Core Viewpoint - The iShares MSCI ACWI ex U.S. ETF (ACWX) is positioned as a strong investment option for those looking to diversify internationally, especially amid growing concerns about U.S. market stability and political noise [3][19]. Group 1: Fund Overview - ACWX has been in the market since March 26, 2008, and currently manages approximately $8.48 billion in assets, reflecting significant investor confidence [1]. - The ETF tracks large- and mid-cap companies across developed and emerging markets, investing at least 80% of its assets in index-linked securities, providing diversified international exposure [2]. - The fund has a net asset value (NAV) of $69.72 and a low expense ratio of 0.32%, making it cost-effective for broad international exposure [1]. Group 2: Performance Metrics - Over the past decade, ACWX has appreciated nearly 87%, with a recent increase of about 35.16% over the past 52 weeks and 14.28% over the last six months, outperforming the S&P 500 Index [7]. - The ETF reached an all-time high of $69.86 on January 12, 2026, indicating strong momentum [7]. - The 14-day RSI is rising, suggesting persistent buying interest, while the MACD oscillator indicates a bullish trend [8]. Group 3: Income Generation - ACWX has consistently paid dividends for 17 years, with a recent semiannual dividend of $1.049 per share, translating to an annual yield of approximately 2.72%, which is significantly higher than the S&P 500 Index's yield of 1.05% [9]. Group 4: Holdings and Diversification - The ETF holds a diverse portfolio of 1,751 stocks, with the top 10 holdings comprising about 13% of the portfolio, providing stability without excessive concentration risk [10]. - Major holdings include Taiwan Semiconductor Manufacturing (3.8%), Tencent Holdings (1.46%), and ASML Holding (1.42%), among others [10]. Group 5: Market Trends and Investor Behavior - ACWX has attracted net inflows of $1.82 billion over the past year, indicating a deliberate repositioning by investors amid a complex market backdrop [12]. - The ETF's liquidity is strong, with average monthly trading volumes exceeding 2.132 million shares, reflecting steady investor participation [11]. - As political noise increases in the U.S., international markets are becoming more attractive, leading to steady inflows into ACWX [18].

副省长单义出席对接会。副省长楚天运出席对接会并致辞。 会上，我省从医药资源、产业根基、空间布局等方面介绍了医药产业发展现状。目前，拥有17所医 药类高等院校、15家权威科研院所以及200余个国家级、省部级研发平台与创新基地，近千家药品、医 疗器械生产企业分布各地。瑞士诺华中国区副总裁陈晖、德国西门子医疗大中华区副总裁李涛、瑞士罗 氏诊断中国企业事务市场准入负责人施海杰等8位医药企业嘉宾代表作推介交流，表示将助力辽宁生物 医药和先进医疗装备重点产业发展向科技化、智能化、国际化跃升。 分组对接环节，洽谈氛围热烈。大家交流投资环境、产业发展现状等内容，互留联系方式，一些企 业初步达成合作意向。 1月13日，知名医药企业辽宁投资合作对接会在沈阳举行，邀请18家来自全球及国内知名医药企业 的代表参会，旨在推动更多知名企业、专家深度参与辽宁布局，共同推动医药健康产业高质量发展。 ...

Core Viewpoint - Rongchang Biopharma signed an exclusive licensing agreement with AbbVie for RC148, a novel bispecific antibody targeting PD-1/VEGF, with a total deal value of up to $5.6 billion (approximately 39 billion RMB) and an upfront payment of $650 million [1][3]. Group 1: Licensing Agreement Details - The agreement grants AbbVie exclusive rights to develop, manufacture, and commercialize RC148 outside Greater China, with Rongchang Biopharma eligible for up to $4.95 billion in milestone payments and a double-digit royalty on net sales outside Greater China [3]. - This deal marks a new high for Rongchang Biopharma in terms of both upfront payment and potential total deal value compared to previous licensing agreements since its Hong Kong listing in 2020 [3]. Group 2: Market Impact - Following the announcement, Rongchang Biopharma's A-shares hit a 20% limit up, and the Hong Kong innovative drug ETF rose over 3%, with the A-share innovative drug sector increasing by over 2.7% [1]. - Significant stock price increases were observed in companies like Nossg, Prasis, and Huaren Health [1]. Group 3: Industry Developments - In the same week, five business development (BD) deals were reported in the innovative drug sector, showcasing China's leading position across various technology fields [6]. - Notable events included the collaboration of Kangfang Biopharma with Summit for AK112's BLA submission in the U.S. and the initiation of global Phase III trials for PF-08634404/SSGJ-707 by 3SBio and Pfizer [4]. Group 4: Market Trends and Valuation - Since the peak of the Hong Kong innovative drug index in September 2025, it has retraced 24%, while the U.S. biotech indices have seen gains of 18% to 29% [7]. - Despite not being at historical lows, the valuation of Hong Kong innovative drugs remains attractive compared to global peers, indicating a growing disparity in asset values between U.S. and Chinese innovative drugs [7].

Group 1 - The core point of the news is the significant licensing agreement between Rongchang Biopharma and AbbVie for the development and commercialization of RC148, a novel bispecific antibody targeting PD-1 and VEGF, which could lead to substantial financial benefits for Rongchang Biopharma [1] - Rongchang Biopharma will receive an upfront payment of $650 million and is eligible for up to $4.95 billion in milestone payments, along with double-digit royalties on net sales outside Greater China [1] - The deal exemplifies the "China innovation + global market" model in drug development, indicating a growing trend of collaboration between Chinese biotech firms and international pharmaceutical companies [1] Group 2 - In 2024, U.S. pharmaceutical companies significantly increased their acquisition of Chinese innovative drugs, with a year-on-year growth of 66%, leading to a total licensing transaction value of $41.5 billion [2] - Recently, five business development projects have been established in a short period, covering various fields such as small molecule inhibitors, monoclonal antibodies, bispecific antibodies, ADCs, and RDCs, indicating a flourishing environment for Chinese innovative drugs [2] - The Hong Kong innovation drug sector is showing signs of recovery, with the Hang Seng Innovation Drug Index having corrected approximately 25% since its peak in September 2025, but is now rebounding [3] Group 3 - The U.S. biotech sector, particularly the Nasdaq Biotechnology Index, has reached new highs, increasing by 23% since September of last year, highlighting a disparity in performance compared to the Hong Kong innovation drug sector [5] - The recent surge in business development projects serves as a catalyst that may reactivate the Hong Kong innovation drug sector, which is currently perceived to be at a relatively safe valuation compared to the Nasdaq [5]

Core Viewpoint - The article highlights a significant development in the innovative drug sector, particularly focusing on the exclusive licensing agreement between Rongchang Biopharma and AbbVie for the dual-specific antibody drug RC148, which is expected to drive market interest and stock performance in the innovative drug space [1][2]. Group 1: Licensing Agreement Details - Rongchang Biopharma signed an exclusive licensing agreement with AbbVie for RC148, a novel dual-specific antibody targeting PD-1/VEGF, with a total transaction value of up to $5.6 billion (approximately 39 billion RMB) [1][2]. - The agreement includes an upfront payment of $650 million, with potential milestone payments of up to $4.95 billion and tiered royalties on net sales outside Greater China [2]. Group 2: Market Impact - Following the announcement, Rongchang Biopharma's A-shares hit a 20% limit-up, and the Hong Kong innovative drug ETF rose over 3%, indicating strong market enthusiasm [1]. - The innovative drug sector saw a general increase, with the A-share innovative drug sector rising over 2.7%, and notable gains in companies like Nossg, Proris, and Huaren Health [1]. Group 3: Recent Developments in Innovative Drugs - The article notes that three significant events occurred in the second-generation IO therapy sector on January 12, including the successful BD deal for Rongchang Biopharma, AK112's BLA submission by Kangfang Biopharma/Summit, and the initiation of five global Phase III clinical trials for PF-08634404/SSGJ-707 by 3SBio/Pfizer [3]. - A total of five BD deals were reported in the innovative drug sector within a week, showcasing China's leading position across various technological fields [5]. Group 4: Market Trends and Valuation - According to Huatai Securities, since reaching a yearly high in September 2025, the Hong Kong innovative drug index has retraced 24%, while the US biotech indices have shown positive growth, indicating a valuation disparity between Chinese and global innovative drug assets [6]. - Despite not being at historical lows, the current valuation of Hong Kong innovative drugs remains attractive compared to global peers [6].

Core Insights - Exelixis, Inc. (EXEL) reported preliminary unaudited financial results for fiscal year 2025, with revenues of approximately $2.32 billion, slightly below the Zacks Consensus Estimate of $2.33 billion [2][8] - The company provided guidance for fiscal year 2026, projecting total revenues between $2.525 billion and $2.625 billion, driven by continued demand for its lead drug, Cabometyx [5][8] - Despite the positive outlook, the stock experienced a decline in pre-market trading on January 12, 2026 [1] Financial Performance - Preliminary net product revenues for 2025 were about $2.12 billion, with cash and marketable securities totaling $1.65 billion at year-end, indicating strong financial flexibility [4] - Research and development (R&D) expenses for 2025 were approximately $825 million, while selling, general and administrative (SG&A) expenses totaled around $520 million [4] 2026 Guidance - For 2026, net product revenues are expected to be in the range of $2.325 billion to $2.425 billion, reflecting a 3% price increase effective January 2026 [5][6] - Operating expenses are projected to rise, with R&D expenses estimated at $875 million to $925 million and SG&A expenses at $575 million to $625 million [6] Product Developments - Cabometyx continues to be a key growth driver, maintaining its position as the leading tyrosine kinase inhibitor (TKI) in renal cell carcinoma (RCC) [6][7] - The label expansion of Cabometyx to include treatment for pancreatic neuroendocrine tumors (pNET) and extra-pancreatic neuroendocrine tumors (epNET) is expected to boost sales further [3][7] Pipeline Expansion - Exelixis is actively expanding its oncology portfolio, with zanzalintinib being a significant near-term catalyst, currently under review for metastatic colorectal cancer (CRC) [10][11] - The company is also advancing several phase I assets, including XL309, XB010, XB628, and XB371, alongside plans for two new investigational new drug filings in 2026 [14][15] Shareholder Returns - Exelixis has repurchased $2.16 billion of stock since 2023, with an additional $750 million authorization in place through 2026, indicating a commitment to returning capital to shareholders [16] Market Performance - Exelixis shares have increased by 24.7% over the past year, outperforming the industry average gain of 19.6% [17]

Investment Rating - The report indicates a positive investment outlook for the pharmaceutical and biotechnology sector, with a focus on AI-enabled strategic upgrades in pharmaceutical manufacturing [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a 5.6% increase from December 29, 2025, to January 9, 2026, outperforming the Wind All A index (4.76%) and the CSI 300 index (2.18%). Key segments leading this growth include hospitals (12.95%), medical research outsourcing (9.25%), and medical devices (7.96%) [2][7]. - The report highlights the rapid development of AI in healthcare, emphasizing the government's initiative to foster AI in drug development, supply chain management, surgical robotics, and intelligent diagnostic systems by 2027. This initiative aims to cultivate 2-3 leading ecological enterprises and a number of specialized companies [2][11]. - The upcoming JPM Healthcare Conference from January 12 to 15, 2026, is expected to boost the sentiment in the innovative drug sector, with over 500 listed companies and thousands of startups participating [2][11]. Market Weekly Review - The pharmaceutical and biotechnology sector rose by 5.6% during the last interval, with hospitals, medical research outsourcing, and medical devices leading the gains. Notably, the stock of Sanbo Brain Science surged by 63.53%, while *ST Changyao saw a decline of 44.9% [7][10]. - The report provides detailed performance metrics for various sub-sectors, with hospitals showing a 12.95% increase, medical research outsourcing at 9.25%, and medical devices at 7.96% [8][9]. Industry News and Key Company Announcements - On January 7, eight departments jointly issued the "AI + Manufacturing" action plan, marking AI drug development and medical supply chain intelligence as national priorities [11]. - Notable company announcements include: - Yilian Bio's exclusive licensing agreement with Roche for the YL201 project, which includes a $570 million upfront payment [11]. - Merck's discussions to acquire Revolution Medicines for $28 billion to $32 billion [11]. - Structure Therapeutics' agreement with Roche and Genentech for a non-exclusive patent license, resulting in a $100 million upfront payment [11][12]. - Eli Lilly's acquisition of Ventyx Biosciences for $1.2 billion [14].

Investment Rating - The report indicates a positive investment outlook for the pharmaceutical sector, with the overall performance of the Shenwan Pharmaceutical and Biological Index increasing by 7.8% during the week, outperforming the Shanghai Composite Index which rose by 3.82% [2][3]. Core Insights - The pharmaceutical sector's overall valuation stands at 30.6 times earnings, ranking 10th among 31 Shenwan primary industries [5]. - The report highlights significant developments in the long-term care insurance system transitioning from pilot programs to full establishment during the 14th Five-Year Plan, with coverage reaching nearly 300 million people and fund expenditures exceeding 100 billion yuan by the end of 2025 [11]. - Notable advancements in drug commercialization include the launch of Novo Nordisk's oral GLP-1 weight loss drug Wegovy in the U.S., with monthly costs ranging from $149 to $299 for self-paying patients [13][14]. - Moderna has submitted a New Drug Application (NDA) for its seasonal flu vaccine mRNA-1010, showing promising efficacy results in clinical trials [15]. - Arrowhead has reported positive mid-stage results for its RNAi therapies ARO-INHBE and ARO-ALK7, demonstrating significant reductions in visceral and liver fat [16][17]. - GSK's hepatitis B drug Bepirovirsen has shown statistically significant functional cure rates in its Phase III trials [18]. - Recent approvals for innovative drugs in China include BeiGene's BCL-2 inhibitor and Sanofi's APOC3 siRNA drug, which addresses familial chylomicronemia syndrome [19][21]. Summary by Sections Market Performance - The Shenwan Pharmaceutical and Biological Index increased by 7.8%, ranking 6th among 31 Shenwan primary industries [2][3]. - Various sub-sectors showed positive growth, with medical devices and medical outsourcing leading with increases of 10.8% and 11.1%, respectively [5]. Industry Dynamics - The long-term care insurance system is set to expand significantly, with a focus on providing care for the elderly and disabled [11][12]. - The report emphasizes the importance of innovation in drug development, particularly in RNAi therapies and small nucleic acid drugs, which are gaining traction in clinical settings [16][18]. Company Developments - Significant partnerships and collaborations are highlighted, such as the $8.88 billion research collaboration between Insilico Medicine and Servier focusing on oncology [20]. - The report notes the successful commercialization of several new drugs, including BeiGene's and Sanofi's recent approvals, which are expected to impact market dynamics positively [19][21]. - The establishment of new companies and subsidiaries, such as the brain-computer interface subsidiary by Xinwei Medical, indicates a strategic shift towards innovative technologies in healthcare [22].

Core Viewpoint - The article discusses the implications of the recent trade agreement between the EU and the US under Trump's administration, highlighting the significant economic burdens placed on the EU and the strategic disadvantages it faces as a result of the deal [1][5][21]. Trade Agreement Impact - The US has raised tariffs on EU imports from an average of less than 2% to 15%, with potential increases to 30%, significantly impacting EU exports worth €531.6 billion [1][6]. - The agreement requires the EU to invest €600 billion in the US and purchase €750 billion in energy, which is seen as a form of economic coercion rather than a fair trade deal [1][8][20]. Economic Consequences - The EU's energy procurement shift from Russia to the US has resulted in a price increase of over 30%, leading to a projected total energy import cost of €375.9 billion in 2024, with additional costs impacting corporate profits and employment [6][8]. - The manufacturing sector in Europe, particularly in Germany, is experiencing a decline, with companies adjusting their global operations to avoid tariffs, leading to a potential loss of local production capacity and skilled labor [8][15]. Strategic Weakness - The article emphasizes the EU's fragmented response to US pressure, with member states prioritizing national interests over collective action, resulting in a lack of unified strategy against US tariffs [3][11]. - The EU's reliance on the US for security and economic stability has left it vulnerable, as it has failed to leverage its relationship with China to counterbalance US demands [3][12][21]. Long-term Outlook - The agreement is expected to weaken the EU's long-term competitiveness, with significant capital and innovation resources being redirected to the US, further diluting Europe's technological sovereignty [8][20]. - The article warns that the EU's position is shifting from a partner to a subordinate in the new trade order dominated by the US, with implications for its ability to influence global standards and policies [18][21].

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of January 11, 2026 [3] Core Insights - 2025 marked a significant year for Chinese innovative drugs going overseas, with total transaction amounts reaching $135.655 billion, including $7 billion in upfront payments and 157 deals, setting historical highs [4] - The innovative drug index saw a 35.31% increase in 2025, outperforming the CSI 300 index by 17.65% [4] - The trend of Chinese innovative drugs going global is expected to strengthen in 2026, with significant deals such as the one between Yilian Biotech and Roche for the YL201 project, which includes a $570 million upfront payment [4] - The small nucleic acid drug sector is experiencing breakthroughs, with GSK's Bepirovirsen showing positive results in Phase III trials for chronic hepatitis B, potentially becoming the first drug to achieve functional cure [5] - The report highlights the importance of oral autoimmune drugs, with Takeda's TYK2 inhibitor showing promising results in treating moderate to severe plaque psoriasis [6] - The brain-computer interface technology is entering a critical industrialization phase, with companies like Neuralink set to produce devices in 2026, supported by favorable policies and clinical trials in China [8] - The ZAP-X radiotherapy device is expected to capture a significant market opportunity in China, with the non-invasive tumor radiotherapy market projected to grow from RMB 27.2 billion in 2018 to RMB 59.4 billion by 2024 [10] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry index underperformed the CSI 300 index by 2.13% over the past week, ranking 25th among 31 industry indices [28] - Over the past month, the pharmaceutical industry index also lagged behind the CSI 300 by 5.42%, ranking 27th [29] 2. Pharmaceutical Sector Trends and Valuation - The current PE (TTM) for the pharmaceutical industry index is 36.95, above the five-year historical average of 31.12 [52] 3. Recent Research Achievements - The report includes various deep-dive studies on topics such as the growth of biological agents and oral drugs, and the impact of policy support on the inhalation drug industry [55] 4. Important Industry Policies and News - Recent policies include the issuance of the fourth batch of encouraged generic drug directories by the National Medical Products Administration [57] - Significant news includes GSK's announcement of positive Phase III results for Bepirovirsen and Yilian Biotech's licensing agreement with Roche [58][59]