格隆汇1月12日丨根据联交所最新权益披露资料显示，2026年1月6日，恒瑞医药(01276.HK)获JPMorgan Chase & Co.以每股均价74.6126港元增持好仓112.78万 股，涉资约8415.02万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的 | | --- | --- | --- | --- | --- | --- | | | | | | | 請參閱上述*註解)有投票權股(日/月/9 | | | | | | | 分自分市 | | CS20260109E00475 | JPMorgan Chase & Co. | 1101(L) | 1,127,828(L | HKD 74.6126 | 19.193.978(L 7.43(L)06/01/2026 | | | | | | | 6,332,713(S) 2.45(S) | | | | | | | 9,502,137(P) 3.68(P) | 增持后，JPMorgan Chase & Co.最新持好仓数目为19,193, ...

Core Insights - The approval of Zeshuo Pharmaceutical's injection of human thyroid-stimulating hormone beta (Zesuning) marks a significant milestone as it becomes China's first innovative product approved for precise assessment post-surgery for differentiated thyroid cancer [1][2] - The Chinese innovative drug industry is experiencing robust growth, with multiple new drugs receiving approval since the beginning of 2026, including innovative drugs from companies like Hengrui Medicine and BeiGene [1][2] - The National Medical Products Administration (NMPA) is enhancing support for innovative drugs, focusing on new mechanisms and targets, and aims to facilitate the "China first launch" of innovative drugs [3][4] Company Developments - Hengrui Medicine's innovative drug, the dual-specific antibody fusion protein Ruilafuzumab α injection, has been approved as the world's first anti-PD-L1/TGF-βRII dual-specificity antibody fusion protein for advanced gastric cancer [1][2] - BeiGene's innovative drug, Sotorasib tablets, has received conditional approval for treating chronic lymphocytic leukemia/small lymphocytic lymphoma and is the first and only BCL2 inhibitor approved for treating mantle cell lymphoma in China [2] - The approval of multiple innovative drugs reflects a significant increase in the number of innovative drugs approved in China, with 76 approved in 2025, surpassing the 48 approved in 2024 [2] Industry Trends - Approximately 20 major new drugs are expected to receive approval in 2026, covering various therapeutic areas such as oncology, infectious diseases, rare diseases, autoimmune diseases, and neurological disorders [3] - The Chinese innovative drug industry is transitioning from a follower to a competitor, with many domestic companies accelerating the development and market entry of groundbreaking innovative drugs [2][3] - The NMPA is implementing reforms to enhance the drug approval process, including the introduction of a data protection system for drug trials and a market exclusivity system for pediatric and rare disease medications [4][5] Policy Support - The NMPA is set to provide comprehensive support across the entire chain of communication, clinical trials, registration, and review processes for innovative drugs [4] - The new medical insurance directory has been implemented, facilitating the inclusion of innovative drugs in hospitals, which alleviates initial payment challenges for high-value innovative drugs [4] - The NMPA is also optimizing the review process for urgently needed foreign drugs, encouraging global simultaneous research and application in China [4][5]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry [4] Core Insights - The pharmaceutical index rose by 7.81% from January 5 to January 9, outperforming the CSI 300 index by 5.03%. The brain-machine interface and AI medical sectors are expected to remain active in Q1 2026, with a strong rebound in innovative drugs, particularly small nucleic acids [5][25] - The report highlights the potential for significant advancements in small nucleic acids in 2026, driven by breakthroughs in liver-targeted delivery technologies and a surge in clinical data readouts [8][22] - The report emphasizes the importance of selecting innovative drug stocks with strong fundamentals and suggests focusing on companies that have undergone sufficient adjustments [5][49] Summary by Sections Industry Performance - The pharmaceutical index saw 443 stocks rise and 25 fall during the week, with notable gainers including Innovative Medical (+61.04%) and Sanbo Brain Science (+56.15%). Conversely, Baohua Pharmaceutical saw a decline of -21.65% [5][26][27] Small Nucleic Acids - 2026 is projected to be a pivotal year for the small nucleic acid sector, with advancements in liver-targeted delivery technologies and a high frequency of clinical data readouts expected [8][22] - Arrowhead's delivery platform has shown promising results in clinical trials, validating the feasibility of RNAi therapies for obesity and other conditions [9][11] Investment Recommendations - The report suggests focusing on companies with leading platform capabilities and differentiated pipeline layouts, such as Rebio Biotech, Yuyuan Pharmaceutical, and Frontier Biotech [20][24] - It also recommends a diversified investment approach, including innovative drugs, brain-machine interfaces, and AI medical technologies [47][48] Market Trends - The report notes that the aging population and increasing healthcare demands are driving growth in the pharmaceutical sector, with a focus on chronic diseases and innovative medical technologies [47] - The report highlights the ongoing trend of domestic companies enhancing their capabilities in the global market, particularly in innovative drug development and medical devices [46][47] Key Companies to Watch - Recommended stocks include China National Pharmaceutical Group, Rebio Biotech, Shanghai Yizhong, and Yuyuan Medical [49]

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of January 11, 2026 [3] Core Insights - 2025 marked a significant year for Chinese innovative drugs going overseas, with total transaction amounts reaching $135.655 billion, including $7 billion in upfront payments and 157 deals, setting historical highs [4] - The innovative drug index saw a 35.31% increase in 2025, outperforming the CSI 300 index by 17.65% [4] - The trend of Chinese innovative drugs going global is expected to strengthen in 2026, with significant deals such as the one between Yilian Biotech and Roche for the YL201 project, which includes a $570 million upfront payment [4] - The small nucleic acid drug sector is experiencing breakthroughs, with GSK's Bepirovirsen showing positive results in Phase III trials for chronic hepatitis B, potentially becoming the first drug to achieve functional cure [5] - The report highlights the importance of oral autoimmune drugs, with Takeda's TYK2 inhibitor showing promising results in treating moderate to severe plaque psoriasis [6] - The brain-computer interface technology is entering a critical industrialization phase, with companies like Neuralink set to produce devices in 2026, supported by favorable policies and clinical trials in China [8] - The ZAP-X radiotherapy device is expected to capture a significant market opportunity in China, with the non-invasive tumor radiotherapy market projected to grow from RMB 27.2 billion in 2018 to RMB 59.4 billion by 2024 [10] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry index underperformed the CSI 300 index by 2.13% over the past week, ranking 25th among 31 industry indices [28] - Over the past month, the pharmaceutical industry index also lagged behind the CSI 300 by 5.42%, ranking 27th [29] 2. Pharmaceutical Sector Trends and Valuation - The current PE (TTM) for the pharmaceutical industry index is 36.95, above the five-year historical average of 31.12 [52] 3. Recent Research Achievements - The report includes various deep-dive studies on topics such as the growth of biological agents and oral drugs, and the impact of policy support on the inhalation drug industry [55] 4. Important Industry Policies and News - Recent policies include the issuance of the fourth batch of encouraged generic drug directories by the National Medical Products Administration [57] - Significant news includes GSK's announcement of positive Phase III results for Bepirovirsen and Yilian Biotech's licensing agreement with Roche [58][59]

Core Viewpoint - JPMorgan has increased its stake in Heng Rui Medicine (01276) by acquiring 1,127,828 shares at a price of HKD 74.6126 per share, totaling approximately HKD 84.15 million, raising its ownership to about 19.19 million shares, which represents a 7.43% stake in the company [2][4]. Summary by Category - **Investment Activity** - JPMorgan's recent purchase of 1,127,828 shares indicates a strategic move to bolster its investment in Heng Rui Medicine [2][4]. - The total investment amount for this transaction is approximately HKD 84.15 million [2][4]. - **Ownership Structure** - Following the acquisition, JPMorgan's total shareholding in Heng Rui Medicine has increased to approximately 19.19 million shares [2][4]. - The new ownership percentage stands at 7.43% of the total shares [2][4].

Group 1 - The core announcement is that Jiangsu Hengrui Medicine Co., Ltd. has received acceptance for the drug listing application of HRS-5965 capsules from the National Medical Products Administration (NMPA) [1] - The drug HRS-5965 is intended for the treatment of adult patients with paroxysmal nocturnal hemoglobinuria (PNH) who have not previously received complement inhibitor therapy [1][2] - The clinical trial for HRS-5965 demonstrated significant improvements in hemoglobin levels, reduced need for blood transfusions, and enhanced quality of life compared to the existing treatment, eculizumab [2] Group 2 - PNH is a rare acquired hemolytic disease characterized by the deficiency of CD55 and CD59, leading to complement-mediated intravascular hemolysis [3] - HRS-5965 is a complement factor B inhibitor that aims to improve hemoglobin levels in PNH patients [3] - Currently, the only approved drug for this indication is Novartis's eculizumab, which is projected to have global sales of approximately $129 million in 2024 [3] Group 3 - The company has also received clinical trial approval for several other drugs, including SHR-4394 for prostate cancer, HRS-5041 for prostate cancer, and Zemeituzumab for peripheral T-cell lymphoma [9][10][11] - SHR-4394 has a cumulative R&D investment of approximately 38.4 million yuan, while HRS-5041 has an investment of about 92.66 million yuan [9][10] - Zemeituzumab was approved in 2025 and has a cumulative R&D investment of around 216.82 million yuan, with a projected global sales of approximately $51 million in 2024 [10]

Core Viewpoint - The A-share and Hong Kong stock markets for the pharmaceutical sector have shown a strong recovery at the beginning of 2026, marked by a "five consecutive days of gains" trend, driven by supportive policies, payment innovations, and explosive growth in overseas markets [2][4][6]. Group 1: Market Performance - As of the latest close, the A-share innovative drug ETF (159992) closed at 0.897 CNY per share, up 1.7%, with a daily trading volume of 845 million CNY, and a year-to-date increase of 7.94% [2]. - The Hong Kong innovative drug ETF (159570) closed at 0.553 HKD per share, up 0.91%, with a trading volume of 572 million HKD, and a year-to-date increase of 11.04% [4]. - Notable stocks such as Weikang Pharmaceutical, Frontier Biologics-U, and Hongbo Pharmaceutical achieved daily price limits, indicating strong market sentiment [2][4]. Group 2: Policy Support - The turnaround in market sentiment is attributed to a combination of policy support, payment innovations, and explosive growth in overseas markets [6]. - The new medical insurance directory and the first commercial insurance innovative drug directory were launched simultaneously, further supporting the innovative drug sector [6]. - Local policies have also been strengthened, with the Guangzhou government announcing plans to accelerate the strategic layout of innovative drugs, focusing on monoclonal antibodies, vaccines, and blood products [8]. Group 3: Regulatory Improvements - The approval process for innovative drugs has entered a fast track, with the National Medical Products Administration (NMPA) enhancing support for innovative drugs with new mechanisms and targets [8]. - The NMPA has optimized the review and approval processes for urgently needed foreign drugs, aiming to shorten the listing cycle for innovative drugs [8]. - As of early 2026, several significant drugs have been approved, setting a positive tone for the industry's development [9]. Group 4: Supply Chain and Production - In 2025, a record 76 innovative drugs were approved for listing, with over one-third in the oncology treatment field, indicating a strong focus on cancer research [10]. - The majority of approved drugs were domestically developed, with a domestic rate of 85.53%, highlighting the strength of local innovation [12]. Group 5: Payment Innovations - A multi-tiered payment system has been established to address the "payment difficulty" that has historically hindered the development of innovative drugs in China [14]. - The new medical insurance directory includes 114 drugs, with an 88% success rate for inclusion, and 80% of innovative drugs entering the directory within two years of listing [16]. - The introduction of a commercial insurance directory for high-value innovative drugs enhances patient access and secures profitability for companies [16]. Group 6: International Expansion - The overseas market for Chinese innovative drugs has seen explosive growth, with total overseas authorization transaction amounts reaching 1356.55 billion USD in 2025, significantly up from 519 billion USD in 2024 [17]. - The focus on antibody drugs and ADCs has attracted attention from overseas pharmaceutical companies, with a shift towards later-stage clinical authorizations [17]. - The growth in overseas business not only provides substantial upfront payments but also benefits the entire industry chain, including contract research organizations (CROs) [17][18].

Core Viewpoint - Heng Rui Medicine's subsidiary Chengdu Shengdi Pharmaceutical has received a notice from the National Medical Products Administration regarding the acceptance of its drug application for HRS-5965 capsules, aimed at treating adult patients with Paroxysmal Nocturnal Hemoglobinuria (PNH) who have not previously received complement inhibitor therapy [1] Group 1: Drug Development and Clinical Trials - The application for HRS-5965 is based on a key study (HRS-5965-301) evaluating the efficacy of HRS-5965 capsules compared to eculizumab in PNH patients who have not previously received complement inhibitor therapy [1] - The phase III clinical trial involved 76 patients and was conducted across 13 centers in China, led by prominent researchers from the Chinese Academy of Medical Sciences [1] - The total research and development investment for HRS-5965 capsules has reached approximately 218 million yuan [1]

Group 1 - The company, Heng Rui Medicine, stated that it regularly discloses the number of shareholders as required [1] - Investors are advised to pay attention to the relevant content in the periodic reports [1]

Group 1 - JPMorgan increased its stake in Heng Rui Medicine (01276) by 1,127,828 shares at a price of HKD 74.6126 per share, totaling approximately HKD 84.15 million [1] - After the increase, JPMorgan's total shareholding in Heng Rui Medicine is approximately 19.194 million shares, representing a holding percentage of 7.43% [1]