Group 1 - On February 6, southbound funds recorded a net purchase of HKD 14.859 billion, with Tencent Holdings and Alibaba receiving net buys of HKD 4.324 billion and HKD 1.656 billion respectively [1] - Kangfang Biotech and Changfei Optical Fiber Cable experienced net sales of HKD 306 million and HKD 79 million respectively [1] - Tencent Holdings closed at HKD 547.50, down 1.97%, while Alibaba closed at HKD 155.00, down 2.88% [2][3] Group 2 - Tencent and Alibaba faced further restrictions on their AI applications, impacting their competitive positioning in the consumer AI sector [4] - Bubble Mart announced London as its European headquarters and plans to open seven new stores in the UK, creating over 150 jobs [4] - China National Offshore Oil Corporation (CNOOC) is expected to see a rebound in oil and industrial metal prices by 2026, despite current commodity market volatility [4] Group 3 - China Mobile, along with other major telecom operators, launched Beidou SMS services, which may help mitigate profit pressures from increased VAT rates [5] - Morgan Stanley maintains a positive outlook on China Mobile due to its high profit margins and attractive dividend yield [5]

Group 1 - Southbound funds recorded a net purchase of HKD 14.859 billion today [1] - Tencent Holdings received a net inflow of approximately HKD 4.324 billion [1] - Alibaba-W saw a net inflow of around HKD 1.656 billion [1] Group 2 - Kangfang Biopharmaceutical experienced a net outflow of HKD 306 million [1] - Changfei Optical Fiber (601869) faced a net outflow of HKD 79 million [1]

Group 1 - Southbound funds recorded a net purchase of approximately 148.59 billion HKD today [1] - Tencent Holdings received a net purchase of about 43.24 billion HKD, ranking first among the stocks [1] - Alibaba-W also saw a net purchase of approximately 16.56 billion HKD [1] Group 2 - Kangfang Biologics experienced a net sell-off of 3.06 billion HKD [1]

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].

Major Events - InnoCare Pharma (09926) granted exclusive commercialization rights of Yixineng® to Jichuan Pharmaceutical [1] - Ying Si Intelligent (03696) received a milestone payment of HKD 39 million from Menarini, with the MEN2501 project completing its first patient dosing [1] - Xiansheng Pharmaceutical (02096) received a recent milestone payment related to the overseas licensing option agreement for SIM0500 with AbbVie [1] - Innovent Biologics (02577) completed significant design integration for related products on Google's AI hardware platform and signed a compliant supply agreement [1] - Federal Pharmaceutical (03933) obtained implied approval for clinical trials of UBT251 injection for OSA indications [1] - Kanghong Pharmaceutical (00867) received clinical trial approval for the innovative drug CMS-D017 capsule for complement-mediated kidney disease indications [1] - First Capital Holdings (00697) announced the successful IPO and listing of Shimon Holdings on the Shenzhen Stock Exchange [1] Operating Performance - Country Garden (02007) achieved a contract sales amount of approximately CNY 2.21 billion attributable to shareholders by January 2026 [1] - Nissin Foods (01475) reported an operating profit of JPY 5.672 billion from its China business segment for the first three quarters, representing a year-on-year increase of 99.8% [1] - Natural Beauty (00157) issued a profit warning, expecting an annual net profit of approximately HKD 8 million to HKD 10 million, marking a turnaround from losses [1]

Core Viewpoint - Kangfang Biopharma has signed an exclusive commercialization rights agreement with Jichuan Pharmaceutical, granting Jichuan the exclusive rights to commercialize the drug Yixinning (Inusimab Injection) in mainland China, excluding Hong Kong, Macau, and Taiwan [1][2]. Group 1: Agreement Details - Kangfang Biopharma will receive a total of RMB 80 million (including tax) as an upfront licensing fee from Jichuan Pharmaceutical, along with potential milestone payments not exceeding RMB 10 million (including tax) [1]. - Jichuan Pharmaceutical will be responsible for the commercialization, promotion, and sales of Yixinning in the authorized market [1]. Group 2: Product Information - Yixinning (Inusimab Injection) is a novel PCSK9 monoclonal antibody developed by Kangfang Biopharma, approved for market in September 2024 for treating primary hypercholesterolemia and mixed dyslipidemia, including heterozygous familial hypercholesterolemia (HeFH) [2]. - The drug has been included in the latest National Medical Insurance Directory and is highly recommended in the 2025 edition of expert consensus on managing cardiovascular risks related to blood lipids [2]. - Yixinning works by specifically binding to PCSK9, blocking its interaction with LDL-R, thereby restoring LDL-R expression levels to enhance the clearance of LDL-C from plasma [2].

Group 1 - Jichuan Pharmaceutical has announced the acquisition of exclusive commercialization rights for Kangfang Biotech's PCSK9 monoclonal antibody in mainland China, following a previous announcement regarding a JAK1/JAK2 inhibitor [2] - The company will pay a total of 80 million yuan (including tax) as an authorization fee and up to 10 million yuan (including tax) in milestone payments [4] - The PCSK9 monoclonal antibody, named Inusimab, is designed to specifically bind to PCSK9 and block its interaction with low-density lipoprotein receptors (LDL-R), thereby enhancing the clearance of low-density lipoprotein cholesterol (LDL-C) from the plasma [4] Group 2 - Inusimab is expected to be approved for market launch in September 2024, primarily for the treatment of primary hypercholesterolemia and mixed dyslipidemia, including heterozygous familial hypercholesterolemia (HeFH) and hypercholesterolemia in patients with atherosclerotic cardiovascular disease [4] - The drug will be included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List for 2025, officially implemented from January 1, 2026 [4]

伊喜宁®通过特异性结合PCSK9并阻断其与LDL-R的相互作用，恢复LDL-R的表达水平以提升对血浆中 LDL-C的清除能力。既往研究表明，在他汀类药物背景治疗的基础上接受PCSK9单抗治疗可显著减少人 体的胆固醇水平，降低患者心脏病发作和中风的风险。III期临床研究显示，伊喜宁®对于超高危、极高 危、高危及中低危分层的患者，以及无论LDL-C情况的患者，均具有优异临床疗效，为高胆固醇血症的 临床治疗、心血管风险的长期控制提供了新的选择。 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 ...