Group 1 - The core viewpoint of the news is that Kelun Pharmaceutical has experienced a continuous increase in stock price, rising for seven consecutive days with a cumulative increase of 17.86% [1] - As of the report, Kelun Pharmaceutical's stock price is 33.98 yuan per share, with a total market capitalization of 54.302 billion yuan and a trading volume of 876 million yuan [1] - The company's main business involves the development, production, and sales of large-volume infusion products, with revenue composition being 48.37% from non-infusion products, 41.28% from infusion products, 7.01% from research projects, and 3.33% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Shenwan Hongyuan has a significant position in Kelun Pharmaceutical, with a holding of 106,000 shares, representing 1.56% of the fund's net value [2] - The fund, Shenwan Hongyuan CSI Pharmaceutical Bio Index A, has seen a floating profit of approximately 54,620 yuan during the seven-day stock price increase [2] - The fund has a total asset size of 2.22 billion yuan, with a year-to-date return of 6.59% and a one-year return of 20.61% [2]

Investment Rating - The report maintains a positive outlook on innovative drugs and the related industry chain, indicating potential value revaluation for specific pharmaceutical companies [6][28]. Core Insights - The pharmaceutical sector in A-shares showed strong performance in the second week of January 2026, with the SW Pharma Bio index rising by 7.8%, outperforming the overall market [8][29]. - Key sub-sectors such as medical services (+12.3%), medical equipment (+9.4%), and chemical preparations (+7.3%) demonstrated significant growth during this period [13][29]. - Notable individual stock performances included Innovative Medical Management (+61.0%), Sanbo Hospital Management Group (+56.2%), and MeHow Medical (+56.1%) [15][29]. - The report highlights a normal premium level of 68.3% for the pharmaceutical sector relative to all A-shares as of January 9, 2026 [15][23]. Summary by Sections 1. Continued Focus on Innovative Drugs and Industry Chain - The report emphasizes the high prosperity in innovative drugs and suggests monitoring companies like Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical for potential value revaluation [6][28]. 2. Performance of A-Shares Pharmaceutical Sector - In the second week of January 2026, the A-share pharmaceutical sector outperformed the market, with the SW Pharma Bio index increasing by 7.8% [8][29]. - The report ranks the pharmaceutical sector as the 5th best-performing industry among Shenwan's primary industries during this period [11][29]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong pharmaceutical sector outperformed the market, with the Hang Seng Healthcare index rising by 10.3% and the biotechnology sector increasing by 11.1% [20][29]. - Conversely, the U.S. pharmaceutical sector underperformed, with the S&P Healthcare Select Sector rising by only 1.1% compared to the S&P 500's 1.6% increase [20][29].

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry [4] Core Insights - The pharmaceutical index rose by 7.81% from January 5 to January 9, outperforming the CSI 300 index by 5.03%. The brain-machine interface and AI medical sectors are expected to remain active in Q1 2026, with a strong rebound in innovative drugs, particularly small nucleic acids [5][25] - The report highlights the potential for significant advancements in small nucleic acids in 2026, driven by breakthroughs in liver-targeted delivery technologies and a surge in clinical data readouts [8][22] - The report emphasizes the importance of selecting innovative drug stocks with strong fundamentals and suggests focusing on companies that have undergone sufficient adjustments [5][49] Summary by Sections Industry Performance - The pharmaceutical index saw 443 stocks rise and 25 fall during the week, with notable gainers including Innovative Medical (+61.04%) and Sanbo Brain Science (+56.15%). Conversely, Baohua Pharmaceutical saw a decline of -21.65% [5][26][27] Small Nucleic Acids - 2026 is projected to be a pivotal year for the small nucleic acid sector, with advancements in liver-targeted delivery technologies and a high frequency of clinical data readouts expected [8][22] - Arrowhead's delivery platform has shown promising results in clinical trials, validating the feasibility of RNAi therapies for obesity and other conditions [9][11] Investment Recommendations - The report suggests focusing on companies with leading platform capabilities and differentiated pipeline layouts, such as Rebio Biotech, Yuyuan Pharmaceutical, and Frontier Biotech [20][24] - It also recommends a diversified investment approach, including innovative drugs, brain-machine interfaces, and AI medical technologies [47][48] Market Trends - The report notes that the aging population and increasing healthcare demands are driving growth in the pharmaceutical sector, with a focus on chronic diseases and innovative medical technologies [47] - The report highlights the ongoing trend of domestic companies enhancing their capabilities in the global market, particularly in innovative drug development and medical devices [46][47] Key Companies to Watch - Recommended stocks include China National Pharmaceutical Group, Rebio Biotech, Shanghai Yizhong, and Yuyuan Medical [49]

Group 1 - The Medical Health Index (980016) closed at 6402.95 points on January 8, with a slight increase of 0.03% and a trading volume of 27.797 billion yuan, resulting in a turnover rate of 0.92% [1] - Among the constituent stocks of the index, 21 stocks rose, with Kelun Pharmaceutical leading the gains at 6.19%, while 25 stocks declined, with Aier Eye Hospital leading the losses at 3.87% [1] Group 2 - The net outflow of main funds from the Medical Health Index constituent stocks totaled 762 million yuan, while retail investors saw a net inflow of 176 million yuan [2] - Over the past 10 days, there has been an adjustment in the constituent stocks of the Medical Health Index, with one stock added and one stock removed [2]

Group 1 - The chemical pharmaceutical sector increased by 0.24% on January 8, with Bibete leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Notable gainers in the chemical pharmaceutical sector included Bibete, which rose by 20.00% to a closing price of 49.68, and Qijingt, which increased by 10.00% to 28.27 [1] Group 2 - The chemical pharmaceutical sector experienced a net outflow of 191 million yuan from institutional investors, while retail investors saw a net inflow of approximately 84.42 million yuan [2] - The trading volume for Bibete was 140,500 shares, with a transaction value of 682 million yuan, indicating strong market interest [1] - The sector's overall trading activity showed a mix of inflows and outflows, with specific stocks like Hainan Haiyao and Xinyu Pharmaceutical seeing significant institutional interest [3]

Group 1 - In the fourth quarter of last year, notable fund managers such as Ge Lan and Tang Xiaobin reduced their holdings in Kelun Pharmaceutical, while Zhao Bei increased her stake [2][3] - Ge Lan's fund, the China Europe Medical Health Mixed Fund, held 38.1954 million shares of Kelun Pharmaceutical as of December 31, 2025, having reduced its holdings by 1.867 million shares compared to the end of the third quarter [4] - Tang Xiaobin's fund, the GF Multi-Factor Mixed Fund, exited the top ten shareholders of Kelun Pharmaceutical by the end of 2025, having reduced its holdings from 24.2335 million shares to an estimated 1.394 million shares [6] Group 2 - Zhao Bei's fund, the ICBC Credit Suisse Frontier Medical Equity Fund, increased its holdings in Kelun Pharmaceutical to 22 million shares by December 31, 2025, up by 2 million shares from the end of the third quarter [6] - The National Social Security Fund's 416 portfolio became the tenth largest shareholder of Kelun Pharmaceutical with 13.9445 million shares by the end of 2025 [6] Group 3 - Liu Yanchun and Hu Xinwei reduced their holdings in Proya Cosmetics, with Liu's fund holding 2.6 million shares as of December 30, 2025, down from 3.332 million shares at the end of the third quarter [8] - Hu Xinwei's fund exited the top ten shareholders of Proya Cosmetics by the end of 2025 [8] Group 4 - Zhou Yun's fund, the Dongfanghong New Energy Mixed Fund, and the National Social Security Fund's 404 portfolio entered the top ten shareholders of Jiazhe New Energy by the end of 2025 [10] - The National Social Security Fund's 114 portfolio increased its holdings in Nanshan Aluminum by 4.3432 million shares in the fourth quarter of 2025, with five ETF products included in the top ten shareholders of Nanshan Aluminum by the end of 2025 [10] Group 5 - A surge in institutional research activities has been noted, with over 10,000 research sessions conducted in the past month, focusing on sectors such as semiconductors, general equipment, automotive, and artificial intelligence [12] - Fund managers from various firms, including Chang'an Fund and Nord Fund, have actively participated in company research activities, indicating a strong interest in the market outlook for 2026 [13]

Group 1 - Notable fund managers have disclosed their latest stock adjustments as the new year begins, with several companies announcing related updates [1] - Fund managers Ge Lan and Tang Xiaobin reduced their holdings in Kelun Pharmaceutical (002422), while Zhao Bei increased her stake [1][2] - Liu Yanchun and Hu Xinwei reduced their holdings in Proya (603605), while Zhou Yun entered the top ten shareholders of Jiazhe New Energy (601619) [1][6] Group 2 - As of December 31, 2025, Ge Lan's fund held 38.1954 million shares of Kelun Pharmaceutical, having reduced by 1.867 million shares compared to the previous quarter [2] - Tang Xiaobin's fund exited the top ten shareholders of Kelun Pharmaceutical by the end of 2025, having reduced holdings from 24.2335 million shares to 13.94 million shares [4] - Zhao Bei's fund increased its holdings in Kelun Pharmaceutical to 22 million shares, up by 2 million shares from the previous quarter [4] Group 3 - Liu Yanchun's fund held 2.6 million shares of Proya as of December 30, 2025, down from 3.332 million shares, indicating a reduction of over 700,000 shares [7] - Hu Xinwei's fund is no longer among the top ten shareholders of Proya [8] - Zhou Yun's fund and the National Social Security Fund 404 combination entered the top ten shareholders of Jiazhe New Energy in the fourth quarter of 2025 [9] Group 4 - The National Social Security Fund 114 combination increased its holdings in Nanshan Aluminum (600219) by 4.3432 million shares in the fourth quarter of 2025 [9] - By the end of 2025, five ETF products were included among the top ten shareholders of Nanshan Aluminum, indicating the growing influence of index funds [9] Group 5 - A significant increase in institutional research activities has been noted, with over 10,000 research sessions conducted in the past month, focusing on sectors such as semiconductors, general equipment, automotive, and artificial intelligence [10] - Fund managers are optimistic about the performance of non-financial listed companies in A-shares for 2025 and 2026, anticipating a stable recovery [10]

Core Viewpoint - The article discusses the recent stock adjustments made by several well-known fund managers, highlighting their changes in holdings in various companies, particularly focusing on Kelong Pharmaceutical and Proya Cosmetics [2]. Group 1: Kelong Pharmaceutical - Fund managers Ge Lan and Tang Xiaobin reduced their holdings in Kelong Pharmaceutical, while Zhao Bei increased her stake [3]. - As of December 31, 2025, Ge Lan's fund held 38.1954 million shares of Kelong Pharmaceutical, a decrease of 1.867 million shares compared to the end of the third quarter [4]. - Tang Xiaobin's fund, Guangfa Multi-Factor Mixed Fund, exited the top ten shareholders of Kelong Pharmaceutical by the end of 2025, having reduced its holdings from 24.2335 million shares to at least 10.2935 million shares [6]. - In contrast, Zhao Bei's fund held 22 million shares of Kelong Pharmaceutical as of December 31, 2025, an increase of 2 million shares from the previous quarter [6]. - The National Social Security Fund's 416 portfolio became the tenth largest shareholder of Kelong Pharmaceutical with 13.9445 million shares by the end of 2025 [7]. Group 2: Proya Cosmetics - Liu Yanchun and Hu Xinwei reduced their holdings in Proya Cosmetics, with Liu's fund holding 2.6 million shares as of December 30, 2025, down from 3.332 million shares [9]. - Hu Xinwei's fund is no longer among the top ten shareholders of Proya Cosmetics [10]. Group 3: Other Companies - Zhou Yun's fund and the National Social Security Fund's 404 portfolio entered the top ten shareholders of Jiazhe New Energy by the end of 2025 [11]. - The National Social Security Fund's 114 portfolio increased its holdings in Nanshan Aluminum by 4.3432 million shares in the fourth quarter of 2025, with five ETF products now included among the top ten shareholders [11]. Group 4: Market Trends - As of early 2026, A-shares stabilized above 4000 points, with over 10,000 institutional research activities focused on sectors like semiconductors and artificial intelligence [13]. - Fund managers express optimism for A-share performance in 2026, anticipating a recovery in earnings growth for non-financial listed companies [13].

Group 1 - The A-share market continues to show strength in innovative drug concept stocks, with notable gains from companies such as Bibot-U nearing the daily limit and reaching a new high, and Yuandong Bio rising over 9% [1] - The National Medical Products Administration (NMPA) is set to support the "China debut" of innovative drugs, with plans to implement a data protection system for drug trials and establish exclusive market periods for pediatric and rare disease medications by 2026 [1] - The NMPA has announced further optimization of the review and approval process for urgently needed foreign drugs already on the market to meet the pressing clinical needs of patients [1] Group 2 - Notable stock performances include Bibot-U with a 19.95% increase, Yuandong Bio up 9.33%, and Hongbo Pharmaceutical rising 8.16%, among others [2] - The total market capitalization for Bibot-U is 22.3 billion, while Yuandong Bio stands at 11.5 billion, and Hongbo Pharmaceutical at 4.867 billion [2] - Year-to-date performance shows Bibot-U leading with a 70.89% increase, followed by Hongbo Pharmaceutical at 16.74% and Lai Mei Pharmaceutical at 7.59% [2]

Core Viewpoint - The innovative drug ETF Tianhong (517380) has seen significant trading activity and growth, indicating a strong interest in the innovative drug sector, which is experiencing a historic surge in IPOs and commercialization efforts [1][4]. Group 1: ETF Performance - As of January 8, 2026, the innovative drug ETF Tianhong (517380) recorded a transaction volume of 18.58 million yuan, with the tracked index HSSSHID rising by 0.92% [1]. - The latest scale of the innovative drug ETF Tianhong reached 1.578 billion yuan, with a total of 1.962 billion shares, both marking all-time highs since its inception [2]. - The net inflow of funds into the innovative drug ETF Tianhong was 89.42 million yuan, the highest since April 2025 [3]. Group 2: Market Trends - The innovative drug sector is experiencing a "volume and price increase" opportunity, with the top ten constituent stocks of the ETF heavily weighted towards leading companies like WuXi AppTec and HengRui Medicine, benefiting from a surge in business development (BD) transactions and breakthroughs in AI drug development [3]. - In 2025, the innovative drug sector achieved a historic explosion, with over 30 biotech companies successfully listed in A-shares and Hong Kong, and more than 50 companies awaiting approval, reflecting unprecedented capital activity [4]. - The sector has transitioned from mere speculation to substantial commercialization, becoming a benchmark sector with both growth potential and certainty in the current bull market [4]. Group 3: Institutional Insights - Southwest Securities noted that in early 2025, Hong Kong companies began achieving BD, leading to a rise in the innovative drug sector; a government report in March emphasized support for innovative drugs and medical devices, further boosting A-share performance [5]. - The sector experienced a significant price increase following a major BD deal worth 1.25 billion USD in May, but faced a high-level adjustment by the end of the third quarter [5]. - The firm predicts that in 2026, the innovative drug sector will shift from a broad rally to a selective stock market [5].