流动性方面，截止1月6日，港股创新药ETF（159567）近20个交易日累计成交金额164.64亿元，日均成 交金额8.23亿元；今年以来，2个交易日，累计成交金额27.89亿元，日均成交金额13.94亿元。 港股创新药ETF（159567）现任基金经理为马君。马君自2024年1月3日管理（或拟管理）该基金，任职 期内收益50.52%。 最新定期报告显示，港股创新药ETF（159567）重仓股包括百济神州、康方生物、信达生物、中国生物 制药、中国生物制药、石药集团、三生制药、翰森制药、科伦博泰生物-B、再鼎医药，持仓占比如下。 规模方面，截止1月5日，港股创新药ETF（159567）最新份额为104.79亿份，最新规模为83.31亿元。回 顾2025年12月31日，港股创新药ETF（159567）份额为104.92亿份，规模为78.96亿元。即该基金今年以 来份额减少0.12%，规模增加5.50%。 来源：新浪基金∞工作室 1月6日，港股创新药ETF（159567）收盘涨0.38%，成交额11.63亿元。 港股创新药ETF（159567）成立于2024年1月3日，基金全称为银华国证港股通创新药交易型开放式指数 ...

招商证券国际发表报告指，2026年医药行业增长性存在分化，慢性病依然是未来制药行业最大的驱动 力，其供给端升级和代表公司经营质量提升是下而上选股的主要思路。报告指，中美两国将进一步在创 新药领域展开更多同台竞争与合作，政策干扰会带来波动，但不改产业长期发展方向。该行看好生物制 药板块，行业首选诺华制药、信达生物、艾拉伦、翰森制药、康诺亚，推荐和誉、华润医药、赛默飞、 礼来。 ...

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: 2025年12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: 翰森製藥集團有限公司 呈交日期: 2026年1月5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) | 03692 | 說明 | - | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.00001 | HKD | | 200,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.00001 | HKD | | 200,000 | 本月底法定 ...

葫芦娃：董事长刘景萍涉嫌信息披露违法违规被证监会立案 近日，葫芦娃发布公告称，因公司及公司董事长刘景萍女士涉嫌信息披露违法违规，根据《中华人民共 和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决定对公司和刘景萍立案。 目前，公司各项生产经营活动正常有序开展，在立案调查期间，公司将积极配合中国证监会的相关调查 工作，并严格按照有关法律法规及监管要求履行信息披露义务。 SHR6508是一种新型钙敏感受体变构调节剂，拟用于治疗需接受血液透析的慢性肾脏病成年患者的继发 性甲状旁腺功能亢进症，目前正在进行Ⅲ期临床试验研究。钙敏感受体通过释放控制血液钙水平的甲状 旁腺激素（PTH）来监测并调控钙水平。由于对钙离子的敏感性增强，SHR6508给药后可减少继发性甲 状旁腺功能亢进症血液透析患者的PTH分泌。 翰森制药须向恒瑞医药支付首付款人民币3000万元。恒瑞医药有资格获得监管里程碑付款及与许可产品 纳入国家医保目录相关的商业里程碑付款最高可达人民币1.9亿元。有权根据季度净销售额获得阶梯 式、最高9%比例的销售提成。 悦康药业：申请H股发行并赴港上市同步刊登申请资料 近日，悦康药业集团股份有限公司发布公告 ...

Core Insights - The year 2025 marks a significant milestone for China's innovative pharmaceutical industry, characterized by intense interactions between capital and industry, with BD transaction totals exceeding $130 billion, setting a historical record and surpassing 50% of the global market share [1][5] - The market has experienced a rollercoaster ride, with a resurgence in the first half of the year followed by a collective pullback in the third quarter, highlighting the importance of distinguishing between companies driven by solid fundamentals versus those reliant on market sentiment [3][10] - The industry is transitioning from "scale expansion" to "value realization," indicating a shift towards more sustainable growth and resilience in the face of external uncertainties [1][12] BD Transactions - In 2025, China saw explosive growth in license-out transactions, with over 100 deals totaling more than $110 billion, including 15 transactions with upfront payments exceeding $100 million [5][6] - Notable milestone BD transactions include a $12.5 billion deal between 3SBio and Pfizer, and a $114 billion strategic partnership between Innovent Biologics and Takeda, marking a shift in traditional licensing models [5][6] - The total value of license-out transactions reached $130 billion, a year-on-year increase of over 150%, underscoring China's emergence as a key player in global pharmaceutical innovation [5][6] Market Dynamics - The traditional pharmaceutical companies are adapting and showing resilience, with firms like Hengrui Medicine and 3SBio successfully navigating the transition from generics to innovative drugs [4][10] - The industry is expected to continue its upward trajectory, supported by increased R&D investments, a growing number of clinical trials, and a dual payment system that enhances patient access to innovative therapies [10][11] - The anticipated "data validation year" in 2026 will see more Chinese innovative pipelines entering global clinical development, influencing market expectations for Chinese innovation [10][11] Future Outlook - The innovative pharmaceutical sector is poised for a more solid and resilient future, with a focus on delivering effective treatment solutions for patients and contributing to the global pharmaceutical landscape [12][13] - The ongoing demand for innovative assets from multinational corporations (MNCs) is expected to rise, driven by patent expirations and declining R&D efficiency, leading to a strategic focus on "in China for global" initiatives [6][7] - The industry is entering a new era characterized by value-driven growth, where the emphasis will be on the contribution of products to revenue rather than mere availability [7][9]

Core Insights - The Hong Kong stock market closed 2025 with the Hang Seng Index rising by 27.77%, marking its best annual performance since 2017 [1] - Among the constituents of the Hang Seng Index, China Hongqiao surged by 203.72%, leading the gains, followed by Zijin Mining at 162.29%, and SMIC at 124.69% [1][2] Group 1: Performance Highlights - China Hongqiao's stock price reached 32.620 with a year-to-date increase of 203.72% [2] - Zijin Mining's stock price was 35.660, reflecting a year-to-date rise of 162.29% [2] - SMIC's stock price stood at 71.450, with a year-to-date increase of 124.69% [2] - Hansoh Pharmaceutical increased by 113.33% year-to-date, with a stock price of 36.080 [2] - Pop Mart's stock price was 37.700, showing a year-to-date rise of 111.46% [2] - Innovent Biologics saw a year-to-date increase of 108.33%, with a stock price of 76.250 [2] - Chow Tai Fook's stock price was 12.390, reflecting a year-to-date increase of 100.16% [2] - China Biologic Products had a stock price of 6.180, with a year-to-date rise of 98.71% [2] - JD Health's stock price was 55.500, showing a year-to-date increase of 97.51% [2] - China Life's stock price stood at 27.380, with a year-to-date increase of 96.60% [2] Group 2: Sector Analysis - The performance of the top stocks reflects four main themes: cyclical resources, hard technology, innovative pharmaceuticals, and niche consumption [1] - Stocks like China Hongqiao and Zijin Mining benefited from global inflation and industrial demand [1] - SMIC represents the core of domestic substitution and technological self-reliance [1] - Companies like Hansoh and Innovent are being valued for genuine innovation and international pricing [1] - Niche consumption sectors, represented by Pop Mart, Chow Tai Fook, and JD Health, demonstrate strong vitality even in a weak recovery environment [1]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report emphasizes the potential of brain-computer interface (BCI) technology and AI medical applications, predicting significant developments in 2026. It suggests focusing on innovative drug stocks and medical technology themes, particularly in the context of an aging population and the recovery of consumer spending in healthcare [3][5][42]. Summary by Sections 1. Policy Catalysts and BCI Application Potential - The brain-computer interface (BCI) technology is highlighted as a key area of growth, with the market expected to reach approximately $2.62 billion by 2024 and grow to $12.4 billion by 2034, reflecting a compound annual growth rate (CAGR) of 17.4% from 2025 to 2034 [12][18]. - The medical sector is projected to account for about 46% of the BCI application market in 2024, focusing on areas such as neurological rehabilitation and sensory diagnostics [13][18]. 2. Industry Perspective: Innovation and Global Expansion - The pharmaceutical index has shown a decline of 0.18% from December 22 to December 26, 2025, with a year-to-date increase of 14.29%. The report notes a significant number of stocks experiencing both gains and losses during this period [25][30]. - The report identifies key stocks to watch, including innovative drug companies and those involved in the BCI and AI medical sectors, suggesting a focus on companies like Heng Rui Medicine, Zai Lab, and others [42][45]. 3. Investment Opportunities - The report suggests that the pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs leading the way. It highlights the increasing global competitiveness of Chinese pharmaceutical companies and their growing capabilities in international markets [41][42]. - Specific recommendations include focusing on innovative drugs, medical devices, and companies involved in the BCI sector, with a particular emphasis on those with strong fundamentals and potential for recovery in 2026 [42][44].

2025年，是中国创新药在技术、市场、国际化领域破釜沉舟的一年，药企"走出去"迈出了关键一 步。对外授权交易（BD）爆发是最佳证明，全年对外授权总金额突破1000亿美元，首付款达81亿美 元，超九成跨国药企已经与中国药企达成合作，模式已不再局限于单纯技术转让，而是向"授权+联合 开发+商业化参与"多层次合作迈进。总体看，中国正加速从医药大国向医药强国转型。 "十四五"收官，我国生物医药市场规模稳居全球第二，在研创新药约占全球的30%，标志着我国医 药产业实现了从跟跑到并跑的关键跨越。"十四五"期间，我国共批准上市创新药220个、创新医疗器械 282个，分别达到"十三五"期间的6.2倍、3.1倍。批准415个儿童药品、155个罕见病药品上市，批准上市 中药创新药28个，新批准注册和备案公示化妆品新原料344件，医药产业创新发展活力不断增强。 国际化：从跟跑到领跑 医药行业国际化势头在2025年彻底爆发，一方面表现在BD交易激增，另一方面是"A+H"布局火 热。 数据显示，2025年中国创新药对外授权出海总金额已突破1000亿美元，较2024年同期飙升约75%， 从"卖产品"到"卖技术"，从"被动授权"到"主动布 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 【头条要闻】 国务院国资委：国有企业要带头抵制"内卷式"竞争 带动产业链上下游企业融通发展 其中提到，确保进一步深化国资国企改革取得新成效。党的二十届三中全会明确的各项改革任务需要在 2029年完成。国资国企改革是经济体制改革的重要内容，是做强做优做大国有企业和国有资本的关键一 招，必须以实施新一轮深化国资国企改革为抓手，以构建新型生产关系为重点，完善中国特色现代企业 制度，健全公司治理结构，推动党的领导融入公司治理各环节，差异化推进董事会建设，深化三项制度 改革，持续提升经理层成员任期制契约化管理水平，健全市场化用工模式，按照"规范、激励、倾斜"一 体推进要求，进一步加强薪酬管理。优化企业管理运营体系，加快组织形态和管理流程变革，持续推动 扁平化、智能化改造，不断压缩管理层级、缩短决策链条，提升企业对市场环境变化和产业发展趋势的 敏锐度，大力推动效率革命。完善国有资产管理监督体制机制，研究制定国有企业履行战略使命评价制 度，完善国有企业增加值核算方法，深化"一企一策"分类考核，进一步加强和改进出资人监督，推进穿 透式监管，确保既"放得活"又"管得好"。 明年 ...

丨2025年12月29日星期一丨 NO.1 ST葫芦娃及公司董事长遭证监会立案 点评：本次权益变动尚需取得深圳证券交易所的合规性确认意见并在中国证券登记结算有限责任公司深 圳分公司办理股份过户登记手续，以及完成相关法律法规要求可能涉及的其他批准，投资者应注意投资 风险。 NO.4 金城医药子公司补缴税款近2160万元 12月28日，金城医药发布关于子公司补缴税款的公告，称根据税务部门对子公司金城金素及榄都药业 2017年和2018年纳税情况的检查，两家公司应补缴税款及滞纳金共计2159.68万元。目前，金城金素及 榄都药业的税款及滞纳金已缴纳完毕，本次补缴不涉及行政处罚。 点评：金城医药将根据合同约定向之前的股权转让交易方进行追偿。若无法全额追回，预计对公司当期 归属于上市公司股东的净利润的影响为-993.13万元，具体影响金额最终以公司2025年度经审计的财务 报表为准，投资者应关注上市公司后续公告。 12月28日，ST葫芦娃发布公告称，因公司及公司董事长刘景萍涉嫌信息披露违法违规，根据相关法律 法规，中国证监会决定对公司和刘景萍立案。 点评：尽管公司表示目前各项生产经营活动正常有序开展，但在立案调查期间， ...