随着近期多只生物医药股靓丽业绩放榜，今日港股创新药概念也集体活跃。其中，入选了2026年格隆 汇"下注中国"十大核心资产名单的药明合联涨超8%，领涨板块，药明生物涨超5%，康方生物、云顶新 耀、诺诚健华涨超4%，石药集团、再鼎医药、药明康德涨超3%。 | 代码 | 名称 | | 涨跌幅 V | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 02268 | 药明合联 | 0 | 8.40% | 63.250 | 795.68亿 | 4.12% | | 02269 | 药明生物 | | 5.38% | 40.340 | 1669.08 Z | 28.31% | | 09926 | 康方生物 | | 4.81% | 106.800 | 983.78亿 | -5.49% | | 01952 | 云顶新耀 | | 4.27% | 37.600 | 132.95亿 | 1.68% | | 69660 | 诺成健华 | | 4.04% | 12.090 | 213.04亿 | -1.71% | | 01093 | 石约集团 | | 3. ...

康方生物(09926)早盘涨近5%，截至发稿，涨4.22%，报106.2港元，成交额4.56亿港元。 据悉，康方生物的曼多奇单抗是其进入上市申报阶段的第四款非肿瘤药物，此前PCSK9单抗伊努西单 抗、IL-12/IL-23单抗依若奇单抗、IL-17A单抗古莫奇单抗已相继获批或申报上市，构建了覆盖心血管代 谢、皮肤、关节等多领域的自免产品矩阵。 消息面上，2月25日，康方生物自主研发的IL-4Rα单抗(曼多奇单抗，AK120)已正式向国家药品监督管 理局(NMPA)提交上市申请(NDA)并获受理，拟用于治疗中重度特应性皮炎(AD)。 ...

据悉，康方生物的曼多奇单抗是其进入上市申报阶段的第四款非肿瘤药物，此前PCSK9单抗伊努西单 抗、IL-12/IL-23单抗依若奇单抗、IL-17A单抗古莫奇单抗已相继获批或申报上市，构建了覆盖心血管代 谢、皮肤、关节等多领域的自免产品矩阵。 智通财经APP获悉，康方生物(09926)早盘涨近5%，截至发稿，涨4.22%，报106.2港元，成交额4.56亿港 元。 消息面上，2月25日，康方生物自主研发的IL-4Rα单抗(曼多奇单抗，AK120)已正式向国家药品监督管 理局(NMPA)提交上市申请(NDA)并获受理，拟用于治疗中重度特应性皮炎(AD)。 ...

如果将人类抗击癌症的历史视为一场漫长的战役，那么2014年无疑是这场战役中的"诺曼底登陆"。在此之前，尽管手术、放疗、化疗和靶向药 已经构筑了坚固的防线，但面对晚期癌症的肆虐，人类依然显得防守有余而进攻不足。直到PD-1抑制剂的横空出世，战局被彻底改写。 这一年，百时美施贵宝（BMS）的 欧狄沃（Opdivo，俗称O药）与 默沙东（Merck）的 可瑞达（Keytruda，俗称K药）相继问世。它们不直接 毒杀癌细胞，而是通过解除人体免疫系统的"刹车"，唤醒沉睡的免疫T细胞去围剿肿瘤。这一机制的发现，不仅让詹姆斯·艾利森（James Allison）与本庶佑（Tasuku Honjo）在2018年共同登上了诺贝尔奖的领奖台，更在商业世界掀起了一场持续十年的双雄争霸。 从最初O药的独领风骚，到K药的绝地反击，再到如今K药登顶全球"药王"宝座，这段历史充满了科学的偶然、商业的豪赌与宿命般的逆转。 而当我们站在2026年回望，这场战争并未终结，新的挑战者已然在东方崛起。 一、溯源 1. 免疫治疗的"黑暗中世纪" 直到20世纪末，随着T细胞、树突状细胞等免疫大军被逐一识别，科学家们才重新捡起了这把遗落的钥匙。 故事的起 ...

由于与辉瑞达成合作，三生国健（688336.SH）2025年业绩大涨。根据公司发布的业绩快报，2025年三生国建实现营业收入41.99亿元，较上年增加 251.81%；实现归母净利润29.39亿元，较上年涨幅317.09%。 同时，扣除本年度确认的政府补助收益、理财产品利息收入、固定资产处置损失、参股公司分红收益及营业外支出后，实现扣非净利润28.05亿元，涨幅 1041.01%。 三生国健在业绩快报中指出，营业总收入、归母净利润、扣非净利润、基本每股收益、总资产等指标相比上年同期均出现较大幅度增长，主要由于报告期内 公司与辉瑞公司（Pfizer Inc.）达成重要合作，公司收到辉瑞公司就707项目支付的授权许可首付款并相应确认收入约28.90亿元。 2025年5月20日，三生国健的母公司三生制药（01530.HK）与辉瑞关于PD-1/VEGF双特异性抗体SSGJ-707的交易发布，此次交易达成12.5亿美元不可退还且 不可抵扣的首付款。 在达成重磅交易的同时，三生国健或将面临PD-1/VEGF双抗赛道日趋激烈的市场竞争。作为近年来备受瞩目的明星靶点，该赛道入局者众多、竞争激烈。 Insight数据库显示，目 ...

Policy Developments - Shandong Province held a meeting on February 25, 2026, to address corruption and misconduct in the healthcare sector, emphasizing the need for a coordinated effort to safeguard medical insurance funds and promote orderly development in healthcare [1] Drug and Device Approvals - Kanghong Pharmaceutical received approval from the National Medical Products Administration for clinical trials of KHN707 tablets for insomnia, a class 1 innovative drug [2] - Fosun Pharma's subsidiary received approval for clinical trials of Rumaine® (generic name: Luwomeitini tablets) for advanced non-small cell lung cancer, with global sales of MEK1/2 inhibitors projected to reach approximately $2.068 billion in 2024 [3] - China Pharmaceutical announced that its subsidiary received a drug registration certificate for injectable fosfomycin, aimed at treating acute bacterial skin and soft tissue infections [4] - Huyou Pharmaceutical received FDA approval for its new drug applications for Etoposide injection and Fluorouracil injection, enabling sales in the U.S. market [5] - Kangfang Biotech's application for the monoclonal antibody AK120 was accepted for review by the National Medical Products Administration [6] Industry Developments - Junshi Bioscience and Deqi Pharmaceuticals entered a strategic collaboration to explore the combined treatment potential of JS207 and ATG-037 for cancer patients in mainland China [8] - Illumina announced an 18-month innovation upgrade roadmap for the NovaSeq X sequencer, enhancing its capabilities and productivity [9] Capital Market Activities - Sainuo Medical announced a share repurchase plan with a total amount between 15 million and 30 million yuan, aimed at employee stock ownership plans or equity incentives [10] Financial Data - United Imaging reported a net profit of 1.888 billion yuan for 2025, a year-on-year increase of 49.60%, driven by new product launches and growth in overseas business [11] - Xiansheng Pharmaceutical projected a revenue of approximately 7.7 billion to 7.8 billion yuan for the 2025 fiscal year, with a net profit increase of 80.1% to 93.9% [12] - Sainuo Medical reported a net profit of 47.29 million yuan for 2025, a significant increase of 3,057.05% year-on-year, attributed to revenue growth and cost management [13]

Group 1 - The pharmaceutical stocks have shown a general upward trend, with notable increases in companies such as Genscript Biotech (up 6.33%), Kintor Pharmaceutical (up 5.23%), and Junshi Biosciences (up 4.39%) [1] - The Chinese innovative drug licensing market has continued its strong growth into 2026, with total transaction amounts exceeding $33.28 billion in the first quarter, surpassing the highest quarterly upfront payment levels of 2025 [1] - According to Open Source Securities, the innovative drug sector has experienced a correction over the past two quarters, but long-term prospects for quality stocks are favorable, suggesting an increase in sector allocation focusing on companies with established overseas opportunities and high clinical data performance [1] Group 2 - Donghai Securities previously indicated that the innovative drug sector is entering a phase of accelerated profit realization by 2025, with companies like Innovent Biologics and Rongchang Biopharmaceutical achieving profitability, while others like 3SBio and Shanghai Yizhong are expected to see significant performance increases [2] - The strong performance of the innovative drug sector validates the effectiveness of the domestic innovative drug business model, with core product volume growth supported by medical insurance becoming the foundation for performance growth, while external collaborations such as BD are crucial for enhancing earnings [2]

Core Viewpoint - The Chinese innovative pharmaceutical sector is entering a golden development period, presenting a once-in-a-century investment opportunity due to unmet global medical needs and significant advancements in the industry [4][9]. Group 1: Market Growth and Trends - In 2025, the total value of out-licensing (BD) transactions for Chinese innovative drugs reached $135.7 billion, a significant increase from $51.9 billion in 2024, with upfront payments rising to $7 billion from $4.1 billion [4][9]. - In January 2026 alone, the transaction volume reached $30 billion, with upfront payments of $3 billion, indicating a strong start to the year [4][9]. - The proportion of external procurement pipelines from China for multinational pharmaceutical companies surged from 10% in 2020 to 42% in 2025, highlighting China's growing importance in the global pharmaceutical landscape [4][9]. Group 2: Clinical Milestones and Innovations - 2026 is identified as a critical year for validating major drugs, with several key clinical milestones expected to emerge, potentially leading to a re-evaluation of industry value [5][9]. - Notable clinical trials include Kangfang Biotech's AK112 for non-small cell lung cancer, which is anticipated to redefine first-line treatment standards [5][9]. - The ADC sector is also poised for significant developments, with Kelong Botai's SKB264 and Baili Tianheng's BL-B01D1 expected to release important phase III clinical data [5][9]. Group 3: Impact on Related Industries - The CXO (Contract Research Organization) sector, closely tied to innovative pharmaceuticals, is expected to benefit from the technological advancements in drug development, leading to a recovery in industry sentiment [5][10]. - Companies within the "WuXi" ecosystem, such as WuXi Biologics and WuXi AppTec, are experiencing a resurgence in orders and performance, reaching historical highs despite previous unfavorable U.S. policies [10].

Group 1 - Tencent Holdings (00700) had a net inflow of 4.316 billion, representing a 22.17% increase in net inflow ratio [2][3] - Alibaba-W (09988) experienced a net inflow of 1.658 billion, with a net inflow ratio of 13.70% [2][3] - Pop Mart (09992) saw a net inflow of 588 million, with a net inflow ratio of 17.52% [2][3] Group 2 - Kangfang Biotech (09926) faced a net outflow of -285 million, with a net outflow ratio of -33.89% [2][3] - Yingfu Fund (02800) had a net outflow of -248 million, with a net outflow ratio of -1.88% [2][3] - Yum China (09987) recorded a net outflow of -213 million, with a net outflow ratio of -30.90% [2][3] Group 3 - Huaxia Hang Seng Technology (03088) led in net inflow ratio at 89.30% with a net inflow of 54.532 million [2][3] - Southern East Selection (03441) followed with a net inflow ratio of 68.86% and a net inflow of 14.5209 million [2][3] - China Foods (00506) had a net inflow ratio of 59.26% with a net inflow of 4.9995 million [2][3] Group 4 - Jinyuan International (02232) had the highest net outflow ratio at -50.27% with a net outflow of -40.079 million [3] - iFlytek Medical Technology (02506) recorded a net outflow ratio of -49.63% with a net outflow of -15.2262 million [3] - Sinopec Crown (00934) had a net outflow ratio of -45.08% with a net outflow of -5.1472 million [3]

Market Overview - The Hong Kong stock market showed initial gains but narrowed its increase, with the Hang Seng Index closing up 0.58% above 27,000 points, while the Hang Seng China Enterprises Index and Hang Seng Tech Index rose by 0.81% and 0.62% respectively [1][2]. Sector Performance - Technology stocks rebounded, driven by AI application stocks, with the stock of Reading Group surging over 15%. The film and entertainment sector remained active, and the biopharmaceutical sector saw widespread gains, led by Fuhong Hanlin [3][4]. - New consumption concept stocks, paper industry stocks, home appliance stocks, shipping stocks, and automotive stocks mostly increased. Conversely, education stocks faced declines, with gaming stocks collectively sluggish, and real estate, gas, electric, and telecom stocks also underperformed [3][4]. Notable Stocks - AI application stocks saw significant gains, with Reading Group rising 15.41%, and Zhiyun up 14.81%, reaching a new historical high during the session. Other stocks like Fubo Group and Yidu Technology also experienced increases [6][8]. - In the film sector, Orange Sky Entertainment rose over 7%, with other companies like Damai Entertainment and Ningmeng Film also following suit [10]. - The biopharmaceutical sector was buoyed by Fuhong Hanlin's increase of over 7%, with other companies like WuXi Biologics and WuXi AppTec also seeing gains [12]. Industry Insights - The real estate sector faced pressure, with Shimao Group dropping over 6% amid ongoing sales challenges in the industry. Major real estate companies are reportedly initiating organizational restructuring [13][14]. - Education stocks struggled, with Guangzheng Education falling over 5%, alongside declines in New Oriental and other educational institutions [15]. Investment Outlook - According to Everbright Securities, the current liquidity environment in the Hong Kong stock market is entering an observation period, with limited space for further tightening. Positive catalysts could lead to a recovery in market sentiment and capital inflow [22].