Core Viewpoint - The article highlights the strong performance of pharmaceutical stocks in both A-shares and Hong Kong stocks, driven by the annual J.P. Morgan Global Healthcare Conference, which focuses on biotechnology and biopharmaceuticals, showcasing the growing influence of Chinese innovative drugs in the global market [3][4]. Group 1: Market Performance - As of January 13, over 40% of stocks in the A-share biopharmaceutical sector saw gains, with companies like Kanglaite (920575.BJ) and Hongbo Pharmaceutical (301230.SZ) rising more than 15% [3]. - In the Hong Kong market, more than half of the healthcare stocks experienced increases, with WuXi AppTec (02126.HK) and Hengrui Medicine (02616.HK) seeing gains exceeding 8% [3]. - The overall A-share pharmaceutical outsourcing (CXO) index rose over 5% by mid-morning on January 13 [6]. Group 2: Major Transactions - A significant licensing deal was announced on January 12, where Chinese biopharmaceutical company Rongchang Bio entered a $5.6 billion collaboration with AbbVie, receiving an upfront payment of $650 million [4][5]. - This transaction positively impacted the stock prices of dual-antibody concept stocks, with companies like Yiming Anke (01541.HK) and Sanofi (688336.SH) seeing price increases of over 10% and 4%, respectively [5]. Group 3: Industry Trends - The article notes that the J.P. Morgan conference often leads to increased M&A and licensing activity in the global innovative drug sector, with expectations for new deals to emerge this year [4]. - According to a recent report by CITIC Securities, there is optimism regarding Chinese companies' technological breakthroughs and international opportunities, indicating a shift from a single market focus to global value creation [7]. - Chinese pharmaceutical companies are becoming key players in global drug innovation, leveraging their capabilities to partner with large pharmaceutical and biotech firms, thus enhancing their role in the global market [7].

1月13日盘中科创板股荣昌生物涨停，截至11:26，股价报114.46元，成交16.92亿元，换手率9.43%，振 幅10.97%。 科创板个股中，截至发稿上涨的共有238只，涨幅在10%以上的共有11只，除荣昌生物之外，涨停的还 有光云科技、近岸蛋白等，下跌的有360只，跌幅较大的有国科军工、江航装备、禾信仪器，分别下跌 11.42%、11.07%、9.98%。 资金面上，荣昌生物上一交易日主力资金净流出851.19万元，近5日净流入8670.16万元。 融资融券数据显示，该股最新（1月12日）两融余额为7.58亿元，其中，融资余额为7.56亿元，较上一个 交易日增加146.99万元，增幅为0.19%；融券余额为196.12万元，较上一个交易日减少4.33万元，降幅为 2.16%。近10日两融余额合计减少4711.95万元，降幅为5.85%，其间融资余额下降6.02%，融券余额增长 195.64%。 （文章来源：证券时报网） ...

Group 1 - The core point of the news is the significant rise in the pharmaceutical sector in both A-shares and Hong Kong stocks, driven by the annual J.P. Morgan Global Healthcare Conference, which highlights the latest trends and expectations in the biotechnology and biopharmaceutical industries [1][3] - A notable external licensing deal was announced, where Chinese biopharmaceutical company Rongchang Bio entered into a collaboration with AbbVie worth up to $5.6 billion, including an upfront payment of $650 million, which positively impacted the stock prices of related companies [3] - The market is witnessing a surge in stock prices for dual-antibody concept stocks, with companies like Yiming Anke and Sanofi Guojian seeing significant increases of over 10.10% and 4% respectively [3] Group 2 - The external licensing of innovative drugs is becoming a crucial source of financing and revenue for innovative pharmaceutical companies, potentially increasing order volumes for contract research organizations (CROs) [3] - The CRO sector also experienced a price surge, with WuXi AppTec's stock rising over 6% and WuXi Biologics increasing by more than 5% [3] - Overall, the CRO index in A-shares saw an increase of over 5% as of January 13 [3] Group 3 - WuXi AppTec has raised its revenue forecast for the previous year for the third time, while WuXi Biologics expressed confidence in maintaining growth momentum through 2026 [4][5] - CITIC Securities published a report indicating optimism regarding Chinese companies' technological breakthroughs and international opportunities, highlighting a shift from a single market focus to global value creation [6] - Chinese pharmaceutical companies are becoming key players in global pharmaceutical innovation, leveraging a dual strategy of independent research and overseas business development [6]

Group 1 - The A-share market experienced fluctuations with the Shanghai Composite Index showing volatility, while trading volume exceeded 1.8 trillion yuan, indicating sustained active trading [1] - The innovative drug sector saw significant strength, with the Science and Technology Innovation Drug ETF Huatai (589120) surging over 3% as funds continued to flow into it for two consecutive days, driven by optimism around "BD going global + AI healthcare + brain-computer interfaces" [1] - The top ten constituent stocks of the Huatai ETF include companies like BeiGene (688235) and Junshi Biosciences (688180), with Rongchang Biopharmaceuticals (688331) leading with a 17.29% increase [1][5] Group 2 - Rongchang Biopharmaceuticals announced a licensing agreement with AbbVie for RC148, which includes a $650 million upfront payment and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [1][2] - The transaction size of the upfront payment ranks among the top ten for domestic innovative drug companies going global, indicating the potential of RC148 in the global market [2] - The trend in the industry is shifting from "early licensing" to "deep binding" partnerships, with companies like Hengrui Medicine and Qianxin Biopharmaceuticals actively engaging in new cooperative models that share risks and long-term benefits [4][6] Group 3 - The innovative drug sector is expected to enter a phase of significant growth, with a focus on the lifecycle of BD transactions, which includes achieving overseas clinical validation and profit-sharing from sales [3][4] - The market anticipates a busy period for BD transactions, with 49 deals totaling over $39 billion since October, as multinational corporations continue to expand in China [6] - The upcoming JPM conference in January 2026 is expected to catalyze further activity in the sector, coinciding with the annual report cycle, suggesting a peak in data disclosures and BD transactions [6]

Group 1 - The core viewpoint of the news is that the innovative drug sector is experiencing a strong surge, with several companies seeing significant stock price increases due to supportive regulatory measures from the National Medical Products Administration (NMPA) aimed at promoting innovative drug development [1] - The NMPA plans to implement precise policies by 2026, focusing on the establishment of a data protection system for drug trials and a market exclusivity system for pediatric and rare disease medications [1] - As of 2026, several new drugs have already been approved, including products from companies like Hengrui Medicine and Zai Lab, with expectations that around 20 major new drugs will receive approval in 2026, covering various therapeutic areas [1] Group 2 - According to Guojin Securities, since 2025, the heat of AI pharmaceutical technology has been rising, and the global innovative drug market remains robust, leading to increased attention in the domestic biopharmaceutical investment sector [2] - The investment strategy for the CXO industry in 2026 focuses on two main lines: prioritizing leading companies with technological advantages and high overseas business ratios to mitigate domestic market uncertainties [2] - The recovery in domestic biopharmaceutical investment is expected to benefit various CRO segments, indicating potential long-term investment value [2]

Core Viewpoint - Rongchang Biopharma announced a significant business development (BD) deal with AbbVie for the RC148 drug, with a total transaction value of up to $5.6 billion, marking a new high for the company in terms of upfront payments and potential total deal value [1][3][8] Group 1: Business Development Deal - The agreement with AbbVie includes an upfront payment of $650 million and potential milestone payments of up to $4.95 billion, along with tiered royalties on net sales outside Greater China [2][5][9] - This deal represents a shift in Rongchang Biopharma's BD strategy, moving from early reliance on multinational pharmaceutical companies to a more flexible collaboration model [1][4][6] Group 2: RC148 Drug Development - RC148 is a novel bispecific antibody targeting PD-1/VEGF, currently undergoing clinical trials for various advanced malignancies [4][9] - The drug has received FDA IND approval for a Phase II clinical trial in the U.S., indicating its entry into global clinical development [4][9] - Preliminary clinical data presented at the ESMO-IO conference showed promising efficacy for RC148 in treating non-small cell lung cancer [4][9] Group 3: Financial Performance - For the first three quarters of 2025, Rongchang Biopharma reported revenues of 1.72 billion yuan, a year-on-year increase of 42.27%, while net losses decreased significantly to 551 million yuan from 1.071 billion yuan in the same period last year [5][10]

消息面，1月12日，荣昌生物宣布就RC148（PD1/VEGF双抗）海外权益与艾伯维达成合作。荣昌生物将收到6.5亿美元首付款，最高49.5亿美元里程碑，以及 两位数分成。受消息面提振，创新药ETF国泰（517110）涨超3%。 图 小核酸作用原理 资料来源：Frontiers in Pharmacology 重磅BD落地，创新药催化不断 消息面，1）荣昌生物与艾伯维签署RC148独家授权许可协议，交易总额高达56亿美元（首付款6.5亿美元+里程碑49.5亿美元+两位数分成），首付款超出市 场预期，再次验证PD-1/VEGF双抗赛道的巨大市场潜力。 2）康方生物海外合作方Summit Therapeutics向FDA递交AK112（依沃西单抗）的上市申请（BLA），用于治疗经EGFR TKI治疗后疾病进展的EGFR突变非 小细胞肺癌患者，预计FDA将于2026年第四季度做出决定。 3）三生制药合作伙伴辉瑞于第44届J.P. Morgan医疗健康大会上宣布，PD-1/VEGF双抗药物PF-08634404即SSGJ-707将于2026年内开展针对非小细胞肺癌 （NSCLC）等四类肿瘤的五项全球多中心III期临床 ...

Group 1 - AbbVie has secured a licensing agreement with Rongchang Biopharma worth up to $5.6 billion, which includes an upfront payment of $650 million and potential milestone payments of up to $4.95 billion [1] - The agreement grants AbbVie exclusive rights to develop, manufacture, and commercialize RC148, a bispecific antibody targeting PD-1 and VEGF, outside of Greater China [1] - RC148 is designed to enhance anti-tumor immune responses while inhibiting tumor-driven angiogenesis, and is currently undergoing clinical trials in China for various advanced malignancies [1] Group 2 - The PD-1/VEGF dual antibody market has seen increased interest, especially after Kangfang Biopharma's dual antibody demonstrated potential superiority over Merck's Keytruda in clinical trials [3] - Major pharmaceutical companies are investing in PD-1/VEGF dual antibodies, with significant licensing deals such as the $6.06 billion agreement between 3SBio and Pfizer, and the $11.1 billion collaboration between Bristol-Myers Squibb and BioNTech [3] - However, following disappointing overall survival data from Kangfang Biopharma's dual antibody, market enthusiasm for PD-1/VEGF dual antibodies has cooled, raising questions about the future potential of this therapeutic class [4] Group 3 - The recent licensing deal between Rongchang Biopharma and AbbVie may indicate a resurgence in interest in the PD-1/VEGF dual antibody space [4] - Kangfang Biopharma's partner, Summit, has submitted a new drug application to the FDA for its PD-1/VEGF dual antibody, targeting specific lung cancer patients, which could further influence market dynamics [4]

北京商报讯（记者 丁宁）1月13日，荣昌生物（688331）高开15.33%，开盘价为110元/股。 消息面上，荣昌生物发布公告称，公司与艾伯维集团控股公司（以下简称"艾伯维"）就RC148签署独家 授权许可协议。艾伯维将获得RC148在大中华区以外地区的开发、生产和商业化的独家权利。协议经相 关监管批准生效后，荣昌生物将收到6.5亿美元的首付款，并有资格获得最高达49.5亿美元的开发、监管 和商业化里程碑付款，以及在大中华区以外地区净销售额的两位数分级特许权使用费。 ...

Group 1 - The Hang Seng Technology Index increased by 1.93% and the Hang Seng Index rose by 1.32% [1] - Notable stock performances include: Zhaoyi Innovation up by 45.06%, Dali Group Holdings up by 13.35%, and Rongchang Bio up by 8.84% [1] - Declining stocks include: Times Angel down by 4.96%, Master Kong Holdings down by 4.18%, and CIMC Enric down by 3.72% [1]