来源：新浪基金∞工作室 最新定期报告显示，港股创新药ETF（159567）重仓股包括石药集团、百济神州、康方生物、中国生物 制药、中国生物制药、信达生物、三生制药、翰森制药、科伦博泰生物-B、康哲药业，持仓占比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）01093石药集团10.44%1.08亿8.25亿06160百 济神州9.91%482.99万7.82亿09926康方生物9.72%752.00万7.68亿01177中国生物制药9.66%1.37亿7.63亿 08027中国生物制药9.66%1.37亿7.63亿01801信达生物9.53%1092.95万7.53亿01530三生制药6.95%2512.55 万5.49亿03692翰森制药6.93%1679.60万5.47亿06990科伦博泰生物-B3.48%77.48万2.74亿00867康哲药业 2.55%1729.70万2.02亿 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.c ...

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].

2月6日，南下资金今日净买入148.59亿港元。 其中，腾讯控股、阿里巴巴分别获净买入43.24亿港元、16.56亿港元；康方生物、长飞光纤光缆分别净 卖出3.06亿港元、0.79亿港元。 中海油：财信证券指出，当前大宗商品行情仍处于扩圈阶段，目前金价相对油价、铜价已经明显超涨， 再考虑到黄金价格易涨难跌，预计2026年原油、工业金属价格大概率有补涨行情，但近期大宗商品波动 可能加大。 中国移动：从中国时空信息集团获悉，近日，中国时空携手三大通信运营商推出北斗短信业务，基于中 国时空服务能力，中国移动、中国电信、中国联通均支持北斗短信业务。此外，摩根大通认为，三大运 营商受增值税税率上调影响，2026年净利润预计承压，其中中国移动因利润率较高受冲击相对较小。运 营商将通过提价、成本优化及AI云业务增长抵消负面影响；目前股价回调后，高股息率仍具吸引力， 维持"增持"评级。 钧达股份：近日，受马斯克团队相关调研消息带动，太空光伏概念持续引爆市场。但中国光伏行业协会 执行秘书长刘译阳近日表示，目前太空光伏技术仍处于探索和验证的初期阶段，确定明确的技术方向为 时尚早。无论何种技术路线如何演进，真正走向落地，离不开一个 ...

来源：市场资讯 （来源：科创100ETF基金） 南向资金今日净买入148.59亿港元。腾讯控股、阿里巴巴-W分别获净买入约43.24亿港元、16.56亿港 元；康方生物、长飞光纤（601869）光缆分别遭净卖出3.06亿港元、0.79亿港元。 ...

【南向资金今日净买入超148亿港元 腾讯控股获买入居前】智通财经2月6日电，南向资金今日净买入约 148.59亿港元。腾讯控股、阿里巴巴-W分别获净买入约43.24亿港元、16.56亿港元；康方生物遭净卖出 3.06亿港元。 转自：智通财经 ...

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].

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: 康方生物科技（開曼）有限公司 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 09926 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 921,143,176 0 921,143,176 增加 / 減少 (-) 0 0 本月底結存 921,143,176 0 921,143,176 足夠公眾持股量的確認(註4) 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09926 | 說明 | | | | | | | | | | | ...

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry, indicating a positive outlook based on ongoing technological innovation and demand growth [5][6]. Core Insights - The total market value of pharmaceutical stocks held by public funds decreased from 397.7 billion to 316.1 billion yuan, reflecting a decline of 2.58% from Q3 2025 to Q4 2025. The proportion of pharmaceutical stocks in all public fund holdings fell to 7.95%, down 2.58 percentage points from the previous quarter [6][9]. - The highest proportion of holdings in the pharmaceutical sector is in chemical preparations, other biological products, and medical research outsourcing, which accounted for 37.5%, 20.9%, and 16.4% of the total holdings, respectively [6][13]. - The top five pharmaceutical stocks by market value held by public funds in Q4 2025 were: Heng Rui Medicine (32 billion), WuXi AppTec (30.6 billion), Innovent Biologics (16.7 billion), Mindray Medical (15.2 billion), and CanSino Biologics (10.8 billion) [6][24]. Summary by Sections 1. Pharmaceutical Holdings Proportion - The proportion of pharmaceutical stocks held by public funds decreased to 7.95% in Q4 2025, down from Q3 2025, with a notable decline in non-pharmaceutical public fund holdings [9][10]. 2. Market Value of Pharmaceutical Sub-sectors - In Q4 2025, the market value of pharmaceutical sub-sectors held by public funds was as follows: 1. Chemical preparations: 118.6 billion yuan (37.5%) 2. Other biological products: 66 billion yuan (20.1%) 3. Medical research outsourcing: 51.7 billion yuan (16.4%) 4. Medical devices: 33.3 billion yuan (10.5%) 5. Medical consumables: 9.8 billion yuan (3.1%) [13][12]. 3. Public Fund Heavy Holdings - The number of public funds holding the top five pharmaceutical stocks in Q4 2025 was as follows: Heng Rui Medicine (507 funds), WuXi AppTec (448 funds), Mindray Medical (204 funds), Innovent Biologics (202 funds), and BeiGene (162 funds) [17][21]. - The market value growth of public fund heavy holdings in Q4 2025 saw significant increases for Heng Rui Medicine (+20.1 billion), WuXi AppTec (+5.7 billion), China National Pharmaceutical Group (+5 billion), Yingke Medical (+2.2 billion), and Yuyue Medical (+1.8 billion) [28].

康方生物(09926)授予济川药业伊喜宁®的独家商业化权益 康哲药业(00867)自主研发的创新药CMS-D017胶囊获得补体参与介导的肾脏疾病适应症药物临床试验批 准通知书 经营业绩： 英矽智能(03696)获美纳里尼3900万港元里程碑付款，合作项目MEN2501完成首例患者给药 首程控股(00697)：世盟股份首次公开发行股票并于深交所上市 先声药业(02096)：收到与AbbVie就SIM0500海外许可选择权协议的近期里程碑付款 英诺赛科(02577)旗下相关产品已完成了在谷歌公司相关AI硬件平台的重要设计导入 并签订合规的供货 协议 联邦制药(03933)：UBT251 注射液OSA适应症获临床试验默示许可 重大事项： 碧桂园(02007)2026年1月实现归属公司股东权益的合同销售金额约22.1亿元 日清食品(01475)：日清日本前三季度中国业务分部经营溢利为56.72亿日圆，同比增长99.8% 自然美(00157)发盈喜，预期年度净利润约800万港元-1000万港元 同比扭亏为盈 ...

康方生物(09926)公布，公司间接全资附属公司中山康方生物医药有限公司、康融东方(广东)医药有限公 司(以下合称"康方生物")与湖北济川药业（600566）股份有限公司全资子公司济川药业集团有限公司、 江苏济源医药有限公司(以下合称"济川药业")于近日签署《独佔性商业化权益协议》，康方生物授权济 川药业在合作期限内，在中华人民共和国(不含中国香港、中国澳门特别行政区和中国台湾地区)拥有公 司自主开发并已获批上市的伊喜宁 (伊努西单抗注射液)的独家商业化权益。本次合作，康方生物将获得 由济川药业支付的人民币8,000万元(含税)授权费，以及最高不超过人民币1,000万元(含税)的里程碑付 款;济川药业将负责伊喜宁 在授权市场的商业化推广和销售。 伊喜宁 (伊努西单抗注射液)是本公司自主开发创新PCSK9单克隆抗体新药，于2024年9月获批上市，用 于治疗原发型高胆固醇血症和混合型高脂血症，包括杂合子家族性高胆固醇血症(HeFH)及同时患有动 脉粥样硬化性心血管疾病的高胆固醇血症。目前，伊喜宁 已被纳入最新版国家医保目录，并被全面管 理血脂相关心血管风险中国专家共识(2025版)和县域血脂异常合理用药与综合管理 ...