Group 1 - The top 20 stocks with significant capital inflow as of February 5 include Pingtan Development (1.214 billion), Wangsu Technology (648 million), and Guizhou Moutai (555 million) [1][2] - Pingtan Development saw a price increase of 10.05%, while Wangsu Technology increased by 6.94% [2] - Other notable stocks with capital inflow include China Merchants Bank (520 million, +2.03%), and Industrial Fulian (455 million, +0.99%) [2][3] Group 2 - The sectors represented among the top inflow stocks include agriculture, internet services, and food and beverage [2][3] - Companies like Haidilao (2.92 billion) and Wuxi AppTec (2.44 billion) are also highlighted for their capital inflow and respective sector performance [3] - The overall trend indicates a strong interest in technology and consumer goods sectors, as reflected in the stock performance and capital movement [1][2]

截至2026年2月5日 09:41，中证港股通医药卫生综合指数(930965)上涨0.32%，成分股银诺医药-B上涨 10.07%，药明康德上涨2.73%，海吉亚医疗上涨2.65%，再鼎医药上涨2.13%，四环医药上涨1.89%。港 股医药ETF(159718)下跌0.22%，最新报价0.92元。 消息面上，政策持续支持医药产业，国家药监局称，"十五五"期间将大力支持生物制造产业创新发展。 港股医药ETF紧密跟踪中证港股通医药卫生综合指数，中证港股通医药卫生综合指数从港股通范围内选 取50只流动性较好、市值较大的医疗卫生行业上市公司证券作为指数样本，以反映港股通范围内医药卫 生上市公司证券的整体表现。 数据显示，截至2026年1月30日，中证港股通医药卫生综合指数(930965)前十大权重股分别为药明生 物、百济神州、信达生物、康方生物、京东健康、石药集团、中国生物制药、翰森制药、药明康德、三 生制药，前十大权重股合计占比64.57%。 港股医药ETF(159718)，场外联接(平安中证港股医药ETF联接A：019598；平安中证港股医药ETF联接 C：019599；平安中证港股医药ETF联接E：024544 ...

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry, indicating a positive outlook based on ongoing technological innovation and demand growth [5][6]. Core Insights - The total market value of pharmaceutical stocks held by public funds decreased from 397.7 billion to 316.1 billion yuan, reflecting a decline of 2.58% from Q3 2025 to Q4 2025. The proportion of pharmaceutical stocks in all public fund holdings fell to 7.95%, down 2.58 percentage points from the previous quarter [6][9]. - The highest proportion of holdings in the pharmaceutical sector is in chemical preparations, other biological products, and medical research outsourcing, which accounted for 37.5%, 20.9%, and 16.4% of the total holdings, respectively [6][13]. - The top five pharmaceutical stocks by market value held by public funds in Q4 2025 were: Heng Rui Medicine (32 billion), WuXi AppTec (30.6 billion), Innovent Biologics (16.7 billion), Mindray Medical (15.2 billion), and CanSino Biologics (10.8 billion) [6][24]. Summary by Sections 1. Pharmaceutical Holdings Proportion - The proportion of pharmaceutical stocks held by public funds decreased to 7.95% in Q4 2025, down from Q3 2025, with a notable decline in non-pharmaceutical public fund holdings [9][10]. 2. Market Value of Pharmaceutical Sub-sectors - In Q4 2025, the market value of pharmaceutical sub-sectors held by public funds was as follows: 1. Chemical preparations: 118.6 billion yuan (37.5%) 2. Other biological products: 66 billion yuan (20.1%) 3. Medical research outsourcing: 51.7 billion yuan (16.4%) 4. Medical devices: 33.3 billion yuan (10.5%) 5. Medical consumables: 9.8 billion yuan (3.1%) [13][12]. 3. Public Fund Heavy Holdings - The number of public funds holding the top five pharmaceutical stocks in Q4 2025 was as follows: Heng Rui Medicine (507 funds), WuXi AppTec (448 funds), Mindray Medical (204 funds), Innovent Biologics (202 funds), and BeiGene (162 funds) [17][21]. - The market value growth of public fund heavy holdings in Q4 2025 saw significant increases for Heng Rui Medicine (+20.1 billion), WuXi AppTec (+5.7 billion), China National Pharmaceutical Group (+5 billion), Yingke Medical (+2.2 billion), and Yuyue Medical (+1.8 billion) [28].

编者按：近年来，合成致死作为一种独特的精准治疗策略，在肿瘤治疗领域受到广泛关注。这一策略通过靶向肿瘤特异性基因间依赖关系，为克服治疗耐 药性与"不可成药"靶点提供了重要突破口。作为全球医药创新的赋能平台，药明康德依托"一体化、端到端"的CRDMO赋能平台，持续协助全球合作伙伴 推进包括癌症在内的各类疾病创新疗法研发，加速创新成果向临床获益转化。值此世界癌症日，我们将通过这篇文章与各位读者分享基于合成致死策略的 疗法探索，以及药明康德一体化平台如何在不同阶段推动合成致死药物的研发。 精准击杀癌细胞 在对抗癌症的漫长征程中，科学家们一直在尝试寻找可以精准摧毁癌细胞，而不伤及正常细胞的工具。近年来，一种名为合成致死（Synthetic Lethality） 的策略受到了科学界的重点关注。 合成致死策略的基础是一对特殊的基因组合——组合中，任一基因单独失活都不会影响细胞活力，但两者同时失活则会导致细胞死亡。在许多癌细胞中， 由于特定的基因突变，这对基因中的一个已经丧失功能。因此，科学家只需设计药物来抑制另一个基因，就能在癌细胞中实现"双重失活"，从而特异性清 除癌细胞。 合成致死机制为治疗特定基因突变的肿瘤提供了革命 ...

Core Viewpoint - WuXi AppTec is experiencing growth due to its position as a leading Contract Research Organization (CRO) and its benefits from the depreciation of the Renminbi, with a significant portion of its revenue coming from overseas markets [2][3]. Company Overview - WuXi AppTec is an international leader in providing integrated new drug research and production services for the global biopharmaceutical industry, focusing on small molecule chemical drug discovery, development, and production [2]. - The company has a comprehensive platform service model that caters to global pharmaceutical companies, including medical device testing and precision medical research and production services abroad [2]. - As of September 30, 2025, WuXi AppTec reported a revenue of 32.857 billion yuan, representing a year-on-year growth of 18.61%, and a net profit of 12.076 billion yuan, with an impressive growth of 84.84% [7]. Financial Performance - The company’s overseas revenue accounted for 78.67% of its total revenue, benefiting from the depreciation of the Renminbi [3]. - The main business revenue composition includes chemical business (78.37%), testing business (12.93%), biological business (6.02%), and other services [7]. - WuXi AppTec has distributed a total of 14.06 billion yuan in dividends since its A-share listing, with 10.406 billion yuan distributed over the past three years [8]. Market Activity - On February 4, the stock price of WuXi AppTec increased by 1.07%, with a trading volume of 3.14 billion yuan and a turnover rate of 1.34%, leading to a total market capitalization of 285.277 billion yuan [1]. - The stock has seen a net inflow of 118 million yuan from major investors, indicating a positive sentiment in the market [4][5].

Core Viewpoint - The pharmaceutical sector is experiencing a mixed performance in 2025, with a significant number of companies forecasting profit increases, while others are facing substantial losses. Group 1: Profit Forecasts - A total of 283 pharmaceutical stocks have disclosed their 2025 earnings forecasts, with 160 companies expecting year-on-year profit growth. Among these, Sino Medical has the highest projected increase, with an expected profit growth of over 32 times [1][4]. - WuXi AppTec is anticipated to achieve a record net profit of 19.15 billion yuan, marking the highest since its listing. This includes nearly 5.6 billion yuan in non-recurring gains from the sale of equity interests [6]. - Sino Medical's projected net profit for 2025 is between 43 million and 50 million yuan, reflecting a year-on-year increase of 2,767% to 3,233%. The growth is attributed to stable revenue from its neuro-interventional business and a 22% increase in its coronary intervention business due to the implementation of a national procurement policy [4][5]. Group 2: Loss Forecasts - Over 120 companies are forecasting profit declines for 2025, with 39 facing their first losses since going public, including companies like Zhifei Biological and Zhenbao Island. Zhifei is expected to report a loss of between 10.698 billion and 13.726 billion yuan, a decline of 630% to 780% compared to the previous year [2][8]. - Zhenbao Island anticipates a net loss of between 1.012 billion and 1.173 billion yuan, attributed to delays in the procurement process and increased cost control measures [8]. - Huiyu Pharmaceutical's losses are primarily due to non-core investment losses, with a fair value loss of 173 million yuan from its investment in Zhejiang Tongyuan Kang Pharmaceutical [9]. Group 3: Innovative Drug Companies - The innovative drug sector is showing signs of recovery, with companies like Nocera and Rongchang Biopharma expected to turn losses into profits. Nocera forecasts a net profit of approximately 633 million yuan, a significant increase from the previous year [3][11]. - Rongchang Biopharma is also expected to achieve profitability with projected revenues of around 3.25 billion yuan, a year-on-year increase of about 89% [11]. - Companies like Junshi Biosciences are reducing their losses significantly, with an expected net loss of around 873 million yuan, a reduction of 408 million yuan compared to the previous year [11][12].

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on February 3, with a total transaction value of 2.236 billion yuan, highlighting notable trading in specific stocks such as Shanghai Airport, Zijin Mining, and Longjing Environmental Protection [1]. Group 1: Block Trading Activity - A total of 80 stocks underwent block trading, with Shanghai Airport leading at 349 million yuan, followed by Zijin Mining at 274 million yuan and Longjing Environmental Protection at 161 million yuan [1]. - Among the stocks traded, 7 were sold at par value, 2 at a premium, and 71 at a discount, indicating a predominance of discounted trades [1]. Group 2: Premium and Discount Rates - The stocks with the highest premium rates were DeMa Technology at 5.67% and Shen High-Speed at 2.01% [1]. - The stocks with the highest discount rates included Kai Fa Technology at 29.94%, New Wave Shares at 23.56%, and Ai Meike at 23.43% [1]. Group 3: Institutional Buying and Selling - The top institutional buying positions included Shanghai Airport at 349 million yuan, Longxin Zhongke at 116 million yuan, and Xinyuan Shares at 60.575 million yuan [2]. - The leading institutional selling positions were Nanxin Technology at 8.4 million yuan and Guobo Electronics at 4.1784 million yuan [2].

截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 無錫藥明康德新藥開發股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 510,476,909 | RMB | | 1 | RMB | | 510,476,909 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 510,476,909 | RMB | | 1 | RMB | | 510,476,909 | | 2. 股份分類 | 普通股 | A 股份類別 | | | 於香港聯交所上市 (註1) | | 否 ...

Market Overview - The Pharmaceutical Contract Development and Manufacturing Organization (CDMO) market is projected to grow from USD 258.88 billion in 2025 to USD 275.27 billion in 2026, reaching USD 374.68 billion by 2031, with a CAGR of 6.33% from 2026 to 2031 [2]. Market Drivers - There is a robust outsourcing demand for complex biologics, high-potency APIs (HPAPIs), and AI-enabled process-development platforms, which are driving market growth [3]. - Increasing outsourcing volume by large pharmaceutical companies is influenced by escalating R&D costs and pipeline complexity, leading to a preference for asset-light models that leverage CDMO expertise [5]. - The surge in biologics and complex-molecule pipelines is evident, with biological entities dominating new-drug filings, including antibody-drug conjugates and mRNA vaccines [6]. Geographic Insights - North America held a 37.95% revenue share in 2025, supported by premier biologics programs and a deep venture-capital pool [9]. - The Asia-Pacific region is expected to grow at the fastest rate of 7.18% CAGR through 2031, with significant investments in mega-plants for mAbs and oligonucleotides [10]. - Europe is experiencing steady expansion, with Germany and the UK leading in quality and innovation despite Brexit challenges [11]. Market Trends - Consolidation in the industry is evident, as seen in Novo Holdings' USD 16.5 billion acquisition of Catalent, indicating a shift towards end-to-end CDMO providers [4]. - The demand for specialist partners is amplified by the need for compliance with stringent multi-region regulatory requirements, which challenge smaller entrants [8]. Competitive Landscape - Major players in the market include Thermo Fisher Scientific, Lonza Group, Catalent, and Samsung Biologics, among others, with strategic moves and market share analysis highlighting their competitive positioning [17].

| 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02359 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 510,476,909 | RMB | | 1 | RMB | | 510,476,909 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 510,476,909 | RMB | | 1 | RMB | | 510,476,909 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 無錫藥明康德新藥開發股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 2. 股份分類 ...