Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

香港联交所最新资料显示，2月10日，小摩增持凯莱英（002821）(06821)9400股，每股作价87.5591港 元，总金额约为82.31万港元。增持后最新持股数目约为167.41万股，最新持股比例为6.01%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月10日，小摩增持凯莱英(06821)9400股，每股作价 87.5591港元，总金额约为82.31万港元。增持后最新持股数目约为167.41万股，最新持股比例为6.01%。 ...

Group 1 - The Hong Kong pharmaceutical outsourcing sector experienced a strong rally on February 10, with several companies seeing significant stock price increases [1] - Zhaoyan New Drug (06127.HK), WuXi Biologics (02269.HK), and Via Biotechnology (01873.HK) all rose by over 3% [1] - Tigermed (03347.HK), WuXi AppTec (02359.HK), and Kelun Pharmaceutical (06821.HK) each saw their stock prices increase by more than 2.5% [1]

Group 1 - The Hong Kong pharmaceutical outsourcing sector has shown strong fluctuations, with companies such as Zhaoyan New Drug (06127.HK), WuXi Biologics (02269.HK), and Via Biotechnology (01873.HK) all rising over 3% [1] - Other companies like Tigermed (03347.HK), WuXi AppTec (02359.HK), and Kelun Pharmaceutical (06821.HK) have also experienced increases of more than 2.5% [1]

Group 1 - The core point of the article is that JPMorgan has increased its stake in Kairong Pharmaceutical (06821) by purchasing 4,700 shares at a price of 80.6776 HKD per share, totaling approximately 379,200 HKD [1] - After the purchase, JPMorgan's total holdings in Kairong Pharmaceutical amount to approximately 1.6727 million shares, representing a holding percentage of 6% [1]

Core Viewpoint - JPMorgan has increased its stake in Kelaiying (002821) to approximately 6% by acquiring 4,700 shares at a price of HKD 80.6776 per share, totaling around HKD 379,200 [1] Group 1 - On February 4, JPMorgan purchased 4,700 shares of Kelaiying [1] - The total amount spent on the acquisition was approximately HKD 379,200 [1] - After the purchase, JPMorgan's total shareholding in Kelaiying reached approximately 1.6727 million shares [1]

Group 1 - Norges Bank increased its stake in Kairong (06821) by 53,500 shares at a price of HKD 79.0068 per share, totaling approximately HKD 4.2269 million [1] - After the increase, Norges Bank's total shareholding in Kairong reached 4.5065 million shares, representing a holding percentage of 16.19% [1]

Group 1 - Morgan Stanley reduced its stake in Kelaiying (002821) (06821) by 19,800 shares at a price of 78.6378 HKD per share, totaling approximately 1.557 million HKD [1] - After the reduction, Morgan Stanley's latest holding is approximately 1.668 million shares, representing a holding percentage of 5.99% [1]

Group 1 - Norges Bank increased its stake in Kelaiying (002821) (06821) by 53,500 shares at a price of HKD 79.0068 per share, totaling approximately HKD 4.2269 million [1] - After the increase, Norges Bank's total shareholding in Kelaiying reached 4.5065 million shares, representing a new ownership percentage of 16.19% [1]