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 - The controlling shareholder and chairman of Junshi Biosciences, Mr. Xiong Jun, plans to increase his shareholding in the company by at least RMB 100 million over the next 12 months, with a minimum of RMB 50 million allocated for A-shares [2]. Group 1: Shareholding Details - Mr. Xiong Jun currently holds 87,856,618 shares in the company, which includes 87,854,018 A-shares and 2,600 H-shares [3]. - As of the announcement date, Mr. Xiong has cumulatively acquired 100,000 A-shares, representing approximately 0.01% of the total share capital, with a total transaction amount of RMB 3.8384 million [2]. Group 2: Progress of the Shareholding Plan - As of the announcement date, Mr. Xiong and his concerted parties collectively hold 184,083,186 shares, accounting for 17.93% of the total share capital [5]. - The shareholding increase plan is still ongoing, and Mr. Xiong intends to continue purchasing shares during the implementation period [5]. Group 3: Compliance and Regulations - The shareholding increase will comply with relevant regulations from the China Securities Regulatory Commission, Shanghai Stock Exchange, and Hong Kong Stock Exchange regarding changes in equity and sensitive trading periods [7]. - The implementation of this shareholding increase plan will not lead to changes in the company's controlling shareholder or actual controller [7].

Core Viewpoint - Junshi Biosciences (01877) announced that its controlling shareholder and chairman, Mr. Xiong Jun, plans to increase his stake in the company by at least RMB 100 million over the next 12 months starting from April 12, 2025 [1] Group 1 - Mr. Xiong intends to purchase both A-shares and H-shares through the Shanghai Stock Exchange and Hong Kong Stock Exchange, with a minimum of RMB 50 million allocated for A-shares [1] - As of the announcement date, Mr. Xiong has already acquired 100,000 A-shares, representing approximately 0.01% of the company's total share capital, with a total transaction value of RMB 3.8384 million [1] - The share purchase plan is still in progress, and Mr. Xiong will continue to buy shares at opportune times during the implementation period of the plan [1]

Core Viewpoint - The chairman and controlling shareholder of Junshi Biosciences (01877), Mr. Xiong Jun, plans to increase his stake in the company by at least RMB 100 million over the next 12 months starting from April 12, 2025 [1] Summary by Relevant Sections - **Shareholding Increase Plan** - Mr. Xiong intends to acquire both A-shares and H-shares of the company, with a minimum of RMB 50 million allocated for A-shares [1] - **Current Shareholding Activity** - As of the announcement date, Mr. Xiong has already purchased 100,000 A-shares through the Shanghai Stock Exchange, representing approximately 0.01% of the company's total share capital, with a total transaction value of RMB 3.8384 million [1] - **Future Actions** - The share purchase plan is still in progress, and Mr. Xiong will continue to buy shares opportunistically during the implementation period of the plan [1]

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 上海君實生物醫藥科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1877） 承董事會命 上海君實生物醫藥科技股份有限公司 熊俊先生 主席 中國，上海，2026年1月9日 於本公告日期，本公司董事會包括執行董事熊俊先生、李寧博士、鄒建軍博士、 李聰先生、張卓兵先生、姚盛博士、王剛博士及李鑫博士；非執行董事湯毅先 生；以及獨立非執行董事張淳先生、馮曉源博士、酈仲賢先生、魯琨女士及楊勁 博士。 * 僅供識別之用 证券代码：688180 证券简称：君实生物 公告编号：临 2026-001 上海君实生物医药科技股份有限公司 关于控股股东、实际控制人之一兼董事长 增持股份进展公告 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條規則作出。 茲載列上海君實生物醫藥科技股份有限公司在上海證 ...

Core Viewpoint - Junshi Biosciences (688180.SH) announced that its controlling shareholder and chairman, Mr. Xiong Jun, plans to increase his holdings in the company's A-shares and H-shares by at least RMB 100 million over a 12-month period starting from April 12, 2025 [1] Group 1 - Mr. Xiong intends to invest no less than RMB 50 million in A-shares as part of this plan [1] - As of the announcement date, Mr. Xiong has already acquired 100,000 A-shares through the Shanghai Stock Exchange, representing approximately 0.01% of the company's total share capital, with a total transaction amount of RMB 3.8384 million [1] - The share acquisition plan is still in progress, and Mr. Xiong will continue to purchase shares at opportune times during the implementation period [1]

截至本公告披露日，熊俊先生通过上海证券交易所系统以集中竞价方式累计增持公司A股股份10万股， 约占公司总股本的0.01%，累计成交总额为人民币383.84万元。本次增持计划尚未实施完毕，熊俊先生 将继续按照相关增持计划，在增持计划实施期间内择机增持公司股份。 格隆汇1月9日丨君实生物(688180.SH)公布，公司控股股东、实际控制人之一兼董事长熊俊先生拟自 2025年4月12日起12个月内，通过上海证券交易所交易系统与香港联合交易所有限公司允许的方式(包括 但不限于集中竞价和大宗交易等方式)增持公司A股股份及H股股份，合计增持金额不低于人民币1亿 元，其中A股增持金额不低于人民币5000万元。 ...

本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 证券代码：688180 证券简称：君实生物 公告编号：临 2026-001 上海君实生物医药科技股份有限公司 关于控股股东、实际控制人之一兼董事长 增持股份进展公告 重要内容提示： 上海君实生物医药科技股份有限公司（以下简称"公司"）控股股东、 实际控制人之一兼董事长熊俊先生拟自 2025 年 4 月 12 日起 12 个月内，通过上 海证券交易所交易系统与香港联合交易所有限公司允许的方式（包括但不限于集 中竞价和大宗交易等方式）增持公司 A 股股份及 H 股股份，合计增持金额不低 于人民币 1 亿元，其中 A 股增持金额不低于人民币 5,000 万元。 截至本公告披露日，熊俊先生通过上海证券交易所系统以集中竞价方式 累计增持公司 A 股股份 100,000 股，约占公司总股本的 0.01%，累计成交总额为 人民币 383.84 万元。本次增持计划尚未实施完毕，熊俊先生将继续按照相关增 持计划，在增持计划实施期间内择机增持公司股份。 本次增持计划可能存在因资本市场 ...

Core Viewpoint - Junshi Biosciences is positioned as a leading innovative pharmaceutical company with a complete industry chain capability from drug discovery to commercialization, focusing on first-in-class and best-in-class drug development [2] Group 1: Company Overview - Junshi Biosciences was established on December 27, 2012, and went public on July 15, 2020, specializing in the research and commercialization of monoclonal antibody drugs and other therapeutic proteins [7] - The company's main revenue sources include drug sales (90.67%), technology licensing (8.74%), and technical services (0.59%) [7] - As of September 30, 2023, Junshi Biosciences reported a revenue of 1.806 billion yuan, a year-on-year increase of 42.06%, and a net profit attributable to shareholders of -596 million yuan, a year-on-year increase of 35.72% [8] Group 2: Product Development and Pipeline - The company has developed a significant product portfolio, including the first domestically approved PD-1 monoclonal antibody, Toripalimab, which has received approval for 11 indications in mainland China and is also approved in multiple countries including the US and EU [2] - Junshi Biosciences is also developing Tifcemalimab, the world's first anti-BTLA monoclonal antibody entering clinical development, with ongoing Phase III trials and several combination studies with Toripalimab [2] - The company is collaborating with various research institutions to develop a monkeypox recombinant protein vaccine, currently in preclinical development [3] Group 3: Market Activity - On January 9, 2024, Junshi Biosciences' stock rose by 4.09%, with a trading volume of 520 million yuan and a market capitalization of 40.246 billion yuan [1] - The stock has seen a net inflow of 42.43 million yuan from major investors, indicating a mixed trend in investor sentiment [4][5] - The average trading cost of the stock is 39.88 yuan, with the current price approaching a resistance level of 39.67 yuan, suggesting potential for upward movement if this level is surpassed [6]

Core Viewpoint - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index returning to 4100 points for the first time in 10 years, driven by a strong performance in the innovative pharmaceutical sector, particularly the Sci-Tech Innovation Drug ETF Huatai (589120) which rose over 3% [1] Group 1: Market Performance - The Sci-Tech Innovation Drug ETF Huatai (589120) saw most of its constituent stocks surge, with notable increases such as Yuekang Pharmaceutical up over 10%, Zhixiang Jintai up over 8%, and Micron Biologics up over 6% [3] - The top ten constituent stocks of the ETF include major players in the pharmaceutical sector, with BeiGene (688235) rising by 1.77% and Aier Eye Hospital (688578) increasing by 2.18% [3] Group 2: Regulatory Support - A national drug supervision conference held from January 6 to 7 emphasized the need to actively support the pharmaceutical industry in enhancing quality and efficiency, alongside comprehensive reforms in drug regulation [4] Group 3: Innovation and Drug Approvals - Innovation remains a key theme in the Sci-Tech Innovation Drug sector, with recent announcements including Zhixiang Jintai's conditional listing application for a dual-antibody drug and Micron Biologics receiving approval for clinical trials of a new drug for pancreatic cancer [5] - BeiGene announced the conditional approval of its new BCL2 inhibitor, providing new treatment options for patients with chronic lymphocytic leukemia [6] - Rongchang Biologics is seeking breakthrough therapy designation for a new indication of its drug, which would mark a significant regulatory achievement for domestic ADC products [7] Group 4: Future Outlook - The Pacific Securities report anticipates that by 2026, the innovative drug sector will benefit from enhanced international capabilities and supportive industry policies, leading to increased market confidence and investment [8] - The report highlights that the average deal value for innovative drugs purchased from China by top multinational corporations is significantly higher than those from overseas, indicating a growing recognition of the value of Chinese innovative drugs in the global market [9]