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]

"这个领域已经证明，中国效率比美国要高。" 现在，潮水已经退去。目前，还在中国开展CDMO业务的跨国企业几乎只有德国的勃林格殷格翰了。 进退之间 2025年，昭衍生物向前一步。 2025年9月份，昭衍生物技术（广州）有限公司开业。它的制造基地位于广州知识城，聚焦于大分子药物的CDMO。这一基地拥有17000平方米的实验室及 生产车间，配备国际领先的模块化生产设施,建有多条200升、500升、2000升一次性原液生产线，及水针、冻干高端制剂线，并具备连续化生产工艺及数 字化控制系统。 "不光是在收缩，是在消失。"澳斯康创始人罗顺近期接受第一财经记者采访时，这样评价跨国CDMO在华业务。 CDMO是指合同研发和生产组织，它是制药产业链分工日益专业化的结果。2020年左右，一大批知名跨国企业如龙沙、赛默飞世尔、默克等都在中国投资 了CDMO业务，并对中国业务寄予厚望。 当时，广州昭衍生物总经理贺涛表示，这一制造基地的投运，标志着昭衍生物"南北协同、中外联动"战略迈出实质性一步。该基地提升昭衍生物在大湾区 的产能供给，更为集团打造辐射东南亚及其他海外地区的生物医药创新协同平台打下基础。 2025年，龙沙（Lonza） ...

Summary of Key Points Core Viewpoint - On January 29, a total of 4 companies had their restricted shares unlocked, with a combined unlock volume of 85.25 million shares, amounting to a market value of 36.8 million yuan based on the latest closing prices [1]. Group 1: Unlock Volume - The companies with the highest unlock volumes were Aonong Biological, Kanglong Chemical, and New Wind Light, with unlock shares of 84.45 million, 647,300, and 92,100 respectively [1]. Group 2: Unlock Market Value - In terms of unlock market value, Aonong Biological, Kanglong Chemical, and New Wind Light led with values of 34.3 million yuan, 1.93 million yuan, and 522,960 yuan respectively [1]. Group 3: Unlock Ratio - Regarding the proportion of unlock shares to total share capital, Aonong Biological, New Wind Light, and Kanglong Chemical had the highest ratios at 3.24%, 0.07%, and 0.04% respectively [1].

Group 1 - JPMorgan Chase & Co. increased its stake in Kanglong Chemical (03759.HK) by purchasing 1,498,061 shares at an average price of HKD 21.9333 per share, totaling approximately HKD 32.8574 million [1] - Following the acquisition, JPMorgan's total holdings in Kanglong Chemical rose to 25,541,112 shares, increasing its ownership percentage from 6.67% to 7.09% [1]

增持后，JPMorgan Chase & Co.最新持好仓数目为25,541,112股，持好仓比例由6.67%上升至7.09%。 | 股份代號: | 03759 | | --- | --- | | 上市法國名稱: | 康龍化成(北京)新藥技術股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 28/12/2025 - 28/01/2026 | 格隆汇1月28日丨根据联交所最新权益披露资料显示，2026年1月23日，康龙化成(03759.HK)获JPMorgan Chase & Co.以每股均价21.9333港元增持好仓149.81 万股，涉资约3285.74万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股每股的平均價 | | | | 相有概念的股份数据 | 佔已發行的 有關事件的日 | | --- | --- | --- | --- | --- | --- | --- | | | 份數目 | | | | | (詩參閱上述*註解)有投票權股 (日/月/年) | | | | | | | | 份自分 市 | | CS20260128E00213 | J ...

Core Viewpoint - The market experienced increased volatility in Q4 2025, with A-shares and Hong Kong stocks showing mixed performance, while sectors like AI computing and semiconductors thrived, contrasting with weaker performances in real estate and pharmaceuticals [1] Group 1: Market Performance - The Shanghai Composite Index rose by 2.22% in Q4 2025, while the Hang Seng Index fell by 4.56% [1] - The technology growth sector, particularly AI computing and semiconductors, showed significant gains, while industries such as real estate and pharmaceuticals faced challenges [1] Group 2: Fund Manager Performance - Star fund managers like Fu Pengbo and Li Xiaoxing achieved over 60% returns in 2025, focusing on AI computing and semiconductors [2] - Balanced allocation funds, such as Zhu Shaoxing's, demonstrated stability with a 20% annual return, benefiting from diversified investments across various sectors [3][14] Group 3: Investment Strategies - Fu Pengbo's fund increased its allocation to data center cooling and computing-related companies, with a top ten stock concentration of 70.38% [5] - Li Xiaoxing emphasized AI hardware innovation and semiconductor investments, with a focus on domestic advancements in the semiconductor industry [6] Group 4: Traditional Value Investments - Fund managers like Zhang Kun and Liu Yanhun maintained positions in traditional sectors like consumer goods and pharmaceuticals, despite facing net value pressures [8][12] - Liu Yanhun's fund experienced a 5.85% decline in Q4, reflecting the challenges faced by traditional value sectors [12] Group 5: Policy and Market Outlook - Fund managers noted the impact of "anti-involution" policies on corporate fundamentals, suggesting a shift towards supply-side optimization [17] - Despite market rebounds, equity assets are still viewed as attractive, with a focus on high-quality listed companies as scarce income-generating assets [18]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 康龍化成（北京）新藥技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | | 否 | | | 證券代號 (如上市) | | 說明 | | A 股 (深圳證券交易所)) (股份代號: 300759) | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | ...

智通财经APP讯，康龙化成(03759)发布公告，于2026年1月28日，该公司根据于2021年7月12日临时股东 大会、A股类别股东大会及H股类别股东大会审议通过批准的特别决议案2021年A股限制性股票激励计 划已于2026年1月28日向本集团员工发行8.16万股A股。 另外，公司根据于2022年5月31日临时股东大会、A股类别股东大会及H股类别股东大会审议通过批准的 特别决议案2022年A股限制性股票激励计划已于2026年1月28日向本集团员工发行56.57万股A股。 ...

另外，公司根据于2022年5月31日临时股东大会、A股类别股东大会及H股类别股东大会审议通过批准的 特别决议案2022年A股限制性股票激励计划已于2026年1月28日向本集团员工发行56.57万股A股。 康龙化成（300759）(03759)发布公告，于2026年1月28日，该公司根据于2021年7月12日临时股东大 会、A股类别股东大会及H股类别股东大会审议通过批准的特别决议案2021年A股限制性股票激励计划 已于2026年1月28日向本集团员工发行8.16万股A股。 ...