[Table_Page] 投资策略|专题报告 2026 年 2 月 8 日 证券研究报告 [Table_Summary [Table_Title] ] 春节前后，港股如何反应？ ——港股市场策略展望 报告摘要： （4）港股天量 IPO 对市场影响不大，影响主要在于 IPO 过后 6 个月 的解禁高峰。典型的例如 11 年年中、15 年下半年、19 年 3 月、21 年 二季度、22 年年中，解禁潮都与港股下跌出现在相似时间段。26 年 3 月主要是有色金属（紫金黄金国际、南山铝业国际）+茶饮（蜜雪冰城） 的解禁潮，中大型规模公司的解禁规模 872 亿港元，高于去年年末的 解禁小高峰。由于港股通账户并不能够参与打新，享受稀缺性公司的 上市红利，却需要承受限售股解禁带来的风险，这可能确实是南向资 金对于 2026 年港股的主要担忧之一。 | [分析师： Table_Author]刘晨明 | | | --- | --- | | | SAC 执证号：S0260524020001 | | | SFC CE No. BVH021 | | | 010-59136616 | | | liuchenming@gf.com.cn ...

Group 1 - The total value of the top 500 companies in China increased by 21 trillion yuan (38%), reaching 77 trillion yuan, with an average value growth of 41.5 billion yuan, now at 1.53 trillion yuan [1][2] - The entry threshold for the list rose to 34 billion yuan, an increase of 7.5 billion yuan from the previous year, marking a historical high [1][2] - The technology sector continues to be a growth engine, with significant increases in the number and market value of companies in semiconductor, biomedicine, artificial intelligence, and new energy sectors [1][2] Group 2 - Nearly 40% of this year's listed companies were not on the list four years ago, with new entrants primarily from consumer electronics, AI computing, and new energy sectors [2] - The semiconductor industry surpassed the life sciences sector to become the second-largest industry in the list, with TSMC leading the growth [3] - Notable semiconductor companies include TSMC, which saw a value increase of 3.5 trillion yuan, and Cambrian, which grew by 370 billion yuan [3] Group 3 - The new energy sector also performed well, with CATL's value increasing by 690 billion yuan, and other companies like Sungrow and EVE Energy showing significant growth [4] - The Shanghai region had 57 companies on the list, an increase of 7 from the previous year, making it the city with the fastest growth in the number of listed companies [10] - Shanghai is a key research and development hub, with 101 companies establishing their main R&D bases there, reflecting its strong innovation capabilities [10][11] Group 4 - The STAR Market (科创板) has a strong presence in the list, with 45 companies, showcasing the focus on hard technology sectors like semiconductors and biomedicine [6][7] - The semiconductor sector is particularly prominent among STAR Market companies, with many of the highest-valued startups in this field [8] - The overall trend indicates that STAR Market companies are in a high-growth phase, aligning with the broader trend of nearly 40% of this year's companies being new entrants [9]

Core Viewpoint - Heng Rui Medicine's HRS-4642 injection has been included in the list of breakthrough therapies by the National Medical Products Administration, indicating a significant advancement in the treatment of advanced or metastatic pancreatic cancer with KRAS G12D mutations [1] Group 1 - The HRS-4642 injection is used in combination with gemcitabine and albumin-bound paclitaxel for first-line treatment [1]

注册分类：1类 申请日期：2025年12月24日 格隆汇2月6日丨恒瑞医药(01276.HK)公告，近日,江苏恒瑞医药股份有限公司的HRS-4642注射液被国家 药品监督管理局药品审评中心纳入突破性治疗品种名单。 药物名称：HRS-4642注射液 受理号：CXHL2400083 药物类型：化学药品 拟定适应症(或功能主治)：本品联合吉西他滨和紫杉醇(白蛋白结合型)用于携带KRAS G12D突变的晚期 或转移性胰腺癌的一线治疗。 理由及依据：经审核，本申请符合《药品注册管理办法》和《国家药监局关于发布＜突破性治疗药物审 评工作程序(试行)＞等三个文件的公告》(2020年第82号)有关要求，同意纳入突破性治疗药物程序。 ...

智通财经APP讯，恒瑞医药(01276)公布，近日,公司的HRS-4642注射液被国家药品监督管理局药品审评 中心纳入突破性治疗品种名单。本品联合吉西他滨和紫杉醇(白蛋白结合型)用于携带KRAS G12D突变 的晚期或转移性胰腺癌的一线治疗。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 承董事會命 江蘇恒瑞醫藥股份有限公司 董事長 孫飄揚先生 中國上海 2026年2月6日 於本公告日期，董事會成員包括(i)執行董事孫飄揚先生、戴洪斌先生、馮佶女 士、張連山先生、江寧軍先生及孫杰平先生；(ii)非執行董事郭叢照女士；及(iii) 獨立非執行董事董家鴻先生、曾慶生先生、孫金雲先生及周紀恩先生。 江蘇恒瑞醫藥股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1276） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，江蘇恒瑞醫藥股份有限公司（「本公司」）在 上海證券交易所網站( www.sse.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 证券代码：600276 证券简称：恒瑞医药 公告编号：临2026-023 ...

Group 1 - ZTE Corporation plans to invest 200 million RMB to subscribe to the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund, focusing on areas supported by national policies such as new generation information technology and biotechnology [1] - Huayi Jewelry's subsidiary has reported overdue loans totaling 200 million RMB due to tight liquidity, with a cumulative overdue principal of 254 million RMB [2] - Guangzhou Baiyunshan Pharmaceutical's subsidiary has received approval for the consistency evaluation of Alfacalcidol soft capsules, which are used to treat calcium metabolism disorders [3] Group 2 - Kunming Pharmaceutical Group reported a 21.72% decline in revenue to 6.577 billion RMB and a 46% drop in net profit to 350 million RMB for 2025 [4] - Jiantou Energy's application for a specific stock issuance has been approved by the Shenzhen Stock Exchange [5] - Jinchuan Titanium Industry's subsidiary has temporarily suspended its sulfuric acid production due to reduced demand [6] Group 3 - Kelun Pharmaceutical's subsidiary has received approval for a new indication for its antibody-drug conjugate, which is used to treat advanced hormone receptor-positive breast cancer [7] - Fawer Co., Ltd. has completed the relocation of its Chongqing Yuantai Shock Absorber Company and commenced production [8] - Jiuzhoutong's subsidiary has received acceptance for the listing application of Betahistine Hydrochloride tablets [9] Group 4 - Zhongguancun plans to build a traditional Chinese medicine and raw material drug production base in Jiamusi City, Heilongjiang Province [11] - China Wuyi announced that part of its land in Kenya has been requisitioned by the government, with compensation of approximately 6.25 million RMB [12] - Times Electric reported a 15.46% increase in revenue to 28.761 billion RMB and a 10.88% increase in net profit to 4.105 billion RMB for 2025 [13] Group 5 - Top Cloud Agriculture's shareholder has received regulatory measures from the Zhejiang Securities Regulatory Bureau for failing to timely disclose shareholding changes [14] - Xinwanda's subsidiary has reached a settlement in a lawsuit involving over 2.314 billion RMB, with an estimated impact of 500 to 800 million RMB on net profit for 2025 [15] - Dongrui Co., Ltd. reported a 25.19% increase in pig sales revenue in January, totaling 214 million RMB [16] Group 6 - Tianjin Tianshi reported a 3.08% decline in revenue to 8.236 billion RMB, while net profit increased by 15.68% to 1.105 billion RMB for 2025 [17] - Wantong Expressway plans to invest approximately 5.42 billion RMB in the renovation and expansion of the Lianhuo Expressway [18] - Qiaoyin Co., Ltd. has pre-qualified for a sanitation integration service project worth approximately 73.8 million RMB [20] Group 7 - Jindi Co., Ltd. plans to acquire 100% equity of Yuni Precision for 116 million RMB, focusing on precision stamping products [21] - Heng Rui Medicine's HRS-4642 injection has been included in the list of breakthrough therapeutic varieties [22] - Tongde Chemical has had some assets frozen due to a financing lease dispute [23] Group 8 - Zhongli Co., Ltd. is establishing an industrial fund with a total commitment of approximately 408.76 million RMB, focusing on new materials and artificial intelligence [24] - Tianbang Food reported a 9.93% increase in pig sales revenue in January, totaling 674 million RMB [25] - New Hope reported a 10.03% decrease in pig sales revenue in January, totaling 1.628 billion RMB [26] Group 9 - Tainkang's subsidiary has received a drug registration certificate for Minoxidil topical solution [27] - Lihua Co., Ltd. reported a 9.8% increase in chicken sales revenue in January, totaling 1.289 billion RMB [28] - Guojitong General reported a 45.71% increase in net profit to 58.52 million RMB for 2025 [29] Group 10 - Zhixin Co., Ltd. plans to invest up to 1.1 billion RMB in an automotive stamping and welding parts project [30] - Chuangyuan Technology's subsidiary has pre-qualified for a National Grid project worth approximately 94.77 million RMB [31] - Lisheng Pharmaceutical's adenine phosphate raw material has passed the listing application [32] Group 11 - Tongguang Cable's subsidiary has pre-qualified for a National Grid project worth approximately 108 million RMB [33] - Zhenghong Technology reported a 7.74% increase in pig sales revenue in January, totaling 14.35 million RMB [34] - Pengding Holdings reported a 0.07% decrease in consolidated revenue in January, totaling 2.701 billion RMB [35] Group 12 - Hongri Pharmaceutical has received approval for clinical trials of its injectable drug for acute pancreatitis [36][37] - Xinhua Medical has decided to terminate the acquisition of a 36.19% stake in Wuhan Zhongzhi Biotechnology [38] - Tianyu Bio reported an 11.23% decrease in pig sales revenue in January, totaling 54.29 million RMB [39]

Core Viewpoint - Heng Rui Medicine's HRS-4642 injection has been included in the list of breakthrough therapies by the National Medical Products Administration, targeting advanced or metastatic pancreatic cancer with KRAS G12D mutation [1] Group 1: Product Development - HRS-4642 is a self-developed KRAS G12D inhibitor in a liposomal formulation [1] - The product is intended for use in combination with gemcitabine and albumin-bound paclitaxel as a first-line treatment [1] - Currently, there are no similar drugs approved for market domestically or internationally [1] Group 2: Market Context - Pancreatic cancer is a common malignant tumor of the digestive system, with 510,566 new cases reported globally in 2022, ranking 12th among malignant tumors [1] - The disease resulted in 467,005 deaths in 2022, making it the 6th leading cause of cancer-related deaths, accounting for approximately 5% of global cancer mortality [1]

证券代码：600276 证券简称：恒瑞医药 公告编号：临2026-023 受理号：CXHL2400083 药物类型：化学药品 注册分类：1类 江苏恒瑞医药股份有限公司 关于药物纳入突破性治疗品种名单的公告 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。 近日,江苏恒瑞医药股份有限公司（以下简称"公司"）的HRS-4642注射液被 国家药品监督管理局药品审评中心（以下简称"药审中心"）纳入突破性治疗品 种名单。现将相关情况公告如下： 一、药物的基本情况 药物名称：HRS-4642注射液 江苏恒瑞医药股份有限公司董事会 2026 年 2 月 6 日 申请日期：2025年12月24日 拟定适应症（或功能主治）：本品联合吉西他滨和紫杉醇（白蛋白结合型） 用于携带KRAS G12D突变的晚期或转移性胰腺癌的一线治疗。 理由及依据：经审核，本申请符合《药品注册管理办法》和《国家药监局关 于发布＜突破性治疗药物审评工作程序（试行）＞等三个文件的公告》（2020年 第82号）有关要求，同意纳入突破性治疗药物程序。 二、药物的其他相关情况 胰腺 ...

恒瑞医药2月6日公告，公司的HRS-4642注射液被国家药品监督管理局药品审评中心纳入突破性治疗品 种名单，拟定适应症为联合吉西他滨和紫杉醇（白蛋白结合型）用于携带KRAS G12D突变的晚期或转 移性胰腺癌的一线治疗。截至目前，相关项目累计研发投入约2.54亿元。经查询，目前国内外尚无同类 药物获批上市。 ...