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 J.P. Morgan. 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, ...

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]