2026年1月26日，药明生物与汉康生技(HanchorBio, Inc.)联合宣布，双方已签署战略合作协议，共同推进多种新一代双特异性抗体及多特异性抗体的开发 与生产。 （来源：药研网） 汉康生技董事长刘汉铮（左）与药明康德生物制剂首席执行官陈文杰（右）在战略合作签约仪式上。 此次合作旨在加速临床转化进程，提升CMC执行效率，并支持汉科生物基于Fc基设计生物制剂（FBDB™）平台开发的创新融合蛋白产品组合实现全球规 模化开发与生产。 根据协议，药明康德生物制剂将提供端到端的生物制剂开发与生产一体化服务，涵盖细胞系开发、工艺与生物测定开发、制剂配方开发及GMP生产。 汉康生技成立于2020年12月,是一家全球临床阶段的生物科技公司，专注于肿瘤及自身免疫疾病领域的下一代免疫疗法研发,基于Fc的设计生物制剂 （FBDB™平台）支持设计具有多样靶向方式的多功能生物制剂，旨在激活先天和适应性免疫通路，以克服当前抗PD1/L1免疫疗法的挑战。FBDB™平台 已成功在多个体内肿瘤动物模型中提供了概念验证数据 去年9月，汉康生技完成1.6亿元人民币增资，用于加速多款新药研发。 （来源：药研网） 2026年1月26日，药明生 ...

Core Viewpoint - Since January 20, WuXi Biologics (02269) has outperformed its mainland CRO peers and the overall healthcare sector, indicating its relative resilience in the market [1] Group 1: Company Performance - WuXi Biologics has shown better stock performance compared to mainland CRO peers and the broader healthcare sector since January 20 [1] - The company benefits from a more diversified shareholder structure, which helps mitigate geopolitical risk impacts [1] Group 2: Growth Potential - There is an increased visibility for accelerated growth before 2026, suggesting that the company's potential performance may exceed current expectations [1] - As peers in the industry are expected to miss profit expectations in Q4 2025, capital is likely to flow back to WuXi Biologics [1] Group 3: Market Position and Valuation - WuXi Biologics remains the preferred stock in the mainland CRO/CDMO sector according to the report [1] - The company's valuation is at a discount compared to global peers, indicating potential for upward adjustment [1] - The target price for WuXi Biologics is set at 48.5 yuan, with a rating of outperforming the market [1]

Group 1 - The core viewpoint of the report is that WuXi Biologics (02269) has outperformed its mainland CRO peers and the overall healthcare sector since January 20 [1] - The company is considered to have relative resilience due to a more diversified shareholder structure, which helps buffer against geopolitical risks [1] - There is an increased visibility of accelerated growth before 2026, with potential performance possibly exceeding current expectations [1] Group 2 - As competitors in the CRO/CDMO sector are expected to underperform in Q4 2025, capital is likely to flow back to WuXi Biologics [1] - WuXi Biologics remains the preferred stock in the mainland CRO/CDMO space, with a valuation discount compared to global peers [1] - The target price for WuXi Biologics is set at 48.5 yuan, with a rating of outperforming the market [1]

Core Viewpoint - Since January 20, WuXi Biologics has outperformed its mainland CRO peers and the overall healthcare sector, indicating its relative resilience in the market [1] Group 1: Company Performance - WuXi Biologics has shown better stock performance compared to mainland CRO peers and the overall healthcare sector since January 20 [1] - The company benefits from a more diversified shareholder structure, which helps buffer against geopolitical risks [1] Group 2: Growth Potential - There is an increased visibility for accelerated growth by 2026, suggesting potential performance may exceed current expectations [1] - As peers in the industry failed to meet profit expectations in Q4 2025, capital is flowing back to WuXi Biologics [1] Group 3: Market Position and Valuation - WuXi Biologics remains the preferred stock in the mainland CRO/CDMO sector according to the report [1] - The company's valuation is at a discount compared to global peers, indicating potential for upside [1] - The target price set for WuXi Biologics is HKD 48.5, with a rating of "outperform" [1]

Investment Rating - The report maintains a positive outlook on the CXO sector for the year 2026, indicating strong demand and recovery in global orders [3][26]. Core Insights - Illumina's release of the Billion Cell Atlas marks a significant advancement in life sciences, transitioning from static genomic data to a comprehensive dataset that integrates AI for drug discovery [3][8]. - Regulatory developments in China and the US are accelerating drug approval processes, with China's implementation of eCTD and the US FDA's support for Bayesian methods enhancing clinical trial efficiency [3][23]. - The CXO sector is expected to see robust growth, supported by major players like Lonza and WuXi AppTec, who are expanding capacity and reporting increased order volumes [3][26]. Summary by Sections Industry Frontiers - Illumina's Billion Cell Atlas is the largest human genome perturbation dataset to date, aimed at accelerating drug discovery through AI [3][8]. - Regulatory dynamics indicate a race for faster drug approvals, with China's NMPA adopting eCTD and the FDA endorsing Bayesian statistical methods for clinical trials [3][23]. - The global order recovery is evident, with a positive outlook for the CXO sector throughout 2026, as major companies report growth and increased demand [3][26]. Capital Trends - GSK's acquisition of RAPT Therapeutics for $2.2 billion focuses on developing an anti-IgE monoclonal antibody for food allergies, highlighting the potential in the allergy treatment market [4][31]. - Novartis has entered a $1.5 billion agreement with SciNeuro to advance a new antibody project targeting Alzheimer's disease, indicating ongoing investment in neurodegenerative treatments [4][36]. Weekly Perspective - The report emphasizes the transition to an AI-driven era in drug discovery, suggesting that previous advantages in research may diminish as the landscape evolves [5][37]. - The demand for CXO services is expected to remain strong, driven by AI-enabled drug discovery and regulatory advancements [5][38].

Core Insights - The report highlights significant investments made by fund manager Xie Zhiyu in various technology sectors, particularly in overseas computing power and semiconductor equipment, indicating a strategic focus on high-growth areas for 2026 [1][2] Investment Strategy - The funds managed by Xie Zhiyu, namely Xingquan He Yi and Xingquan He Run, have newly increased their positions in companies such as Baiwei Storage, Huiliang Technology, and WuXi Biologics, while also increasing their holdings in CATL [1] - The report emphasizes the importance of tracking core competitive trends in companies over a longer cycle to identify investment opportunities arising from technological transformations and sectoral rebounds [2] Sector Performance - The overseas computing power sector, particularly in optical modules, is experiencing record highs due to increased orders from major clients and advancements in new technologies [1] - Domestic supply chain leaders are gaining more influence on the international stage, especially in the optical module and PCB sectors, while also achieving breakthroughs in liquid cooling and power supply [1] - The AI-driven capital expenditure surge is creating challenges such as power shortages and storage deficits overseas, leading to heightened demand in domestic energy storage, gas turbines, and related industries [1] Company Holdings - The report lists significant stock holdings, including: - Zhongji Xuchuang: 2,035,762 shares valued at approximately 1.24 billion yuan - CATL: 2,330,228 shares valued at approximately 855.8 million yuan - Baiwei Storage: 5,872,779 shares valued at approximately 674.1 million yuan - Huiliang Technology: 35,830,178 shares valued at approximately 494.5 million yuan - WuXi Biologics: 13,464,500 shares valued at approximately 382.4 million yuan [3]

Core Viewpoint - Dongning Biotechnology has submitted its IPO application to the Hong Kong Stock Exchange for the third time, aiming to raise funds for global market expansion, strategic acquisitions, R&D enhancement, and operational needs [1] Group 1: Business Overview - Dongning Biotechnology, established in 2005, is the first domestic provider of serum-free culture media in China, ranking third among local cell culture media suppliers by revenue in 2024 [2] - The company operates two main business lines: bioprocess solutions and laboratory products and services, with the majority of revenue coming from bioprocess solutions [2][3] - Revenue from self-owned products accounted for 86.4%, 89.2%, and 84.9% during the reporting periods, indicating a strong focus on proprietary offerings [3] Group 2: Financial Performance - The company reported revenues of 814 million, 843 million, and 658 million yuan for the years 2023, 2024, and the first three quarters of 2025, respectively, but incurred losses of 315 million, 275 million, and a profit of 14.26 million yuan [4] - Despite revenue growth, the company faced significant losses in 2023 and 2024 due to high expenditures, which accounted for approximately 41.82% and 37.35% of revenue in those years [4] - Non-operating factors, including fair value changes of financial assets, significantly impacted performance, with a loss of 311 million yuan in 2023 alone [4] Group 3: Client and Market Dynamics - Revenue from five major clients represented 31.1%, 23.9%, and 32.0% of total revenue during the reporting periods, with WuXi Biologics being the largest single client [5] - WuXi Biologics holds a 19.75% indirect stake in Dongning Biotechnology and also acts as a supplier, highlighting a complex relationship [5] Group 4: Acquisition Strategy - Since 2020, Dongning Biotechnology has acquired multiple companies to expand its business and product offerings, resulting in a goodwill value of 843 million yuan [6] - The company has faced financial pressure due to significant non-controlling interest put options, amounting to 566 million yuan as of November 2025 [7] - The founder, Wang Meng, holds a combined 39.79% stake in the company, indicating strong insider control [7]

Core Viewpoint - The new policy from the National Healthcare Security Administration (NHSA) is expected to significantly boost the medical device industry, particularly benefiting high-end surgical assistance technologies, robotic surgeries, and telemedicine [1][3]. Group 1: Market Reaction - A-share medical ETFs, particularly the largest medical ETF (512170), saw a rise of 1.36% during intraday trading, indicating strong buying interest with over 270 million yuan invested the previous day [1]. - The Hong Kong medical ETF (159137) also experienced a rebound, reaching a peak increase of 1.78% before closing up 1.06%, ending a four-day decline [1]. - Notable stock performances included a 17.3% surge in the leading domestic surgical robot company, MicroPort Scientific Corporation-B, and over 5% increases in MicroPort Medical and Xianjian Technology [1]. Group 2: Policy Impact - The NHSA's new guideline establishes a market mechanism for high-end surgical assistance technologies, which is expected to enhance innovation and profitability in the industry [3]. - The unified pricing framework is anticipated to highlight the cost-performance advantages of domestic surgical robots and related consumables, accelerating the trend of domestic substitution [3]. - The NHSA's commitment to expanding the guideline in the future will create more opportunities for innovative medical device products, benefiting the overall innovation ecosystem in the industry [3]. Group 3: Investment Opportunities - The medical device sector is poised for significant investment opportunities due to the new NHSA policy, with a focus on high-end medical equipment, robotic surgeries, and compliant consumables [3]. - The CXO industry is experiencing improved conditions due to recovering overseas orders and domestic capacity clearance, contributing to sustained growth [3]. - The largest medical ETF (512170) and its associated funds focus on medical devices and services, with over 36% of its index weight in AI medical and brain-computer interface concept stocks [4].

Core Viewpoint - Daiwa reports that WuXi Biologics (02269) and WuXi AppTec (02268) plan to make a full acquisition offer for at least 60% of the shares of Easton Biopharma (01875) for a maximum cost of approximately 2.8 billion yuan, with the expectation that Easton Biopharma will maintain its listing status after the acquisition [1] Group 1 - The acquisition is expected to help WuXi AppTec expand its business and gain additional operational production capacity in China [1] - The deal aims to enrich the project portfolio and expand the customer base for WuXi AppTec [1] - This acquisition is anticipated to strengthen WuXi AppTec's leading market position in the ADC contract research and manufacturing organization sector [1] Group 2 - Daiwa currently assigns a "Buy" investment rating to WuXi Biologics [1]

Group 1 - The core viewpoint of the article is that WuXi Biologics (02269) and WuXi AppTec (02268) have announced a comprehensive acquisition offer to acquire at least 60% of the shares of Easton Biopharma (01875) for a maximum price of approximately 2.8 billion yuan [1] - The acquisition is expected to help WuXi AppTec expand its business and gain additional operational production capacity in China, further enriching its project portfolio and expanding its customer base [1] - The acquisition is anticipated to solidify WuXi AppTec's leading market position in the field of ADC contract research and manufacturing organizations [1] Group 2 - Daiwa currently gives a "Buy" investment rating for WuXi Biologics [1]