智通财经APP获悉，百济神州(06160)高开逾3%，截至发稿，涨3.33%，报210.8港元，成交额1678.72万 港元。 此前，基于BGB-11417-201和BGB-11417-202两项临床研究的积极结果，索托克拉已于2025年12月30日 获国家药品监督管理局(NMPA)附条件批准。研究结果证实，在经治CLL/SLL及R/R MCL患者中，索托 克拉显示出具有临床意义的缓解获益，同时整体耐受性与安全性良好。 消息面上，1月14日，据百济神州官微消息，公司宣布其自主研发的1类新药新型BCL2抑制剂百悦达 ®(索托克拉)已于1月13日启动供应，首批药品将覆盖全国70个城市。同日，全国多家医疗机构开出处 方，让索托克拉开始真正惠及中国的经治慢性淋巴细胞白血病(CLL)/小淋巴细胞淋巴瘤(SLL)成人患者 以及复发或难治性(R/R)套细胞淋巴瘤(MCL)成人患者。 ...

◎记者 何昕怡 1月12日至15日，第44届摩根大通医疗健康大会（JPM 2026）在美国旧金山召开，此次会议聚焦生物技 术、生物制药、AI+医药等六大领域。作为"全球生物医药行业的春晚"，每年1月举办的JPM大会是全球 医药行业最重要的投资与交易窗口之一，可一睹全球生物医药产业发展的最新动态。 受此消息催化，1月13日，A股及港股的医药股集体走强。A股方面，荣昌生物、泓博医药、博济医药等 个股涨停；港股方面，基石药业、启明医疗、荣昌生物、石药集团等表现亮眼。CXO（医药外包）企 业的全球化服务能力，是中国创新药出海的重要支撑。诺思格、泰格医药、药明康德、康龙化成等 CXO公司股价也表现不凡。 多家公司将公布研发进展 2025年以来，国内创新药企发力海外市场各显身手。中国创新药正完成从"快速追随者"到"体系创新 者"的跃迁。 张大伟 制图 JPM大会也是众多生物医药公司发布最新临床研究成果的重要平台。据悉，24家国内创新药企将在此次 会议上展示优异的临床数据。 其中，主会场演讲企业7家，包括药明康德、药明生物、药明合联3家CXO公司，以及百济神州、再鼎 医药、亚盛医药、传奇生物4家创新药公司。 比如，百济神州 ...

BeOne Medicines (NasdaqGS:BGNE) FY Conference January 13, 2026 10:30 AM ET Company ParticipantsJohn Oyler - Co-founder, Chair and CEOConference Call ParticipantsJess Fye - Biotech AnalystJess FyeGreat. Good morning, everyone. My name's Jess Fye. I'm a large-cap Biotech Analyst at JPMorgan. And we're continuing the 44th Annual Healthcare Conference today with BeOne. First, you're going to hear a presentation from the company, and then we're going to go into a little Q&A. If you are in the room, you know, rai ...

T H E F U T U R E I S N O W BeOne Medicines 44th Annual J.P. Morgan Healthcare Conference 2026 JANUARY 13, 2026 Over 25 years, cancer outcomes have dramatically improved, but there is still work to be done 5-year survival rate in U.S. (%)1 Leukemia Myeloma Ovarian Stomach Lung Liver Pancreatic 0% 50% 100% 51 68 15 28 35 62 24 36 44 52 11 22 5 13 1999 - 2001 2015 - 2021 Patients diagnosed: 1 SEER data published April 2025 Leukemia includes ALL, AML, CLL, CML 2 Gene therapy Immuno-oncology Degraders Bispecifi ...

创新药专题推荐电话会议——以 De-Risking 路径锁定创 新药高成长机会 20260112 摘要 2025 年创新药板块受益于 BD 交易额超预期，全年交易额超 1,000 亿 美元，中国创新药公司收入规模预期增加约 6 倍，行业进入爆发期。 中国已成为全球 PCC 到 POC 效率最高的国家之一，拥有优质临床资源 和高效开发能力，未来将涌现更多 Best/First in class 创新药，带来投 资机会。 百济神州泽布替尼预计 2025 年全球销售额达 37 亿美元，2027 年或增 至 45-50 亿美元，为其他企业树立标杆，头部企业引领贝塔机会。 推荐关注百济神州、科伦博泰（与默沙东合作）、信达生物（与武田合 作）及康方翰森等创新药公司，以及亿方生物、信立泰等高弹性投资机 会。 2026 年摩根大会、ACR、ASCO、ESMO 等学术会议将披露重要临床 数据，影响相关公司股价，上半年关注 ACR-ASCO，下半年关注肺癌大 会及 ESMO。 Q&A 2026 年创新药投资的主要逻辑是什么？ 2026 年创新药投资的主要逻辑是 de-risking。经过 2025 年的系统性资产价 值重估后，更 ...

型及 E 45 CE 7 2026 年 01 月 12 日 看好 相关研究 《本周申万医药生物指数下跌 2.1%，关注 脑机接口产业 -- 医药行业周报 (2025/12/29-2026/01/02) 》 2026/01/04 《本周申万医药生物指数下跌 0.2%，关注 对外授权及新品上市——医药行业周报 (2025/12/22-2025/12/26) 》 2025/12/29 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 申万宏源研究微信服务号 本 周 申 万 医 药 生 物 指 数 上 浅 7.8%，关注小核酸药物研发动态 ── 医药行业周报（2026/01/05-2026/01/09） 本期投资后示 请务必仔细阅读正文之后的各项信息披露与声明 时刻 行业 市场表现：本周申万医药生物指数上涨 7.8%，同期上证指数上涨 3.82%，万得全 A ● （除金融石油石化） 上涨 5.8% ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating a "Buy" rating based on recent market performance and emerging opportunities in innovative drug development [2][3]. Core Insights - The pharmaceutical sector saw a significant increase, with the Shenwan Pharmaceutical and Biological Index rising by 7.8%, outperforming the Shanghai Composite Index, which increased by 3.82% [2][3]. - The report highlights the ongoing commercialization of innovative drugs, including the oral GLP-1 medication Wegovy by Novo Nordisk, and the successful clinical trials of various RNAi therapies [11][13][18]. - The establishment of a comprehensive long-term care insurance system in China is expected to enhance the healthcare landscape, potentially benefiting the pharmaceutical sector [11][12]. Market Performance - The Shenwan Pharmaceutical and Biological Index ranked 6th among 31 Shenwan first-level sub-industries, with various sub-sectors showing positive growth, such as medical devices (+10.8%) and medical research outsourcing (+11.1%) [2][5]. - The overall valuation of the pharmaceutical sector stands at 30.6 times earnings, ranking 10th among 31 Shenwan first-level industries [5][10]. Recent Key Events - The report notes the successful approval and commercialization of several new drugs, including BeiGene's BCL-2 inhibitor and Sanofi's APOC3 siRNA drug, which address significant medical needs [20][22]. - Collaborations in drug development are highlighted, such as the $8.88 billion partnership between Insilico Medicine and Servier focusing on oncology [21]. - The report emphasizes the potential of the brain-computer interface industry, with companies like Mindray Medical and Lepu Medical making strides in this area [24]. Investment Opportunities - The report suggests focusing on domestic innovative drug companies and CROs, particularly those involved in the development of small nucleic acid drugs and brain-computer interface technologies [2][11]. - Specific companies to watch include Tigermed, WuXi AppTec, and Innovent Biologics, which are positioned to benefit from the recovery of the innovative drug sector [2][11].

Group 1 - The A-share and Hong Kong stock markets showed strength on January 12, with the innovative drug concept experiencing fluctuations after several days of rebound; the Hang Seng-Hushen-Hong Kong Innovative Drug Selected 50 Index fell by 0.63% at the time of reporting, while stocks like CSPC Pharmaceutical Group, BeiGene, and Boteng Co., Ltd. saw slight increases [1] - Since the beginning of 2026, as of the close on January 9, the Hang Seng-Hushen-Hong Kong Innovative Drug Selected 50 Index has rebounded over 10% cumulatively [1] - The Tianhong Innovative Drug ETF (517380) was actively traded, with a transaction amount exceeding 40 million yuan and a premium rate of 0.78% at the time of reporting; it has seen continuous capital inflow, accumulating over 170 million yuan from January 7 to 9 [1] Group 2 - According to Zhongtai Securities, it is recommended to focus on three dimensions for investment in 2026: "innovative drugs and their industrial chain, demand recovery and operational turning points, and AI+" [2] - Continuous attention should be paid to the AI+ theme, the positive catalysts from the JPM conference in the innovative drug sector, and the potential for exceeding annual performance forecasts or clearing turning point opportunities [2]

Core Insights - The approval of Zeshuo Pharmaceutical's injection of human thyroid-stimulating hormone beta (Zesuning) marks a significant milestone as it becomes China's first innovative product approved for precise assessment post-surgery for differentiated thyroid cancer [1][2] - The Chinese innovative drug industry is experiencing robust growth, with multiple new drugs receiving approval since the beginning of 2026, including innovative drugs from companies like Hengrui Medicine and BeiGene [1][2] - The National Medical Products Administration (NMPA) is enhancing support for innovative drugs, focusing on new mechanisms and targets, and aims to facilitate the "China first launch" of innovative drugs [3][4] Company Developments - Hengrui Medicine's innovative drug, the dual-specific antibody fusion protein Ruilafuzumab α injection, has been approved as the world's first anti-PD-L1/TGF-βRII dual-specificity antibody fusion protein for advanced gastric cancer [1][2] - BeiGene's innovative drug, Sotorasib tablets, has received conditional approval for treating chronic lymphocytic leukemia/small lymphocytic lymphoma and is the first and only BCL2 inhibitor approved for treating mantle cell lymphoma in China [2] - The approval of multiple innovative drugs reflects a significant increase in the number of innovative drugs approved in China, with 76 approved in 2025, surpassing the 48 approved in 2024 [2] Industry Trends - Approximately 20 major new drugs are expected to receive approval in 2026, covering various therapeutic areas such as oncology, infectious diseases, rare diseases, autoimmune diseases, and neurological disorders [3] - The Chinese innovative drug industry is transitioning from a follower to a competitor, with many domestic companies accelerating the development and market entry of groundbreaking innovative drugs [2][3] - The NMPA is implementing reforms to enhance the drug approval process, including the introduction of a data protection system for drug trials and a market exclusivity system for pediatric and rare disease medications [4][5] Policy Support - The NMPA is set to provide comprehensive support across the entire chain of communication, clinical trials, registration, and review processes for innovative drugs [4] - The new medical insurance directory has been implemented, facilitating the inclusion of innovative drugs in hospitals, which alleviates initial payment challenges for high-value innovative drugs [4] - The NMPA is also optimizing the review process for urgently needed foreign drugs, encouraging global simultaneous research and application in China [4][5]

图片由AI生成 2026年开年，A股与港股医药板块一扫往日阴霾、强势回暖，迎来久违的"五连涨"行情。 截至最新收盘，A股创新药ETF（159992）报收0.897元/股，涨1.7%，单日成交金额达8.45亿元，年内累计上涨7.94%；维康药业、前沿生物-U、泓博医药等 个股今日实现涨停，上海谊众、悦康药业、益诺思、智翔金泰-U、联环药业跟涨。 港股市场表现更为强劲，港股通创新药ETF（159570）报收0.553元/股，涨0.91%，成交金额5.72亿元，年内累计涨幅达11.04%；晶泰控股今日领涨10.48%， 昭珩新药、博安生物、君实生物跟涨超5%。 这波市场情绪的逆转非空穴来风，而是政策支持、支付革新与出海爆发三重逻辑协同发力的结果。在刚刚过去的2025年，中国创新药产业交出历史性成绩单 ——出海授权交易总额突破1300亿美元、交易数量157起、上市新药76个，核心指标均创新高。 2026年开年，新版医保目录与首版商保创新药目录同步落地，叠加地方政策加码与监管层明确创新药"中国首发"的支持导向，创新药板块进一步迈向价值兑 现期。 政策加速器，创新药审批进入快车道 供给端的系统性改善，是创新药行情的核心催 ...