作者：贝壳社 2026年，转型与产出的关键之年。 作为全球生物医药行业的"风向标"，在2026年JMP大会上，礼来、默沙东、罗氏、诺华、赛诺菲、武 田、再生元、百济神州等巨头披露的企业动态和战略布局对行业具有深刻的启发意义。 整体来看，赛道呈现出极致分化态势，ADC与GLP-1被视为为未来五年的重要增长引擎，头部企业正通 过组合疗法和给药迭代修筑护城河。mRNA、siRNA及放射性配体疗法（RLT）从"前沿概念"转向"临床 常态"，MNC开始整合这些技术平台。BD策略精准化，2025年完成的中小规模"补强型"收购开始步入兑 现期，2026年的并购逻辑将更加多元化。 1 热点赛道动态：技术迭代与适应症拓展双轮驱动 ADC依然是肿瘤板块的主角之一。 默沙东通过与第一三共的深度协作，全面推进I-DXd、P-DXd及sac-TMT（TROP2ADC）等资产，通过 多靶点布局拓展ADC在多种肿瘤领域的应用。百济神州将ADC视为核心技术模态之一，并在全球范围 内积极推动药物可及性，加速ADC管线迭代。礼来在2025年完成了多项ADC相关的技术交易，旨在提 升其在肿瘤治疗领域的技术能力和产品管线。 减重市场正从单纯的体重降 ...

每经记者｜林姿辰 每经编辑｜董兴生 1月9日晚7点半，悦康药业BD总监韩少伟与2名同事一同搭乘航班飞往美国旧金山。接下来的周末，这趟航线成为中国医疗健康领域从业者的"集结线"，众 人陆续飞往这座港口城市，共赴被誉为"全球医疗行业春晚"的第44届J.P.Morgan Healthcare Conference（摩根大通医疗健康大会，简称JPM）。 当地时间1月12日至15日，大会如期举行，预计吸引超8000名全球行业参与者。据中信建投1月3日研报，参会企业中生物技术、制药与生物制药企业合计占 比近七成，药明康德、药明生物、药明合联3家中国CXO（医药外包服务公司）和百济神州、再鼎医药、亚盛医药、传奇生物4家中国药企位于主会场，泰 格医药、恒瑞医药、百利天恒等17家中国公司位于亚太专场。 但《每日经济新闻》记者（简称"每经记者"）发现，实际参会的中国药企比这多得多。在中国医药行业的并购与合作大年（2025年）之后，挤进会场的中国 药企除了针对自家管线做报告，还把找合作视为更主要的任务。 作为全球医疗健康领域最具影响力的年度盛会之一，JPM被誉为"全球医药健康领域发展与投资的风向标"，汇聚了来自全球的行业巨头领军者 ...

近日，百济神州发布公告称，依托百济神州研发、生产、商业化全链自主优势，百悦达 在获批8天后迅 速实现商业化供应并投入临床使用，惠及中国慢性淋巴细胞白血病/小淋巴细胞淋巴瘤及套细胞淋巴瘤 成人患者。 ...

第44届摩根大通医疗健康年会持续至今日，期间涌现多项行业动态。英伟达与礼来宣布将在未来五年内 投入10亿美元，于旧金山湾区建设联合研究实验室，加速人工智能在制药行业的应用，双方工程师与医 学专家将协同构建AI模型推动新药研发。荣昌生物与艾伯维就新型靶向PD-1/VEGF双特异性抗体药物 RC148达成独家授权许可协议，艾伯维获得大中华区以外地区的相关开发、生产和商业化权利，荣昌生 物将获得首付款及相关里程碑付款与特许权使用费。约24家国内创新药企在会议上展示临床数据，主会 场演讲企业包含药明康德、药明生物等CXO公司以及百济神州等创新药企，另有17家企业参与亚太专 场。传奇生物在会上公布近期业务进展，其CARVYKTI累计治疗患者数已突破10000例，Raritan生产基 地扩建完成后成为美国规模最大的细胞疗法生产设施，公司预计2026年实现整体盈利。科伦博泰总裁兼 首席执行官葛均友博士在会上分享公司业务最新进展与创新战略。于保法教授携团队参会，展示肿瘤治 疗领域的缓释库疗法，引发广泛关注并初步建立国际合作意向。 药明康德：主营业务为覆盖药物研发生产全流程的CXO一体化服务，于年会上作为主会场演讲企业， 20 ...

中证500成长ETF华夏（159620）业绩比较基准为中证智选500成长创新策略指数收益率，管理人为华夏 基金管理有限公司，基金经理为荣膺，成立（2022-07-19）以来回报为26.34%，近一个月回报为 9.61%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 1月14日，截止午间收盘，中证500成长ETF华夏（159620）涨2.30%，报1.291元，成交额58.20万元。中 证500成长ETF华夏（159620）重仓股方面，长川科技截止午盘涨6.39%，科沃斯涨1.92%，百济神州涨 1.20%，广合科技涨1.90%，九号公司跌0.18%，晶晨股份涨3.40%，瑞芯微涨2.73%，恒玄科技涨 4.54%，三美股份涨0.37%，中瓷电子涨1.14%。 来源：新浪基金∞工作室 ...

Core Viewpoint - BeiGene's new drug, a BCL2 inhibitor named Baiyueda (sotoclisib), has officially launched in China, marking a significant advancement in treatment options for adult patients with chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL), as well as relapsed or refractory mantle cell lymphoma (MCL) [1] Group 1 - BeiGene's stock opened over 3% higher, reaching a price of 210.8 HKD with a trading volume of 16.78 million HKD [1] - The drug Baiyueda has commenced supply in 70 cities across China as of January 13 [1] - Multiple medical institutions nationwide have begun prescribing Baiyueda, allowing it to benefit patients with CLL/SLL and R/R MCL [1] Group 2 - Baiyueda received conditional approval from the National Medical Products Administration (NMPA) on December 30, 2025, based on positive results from clinical studies BGB-11417-201 and BGB-11417-202 [1] - The clinical results demonstrated significant remission benefits in treated CLL/SLL and R/R MCL patients, with good overall tolerability and safety [1]

Core Insights - The 44th JPMorgan Healthcare Conference (JPM 2026) took place from January 12 to 15 in San Francisco, focusing on biotechnology, biopharmaceuticals, and AI in medicine, serving as a significant investment and trading window for the global biopharmaceutical industry [2] Group 1: Market Reactions - Following the announcement of the JPM conference, both A-shares and Hong Kong stocks in the pharmaceutical sector saw a collective surge, with companies like Rongchang Biopharmaceutical, Hongbo Pharmaceutical, and Boji Pharmaceutical hitting the daily limit up in A-shares [2] - In Hong Kong, companies such as Cornerstone Pharmaceuticals, Qiming Medical, and Rongchang Biopharmaceutical also performed notably well [2] Group 2: Clinical Research and Innovations - A total of 24 domestic innovative pharmaceutical companies are set to showcase their clinical data at the JPM conference, with seven companies presenting in the main session, including WuXi AppTec and BeiGene [3] - BeiGene will discuss the progress of its core products, including the widely approved BTK inhibitor, Brukinsa, and its new BCL2 inhibitor, which is the first of its kind approved in China for treating certain lymphomas [3] - Ascentage Pharma will present advancements in its apoptosis pipeline, focusing on inhibitors targeting key proteins involved in cancer treatment [4] Group 3: Business Development and Collaborations - The JPM conference is expected to be a hotspot for business development (BD) transactions, with five BD deals already announced in January, showcasing China's leading position in various technological fields [6] - Rongchang Biopharmaceutical signed an exclusive licensing agreement with AbbVie for its new PD-1/VEGF dual-specific antibody drug, potentially worth up to $5.6 billion [6] - Yilian Biopharmaceutical reached a licensing agreement with Roche for its YL201 project, securing an upfront payment of $570 million and additional milestone payments [6] Group 4: AI in Pharmaceuticals - The rapid development of AI has made it a focal point for many innovative pharmaceutical companies, with firms like Hengrui Medicine and BeiGene integrating AI technologies into their drug development processes [5] - NVIDIA and Eli Lilly announced a $1 billion investment to establish a joint research lab in the San Francisco Bay Area to accelerate AI applications in the pharmaceutical industry [5]

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 ...