Sou Hu Cai Jing·2026-01-13 02:49Group 1 - The A-share market experienced fluctuations with the Shanghai Composite Index showing volatility, while trading volume exceeded 1.8 trillion yuan, indicating sustained active trading [1] - The innovative drug sector saw significant strength, with the Science and Technology Innovation Drug ETF Huatai (589120) surging over 3% as funds continued to flow into it for two consecutive days, driven by optimism around "BD going global + AI healthcare + brain-computer interfaces" [1] - The top ten constituent stocks of the Huatai ETF include companies like BeiGene (688235) and Junshi Biosciences (688180), with Rongchang Biopharmaceuticals (688331) leading with a 17.29% increase [1][5] Group 2 - Rongchang Biopharmaceuticals announced a licensing agreement with AbbVie for RC148, which includes a $650 million upfront payment and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [1][2] - The transaction size of the upfront payment ranks among the top ten for domestic innovative drug companies going global, indicating the potential of RC148 in the global market [2] - The trend in the industry is shifting from "early licensing" to "deep binding" partnerships, with companies like Hengrui Medicine and Qianxin Biopharmaceuticals actively engaging in new cooperative models that share risks and long-term benefits [4][6] Group 3 - The innovative drug sector is expected to enter a phase of significant growth, with a focus on the lifecycle of BD transactions, which includes achieving overseas clinical validation and profit-sharing from sales [3][4] - The market anticipates a busy period for BD transactions, with 49 deals totaling over $39 billion since October, as multinational corporations continue to expand in China [6] - The upcoming JPM conference in January 2026 is expected to catalyze further activity in the sector, coinciding with the annual report cycle, suggesting a peak in data disclosures and BD transactions [6]