智通财经APP获悉，英国最大的制药商阿斯利康(AZN.US)的股票将于周一开始在纽约证券交易所交 易。此前该公司进行了上市升级，以取代原先在纳斯达克交易的美国存托凭证(ADR)。阿斯利康今后将 在伦敦证券交易所、斯德哥尔摩纳斯达克和纽约证券交易所这三个交易所同时上市交易。 这家疫苗及药物制造商正寻求通过进一步向美国市场倾斜来吸引更多投资者，目前其近一半的收入来自 美国。公司表示，此举将使其在英国、瑞典和美国的上市地位具有同等分量。 这反映了美国市场对阿斯利康业务日益增长的重要性，也体现了随着首席执行官帕斯卡尔·索里奥特寻 求在全球最大的制药市场获得增长，公司重点正相对地从母国转移。此后，美国投资者将更容易购买阿 斯利康的完整股票，这增加了该公司在伦敦上市地位相关性可能下降的可能性。 虽然英国股市处于历史高点，但其表现仍落后于美国。这种分歧自新冠疫情以来尤为明显：自2020年初 以来，富时100指数以美元计算上涨了约40%，远不及标准普尔500指数115%的涨幅。 在美国总统特朗普关税计划带来的压力下，阿斯利康承诺到2030年在美国投资500亿美元。与此同时， 该公司已暂停了其英国总部价值2亿英镑(约合2.74 ...

Core Insights - The article discusses the best long-term low volatility stocks to invest in, highlighting the importance of adapting to a changing economic landscape characterized by increased volatility and the emergence of new investment themes [1][3]. Group 1: Market Trends - Sherry Paul from Morgan Stanley emphasizes a shift from globalization to a "new world order," indicating a need for reimagining supply chains and partnerships, particularly in AI and automation manufacturing in the U.S. [2] - The current economic environment suggests increased volatility ahead, which is seen as a natural part of investing rather than a negative indicator [3]. Group 2: Investment Methodology - The selection of stocks is based on a methodology that identifies long-term stocks with stable fundamentals and a beta below 1, focusing on those with the highest number of hedge fund holders as of Q3 2025 [6]. - The rationale for focusing on hedge fund favorites is that imitating top stock picks can lead to market outperformance, as evidenced by a quarterly newsletter's significant returns since May 2014 [7]. Group 3: Company Highlights - **AstraZeneca PLC (NASDAQ:AZN)**: - The company is enhancing its weight management portfolio through a collaboration with CSPC Pharmaceuticals, focusing on next-generation therapies for obesity and type 2 diabetes [9]. - AstraZeneca will gain exclusive global rights outside of China to CSPC's weight management portfolio, which includes a clinical-ready asset and several preclinical programs [10][11]. - **International Business Machines Corporation (NYSE:IBM)**: - The company received a price target increase from Argus to $360, driven by strong Q4 performance attributed to GenAI and hybrid cloud momentum [13]. - RBC Capital also raised its price target to $361, citing solid free cash flow performance and exposure to secular themes, particularly from the z17 mainframe refresh cycle [14].

Market Overview - The S&P 500 index briefly crossed 7000 points for the first time on January 28, 2026, rebounding nearly 40% since April 2025 lows, with five record closes noted by January 27, 2026 [1] - The Nasdaq Composite has seen modest gains in 2026, while the Russell 2000 has surged nearly 7% year-to-date as of January 29, 2026, outperforming large-cap peers for 14 consecutive trading sessions, the longest streak since 1996 [2] Valuation Concerns - The Shiller S&P 500 price-to-earnings ratio is currently at 41, the highest since the dot-com bubble, while the trailing P/E ratio is at 31.52, significantly above the historical average of 16.2 [3] - Bank of America's head of US equity strategy, Savita Subramanian, indicates that the S&P 500 is expensive, predicting it will reach 7,100 by year-end 2026, which is among the lowest forecasts on Wall Street [3] Investment Strategy - Goldman Sachs analysts predict that value stocks will remain favored if US economic momentum strengthens, noting that these stocks, with forward P/E ratios below 15, have outperformed higher-valuation stocks at the start of the year, achieving a 15% return in the last six months of 2025 [4] Stock Selection Methodology - The list of best cheap stocks for 2026 was created using screeners like TradingView and Finviz, focusing on US-listed stocks with forward P/E ratios between 3 and 15 and a positive upside potential of at least 20%, ranked by hedge fund holdings as of Q3 2025 [7][8] HNI Corporation - HNI Corporation (NYSE:HNI) is highlighted as a top cheap stock for 2026, with a forward P/E of 11.92 and an upside potential of 58.46% [9] - Benchmark Co. raised its price target for HNI to $75 per share from $60, citing a planned acquisition of Steelcase Inc. valued at approximately $2.2 billion, expected to yield annual cost synergies of about $120 million [10] - HNI's shares are priced below historical values, with a P/E ratio of 13.35, and the company has a history of consistent dividend payments over 55 years [11] Sanofi SA - Sanofi SA (NASDAQ:SNY) is also listed as a cheap stock for 2026, with a forward P/E of 9.02 and an upside potential of 25.11% [15] - Citi Research initiated coverage on Sanofi with a Neutral rating and an €85 price target, expressing concerns over pipeline setbacks affecting long-term growth [16] - Sanofi's current valuation reflects these setbacks, with analysts noting that the market is unlikely to reward the stock with a higher multiple without evidence of pipeline improvement [17] - Positive results were reported for Sanofi's experimental medicine amlitelimab in Phase 3 clinical studies for atopic dermatitis, indicating potential for future growth [18]

该行认为siRNA进入肥胖维持市场，将对所有胜肽类方案构成真正威胁。siRNA药物切入减重及肌保市 场，或最终挤压肽基肥胖疗法。该行密切追踪Arrowhead和Wave siRNA资产进展后，认为肥胖维持领域 正日益拥挤。建议投资人关注未来siINHBE和siALK7靶点对减重维持市场的影响。 招商证券国际发布研报称，石药集团(01093)与阿斯利康(AZN.US)达成历史性交易公告，表示看好交 易，但需等待石药或阿斯利康披露更多长效GLP-1全球开发细节。重申"中性"评级，认为短期基本面仍 存隐忧。 该行表示，根据石药最新公告，与阿斯利康合作的关键临床候选药物为SYH2082，长效GLP-1R/GIPR双 激动剂，现已进入I期临床。该行对此长效GLP-1平台了解甚少。SYH2082刚在中国启动I期研究。需等 待管理阶层揭露其设计细节及潜在临床开发路径，方能进行价值量化评估。该行维持"中国创新药进入 全球管线"的长期正面判断，但建议投资者仔细审视BD公告前已被市场计入预期的资产估值因素，并对 双方合作进展进行深度量化评估。 ...

该行表示，根据石药最新公告，与阿斯利康合作的关键临床候选药物为SYH2082，长效GLP-1R/GIPR双 激动剂，现已进入I期临床。该行对此长效GLP-1平台了解甚少。SYH2082刚在中国启动I期研究。需等 待管理阶层揭露其设计细节及潜在临床开发路径，方能进行价值量化评估。该行维持"中国创新药进入 全球管线"的长期正面判断，但建议投资者仔细审视BD公告前已被市场计入预期的资产估值因素，并对 双方合作进展进行深度量化评估。 该行认为siRNA进入肥胖维持市场，将对所有胜肽类方案构成真正威胁。siRNA药物切入减重及肌保市 场，或最终挤压肽基肥胖疗法。该行密切追踪Arrowhead和Wave siRNA资产进展后，认为肥胖维持领域 正日益拥挤。建议投资人关注未来siINHBE和siALK7靶点对减重维持市场的影响。 招商证券国际发布研报称，石药集团(01093)与阿斯利康(AZN.US)达成历史性交易公告，表示看好交 易，但需等待石药或阿斯利康披露更多长效GLP-1全球开发细节。重申"中性"评级，认为短期基本面仍 存隐忧。 ...

2 February 2026 | 8:22AM HKT Equity Research CSPC Pharma (1093.HK): A landmark deal with AZ on long-acting GLP-1 and platform technologies; Buy A new breakthrough in license-out: CSPC signed a deal with AstraZeneca (AZN, covered by Rajan Sharma) for the development of long-acting peptide medicine, utilising sustained-release delivery technology platform and AI-driven peptide drug discovery platform. Besides platform-based cooperation, CSPC will license-out the ex-China rights of eight assets, including 1) o ...

在中国的最后一天，斯塔默在上海 C ity W alk ，逛了逛豫园的花灯展，在上海街头买了一盒蝴蝶酥，还颇有兴致地观赏上海大学生设计的花灯。 他非常喜欢其中一只马头灯饰，纹样是英国标志性的苏格兰红绿格纹。他曾向陪同的中国官员询问 "马年"的寓意，对方解释："马在中国文化中象 征着幸运与成功，寓意'马到成功、一马当先'。" 点击按钮▲立即收听 " 欧洲国家们从二战后持续 80 多年的、繁荣而优雅的梦境里醒了过来，开始审视自身的困境，并重新规划路线。 " 文 /巴九灵（微信公众号：吴晓波频道） 英国首相斯塔默结束了为期 4 天的访华行程。 这是英国首相时隔 8 年再次访华。路透社报道称，英国与中国将寻求重启 21 世纪初的两国关系，那时被称为中英关系的"黄金时代"。 英国商贸大臣凯尔则对中国媒体表示： "我认为我们已超越'黄金时代'的模式。我们曾陷于走走停停的误区，而如今中国与英国进入了以长远战略 视角推进双边关系的新阶段。" 中欧 "破冰"不止于此。这是多年未见的一幕：不到三个月的时间里，欧洲各国轮番出动，带着浩浩荡荡的代表团来到中国。 去年 11 月，西班牙国王费利佩六世携王后来华，这是西班牙国王时隔 18 ...

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [31] Core Insights - On January 30, 2023, the report highlights that the company has signed a strategic R&D cooperation and licensing agreement with AstraZeneca to develop innovative long-acting peptide drugs using its proprietary sustained-release drug delivery technology and peptide drug AI discovery platform [3] - AstraZeneca will gain global exclusive rights to the company's weight management product portfolio, which includes a clinical-ready project SYH2082 and three preclinical projects targeting obesity and weight-related issues [3] - The company is set to receive $1.2 billion in upfront payments, with potential milestone payments of up to $3.5 billion for R&D and up to $13.8 billion in sales milestone payments, along with a double-digit percentage royalty on annual net sales of the licensed products [3] Summary by Sections Industry Overview - The report emphasizes the increasing recognition of Chinese innovative pharmaceutical companies by international multinational corporations (MNCs), particularly through the recent collaboration with AstraZeneca [4] - The report also notes AstraZeneca's plan to invest $15 billion in China by 2030 to expand drug manufacturing and R&D, leveraging China's scientific capabilities and manufacturing strengths [4] Investment Strategy - The report suggests that the global competitiveness of Chinese innovative pharmaceutical companies is continuously improving, with a focus on potential treatment areas such as metabolic diseases, chronic diseases, and central nervous system disorders [5] - It recommends paying attention to emerging fields like small nucleic acid drugs, radioactive drugs, and CAR-T therapies, highlighting specific companies to watch [5] Market Performance - The pharmaceutical sector experienced a decline of 3.31% last week, ranking 20th among 28 industries, while the Hong Kong pharmaceutical sector fell by 2.98% [9][30] - The report indicates that the valuation of the pharmaceutical sector is at 32.45 times (TTM), with a premium of 15.83% compared to the overall A-shares [23]

【#斯塔默访华后唐宁街发声#】#斯塔默点赞泡泡玛特#据参考消息援引英国《独立报》网站1月31日报 道，基尔·斯塔默结束了此次中国之行，对两国达成的经贸合作文件以及与泡泡玛特等企业在英投资表 示赞许，泡泡玛特是爆款玩偶拉布布的出品方。这位英国首相在对中国进行了为期四天的访问后于1月 31日离开上海。他在访问期间多次表示，自己做出的重启英中交往的决定将为英国民众带来切实利益。 斯塔默表示："我们为英中交往确立了稳定、清晰和长远的战略，以此为英国企业和工薪阶层争取实实 在在的好处。"此次访华以经贸合作为核心，斯塔默率领50余家英国大企业高管和机构代表随访。唐宁 街方面表示，此次访问促成了出口贸易和市场准入方面的协议，同时中国企业也将在英国进行数亿英镑 的投资。其中，拉布布的出品方泡泡玛特承诺将在英国开设7家门店，包括一家位于伦敦牛津街的旗舰 店。此外，香港《南华早报》网站1月31日刊登社论，文章以《斯塔默访华凸显对华非对抗的好处》为 题，指出斯塔默希望摆脱保守党执政时期英中关系的"冰河时代"。文章认为，斯塔默对中国的访问是朝 这个方向迈出的一大步。在美国总统特朗普的贸易战和夺取格陵兰岛言论的背景下，英国和欧盟国家与 ...

Core Viewpoint - The article discusses the renewed commitment of the UK government to strengthen bilateral relations with China, moving beyond previous tensions and aiming for a stable and comprehensive partnership that fosters mutual economic opportunities [3][5]. Group 1: Bilateral Relations - The UK government, under Prime Minister Starmer, aims to establish a long-term and stable relationship with China, moving past the "ice age" described by Starmer regarding previous administrations' handling of China [5][6]. - The recent visit by UK Trade and Business Secretary Peter Kyle to China, his second visit in four months, underscores the government's commitment to enhancing bilateral trade and investment [3][5]. - The UK government has introduced a ten-year modern industrial strategy aimed at supporting key industries like advanced manufacturing and clean energy, which aligns with China's "14th Five-Year Plan" [6][8]. Group 2: Economic Opportunities - The UK seeks to attract Chinese investments in high-end manufacturing, highlighting the complementary strengths of both nations in various sectors [8][9]. - AstraZeneca plans to invest over 100 billion RMB in China by 2030, focusing on drug research, manufacturing, and innovation, indicating strong bilateral investment flows [8][9]. - The UK and China have agreed to conduct a feasibility study for a service trade agreement, aiming to leverage their respective strengths in sectors like creative industries, professional services, and healthcare [9][10]. Group 3: Industry Cooperation - The article emphasizes the potential for collaboration in rapidly growing sectors such as life sciences, green technology, and artificial intelligence, where both countries have significant advantages [10]. - The presence of diverse industries in the UK delegation, including cultural and creative sectors, showcases the UK's economic vitality and the broad prospects for cooperation with China [9][10].