Investment Rating - The report maintains a "Recommended" rating for companies involved in the small nucleic acid drug sector targeting obesity [4]. Core Insights - The obesity treatment market is gaining significant attention, with GLP-1 drugs demonstrating efficacy in weight loss, but they also have high rebound rates post-treatment and associated muscle loss. Small nucleic acid drugs offer a different approach by targeting fat metabolism at the genetic level [12][21]. - Arrowhead and Wave Life have shown promising initial results for their small nucleic acid drugs ARO-INHBE and WVE-007, respectively, indicating effective fat reduction without muscle loss [22][38]. - The collaboration between major pharmaceutical companies and small nucleic acid drug developers is intensifying, with significant investments aimed at advancing RNAi therapies for metabolic diseases [49]. Summary by Sections 1. Unmet Needs in Obesity Treatment - The report highlights the unmet demand in obesity treatment, emphasizing that small nucleic acid drugs could provide solutions by directly intervening in fat metabolism [12][16]. 2. Initial Efficacy of Small Nucleic Acid Drugs - Arrowhead's ARO-INHBE demonstrated an average fat reduction of 9.9% and a liver fat reduction of 38.6%, while also increasing lean tissue by 3.6% [22][27]. - Wave Life's WVE-007 showed a 9.4% reduction in visceral fat and a 4.5% reduction in total fat after three months, with a 3.2% increase in lean body mass [38][49]. 3. Investment Recommendations - The report suggests focusing on companies developing small nucleic acid drugs for obesity, including HengRui Medicine, Chengdu XianDao, China Biopharmaceutical, and others [50].

財務業績發佈後，本公司將於美國東部時間2026年2月26日（星期四）上午八時正 （即香港時間2026年2月26日（星期四）下午九時正）舉行電話會議。 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而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 2025年第四季度及全年財務業績公佈日期及董事會行動通告 百濟神州有限公司（「本公司」）謹此公佈，本公司將於2026年2月26日（星期四） （即香港聯交所交易時間之後）報告其根據美國公認會計原則及美國證券交易委員 會適用規則編製的2025年第四季度及全年的財務業績。本公司董事會（「董事會」） 將於2026年2月26日（香港時間）審閱及批准2025年第四季度及全年的財務業績。 香港，2026年2月11日 於本公告日期，本公司董事會包括主席兼執行董事歐雷強先生、非執行董事王 曉東博士，以及獨立非執行董事Olivier Brandicourt博士、 ...

A股代码：688235 A股简称：百济神州 公告编号：2026-001 港股代码：06160 港股简称：百济神州 美股代码：ONC 百济神州有限公司 自愿披露关于公司举行业绩电话会议的公告 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、准确性和完整性依法承 担法律责任。 百济神州有限公司（以下简称"公司"）将于美国东部时间 2026 年 2 月 26 日（星期四）发布根据美国公认会计原则及美国证券交易委 员会适用规则编制的截至 2025 年 12 月 31 日止年度经审计财务业绩并 同步发布根据中国企业会计准则编制的 2025 年度未经审计业绩快报公 告。 公司管理团队将于美国东部时间 2026 年 2 月 26 日（星期四）上午 8 时（即北京时间 2026 年 2 月 26 日（星期四）晚上 9 时）举行业绩电 话会议。业绩电话会议将进行网络直播，网络直播链接可从公司网站的 投资者关系页面访问，网址为 https://ir.beonemedicines.com。为确保及时 连接，建议参会者至少在网络直播开始前 15 分钟进行注册。公司网站 将提供业绩 ...

格隆汇2月11日丨百济神州(06160.HK)公告，公司将于2026年2月26日(星期四)(即香港联交所交易时间 后)报告其根据美国公认会计原则及美国证券交易委员会适用规则编制的2025年第四季度及全年的财务 业绩。公司董事会将于2026年2月26日(香港时间)审阅及批准2025年第四季度及全年的财务业绩。 财务业绩发布后，公司将于美国东部时间2026年2月26日(星期四)上午八时正(即香港时间2026年2月26日 (星期四)下午九时正)举行电话会议。 ...

财务业绩发布后，公司将于美国东部时间2026年2月26日(星期四)上午八时正(即香港时间2026年2月26日 (星期四)下午九时正)举行电话会议。 格隆汇2月11日丨百济神州(06160.HK)公告，公司将于2026年2月26日(星期四)(即香港联交所交易时间 后)报告其根据美国公认会计原则及美国证券交易委员会适用规则编制的2025年第四季度及全年的财务 业绩。公司董事会将于2026年2月26日(香港时间)审阅及批准2025年第四季度及全年的财务业绩。 ...

財務業績發佈後，本公司將於美國東部時間2026年2月26日（星期四）上午八時正 （即香港時間2026年2月26日（星期四）下午九時正）舉行電話會議。 電話會議將以網路直播方式進行，網絡直播鏈接可從本公司網站的投資者關係頁 面訪問，網址為 https://ir.beonemedicines.com 。為確保及時連接，建議與會者在預 定的網絡直播前至少15分鐘進行註冊。本公司網站將提供業績電話會議網絡直播 的存檔回放。 本公司另將於2026年3月31日或之前公佈其根據香港聯合交易所有限公司證券 上市規則（「香港上市規則」）編製的截至2025年12月31日止年度的經審核財務業 績，此全年業績預計將與根據美國公認會計原則和美國證券交易委員會適用規則 編製的年度業績相同，但香港上市規則所要求的指定附加資料以及將本公司的年 度業績從美國公認會計原則與國際財務報表準則進行核對的結果除外。 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而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 BeOne Medicines ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report highlights significant advancements in the pharmaceutical industry, particularly in the development and approval of innovative drugs, with a focus on oncology and immunotherapy [5][6][10]. Summary by Sections 1. Latest Policy Updates - The National Medical Products Administration (NMPA) has issued several key announcements, including guidelines to strengthen the supervision of entrusted drug production and the release of the 2025 Clinical Application Guidelines for Antitumor Drugs [10][15][18]. - New regulations aim to support the development of innovative drugs and ensure the quality and safety of pharmaceuticals through enhanced management practices [11][12][14]. 2. Domestic New Drug Approvals - In January 2026, a total of 172 new drugs were approved for clinical trials, a decrease of 55 from the previous month. Among these, 78 were chemical drugs, 88 were biological products, and 6 were traditional Chinese medicines [22][23]. - The majority of new drug approvals were in the fields of oncology and immune modulation, accounting for 53% of the total [22]. 3. Global Innovative Drug Development - The report lists several drugs that have shown positive clinical results, including Neumora Therapeutics' NMRA-511 and GSK's new hepatitis B drug, which achieved success in phase 3 studies [6][10]. - Notable approvals include the BCL-2 inhibitor from BeiGene, which received dual indications for chronic lymphocytic leukemia and mantle cell lymphoma [40][41]. 4. New Drug Listings - The report details new drug listings, including the approval of the combination drug for ADHD treatment by Aikobai, which has shown significant efficacy in clinical trials [41][43]. - The approval of Merck's drug for pulmonary arterial hypertension represents a new treatment option that addresses the underlying causes of the disease rather than just symptomatic relief [40].

Market Overview - A-shares experienced narrow fluctuations, with the Sci-Tech Innovation Board showing strong performance, particularly in AI applications and computing chips [1] - The Hong Kong stock market saw a significant rebound in the pharmaceutical sector, with the Hong Kong Innovation Drug ETF (520880) reaching a peak increase of 3.86% and closing up 2.9% [3][5] ETF Performance - The Hong Kong Innovation Drug ETF (520880) recorded a trading volume of 5.9 billion, while the Hong Kong Medical ETF (159137) rose by 2.1%, marking its sixth consecutive day of gains [2][3] - The Sci-Tech Artificial Intelligence ETF (589520) increased by 1.81%, with a peak rise of over 2.4% during the trading session [8] Industry Insights - The Chinese innovative drug sector is experiencing a dual breakthrough in internationalization and commercialization, with over 70% of innovative drug companies reporting positive revenue growth [6][7] - Significant collaborations in the innovative drug space include a strategic partnership between Innovent Biologics and Eli Lilly, valued at up to $8.85 billion, and a $18.5 billion collaboration between CSPC Pharmaceutical and AstraZeneca [6] AI and Technology Developments - ByteDance's recent launches, including the Seedance 2.0 video generation model and Seedream 5.0 image generation model, have generated significant interest in the AI sector [11] - The Sci-Tech Artificial Intelligence ETF (589520) has a substantial exposure to ByteDance, with a weight of 29.42% in its index [11][13] Semiconductor and Chip Industry - The semiconductor equipment industry is experiencing an upward trend, with projected sales growth of 26% in 2026, reaching $791.7 billion [17] - The Sci-Tech Chip ETF (589190) is positioned to benefit from the ongoing "super cycle" in the semiconductor industry, with a focus on domestic production and expansion [15][17] Investment Strategy - Analysts suggest that the current market conditions present a favorable opportunity for investment in innovative drugs and AI sectors, with a recommendation to focus on ETFs that track these industries [7][19] - The Sci-Tech Chip ETF has shown a strong annualized return of 17.93%, outperforming other semiconductor indices [19][20]

Core Viewpoint - The A-share market is experiencing a strong upward trend, particularly in the innovative drug sector, with significant gains in the ChiNext Innovative Drug ETF [1][3]. Group 1: Market Performance - As of 11:08 on February 10, the ChiNext Innovative Drug ETF (589120) surged by 2%, marking a potential two-day consecutive rise [1]. - Major component stocks of the ETF, such as Rongchang Biopharma and Baili Tianheng, saw increases exceeding 5%, while others like Baijie Shenzhou rose over 4% [3]. Group 2: Key Component Stocks - The top ten component stocks of the ChiNext Innovative Drug ETF include: - J-Z**KD with a 4.04% increase and an estimated weight of 10.43% - Baili Tianheng with a 5.10% increase and an estimated weight of 7.89% - Rongchang Biopharma with a 5.51% increase and an estimated weight of 6.35% [4]. Group 3: Industry Developments - Innovent Biologics announced the approval of its ICP-538, a VAV1 molecular glue degrader, for clinical research, marking it as the first of its kind in China and the second globally [4]. - Baili Tianheng's recent shareholder meeting approved significant resolutions, including the issuance of debt financing tools and extending the validity of H-share issuance [5]. Group 4: Strategic Collaborations - Innovent Biologics entered a strategic partnership with Eli Lilly to advance the global development of innovative drugs in oncology and immunology, receiving an upfront payment of $350 million and potential milestone payments totaling up to $8.5 billion [5]. Group 5: Industry Growth and Trends - The Chinese innovative drug sector is transitioning from "pipeline expectations" to "performance realization," with over 70% of companies projected to achieve revenue growth by 2025 [8]. - The total value of License-out transactions for Chinese innovative drugs skyrocketed from $2.562 billion in 2017 to an estimated $140.274 billion by 2025, indicating a significant increase in global recognition [6]. Group 6: Investment Opportunities - Three key investment themes for 2026 in the innovative drug sector include: 1. Accelerated BD (Business Development) overseas, focusing on ADC, dual antibodies, and GLP-1RA [9]. 2. Policy support for innovative drug development, enhancing commercialization opportunities [9]. 3. Monitoring critical clinical data and commercialization milestones for new drugs [10].

Group 1 - The core viewpoint of the news is that BeiGene's stock has increased by 5.08%, reaching a price of 291.00 CNY per share, with a trading volume of 5.91 billion CNY and a turnover rate of 1.81%, resulting in a total market capitalization of 448.34 billion CNY [1] - BeiGene, established on October 28, 2010, and listed on December 15, 2021, is primarily engaged in the research, development, production, and commercialization of innovative drugs, with 99.10% of its revenue coming from drug sales and 0.90% from collaboration arrangements [1] Group 2 - From the perspective of fund holdings, one fund under Huatai-PineBridge has a significant position in BeiGene, holding 16,700 shares, which accounts for 2.36% of the fund's net value, making it the seventh-largest holding [2] - The Sci-Tech Innovation Index (588880) has reduced its holdings by 3,149 shares in the fourth quarter, with a current estimated floating profit of approximately 235,600 CNY [2] - The Sci-Tech Innovation Index fund, established on November 8, 2023, has a latest scale of 191 million CNY, with a year-to-date return of 11.76% and a one-year return of 62.02%, ranking 357 out of 4,295 in its category [2]