股票近期走势 来源：经济观察网 经济观察网 根据机构观点整合，2026年2月多家机构对亚盛医药-B（06855.HK）维持积极评级，买入或 增持观点占比100%市场观点。中金公司2025年12月研报指出，耐立克（奥雷巴替尼）全球注册III期研 究POLARIS-1获美国FDA和欧洲EMA批准开展，利生妥（APG-2575）注册临床数据亮眼，维持目标价 89港币。 以上内容基于公开资料整理，不构成投资建议。 近7日（截至2026年2月20日），亚盛医药-B港股股价波动，2月20日收盘47.46港元，较2月16日收盘 46.68港元累计微跌0.08%，区间振幅4.55%；同期美股（AAPG.OQ）收盘24.34美元，累计涨2.18%。资 金流向显示2月20日港股主力净流入99.36万港元，整体成交清淡。 ...

Company Overview - The stock price of Ascentage Pharma has shown volatility despite positive developments in research and development, with the stock performance not meeting expectations [1] - The company's new generation BTK degrader APG-3288 received clinical approval from the National Medical Products Administration of China on February 6, 2026, and initiated a global multi-center Phase I clinical trial for relapsed/refractory hematologic malignancies on February 11, 2026 [1] - As of February 13, the closing price of the stock was HKD 47.50, with a daily increase of 2.41%, but a year-to-date decline of 9.09% [1] Industry Context - The innovative drug sector is currently facing valuation adjustment pressure, with the market showing impatience towards the long-term commercialization of unprofitable biotech companies, focusing more on short-term profitability [1] - The Hong Kong biotechnology sector declined by 0.95%, while the Hang Seng Index fell by 1.72%, indicating that the sector underperformed the broader market, further intensifying individual stock pressures [1] Financial Performance - The core product, Nairik, saw sales revenue increase by 93% year-on-year to CNY 217 million in the first half of 2025, with another product, Lishengtuo, approved for market launch in July 2025 [2] - However, the net loss expanded to CNY 591 million during the same period, primarily due to reduced intellectual property licensing income and increased R&D expenditures [2] - Market focus is on key catalysts, such as overseas indication approvals, which are concentrated post-2027, leading to a lack of patience for long-term narratives and a greater emphasis on short-term performance [2] Market Sentiment - On February 12, there was a net outflow of HKD 4.926 million from major funds in the Hong Kong stock market, and a net outflow of HKD 11.534 million from retail investors, indicating strong short-term risk-averse sentiment [2] - Although there was a net inflow of HKD 1.4948 million on February 13, major funds still experienced a net outflow of HKD 193,900, reflecting cautious institutional attitudes [2] - Technical indicators show that while the MACD histogram has turned positive, the KDJ is in the oversold zone, suggesting weak short-term momentum [2] Future Outlook - The R&D progress of Ascentage Pharma provides long-term value support, but it has not fully offset industry adjustments, risk aversion in funding, and market concerns regarding profitability in the short term [2] - The stock's volatility reflects the market's balancing act between technological innovation and short-term performance [2]

Company Overview - Recent positive developments in research for Ascentage Pharma, including the clinical approval of the next-generation BTK degrader APG-3288 by the National Medical Products Administration of China, have not significantly boosted the stock price, which has seen a decline of 0.38% in Hong Kong and 0.62% in the US from February 5 to February 12, 2026 [2] - The company's core product, Nairik, reported a 93% year-on-year increase in sales revenue to 217 million yuan in the first half of 2025, while the net loss widened to 591 million yuan due to reduced intellectual property licensing income and increased R&D investment [4] Industry Context - The innovative drug sector is under pressure, with a valuation correction for unprofitable biotech companies as the market shows impatience for long-term commercialization and focuses more on short-term profitability [3] - On February 12, 2026, there was a net outflow of 4.926 million HKD from major funds and 11.534 million HKD from retail investors in the Hong Kong stock market, indicating a risk-averse sentiment among short-term investors [3] Stock Performance - The stock price of Ascentage Pharma reached a low of 44.92 HKD on February 3, 2026, followed by a slight rebound; however, technical indicators suggest weak short-term momentum, with the MACD showing a bearish trend and KDJ in the oversold zone [5] - The stock's decline reflects market caution regarding the long-term valuation logic of innovative drug companies, as the recent R&D progress and improvements in fundamentals have not fully offset the pressures from sector adjustments and funding [5]

Group 1 - The core focus of Ascentage Pharma is on its research and development progress, particularly the initiation of Phase I clinical trials for its BTK degrader APG-3288 targeting relapsed/refractory hematologic malignancies, with a target enrollment of 360 patients [1] - The new drug clinical application (IND) for APG-3288 was approved by the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) of China on February 6, 2026, marking a new phase in the global multi-center clinical development of the drug [1] - APG-3288 utilizes the PROTAC technology platform aimed at overcoming resistance issues associated with traditional BTK inhibitors, providing a new treatment option for hematologic cancers [1] Group 2 - Ascentage Pharma's stock (06855.HK) experienced slight fluctuations over the past week, closing at 47.62 HKD on February 11, 2026, with a daily increase of 0.46% and a cumulative decline of 0.38% over the past five days [2] - The stock reached a peak price of 48.60 HKD on February 9 and a low of 45.74 HKD on February 10, with a trading range of 5.98% [2] - Southbound funds increased their holdings by 59,500 shares on February 10, with a net increase of 83,000 shares over the past five days, indicating short-term capital inflow [2]

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

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: | 2026年1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: | 亞盛醫藥集團 | | | | | | 呈交日期: | 2026年2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 | | 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) | 06855 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | 0.0 ...

Core Viewpoint - The article discusses the significant progress in China's innovative drug development, highlighting the increase in the number of new drugs approved and the growing competitiveness of Chinese pharmaceutical companies in both domestic and international markets [4][16]. Group 1: Growth of Innovative Drugs - In 2024, the number of domestically developed Class 1 new drugs in China reached 40, a substantial increase from just 9 in 2018 [2][3][4]. - Since the beginning of the 14th Five-Year Plan, 113 innovative drugs have been approved, which is 2.8 times the number approved during the 13th Five-Year Plan [4]. - As of August 2024, there are 910 new drugs available in China, indicating a robust growth in the pharmaceutical market [6]. Group 2: Clinical Trials and Breakthroughs - In a head-to-head clinical trial, the drug Ivoris (依沃西单抗) developed by Kangfang Biopharma outperformed the global best-selling cancer drug, Pembrolizumab (K drug), marking a significant achievement for Chinese innovation [7][9]. - The global sales of Pembrolizumab reached $29.482 billion in 2024, underscoring the competitive landscape [8]. Group 3: Market Dynamics and International Expansion - Chinese innovative drugs are not only performing well domestically but are also gaining traction in international markets, with products like Sidakio (西达基奥仑赛) achieving $1.596 billion in cumulative sales since its launch [12][13]. - The total transaction scale of technology licensing by Chinese pharmaceutical companies exceeded $34 billion in 2024, indicating a shift towards international collaboration [14][15]. Group 4: R&D Landscape and Challenges - As of August 2024, there are 5,380 new drug candidates in development in China, accounting for over one-third of the global pipeline [18]. - The average cost of developing an innovative drug is around $1 billion, with a typical development timeline of 10 years [20][21]. - The efficiency of drug development in China is improving, with preclinical phases taking 12-20 months compared to 24-36 months internationally [23]. Group 5: Policy Support and Ecosystem - The Chinese government has implemented various policies since 2008 to support innovative drug development, including expedited approval processes and financial incentives [28][29]. - The combination of government support, industry collaboration, and technological advancements is creating a conducive environment for innovation in the pharmaceutical sector [41]. Group 6: Future Outlook - The article emphasizes that the development of innovative drugs in China has made significant strides over the past decade, transitioning from imitation to innovation [42]. - The government's continued support for innovative drugs is expected to enhance the industry's growth and provide hope for patients [42].

Core Viewpoint - Ascentage Pharma-B (06855) saw its stock rise over 3%, currently trading at 47.44 HKD with a transaction volume of 31.5152 million HKD, following the announcement of clinical approval for its new drug APG-3288 by the China National Medical Products Administration (NMPA) [1] Group 1: Drug Approval and Development - The China NMPA's Center for Drug Evaluation (CDE) has publicly announced the clinical approval of Ascentage Pharma's first-class new drug APG-3288, which is intended for the treatment of relapsed/refractory hematologic malignancies [1] - APG-3288 is a next-generation BTK-targeted protein degradation therapy developed by Ascentage Pharma, which had already received clinical approval in the United States in August for treating relapsed/refractory B-cell malignancies [1] Group 2: Drug Characteristics and Potential - APG-3288 is the company's first novel, highly efficient, and selective BTK degrader, which promotes the formation of a ternary complex leading to BTK degradation via the proteasome [1] - Preclinical studies indicate that APG-3288 demonstrates stronger BTK degradation capability, higher selectivity, and superior pharmacokinetic characteristics compared to other BTK degraders in development, showcasing significant potential [1]

Core Viewpoint - Ascentage Pharma-B (06855) has seen its stock price increase by over 3%, currently trading at 47.44 HKD with a transaction volume of 31.5152 million HKD, following the approval of its new drug APG-3288 for clinical trials by the China National Medical Products Administration (NMPA) [1] Group 1: Drug Approval and Development - The China National Medical Products Administration (NMPA) has publicly announced the approval of Ascentage Pharma's first-class new drug APG-3288 for clinical trials, aimed at treating relapsed/refractory hematologic malignancies [1] - APG-3288 is a next-generation BTK-targeted protein degradation therapy developed by Ascentage Pharma, which has already received clinical approval in the United States in August for treating relapsed/refractory B-cell malignancies [1] Group 2: Drug Characteristics and Potential - APG-3288 is the first novel, highly efficient, and selective BTK degrader independently developed by Ascentage Pharma, which promotes the formation of a ternary complex leading to BTK degradation via the proteasome [1] - Preclinical research results indicate that APG-3288 exhibits stronger BTK degradation capability, higher selectivity, and superior pharmacokinetic characteristics compared to other BTK degraders in development, showcasing significant potential [1]

Core Insights - The 2026 JPM conference showcased a positive outlook for Chinese innovative pharmaceutical companies, with significant interest from multinational corporations in collaboration opportunities [2][3][4] - Chinese companies are shifting from merely licensing patents to deeper involvement in clinical development and commercialization in international markets [3][8] - The FDA's stance at JPM was relatively moderate, acknowledging the R&D efficiency of Chinese companies and suggesting improvements in approval processes using AI [3][6] Group 1: Conference Overview - The JPM conference, held in San Francisco, attracted numerous founders, executives, and investors from Chinese innovative pharmaceutical companies, indicating a vibrant atmosphere compared to previous years [2][5] - The event has evolved from a small gathering to a major industry benchmark, with participation from nearly all multinational pharmaceutical companies [5][10] - The number of attendees increased significantly in 2026, reflecting a more optimistic market sentiment compared to the previous year [5][10] Group 2: Market Trends - The Chinese innovative drug sector experienced a substantial stock price increase from March to August 2025, driven by business development (BD) transactions and foreign capital inflow, but faced a market correction afterward [4][11] - The interest in Chinese assets is growing, with many multinational companies expressing intentions for mergers and acquisitions (M&A) and BD transactions [11][12] - The trend of Chinese companies seeking deeper engagement in global markets is evident, moving beyond simple patent licensing to collaborative operational models [8][9] Group 3: Regulatory Environment - FDA officials at JPM highlighted the efficiency of Chinese clinical trials, with China completing Phase I trials in four weeks compared to much longer timelines in the U.S. [6][12] - The FDA's comments suggested a focus on optimizing clinical trial approval processes rather than emphasizing protectionist policies [5][6] Group 4: Future Outlook - The absence of major transactions at JPM 2026 was noted, but many multinational companies expressed a willingness to explore significant deals in the near future [11][12] - The upcoming expiration of patents for several blockbuster drugs is expected to drive increased M&A activity as companies seek to replenish their pipelines [12][13] - The trend of U.S. biotech firms considering establishing operations in China to leverage R&D efficiencies is emerging, indicating a shift in cross-border collaboration dynamics [10][11]