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 ...

共享六款药物收益，两款药物已达成出海BD，多款药物治疗价值获认可根据和解安排，宜联生物医药 将就其YL201（B7H3，临床III 期）、YL202（HER3，临床II 期）、YL211（cMet，临床I 期）、YL212 （DLL3，临床III 期）、YL221（EGFR，临床I 期）及YL222（PD-L1，临床II 期）这六款ADC 管线， 在和解生效日前通过对外授权产生的收入、及和解生效日后通过对外授权及未来销售产生的收入及净利 润（如适用），按约定比例与公司进行分成。和解协议创新性地设定了利润分成模式，跳出了传统的赔 偿-撤诉模式，构建了一种长期利益共享机制。 目前，宜联生物已于2024 年1 月就YL211 已和罗氏达成交易，授予罗氏该产品的全球权益，首付款为 5000 万美元，里程碑款项10 亿美元；此外，公司将YL202 的海外权益授予BioNtech，交易首付款为 7000 万美元，里程碑款项10 亿美元。此外，公司还就YL212 和再鼎医药在2023 年达成合作开发计划； 公司在2022 年就YL221 和YL222 两款产品和复宏汉霖达成合作。 机构：天风证券 研究员：杨松/曹文清 事件 ...

本文源自：金融界AI电报 港股生物医药概念股回升，荣昌生物(09995.HK)涨超2%，泰格医药(03347.HK)、诺诚健华(09969.HK)、 科伦博泰生物-B(06990.HK)、百济神州(06160.HK)等个股跟涨。 ...

Core Insights - The article discusses the implementation of the "Postdoctoral Talent Introduction and Cultivation Project" in Wenjiang District, aimed at fostering an innovative ecosystem and stimulating industrial momentum as part of China's broader goal to enhance its technological capabilities by 2025 [1][6]. Group 1: Postdoctoral Research Stations - Wenjiang District has established 14 postdoctoral research stations and innovation practice bases, focusing on key industries such as biomedicine, green food, and equipment manufacturing [1]. - The district has added 3 new postdoctoral innovation practice bases in November, with a total of 18 postdoctoral research stations and over 500 postdoctoral researchers currently active [1]. Group 2: Industry Collaboration and Achievements - The postdoctoral research stations have facilitated significant achievements in the biomedicine sector, with companies like Kelun-Botai and BaiLi Tianheng leading in innovative drug approvals and international licensing, totaling over $23.22 billion [3]. - The collaboration between postdoctoral researchers and companies has led to the development of proprietary products, such as wireless monitoring systems and high-temperature hydraulic pumps, generating sales in the millions [2]. Group 3: Talent Attraction and Retention - Wenjiang District has implemented a dual-mentor system involving both academic and industry mentors to enhance the integration of research and industry needs [5]. - Over the past five years, the district has published over 1,000 job postings in collaboration with local universities and has successfully recruited more than 70 researchers [5]. - The district has introduced supportive policies and funding, totaling 4.53 million yuan, to create a conducive environment for talent retention and innovation [5].

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]

积极拓展国际临床合作，探索ADC 联合二代IO 治疗潜力。此次合作预计增厚公司现金流，同时积极探 索PD-1xVEGF 双抗与ADC的联合疗法。根据公司公告，此次协议合作推进的两款候选药物正在开发用 于治疗实体瘤，预计于2026 年第一季度开展I/II期单药治疗临床试验。随着PD-1(L1)/VEGF 疗法确定性 不断加强，有望进一步拓展公司肿瘤领域蓝图。 投资建议 事件2： 根据公司公告，2025 年12 月公司与Crescent Biopharma 达成合作，共同开发及商业化新型肿瘤治疗手 段。合作将推进靶向ITGB6 的ADC 药物SKB105 与PD-1xVEGF 双特异性抗体CR-001 在中国及全球的 开发。根据合作条款，公司将授予Crescent 在美国、欧洲及所有其他大中华地区（包括中国大陆、中国 香港、中国澳门及中国台湾）以外市场研究、开发、生产和商业化SKB105 独家权利，Crescent 则授予 公司在大中华地区研究、开发、生产和商业化CR-001 的独家权利。此次合作包括开发两款候选药物的 单药疗法，以及评估CR-001 与SKB105 的联用疗法。双方均有权独立开发CR-001 的 ...

Market Overview - The US CPI annual rate decline has led to a rise in US stocks, boosting risk market sentiment [1] - The Hang Seng Index opened higher and closed up 0.75%, with the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.68% and 1.12% respectively [1][2] Sector Performance - Major technology stocks saw collective gains, with Tencent up 1.49%, Kuaishou up 1.45%, and Meituan up 1.28% [4] - Pharmaceutical stocks were active, with WuXi AppTec and other related stocks rising [2] - Gaming stocks continued to rise, with MGM China leading with a 6.6% increase [2][5] - AI-driven demand boosted optical fiber and cable stocks, with Yangtze Optical Fiber rising 12% [2] - Automotive, wind power, education, photovoltaic, insurance, and Apple-related stocks also experienced gains [2] Notable Stock Movements - Xpeng Motors rose 7.65%, Horizon Robotics up 7.04%, and Li Auto up 3.81% [4][10] - Electronic cigarette stocks saw significant increases, with China Tobacco Hong Kong up 6.68% [5] - Chinese brokerage stocks rose, with China International Capital Corporation up over 4% [7] - Intelligent driving concept stocks surged, with Youjia Innovation up 31.22% [8] Weak Performers - Heavy machinery stocks faced declines, with China National Heavy Duty Truck Group down over 6% [13] - Gold and precious metal stocks were weak, with several companies experiencing declines of over 2% [16] - Oil stocks also fell, with China Petroleum & Chemical Corporation down 1.52% [15] Capital Flows - Southbound funds recorded a net purchase of HKD 3.371 billion, with net selling from Shanghai-Hong Kong Stock Connect and net buying from Shenzhen-Hong Kong Stock Connect [18] Market Outlook - CITIC Securities suggests that after a strong performance in September, Hong Kong stocks are undergoing a mid-term adjustment, with quality assets entering a high-value zone [18]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company has successfully included three core products in the national medical insurance directory, enhancing accessibility for patients [1][3] - A collaboration with Crescent Biopharma aims to develop and commercialize new cancer treatment methods, focusing on ADC and dual-specific antibodies [2][7] - The company is expected to see significant revenue growth due to the successful inclusion of its products in the national insurance scheme and its strong R&D capabilities [8] Summary by Sections Event 1 - The company's three core products, including ADC Sacituzumab Tirumotecan, have been included in the national medical insurance directory, with two indications for the ADC product [1] - This inclusion is expected to improve patient access and benefit a larger clinical population [3] Event 2 - The partnership with Crescent Biopharma will facilitate the development of SKB105 and CR-001, targeting ITGB6 and PD-1xVEGF respectively [2] - The collaboration includes rights for independent development of combination therapies, enhancing the company's pipeline [2][7] Analyst Commentary - The successful inclusion of the ADC product in the insurance directory showcases its clinical potential and market viability [3] - The company is actively expanding its international clinical collaborations, which is expected to bolster cash flow and explore new treatment combinations [7] Financial Projections - Revenue forecasts for 2025-2027 are adjusted to 21.75 billion, 29.12 billion, and 49.23 billion respectively, with year-on-year growth rates of 12.52%, 33.89%, and 69.06% [8][10] - The company is projected to achieve profitability by 2027, with a net profit of 790.85 million [10][12]

Core Viewpoint - The healthcare sector in mainland China has experienced a pullback due to the results of national medical insurance drug price negotiations and subsequent profit-taking, but the fundamentals remain unchanged, presenting a good entry opportunity for 2026 [1] Group 1: Industry Outlook - The trend of innovative drug licensing is expected to continue, with multiple potential targets and drug forms anticipated to bring new licensing opportunities next year [1] - Key global Phase III clinical data readings for these licensed assets will be crucial for market sentiment and warrant close attention [1] - Geopolitical concerns regarding China's pharmaceutical R&D outsourcing industry (CXO) have peaked, and a stable medical policy environment in China is expected to continue supporting innovation [1] Group 2: Market Recovery - A more moderate drug procurement policy is expected to drive a recovery in the medical device and diagnostics sectors [1] Group 3: Stock Preferences - The company prefers biotechnology and CXO stocks, with top picks including Innovent Biologics (01801), Kelun-Biotech (06990), WuXi AppTec H-shares (02359), WuXi AppTec A-shares (603259.SH), and WuXi Biologics (02268) [1] - The target price for Innovent Biologics has been slightly raised from HKD 110 to HKD 111, maintaining a "Buy" rating, while the target price for WuXi Biologics has increased from HKD 74 to HKD 82, also with a "Buy" rating [1]

Core Viewpoint - The long-standing dispute between Kolon Biotech (科伦博泰) and its former executive team has been resolved through a settlement agreement, which includes sharing future revenues from key ADC (antibody-drug conjugate) pipelines developed by Yilian Biopharma (宜联生物) [1][2]. Group 1: Dispute Background - The dispute began in 2020 when key executives left Kolon Biotech to establish Yilian Biopharma, escalating to criminal charges and civil lawsuits regarding "trade secret infringement" by 2024-2025 [1]. - The former executives involved include Xue Tongtong, who was the General Manager at Kolon Biotech, and other key figures who played significant roles in drug development and commercialization [3]. Group 2: Settlement Details - The settlement agreement stipulates that Yilian Biopharma will share a portion of the revenues and net profits from six core ADC pipelines with Kolon Biotech, which have been developed using the TMALIN platform [1][5]. - The specific ADC pipelines mentioned include YL201, YL202, YL211, YL212, YL221, and YL222, with YL201 currently in Phase III clinical trials for small cell lung cancer and nasopharyngeal carcinoma [5]. Group 3: Financial Implications - YL202 was licensed to BioNTech for a $70 million upfront payment, with potential total payments exceeding $1 billion [5]. - YL211's global exclusive rights were granted to Roche for an upfront payment of $50 million, along with nearly $1 billion in potential milestone payments based on future sales [6]. Group 4: Strategic Insights - The settlement reflects a significant shift in Yilian Biopharma's operational strategy, which has focused on an authorization model for survival, necessitating the sharing of revenue as a cost of resolving the dispute [7].