风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的投资目的、投资期限、投资经验、资产状况等判断基金是否和 投资人的风险承受能力相适应，理性判断市场，谨慎做出投资决策。本材料中相关信息来源于基金管理 人认为可靠的公开资料，相关观点、评估和预测仅反映当前的判断，后续可能有所变化。本材料所含任 何市场观点的内容皆基于相应的假设条件，而任何假设条件都可能随时发生变化。基金管理人不承诺、 不保证任何具有预测性质的市场观点必然得以实现。材料中提及的个股不构成投资推荐或建议。 以上内容与数据，与 ...

截至2026年1月20日 10:03，中证港股通医药卫生综合指数(930965)成分股方面涨跌互现，时代天使领涨 4.83%，映恩生物-B上涨1.86%，联邦制药上涨1.23%；药明康德领跌。港股医药ETF(159718)最新报价 0.96元。 消息面上，医药魔方NextPharma数据库显示，截至2025年12月31日，中国创新药商务拓展（BD）出海 授权全年交易总金额达到1356.55亿美元，首付款70亿美元，交易总数量达到157笔，远超2024年全年 519亿美元和94笔，各个维度的数据统计均达到了历史新高。 华鑫证券表示，2025年中国创新药BD出海授权交易总金额达1356.55亿美元，首付款70亿美元，数量达 157起，均创历史新高；进入2026年开局延续强劲势头，荣昌生物PD-1/VEGF双抗RC148获艾伯维6.5亿 美元首付款授权，宜联生物与罗氏就B7H3靶向ADC达成合作。此外，葛兰素史克Bepirovirsen治疗慢性 乙肝III期研究取得积极结果，Arrowhead公布RNAi疗法在减重领域的新进展，小核酸药物临床价值持续 获得验证。国内头部企业如中国生物制药、恒瑞医药、石药集团等正加速 ...

Core Insights - The Chinese innovative pharmaceutical industry is experiencing a surge in overseas orders and mergers, indicating a vibrant market as companies engage in international collaborations and acquisitions [1][2] Group 1: International Collaborations - Since January, local companies like West Bioman and Rongchang Biopharmaceutical have completed at least five overseas licensing agreements with multinational pharmaceutical firms, showcasing active global transaction capabilities [1] - China's drug pipeline accounts for approximately 30% of the global total, ranking second worldwide, which signifies a shift from following to leading in the biopharmaceutical sector [2] - It is projected that by 2025, the total value of innovative drug licensing transactions from China will exceed $130 billion, with over 150 deals, significantly surpassing the previous year's figures [2] Group 2: Mergers and Acquisitions - China National Pharmaceutical announced a full acquisition of Hegia Biopharmaceutical for RMB 1.2 billion, aiming to enter the small interfering RNA (siRNA) innovative drug sector and expand its pipeline in cardiovascular and metabolic diseases [3] - WuXi AppTec plans to acquire Easton Pharmaceuticals at HKD 4.00 per share to enhance its capabilities in the commercial production of antibody-drug conjugates [3] - Aopu Mai has completed the acquisition of Pengli Biopharmaceutical, integrating it as a wholly-owned subsidiary to strengthen industry chain collaboration and achieve business integration [4] Group 3: Future Outlook - Companies like Fuhong Hanlin expect to launch over 20 products globally by 2030, with more than 15 anticipated to be approved in the US and Europe [5] - Jiangsu Hengrui Medicine has over 100 innovative products in clinical development and expects multiple milestone advancements in 2026, including approvals for over 10 innovative drugs or indications [5]

创新药赛道，越来越火了。 曾经3000元一只的实验猴，如今身价已经飙到10万元。即便如此，依然"一猴难求"，订单甚至排到了明年中旬。 实验动物身价暴涨背后，是中国创新药的全面爆发。2025年，中国新药临床试验数量已跃居全球第二，在研管线占全球总量的30%。 这股热潮，甚至让外媒都开始集体转向。《经济学人》感叹："中国正在从仿制药大国，逐渐转变为全球创新药的中心……全球生物医药领域，以西方主 导的格局，正在发生变化。"《金融时报》则给出了一个更激进的预测：下一款"重磅炸弹"级新药，极有可能诞生在中国。 全球医药创新的重心，正在悄悄发生转移。 为什么药企巨头都在重仓中国？ 如果你这两年关注过医药行业，大概率会有一种强烈的割裂感。 一边是，在医保集采压力下，仿制药企逐渐深陷价格战泥潭，利润空间被压缩到极限，整个行业的营收都开始走下坡路。 根据中康产业研究院发布的《中国创新药蓝皮书（2025）》，2024年全国医药工业营收同比下降5.5%，超过三成企业陷入亏损，行业情绪跌至冰点。 但如果把目光投向创新药赛道，却会看到另一番景象。 同样是在2024年，中国创新药企业完成了94笔海外授权（License-out）交易，占 ...

1月17日，国家医保局在北京召开医保药品器械（集采）交易与价格平台支持中国药械"走出去"座谈交 流活动，围绕如何更好发挥好医保药品器械（集采）交易与价格平台功能，以及构建"走出去"政策和服 务支持体系，开展了分享交流。 近年来，中国创新药械正以"高举高打"之势强势突围，凭借政策赋能、技术攻坚与服务生态升级的多重 合力，实现了高质量"走出去"，成功叩开了欧美等发达市场的大门，在赢得国际市场广泛认可的同时， 中国创新药械正逐步跻身全球创新核心圈层，在全球医疗健康领域树立起鲜明的"中国创造"标签。 从曾经的"低价竞争"到如今的"技术领跑"，中国药械产业的跨越式发展，离不开中国相关监管部门的大 力支持。从优化创新药械审评审批流程到构建与国际接轨的质量标准体系，监管部门以精准施策为产业 发展扫清障碍。一系列靶向性的举措，既为创新研发筑牢制度基石，也为产品出海打通合规路径，成为 驱动中国药械产业实现高质量跃升的关键推手。 座谈会上，国家医保局医药价格与招标采购司司长王小宁表示，医保部门从完善机制、创新方式、系统 联动三个层面发力，助力医药企业挺直腰杆、擦亮招牌，进而为中国药械"走出去"保驾护航。 据王小宁介绍，在机制完善 ...

Investment Rating - The report maintains an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][7]. Core Insights - The annual J.P. Morgan Healthcare Conference concluded successfully, with positive information from global pharmaceutical companies, including new pipeline disclosures and major deals. The report highlights the high prosperity in the innovative drug sector and recommends continuous investment in innovative drugs and the industry chain [25][26]. - The A-Shares pharmaceutical sector underperformed the market in the third week of January 2026, with the Shanghai Composite Index falling by 0.4% and the SW Pharmaceutical and Biological sector declining by 0.7% [8][27]. - The Hong Kong stock pharmaceutical sector performed in line with the market, while the U.S. pharmaceutical sector underperformed. The Hang Seng Healthcare index increased by 2.4%, and the S&P 500 Healthcare Select Sector decreased by 1.1% [28]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the high prosperity of innovative drugs and maintains overweight ratings for key pharmaceutical companies. It also recommends Biopharma/Biotech companies with promising pipelines and volume increases, as well as CXO and upstream companies benefiting from innovation [6][25]. Section 2: A-Shares Pharmaceutical Sector Performance - In the third week of January 2026, the A-Shares pharmaceutical sector's performance was ranked 17th among Shenwan primary industries, with a decline of 0.7%. The medical service sub-sector showed a positive performance of +3.3% [8][12][27]. Section 3: Hong Kong and U.S. Pharmaceutical Sector Performance - The Hong Kong pharmaceutical sector performed similarly to the market, while the U.S. sector underperformed. Notable gainers in the U.S. included MODERNA (+22%) and QUEST DIAGNOSTICS (+9%), while major decliners included BIOGEN (-12%) and BOSTON SCIENTIFIC (-10%) [28].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Viewpoints - The US tumor gene testing industry is accelerating, and there are positive domestic opportunities. The market for gene testing has low penetration rates but high growth potential, particularly in colorectal cancer early screening, treatment selection, and minimal residual disease (MRD) testing, which are all billion-dollar markets [3][8] - The report emphasizes the importance of innovation in the pharmaceutical sector, highlighting that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, particularly in innovative drugs. Companies like Heng Rui Medicine and Han Sen Pharmaceutical have made significant strides in innovation [5][41] - The report suggests that the aging population and the increasing demand for healthcare services will continue to drive growth in the pharmaceutical industry, supported by a multi-layered payment system and advancements in technology such as AI and brain-computer interfaces [41][42] Summary by Sections Market Performance - From January 12 to January 16, the pharmaceutical index fell by 0.68%, with 202 stocks rising and 261 falling. The top gainers included Baolait (up 48.76%) and Hualan Biological (up 32.72%), while the biggest losers were Sunflower (down 37.48%) and *ST Changyao (down 33.33%) [5][25][27] Gene Testing Industry - The report highlights the rapid development of the US tumor gene testing industry, with companies like Natera and Guardant Health showing impressive revenue growth. Natera's Q4 2025 revenue reached $660 million, a 39% year-on-year increase, while Guardant Health's revenue for the same period was $280 million, also up 39% [8][9] - The report notes that the domestic gene testing market is expected to grow rapidly, with companies like BGI and Edan Diagnostics actively positioning themselves in the MRD and early screening sectors [24][22] Investment Recommendations - The report recommends focusing on strong fundamentals and undervalued stocks in the innovative drug sector, including companies like Xinyi Tai, Zecjin Pharmaceutical, and Shanghai Yizhong. It also suggests monitoring emerging technologies in healthcare, such as AI and brain-computer interfaces, which are expected to see significant advancements in 2026 [5][45][44] - Specific investment combinations for January include Xinyi Tai, China Biologic Products, and Sanofi Pharmaceutical, among others [45]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the biopharmaceutical industry, focusing on several key companies and their projected performance for 2025 and beyond. The overall sentiment reflects a robust growth trajectory within the sector. Key Companies and Their Projections 1. WuXi AppTec (药明康德) - Expected revenue for 2025 is 454.56 billion CNY, a year-on-year increase of 15.84% - Adjusted net profit is projected to be 149.57 billion CNY, up 41.33%, with total net profit reaching 191.51 billion CNY, a 102.65% increase [2] - The company has 24 GLP-1 drug candidates, with 15 in Phase II and III clinical trials, indicating strong pipeline growth [4] 2. Kanglong Chemical (康龙化成) - Anticipates revenue between 138.72 billion CNY and 142.4 billion CNY, reflecting a growth of 13%-16% - Adjusted net profit is expected to be between 17.68 billion CNY and 18.48 billion CNY, a growth of 10%-15% [2] 3. Sunway Pharma (阳光诺和) - Projected revenue between 1.192 billion CNY and 1.37 billion CNY, a growth of 10.57%-27.15% - Expected net profit between 190 million CNY and 229 million CNY, a growth of 7.69%-29.23% [2] 4. AstraZeneca (阿斯利康) - Focused on cardiovascular, ADC, next-generation IO, and cell therapy TCE areas - Key clinical data readouts expected in 2026, which may impact market dynamics [5] 5. Gilead Sciences (吉利德) - Key projects include Cloud Native Top two ADC, expected to show promising data in TNBC treatment and potential approval in the second half of the year [8] - Anticipates significant changes in the first-line triple-negative breast cancer market due to the SG molecule [8] 6. DZD Pharma (迪哲医药) - DZD6,008 shows significant efficacy in non-small cell lung cancer (NSCLC) with an ORR of 60% and PFS exceeding 10 months [3][16] Clinical Trials and Data Readouts - Multiple companies, including Gilead, AstraZeneca, and others, are set to release important clinical trial data in 2026, which could reshape competitive dynamics in the NSCLC market [16] - AstraZeneca's ADC project 18.2 is expected to have significant clinical data readouts in 2026, with a focus on large-scale Phase III trials [7] Strategic Collaborations and Market Expansion - WuXi Biologics (药明生物) has signed a strategic cooperation memorandum with Qatar Free Zone Authority to expand into the Middle East market [4] - The conference highlighted the increasing participation of Chinese companies in the global pharmaceutical market, particularly in the dual-antibody and ADC sectors [22] Emerging Trends and Innovations - The industry is witnessing a shift towards L2.0 and ADC combinations, which are expected to become the next wave of drug development [17][18] - The importance of speed and mechanism synergy in new drug development was emphasized, indicating that early-stage projects have a higher success rate [18] Conclusion - The biopharmaceutical industry is poised for significant growth, with several companies reporting strong projections and innovative clinical developments. The upcoming clinical data releases in 2026 are anticipated to have a substantial impact on market dynamics and competitive positioning within the sector.

2026 年伊始，旧金山。第 44 届摩根大通医疗健康年会 (J.P. Morgan Healthcare Conference，以下简称 JPM) 如期举行。对全球制药业而言，这不只是一场年度盛会，更是一道创新风向标：MNC在这里寻找 下一代管线，全球资本在这里重估创新价值。在这股风向之下，恒瑞医药(01276) 执行副总裁兼首席战 略官江宁军再次登上 JPM 舞台。他给全球投资者勾勒出一家来自中国的全球化制药公司的清晰轮廓： 以平台化研发构建稳定造血能力，以 BD加速价值兑现，以全球化临床和注册体系的搭建加速国际化步 伐。 其一，是对 "高难度靶点" 的突破能力。在被称为 "不可成药" 的 RAS 通路上，恒瑞建立了全面且持续 迭代的管线组合。KRAS G12D 抑制剂 HRS-4642 在胰腺癌一线治疗 1b/II 期临床试验中显示出 63.3% 的 客观缓解率，成为全球首个进入 III 期的 KRAS G12D 抑制剂。这是恒瑞在前沿靶点上具备 "抢跑能力" 的直接证明。 其二，是围绕全球最大增量市场的卡位能力。在代谢疾病领域，恒瑞聚焦千亿美元规模的肥胖市场，形 成领先且差异化的 GLP-1资产组合及 ...

◎据郑州日报 安伟代表郑州市委、市政府向各位嘉宾的到来表示欢迎，向关心支持郑州发展的各界朋友表示感谢，向 深耕产业的各位企业家们表示敬意。他说，郑州历史悠久、活力涌动、开放包容、实力强劲，在推动城 市数字化转型和产业数字化升级深度融合上具有良好基础。当前，郑州正在深入贯彻习近平总书记在河 南考察时重要讲话精神，全面落实党的二十届四中全会和中央经济工作会议精神，按照省委、省政府部 署，以智慧城市建设为牵引，全力构筑算力支撑新底座，聚力打造产业集聚新高地，着力拓展融合发展 新场景，倾力营造一流营商新环境，努力在新一轮科技革命和产业变革中赢得主动、赢得未来。各方企 业的新理念、新思维、新技术，与郑州的产业基础、应用场景、发展需求高度契合，希望与大家在携手 共建创新平台、共拓应用场景、共享市场红利、共育产业生态中，共商发展机遇、共创美好未来。希望 与上海证券报继续合力讲好数智强市建设故事，吸引更多优质资源资产资本汇聚中原、赋能郑州。郑州 将以最大诚意、最优政策、最好服务，为企业在郑投资兴业提供"全生命周期"服务，共同为智能经济和 智能社会新形态构建贡献力量。 叶国标等嘉宾纷纷表示，郑州有强大的文化魅力、澎湃的创新活力 ...