Market Performance - The market showed mixed performance from January 19 to January 23, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%[5] - The average daily trading volume was 2.80 trillion yuan, a decrease compared to the previous week[5] Healthcare Sector - At the JPM 2026 conference, over 20 Chinese innovative pharmaceutical companies showcased their products, with significant business development (BD) transactions announced[16] - In 2025, the value of China's innovative drug patent licensing transactions reached approximately $135.7 billion, a 143% increase year-on-year, with 157 total transactions[20] Consumer Sector - The Qianwen APP integrated with Alibaba's ecosystem, achieving over 100 million monthly active users within two months of launch, marking its entry into the "billion-level club"[25] - This integration allows for a seamless process from search to decision-making and payment, establishing a comprehensive AI application ecosystem[26] Hard Technology Sector - The supply of storage and logic chips remains tight, leading to widespread price increases across the industry[32] - The price of enterprise SSDs continues to rise, with a projected increase of 33-38% for NAND Flash products due to supply constraints[36] High-end Manufacturing - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous period, averaging 800 billion yuan annually[42] - The goal is to achieve a 30% share of renewable energy in total power generation by 2030, indicating significant growth potential for the solar and wind energy sectors[46]

Market Performance - The market showed mixed performance from January 19 to January 23, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%[5] - The average daily trading volume was 2.80 trillion yuan, a decrease compared to the previous week[5] Healthcare Sector - At the JPM 2026 conference, over 20 Chinese innovative pharmaceutical companies showcased their advancements, with significant business development (BD) transactions reported[16] - In 2025, the value of China's innovative drug patent licensing transactions reached approximately $135.7 billion, a 143% year-on-year increase, with 157 total transactions[20] Consumer Sector - The Qianwen APP integrated with Alibaba's ecosystem, achieving over 100 million monthly active users within two months of launch, marking its entry into the "billion-level club"[25] - This integration allows for a seamless process from search to decision-making and payment, establishing a comprehensive AI application ecosystem[26] Hard Technology Sector - The supply of storage and logic chips remains tight, leading to widespread price increases across the industry[32] - The price of enterprise SSDs continues to rise due to increased demand from AI servers, with NAND Flash supply expected to decrease by 41.7% in 2026[35] High-end Manufacturing - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous period, averaging 800 billion yuan annually[42] - By 2030, renewable energy generation is expected to account for approximately 30% of total power generation, indicating significant growth potential in the solar and wind sectors[46]

Group 1 - The pharmaceutical and biotechnology industry is experiencing active consolidation and collaboration, with significant acquisitions and partnerships announced recently [1] - China National Pharmaceutical Group announced a full acquisition of Hejiya Biotech for 1.2 billion RMB, gaining access to its leading technology platform and diverse product pipeline [1] - Rongchang Biotech entered an exclusive licensing agreement with AbbVie for the bispecific antibody RC148, receiving an upfront payment of 650 million USD and potential milestone payments [1] Group 2 - WuXi AppTec announced plans to acquire all issued shares of Dongyao Pharmaceutical for approximately 2.79 billion HKD [1] - The Ministry of Commerce and nine other departments released guidelines to promote high-quality development in the pharmaceutical retail industry, focusing on transformation, payment, supply, and integration [1] - The policy encourages mergers and acquisitions, aiming to shift the industry from a "single drug sales" model to a "health service" model, which is expected to accelerate the clearing of individual pharmacies and increase industry concentration [1]

截至2026年1月27日 10:12，中证医药及医疗器械创新指数(931484)成分股方面涨跌互现，三生国健领涨 8.29%，大博医疗上涨6.58%，特宝生物上涨2.64%；神州细胞领跌。医疗创新ETF(516820)最新报价0.36 元。 国信证券指出，2025年创新药板块呈现显著超额收益，核心驱动力来自BD出海密集落地、临床数据持 续超预期及政策端支持；展望2026年，具备全球竞争力、差异化创新能力及已实现高质量授权的创新药 企业仍具长期配置价值。荣昌生物PD-1/VEGF双抗RC148获艾伯维6.5亿美元首付款、最高达49.5亿美元 的重磅授权交易，进一步验证中国ADC平台型企业的国际商业化能力。 医疗创新ETF紧密跟踪中证医药及医疗器械创新指数，中证医药及医疗器械创新指数从医药卫生行业的 上市公司中，选取30只盈利能力较好且具备一定成长性和研发创新能力的上市公司证券作为指数样本， 以反映兼具盈利性与成长性的医药及医疗器械上市公司证券的整体表现。 数据显示，截至2025年12月31日，中证医药及医疗器械创新指数(931484)前十大权重股分别为药明康 德、恒瑞医药、迈瑞医疗、爱尔眼科、片仔癀、新和成、华 ...

1月26日医药板块强势吸金，一边是印度尼帕病毒病例引发对疫苗与创新药的关注，另一边是中国药企 出海大单不断，ADC、小核酸等领域频频"爆单"。行情背后，结构远比想象中清晰，该如何把握医药行 情中的"黄金主线"？请看机构最新研判。 综合来看，机构提示投资者可沿以下主线布局医药板块： 四是关注具有出海潜力或高股息防御属性的中药及药店板块，如佐力药业、东阿阿胶、益丰药房等。 1月26日医药板块资金流入明显，市场情绪在多重因素催化下呈现活跃态势。机构分析，一方面，行业 基本面的边际改善与政策端的支持形成共振；另一方面，海外疫情事件如印度尼帕病毒感染病例的出 现，也再次引发市场对疫苗、抗病毒药物及公共卫生防御体系的关注。此类事件往往能强化市场对医药 板块，尤其是创新药、疫苗及诊断领域的长期投资逻辑的信心。 风险提示：行业政策调整带来的预期变化；新药和器械在研发过程中，存在临床入组进度不确定、疗效 结果及安全性结果数据不确定等风险。以上观点均来自东吴证券、华鑫证券、中信建投、湘财证券、西 南证券近期公开的研究报告，不代表本平台立场，敬请投资者注意投资风险。 从近期机构观点来看，医药板块的结构性机会正得到进一步明确。创新药 ...

2026年开年以来，中国创新药出海热潮持续升温，荣昌生物等本土药企接连达成重磅海外授权合作，延 续了2025年的高光表现。与此同时，国家医保局、国家药监局等多部门协同发力，为药械"走出去"筑牢 政策与平台支撑。业内人士认为，中国创新药出海已告别单一的"单品输出"与"价格竞争"模式，正式迈 入以体系化研发能力、源头创新能力为核心的价值竞争新阶段。中外药企合作也从简单技术转让，升级 为全球协同开发、风险共担、利益绑定的深度共创模式。中国创新药正以平等的技术输出方身份，深度 参与全球医药产业竞争，实现从量的积累到质的飞跃。 ● 本报记者 傅苏颖 合作模式更趋多元 开年以来，包括荣昌生物、宜联生物、海思科（002653）等多家本土药企接连达成重磅海外授权合作。 1月12日，荣昌生物宣布，公司与艾伯维就荣昌生物自主研发的新型靶向PD-1/VEGF双特异性抗体药物 RC148签署独家授权许可协议。根据协议，艾伯维将获得RC148在大中华区以外地区的独家开发、生产 和商业化权利。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 ...

2026年开年以来，中国创新药出海热潮持续升温，荣昌生物等本土药企接连达成重磅海外授权合作，延 续了2025年的高光表现。与此同时，国家医保局、国家药监局等多部门协同发力，为药械"走出去"筑牢 政策与平台支撑。业内人士认为，中国创新药出海已告别单一的"单品输出"与"价格竞争"模式，正式迈 入以体系化研发能力、源头创新能力为核心的价值竞争新阶段。中外药企合作也从简单技术转让，升级 为全球协同开发、风险共担、利益绑定的深度共创模式。中国创新药正以平等的技术输出方身份，深度 参与全球医药产业竞争，实现从量的积累到质的飞跃。 ● 本报记者 傅苏颖 启明创投合伙人、医疗创新行业共同负责人陈侃日前在接受中国证券报记者采访时认为，近几年中国创 新药海外授权呈现出显著特点，核心是合作模式多元化发展，且全程以创新药自身价值为导向。其一， 合作模式打破单一局限，企业可结合自身产品管线布局及发展需求，灵活选择适配的合作路径。其二， 授权逻辑实现根本性转变，从过去依靠价格优势吸引合作，转向聚焦药物临床价值。其三，授权的靶点 与领域更趋聚焦，尽管热门靶点竞争激烈，但能够成功出海的产品均具备鲜明差异化优势。 止于至善投资总经理何理对中国 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 1.07%, ranking 26th among 31 primary industries, outperforming the CSI 300 index which fell by 1.19% [4][15] - The valuation of the pharmaceutical and biotechnology industry as of January 23, 2026, is a PE (TTM overall method, excluding negative values) of 30.31x, down from 30.56x in the previous period, indicating a downward trend below the average [4][19] - The top three sub-industries by PE are vaccines (47.34x), hospitals (44.94x), and other medical services (40.38x), while the lowest valuation is in pharmaceutical circulation (15.31x) [4][19] - During the reporting period, 34 listed companies in the pharmaceutical and biotechnology sector saw a net reduction of 2.125 billion yuan in shareholder holdings, with 2 companies increasing holdings by 63 million yuan and 32 companies reducing holdings by 2.189 billion yuan [4] Industry Review - The report highlights significant developments in the pharmaceutical retail sector, emphasizing the need for transformation from traditional drug sales to comprehensive health services [24][25] - The Ministry of Commerce and other departments issued opinions to promote high-quality development in the pharmaceutical retail industry, projecting a market size increase from 2.41 trillion yuan in 2020 to 2.95 trillion yuan by 2024, a growth of 22.4% [24][25] - The report also discusses the approval of new drugs and treatments, including the PD-1/VEGF bispecific antibody RC148 by Rongchang Biopharmaceuticals, which has a potential total payment of up to 4.95 billion USD [7][50] Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with differentiated pipelines that have received validation from high-quality collaborations with multinational pharmaceutical companies, particularly in key areas such as ADC, bispecific antibodies, and siRNA therapies [7]

瑞银对荣昌生物与艾伯维集团(AbbVie)的合作持积极看法，该合作授予RC148(PD-1/VEGF)海外权利， 并获得6.5亿美元的首付款、最高可达49.5亿美元的里程碑付款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。 瑞银发布研报称，将荣昌生物(09995)的评级由"中性"上调至"买入"，目标价由63.8港元一举升至120港 元。 该行认为，艾伯维作为一间跨国制药公司，应能促进RC148在研发和商业化方面的全球扩展，并对 RC148的差异化发展策略持正面态度。该行相信，首付款支付将扭转荣昌生物的净负债状况，并预计未 来多项新药获批将使公司自2026年起持续达到盈亏平衡。 ...

智通财经APP获悉，瑞银发布研报称，将荣昌生物(09995) 的评级由"中性"上调至"买入"，目标价由63.8 港元一举升至120港元。 该行认为，艾伯维作为一间跨国制药公司，应能促进RC148在研发和商业化方面的全球扩展，并对 RC148的差异化发展策略持正面态度。该行相信，首付款支付将扭转荣昌生物的净负债状况，并预计未 来多项新药获批将使公司自2026年起持续达到盈亏平衡。 瑞银对荣昌生物与艾伯维集团(AbbVie)的合作持积极看法，该合作授予RC148(PD-1/VEGF)海外权利， 并获得6.5亿美元的首付款、最高可达49.5亿美元的里程碑付款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。 ...