Group 1 - The core viewpoint of the articles indicates that the recent volatility in Hong Kong's technology sector, with the Hang Seng Tech Index dropping 6.5% in a week, is primarily due to liquidity shocks, but the outlook for investing in Hong Kong tech stocks remains positive with high odds and win rates [1] - From the perspective of odds, the discount of Hong Kong tech stocks relative to A-share tech stocks is near historical lows, suggesting significant undervaluation, especially in the context of improved regulatory and economic conditions compared to 2022 and 2023 [1] - In terms of win rates, favorable factors are accumulating, including the peak of overseas liquidity shocks having passed, the effectiveness of the "buy the dip" strategy, and the potential for a rebound as the relative valuation of Hong Kong tech stocks approaches historical lows [1] Group 2 - Investment opportunities in Hong Kong tech-related ETFs are highlighted, including the Hang Seng Tech Index ETF (513180.SH), Hang Seng Internet ETF (513330.SH), and Hong Kong Stock Connect Tech ETF (159101.SZ), which provide low-threshold access for A-share investors [2] - The Hang Seng Internet ETF (513330.SH) focuses on major Hong Kong internet companies such as Alibaba, Baidu, Tencent, and NetEase, while the Hong Kong Stock Connect Tech ETF (159101.SZ) emphasizes leading companies and includes innovative pharmaceutical stocks [2] - These ETFs are listed on mainland stock exchanges and support T+0 intraday trading, offering convenience for investors without the need for cross-border accounts or currency exchange [2]

Summary of Key Points Core Viewpoint - The company disclosed that as of September 30, 2025, it had a total of 36,172 registered shareholders, which includes 36,008 shareholders of RMB shares, 41 shareholders registered in the Hong Kong stock register, and 115 shareholders in the Swiss stock register [1]. Group 1 - The company reported that there are 36,164 registered shareholders of ordinary shares, which includes 36,008 RMB shares and 164 from other regions [1]. - The total number of registered holders of American Depositary Shares (ADS) is 8, contributing to the overall count of 36,172 [1]. - The company noted that the reported numbers do not include beneficial owners represented by brokers for ordinary shares and ADS held by agents [1].

Group 1 - The Hong Kong stock market showed a strong opening on February 9, with the Hang Seng Index rising by 1.59%, the State-owned Enterprises Index increasing by 1.54%, and the Technology Index up by 1.9% [1] - The Hang Seng Biotechnology Index, focusing on innovative drugs, performed robustly, with the largest ETF tracking this index (159892) rising nearly 2% [1] - The innovative drug sector is expected to enter a profit realization acceleration phase by 2025, with companies like Innovent Biologics and Rongchang Biopharmaceuticals turning losses into profits, while companies like 3SBio are significantly increasing their performance [1] Group 2 - The strong performance of the innovative drug sector validates the effectiveness of the domestic innovative drug business model, with core product volume growth supported by medical insurance becoming the foundation for performance growth [1] - External collaborations, such as business development (BD) partnerships, are becoming important drivers for enhancing performance in the innovative drug sector [1] - The Hang Seng Medical ETF (159892) focuses on innovative drugs, CXO, and related industries, benefiting from the advantages of the Hong Kong Stock Exchange's 18A system, covering numerous innovative targets like BeiGene and Innovent Biologics, and is expected to continue its valuation recovery trend under catalysts like overseas expansion of innovative drugs and commercial insurance directories [1]

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing significant capital inflows despite global risk asset volatility, indicating a potential rebound in the sector's performance [1][2]. Group 1: Capital Inflows - Southbound funds recorded a net inflow of HKD 561 billion (approximately USD 498 million) last week, showing a marked increase compared to the previous week [2]. - Technology ETFs linked to Hong Kong stocks saw a total net inflow of HKD 173.59 billion last week, suggesting strong investor interest [4]. - Foreign capital also flowed into Hong Kong stocks, with a net inflow of USD 1.88 billion as of February 4, down from USD 2.8 billion the previous week, but still maintaining a relatively high level [4]. Group 2: Valuation and Performance - The price-to-earnings (P/E) ratio of the Hong Kong technology index tracked by the Hong Kong Stock Connect Technology ETF is approximately 26 times, which is significantly lower than the A-share ChiNext index (around 42 times) and the US Nasdaq index (around 37 times) [5]. - Since January 2017, the Hong Kong Stock Connect Technology Index has increased by 153.72%, outperforming the Hong Kong Internet Index (0.99%) and the Hang Seng Technology Index (45.74%) [6]. - Analysts suggest that the current valuation levels in the Hong Kong market remain attractive, with key investment opportunities likely to focus on sectors such as technology innovation and new productivity [6].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Chinese innovative pharmaceutical industry is entering a new phase of development characterized by dual breakthroughs in commercialization and internationalization, with significant growth in License-out transactions from $2.562 billion in 2017 to $140.274 billion in 2025 [5][15] - The industry is transitioning from a phase of pipeline expectations to one of performance realization, with over 70% of companies achieving positive revenue growth in 2025 [6][23] - The innovative drug sector has seen a strong performance in early 2026, with the pharmaceutical and biological sector rising by 0.14%, outperforming the CSI 300 index by 1.47 percentage points [7][29] Summary by Sections Section 1: Breakthroughs in Commercialization and Internationalization - The period from 2017 to 2026 is crucial for the recognition of Chinese pharmaceutical companies in the global market, with a notable increase in License-out transactions [5][15] - In early 2026, significant deals were made, including a $12 billion upfront payment from CSPC to AstraZeneca, indicating the growing international competitiveness of Chinese innovative drugs [16][17] Section 2: Performance of the Pharmaceutical Sector - The pharmaceutical sector has shown robust growth, with companies like BeiGene reporting revenues exceeding 36 billion yuan, reflecting strong commercialization capabilities [6][23] - The overall industry is moving towards profitability, with companies like Innovent Biologics and Rongchang Biopharma achieving breakeven for the first time [6][23] Section 3: Market Trends and Subsector Performance - In the first week of February 2026, the Chinese pharmaceutical sector saw a 0.14% increase, with traditional Chinese medicine leading the gains at 2.56% [7][31] - The medical research outsourcing sector also performed well, increasing by 1.99%, while other subsectors like biological products and vaccines experienced declines [7][31][35]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Chinese innovative pharmaceutical industry is entering a new phase of development characterized by dual breakthroughs in commercialization and internationalization, with significant increases in License-out transaction values from $2.562 billion in 2017 to $140.274 billion in 2025 [5][15] - The industry is transitioning from a phase of pipeline expectations to one of performance realization, with over 70% of companies achieving positive revenue growth in 2025 [6][23] - The innovative drug sector has seen a strong performance in the first week of February 2026, with a 0.14% increase, outperforming the CSI 300 index by 1.47 percentage points [7][29] Summary by Sections Section 1: Breakthroughs in Commercialization and Internationalization - The period from 2017 to 2026 is crucial for the recognition of Chinese pharmaceutical companies in the global market, with a notable increase in License-out transactions [5][15] - In 2026, the upfront payment for License-out transactions has already exceeded 39% of the total for 2025, indicating improved quality and competitiveness of Chinese innovative drug pipelines [5][15][16] Section 2: Performance of the Pharmaceutical Sector - The innovative drug sector is experiencing rapid revenue growth, with companies like BeiGene achieving over 36 billion yuan in revenue, showcasing strong commercialization capabilities [6][23] - Major companies such as Innovent Biologics and Rongchang Biopharma have maintained robust growth due to their core products, with some companies achieving profitability for the first time [6][23][24] Section 3: Market Trends and Subsector Performance - In the first week of February 2026, the traditional Chinese medicine sector saw the highest increase at 2.56%, while other biopharmaceutical sectors experienced declines [7][31] - The medical research outsourcing sector also performed well, with a 1.99% increase, indicating a positive trend in the pharmaceutical industry overall [7][31][35]

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

Group 1 - The total value of the top 500 companies in China increased by 21 trillion yuan (38%), reaching 77 trillion yuan, with an average value growth of 41.5 billion yuan, now at 1.53 trillion yuan [1][2] - The entry threshold for the list rose to 34 billion yuan, an increase of 7.5 billion yuan from the previous year, marking a historical high [1][2] - The technology sector continues to be a growth engine, with significant increases in the number and market value of companies in semiconductor, biomedicine, artificial intelligence, and new energy sectors [1][2] Group 2 - Nearly 40% of this year's listed companies were not on the list four years ago, with new entrants primarily from consumer electronics, AI computing, and new energy sectors [2] - The semiconductor industry surpassed the life sciences sector to become the second-largest industry in the list, with TSMC leading the growth [3] - Notable semiconductor companies include TSMC, which saw a value increase of 3.5 trillion yuan, and Cambrian, which grew by 370 billion yuan [3] Group 3 - The new energy sector also performed well, with CATL's value increasing by 690 billion yuan, and other companies like Sungrow and EVE Energy showing significant growth [4] - The Shanghai region had 57 companies on the list, an increase of 7 from the previous year, making it the city with the fastest growth in the number of listed companies [10] - Shanghai is a key research and development hub, with 101 companies establishing their main R&D bases there, reflecting its strong innovation capabilities [10][11] Group 4 - The STAR Market (科创板) has a strong presence in the list, with 45 companies, showcasing the focus on hard technology sectors like semiconductors and biomedicine [6][7] - The semiconductor sector is particularly prominent among STAR Market companies, with many of the highest-valued startups in this field [8] - The overall trend indicates that STAR Market companies are in a high-growth phase, aligning with the broader trend of nearly 40% of this year's companies being new entrants [9]

创新药专题 中国声音响彻2026年JPM大会 西南证券研究院 2026年2月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：汤泰萌 执业证号：S1250522120001 邮箱：ttm@swsc.com.cn 核心观点 何为JPM大会？ • 摩根大通医疗健康大会（J.P. Morgan Healthcare Conference）始于1982年，是全球医疗健康领域最具影响力、规 模最大的医疗投资产业交流合作大会之一，涵盖制药、生物技术、医疗器械、诊断、数字健康、医疗服务等整个医疗 保健领域，是一场 "资本+战略"的顶级商业盛宴。 JPM投资逻辑？ • JPM大会是医疗健康领域规模最大、信息量最丰富的投资与合作盛会，汇聚了全球极具影响力的跨国药企（MNC）、 创新药企（Biotech）及投资机构，不仅为MNC、投资机构与Biotech提供了对接平台，更释放了未来一年行业发展 的清晰信号，对全球生物医药产业的走向提供重要指引。通过梳理JPM大会，不难发现，创新药企业，尤其是有BD交 易预期的企业往往会迎来股价的重要催化，因此 ...

来源：中访网 根据公司股权激励计划，本月股份期权发生变动。其中，根据2011期权计划，有58份期权被注销；根据 第四版经修订及重列的2016期权及激励计划，新授予了273,442份期权，另有703,456份期权被注销。截 至1月底，根据该计划可能发行的股份总数为29,751,915份。本月内，因行使期权（涉及2016计划）公司 发行了3,179,780股新股，共获得资金约166.37万美元。报告同时确认，本月所有证券发行均获董事会正 式授权，并遵守了相关上市规则与法律。 中访网数据 百济神州有限公司于2026年2月5日向香港联交所提交了截至2026年1月31日的证券变动月报 表。报告显示，公司法定股本上限为231,146.3847美元，每股面值0.0001美元，董事会获授权在2029年4 月前于该区间内增减股本。已发行股份方面，于香港联交所上市的普通股数量为1,425,622,549股，本月 无变动；公司确认该部分股份符合联交所不低于25%的最低公众持股量要求。此外，公司另有 115,055,260股人民币股份于上海证券交易所科创板上市，该部分股份不与港股互通。 ...