Group 1 - Huawei's rotating chairman Meng Wanzhou emphasizes the importance of resilience and professionalism in overcoming challenges and creating value in the face of the intelligent transformation wave, highlighting the need for strategic focus and organizational strength by 2026 [27] - Hengrui Medicine plans to increase R&D investment, focusing on oncology, autoimmune, and metabolic diseases, aiming to address unmet clinical needs and enhance international cooperation for global commercialization of Chinese innovative drugs by 2026 [28] - Wanhua Chemical's chairman Liao Zengtai aims to enhance operational quality and focus on technological innovation, particularly in battery materials and high-end new materials, to create a competitive advantage and develop an integrated growth model by 2026 [29] Group 2 - Muyuan Foods' chairman Qin Yinglin reflects on the company's journey from starting with 22 pigs to becoming the largest pig farming enterprise globally, emphasizing the importance of innovation and technology in achieving a dignified and efficient pig farming process by 2026 [30] - Gree Electric's chairman Dong Mingzhu commits to deepening core business and accelerating in smart equipment and new energy sectors, while focusing on green and digital transformation to enhance product quality and service for global users by 2026 [31] - Geely Holding Group's chairman Li Shufu highlights the importance of making bold decisions during critical moments, emphasizing the need to overcome challenges and maintain core values as the company approaches its 40th anniversary in 2026 [32] Group 3 - SAIC Motor's chairman Wang Xiaoqiu outlines the company's commitment to deepening reforms and focusing on intelligent and electric vehicle development, aiming for high-quality growth and user-centered innovation by 2026 [32] - Hengli Group's chairman Chen Jianhua stresses the importance of practical action and innovation in overcoming development challenges, encouraging a proactive approach to seize opportunities in the coming years [33] - LONGi Green Energy's chairman Zhong Baoshan believes the photovoltaic industry is at a pivotal moment, emphasizing the need for technological innovation to navigate challenges and capitalize on the global green energy transition [34] Group 4 - Inspur's chairman Li Jun emphasizes the transformative impact of artificial intelligence on the global economy and the importance of open collaboration to unlock AI's potential, with a focus on building a comprehensive innovation ecosystem by 2026 [35] - TCL's chairman Li Dongsheng highlights the need for strategic focus on achieving global leadership and enhancing core capabilities to drive high-quality development amid economic uncertainties in 2026 [36] - Trina Solar's co-chairman Gao Haichun emphasizes the company's evolution from a product supplier to a system-level innovator, focusing on creating solutions that transcend traditional competition by 2026 [38] Group 5 - JinkoSolar's chairman Li Xian-de discusses the potential of space photovoltaic technology as a sustainable energy solution for future AI power needs, marking the company's 20th anniversary with a vision for universal solar energy [39] - Leo Group's chairman Wang Xiangrong aims to enhance the company's strategic focus and sustainable value, emphasizing collaboration with customers and employees to achieve higher-dimensional value creation by 2026 [40] - Innovent Biologics' chairman Cui Jisong outlines the company's commitment to innovation and global expansion, aiming to launch multiple new drugs and maintain an entrepreneurial spirit in the face of uncertainty by 2026 [41]

Group 1 - Huawei's rotating chairman Meng Wanzhou emphasized the importance of resilience and professionalism in overcoming challenges and creating value, highlighting the long-term strategic opportunities presented by the wave of intelligent transformation [25] - Hengrui Medicine's chairman Sun Piaoyang announced plans to increase R&D investment, focusing on oncology, autoimmune, and metabolic diseases, while promoting international cooperation and accelerating overseas clinical trials [26] - Wanhua Chemical's chairman Liao Zengtai aims to enhance operational quality and focus on technological innovation, particularly in battery materials and high-end new materials [27] Group 2 - Muyuan Foods' chairman Qin Yinglin expressed commitment to smart pig farming and improving animal health, aiming to enhance the quality and safety of pork for consumers [28] - Gree Electric's chairman Dong Mingzhu plans to deepen the core business while accelerating in smart equipment and renewable energy sectors, emphasizing a commitment to green and digital transformation [29] - Geely Holding Group's chairman Li Shufu highlighted the importance of making bold decisions during critical moments, focusing on core values and sustainable development [30] Group 3 - SAIC Motor's chairman Wang Xiaoqiu stated the company will deepen reforms and focus on intelligent and electric vehicle development, aiming for high-quality growth [30] - Hengli Group's chairman Chen Jianhua emphasized the need for a proactive approach to overcome challenges and achieve breakthroughs in the coming years [31] - LONGi Green Energy's chairman Zhong Baoshen believes the photovoltaic industry is at a pivotal moment, with significant opportunities for innovation and growth [32] Group 4 - TCL's chairman Li Dongsheng stressed the importance of maintaining strategic focus and enhancing core capabilities to achieve high-quality development [33] - Inspur's acting chairman Li Jun highlighted the transformative impact of artificial intelligence on the economy and the need for open and collaborative innovation [35] - Trina Solar's co-chairman Gao Haichun mentioned the company's evolution from a product supplier to a solution provider, focusing on system-level product innovation [36] Group 5 - JinkoSolar's chairman Li Xian-de discussed the potential of space photovoltaic technology as a sustainable energy solution for future challenges [37] - LEO Technology's chairman Wang Xiangrong emphasized the importance of creating value beyond mere data growth, focusing on sustainable and collaborative progress [38] - Innovent Biologics' chairman Cui Jisong outlined the company's commitment to innovation and global expansion in the next decade [39] Group 6 - Fosun International's chairman Guo Guangchang highlighted the growing demand for health and wellness, emphasizing the need to leverage the company's strengths in various industries [40] - Obsidian Technology's chairman Huang Yuanhao expressed the importance of innovation in robotics and AI vision, aiming to lead in the upcoming technological revolution [41] - Volkswagen's chairman Yang Guoping emphasized the commitment to brand and innovation as the company embarks on a new journey in the "14th Five-Year Plan" [42]

恒瑞医药（600276）(01276)发布公告，2025年12月，公司通过上海证券交易所交易系统以集中竞价交 易方式回购股份0股。截至2025年12月31日，公司本次股份回购方案累计通过上海证券交易所交易系统 以集中竞价交易方式回购股份889.87万股，已回购股份占公司总股本的比例为0.13%，购买的最高价为 人民币70.00元/股，最低价为人民币59.32元/股，已支付的总金额为人民币59,521.63万元(不含交易费 用)。 ...

Core Insights - China's innovative drug transaction value has surpassed that of the United States, indicating a growing global recognition of domestic innovations [1][3] - The total transaction amount for outbound licensing of innovative drugs from China is projected to reach $135.655 billion by December 31, 2025, with a significant increase in both upfront payments and transaction numbers compared to 2024 [1][3] - The surge in outbound licensing reflects the international community's acknowledgment of the value of Chinese innovative drugs, driven by a series of reforms and policies encouraging innovation [1][4] Transaction Overview - In 2025, the total amount of outbound licensing transactions for Chinese innovative drugs exceeded $1,300 billion, accounting for 49% of the global total, significantly surpassing the $519 billion recorded in 2024 [3][4] - The first transaction of 2025 involved Innovent Biologics partnering with Roche, which included an upfront payment of $80 million and potential milestone payments of up to $1 billion [3] - Notable transactions include a record upfront payment of $1.25 billion from 3SBio to Pfizer for a global licensing agreement, highlighting the increasing scale of these deals [3][4] Market Dynamics - The demand for Chinese innovative assets is expected to persist as multinational corporations (MNCs) face patent cliffs and cost-cutting pressures [7][8] - The global pharmaceutical supply chain is undergoing significant adjustments, with a shift in focus towards collaborative development and commercialization models, such as the Co-Co model [9][10] - Chinese companies are increasingly recognized for their capabilities in developing innovative therapies, moving from being fast followers to first-in-class innovators [6][7] Future Outlook - The Chinese innovative drug sector is anticipated to experience a critical sales growth phase starting in 2026, transitioning from a focus on research and development to performance realization [5][6] - The industry is expected to face challenges in maintaining the momentum of high-value transactions, with a potential shift in focus towards clinical value and unmet medical needs [12][14] - Regulatory support from the National Medical Products Administration (NMPA) is expected to enhance the development of innovative drugs, particularly those with new mechanisms and targets [14]

Group 1 - HuLuWa's chairman Liu Jingping is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1] - The company assures that all production and operational activities are proceeding normally and will cooperate with the CSRC during the investigation [1] Group 2 - HengRui Medicine has signed an exclusive licensing agreement with Hansoh Pharmaceutical for the SHR6508 project, with an initial payment of 30 million RMB [2] - SHR6508 is a new calcium-sensing receptor modulator intended for treating secondary hyperparathyroidism in chronic kidney disease patients undergoing dialysis, currently in phase III clinical trials [2] - HengRui is eligible for milestone payments up to 190 million RMB and a sales commission of up to 9% based on quarterly net sales [2] Group 3 - YueKang Pharmaceutical has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [3] - The application materials are subject to updates and revisions as per regulatory requirements [3] Group 4 - Novo Nordisk announced a favorable ruling from the Supreme People's Court of China regarding the patent for semaglutide, a key component in its obesity and diabetes medications [4] - The company anticipates a low single-digit negative impact on global sales growth in 2026 due to the expiration of the patent in some markets [4] Group 5 - Sinovac Biotech has secured an exclusive contract to supply over 8 million doses of flu vaccine to the Chilean government for the 2026 flu season [5][6] - The first batch of vaccines is expected to arrive in Chile by the end of January 2026, continuing Sinovac's role as the sole supplier for the second consecutive year [6] Group 6 - Carestream Health has completed a strategic restructuring, splitting into two independent companies, with its international business unit acquired by Midea Group [7] - The specific transaction amount for the asset sale has not been disclosed [7] Group 7 - Haiwang Bio plans to sell its pharmaceutical distribution subsidiary for 248.08 million RMB to focus on high-margin sectors like medical devices [8] - The divestment aims to optimize the company's asset and business structure, reduce operational costs, and enhance long-term strategic focus [8]

资料图。本文来 源 ： 澎湃新闻 记者 李潇潇 恒瑞前董事长周云曙履新先声药业，曾在恒瑞工作 超25年 从恒瑞离职四年多后，周云曙履新港股创新药企先声药业（2096.HK）。 据"江苏省肿瘤医院官方平台"2025年12月30日发布的消息，江苏省肿瘤医院（南京医科大学附 属肿瘤医院）"江苏省恶性肿瘤先进诊疗重点实验室"与先声药业"神经与肿瘤药物研发全国重点 实验室"正式签署战略合作协议。出席此次会议的嘉宾包括先声药业集团总裁周云曙。 周云曙出席江苏省肿瘤医院活动 周 云 曙 曾 是 恒 瑞 医 药 （ 600276 ） 元 老 级 人 物 ， 还 曾 担 任 恒 瑞 医 药 董 事 长 。 先 声 药 业 （2096.HK）尚未就此次人事变动发布官方消息。 澎湃新闻记者从业内人士处获悉，目前对周云曙的任命是江苏先声药业有限公司总裁。根据先 声药业年报显示，江苏先声药业有限公司为上市公司先声药业集团有限公司的间接全资附属公 司。 根据恒瑞医药2020年报资料，2003年至2020年1月，周云曙为公司董事、总经理，作为董事长、 总经理，其任职终止时间原本为2023年1月15日。但2021年7月9日，恒瑞医药公告称， ...

从恒瑞离职四年多后，周云曙履新港股创新药企先声药业（2096.HK）。 据"江苏省肿瘤医院官方平台"2025年12月30日发布的消息，江苏省肿瘤医院（南京医科大学附属肿瘤医 院）"江苏省恶性肿瘤先进诊疗重点实验室"与先声药业"神经与肿瘤药物研发全国重点实验室"正式签署 战略合作协议。出席此次会议的嘉宾包括先声药业集团总裁周云曙。 公开资料显示，周云曙出生于1971年，高级工程师、博士，1995年毕业于中国药科大学，1995年起在江 苏恒瑞医药股份有限公司工作，历任发展部副部长、副总经理、总经理、董事，先后分管过研发、人力 资源、企业运营等业务，并于2014年开始主抓销售工作。 根据恒瑞医药2020年报资料，2003年至2020年1月，周云曙为公司董事、总经理，作为董事长、总经 理，其任职终止时间原本为2023年1月15日。但2021年7月9日，恒瑞医药公告称，董事会近日收到公司 董事长、总经理周云曙的辞职报告，周云曙因身体原因申请辞去公司董事长、总经理以及董事会专门委 员会相应职务，创始人孙飘扬回归。 2022年9月，中国证券监督管理委员会黑龙江监管局公布的一则行政处罚决定书显示，周云曙在2020年 涉嫌内幕 ...

江苏恒瑞医药股份有限公司 关于回购公司 A 股股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2026-001 2025 年 12 月，公司通过上海证券交易所交易系统以集中竞价交易方式回购股 份 0 股。截至 2025 年 12 月 31 日，公司本次股份回购方案累计通过上海证券交易 所交易系统以集中竞价交易方式回购股份 889.87 万股，已回购股份占公司总股本 的比例为 0.13%，购买的最高价为人民币 70.00 元/股，最低价为人民币 59.32 元/ 股，已支付的总金额为人民币 59,521.63 万元（不含交易费用）。 上述回购符合相关法律法规的规定及公司既定的回购股份方案。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公 ...

Group 1 - The core point of the article is the appointment of Zhou Yunshu, a former senior executive at Heng Rui Medicine, as the president of Xiansheng Pharmaceutical Group, although the company later clarified that this information is not entirely accurate and no formal internal appointment has been made yet [1][3] - Zhou Yunshu has a long history with Heng Rui Medicine, having joined the company in 1995 and serving in various leadership roles, including general manager and chairman [4] - Zhou resigned from his positions at Heng Rui Medicine in July 2021 due to health reasons, and he was later involved in an insider trading case, resulting in a fine from the China Securities Regulatory Commission [4] Group 2 - Xiansheng Pharmaceutical is a well-established domestic pharmaceutical company focusing on areas such as neuroscience, oncology, and autoimmune diseases, and is also undergoing a transformation towards innovation [4] - In the first half of 2025, Xiansheng Pharmaceutical reported revenues of 3.585 billion yuan and a net profit attributable to shareholders of 604 million yuan, representing year-on-year growth of 15.14% and 32.20%, respectively [4] - The company's innovative drug business generated revenue of 2.776 billion yuan, a year-on-year increase of 26%, accounting for 77.4% of total revenue [4] - In 2025, Xiansheng Pharmaceutical announced three business development transactions, including licensing agreements for several drug candidates with AbbVie and other companies [5]

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [4][8]. Core Viewpoints - The report continues to recommend the innovative pharmaceutical and medical device industry chain, highlighting a selection of A-share and H-share stocks with an "Overweight" rating [2][8][11]. - The performance of the pharmaceutical sector in December 2025 was weaker than the broader market, with the SW Pharmaceutical Biotechnology index declining by 4.1% compared to a 2.1% increase in the Shanghai Composite Index [18][30]. - The report notes that the premium level of the pharmaceutical sector relative to the entire A-share market is currently at a normal level, with a relative premium rate of 63.2% as of December 31, 2025 [29][32]. Summary by Sections A-Share Recommendations - The report lists the following A-share stocks with an "Overweight" rating: - 恒瑞医药 (Hengrui Medicine) - 科伦药业 (Kelun Pharmaceutical) - 华东医药 (East China Pharmaceutical) - 恩华药业 (Enhua Pharmaceutical) - 特宝生物 (Tebao Biological) - 京新药业 (Jingxin Pharmaceutical) - 益方生物 (Yifang Biological) - 药明康德 (WuXi AppTec) - 泰格医药 (Tigermed) - 乐普医疗 (Lepu Medical) - 联影医疗 (United Imaging) - 微电生理 (Microelectrophysiology) [8][9]. H-Share Recommendations - The report maintains an "Overweight" rating for the following H-share stocks: - 翰森制药 (Hansoh Pharmaceutical) - 三生制药 (3SBio) - 科伦博泰生物 (Kelun-Botai Biological) - 康方生物 (CanSino Biologics) - 映恩生物 (InnoCare Pharma) - 百济神州 (BeiGene) [11][12]. Performance Analysis - The report indicates that the 国泰海通医药 monthly portfolio outperformed the pharmaceutical index in December 2025, with an average decline of 1.8% compared to a 3.9% decline in the overall pharmaceutical index [14][15]. - The report highlights the best-performing stocks in December 2025, with 泰格医药 (Tigermed) increasing by 11.2%, 特宝生物 (Tebao Biological) by 7.5%, and 惠泰医疗 (Huitai Medical) by 3.9% [15][18].