本文字数：3320，阅读时长大约5分钟 作者 |第一财经 彭海斌 2026年，中国新药出海热度不减。 1月尚未结束，中国药企已经完成10笔海外授权交易，其中荣昌生物和艾伯维的交易首付款达到6.5亿美 元。 2025年是中国创新药海外交易的大年。第一财经采访的医药和投资机构人士均认为，这种趋势会延续下 去。摩根大通大中华区医疗健康行业研究主管黄旸表示："2026年出海交易数量或者总金额可能难以超 过2025年，但会维持强劲的势头。" 首付款超过一级市场融资 2025年1月，先为达与英国企业Verdiva Bio Limited达成合作。 先为达是一家开发糖尿病及减重药物的中国企业。它将正在临床阶段的口服伊诺格鲁肽等授予后者大中 华区和韩国以外的开发权利。这笔交易的首付款约7000万美元，且可获得最高达24亿美元的潜在开发、 注册和商业化里程碑付款，以及产品商业化后的销售额提成。 2026.01.24 中国代谢领域的交易，是2025年创新药海外授权爆发性增长的缩影。 据医药魔方统计，2025年中国新药对外授权交易158笔，总交易金额1357亿美元，交易数量和金额都达 到十年新高。 事实上，2023年和2024年， ...

Core Viewpoint - The trend of Chinese pharmaceutical companies expanding overseas continues to gain momentum, with significant transactions and collaborations expected to persist into 2026, although the total number and value of deals may not surpass those of 2025 [3][20]. Group 1: Overseas Authorization Transactions - In January 2026, Chinese pharmaceutical companies completed 10 overseas authorization transactions, with a notable deal between Rongchang Biopharma and AbbVie involving an upfront payment of $650 million [3]. - The year 2025 marked a record for overseas authorization transactions, with 158 deals totaling $135.7 billion, representing a ten-year high in both quantity and value [7]. - Major transactions in 2025 included a $12 billion strategic cooperation between Innovent Biologics and Takeda, and a $120 billion deal between Hengrui Medicine and GSK, contributing to a total upfront payment of $7 billion for Chinese innovative drugs [8]. Group 2: Market Dynamics and Trends - The U.S. remains the primary trading partner for Chinese pharmaceutical companies, accounting for approximately 48% of all overseas authorization transactions over the past decade [11]. - The increasing urgency for multinational pharmaceutical companies to replenish their pipelines due to impending patent expirations has led to heightened interest in Chinese biotech innovations [11][20]. - China's clinical trial efficiency is significantly higher than that of the U.S., with an average patient enrollment cost of $25,000 compared to $70,000 in the U.S., and a faster enrollment rate [15]. Group 3: Future Outlook - The momentum in overseas transactions is expected to continue, with companies increasingly recognizing the value of Chinese-developed drugs [18][20]. - Despite geopolitical tensions, collaboration between Chinese and U.S. pharmaceutical companies is strengthening, driven by mutual benefits in drug development [20]. - The Chinese pharmaceutical industry is establishing a competitive edge in innovation, although achieving global leadership akin to that in solar energy or automotive sectors may take more time and patience due to the complexities of drug development [20].

"这个势头是可持续的，并不会迅速开始下降。" 2026年，中国新药出海热度不减。 1月尚未结束，中国药企已经完成10笔海外授权交易，其中荣昌生物和艾伯维的交易首付款达到6.5亿美元。 2025年是中国创新药海外交易的大年。第一财经采访的医药和投资机构人士均认为，这种趋势会延续下去。摩根大通大中华区医疗健康行业研究主管黄旸表 示："2026年出海交易数量或者总金额可能难以超过2025年，但会维持强劲的势头。" 首付款超过一级市场融资 最近两年，代谢领域的授权交易升温。2025年，中国药企发生了七笔对外授权。这很大程度上源于礼来和诺和诺德在减重药物市场取得的令人瞩目的成功。 礼来更是成为全球首家市值突破一万亿美元的医药公司，与英伟达、苹果、谷歌等科技巨头并肩而立。 中国代谢领域的交易，是2025年创新药海外授权爆发性增长的缩影。 据医药魔方统计，2025年中国新药对外授权交易158笔，总交易金额1357亿美元，交易数量和金额都达到十年新高。 事实上，2023年和2024年，中国创新药海外授权交易的数量和交易额已经连续突破纪录。医药研发是厚积薄发的过程，即便是临床一期药物，也可能已经经 历了五年左右的研发。2025 ...

Key Points - SpaceX's procurement orders for calibration testing products from 康斯特 from 2016 to 2024 are relatively small [1] - 法尔胜 does not engage in businesses related to "controlled nuclear fusion," "superconductors," or "commercial aerospace" [1] - 龙旗科技 plans to invest 1.5 billion yuan to build an AI + smart terminal digital benchmark factory project in Nanchang High-tech Zone [1] - 蜀道装备 has won a contract worth 6,486,000 USD for the Rumuji natural gas liquefaction facility project in Nigeria [1] - TCL科技's subsidiary intends to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan [1] - 一品红 plans to repurchase shares worth between 100 million to 200 million yuan [2] - 实丰文化's shareholders plan to reduce their holdings by no more than 3% [2] - 随升科技 intends to raise no more than 470 million yuan through a private placement [1][2] - 太力科技 has signed a strategic cooperation framework agreement with Jinan University [1][2]

瑞银对荣昌生物与艾伯维集团(AbbVie)的合作持积极看法，该合作授予RC148(PD-1/VEGF)海外权利， 并获得6.5亿美元的首付款、最高可达49.5亿美元的里程碑付款及在大中华区以外地区净销售额的两位数 分级特许权使用费。 瑞银发布研报称，将荣昌生物(09995)的评级由"中性"上调至"买入"，目标价由63.8港元一举升至120港 元。 该行认为，艾伯维作为一间跨国制药公司，应能促进RC148在研发和商业化方面的全球扩展，并对 RC148的差异化发展策略持正面态度。该行相信，首付款支付将扭转荣昌生物的净负债状况，并预计未 来多项新药获批将使公司自2026年起持续达到盈亏平衡。 ...

智通财经APP获悉，瑞银发布研报称，将荣昌生物(09995) 的评级由"中性"上调至"买入"，目标价由63.8 港元一举升至120港元。 该行认为，艾伯维作为一间跨国制药公司，应能促进RC148在研发和商业化方面的全球扩展，并对 RC148的差异化发展策略持正面态度。该行相信，首付款支付将扭转荣昌生物的净负债状况，并预计未 来多项新药获批将使公司自2026年起持续达到盈亏平衡。 瑞银对荣昌生物与艾伯维集团(AbbVie)的合作持积极看法，该合作授予RC148(PD-1/VEGF)海外权利， 并获得6.5亿美元的首付款、最高可达49.5亿美元的里程碑付款及在大中华区以外地区净销售额的两位数 分级特许权使用费。 ...

Group 1 - Sanhua Intelligent Control (02050) saw a decline of over 3.4% after announcing a share reduction plan involving the actual controller and several directors, with a total of up to approximately 10.2 million A-shares to be sold between February 24, 2026, and May 23, 2026 [1] - Tuo Yun Biotechnology (01332) experienced a significant drop of over 60%, nearly erasing gains since October 2022, following stock movements involving major shareholders [1] - Zhongwei New Materials (02579) increased by over 5% as the company announced securing 5-6 billion wet tons of nickel ore resources and establishing four nickel raw material industrial bases in Indonesia [1] Group 2 - InnoCare Pharma (03696) rose over 6%, reaching a new high of 62.9 HKD, after receiving FDA approval for its oral NLRP3 inhibitor ISM8969 for Parkinson's disease treatment [2] - Solar stocks surged, with Kaisa New Energy (01108) up 17.85% and other companies like Fuyao Glass (06865) and Xinyi Solar (00968) also showing significant gains, driven by a report indicating a new phase in commercial space deployment [2] - Jiangnan Buyi (03306) fell nearly 7% after announcing a placement of 14.535 million shares at a discount to the market price [2] Group 3 - Lithium stocks rose, with Ganfeng Lithium (01772) up 5.22% and Tianqi Lithium (09696) up 2.88%, following a report of a significant increase in lithium carbonate contract prices [3] - Rongchang Bio (09995) increased nearly 2% after UBS expressed a positive outlook on its collaboration with AbbVie, which includes substantial milestone payments [4] - DCH Holdings (00179) fell nearly 7% as it reported a slight decline in revenue for the nine months ending December 31, 2025 [4] Group 4 - Gold stocks rebounded, with Chifeng Jilong Gold Mining (06693) up 6.99% and others also showing gains, as spot gold prices reached a new high of over $4,960 per ounce [4] - Bitgo Holdings (BTGO.US) debuted on the US stock market, rising 2.72% as a leading cryptocurrency custody provider [5] - Rare earth stocks surged, with USA Rare Earth (USAR.US) up 17.49% after announcing partnerships to advance its Round Top project [5] Group 5 - The Nasdaq Golden Dragon China Index opened up 1.6%, with major Chinese stocks like Li Auto (LI.US) and Alibaba (BABA.US) showing gains, supported by comments from the People's Bank of China regarding potential monetary easing [6] - Abbott (ABT.US) fell 10.04% after reporting lower-than-expected sales for Q4 2025, despite a year-over-year increase in adjusted EPS [7] - Alibaba (BABA.US) rose 5.05% as it plans to list its semiconductor division, benefiting from investor interest in competing with Nvidia [7]

Group 1 - The core viewpoint of the news highlights the strong performance of the pharmaceutical and medical services sectors, with the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index rising by 1.52% as of 11:05 AM on January 23, 2026, driven by significant gains in stocks such as Chengdu Xian Dao (+5.48%) and BGI Genomics (+4.25%) [1] - The Ministry of Commerce and eight other departments have issued opinions to promote high-quality development in the drug retail industry, encouraging retail enterprises to participate in centralized drug procurement and to enhance their bargaining power through joint purchasing [1] - The Chinese pharmaceutical industry is at a pivotal point for global value reassessment, with 2026 being a critical year to validate transformation outcomes, as highlighted by CITIC Securities [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index include companies like United Imaging Healthcare and BeiGene, collectively accounting for 48.85% of the index [2] - The CSI Innovation Medicine ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index, providing an easy investment option for those without stock accounts through the linked fund [3]

该行认为，艾伯维作为一间跨国制药公司，应能促进RC148在研发和商业化方面的全球扩展，并对 RC148的差异化发展策略持正面态度。该行相信，首付款支付将扭转荣昌生物的净负债状况，并预计未 来多项新药获批将使公司自2026年起持续达到盈亏平衡。该行将荣昌生物的评级由"中性"上调至"买 入"，目标价由63.8港元一举升至120港元。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 客户端 荣昌生物（09995）盘中涨近4%，截至发稿，股价上涨1.90%，现报91.35港元，成交额2.26亿港元。 荣昌生物（09995）盘中涨近4%，截至发稿，股价上涨1.90%，现报91.35港元，成交额2.26亿港元。 瑞银发布研报称，对荣昌生物与艾伯维集团的合作持积极看法，该合作授予RC148（PD-1/VEGF）海外 权利，并获得6.5亿美元的首付款、最高可达49.5亿美元的里程碑付款及在大中华区以外地区净销售额的 两位数分级特许权使用费。 瑞银发布研报称，对荣昌生物与艾伯维集团的合作持积极看法，该合作授予RC148（PD-1/VE ...

Group 1 - The Hong Kong pharmaceutical sector is experiencing a strong rebound, with the Hong Kong Stock Connect Innovation Drug ETF (159570) rising nearly 2% and achieving a transaction volume exceeding 700 million yuan in a short period [1] - The ETF has seen a cumulative net inflow of over 430 million yuan in the past five days, with its latest scale surpassing 25.1 billion yuan, leading in its category [1] - The majority of the weighted stocks in the ETF's index have shown positive performance, including Kangfang Biopharma and Kelun-Botai, which both rose over 4% [3][4] Group 2 - Kangfang Biopharma announced that its new humanized anti-IL-17A monoclonal antibody, AK111, has received acceptance for a new drug application for treating active ankylosing spondylitis (AS) by the National Medical Products Administration (NMPA) [3] - This new drug is expected to provide a new treatment option for nearly 4 million AS patients in China [3] - The JPMorgan Healthcare Conference highlighted the achievements of Chinese innovative drug companies, with expectations for significant revenue growth and multiple drug approvals in the coming years [5][6] Group 3 - The domestic pharmaceutical industry is witnessing rapid technological advancements and an acceleration in globalization, with significant transactions exceeding 10 billion USD occurring [6][7] - The industry is entering a critical period of validation for innovative drug performance, with many companies expected to launch global registration studies and new product applications [6][7] - A domestic innovative drug company projected a revenue increase of 15.84% for 2025, with a substantial net profit growth of 102.65% [7]