2026年1月7日，恒生医药ETF（159892）上涨2.94%，冲击三连阳。持仓股康方生物、和黄医药、翰森 制药涨超4%。 中信建投证券认为，国内上市药企正迎来创新收获期，呈现自主研发+海外BD双轮驱动格局。整体看， 中国药企从单一市场驱动转向全球价值创造，JPM大会将成为展示临床数据、洽谈海外合作的核心舞 台。 恒生医药ETF（159892）聚焦创新药、CXO及相关产业，港交所18A制度优势下覆盖众多创新标的（百 济神州、信达生物等），在创新药出海+商保目录等催化下有望延续估值修复行情。 消息面上，近日，国家药监局官方微信公号发文称，2025年我国已批准上市的创新药达76个，大幅超过 2024年全年48个，创历史新高。此外，2025年我国创新药对外授权交易总金额超过1300亿美元，授权交 易数量超过150笔，同样创历史新高。 ...

Core Viewpoint - The Hong Kong Stock Connect Innovative Drug ETF (工银, 159217) experienced significant net redemptions, indicating a trend of outflow in the cross-border ETF market [1][2]. Group 1: Fund Performance - As of January 6, the fund's latest scale is 50.48 billion yuan, with a net outflow of 926.56 million yuan on that day, representing 0.18% of the previous day's scale [1]. - Over the past five days, the fund faced net redemptions totaling 942.76 million yuan, ranking 16th out of 207 in cross-border ETF net outflows [1]. - Year-to-date, the fund's share count decreased by 0.32% from 37.63 billion shares on December 31, 2025, while its scale increased by 6.24% [2]. Group 2: Liquidity and Trading Activity - The cumulative trading amount over the last 20 trading days reached 87.66 billion yuan, with an average daily trading amount of 4.38 billion yuan [2]. - In the first two trading days of the year, the cumulative trading amount was 11.7 billion yuan, averaging 5.85 billion yuan per day [2]. Group 3: Fund Management and Holdings - The current fund managers are Liu Weilin and Jiao Wendong, with returns of 34.57% and 53.37% respectively during their management periods [2]. - Major holdings in the fund include companies like 百济神州 (10.84%), 康方生物 (10.77%), and 信达生物 (10.43%), with significant market values for each [2].

Group 1: Market Performance - Hong Kong's innovative drug ETF (159570) surged by 3%, with a trading volume exceeding 1.5 billion yuan, following a net inflow of over 62 million yuan today after a previous inflow of 430 million yuan [1][3] - As of January 6, the latest scale of the Hong Kong innovative drug ETF reached over 23.3 billion yuan, leading its peers in the same category [1] Group 2: Economic Signals - Federal Reserve Governor Milan indicated that upcoming economic data may support further interest rate cuts, with expectations of a reduction exceeding 100 basis points this year [3] - Wall Street analysts suggest that if the U.S. unemployment rate rises to 4.7% by December 2025, the Fed may cut rates by 25 basis points this month [3] Group 3: Company Developments - Brain-computer interface "unicorn" Strong Brain Technology completed a financing round of 2 billion yuan, second only to Musk's Neuralink [3] - AI pharmaceutical company Insilico Medicine announced a long-term collaboration with Siveya for anti-tumor drug development, with a total deal value of 888 million USD [3] Group 4: New Drug Approvals - On January 6, BeiGene announced that its self-developed BCL2 inhibitor, Baiyueda® (sotucumab), received conditional approval from the National Medical Products Administration [3] - Shiyao's SYS6017 has initiated Phase II clinical trials for the prevention of shingles [3] Group 5: Investment Insights - Zhongtai Securities predicts that the pharmaceutical sector's opportunities in 2025 will focus on innovation and industry upgrades, with investment strategies continuing into 2026 [5] - The report emphasizes the importance of "innovative drugs and industry chains, demand recovery, and AI" as key investment dimensions [5] Group 6: J.P. Morgan Healthcare Conference - The 44th J.P. Morgan Healthcare Conference is set to take place from January 12 to 15, 2026, in San Francisco, attracting over 8,000 global participants [6] - The conference will feature over 500 listed companies and thousands of startups, focusing on "capital + strategy" discussions [6] Group 7: Industry Trends - Three major trends are highlighted for 2026: the continued rise of gene and cell therapies, deep integration of AI in pharmaceuticals, and the emergence of new market forces [7] - The report notes that over 20 gene editing companies will showcase breakthroughs in CAR-T and base editing at the conference [7] Group 8: MNC Engagement - Multinational corporations (MNCs) are willing to pay higher prices for innovative drugs from China, with the average total package for drugs purchased from China being 2.76 billion USD, compared to 1.29 billion USD for those from overseas [8] - The willingness of MNCs to pay a premium for Chinese innovations is driven by the need to fill significant pipeline gaps due to impending patent expirations [8] Group 9: Investment Focus - Investment strategies should focus on companies with strong clinical development capabilities and those in popular therapeutic areas such as ADCs, GLP-1, and dual antibodies [11] - Companies that can produce high-quality late-stage clinical assets are likely to attract MNC interest [11] Group 10: Key Therapeutic Areas - The report identifies key therapeutic areas for investment, including ADCs, GLP-1, dual antibodies, and neuroscience, emphasizing the need for innovative platforms and clinical data superiority [12]

Core Viewpoint - The Hong Kong Stock Connect innovative drug sector has seen a resurgence, with the high-volatility Hong Kong Stock Connect Innovative Drug ETF (520880) rising over 3.6% on January 7, 2023, and 36 out of 37 covered innovative drug companies showing positive performance [1][7]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) quickly surged by 3.61%, reaching a price of 0.545 [2][7]. - Among the covered companies, Tongyu Pharmaceutical-B soared over 13%, while the leading company, Kangfang Biopharmaceutical, increased nearly 5% [1][7]. Group 2: Industry Developments - Innovative drug business development (BD) transactions are continuing to grow, with the total amount of outbound licensing for Chinese innovative drugs expected to reach $135.655 billion by 2025, marking a historical high with 157 transactions [3][9]. - China's pipeline of new drugs currently accounts for 30% of the global total, ranking second worldwide [3][9]. - The biopharmaceutical industry is entering a critical phase of innovation realization and global layout, with a potential performance inflection point and valuation restructuring expected by 2026 [3][9]. Group 3: ETF Characteristics - The Hong Kong Stock Connect Innovative Drug ETF (520880) and its associated fund (025221) track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which has three unique advantages: it is purely focused on innovative drugs, has a high concentration of leading companies (over 73% in the top ten), and has controlled risks by reducing the weight of less liquid stocks [3][9]. - For investors looking to reduce volatility while still focusing on innovative drugs, the only drug ETF in the market (562050) and its associated fund (024986) focus on the top 50 A-share pharmaceutical companies, with approximately 60% in innovative drugs and 25% in traditional Chinese medicine [4][10].

Investment Rating - The report assigns an "Outperform" rating to multiple stocks in the Hong Kong healthcare sector, including Hansoh Pharma, 3SBio, Kelun-Biotech, Innovent Biologics, Akeso, JD Health, WuXi AppTec, and BeiGene [1][4][37]. Core Insights - The rollout of the "dual formulary" system, which includes the National Reimbursement Drug List (NRDL) and the inaugural Commercial Innovation Drug List, is expected to significantly benefit the innovative drug value chain. The NRDL added 114 drugs with an 88% success rate, up from 76% in 2024, while the commercial list includes 19 innovative drugs [7][40]. - The report highlights three key features of the new drug lists: a focus on innovation, addressing the needs of the elderly and children, and reinforcing the distinction between basic and commercial insurance coverage [7][40]. - The report expresses a long-term positive outlook on the innovative drug value chain, driven by state support for novel drugs and the inclusion of high-innovation therapies in the commercial insurance list [7][40]. Summary by Sections Stock Recommendations - The report lists several top picks for January 2026, including Hansoh Pharma, 3SBio, Kelun-Biotech, Innovent Biologics, Akeso, JD Health, WuXi AppTec, and BeiGene, all rated as "Outperform" [1][4][37]. Market Performance - The December 2025 portfolio of Hong Kong "Golden Picks" saw an average decline of 12.4%, underperforming the Hang Seng Healthcare Index, which fell by 9.5% [5][38]. - Notable performers in December included WuXi AppTec, Akeso, and JD Health, which experienced smaller declines compared to the overall portfolio [5][38]. Industry Trends - The healthcare services sector is noted as undervalued, with companies like Hygeia and Jinxin Fertility showing strong performance due to ongoing market buy-backs [8][41]. - The report suggests monitoring the recovery opportunities in the consumer healthcare sector for 2026, particularly in light of low base effects [8][41]. Recent Developments - A series of business development (BD) deals in December 2025 indicates sustained interest from multinational corporations (MNCs) in the biotech and pharmaceutical sectors, with significant upfront payments and milestone agreements [10][43][44]. - The report emphasizes the attractiveness of the biotech sector following recent valuation resets, suggesting potential for pre-earnings catch-up trades [10][42].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09926 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 頁 ...

Group 1 - The core point of the article highlights that in December 2025, the worst-performing ordinary equity and mixed funds were both managed by Baoying Fund, specifically the Baoying Medical Health Hong Kong-Shenzhen Stock A and C, which reported returns of -13.20% and -13.26% respectively [1] - The Baoying Innovation Medical Mixed Initiation A and C funds also performed poorly, with returns of -14.14% and -14.19%, making them the worst in the mixed fund category [1] - All these funds are themed around the medical sector and are managed by the same fund manager, Yao Yi, who has a background in research and fund management [1] Group 2 - The latest quarterly report indicates that the top ten holdings of the Baoying Medical Health Hong Kong-Shenzhen Stock fund include major companies such as Innovent Biologics, Kelun Pharmaceutical, and others, while the Baoying Innovation Medical Mixed Initiation fund shares many of the same top holdings [1][2] - Notably, several of these top holdings experienced significant declines in December, with the largest holding, Innovent Biologics, dropping by 18.97%, and another major holding, 3SBio, declining by over 22% [2] - The performance metrics of the funds show that the Baoying Innovation Medical Mixed Initiation C has a cumulative net value of 0.8857 and a scale of 0.51 billion, while the A share has a cumulative net value of 0.8886 and a scale of 0.47 billion [3]

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown a positive performance since its inception, with a slight increase in scale and significant trading activity in the early days of 2024 [1][2] Group 1: Fund Performance - The Hong Kong Innovative Drug ETF (159567) closed at a 0.38% increase on January 6, with a trading volume of 1.163 billion yuan [1] - As of January 5, the fund's latest share count was 10.479 billion shares, with a total scale of 8.331 billion yuan, reflecting a 5.50% increase in scale since December 31, 2025 [1] - The fund's management fee is set at 0.50% annually, and the custody fee is 0.10% annually [1] Group 2: Trading Activity - Over the past 20 trading days, the cumulative trading amount for the ETF reached 16.464 billion yuan, with an average daily trading amount of 0.823 billion yuan [1] - In the first two trading days of 2024, the ETF recorded a cumulative trading amount of 2.789 billion yuan, averaging 1.394 billion yuan per day [1] Group 3: Fund Holdings - The top holdings of the Hong Kong Innovative Drug ETF include companies such as BeiGene, CanSino Biologics, and Innovent Biologics, with significant percentages of the fund's total assets allocated to these stocks [2] - The largest holding is BeiGene, accounting for 10.62% of the portfolio, followed closely by CanSino Biologics at 10.55% and Innovent Biologics at 10.21% [2] - Other notable holdings include China National Pharmaceutical Group and Stone Group, with respective allocations of 9.62% and 7.56% [2]

Group 1 - The core viewpoint is that brain-computer interfaces (BCIs) are becoming a key part of China's 14th Five-Year Plan, with strong policy support expected to accelerate industry implementation, presenting significant investment opportunities [1] - BCIs represent both medical and technological investments, with short-term applications focused on disease treatment and long-term potential to integrate with AI and robotics, potentially opening up a trillion-dollar market [1] - The report emphasizes the importance of identifying "true brain machines" that align with national policy support and real demand, highlighting China's relative global leadership in BCI technology research [1] Group 2 - From a global perspective, China's pharmaceutical industry is characterized by "innovation upgrades and supply chain resilience," with significant overseas licensing of innovative drugs expected to surpass last year's total by Q3 2025 [2] - The report outlines a focus on high-quality development in the domestic market, emphasizing policy initiatives such as procurement optimization and diversified payment systems, alongside the commercialization of innovative drugs and the safety of supply chains [3] - The report suggests that the Chinese pharmaceutical industry is gradually gaining global competitiveness, with a long-term outlook for the industry to produce large global companies, particularly in innovative drugs and medical devices [5] Group 3 - The investment outlook for 2026 remains positive, with expectations of improved global liquidity favoring the pricing of innovative assets and government policies encouraging industry innovation [5] - Key sectors to watch include innovative drugs and medical devices, with specific companies highlighted such as Heng Rui Medicine, Innovent Biologics, and Mindray Medical [5] - The report indicates a need for investors to be aware of the challenges associated with international expansion, emphasizing the importance of assessing the international competitiveness of companies' products and teams [5]

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 5.75% on January 5, with a trading volume of 1.625 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 31, 2025, the fund's shares stood at 10.492 billion, with a total size of 7.896 billion yuan, indicating no change in shares or size year-to-date [1] Group 2 - The ETF's recent trading activity shows a cumulative trading amount of 16.006 billion yuan over the last 20 trading days, with an average daily trading amount of 800 million yuan [1] - The current fund manager, Ma Jun, has managed the fund since its inception, achieving a return of 50.52% during the management period [1] - The ETF's top holdings include companies such as BeiGene, CanSino Biologics, and Innovent Biologics, with significant weightings in the portfolio [2]