值得一提的是，2025年12月30日，英矽智能正式登陆香港联合交易所主板，被市场公认为港股"AI制药 第一股"。其IPO表现堪称现象级：香港公开发售部分录得约1427倍的超额认购，锁定认购资金逾3283 亿港元；国际发售同样反响热烈，录得26.27倍超额认购。这两项数据均刷新了年内非18A港股医疗健康 IPO的最高认购纪录。 英矽智能(03696)尾盘涨超3%，截至发稿，涨2.89%，报38.46港元，成交额1.11亿港元。 消息面上，1月5日，英矽智能发布公告，集团已与一家由基金会管理的全球独立制药公司施维雅达成多 年期研发合作。该合作价值高达8.88亿美元，将充分利用集团自主研发的人工智能平台Pharma.AI，聚 焦于抗肿瘤领域具有挑战性的靶点，识别并开发全新的治疗药物。根据协议，集团将有资格获得最高 3,200万美元的首付款及近期研发里程碑付款，并将主导运用人工智能技术平台，发现及开发符合既定 标准的潜在候选药物，而施维雅将共同承担研发成本，主导后续临床验证及商业化进程。 ...

值得一提的是，2025年12月30日，英矽智能正式登陆香港联合交易所主板，被市场公认为港股"AI制药 第一股"。其IPO表现堪称现象级：香港公开发售部分录得约1427倍的超额认购，锁定认购资金逾3283 亿港元；国际发售同样反响热烈，录得26.27倍超额认购。这两项数据均刷新了年内非18A港股医疗健康 IPO的最高认购纪录。 智通财经APP获悉，英矽智能(03696)尾盘涨超3%，截至发稿，涨2.89%，报38.46港元，成交额1.11亿港 元。 消息面上，1月5日，英矽智能发布公告，集团已与一家由基金会管理的全球独立制药公司施维雅达成多 年期研发合作。该合作价值高达8.88亿美元，将充分利用集团自主研发的人工智能平台Pharma.AI，聚 焦于抗肿瘤领域具有挑战性的靶点，识别并开发全新的治疗药物。根据协议，集团将有资格获得最高 3,200万美元的首付款及近期研发里程碑付款，并将主导运用人工智能技术平台，发现及开发符合既定 标准的潜在候选药物，而施维雅将共同承担研发成本，主导后续临床验证及商业化进程。 ...

刚刚上市的新股英矽智能，1月5日披露了一则BD(商务拓展)计划，公司与法国第二大制药公司施维雅 达成多年期研发合作，合作价值高达8.88亿美元。据了解，这也是2026年以来，生物医药行业的首单 BD。 针对此次合作，英矽智能联合首席执行官兼首席科学官任峰表示，对于英矽智能这样的平台型公司而 言，BD是一种非常高效的变现方式。希望通过优势互补，将这些早期项目交到具备强大临床与商业化 能力的合作伙伴手中，使项目能够在全球多中心临床中高效推进，并最终在上市和商业化阶段释放更大 的价值。 作为AI制药的明星企业，刚刚上市4个交易日的英矽智能股价大涨逾五成。不过，目前英矽智能仍处于 亏损状态，AI制药产业也整体处于商业化早期，需要漫长的临床试验来验证。 聚焦抗肿瘤领域靶点 1月5日，英矽智能发布公告称，已与施维雅达成多年期研发合作。该合作价值达8.88亿美元，将充分利 用公司自主研发的人工智能平台Pharma.AI，聚焦抗肿瘤领域具有挑战性的靶点，识别并开发全新的治 疗药物。 根据协议，英矽智能将有资格获得最高3200万美元的首付款及近期研发里程碑付款，并将主导运用人工 智能技术平台，发现及开发符合既定标准的潜在候选药 ...

Core Viewpoint - The recent partnership between Insilico Medicine and Servier, valued at $888 million, aims to leverage Insilico's AI platform Pharma.AI for drug discovery in oncology, although market reaction has been muted despite a rise in the innovative drug sector [2][3]. Group 1: Partnership Details - Insilico Medicine has entered a multi-year R&D collaboration with Servier, with potential upfront payments of up to $32 million and shared development costs [2]. - The collaboration focuses on identifying and developing new therapeutic drugs targeting challenging oncology areas [2]. Group 2: Company Background and Performance - Insilico Medicine, founded in 2014, became the first AI biopharma company to list on the Hong Kong Stock Exchange in 2025, raising a total of HKD 2.277 billion in its IPO, the highest for a biotech IPO in Hong Kong that year [3]. - The company claims its AI platform can reduce the drug development timeline from an average of 4.5 years to 12-18 months, significantly decreasing the number of compounds synthesized [3]. Group 3: Revenue and Business Model - Insilico's revenue model includes drug discovery and pipeline development, software solutions, and other non-pharma discoveries, with drug discovery being the primary revenue source from 2022 to 2024 [3]. - The company has established partnerships with major pharmaceutical firms, generating potential revenue of up to $2 billion from licensing agreements [4]. Group 4: Industry Trends - The AI drug discovery sector has seen a surge in business development (BD) activities, with significant collaborations and funding in 2025, indicating a growing interest in AI-driven pharmaceutical solutions [6]. - Notable collaborations in the industry include partnerships between other companies like CSPC and AstraZeneca, highlighting the increasing complexity and scale of AI-driven drug development [6].

刚刚上市的新股英矽智能，1月5日披露了一则BD（商务拓展）计划，公司与法国第二大制药公司施维 雅达成多年期研发合作，合作价值高达8.88亿美元。据了解，这也是2026年以来，生物医药行业的首单 BD。 针对此次合作，英矽智能联合首席执行官兼首席科学官任峰表示，对于英矽智能这样的平台型公司而 言，BD是一种非常高效的变现方式。希望通过优势互补，将这些早期项目交到具备强大临床与商业化 能力的合作伙伴手中，使项目能够在全球多中心临床中高效推进，并最终在上市和商业化阶段释放更大 的价值。 收入主要来自对外授权 本次合作前，英矽智能已先后与复星医药、赛诺菲、礼来等企业建立合作关系。英矽智能有四个肿瘤项 目已全部或部分对外授权予合作伙伴，相关I期临床试验正稳步推进中。 作为AI制药的明星企业，刚刚上市4个交易日的英矽智能股价大涨逾五成。不过，目前英矽智能仍处于 亏损状态，AI制药产业也整体处于商业化早期，需要漫长的临床试验来验证。 聚焦抗肿瘤领域靶点 1月5日，英矽智能发布公告称，已与施维雅达成多年期研发合作。该合作价值达8.88亿美元，将充分利 用公司自主研发的人工智能平台Pharma.AI，聚焦抗肿瘤领域具有挑战性的 ...

Major Events - Yunzhisheng (09678) secured a regional medical cooperation contract worth over 20 million [1] - Kelun-Biotech (06990) received breakthrough therapy designation from NMPA for TROP2 ADC drug in combination with pembrolizumab for treating PD-L1 positive locally advanced or metastatic non-small cell lung cancer [1] - InSilico Medicine (03696) entered into an 8.88 billion USD multi-year collaboration for anti-tumor drug development with Sihuiya [1] - Hutchison China MediTech (00013) is conducting a Phase III study on surufatinib combined with camrelizumab for first-line treatment of pancreatic ductal adenocarcinoma [1] - Ascletis Pharma-B (01672) announced FDA approval for IND of ASC30 in a 13-week Phase II study in diabetic patients [1] - Foryou Medical (01696) received quality standard inspection approval for its reauthorized injectable botulinum toxin from the Chinese National Medical Products Administration [1] - CanSino Biologics (06185) obtained clinical trial approval in China for its 24-valent pneumococcal polysaccharide conjugate vaccine [1] - Stone Group (02005) received drug production registration approval for perindopril and amlodipine tablets [1] - Sunny Optical Technology (02382) proposed to spin off its automotive optical business for independent listing on the Hong Kong Stock Exchange [1] - Dongyang Sunshine Pharmaceutical (06887) completed the first patient enrollment for HECN30227 in China [1] - Haitong International's subsidiary plans to sell 100% equity of Guohua Machinery for 342 million [1] - Yuexiu Property (00123) subsidiary intends to sell 73.74% actual equity in Hangzhou Yueyun [1] - CIMC Group (02039) subsidiary CIMC Shilianda plans to introduce strategic investors through capital increase and transfer of a small number of old shares [1] Operating Performance - Chifeng Jilong Gold Mining (06693) expects annual net profit attributable to shareholders to be approximately 3 billion to 3.2 billion, an increase of about 70% to 81% year-on-year [2] - Corning Hospital (02120) anticipates outpatient visits to reach approximately 720,200 in 2025, a year-on-year increase of 29% [2] - Seres (09927) reported total vehicle sales of 63,700 units in December, a year-on-year increase of 53.54% [2] - Xiehe New Energy (00182) reported an equity power generation of 790.32 GWh in December [2] - Country Garden (02007) reported contract sales amounting to approximately 2.69 billion attributable to shareholders in December [2]

经济观察报 记者 张铃 实习记者 田韫莘 1月5日收盘，英矽智能报37.38港元/股，总市值208.4亿港元。 AI制药明星公司英矽智能上市后首单BD交易落地。 （作者 张铃） 1月5日，英矽智能（03696.HK）发布公告称，其与施维雅达成多年期抗肿瘤药物研发合作。根据公告，这笔合作总金额为8.88亿美元。英矽智能将有资格获 得最高3200万美元的首付款及近期研发里程碑付款。 2025年12月30日，英矽智能在港交所挂牌上市。此次与施维雅的合作是英矽智能上市后宣布的第一项合作。 目前，英矽智能已与全球前 20 大制药公司中的 13 家达成软件授权合作。在管线授权方面，其与Exelixis、美纳里尼等全球制药企业达成了3项合作，最高交 易总额约21亿美元。此外，还与复星医药（600196.SH/02196.HK）、赛诺菲、礼来等全球知名制药企业达成药物研发合作。 公告显示，英矽智能将使用自研人工智能平台Pharma.AI，聚焦抗肿瘤领域具有挑战性的靶点，识别并开发全新的治疗药物。施维雅共同承担研发成本，并 主导后续临床验证及商业化进程。 肿瘤学领域是施维雅的核心业务之一。数据显示，其肿瘤业务在2023—202 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) achieved a record IPO fundraising total of HKD 285.69 billion in 2025, marking a 224% increase from 2024 and reclaiming the top position globally for IPO fundraising after four years [2] - A total of 119 companies went public in Hong Kong in 2025, representing a 68% year-on-year increase, with eight companies raising over HKD 10 billion each [2] - The strong performance of the IPO market was significantly driven by 19 A-share companies that raised a combined HKD 139.99 billion, nearly half of the total IPO fundraising for the year [2] Company Highlights - Contemporary Amperex Technology Co., Limited (CATL) emerged as the top fundraiser with HKD 41.01 billion, ranking second globally in IPO fundraising [2] - Other notable companies that made it to the global top ten IPO list include Zijin Mining International, SANY Heavy Industry, and Seres [2] - The successful IPOs in the technology and consumer sectors, including AI pharmaceuticals and robotics, indicate strong market demand for high-quality listings [3] Market Outlook - Institutions maintain an optimistic outlook for the 2026 Hong Kong IPO market, with projections from PwC estimating fundraising could reach between HKD 320 billion to HKD 350 billion, while Deloitte and Credit Suisse expect it to exceed HKD 300 billion [3]

Core Viewpoint - Insilico Medicine has announced a research collaboration with a global independent pharmaceutical company, Sivea, worth a total of $888 million, focusing on the development of new cancer therapies using Insilico's AI platform, Pharma.AI [1] Group 1: Collaboration Details - The collaboration agreement includes a potential upfront payment of up to $32 million and milestone payments related to recent research developments [1] - The partnership aims to identify and develop new therapeutic drugs targeting challenging oncology areas [1] Group 2: Technology Utilization - Insilico Medicine will leverage its proprietary AI technology platform, Pharma.AI, to screen and advance potential drug candidates that meet established drug development and scientific standards [1]

刚刚上市的新股英矽智能（03696.HK），于1月5日披露了一则BD（商务拓展）计划，公司与法国第二大制药公司施 维雅达成多年期研发合作，合作价值高达8.88亿美元。据了解，这也是2026年以来，生物医药行业的首单BD。 针对此次合作，英矽智能联合首席执行官兼首席科学官任峰在接受北京商报记者采访时表示，对于英矽智能这样的平 台型公司而言，BD是一种非常高效的变现方式。希望通过优势互补，将这些早期项目交到具备强大临床与商业化能 力的合作伙伴手中，使项目能够在全球多中心临床中高效推进，并最终在上市和商业化阶段释放更大的价值。 作为AI制药的明星企业，刚刚上市4个交易日的英矽智能股价大涨逾五成。不过，目前英矽智能仍处于亏损状态，AI 制药产业也整体处于商业化早期，需要漫长的临床试验来验证。 1月5日，英矽智能发布公告称，公司已与施维雅达成多年期研发合作。该合作价值高达8.88亿美元，将充分利用公司 自主研发的人工智能平台Pharma.AI，聚焦于抗肿瘤领域具有挑战性的靶点，识别并开发全新的治疗药物。 根据协议，英矽智能将有资格获得最高3200万美元的首付款及近期研发里程碑付款，并将主导运用人工智能技术平 台，发现及 ...