（编辑 袁冠琳） 证券日报网讯 1月29日，华东医药在互动平台回答投资者提问时表示，创新药海外授权合作是涉及商 务、法规、市场及战略匹配的复杂过程。公司始终秉持开放合作战略，在强化自主研发的同时，积极与 全球同行一起探索创新药管线的BD机会。未来如达成明确合作协议，公司将严格按照信息披露规则履 行披露义务。 ...

证券日报网讯1月29日，华东医药（000963）在互动平台回答投资者提问时表示，迈华替尼片是公司早 期研发的创新药。近年来，随着公司研发体系持续成熟、与监管沟通效率提升，后续创新药项目的临床 开发周期已显著优化，整体进程符合行业规律。关于未来经营计划，公司已结合研发进展与市场趋势制 定了清晰的战略规划，具体请以公司后续发布的定期报告和相关公告为准。公司对未来发展充满信心， 将持续高效推进研发与商业化，努力以稳健业绩回报投资者。 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600276 恒瑞医药 | | 3.33 Z | 5.10% | -2.89 Z | -4.43% | -4421.19万 | -0.68% | | 000963 华东医药 | | 1.15 Z | 16.50% | -7275.41万 | -10.40% | -4271.00万 | -6.10% | | 000813 德展健康 | | 1.02亿 | 50.51% | -6009.16万 | -29.70% | -4212.39万 | -20.82% | | 300436 | 广生堂 | 1.01亿 | 5.29% | -2204.37万 | -1.16% | -7860.17万 | -4.13% | | 688382 益方生物 | | 3813.99万 | 13.10% | -337.73万 | -1.16% | -3476.26万 | -11.94% | | 600 ...

（文章来源：每日经济新闻） 每经AI快讯，据华东医药官微1月29日消息，华东医药全资子公司杭州中美华东制药有限公司与苏州时 安生物技术有限公司（简称"时安生物"）日前共同宣布：双方战略合作项目——针对创新减重机制的 siRNA创新疗法顺利完成临床前候选化合物（PCC）确认，正式进入临床前研究阶段。 ...

南方财经1月29日电，据华东医药消息，华东医药全资子公司杭州中美华东制药有限公司与苏州时安生 物技术有限公司（简称"时安生物"）日前共同宣布:双方战略合作项目——针对创新减重机制的siRNA创 新疗法顺利完成临床前候选化合物（PCC）确认，正式进入临床前研究阶段。 ...

证券日报网讯1月27日，华东医药（000963）在互动平台回答投资者提问时表示，据公司初步测算，公 司2025年度经营业绩和财务状况未出现相关法律法规所规定的必须进行业绩预告的情形，也未出现需要 进行业绩快报的情形。公司每个会计年度都聘请专业资产评估机构进行商誉减值测试，具体是否存在商 誉减值事项尚需依据年度审计与评估结果确定，公司将严格根据相关法律法规要求进行披露。 ...

证券日报网讯1月27日，华东医药（000963）在互动平台回答投资者提问时表示，公司管理层始终密切 关注市值表现，并深切理解投资者的期待与关切。市值波动受宏观环境、行业周期及市场情绪等多重因 素影响，但管理层始终将提升公司内在价值作为核心要务。公司持续聚焦主业创新与经营优化，通过强 化研发管线、推进国际化合作及提升运营效率，夯实长期发展基础。同时，公司高度重视与资本市场的 交流，将更积极传递战略进展与投资价值。公司坚信扎实的业绩与清晰的成长路径终将获得市场认可。 ...

截至2026年1月27日 10:12，中证医药及医疗器械创新指数(931484)成分股方面涨跌互现，三生国健领涨 8.29%，大博医疗上涨6.58%，特宝生物上涨2.64%；神州细胞领跌。医疗创新ETF(516820)最新报价0.36 元。 国信证券指出，2025年创新药板块呈现显著超额收益，核心驱动力来自BD出海密集落地、临床数据持 续超预期及政策端支持；展望2026年，具备全球竞争力、差异化创新能力及已实现高质量授权的创新药 企业仍具长期配置价值。荣昌生物PD-1/VEGF双抗RC148获艾伯维6.5亿美元首付款、最高达49.5亿美元 的重磅授权交易，进一步验证中国ADC平台型企业的国际商业化能力。 医疗创新ETF紧密跟踪中证医药及医疗器械创新指数，中证医药及医疗器械创新指数从医药卫生行业的 上市公司中，选取30只盈利能力较好且具备一定成长性和研发创新能力的上市公司证券作为指数样本， 以反映兼具盈利性与成长性的医药及医疗器械上市公司证券的整体表现。 数据显示，截至2025年12月31日，中证医药及医疗器械创新指数(931484)前十大权重股分别为药明康 德、恒瑞医药、迈瑞医疗、爱尔眼科、片仔癀、新和成、华 ...

Core Insights - The small nucleic acid drug sector is experiencing a significant surge, marking the beginning of a golden era driven by technological breakthroughs and capital enthusiasm [2][11][22] Industry Developments - On January 5, 2026, Sanofi's APOC3 siRNA drug Plozasiran was approved for domestic market use to treat hyperlipidemia [1] - On January 9, 2026, Rebio Biotech, known as "China's first small nucleic acid stock," successfully listed on the Hong Kong Stock Exchange, with its stock price soaring by 40% on the first day, leading to a market capitalization exceeding 13 billion HKD [1] - China National Pharmaceutical Group announced a 1.2 billion CNY acquisition of Hegia Biotech, securing the world's first clinically validated liver-targeted delivery platform capable of annual dosing [1] Market Trends - The global small nucleic acid drug market has seen nearly 100 business development (BD) collaborations in the past three years, with transaction numbers and amounts increasing annually, reaching over 30 BD deals in 2025 totaling nearly 30 billion USD [4][9] - Notable transactions in 2025 included Novartis acquiring Avidity Biosciences for 12 billion USD and multiple other significant deals involving RNA therapies [7][9] Clinical Advancements - Ionis's APOC3 ASO drug Olezarsen showed promising results in reducing triglyceride levels by up to 72% in patients with severe hypertriglyceridemia, leading to an increase in peak annual sales forecast from 1.5 billion USD to 2.5 billion USD [12] - GSK's ASO therapy Bepirovirsen is expected to be the first drug to achieve functional cure for chronic hepatitis B, with a peak annual sales potential of 2 billion USD [12] Emerging Opportunities - The small nucleic acid drugs are expanding into various therapeutic areas, including obesity and kidney diseases, with promising results from clinical trials demonstrating significant weight loss and metabolic health improvements [13][15] - The number of small nucleic acid drugs in development globally has surpassed 1,200, with siRNA and ASO therapies being the most prominent [17] Strategic Collaborations - Domestic companies are increasingly recognized for their innovative value in small nucleic acid drugs, with active BD transactions, including significant collaborations by Rebio Biotech and other firms [18][21] - Companies like Saintin Biotech are forming strategic partnerships with major pharmaceutical firms to advance their small nucleic acid drug pipelines [19] Conclusion - The convergence of technological advancements, capital influx, and successful clinical outcomes is propelling small nucleic acid drugs into a pivotal position within the pharmaceutical industry, with China poised to become a global innovation hub [22]

Investment Rating - The report maintains a positive investment rating for the pharmaceutical sector [5] Core Views - The report emphasizes three main investment themes for 2026: innovation, overseas expansion, and turnaround impulses, with a focus on BD2.0, small nucleic acids, and supply chain (CXO and upstream) [2][3] - The report suggests that the pharmaceutical sector is currently experiencing a rotation in investment focus, particularly in areas such as brain-computer interfaces, AI integration, small nucleic acids, and medical robotics [3] Summary by Sections Public Fund Holdings Update for Q4 2025 - Overall, the market value of public funds holding pharmaceutical stocks has decreased, with a total market value of 217.6 billion yuan, down by 51 billion yuan from the previous quarter [14] - The pharmaceutical sector's allocation in public funds is 7.96%, a decrease of 1.74 percentage points [19] - Chemical preparations remain the most heavily weighted sub-industry, while allocations to medical devices have increased [14][25] Market Review and Analysis - The pharmaceutical and biotechnology index decreased by 0.39% week-on-week, outperforming the CSI 300 index but underperforming the ChiNext index [1] - The total trading volume in the pharmaceutical sector was 554.24 billion yuan, accounting for 4.00% of the total trading volume in the Shanghai and Shenzhen markets [1] Investment Opportunities - The report identifies specific companies for potential investment, including: - CXO and innovative drug companies such as Tigermed, Zhaoyan New Drug, and Hai Si Ke, which have seen significant increases in fund holdings [16][38] - AI innovative drug companies like Jingtai Holdings and small nucleic acid firms such as Frontier Biotech and Yuyuan Pharmaceutical [3][38] - The report also highlights the importance of exploring CROs, essential drugs, and companies showing signs of bottoming out [3]