Core Viewpoint - The article discusses the current funding logic in the market, highlighting the significant movements of public funds in the technology sector, particularly in the semiconductor and biopharmaceutical industries, as they adjust their portfolios based on performance and valuation metrics [3][8]. Group 1: Public Fund Movements - Public funds have shown a notable shift in their holdings, particularly in the STAR Market, with the STAR 50 Index rising by 12.1% this year [3][4]. - The total market capitalization of STAR Market companies reached 10.4 trillion yuan, with the technology sector dominating, accounting for 62.1% of the total market cap [5][6]. - The semiconductor industry remains the core focus for fund allocation, with 12 companies in the sector having a market capitalization exceeding 10 billion yuan [9][11]. Group 2: Semiconductor Sector Insights - The market's pricing anchor for the semiconductor sector has shifted from "valuation expansion" to "performance realization," emphasizing the importance of actual earnings [13][14]. - Key drivers for future growth in the semiconductor sector include strong order backlogs, profit growth through acquisitions and expansions, and sustained price increases in advanced processes [13][14]. - Public funds have significantly increased their holdings in semiconductor materials, chip design, and equipment, with companies like ShenGong Co. seeing an 11% increase in fund holdings [15][21]. Group 3: Biopharmaceutical Sector Insights - The biopharmaceutical sector is a critical area for public funds, with major holdings in companies like BeiGene and United Imaging Healthcare, although the sector has faced a reduction in holdings for several key companies [24][26]. - The article notes that innovative drug companies are currently under pressure, with significant reductions in holdings observed in companies like BaiLi TianHeng and RongChang Biopharma [26][28]. - Despite the challenges, companies with strong earnings potential and innovative drug pipelines are still attracting interest from public funds, indicating a selective investment approach [35][40].

Core Viewpoint - The resignation of Chen Yingge, the Secretary of the Board of Baili Tianheng, is attributed to personal reasons, effective immediately upon the announcement, with Zhang Suya temporarily assuming the role until a new secretary is appointed [1][3]. Group 1: Resignation Details - Chen Yingge submitted his resignation and will no longer hold any position within the company [1]. - The company expressed gratitude for Chen's contributions in governance, information disclosure, and investor relations during his tenure [3]. Group 2: Background Information - Chen Yingge, born in 1991, holds a Master's degree in Drug Design from University College London (UCL) and is qualified as a Secretary of the Board for the Sci-Tech Innovation Board of the Shanghai Stock Exchange [3]. - Prior to joining Baili Tianheng in April 2024, Chen held various positions at Junshi Biosciences from April 2017 to April 2024, including Secretary of the Board and authorized representative [3]. - In 2024, Chen's salary at Baili Tianheng was reported to be 1.0475 million yuan [3].

Group 1 - The company announced the resignation of its board secretary, Chen Yingge, due to personal reasons, effective immediately upon delivery of the resignation letter to the board [2] - The company will promptly initiate the process of appointing a new board secretary in accordance with relevant regulations and guidelines [2] - During the interim period before a new board secretary is appointed, Zhang Suya, a company director and senior management personnel, will assume the responsibilities of the board secretary [2] Group 2 - Chen Yingge did not hold any shares in the company at the time of her resignation and has fulfilled all responsibilities related to her position [2] - The board expressed gratitude for Chen Yingge's contributions to the company during her tenure, particularly in governance, information disclosure, and investor relations [2]

Group 1 - The company announced the resignation of its board secretary, Chen Yingge, due to personal reasons, effective immediately upon delivery of the resignation letter to the board [2] - The company will appoint a new board secretary in accordance with relevant regulations and guidelines, while Zhang Suya, a current board member and senior management personnel, will temporarily assume the responsibilities of the board secretary [2] - Chen Yingge did not hold any shares in the company at the time of her resignation and has completed the necessary handover of her responsibilities, ensuring no adverse impact on the company's normal operations [2]

Core Viewpoint - Baili Tianheng announced the resignation of its board secretary, Chen Yingge, due to personal reasons, and she will not hold any position in the company after her departure [1] Group 1 - The company’s board received the resignation letter from Chen Yingge [1] - Chen Yingge applied to resign from her position as board secretary [1] - After her resignation, she will no longer hold any role within the company [1]

Core Viewpoint - Chengdu-based innovative pharmaceutical leader Baillie Tianheng (688506.SH) is continuing its efforts to list H-shares in Hong Kong, as indicated by the recent decision to extend the validity period of the relevant resolutions [1][5] Group 1: Company Developments - On February 10, 2026, Baillie Tianheng's first extraordinary general meeting approved the extension of the resolution's validity period for issuing H-shares and listing [1] - The company previously announced on November 12, 2025, that it would delay its global offering and would not proceed according to the prospectus, postponing its planned listing on November 17, 2025 [1][5] - The delay in the global offering does not impact the company's current business operations, and the company is carefully evaluating the timeline for the global offering and listing [5] Group 2: Historical Context - Baillie Tianheng submitted its H-share listing application to the Hong Kong Stock Exchange on July 10, 2024, and subsequently resubmitted the application on January 21, 2025, and September 29, 2025 [5] - The company published its H-share hearing materials on October 22, 2025, to provide relevant information to the Hong Kong public and qualified investors [5] - As of October 2025, Baillie Tianheng's actual controller and chairman, Zhu Yi, was reported to have a net worth of 115 billion yuan, marking a significant rise of 44 positions compared to 2024 [5]

证券代码：688506 证券简称：百利天恒 公告编号：2026-012 四川百利天恒药业股份有限公司 关于董事会秘书离任暨由董事、高级管理人员代行董 事会秘书职责的公告 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。 重要内容提示： 四川百利天恒药业股份有限公司（以下简称"公司"）董事会于近日收到董 事会秘书陈英格女士递交的辞呈，因个人原因，陈英格女士申请辞去公司董事会 秘书职务，离任后不再担任公司任何职务。具体情况如下： | 姓名 | 离任 | | | 原定任期 | | 离任 | 是否继续在 上市公司及 | 具体职 | 是否存 在未履 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 职务 | 离任时间 | | 到期日 | | 原因 | 其控股子公 | 务（如适 | 行完毕 | | | | | | | | | 司任职 | 用） | 的公开 | | | | | | | | | | | 承诺 | | | 董事 | 2026 年 2 | 月 | ...

Core Viewpoint - The keyword for the stock market in 2025 is expected to be "innovative drugs," with significant stock price increases driven by the potential of in-development innovative drugs and BD (business development) transactions rather than traditional revenue from already marketed drugs [1] Group 1: BD Transactions - In 2025, China's innovative drug BD transaction total exceeded $100 billion, with notable orders reaching $10 billion, and upfront payments from multinational pharmaceutical companies reaching a new high of $1.25 billion [1] - Landmark transactions include a $13 billion collaboration between Qihuang Dejian and Biohaven/AimedBio in January, marking a milestone for China's ADC technology [2] - In May, 3SBio's deal with Pfizer exceeded $6 billion, setting a record for upfront payments in China at $1.25 billion, highlighting the value of both first-in-class and fast-follow drugs [2] - In July, a $12 billion strategic partnership between Hengrui Medicine and GlaxoSmithKline showcased the depth of early-stage pipelines in leading Chinese pharmaceutical companies [2] - In October, Innovent Biologics and Takeda's collaboration worth $11.4 billion included a cost-sharing model for global R&D, enhancing operational capabilities for future international ventures [2] Group 2: Milestone Payments and Emerging Fields - Several past BD transactions reached milestone payments in 2025, including a $300 million payment to China National Pharmaceutical's subsidiary from Merck and a $250 million payment to Bairui Tianheng from Bristol-Myers Squibb [3] - The focus of BD transactions is shifting from oncology to other therapeutic areas, with autoimmune diseases, metabolism, and central nervous system disorders emerging as new hot fields [3] - Notable deals include the global rights licensing of BTK inhibitor Orelabrutinib for multiple sclerosis by Nocera Biopharma, with a potential total transaction value exceeding $2 billion [3] - The metabolic field is gaining traction, driven by global weight loss trends, with several companies entering into licensing agreements for GLP-1 targeted drugs [3] Group 3: Independent Clinical Trials and Regulatory Approvals - Numerous innovative drug companies in China are advancing their own overseas clinical trials, achieving significant progress [4] - In early 2025, Dize Pharmaceutical's lung cancer targeted drug received priority review from the FDA and was approved in July, becoming the first globally innovative drug independently developed in China to gain approval in the U.S. [4] - Other advancements include breakthrough therapy designations for CS0159 by Kexi Kedi and a Phase III trial approval for a recombinant human albumin injection by Heyuan Biopharma [4] - These developments indicate that the Chinese innovative drug industry is becoming a significant force in global innovation, transitioning from fast-following to original innovation and integrating deeply into the global value chain [4]

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 point of the news is that Baili Tianheng's stock price increased by 5.03% to 284.99 CNY per share, with a trading volume of 341 million CNY and a turnover rate of 0.31%, resulting in a total market capitalization of 117.665 billion CNY [1] - Baili Tianheng Pharmaceutical Co., Ltd. is located in Chengdu, Sichuan Province, and was established on August 17, 2006, with its listing date on January 6, 2023. The company's main business involves the research, production, and sales of pharmaceuticals [1] - The revenue composition of Baili Tianheng is primarily from the recognition of 99.57% at a specific point in time and 0.43% over a specific period [1] Group 2 - From the perspective of major fund holdings, one fund under Su Xin has a significant position in Baili Tianheng. The Su Xin SSE Sci-Tech Innovation Index Enhanced A Fund (023937) increased its holdings by 2,000 shares in the fourth quarter, bringing the total to 6,800 shares, which represents 1.58% of the fund's net value, ranking it as the seventh-largest holding [2] - The Su Xin SSE Sci-Tech Innovation Index Enhanced A Fund has a current scale of 81.1693 million CNY and has achieved a return of 8.82% this year, ranking 1341 out of 5569 in its category, with a cumulative return of 47.06% since inception [2] Group 3 - The fund manager of the Su Xin SSE Sci-Tech Innovation Index Enhanced A Fund is Lin Maozheng, who has been in the position for 1 year and 43 days. The total asset size of the fund is 927 million CNY, with the best return during his tenure being 49.69% and the worst being 4.6% [3]