FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2026年1月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | 600276 | 說明 | A股（於上海證券交易所上市） | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [1] Core Insights - The overall and weighted holdings of public funds in the pharmaceutical sector reached a new low since 2018 in Q4 2025, with the pharmaceutical heavy holdings accounting for 8.0% of all public funds, down 1.7 percentage points quarter-on-quarter [2][9] - The total scale of pharmaceutical funds in Q4 2025 was 394.6 billion yuan, a decrease of 9.2% from the previous quarter, with active pharmaceutical funds at 177.7 billion yuan, down 14% [20] - The proportion of passive pharmaceutical funds has increased significantly from 18% in Q1 2018 to 55% in Q4 2025, indicating a shift towards passive investment strategies in the sector [20] Fund Holdings Analysis - In Q4 2025, the pharmaceutical sector saw a decrease in active fund holdings, with active pharmaceutical funds accounting for 33% of the total pharmaceutical heavy holdings, up 2 percentage points, while non-pharmaceutical active funds accounted for 26%, down 5.1 percentage points [3][13] - The top five holdings by market value in public funds included Heng Rui Medicine (31.7 billion), WuXi AppTec (29.6 billion), and Innovent Biologics (16.6 billion) [6] - The top three increases in active fund holdings were for Tigermed (1.7 billion), Yimeng Biologics (1.4 billion), and CSPC Pharmaceutical Group (1.3 billion) [6] Sector-Specific Trends - The report highlights a shift in fund holdings towards innovative drugs and CXO services, while traditional Chinese medicine and high-value consumables are underweighted [6] - The report notes that the proportion of holdings in traditional Chinese medicine and biotech has increased, while holdings in BioPharma and CXO have decreased significantly [6][28] - The overall market value of holdings in the Bio-Tech sector reached 7.25% in Q4 2025, marking the highest level since Q1 2018, with active pharmaceutical funds holding 4.9% [28]

Core Viewpoint - The recent Nipah virus outbreak in India has led to increased attention and investment in the A-share pharmaceutical sector, with significant capital inflows into medical ETFs despite some declines in stock prices [1][3]. Group 1: Market Activity - The medical ETF (159929) experienced a drop of over 1% today, following a previous day of gains, but attracted 64 million yuan in capital [1]. - Over the past 10 days, the ETF has seen net inflows for 9 days, accumulating nearly 300 million yuan [1]. - Trading activity remains robust, with intraday trading volume exceeding 120 million yuan [1]. Group 2: Nipah Virus Research - The Nipah virus outbreak in West Bengal, India, has resulted in deaths and the isolation of close contacts [3]. - A significant research study published in the journal Emerging Microbes & Infections confirms that the oral nucleoside drug VV116 shows promising antiviral activity against the Nipah virus, providing new hope for treatment and prevention [3]. Group 3: Company Updates - Sanofi's (三生国健) 2025 annual performance forecast indicates a net profit of approximately 2.9 billion yuan, reflecting a year-on-year increase of 311.35%, driven by a collaboration with Pfizer [4]. - Junshi Biosciences (君实生物) has completed the issuance of its first phase of technology innovation bonds for 2026, totaling 1 billion yuan, aimed at supporting drug research and development [4]. Group 4: Sector Trends - The pharmaceutical industry is expected to benefit from a favorable investment environment and policy support, particularly for innovative drugs and technologies [6][8]. - The medical manufacturing sector has shown a slight increase in industrial value added, while revenue and profit have seen minor declines [7]. - The healthcare expenditure in China has shown a year-on-year growth of 4.7% for the first 11 months of 2025, marking a recovery after two years of decline [7]. Group 5: Investment Strategies - Investment strategies for 2026 focus on innovation, international expansion, and marginal improvements in the pharmaceutical sector [8][9]. - Key areas of interest include innovative drugs, medical devices, and the integration of new technologies such as AI and brain-machine interfaces [8][9].

Core Viewpoint - By 2025, China's innovative pharmaceuticals are expected to demonstrate significant global competitiveness, with record overseas transactions and many companies turning profitable [1][2]. Domestic Review - The global competitiveness of Chinese innovative drugs is highlighted, with a record-breaking overseas transaction total exceeding $135 billion in 2025, and upfront payments reaching $7 billion. The average deal size has increased from $600 million to $900 million [2]. - A comprehensive support system from policy, including review and approval processes to medical insurance payments, is being established, leading to a rapid increase in market share for innovative drugs, particularly in oncology and immunology, which now exceeds 32% [2]. - Companies like BeiGene and Innovent Biologics have already turned profitable, with others like CanSino Biologics and Zai Lab expected to follow suit in the next three years, indicating a positive cycle of capital influx, R&D iteration, and value realization [2]. Overseas Review - The S&P Biotechnology Index has risen over 50% from its bottom in the second half of 2025, driven by interest rate cuts that have shifted funds from tech stocks to biotech [3]. - Major pharmaceutical companies (MNCs) are actively pursuing mergers and acquisitions to supplement their pipelines, particularly in oncology and immunology, as they face a "patent cliff" with key drugs like Keytruda and Opdivo losing patent protection by 2027-2028 [3]. Assessment - Chinese companies are becoming significant partners for the top 20 MNCs, with Chinese transaction amounts accounting for 40% of the global innovative drug market. China is transitioning from a "fast-follower" to a "smart-innovator" in fields like PD-1 bispecific antibodies, ADCs, and small nucleic acids, leading in pipeline numbers and clinical progress [4]. - The speed and cost advantages of Chinese innovative drug companies are notable, with patient recruitment occurring at 2-5 times the speed of international counterparts and costs being half that of Western companies [4]. Key Tracks and Investment Opportunities - Bispecific antibodies are expected to surpass $120 billion in global sales, with Chinese companies leading the development of second-generation IO products [5]. - ADCs are seeing significant contributions from China, with over half of the global pipeline, and are expected to achieve proof of concept (POC) validation by 2026 [5]. - Combination therapies in oncology are showing synergistic effects, with key clinical data expected in 2026 [5]. - The market for iRAS inhibitors is projected to exceed $8 billion in the U.S., with critical breakthroughs anticipated in 2026 [5]. - Small nucleic acids are expanding into broader applications, with key products expected to commercialize and deliver critical data in 2026 [5]. - Protein degradation technologies are advancing rapidly, with numerous autoimmune disease targets expected to yield data in 2026 [5]. - The metabolic and cardiovascular fields are also poised for breakthroughs, with new targets addressing issues like muscle loss associated with GLP-1 therapies [5]. Main Lines and Recommended Focus - Recommended companies in the bispecific antibody space include CanSino Biologics, Innovent Biologics, and others [7]. - ADC-focused companies include I-Mab, Kelun-Biotech, and others [7]. - Small nucleic acid companies to watch include Ribobio, BIBO, and others [7]. - Strategic combinations to consider include CanSino Biologics, BeiGene, and others [8]. - Flexible combinations include BIBO, Eifang Biologics, and others [8]. - Stable combinations include Hengrui Medicine, China National Pharmaceutical Group, and others [8].

Group 1 - The core viewpoint of the news highlights the performance of the China Medical and Medical Device Innovation Index, with notable stock movements, including a leading increase of 8.29% by Sangfor Technologies [1] - The Medical Innovation ETF has seen continuous net inflows over the past week, with a maximum single-day net inflow of 40.537 million yuan, totaling 114 million yuan [1] - A significant research breakthrough was reported regarding the oral nucleoside drug VV116, which shows promising antiviral activity against the Nipah virus, providing a potential treatment option for high-risk populations [1] Group 2 - Guosen Securities noted that the innovative drug sector exhibited significant excess returns in 2025, driven by international business development, continuous positive clinical data, and supportive policies [2] - The Medical Innovation ETF closely tracks the China Medical and Medical Device Innovation Index, which selects 30 profitable and growth-oriented companies to reflect the overall performance of the sector [2] - As of December 31, 2025, the top ten weighted stocks in the index include WuXi AppTec, Heng Rui Medicine, and Mindray Medical, collectively accounting for 63.75% of the index [2]

Group 1 - The total margin balance of A-shares reached 27,254.40 billion yuan on January 26, increasing by 19.65 billion yuan from the previous trading day, accounting for 2.62% of the A-share circulating market value [1] - The trading volume of margin transactions on the same day was 3,114.07 billion yuan, an increase of 79.37 billion yuan from the previous trading day, representing 9.48% of the total A-share trading volume [1] Group 2 - Among the 31 primary industries, 17 industries experienced net financing inflows, with the non-ferrous metals industry leading with a net inflow of 3.235 billion yuan [3] - Other industries with significant net financing inflows included electric power equipment, pharmaceutical biology, basic chemicals, and non-bank financials [3] Group 3 - A total of 53 stocks had net financing inflows exceeding 100 million yuan, with China Ping An leading at a net inflow of 444 million yuan [3] - Other notable stocks with high net financing inflows included Northern Rare Earth, China Aluminum, Western Mining, Maiwei Co., Oriental Fortune, Luoyang Molybdenum, Heng Rui Medicine, TBEA, and Industrial Bank [3][4]

Core Viewpoint - The Shanghai 180 ETF Index Fund (530280) has shown a positive performance with a recent increase of 0.96%, reflecting a stable market trend and investor interest in the underlying assets [1]. Performance Summary - As of January 26, 2026, the Shanghai 180 Index (000010) increased by 0.22%, with notable gains from stocks such as Zijin Mining (up 10.00%) and China National Offshore Oil Corporation (up 6.66%) [1]. - The Shanghai 180 ETF Index Fund has experienced a cumulative increase of 0.24% over the past week [1]. - The fund's year-to-date maximum drawdown is 1.30%, with a relative benchmark drawdown of 0.06% [3]. Liquidity and Trading Activity - The trading volume for the Shanghai 180 ETF Index Fund was 6.07 thousand yuan, with a turnover rate of 0.1% [1]. - The average daily trading volume over the past year was 177.38 thousand yuan [1]. Risk and Return Metrics - The fund has a Sharpe ratio of 2.12 since its inception, indicating a favorable risk-adjusted return [2]. - The tracking error over the past three months is 0.022%, demonstrating the fund's close alignment with the Shanghai 180 Index [5]. Fee Structure - The management fee for the Shanghai 180 ETF Index Fund is 0.15%, while the custody fee is 0.05% [4]. Top Holdings - As of December 31, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 25.29% of the index, with notable companies including Kweichow Moutai and Ping An Insurance [5]. - The top ten stocks and their respective weightings are as follows: - Kweichow Moutai: 4.22% - Zijin Mining: 4.03% - Ping An Insurance: 2.87% - Hengrui Medicine: 2.46% - WuXi AppTec: 2.08% - China Merchants Bank: 2.04% - Cambricon Technologies: 1.97% - Yangtze Power: 1.88% - SMIC: 1.80% - Industrial Fulian: 1.79% [5].

北京商报讯(记者王寅浩宋雨盈)1月26日，恒瑞医药（600276）发布公告称，公司收到国家药品监督管 理局核准签发关于SHR-1049注射液的《药物临床试验批准通知书》，将于近期开展临床试验。根据公 告，SHR-1049注射液是创新型抗肿瘤药物，拟用于治疗晚期实体瘤，目前国内外尚无同类药物获批上 市。 ...

| 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | 交易日期 | 证券简称 | 证券代码 | 卖出营业部 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 华泰证券股份有限 公司总部 | 圍) 看限公司 上海 | 2026-01-26 | 恒瑞医药 | 600276 | 5816 | 100 | 58.16 | 1月26日，恒瑞医药大宗交易成交100万股，成交额5816万元，占当日总成交额的1.35%，成交价58.16元，较市场收盘价58.16元持平。 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，恒瑞医药1月26日晚间发布公告称，近日，江苏恒瑞医药股份有限公司收到国家药品监督 管理局核准签发关于SHR-1049注射液的《药物临床试验批准通知书》，将于近期开展临床试验。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 王晓波） ...