Core Viewpoint - The trend of Chinese innovative drugs going global continues to gain momentum in 2026, with local pharmaceutical companies like Rongchang Biologics achieving significant overseas licensing agreements, marking a shift from simple product output and price competition to a new phase of value competition based on systematic R&D and original innovation [1][2][3] Group 1: Collaboration Models - Multiple local pharmaceutical companies, including Rongchang Biologics, have recently signed significant overseas licensing agreements, indicating a diversification in collaboration models [2] - Rongchang Biologics signed an exclusive licensing agreement with AbbVie for its PD-1/VEGF bispecific antibody drug RC148, receiving an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [2] - The collaboration aims to accelerate the global development and commercialization of RC148, enhancing Rongchang Biologics' brand value and international influence [2] Group 2: Market Trends and Characteristics - The overseas licensing of Chinese innovative drugs has shown significant characteristics, including a shift towards diverse collaboration models and a focus on the clinical value of drugs rather than just price advantages [3] - Oncology drugs are the primary focus for overseas licensing, with a few endocrine and autoimmune drugs also achieving international collaborations [3] - The total value of overseas licensing transactions for Chinese innovative drugs exceeded $130 billion in 2025, with over 150 transactions, marking a historical high [4] Group 3: Policy and Support - The National Medical Insurance Administration is actively supporting the "going global" strategy for Chinese pharmaceuticals, aiming to enhance the internationalization of the Chinese pharmaceutical industry [5] - The Ministry of Industry and Information Technology is planning to develop a pharmaceutical industry cooperation platform, facilitating the transition of Chinese pharmaceutical companies from exporting raw materials to innovative drugs and high-end medical devices [6] Group 4: Future Outlook - The overall trend of Chinese innovative drugs going global is expected to remain strong in 2026, driven by improved core capabilities and the global demand for innovation [7] - The oncology sector will continue to be the main battlefield, while metabolic and cardiovascular drug fields are anticipated to see increased international transactions [7] - The industry is shifting from a general explosion to a layered prosperity, with only assets that demonstrate global differentiation and clinical certainty likely to secure high-quality orders [7]

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。 ...

Group 1 - Sanhua Intelligent Control (02050) saw a decline of over 3.4% after announcing a share reduction plan involving the actual controller and several directors, with a total of up to approximately 10.2 million A-shares to be sold between February 24, 2026, and May 23, 2026 [1] - Tuo Yun Biotechnology (01332) experienced a significant drop of over 60%, nearly erasing gains since October 2022, following stock movements involving major shareholders [1] - Zhongwei New Materials (02579) increased by over 5% as the company announced securing 5-6 billion wet tons of nickel ore resources and establishing four nickel raw material industrial bases in Indonesia [1] Group 2 - InnoCare Pharma (03696) rose over 6%, reaching a new high of 62.9 HKD, after receiving FDA approval for its oral NLRP3 inhibitor ISM8969 for Parkinson's disease treatment [2] - Solar stocks surged, with Kaisa New Energy (01108) up 17.85% and other companies like Fuyao Glass (06865) and Xinyi Solar (00968) also showing significant gains, driven by a report indicating a new phase in commercial space deployment [2] - Jiangnan Buyi (03306) fell nearly 7% after announcing a placement of 14.535 million shares at a discount to the market price [2] Group 3 - Lithium stocks rose, with Ganfeng Lithium (01772) up 5.22% and Tianqi Lithium (09696) up 2.88%, following a report of a significant increase in lithium carbonate contract prices [3] - Rongchang Bio (09995) increased nearly 2% after UBS expressed a positive outlook on its collaboration with AbbVie, which includes substantial milestone payments [4] - DCH Holdings (00179) fell nearly 7% as it reported a slight decline in revenue for the nine months ending December 31, 2025 [4] Group 4 - Gold stocks rebounded, with Chifeng Jilong Gold Mining (06693) up 6.99% and others also showing gains, as spot gold prices reached a new high of over $4,960 per ounce [4] - Bitgo Holdings (BTGO.US) debuted on the US stock market, rising 2.72% as a leading cryptocurrency custody provider [5] - Rare earth stocks surged, with USA Rare Earth (USAR.US) up 17.49% after announcing partnerships to advance its Round Top project [5] Group 5 - The Nasdaq Golden Dragon China Index opened up 1.6%, with major Chinese stocks like Li Auto (LI.US) and Alibaba (BABA.US) showing gains, supported by comments from the People's Bank of China regarding potential monetary easing [6] - Abbott (ABT.US) fell 10.04% after reporting lower-than-expected sales for Q4 2025, despite a year-over-year increase in adjusted EPS [7] - Alibaba (BABA.US) rose 5.05% as it plans to list its semiconductor division, benefiting from investor interest in competing with Nvidia [7]

Group 1 - The core viewpoint of the news highlights the strong performance of the pharmaceutical and medical services sectors, with the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index rising by 1.52% as of 11:05 AM on January 23, 2026, driven by significant gains in stocks such as Chengdu Xian Dao (+5.48%) and BGI Genomics (+4.25%) [1] - The Ministry of Commerce and eight other departments have issued opinions to promote high-quality development in the drug retail industry, encouraging retail enterprises to participate in centralized drug procurement and to enhance their bargaining power through joint purchasing [1] - The Chinese pharmaceutical industry is at a pivotal point for global value reassessment, with 2026 being a critical year to validate transformation outcomes, as highlighted by CITIC Securities [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index include companies like United Imaging Healthcare and BeiGene, collectively accounting for 48.85% of the index [2] - The CSI Innovation Medicine ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index, providing an easy investment option for those without stock accounts through the linked fund [3]

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。该行将荣昌生物的评级由"中性"上调至"买 入"，目标价由63.8港元一举升至120港元。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 客户端 荣昌生物（09995）盘中涨近4%，截至发稿，股价上涨1.90%，现报91.35港元，成交额2.26亿港元。 荣昌生物（09995）盘中涨近4%，截至发稿，股价上涨1.90%，现报91.35港元，成交额2.26亿港元。 瑞银发布研报称，对荣昌生物与艾伯维集团的合作持积极看法，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，对荣昌生物与艾伯维集团的合作持积极看法，该合作授予RC148（PD-1/VE ...

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。该行将荣昌生物的评级由"中性"上调至"买 入"，目标价由63.8港元一举升至120港元。 瑞银发布研报称，对荣昌生物与艾伯维集团的合作持积极看法，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。 荣昌生物(09995)涨近4%，截至发稿，涨2.96%，报92.3港元，成交2.06亿港元。 ...

瑞银发布研报称，对荣昌生物与艾伯维集团的合作持积极看法，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。 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。该行将荣昌生物的评级由"中性"上调至"买 入"，目标价由63.8港元一举升至120港元。 智通财经APP获悉，荣昌生物(09995)涨近4%，截至发稿，涨2.96%，报92.3港元，成交2.06亿港元。 ...