今年创新药企业频繁宣布BD交易，但从三季度以来，原本利好的消息却不被二级市场买账。 最近一周，BD交易再掀一个小高潮。12月22日，先声药业（02096.HK）宣布其附属公司江苏再明与Ipsen于12月19日签订独家授权许可协议。同日，荃信生 物（02509.HK）发布公告，12月19日，其与Windward Bio Group AG附属公司LE2025 Therapeutics AG就公司自主研发的QX027N达成授权合作。 12月21日，加科思（01167.HK）宣布，已就其自主研发的泛KRAS抑制剂JAB-23E73与阿斯利康达成合作协议。12月15日-12月17日，长春高新 （000661.SZ）、翰森制药（03692.HK）、和铂医药（02142.HK）也相继发布与海外企业BD交易消息。 消息发布后，12月22日，加科思股价下跌13.58%，先声药业股价下滑1.98%，荃信生物股价则上涨1.44%。 12月17日消息发布后，铂医药股价下跌1.15%，翰森制药股价下跌0.51%。12月16日，长春高新股价则随着消息的发布上涨3.77%。 中国创新药行业在2025年迎来BD交易大爆发，密集的BD交易从5 ...

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56.94%。 来源：新浪基金∞工作室 12月26日，港股创新药ETF（159567）收盘跌0.26%，成交额2.21亿元。 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 证券投资基金，基金简称为港股创新药ETF。该基金管理费率每年0.50%，托管费率每年0.10%。港股创 新药ETF（159567）业绩比较基准为国证港股通创新药指数收益率(经估值汇率调整)。 规模方面，截止12月25日，港股创新药ETF（159567）最新份额为104.67亿份，最新规模为82.04亿元。 回顾2024年12月31日，港股创新药ETF（159567）份额为3.95亿份，规模为3.78亿元。即该基金今年以 来份额增加2547.36%，规模增加2071.41%。 流动性方面，截止12月26日，港股创新药ETF（159567）近20个交易日累计成交金额157.32亿元，日均 成交金额7.87亿元；今年以来，240个交易日，累计成交金额2796.55亿元，日均成 ...

智通财经APP获悉，美银证券发布研报称，10月内地医药行业总样本药品销售额同比转降3%，较9月的 同比增长6.8%大幅回落。医院渠道同比转降3.3%，前值增长7.1%。零售渠道10月月度销售额同比基本 持平，较9月的同比增长2.4%明显放缓。 报告指，10月翰森制药(03692)在同行中录得最高的同比增长，为10月8.6%。翰森制药月内大部分重点 产品10月录得环比双位数增长，仅PEG-loxenatide除外。维持"买入"评级，目标价45港元。 报告指，10月恒瑞医药(01276)多个重点产品承压。10月总样本销售额同比增长2%。其中，butorphanol / ioversol / sevoflurane同比分别下降49.1%、0.5%及10.8%。rezvilutamide / henagliflozin销售额同比分别增 长92.5%及155.2%。维持"跑输大市"评级，恒瑞医药(600276.SH)A股目标价57.7元人民币。 报告指，中国生物制药(01177)10月产品组合表现分化。核心产品anlotinib/glycyrrhizicacid月度销售额同 比分别增长6.5%及4.4%。但budeso ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

Group 1: Higher Education Sector - The higher education sector is expected to see a reversal of difficulties due to a combination of bottoming fundamentals and policy advancements, with a focus on improving educational quality and encouraging the expansion of high-quality private colleges [5][6] - The reintroduction of profit-oriented classification management in Hunan Province in 2025 may serve as a pilot for nationwide implementation, providing a stable policy environment for private colleges to expand and meet the growing demand for higher education [5][6] - Key indicators of educational quality, such as student-to-teacher ratios and per-student funding, have met standards after five years of increased investment, suggesting that the investment cycle is peaking and operational efficiency in higher education companies is likely to recover [5][6] - Companies to watch in this sector include Yuhua Education, Zhongjiao Holdings, New Higher Education, China Kepei, Neusoft Ruixin, Xijiao International Holdings, and Zhonghui Group [5][6] Group 2: Vocational Education Sector - The demand for vocational training is surging, driven by an increasing number of university graduates and high school students entering the labor market, leading to a projected market size of 80 billion yuan in 2025 with a penetration rate of only 5% [6][7] - The youth unemployment rate, particularly among those aged 16 to 24, is higher than the urban average, indicating a growing need for vocational skills training [6][7] - Companies to focus on in the vocational education sector include China Oriental Education and Fenbi [6][7] Group 3: Education Industry Trends - The education industry has undergone significant changes due to the "double reduction" policy, resulting in a 96% reduction in capacity in the academic training sector, with a limited number of operational licenses being redistributed [7] - The shift towards competency-based training is gaining momentum, with institutions leveraging their operational qualifications to expand their market share through non-academic training services [7] - The industry is moving towards a "franchise" model, which is expected to enhance revenue and profit growth for compliant institutions [7] Group 4: Investment Recommendations - The report recommends focusing on Hong Kong-listed vocational education companies, particularly China Oriental Education, which is adapting its operational strategy to cater to the needs of high school graduates [9] - In the higher education sector, the potential reintroduction of profit-oriented options is expected to enhance the revenue-sharing certainty for private colleges, with companies like Yuhua Education, Zhongjiao Holdings, and China Kepei being highlighted for their growth potential [9] - The report also suggests monitoring Chinese education companies listed in the US, such as New Oriental, TAL Education, and others, which are showing strong enrollment data [9]

Core Viewpoint - The Hong Kong stock market has seen a surge in refinancing activities this year, with placements becoming the preferred method for companies due to their efficiency, flexibility, and cost advantages [1][3]. Group 1: Market Activity - Hong Kong listed companies have raised nearly 350 billion HKD through placements, rights issues, and consideration issues this year, with placements accounting for almost 90% of the total [1][3]. - The total amount raised through placements alone reached approximately 312.4 billion HKD, representing 89.61% of the total refinancing [3][7]. Group 2: Industry Insights - Key industries leading the placements include hardware equipment, automotive and parts, biomedicine, and software services, with hardware equipment raising 600.07 billion HKD [4][5]. - Notable contributions from specific companies include Xiaomi Group raising 426 billion HKD in the hardware sector and BYD raising 435.09 billion HKD in the automotive sector [4][7]. Group 3: Fund Utilization - The funds raised through placements are primarily allocated for research and development, business expansion, international market development, and optimizing capital structure [9]. - Companies like SenseTime and BYD have specified that their raised funds will support core business development, AI infrastructure, and overseas market expansion [9]. Group 4: Market Conditions - The active refinancing in the Hong Kong market is attributed to increased market activity, rising trading volumes, and valuation recovery, providing an excellent window for companies to refinance [10]. - Analysts predict that the liquidity in the Hong Kong market will continue to improve, driven by the "wealth effect" and increasing participation from mainland investors [10].

港股止跌，整个早盘都维持在中轴附近窄幅盘整，大消费和科技小幅收红，互联网和医疗走了和寂寞。 大消费探底回升后震荡上行，截止午盘小涨0.32%。其中李宁都在4.37%，申洲国际上涨2.26%，石药集 团、老铺黄金、药明生物、泡泡玛特等股涨幅均在1%上方；创科实业、小鹏汽车、地平线等股逆势绿 盘。 科技股开盘一直围绕中轴盘整，截止午盘小涨0.14%。其中美团上涨1.21%，京东集团、阿里巴巴、腾 讯控股、中芯国际等股均小幅收涨；比亚迪股份、网易等股逆势小跌。 恒生医疗走了个寂寞，其中石药集团上涨1.9%，药明生物上涨1.68%，百济神州、信达生物、三生制药 等股均小幅收涨；康方生物、中国生物、京东健康、翰森制药等股均小幅收跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ ...

12月16日，翰森制药集团有限公司(以下简称"翰森制药")宣布与Glenmark Specialty S.A.(以下简 称"Glenmark")就阿美替尼订立独家许可、合作及分销协议。 根据许可协议，翰森制药将授予Glenmark独占许可，允许其在授权区域(中东与非洲、东南亚与南亚、 澳大利亚、新西兰、俄罗斯与其他独联体国家，以及协议覆盖的部分特定加勒比国家)开发并商业化阿 美替尼。翰森制药将获得首付款和后续可能累计超过十亿美元的监管和商业里程碑付款，以及授权区域 内净销售额的分级特许权使用费。 阿美替尼是一款用于治疗非小细胞肺癌(NSCLC)的三代表皮生长因子受体-酪氨酸激酶抑制剂(EGFR- TKI)，是我国首个原研三代EGFR-TKI创新药。 ...

Group 1 - China Petroleum & Chemical Corporation (Sinopec) launched a special action to enhance the market value of its listed companies during an investor communication event held on December 16 [1] - The action aims to improve investment value and increase shareholder returns through three main aspects: enhancing governance efficiency, improving the return system, and optimizing capital layout [1][2] - The governance efficiency will focus on management enhancement, strategic development planning, capital operation, and talent development in the capital market [1] - The return system will emphasize quality information disclosure, investor relations management, and a stable cash dividend policy, along with share buybacks to enhance shareholder returns [1] - The capital layout optimization will involve mergers and acquisitions, equity financing, and adjustments to the industrial layout to enhance the overall market value of listed companies during the 14th Five-Year Plan period [1] Group 2 - The event included executives from nine listed companies under Sinopec, as well as representatives from state-owned securities regulatory agencies, central enterprises, and financial institutions [2] Group 3 - The U.S. stock market saw the Dow Jones Industrial Average and S&P 500 decline for three consecutive days, while large tech stocks mostly rose [3] - The Dow Jones fell by 302.3 points to close at 48,114.26, a decrease of 0.62%, and the S&P 500 dropped by 16.25 points to 6,800.26, a decline of 0.24% [3] - The Nasdaq Composite Index increased by 54.05 points to 23,111.46, a rise of 0.23%, with Tesla reaching a historic high [3] Group 4 - The European Union is preparing to propose easing emissions regulations for new cars, effectively abolishing the ban on internal combustion engines, allowing manufacturers to slow down the rollout of electric vehicles [4] - This move aligns the EU's policies more closely with the U.S., where former President Trump is rolling back automotive efficiency standards [4] - Ford has announced a $19.5 billion charge related to its electric vehicle business overhaul due to the profitability challenges faced by global automakers [4] Group 5 - The Ministry of Commerce of China announced that starting December 17, 2025, anti-dumping duties will be imposed on imported pork and pork products from the EU for a period of five years [5] - The anti-dumping duties will be calculated based on the customs-determined taxable price of the imported goods [5] Group 6 - China Energy Engineering Corporation announced that the first phase of the world's largest green hydrogen and ammonia integrated project, the Zhongnengjian Songyuan Hydrogen Energy Industrial Park, has officially commenced operations [6][7] Group 7 - Kangfeng Biotechnology received approval from the National Medical Products Administration for its anti-reflux system, enhancing the diversity of its product portfolio [8] Group 8 - Hansoh Pharmaceutical entered into a licensing agreement with Glenmark for the commercialization of Amivantamab, a treatment for non-small cell lung cancer [9] - The agreement includes upfront payments and potential milestone payments exceeding $1 billion, along with tiered royalties on net sales in the licensed regions [9] Group 9 - Shandong High Holding signed an EPC contract for a wind farm project in Guangxi, marking its active integration into the clean energy sector [10] Group 10 - MMG Australia Limited and Minmetals North-Europe signed a sales agreement for Rosebery concentrate, covering 100% of production for 2026 and 2027, with an expected annual output of approximately 6,000 dry metric tons [11] Group 11 - China General Nuclear Power Corporation announced the commencement of full construction for the Ningde Unit 6 nuclear reactor, marking a significant milestone in its development [12] Group 12 - Daqi Pharmaceutical received approval in Malaysia for its drug Selinexor to treat relapsed or refractory diffuse large B-cell lymphoma in adult patients [13] Group 13 - CIMC Enric's first large-scale biomass methanol project in Guangdong officially commenced production, with an expected annual capacity of 50,000 tons [14] - The project aims to achieve full operational capacity before the 2026 Spring Festival, contributing significantly to revenue [14][15] - The company is also exploring a second phase of the project, with plans for an annual output of 200,000 tons by 2027 [15]

【重大事项】 HASHKEY HLDGS(03887)香港公开发售获393.71倍认购 每股发售价6.68港元 【回购增减持】 腾讯控股(00700)12月16日耗资约6.36亿港元回购106.7万股 小米集团-W(01810)12月16日斥资2.94亿港元回购720万股 快手-W(01024)12月16日斥资1.16亿港元回购182.31万股 吉利汽车(00175)12月16日斥资5054.44万港元回购29.99万股 碧桂园服务(06098)12月16日耗资约3127.38万港元回购500万股 中远海控(01919)12月16日斥资4031.69万港元回购300万股 歌礼制药-B(01672)将股份购回资金由最多3亿港元增至最多5亿港元 红星美凯龙(01528)股东淘宝控股及新零售基金合计减持公司4164.66万股H股 金风科技(02208)股东和谐健康累计减持约3594.99万股股份 世纪联合控股(01959)控股权易主 获折让约66.78%提全购要约 12月17日复牌 【财报数据】 中国太保(02601)：太平洋人寿保险前11个月原保险保费收入为2503.22亿元 同比增长9.4% 中煤能源(0189 ...