香港联交所最新数据显示，1月28日，摩根大通减持凯莱英（002821）(06821)0.78万股，每股作价 80.8366港元，总金额约为63.05万港元。减持后最新持股数目约为166.27万股，持股比例为5.97%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月28日，摩根大通减持凯莱英(06821)0.78万股，每股 作价80.8366港元，总金额约为63.05万港元。减持后最新持股数目约为166.27万股，持股比例为5.97%。 ...

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The small nucleic acid drug market is experiencing robust growth, transitioning from technology validation to accelerated commercialization, with a global market size increasing from $2.7 billion in 2019 to $4.6 billion in 2023, and projected to reach $45.7 billion by 2033, reflecting a CAGR of 26.08% [2][39] - The small nucleic acid CXO sector is benefiting from technological breakthroughs and commercialization acceleration, establishing a comprehensive CRDMO service system [2] - Key players in the small nucleic acid field include CROs with core technologies and rich project experience, such as Chengdu XianDai and Kanglong Chemical, and CDMOs with leading production capabilities like WuXi AppTec and Kailai Ying [2] Summary by Sections 1. Small Nucleic Acid Drugs - Small nucleic acid drugs encompass various types, including ASO, siRNA, and aptamers, which target gene expression for disease treatment [11][12] - These drugs offer advantages such as shorter development cycles, broad therapeutic areas, sustained efficacy, and higher success rates compared to traditional drugs [15][16] 2. Market Expansion and BD Activity - The small nucleic acid market is expanding, with significant BD transactions occurring, including a $9 billion collaboration between Wobang Pharmaceutical and Novartis, and a $2 billion platform authorization between Rebio and Boehringer Ingelheim [48] - Domestic companies are actively developing drugs targeting hyperlipidemia, hypertension, and hepatitis B, with notable progress in clinical stages [45][47] 3. CXO Empowerment in Small Nucleic Acid R&D - The CXO industry is crucial for supporting the R&D and production of small nucleic acid drugs, with a focus on enhancing delivery technologies and chemical modifications to improve drug stability and efficacy [22][26]

格隆汇1月29日丨根据联交所最新权益披露资料显示，2026年1月28日，凯莱英(06821.HK)获Norges Bank在场内以每股均价80.6683港元增持9.97万股，涉资 约804.26万港元。 增持后，Norges Bank最新持股数目为423.53万股，持股比例由14.86%上升至15.22%。 | 股份代號: | 06821 | | --- | --- | | 上市法國名稱: | 凱萊英醫藥集團(天津)股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 29/12/2025 - 29/01/2026 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | it | 原因 | 股份數目 | | (請參閱上述 * 註 有投票權股 期 (日 / 月 / 權益 | | | | | | | | 服务) | 份自分比 KE | | and the first to the s ...

2026 年 01 月 30 日 其 他 研 究 开源晨会 0130 ——晨会纪要 开 源 证 券 证 券 研 究 报 告 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 电子 | -3.563 | | 国防军工 | -1.793 | | 电力设备 | -1.783 | | 机械设备 | -1.764 | | 综合 | -1.658 | 数据来源：聚源 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2025-02 2025-06 2025-10 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 食品饮料 | 6.574 | | 传媒 | 3.528 | | 房地产 | 2.654 | | 非银金融 | 2.277 | | 石油石化 | 2.226 | | 数据来源：聚源 | | 总量视角 【宏观经济】美联储独立性和新主席换届是市场更关注的点——1 月 FOMC 会议 点评-20260129 ...

智通财经APP获悉，香港联交所最新资料显示，1月28日，Norges Bank增持凯莱英(06821)9.97万股，每 股作价80.6683港元，总金额约为804.26万港元。增持后最新持股数目为423.53万股，最新持股比例为 15.22%。 ...

香港联交所最新资料显示，1月28日，Norges Bank增持凯莱英（002821）(06821)9.97万股，每股作价 80.6683港元，总金额约为804.26万港元。增持后最新持股数目为423.53万股，最新持股比例为15.22%。 ...

医药生物/医疗服务 凯莱英（002821.SZ） 2026 年 01 月 28 日 投资评级：买入（首次） | 日期 | 2026/1/27 | | --- | --- | | 当前股价(元) | 99.98 | | 一年最高最低(元) | 125.50/59.90 | | 总市值(亿元) | 360.80 | | 流通市值(亿元) | 316.94 | | 总股本(亿股) | 3.61 | | 流通股本(亿股) | 3.17 | | 近 3 个月换手率(%) | 87.67 | 股价走势图 -30% 0% 30% 60% 90% 2025-02 2025-06 2025-10 凯莱英 沪深300 数据来源：聚源 小分子 CDMO 龙头，多肽与小核酸共筑新增长极 ——公司首次覆盖报告 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 小分子基石稳固，常规业务韧性凸显，签单企稳回升 凯莱英是全球领先的小分子 CDMO 企业，深耕行业二十五年，正处于从单一小 分子业务向"小分子+新兴业务"双轮驱动转型的关键期。随着公司新兴业务快速 放量，业绩韧性凸显。短期看，大订单高基数影 ...

Group 1 - The core viewpoint is that innovative drugs are expected to show significant excess returns in 2025, driven by continuous BD overseas expansion, excellent clinical data, and policy support [1] - The CXO sector is anticipated to experience substantial growth due to the recovery in demand and improved investment environment in the global pharmaceutical industry [1] - The report emphasizes the importance of focusing on new technologies, particularly bispecific antibodies, small nucleic acid drugs, AI healthcare, and brain-computer interface innovations [3] Group 2 - Domestic supply and demand are relatively stable, with national health expenditure showing a year-on-year growth of 4.7% from January to November 2025, marking a positive turnaround after two years of decline [2] - The medical insurance fund's income and expenditure growth rates continue to decline, with total income of 2.63 trillion yuan (+2.9%) and expenditure of 2.11 trillion yuan (+0.5%) from January to November [2] - The report suggests that the commercialization of new drug forms is entering a critical phase, with significant clinical data supporting the application of B-cell depletion therapies in autoimmune diseases [3] Group 3 - Investment recommendations include focusing on innovative overseas expansion and new technology directions, with suggested stocks such as Mindray Medical, WuXi AppTec, and others [4] - The report highlights the potential for explosive growth in the global market for brain-computer interfaces, supported by policy incentives and technological breakthroughs [3]