12月29日，来自深圳的港股机器人企业越疆宣布，启动首次公开发行人民币普通股及于深交所上市计 划。从已经登陆科创板的百奥赛图再到映恩生物、光大环境等港股企业启动A股上市计划，港股近期掀 起一股积极"回A"的浪潮。值得关注的是，光大环境、越疆均为粤港澳大湾区企业，伴随着企业"回 A"进程的推进，"H转深A"有望增添新的示范案例，进一步探索并完善该通道的具体实践路径。今年以 来，A股公司赴港上市的趋势仍在延续，与此同时，港股企业回归A股市场也在不断升温。 ...

Core Insights - The key opportunity for local biotech companies lies in focusing on original innovation from 0 to 1, establishing core technological barriers in unmet clinical needs, and achieving a leap from follower to leader [1][2] - China has emerged as a core player in the global ADC innovation landscape, with over 50% of the global ADC new drug pipeline, and has built technological advantages in certain niche areas [1][2] - The strategic partnership between BaiLi TianHeng and BMS in the ADC field has set a record for the highest single-asset transaction in the history of ADC drugs, significantly boosting industry innovation [1][2] Business Development (BD) Trends - The BD trend in the ADC sector is expected to continue into 2025, with 14 transactions in the first eight months of 2023, making ADC one of the hottest outbound technology tracks [1][2] - Notable transactions include several ADC licensing agreements exceeding $1 billion, with companies like XinNuoWei, ShiYao Group, and YingEn Bio leading the way [1][2] - Companies are expanding beyond mature targets like HER2 and TROP2 to explore "blue ocean" targets such as CDH6, CDH17, and DLL3, seeking broader therapeutic windows and improved competitive landscapes [1][2] Strategic Partnerships - The partnership between BaiLi TianHeng and BMS, with a potential total transaction value of $8.4 billion, has revitalized the pharmaceutical market during a challenging period [2][3] - BaiLi TianHeng's clinical data attracted interest from eight of the top ten multinational pharmaceutical companies, leading to the largest single-asset transaction in the ADC field [2][3] - The collaboration model of "self-researched core assets + global rights cooperation" and "co-development + co-commercialization" is relatively rare globally and requires high product quality and forward-looking strategic vision [3] Challenges and Opportunities - The core challenge in the initial phase of the partnership is the difference in team size and division of labor, prompting BaiLi TianHeng to expand its team and build a robust system [3][7] - The domestic biotech sector is experiencing a surge in transactions, with innovative collaboration models emerging, such as the partnership between XinDa Biotech and Takeda [3][4] - The need to create "super blockbuster" products is critical to overcoming the undervaluation of Chinese innovative drug assets, as many products have not undergone global clinical trials [5][6] Future Directions - The competition in the "ADC + IO" space is intensifying, with multinational companies collaborating on various ADC products, while domestic firms are also making significant advancements [6][7] - The development of next-generation original innovations is essential for creating future industry blockbusters, focusing on breakthrough efficacy and addressing significant clinical needs [6][7] - To achieve comprehensive internationalization, companies must overcome four core capability gaps: global leading R&D capabilities, global clinical development capabilities, global supply chain capabilities, and global commercialization capabilities [7][8][9]

12月29日，来自深圳的港股机器人企业越疆宣布，启动首次公开发行人民币普通股及于深交所上市计 划。 从已经登陆科创板的百奥赛图再到映恩生物、光大环境等港股企业启动A股上市计划，港股近期掀起一 股积极"回A"的浪潮。值得关注的是，光大环境、越疆均为粤港澳大湾区企业，伴随着企业"回A"进程 的推进，"H转深A"有望增添新的示范案例，进一步探索并完善该通道的具体实践路径。 今年以来，A股公司赴港上市的趋势仍在延续，与此同时，港股企业回归A股市场也在不断升温。 12月10日，百奥赛图正式登陆科创板，继2022年在港交所上市后，百奥赛图正式迈入"A+H"双上市通 道。除此以外，今年4月在港交所上市的映恩生物，于11月完成科创板上市辅导备案，正式启动回A进 程；全球最大垃圾发电投资运营商光大环境今年11月公告拟发行不超过8亿股，计划登陆深交所，公司 已经于12月25日正式启动上市辅导。 资料显示，越疆是专门从事协作机器人开发、制造及商业化的领先企业之一，是蓬勃发展的具身智能机 器人行业前沿参与者，产品已广泛应用于工业制造、医疗手术等领域，覆盖全球超过100个国家和地 区。记者了解到，目前，越疆已委聘上市前辅导机构，并已提 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容引致的任何損失承擔任何責任。 （根據開曼群島法律註冊成立的有限公司） （股份代號：9606） 於2025年12月30日舉行之股東特別大會之投票結果 茲提述映恩生物（「本公司」）日期為2025年12月14日的股東特別大會通告（「通 告」）及通函（「通函」）。除另有指明外，本公告所用詞彙與通函所界定者具有相同 涵義。 董事會欣然宣佈，載於通告內的所有提呈決議案已於股東特別大會上獲股東以投 票方式正式通過。 於股東特別大會上提呈的普通決議案的投票表決結果載列如下： Duality Biotherapeutics, Inc. 映恩生物 | | 普通決議案 | 已投票數及佔已投總票數之 概約百分比 | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 待香港聯合交易所有限公司（「聯交所」）上市委員會批准根 | 47,758,018 | 1,815,795 | | | 據2025年股份計劃（其規則 ...

Investment Rating - The report maintains an "Outperform" rating for several companies in the pharmaceutical sector, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with promising pipelines and performance growth in the Biopharma/Biotech sector, maintaining an "Outperform" rating for Innovent Biologics, WuXi XDC Cayman, and others [5][23]. - It highlights the performance of the A-Shares pharmaceutical sector, which underperformed the market, with the SW Pharma & Bio index falling by 0.2% while the SHCOMP rose by 1.9% [7][18]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is currently at a normal level of 66.7% as of December 26, 2025 [13][17]. Summary by Sections 1. Continued Recommendation for Innovative Drugs and Industry Chain - The report continues to recommend innovative drugs and the associated industry chain, highlighting the high demand and potential for revaluation in the pharmaceutical sector [5][23]. - Specific companies recommended include Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical, all rated as "Outperform" [5][6]. 2. A-Shares Pharmaceutical Sector Performance - In the fourth week of December 2025, the A-Shares pharmaceutical sector underperformed the broader market, with a decline of 0.2% compared to a 1.9% increase in the SHCOMP index [7][18]. - The best-performing sub-sectors included chemical raw materials (+2.0%) and medical equipment (+0.1%), while biological products saw a slight decline of -0.1% [9][18]. 3. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Biotechnology index down by 2.3% [18]. - In contrast, the U.S. pharmaceutical sector performed similarly to the market, with the S&P Healthcare Select Sector increasing by 1.0% [18].

Investment Rating - The report does not explicitly state an investment rating for the biopharmaceutical industry, but it suggests a positive outlook based on upcoming catalysts and potential drug approvals. Core Insights - The biopharmaceutical sector is expected to see significant developments in 2026, with multiple domestic drugs anticipated to report key clinical data. This includes drugs from companies like Betta Pharmaceuticals, Hutchison China MediTech, and CanSino Biologics, which are expected to read out critical clinical data in 2026 [3][21]. - The report emphasizes that the long-term theme for the innovative drug sector is international expansion, with several sub-themes to focus on, including overseas business development (BD) licensing, key clinical trials, and unexpected overseas sales growth [3][18]. Summary by Sections Weekly New Drug Market Review - From December 22 to December 28, 2025, the top five gainers in the new drug sector were Dongyao Pharmaceutical (+23.15%), Beihai Kangcheng (+19.27%), Junshengtai (+16.41%), Shiyao Group (+6.95%), and Ailis (+5.78%). The top five losers were Gakos (-16.11%), Jiahe Biotech (-10.29%), Laika Pharmaceuticals (-9.33%), Yunding Xinyao (-8.98%), and Yongtai Biotech (-6.94%) [1][14]. Weekly Focused Stocks - The report suggests focusing on several stocks with high overseas expansion potential, including: 1. Companies with MNC certification and high overseas volume certainty: Sanofi, United Pharmaceuticals, and Kelun-Biotech. 2. Companies with overseas data catalysts: Betta Pharmaceuticals, Hutchison China MediTech, and InnoCare Pharma. 3. Potential heavyweights for overseas MNC licensing: Junshi Biosciences, Shiyao Group, and Yifang Biotech. 4. New innovative drug technology breakthroughs: small nucleic acids, in vivo CAR-T, fat loss and muscle gain, autoimmune CAR-T/bispecific antibodies, and gene therapy [2][18]. Weekly New Drug Approval & Acceptance Status - This week, 23 new drug or new indication applications were approved in China, and 10 new drug or new indication applications were accepted [4][19]. Weekly New Drug Clinical Application Approval & Acceptance Status - This week, 99 new drug clinical applications were approved, and 64 new drug clinical applications were accepted [5][24]. Key Domestic Market Events - Notable events include: 1. Xiansheng Zhaoming announced a global exclusive licensing agreement with Ipsen for an ADC drug, potentially worth up to $1.06 billion. 2. He Yu Pharmaceuticals received approval for its CSF-1R selective small molecule inhibitor. 3. Tongyi Pharmaceuticals announced a licensing agreement for a peptide conjugate drug for prostate cancer, with potential payments totaling around $2 billion [10]. Key Overseas Market Events - Significant overseas events include: 1. Novo Nordisk received FDA approval for a 25mg oral semaglutide tablet for weight loss. 2. Sanofi announced a cash acquisition agreement for Dynavax Technologies Corporation, valued at approximately $2.2 billion. 3. Agios Pharmaceuticals announced FDA approval for an oral PK activator for treating α or β thalassemia in adult patients [11].

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The year 2026 is expected to be a significant year for IO combined with ADC, with China leading the development of second-generation IO combined ADC therapies [5][24] - The immune therapy and ADC have a natural complementarity, enhancing efficacy and expanding the beneficiary population [17] - The report highlights the importance of innovative drugs, medical devices, and the focus on domestic demand in the pharmaceutical sector [5][48] Summary by Sections 1. IO+ADC: 2026 Catalyst Year - PD-1 combined with ADC has shown promising results in first-line NSCLC, with a global phase III trial expected to report results in 2026 [1.1][27] - Second-generation IO combined with ADC is progressing, with several global phase III studies initiated [1.2][39] 2. Weekly Market Review and Hotspot Tracking (Dec 22-26, 2025) - The CITIC Pharmaceutical Index fell by 0.2%, underperforming the CSI 300 Index by 2.1 percentage points [4][48] - The report notes a general decline in the pharmaceutical sector, with specific stocks like Hongyuan Pharmaceutical and Luyuan Pharmaceutical showing significant gains [4][63] 3. Investment Focus - The report suggests focusing on innovative drugs with commercial capabilities, potential blockbuster candidates, and cutting-edge technologies such as gene therapy and CAR-T [5][48] - Medical devices are highlighted as a sector with growth potential, particularly in areas like endoscopy and robotics [5][48]

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

Group 1 - The Hong Kong stock market has become a core platform for biopharmaceutical companies seeking IPO financing, with 27 healthcare enterprises successfully listed by December 24, 2025, and nearly 10 more applications submitted in December [1] - Hong Kong's new stock market financing amount ranked first globally in 2025, with notable listings including the largest pharmaceutical IPO in nearly five years by Hengrui Medicine and the first digital therapy stock, Brain Dynamics [3] - The majority of biopharmaceutical companies listed in 2025 are innovative drug firms, many of which are in the pre-profit stage, focusing on cutting-edge fields such as antibody-drug conjugates (ADC), dual antibodies, small nucleic acids, weight-loss drugs, and AI healthcare [3] Group 2 - Market enthusiasm for new healthcare stocks surged, with some public offerings seeing subscription multiples exceeding 3,000 times since July 2025; however, market performance showed divergence towards the end of the year, exemplified by the poor debut of Mingji Hospital's stock [3] - Companies are looking to raise funds as the market recovers from previous capital winters, with the relatively low listing thresholds in Hong Kong making it a preferred choice for enterprises [3]

（来源：上观新闻） 12月23日下午，"聚力赋能，共创未来——临港集团生物医药产业专场对接会暨2025年度临创蓝湾基金 LP大会"在漕河泾会议中心圆满举行。本次大会聚焦生物医药核心赛道，致力于搭建园区产业与资本机 构精准对接、共生共赢的高端生态平台，为上海建设具有全球影响力的生物医药产业创新高地助力赋 能。中国科学院院士马大为、葛均波，市科委生物技术和医药处处长、二级巡视员曹宏明，临港集团副 总裁龚伟、总审计师熊国利，生物医药相关行业协会、产业发展联盟，投资机构以及企业代表出席活 动。 为强化创新投资赋能，临创资本与临创蓝湾基金向精准医学研究与产业发展联盟副主席、上海医学创新 发展基金会执行理事长王波、上海临床创新转化研究院副总裁王立言、国泰海通证券医疗健康行业负责 人王莉、道彤投资创始管理合伙人孙琦等行业顶尖专家颁发聘书，为基金投资决策、项目培育孵化、投 后管理赋能提供全方位支持。 现场，"核酸药物临床转化概念验证中心"正式启幕，标志着临港在生物医药细分赛道的生态布局进一步 完善。该中心由上海临床创新转化研究院和临港园区企业泰楚生物共同发起成立，聚焦核酸类创新药物 从早期研发到临床应用的转化瓶颈，构建覆盖核 ...