Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 0.04%, the Nasdaq up 0.9%, and the S&P 500 up 0.47% [1] - Major technology stocks saw significant gains, with Oracle rising over 9%, Microsoft and Broadcom up over 3%, and Nvidia and Meta up over 2% [1] Sector Performance - Cryptocurrency mining companies, precious metals, and non-ferrous metals led the gains, with Vista Gold up over 14%, Hut 8 up over 7%, and Pan American Silver up over 6% [1] - Other notable performers included Alcoa and Royal Gold, both rising over 5%, and Southern Copper up over 4% [1] - Retail and insurance brokerage sectors faced declines, with Macy's and Kohl's both down over 5%, and the American Reinsurance Group down over 2% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index rose 0.12%, with notable gains in Chinese concept stocks such as Kingsoft Cloud, Pony.ai, and JinkoSolar, which rose up to 3.79% [1] - Other gainers included Zai Lab up 2.44%, Huazhu up 1.66%, while companies like Yum China, XPeng, Ctrip, Bilibili, NIO, Li Auto, and New Oriental experienced declines, with New Oriental down 4.24% [1]

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].

Core Viewpoint - The Nasdaq Golden Dragon China Index saw an initial increase of 1.21%, indicating positive market sentiment towards Chinese stocks listed in the U.S. [1] Company Performance - NIO experienced a significant rise of 7.4% - Miniso increased by 5.4% - Yum China rose by 3.4% - Li Auto gained 2.8% - ZTO Express, Zai Lab, Bilibili, Baidu, and Kingsoft Cloud all saw increases of over 2% - Alibaba had a modest increase of 0.7% - Pony.ai declined by 1.2% - New Oriental fell by 2.8% [1] ETF Performance - KWEB ETF rose by 1.14% - CQQQ ETF increased by 0.7% - ASHR ETF decreased by 0.1% - ASHS ETF fell by 1.3% [1]

致：香港交易及結算所有限公司 公司名稱: 再鼎醫藥有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09688 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.000006 USD | | | 30,000 | | 增加 / 減少 (-) | | | | | | USD | | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.000006 USD | | | 30,000 | 本月底法定/註冊股本總額： USD 30,000 FF ...

Summary of Key Points Core Viewpoint - JPMorgan Chase has increased its stake in Zai Lab Limited (09688) by acquiring 1,920,096 shares at a price of HKD 13.3426 per share, totaling approximately HKD 25.6191 million, resulting in a new holding of about 56,470,300 shares, which represents a 5.04% ownership stake [1][3]. Group 1 - JPMorgan Chase's acquisition of shares indicates a strategic investment in Zai Lab Limited [1][3]. - The total amount spent on the share purchase was approximately HKD 25.6191 million [1][3]. - Following the purchase, JPMorgan's total shareholding in Zai Lab is now approximately 56,470,300 shares [1][3].

Core Viewpoint - Zai Ding Pharmaceutical (09688) announced the issuance of new shares to fulfill stock awards and options under various equity incentive plans [1] Group 1: Share Issuance Details - On February 4, 2026, the company will issue 3.8891 million new shares held by a trustee to fulfill stock awards granted under the 2017, 2022, and 2024 equity incentive plans [1] - Additionally, on the same date, the company will issue 4.6109 million new shares held by a trustee to fulfill stock awards and options granted to executive directors under the 2015, 2017, 2022, and 2024 equity incentive plans [1]

Core Viewpoint - Zai Ding Pharmaceutical (09688) announced the issuance of new shares to fulfill stock incentive plans and options granted to executive directors [1] Group 1: Share Issuance Details - On February 4, 2026, the company will issue 3.8891 million new shares held by a trustee to fulfill the stock awards granted under the 2017, 2022, and 2024 equity incentive plans [1] - Additionally, on the same date, the company will issue 4.6109 million new shares held by a trustee to fulfill the stock awards and options granted to executive directors under the 2015, 2017, 2022, and 2024 equity incentive plans [1]

Group 1 - JPMorgan Chase & Co. increased its stake in Zai Lab Limited (09688.HK) by purchasing 1.9201 million shares at an average price of HKD 13.3426 per share, totaling approximately HKD 25.619 million [1] - Following this acquisition, JPMorgan's total holdings in Zai Lab rose to 56.4703 million shares, increasing its ownership percentage from 4.87% to 5.04% [1]

| 2). 就根據股份計劃授予發行人的董事的股份獎勵或期權而發行新股或轉 | 4,610,920 | 0.41 % | HKD | 0 | | | --- | --- | --- | --- | --- | --- | | 讓庫存股份 - 涉及新股 | | | | | | | 發行新股，由受託人持有，以兌現按先前披露的條款歸屬/行使根據 | | | | | | | 2015，2017，2022及2024年股權激勵計劃向執行董事授出的股份獎 | | | | | | | 勵和期權 | | | | | | | 變動日期 2026年2月4日 | | | | | | | 於下列日期結束時的結存 (註5及6) 2026年2月4日 | 1,128,128,030 | | 0 | | 1,128,128,030 | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | FF305 第 2 頁 共 6 頁 v 1.3.0 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 再鼎醫 ...

Group 1 - Morgan Stanley increased its stake in Zai Lab (09688) by acquiring 1,920,096 shares at a price of HKD 13.3426 per share, totaling approximately HKD 25.6191 million [1] - Following the acquisition, Morgan Stanley's total shareholding in Zai Lab reached approximately 56,470,300 shares, representing a stake of 5.04% [1]