Investment Rating - The report maintains a positive investment rating for the pharmaceutical sector [6] Core Insights - The pharmaceutical sector experienced a week-on-week decline of 0.68%, underperforming compared to the ChiNext and CSI 300 indices, ranking 17th among all industries [2][36] - The report emphasizes the importance of innovation, international expansion, and overcoming challenges as key themes for investment in 2026, with a focus on BD 2.0, small nucleic acids, and supply chain opportunities [3][4] - The upcoming adjustment of the National Essential Drug List is seen as critical, aiming to address clinical needs that have evolved since the last update in 2018, particularly in pediatrics, oncology, and rare diseases [5][14] Summary by Sections National Essential Drug List Adjustment Analysis - The current drug list has not been updated since 2018, leading to a disconnect with clinical needs, necessitating a systematic adjustment [14] - The adjustment will focus on filling gaps in disease coverage, particularly in pediatrics, oncology, and rare diseases, while also solidifying the integration of collective procurement and national negotiation outcomes [18][19] - The report identifies potential beneficiaries in traditional Chinese medicine, particularly in areas with previously weak coverage [28] JP Morgan Conference Overview - The 44th JP Morgan Health Conference highlighted strategic developments from major global pharmaceutical companies, showcasing their core pipeline advancements and key clinical milestones for 2026 [33] - Companies like Pfizer, Merck, and Eli Lilly presented their focus on innovative treatments and upcoming clinical trials, indicating a robust pipeline for future growth [34][35] Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance in early 2026 has shown a 7.08% increase, outperforming both the CSI 300 and ChiNext indices [36] - The report notes a shift in market sentiment, with certain innovative sectors like AI healthcare and medical robotics showing strong performance, while traditional sectors faced adjustments [2][3]

Market Overview - On January 21, Hong Kong stocks experienced a slight adjustment in the morning but rebounded in the afternoon, with the Hang Seng Index rising by 97 points (0.4%) to close at 26,857 points[1] - The Hang Seng Tech Index increased by 62 points (1.1%), closing at 5,746 points, with total market turnover reaching HKD 250.5 billion[1] - Southbound capital inflow expanded to HKD 13.89 billion[1] Sector Performance - The semiconductor sector remained strong, driven by Micron's announcement of a potential memory shortage lasting until 2028, with Hua Hong Semiconductor and SMIC rising by 4%-6%[1] - TCL Electronics surged by 14.8% after announcing a joint venture with Sony, holding a 51% stake[1] - Skyworth Group's stock jumped by 37.5% following its announcement of a spin-off and share buyback[1] Geopolitical Impact - Gold stocks generally rose due to heightened geopolitical tensions, with Lingbao Gold and Zhaojin Mining increasing by 5%-8%[1] - The report suggests a short-term focus on strong sectors such as semiconductors and gold[1] U.S. Market Reaction - In the U.S., the Dow Jones Index rebounded by 588 points (1.5%) to 49,077 points, while the Nasdaq and S&P 500 indices rose by 270 points (1.2%) and 78 points respectively[2] - Gold prices remained strong, peaking at USD 4,888.4 per ounce[2] Macroeconomic Policy - The National Development and Reform Commission outlined policy directions for 2026, focusing on strengthening domestic circulation and expanding domestic demand strategies[3] Automotive Sector - China National Heavy Duty Truck Group saw a 7.5% increase in stock price after a major shareholder reduced their stake by 2%[4] - The company is expected to maintain strong export growth and a high dividend yield of approximately 7%[4] Energy and Utilities - Defensive sectors like environmental protection and gas utilities received support amid rising geopolitical risks, with stocks like Hong Kong and China Gas and CLP Holdings rising by 1.1%-3.2%[4] - Alibaba and China National Nuclear Corporation formed a joint venture for nuclear energy, potentially benefiting related companies[4] Healthcare Sector - The Hang Seng Healthcare Index rose by 0.7%, with WuXi Biologics increasing by 3.5%[5] - The CXO sector is expected to see a rebound in demand, with a projected 20.6% increase in clinical trial projects per company by 2025[5]

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - On January 21, the four major stock index futures contracts showed mixed performance. IF rose 0.35%, IH fell 0.07%, IC rose 1.79%, and IM rose 1.55%. The total trading volume of stock index futures declined, indicating a cooling of investors' trading enthusiasm. A-shares and Hong Kong stocks showed certain trends, with A-shares having sector rotations and Hong Kong stocks rising with increased trading volume [1][2][6][7] Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - **Stock Index Futures Data**: - For CSI 300, the closing price was 4723.1, up 0.09%, with a trading volume of 665.33 billion. For IF2602, the closing price was 4724.2, up 0.35%, with a basis of 1.13, trading volume of 36.24 billion, and 25,500 contracts traded, a decrease of 437. For IF2603, the closing price was 4722.8, up 0.41%, with a basis of -0.27, trading volume of 105.3 billion, and 74,116 contracts traded, a decrease of 5750. Similar data are provided for other contracts [1] - For SSE 50, the closing price was 3067.2, down 0.11%, with a trading volume of 198.83 billion. For IH2602, the closing price was 3069.8, down 0.07%, with a basis of 2.62, trading volume of 9.99 billion, and 10,796 contracts traded, an increase of 1062. Similar data are provided for other contracts [1] - For CSI 500, the closing price was 8340.1, up 1.12%, with a trading volume of 517.59 billion. For IC2602, the closing price was 8373.2, up 1.79%, with a basis of 33.09, trading volume of 54.05 billion, and 32,474 contracts traded, a decrease of 5409. Similar data are provided for other contracts [1] - For CSI 1000, the closing price was 8247.7, up 0.79%, with a trading volume of 564.72 billion. For IM2602, the closing price was 8260, up 1.55%, with a basis of 12.32, trading volume of 61.3 billion, and 37,231 contracts traded, a decrease of 4359. Similar data are provided for other contracts [1] - **Trading Volume and Open Interest Changes**: - On this trading day, the total trading volume of stock index futures declined. Specifically, the total trading volume of IF decreased by 9379 contracts, IH increased by 5763 contracts, IC decreased by 41,699 contracts, and IM decreased by 31,314 contracts. In terms of open interest, IF decreased by 6447 contracts, IH increased by 4576 contracts, IC decreased by 8110 contracts, and IM decreased by 6771 contracts [2] - **Top 20 Member Open Interest Changes**: - For IF contracts, the long positions of IF2601 decreased by 360, and the short positions decreased by 497. The long positions of IF2602 decreased by 6223, with a net change of -7250, and the short positions decreased by 6121, with a net change of -7842. Similar data are provided for other contracts [5] - For IH contracts, the long positions of IH2601 increased by 1508, and the short positions increased by 1445. The long positions of IH2602 increased by 1577, with a net change of 3072, and the short positions increased by 1812, with a net change of 3204. Similar data are provided for other contracts [5] - For IC contracts, the long positions of IC2601 decreased by 2267, and the short positions decreased by 1270. The long positions of IC2602 decreased by 7135, with a net change of -9436, and the short positions decreased by 3523, with a net change of -5279. Similar data are provided for other contracts [5] - For IM contracts, the long positions of IM2601 decreased by 2564, and the short positions decreased by 1847. The long positions of IM2602 decreased by 6867, with a net change of -8845, and the short positions decreased by 3691, with a net change of -5708. Similar data are provided for other contracts [5] 2. Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is 1. The trend intensity ranges from -2 to 2, where -2 indicates the most bearish and 2 indicates the most bullish [6] 3. Important Drivers - The Minister of Housing and Urban - Rural Development, Ni Hong, stated that this year's focus in urban renewal includes three aspects: continuously promoting the renovation of old urban residential areas, comprehensively promoting the construction of complete communities, and carrying out the renovation of small - scale public spaces in cities. The government will also focus on stabilizing the real estate market and implementing relevant institutional reforms [6] - US Trade Representative Greer expressed hope for another round of potential trade negotiations with China. The Chinese Foreign Ministry Spokesperson, Guo Jiakun, said that China and the US should jointly implement the important consensus reached by the two heads of state [6] 4. Stock Market Performance - **A - shares**: The three major A - share indexes fluctuated higher. The Shanghai Composite Index rose 0.08% to close at 4116.94 points, the Shenzhen Component Index rose 0.7%, the ChiNext Index rose 0.54%, the Beijing Stock Exchange 50 rose 0.14%, the Science and Technology Innovation 50 rose 3.53%, the Wind All - A rose 0.57%, and the Wind A500 rose 0.37%. The total trading volume of A - shares was 2.62 trillion yuan, compared with 2.8 trillion yuan the previous day. Gold stocks had a daily limit up, and the non - ferrous metals sector strengthened. On the other hand, the large - consumption sectors such as liquor and retail declined, and the large - finance sectors such as banks and insurance weakened. The trading volume of several broad - based ETFs increased significantly at the end of the session, with the trading volume of the SSE 50 ETF exceeding 15 billion yuan, setting a record high [6] - **Hong Kong Stocks**: Hong Kong stocks rose with increased trading volume. The Hang Seng Index rose 0.37% to close at 26,585.06 points, the Hang Seng Tech Index rose 1.11% to 5746.3 points, and the Hang Seng China Enterprises Index rose 0.31% to 9122.95 points. The market trading volume was HK$250.451 billion, an increase from HK$237.766 billion the previous day. Some stocks in the Hang Seng Index and Hang Seng Tech Index had significant price changes [7]

Group 1: ETF Performance - As of January 21, the Medical Equipment ETF (159873) saw a net subscription of 3 million units, with a turnover rate of 8.04% and a transaction volume of 18.88 million yuan [1] - The Medical Equipment ETF reached a new high with a total size of 379 million units [1] - The Medical Equipment ETF has experienced continuous net inflows over the past 10 days, totaling 119 million yuan [1] Group 2: Innovation Drug ETF Highlights - The Innovation Drug ETF Tianhong (517380) achieved a new size of 1.88 billion yuan and a total of 2.36 billion units, both marking new highs since its inception [2] - The Innovation Drug ETF has seen continuous net inflows for 12 days, accumulating 426 million yuan [3] Group 3: Market Trends and Events - A new guideline was released by the National Healthcare Security Administration on January 20, focusing on pricing for surgical robots and other medical services, establishing 37 pricing projects and 5 additional items [6] - The JPM 2026 conference highlighted the strength of Chinese innovative drugs, with significant collaborations between Chinese companies and multinational giants, indicating a shift from asset export to global participation [7] Group 4: Institutional Insights - According to Founder Securities, the implementation of the new pricing guideline will promote the clinical adoption of innovative technologies and drive demand for terminal equipment and surgical assistance [8] Group 5: Product Features - The Medical Equipment ETF (159873) has a high content of brain-computer interface stocks, accounting for over 19%, and includes nearly 80% of stocks from the Sci-Tech Innovation Board and the Growth Enterprise Market [4]

Market Overview - The Hong Kong stock market opened higher on January 22, with the Hang Seng Index rising by 0.62% to 26,750.51 points, the Hang Seng Tech Index increasing by 0.85% to 5,795 points, and the National Enterprises Index up by 0.55% to 9,173.54 points [1] - Major tech stocks mostly rose, with Alibaba up 1.72%, Tencent Holdings up 0.33%, JD Group up 0.98%, and Xiaomi Group up 0.9% [1] - Chip stocks opened high, with Zhaoyi Innovation rising over 7% [1] - The innovative drug concept was active, with WuXi Biologics rising over 1% [1] - Gold stocks generally fell, with Shandong Gold down over 2% [1] - Longqi Technology's IPO on the Hong Kong stock market saw a nearly 13% increase on its first day [1] Company News - Shanghai Electric (02727.HK) expects a net profit of RMB 1.1 billion to RMB 1.32 billion for 2025, an increase of approximately 47% to 76% year-on-year [2] - Kingdee International (00268.HK) anticipates total revenue of approximately RMB 6.95 billion to RMB 7.05 billion for 2025, a year-on-year growth of about 11.1% to 12.7% [2] - Beijing Machinery Electric (00187.HK) expects a net loss of RMB 46 million to RMB 55.2 million for 2025, primarily due to intensified international trade frictions affecting its gas storage and transportation export business [2] - Chow Tai Fook (01929.HK) reported a retail value growth of 17.8% for the three months ending December 31, 2025, with mainland China retail value increasing by 16.9% [2] - Zai Lab (09911.HK) anticipates a cumulative download of approximately 970 million for its social business by 2025, a year-on-year increase of about 5.9% [2] Strategic Developments - Ruiri Medical Technology (01696.HK) signed a letter of intent for cooperation with Stryker Medical to establish localized production in China [3] - Cathay Pacific (00293.HK) and Hong Kong Express expect to carry over 36 million passengers in 2025, a year-on-year increase of 27% [4] - Shenyang Public Development (00747.HK) has initiated edge computing infrastructure and service business [5] - Flat Glass Group (06865.HK) plans to absorb and merge with Zhongda Quartz Development [6] Share Buybacks - Xiaomi Group (01810.HK) repurchased 7 million shares for HKD 248 million at prices between HKD 35.22 and HKD 35.48 [7] - Pop Mart (09992.HK) repurchased 500,000 shares for HKD 96.49 million at prices between HKD 191.1 and HKD 194.9 [8] - Sunny Optical Technology (02382.HK) repurchased 970,000 shares for HKD 61.39 million at prices between HKD 62.30 and HKD 63.95 [9] - Geely Automobile (00175.HK) repurchased 2.376 million shares for HKD 39.62 million at prices between HKD 16.62 and HKD 16.81 [10] Financial Instruments - Huaneng International Power (00902.HK) completed the issuance of RMB 2 billion medium-term notes [11] - CICC (03908.HK) plans to issue up to RMB 5 billion in bonds for technology innovation companies [12] Institutional Insights - Dongwu Securities noted that despite a general reduction in the Fed's interest rate cut expectations in overseas markets, domestic investors remain optimistic [13] - Orient Securities highlighted that recent U.S. measures against Venezuela and Greenland have increased geopolitical risks, supporting gold prices [14] - Zheshang Securities suggested that the humanoid robot sector has formed an ecological closed loop, recommending attention to component suppliers and undervalued transformation targets [14] - CITIC Securities indicated that new policies from the National Medical Insurance Administration will accelerate the promotion of surgical robots in China [14]

Group 1 - The core viewpoint of the news highlights a significant rebound in Chinese concept stocks, particularly in the Nasdaq China Golden Dragon Index, which rose by 2.21% with major companies like Baidu, Alibaba, and JD.com seeing gains [1] - Southbound capital saw a net inflow exceeding 13.9 billion HKD on January 21, marking the second instance of over 10 billion HKD net inflow since the start of the year [1] - Major AI applications from Chinese tech giants are entering a "harvest period," with Alibaba's "Qianwen" integrating into the Taobao ecosystem and Baidu's "Wenxin Assistant" surpassing 200 million monthly active users [1] Group 2 - The Hong Kong TMT sector is currently viewed as undervalued compared to its A-share and US counterparts, with the current PE ratio at 26.31, which is in the 43.78% percentile over the past five years [2] - The Hong Kong Stock Connect Technology ETF (159101.SZ) includes major tech stocks like Alibaba, Tencent, and Baidu, and allows for T+0 trading, providing a diversified exposure to the tech sector [2] - The National Index for Hong Kong Stock Connect Technology has a higher concentration in innovative pharmaceuticals and CXO leaders, with a single stock weight limit of up to 15%, indicating a sharper focus and greater volatility compared to the Hang Seng Technology Index [2]

Investment Rating - The report maintains a "Hold" rating for the pharmaceutical sector [6] Core Insights - The pharmaceutical sector experienced a week-on-week decline of 0.68%, underperforming both the ChiNext Index and the CSI 300 Index, ranking 17th among all industries [2][36] - The report emphasizes a positive outlook for innovation, international expansion, and turnaround opportunities in the pharmaceutical industry, with a focus on BD 2.0, small nucleic acids, and supply chain [3][4] Summary by Sections 1. National Essential Drug List Adjustment Analysis - The adjustment of the National Essential Drug List is urgent as the current version has not been updated since 2018, leading to a disconnect with current clinical needs [14] - The new adjustments will focus on three main areas: addressing gaps in disease coverage, solidifying the integration of centralized procurement and national negotiation results, and enhancing the evidence-based standards for traditional Chinese medicine [5][14] - Potential beneficiaries from the adjustments include companies like Panlong Pharmaceutical, Guizhou Sanli, and Yiling Pharmaceutical, particularly in pediatrics, orthopedics, and cardiovascular fields [5][28] 2. JP Morgan Conference Overview - The 44th JP Morgan Health Conference highlighted strategic developments from major global pharmaceutical companies, showcasing their core pipeline progress and key clinical milestones for 2026 [33] - Companies such as Pfizer, Merck, and Eli Lilly presented their focus on advancing clinical trials and launching new products in various therapeutic areas [34][35] 3. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance from January 12 to January 16 showed a decrease of 0.68%, with a total trading volume of 916.83 billion yuan, accounting for 5.35% of the total market [2][36] - The report notes that the sector has shown a year-to-date increase of 7.08%, outperforming both the CSI 300 and ChiNext indices [36]

来源：光大证券微资讯 3、白宫表示："我想说美联储主席候选人已经缩减到三位，不对，是两位。而且我或许可以告诉你，在 我心里可能已经只剩下一位了。"他希望选定的美联储主席能像前主席艾伦·格林斯潘那样。里克·里德和 凯文·沃什都是不错的人选。关于凯文·哈塞特，他称"实际上我更想让他留在目前的位置上。" 4、据最新数据，今年前20天，号称全球经济"金丝雀"的韩国出口半导体总金额达107.3亿美元（约合人 民币747亿元），同比大幅增长超70%。这预示着，在AI浪潮下，全球半导体需求仍非常强劲。受此影 响，存储芯片巨头三星电子股价直线拉升，21日盘中一度大涨超3%。此前，美股存储芯片概念股全线 飙涨。 5、1月21日，日本第二大银行三井住友金融集团全球市场负责人表示，由于海外回报吸引力减弱，该银 行的重点已果断回归日本债券。这意味着，其他国家的资产可能会承受较大的压力。花旗警告，风险平 价基金可能需要出售多达其当前风险部位三分之一的资产，光是在美国就可能引发高达1300亿美元的债 券抛售。 股市动态 热点聚焦 HOT 1、随着白宫排除武力夺取格陵兰可能性以及取消对欧洲加征关税，隔夜，美股三大指数集体收涨，道 指涨1. ...

Core Insights - The report highlights significant investments made by fund manager Xie Zhiyu in various technology sectors, particularly in overseas computing power and semiconductor equipment, indicating a strategic focus on high-growth areas for 2026 [1][2] Investment Strategy - The funds managed by Xie Zhiyu, namely Xingquan He Yi and Xingquan He Run, have newly increased their positions in companies such as Baiwei Storage, Huiliang Technology, and WuXi Biologics, while also increasing their holdings in CATL [1] - The report emphasizes the importance of tracking core competitive trends in companies over a longer cycle to identify investment opportunities arising from technological transformations and sectoral rebounds [2] Sector Performance - The overseas computing power sector, particularly in optical modules, is experiencing record highs due to increased orders from major clients and advancements in new technologies [1] - Domestic supply chain leaders are gaining more influence on the international stage, especially in the optical module and PCB sectors, while also achieving breakthroughs in liquid cooling and power supply [1] - The AI-driven capital expenditure surge is creating challenges such as power shortages and storage deficits overseas, leading to heightened demand in domestic energy storage, gas turbines, and related industries [1] Company Holdings - The report lists significant stock holdings, including: - Zhongji Xuchuang: 2,035,762 shares valued at approximately 1.24 billion yuan - CATL: 2,330,228 shares valued at approximately 855.8 million yuan - Baiwei Storage: 5,872,779 shares valued at approximately 674.1 million yuan - Huiliang Technology: 35,830,178 shares valued at approximately 494.5 million yuan - WuXi Biologics: 13,464,500 shares valued at approximately 382.4 million yuan [3]

Core Viewpoint - Dongning Biotechnology has submitted its IPO application to the Hong Kong Stock Exchange for the third time, aiming to raise funds for global market expansion, strategic acquisitions, R&D enhancement, and operational needs [1] Group 1: Business Overview - Dongning Biotechnology, established in 2005, is the first domestic provider of serum-free culture media in China, ranking third among local cell culture media suppliers by revenue in 2024 [2] - The company operates two main business lines: bioprocess solutions and laboratory products and services, with the majority of revenue coming from bioprocess solutions [2][3] - Revenue from self-owned products accounted for 86.4%, 89.2%, and 84.9% during the reporting periods, indicating a strong focus on proprietary offerings [3] Group 2: Financial Performance - The company reported revenues of 814 million, 843 million, and 658 million yuan for the years 2023, 2024, and the first three quarters of 2025, respectively, but incurred losses of 315 million, 275 million, and a profit of 14.26 million yuan [4] - Despite revenue growth, the company faced significant losses in 2023 and 2024 due to high expenditures, which accounted for approximately 41.82% and 37.35% of revenue in those years [4] - Non-operating factors, including fair value changes of financial assets, significantly impacted performance, with a loss of 311 million yuan in 2023 alone [4] Group 3: Client and Market Dynamics - Revenue from five major clients represented 31.1%, 23.9%, and 32.0% of total revenue during the reporting periods, with WuXi Biologics being the largest single client [5] - WuXi Biologics holds a 19.75% indirect stake in Dongning Biotechnology and also acts as a supplier, highlighting a complex relationship [5] Group 4: Acquisition Strategy - Since 2020, Dongning Biotechnology has acquired multiple companies to expand its business and product offerings, resulting in a goodwill value of 843 million yuan [6] - The company has faced financial pressure due to significant non-controlling interest put options, amounting to 566 million yuan as of November 2025 [7] - The founder, Wang Meng, holds a combined 39.79% stake in the company, indicating strong insider control [7]