Core Viewpoint - BeiGene (6160.HK) announced that its self-developed first-in-class BCL2 inhibitor, Baiyueda® (Sotukral tablets), has received conditional approval from the National Medical Products Administration (NMPA) for the treatment of adult patients with chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL) who have previously received at least one systemic treatment including a Bruton tyrosine kinase (BTK) inhibitor, as well as for adult patients with relapsed or refractory mantle cell lymphoma (MCL) who have received at least two systemic treatments including a BTK inhibitor [1] Group 1 - The approval of Sotukral provides a new treatment option for CLL/SLL patients who have previously been treated with BTK inhibitors [1] - Sotukral becomes the first and only BCL2 inhibitor approved for the treatment of MCL in China [1] - The applications for these indications were previously included in the priority review process by the NMPA's Center for Drug Evaluation (CDE) [1]

Core Viewpoint - BeiGene announced that its self-developed first-in-class BCL2 inhibitor, Baiyueda® (Sotoclisib), has received conditional approval from the National Medical Products Administration (NMPA) for the treatment of adult patients with chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL) who have previously received at least one systemic therapy including a Bruton tyrosine kinase (BTK) inhibitor, as well as for adult patients with relapsed or refractory mantle cell lymphoma (MCL) who have received at least two systemic therapies including a BTK inhibitor [1] Group 1 - The approval of Sotoclisib provides a new treatment option for CLL/SLL patients who have previously been treated with BTK inhibitors [1] - Sotoclisib becomes the first and only BCL2 inhibitor approved for the treatment of MCL in China [1] - The applications for these indications were previously included in the priority review process by the NMPA's Center for Drug Evaluation (CDE) [1]

Group 1 - The core point of the article highlights that in December 2025, the worst-performing ordinary equity and mixed funds were both managed by Baoying Fund, specifically the Baoying Medical Health Hong Kong-Shenzhen Stock A and C, which reported returns of -13.20% and -13.26% respectively [1] - The Baoying Innovation Medical Mixed Initiation A and C funds also performed poorly, with returns of -14.14% and -14.19%, making them the worst in the mixed fund category [1] - All these funds are themed around the medical sector and are managed by the same fund manager, Yao Yi, who has a background in research and fund management [1] Group 2 - The latest quarterly report indicates that the top ten holdings of the Baoying Medical Health Hong Kong-Shenzhen Stock fund include major companies such as Innovent Biologics, Kelun Pharmaceutical, and others, while the Baoying Innovation Medical Mixed Initiation fund shares many of the same top holdings [1][2] - Notably, several of these top holdings experienced significant declines in December, with the largest holding, Innovent Biologics, dropping by 18.97%, and another major holding, 3SBio, declining by over 22% [2] - The performance metrics of the funds show that the Baoying Innovation Medical Mixed Initiation C has a cumulative net value of 0.8857 and a scale of 0.51 billion, while the A share has a cumulative net value of 0.8886 and a scale of 0.47 billion [3]

Group 1 - The core viewpoint of the article highlights the active performance of the Hong Kong technology sector, with notable gains in stocks such as SenseTime-W, JD Health, and others, indicating a positive market sentiment [1] - The macroeconomic context includes the Federal Reserve's decision to lower interest rates as indicated in the December 2025 meeting minutes, alongside a rise in China's composite PMI output index to 50.7%, reflecting an expansion in production activities [1][13] - The net inflow of southbound funds exceeded 18.7 billion HKD on the first trading day of the year, while foreign capital showed a decreasing trend in outflows, with passive foreign capital inflows into Hong Kong and Chinese concept stocks reaching 900 million USD [1][13] Group 2 - GF Securities notes that the recent rise in Hong Kong stocks is supported by fundamentals, with signs of structural recovery in profitability expected to strengthen from the second half of 2024 due to stabilizing domestic and external demand [1][16] - The article mentions that the Hong Kong technology index consists of 30 leading tech companies selected based on high market capitalization, R&D investment, and revenue growth, with a flexible sample adjustment mechanism to maintain competitiveness [4] - The top five constituents of the Hong Kong technology index include Tencent Holdings, Alibaba-W, and Xiaomi Group, with significant weightings of 15.46%, 14.54%, and 13.50% respectively, indicating a high concentration in the index [9][7]

Summary of Key Points from the Conference Call Industry Overview - The pharmaceutical sector is currently in a left-side layout phase after adjustments in 2025, with both institutional holdings and valuations positioned for upward elasticity, particularly in innovative drugs and their supply chains for 2026, benefiting from China's strengthening innovation competitiveness [1][4] - The recovery of the innovative industry chain is expected to continue, with CDMO orders and performance starting to recover from 2024, further improving in 2025 and expected to sustain into 2026 [1][9] Core Insights and Arguments - The driving forces behind the enhancement of China's innovation competitiveness include the successful implementation of business development (BD), overseas clinical progress, and commercialization, along with breakthroughs in new technologies such as XDC, dual antibodies, and small nucleic acids [5] - Investment opportunities in 2026 are concentrated in globally competitive assets, including innovative drugs, high-end manufacturing, and domestic demand-related sectors, particularly those with recovery logic [2] - The domestic demand recovery trend is clear, strengthening quarter by quarter in 2025, driven by high domestic innovation BD, a warming primary and secondary market, and an increase in IPOs in both A-shares and Hong Kong stocks [20] Notable Companies and Technologies - Key companies to watch include Innovent Biologics, Botai Biological Products, and Engen Biologics, which are core recommended assets due to their potential for significant data readouts and BD catalysts [6][10] - In the CRO sector, companies like Tigermed and Zhaoyan New Drug are expected to see performance turning points in 2026, supported by a recovery in domestic demand [3][21] - The CDMO sector is projected to continue its growth trajectory, with leading companies such as WuXi AppTec and Kelun Biotech expected to perform well due to increasing orders from overseas [22][23] Emerging Technologies and Investment Opportunities - Emerging technologies such as brain-computer interfaces and AI in pharmaceuticals are anticipated to bring new investment opportunities, with potential IPOs in these areas [12][29] - The central OTC sector is expected to see marginal recovery in 2026, with key companies like China Resources and Dong'e Ejiao being highlighted for their potential growth [13][30] Upcoming Catalysts and Key Events - Important upcoming events include the JPMorgan conference, which may provide data updates and BD changes, and significant data readouts expected in Q1 and April from major conferences [8][10] - The performance of companies in the first quarter of 2026 is anticipated to show significant elasticity and fundamental support, particularly in the CRO and innovative drug sectors [11][20] Conclusion - The pharmaceutical industry is positioned for a recovery phase with significant investment opportunities in innovative drugs, CDMO, and CRO sectors, driven by domestic demand recovery and technological advancements. Key companies and upcoming events will play a crucial role in shaping the market dynamics in 2026 [1][2][4][20]

医疗健康（980016）指数十大成份股详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，1月5日，医疗健康（980016）指数报收于6299.52点，涨3.48%，成交383.49亿元，换手 率1.16%。当日该指数成份股中，上涨的有47家，百济神州以12.02%的涨幅领涨，下跌的有3家，常山 药业以1.0%的跌幅领跌。 资金流向方面，医疗健康（980016）指数成份股当日主力资金净流入合计9.47亿元，游资资金净流出合 计11.15亿元，散户资金净流入合计1.68亿元。成份股资金流向详情见下表： ...

Core Viewpoint - The biopharmaceutical industry in China experienced a volatile year in 2025, with significant growth in the first half followed by a sharp decline in the latter half, indicating a restructuring of the underlying logic of the industry [1][2][28]. Group 1: Industry Performance - The innovative drug sector saw explosive growth in the first half of 2025, with the China Innovation Drug Index rising by 13.43% and the Hong Kong Innovation Drug Index increasing by 60% [1][27]. - By December 28, 2025, the Hong Kong Innovation Drug Index had dropped over 20% since September, with many unprofitable biotech companies experiencing declines of over 40% [1][27]. Group 2: Policy Support - In 2025, the policy environment for biopharmaceuticals in China evolved to integrate national and local support, creating a comprehensive system for innovative drug development [4][30]. - Key policy initiatives included the release of measures to support innovative drug development, focusing on research support, inclusion in insurance, and clinical application [4][30]. - The introduction of a 30-day expedited review process for innovative drug clinical trial applications was implemented to enhance efficiency [4][30]. Group 3: Technological Advancements - The integration of AI in drug development accelerated in 2025, with AI tools becoming standard in pharmaceutical research and development [14][39]. - AI-driven companies like Insilico Medicine achieved significant milestones, including the rapid progression of drug candidates through clinical trials [14][40]. Group 4: Payment System Changes - The payment landscape for innovative drugs shifted from a focus on the lowest price to a more balanced approach that considers quality and reasonable pricing [16][42]. - The introduction of a commercial health insurance directory for innovative drugs marked a significant development, allowing for better access and affordability for patients [19][45]. Group 5: Business Development Transactions - The business development (BD) landscape in the innovative drug sector transitioned from a phase of enthusiasm to a more rational evaluation of value [22][48]. - By the end of 2025, the total amount of overseas licensing agreements in China's innovative drug sector exceeded $130 billion, setting a historical record [50]. - However, market reactions to BD announcements became more subdued, with significant stock price declines following major deals, indicating a reassessment of the quality and sustainability of such transactions [50][51].

药物临床试验登记与信息公示平台数据显示，广州百济神州生物制药有限公司的一项探索靶向 EGFR×MET 的抗体偶联药物 BG - C0902 单药治疗和与其他治疗药物联合用药治疗晚期实体瘤患者的安 全性、耐受性、药代动力学、药效学和初步抗肿瘤活性的1a/1b 期研究已启动。临床试验登记号为 CTR20255132，首次公示信息日期为 2026 年 1 月 5 日。 该药物剂型、用法用量暂未公示。本次试验主要目的为评价 BG - C0902 治疗晚期实体瘤患者的安全 性、耐受性、PK、药效学和初步抗肿瘤活性，研究分 2 个阶段进行：1a 期（剂量递增和安全性扩展） 和 1b 期（剂量扩展）。 责任编辑：小浪快报 （ORR）；1a 期和 1b 期缓解持续时间（DOR）和疾病控制率（DCR）；1b 期基于研究者使用 RECIST 1.1 版进行的肿瘤评估确定的无进展生存期（PFS）；1b 期发生不良事件和严重不良事件的患者数量； 1a 期和 1b 期 BG - C0902、总抗体和有效载荷 BGB - 40410 在规定时间点的浓度和其他 PK 参数；1a 期 和 1b 期通过检测抗药抗体（ADA）评价 BG - C ...

Core Viewpoint - The innovative drug sector in China is experiencing significant growth, with a record number of approved innovative drugs and substantial increases in licensing transactions, indicating a strong market potential and investment opportunities in the pharmaceutical industry [1] Industry Summary - As of 2025, China has approved 76 innovative drugs, surpassing the 48 approved in 2024, marking a historical high [1] - The total value of licensing transactions for innovative drugs in China is expected to exceed $130 billion, with over 150 transactions, also a historical high [1] - The pharmaceutical research outsourcing sector is benefiting from a recovery in industry demand, with companies like WuXi AppTec and Hao Yuan Medical showing excellent growth [1] Company Summary - Companies in the innovative drug sector, such as Lepu Medical, Frontier Biotechnologies, and BeiGene, have seen significant stock price increases, with Lepu Medical hitting a 20% limit up and others like Frontier Biotechnologies rising over 13% [1] - The innovative drug industry's core driving factor is the breakthrough in global competitiveness of Chinese pharmaceutical companies, which are gaining recognition for their research capabilities [1] - The demand for CXO and research services within the innovative drug supply chain is expected to continue benefiting from favorable market conditions, leading to sustained performance exceeding expectations [1]

Group 1: Market Performance - The Hong Kong stock market experienced a strong start in 2026, with the Hang Seng Index rising by 2.76% to 26,338.47 points, and the Hang Seng Technology Index increasing by 4% to 5,736.44 points [3] - The Hong Kong Innovation Drug ETF (159570) surged over 5.5%, with a trading volume exceeding 1.6 billion yuan, marking a significant increase compared to the previous trading day [1][3] - As of December 29, 2025, the latest scale of the Hong Kong Innovation Drug ETF reached over 21.4 billion yuan, leading its peers in the same category [1] Group 2: Company News - In a significant development, Insilico Medicine announced a multi-year research collaboration with Servier worth up to $888 million, focusing on oncology drug development [3] - The collaboration will leverage Insilico's AI-driven drug discovery platform, Pharma.AI, in conjunction with Servier's global expertise in oncology [3] - Insilico is eligible for an upfront payment of up to $32 million and milestone payments related to research achievements [3] Group 3: Industry Trends - In 2025, the Chinese innovative drug industry set a record for outbound licensing transactions, with a total transaction value of $135.655 billion and 157 deals, marking a historical high [5] - The industry is witnessing a diversification in business development (BD) models, with an increasing number of innovative drug companies opting for co-development partnerships with multinational pharmaceutical firms [7][10] - The "Co-Co" (Co-development & Co-commercialization) model is emerging as a significant trend in 2025, exemplified by the $11.4 billion deal between Innovent Biologics and Takeda [11]