毛新增209个项目，半数来自美 国客户，三分二为双特异性/多特异性抗体及ADC。去年新签合约潜在里程碑总额最高可达40亿美元。 公司去年完成28个PPQ，今年则已有34个排期。 智通财经APP获悉，大和发布研报称，上调对药明生物(02269)目标价，由35.5港元上调至42港元，维 持"买入"评级。该行上调对药明生物2025年至2027年每股盈利预测1%至5%，基于新签项目预期上升及 持续的经营开支杠杆，以及上调2028至2032年收入预测3%至7%，基于项目增长趋势上调。 ...

为反映去年公司于研发及生产阶段的快速发展，并考虑到其CMO业务具高增长能见度，该行将2025至 2027年收入预测分别上调1%、5%及8%，目标价由35港元上调至41.8港元，重申"中性"评级，因考虑到 公司业务发展符合预期且领先地位巩固，但同时受《生物安全法案》潜在地缘政治风险所抵消。 美银证券发表研究报告指，药明生物去年新增209个综合项目，按年增加38%，当中三分之二属复合模 式(双特异性及多特异性抗体以及抗体药物偶联物)，约半数来自美国客户。截至2025财年，公司持有 945个项目，包括临床前阶段463个、一期临床289个、二期临床94个、三期临床74个及商业化阶段25个 项目。 ...

该行仍对该公司在整体生物制剂外包市场中获得市占率，并赢得更多商业项目的能力充满信心。并相信 其先进的生物制造技术平台，使其能够良好地把握未来对先进全规模连续生物工艺需求增长的机遇。小 摩预测药明生物2025、2026年预估收入将分别增长至213亿元、246亿元人民币，同比增长率分别为14% 及15%。 摩根大通发布研报称，维持药明生物(02269)增持评级。药明生物计划在今日(14日)的第44届摩根大通医 疗健康大会上展示，当中所列出正在进行中的项目数量超出了该行预期，并将几个营运亮点视为正面， 包括公司正顺利实现强劲的2025年营收和盈利增长、去年完成了28项PPQ(工艺性能确认)，并计划在今 年完成34项等，预计这些数据点将支持公司今年持续增长。 ...

智通财经APP获悉，摩根大通发布研报称，维持药明生物(02269)增持评级。药明生物计划在今日(14日) 的第44届摩根大通医疗健康大会上展示，当中所列出正在进行中的项目数量超出了该行预期，并将几个 营运亮点视为正面，包括公司正顺利实现强劲的2025年营收和盈利增长、去年完成了28项PPQ(工艺性 能确认)，并计划在今年完成34项等，预计这些数据点将支持公司今年持续增长。 该行仍对该公司在整体生物制剂外包市场中获得市占率，并赢得更多商业项目的能力充满信心。并相信 其先进的生物制造技术平台，使其能够良好地把握未来对先进全规模连续生物工艺需求增长的机遇。小 摩预测药明生物2025、2026年预估收入将分别增长至213亿元、246亿元人民币，同比增长率分别为14% 及15%。 ...

Macro Economy - The Ministry of Industry and Information Technology (MIIT) issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, aiming to have over 450 influential platforms and more than 120 million industrial devices connected by 2028, with a platform penetration rate exceeding 55% [2] - MIIT held the 18th manufacturing enterprise symposium, emphasizing active participation in industry rule-making and self-regulation to promote a win-win environment and protect industry development [2] Investment News - On January 13, A-shares experienced a collective pullback, with the Shanghai Composite Index ending a 17-day winning streak, closing down 0.64%. The total trading volume in Shanghai, Shenzhen, and Beijing reached 3.7 trillion, setting a new historical record [5] - The Hang Seng Index rose by 0.9%, with the Hang Seng Technology Index increasing by 0.11%. Pharmaceutical stocks performed well, with WuXi AppTec rising over 8% and WuXi Biologics nearly 6%. The H-share listing of Zhaoyi Innovation saw a peak increase of over 53% on its first day, closing with a 37.53% rise, valuing the company at 155.2 billion HKD [5] - As of January 12, the management scale of ETF products under Huaxia Fund officially surpassed 1 trillion RMB, reaching 1,016.424 billion RMB, making it the first domestic ETF manager to enter the "trillion club" [5] - Approximately 130 A-share listed companies have disclosed their 2025 performance forecasts, with around 70 companies expecting positive results, including profit increases and recoveries [5] - A total of 186 listed companies have been subject to concentrated research by public funds and brokerages, with the number of research instances reaching 220, indicating strong interest in popular stocks like Aipeng Medical and Entropy Technology [5] Company Movements - Guizhou Moutai is establishing a dynamic adjustment mechanism for retail prices based on market orientation, aiming for a "market-following, relatively stable" self-operated system [6] - The "Dead or Alive APP" will officially adopt the global brand name Demumu in its upcoming new version [7] - Alibaba Cloud has completed further strategic investment in ZStack, achieving a controlling stake, and plans to create a standardized and inclusive cloud-edge integrated solution [7] - DeepSeek published a new paper on conditional memory for large language models, co-authored with Peking University [7] - Huaxia Happiness expects a net loss of 16 billion to 24 billion RMB in 2025, with potential delisting risk warnings for its stock [8] - Zhongwen Online anticipates a net loss of 580 million to 700 million RMB in 2025, as its overseas short drama business is still in the investment phase [8] - Luxshare Precision has terminated its acquisition of the business asset package held by India's Wingtech [8]

Market Overview - On January 13, the Hang Seng Index rose by 0.90%, with total southbound trading amounting to HKD 137.35 billion, including buy transactions of HKD 69.32 billion and sell transactions of HKD 68.03 billion, resulting in a net buying amount of HKD 1.30 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) recorded a total trading amount of HKD 54.86 billion, with buy transactions of HKD 28.00 billion and sell transactions of HKD 26.85 billion, leading to a net buying amount of HKD 1.15 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading amount of HKD 82.49 billion, with buy transactions of HKD 41.32 billion and sell transactions of HKD 41.17 billion, resulting in a net buying amount of HKD 0.15 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total trading amount of HKD 139.06 billion and a net buying amount of HKD 10.71 billion, closing with a price increase of 3.63% [1][2] - Tencent Holdings followed with a total trading amount of HKD 52.93 billion and a net buying amount of HKD 7.56 billion, closing with a price increase of 0.72% [1][2] - Xiaomi Group-W had a total trading amount of HKD 49.62 billion and a net buying amount of HKD 6.07 billion, closing with a price decrease of 1.96% [1][2] Continuous Net Buying and Selling - Three stocks experienced continuous net buying for more than three days, with Xiaomi Group-W, Tencent Holdings, and Kuaishou-W having net buying days of 9, 5, and 3 respectively [2] - Tencent Holdings had the highest cumulative net buying amount of HKD 69.99 billion, followed closely by Xiaomi Group-W with HKD 69.33 billion [2] - Two stocks faced continuous net selling, with China Mobile and Meituan-W having net selling amounts of HKD 52.84 billion and HKD 11.67 billion respectively [2]

Core Viewpoint - The article discusses the evolving landscape of the Chinese healthcare sector, particularly in the context of the upcoming JP Morgan Healthcare Conference, highlighting the diversification of Chinese companies and their strategic positioning in the global market [4][29]. Group 1: Conference Overview - The JP Morgan Healthcare Conference is the largest and most informative international healthcare investment and business development meeting, scheduled for January 12-15, 2026, in San Francisco [4]. - Approximately 22 Chinese companies are participating, categorized into four distinct roles: transaction-oriented innovative drug companies, disclosure companies at commercialization or regulatory milestones, supply-side platforms for global R&D and production outsourcing, and device companies focusing on efficiency and international expansion [4]. Group 2: Supply-Side Platforms - Supply-side platform companies are becoming essential in the global innovation chain, as they focus on delivering stable and efficient R&D and production capabilities, especially during periods of increased volatility in innovative drug companies [6][8]. - WuXi Biologics is shifting its focus from project quantity to project quality, emphasizing capacity utilization and long-term contract stability as key indicators of its value in the global biopharmaceutical supply chain [8]. Group 3: Cross-Border Licensing and Outbound Companies - The pricing logic for Chinese innovative drugs in cross-border licensing has evolved, with a focus on the overall deliverable capabilities rather than just the individual molecules [14]. - Companies like Kelun-Blotech and BaiLi Tianheng are exemplifying this trend by integrating their platforms into global R&D systems and establishing long-term collaborations with multinational pharmaceutical companies [16][18]. Group 4: Regulatory and Commercialization Companies - Companies that have accumulated clinical data and registration progress are transitioning towards verifiable sales and profit curves, shifting their valuation logic from future expectations to tangible cash flows [19]. - Zai Lab and Antengene are in the early commercialization stages, with their success hinging on their products' acceptance in clinical settings and the speed of prescription growth [21][23]. Group 5: Medical Device Companies - Mindray Medical is recognized for its comprehensive coverage of hospital workflows, with a focus on multi-product synergy rather than single-device performance, which is crucial for establishing long-term customer relationships [26]. - MicroPort Scientific is navigating a challenging environment where operational efficiency and cash flow management are critical for sustaining long-term clinical validation and international expansion [28]. Group 6: Industry Trends and Insights - The Chinese healthcare sector is transitioning from a phase of visibility to one of selection, where companies must clearly define their positions and deliverables in a high-intensity global exchange [29]. - The differentiation among Chinese companies in the global system is accelerating, with a clear divide between transaction-oriented innovative drug companies and those that have crossed critical regulatory milestones, focusing on verifiable growth [31].

Core Viewpoint - Biomanufacturing is identified as a key future industry in China's 14th Five-Year Plan, expected to create a market worth trillions in the next decade, driven by advancements in technology and policy support [2][5]. Group 1: Industry Overview - The biomanufacturing industry in China is nearing a total scale of 1 trillion yuan, with fermentation capacity accounting for over 70% of the global total [2][4]. - Shenzhen has become a hub for biomanufacturing, with 40% of newly established companies in this sector located there in the past three years, showcasing a significant industry clustering effect [4]. - The industry is supported by a comprehensive system of policy, funding, and technological advancements as outlined in the 14th Five-Year Plan [5]. Group 2: Key Enterprises - The article identifies 100 core enterprises in biomanufacturing, spanning the entire industry chain from upstream technology development to downstream commercial applications [7]. - Notable companies include: - Huada Technology, a leader in gene sequencing technology [17]. - Kaisa Biotech, which has achieved over 80% market share in the global long-chain dicarboxylic acid market [21]. - WuXi Biologics, representing China's capabilities in the global biopharmaceutical industry [27]. Group 3: Upstream Innovations - The upstream sector focuses on providing essential tools and technologies for research and production, with a shift towards domestic innovation and smart integration [16]. - Key trends include the localization of critical tools and the rise of AI-driven platform companies that enhance research efficiency [16][17]. - Over 75% of the 20 identified upstream enterprises are private, indicating a vibrant innovation landscape [16]. Group 4: Midstream Developments - The midstream sector is characterized by a dual structure of "upgraders" and "disruptors," with companies like Meihua Biotech and Chuaning Biotech leading in traditional fermentation while others like Kaisa Biotech innovate with new bioproducts [20][21]. - This segment contains the highest number of enterprises, with 40 out of the 100 identified companies, emphasizing the importance of production capacity and cost control [20]. Group 5: Downstream Applications - The downstream sector serves as a critical market for biomanufacturing, focusing on medical, consumer, and agricultural applications [25]. - Companies like Muyuan Foods exemplify the cost-saving potential of biomanufacturing in agriculture, while WuXi Biologics and Kelaiying represent the pharmaceutical sector's output capabilities [26][27]. - Future trends indicate a broadening of applications into new areas such as biobased textiles and environmental remediation [27].