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: 2026年1月31日 狀態: 新提交 公司名稱: 百濟神州有限公司 (根據瑞士法律註冊成立的公司) 呈交日期: 2026年2月5日 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) | 06160 | 說明 | 請見備注 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,311,463,847 | USD | | 0.0001 USD | | 231,146.38 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,311,463,847 | USD | | 0.0001 USD | | 231,146.38 | 本月底法定/註冊股本總額： US ...

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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百濟神州有限公司 (根據瑞士法律註冊成立的公司) 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 第 1 頁 共 11 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 06160 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 1,425,622,549 0 1,425,622,549 增加 / 減少 (-) 0 0 本月底結存 1,425,622,549 0 1,425,622,549 | 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) | 06160 | 說明 ...

Core Insights - The article discusses the approval of a new BCL2 inhibitor, Baiyueda (Sotuklara), by the National Medical Products Administration in China for treating chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) and relapsed or refractory mantle cell lymphoma (MCL) patients, marking a significant advancement in the treatment of blood cancers in China [1][4][6]. Industry Overview - Blood cancers, including lymphomas, multiple myeloma, and leukemia, have shown a significant increase in incidence, with lymphomas now being the most common type of blood cancer in China [2][3]. - The rise in cases is particularly notable among older populations, with chronic lymphocytic leukemia and mantle cell lymphoma seeing a marked increase in diagnoses [2]. Treatment Advancements - Traditional treatment methods for CLL and SLL have evolved, with chemotherapy being replaced by targeted therapies such as BTK inhibitors, which have shown superior efficacy [3][4]. - The introduction of BCL2 inhibitors, particularly Sotuklara, represents a breakthrough in treatment, offering new options for patients who are not suitable for chemotherapy [4][5]. Mechanism and Efficacy - BCL2 inhibitors work by specifically binding to and inhibiting the BCL2 protein, which prevents cancer cells from undergoing apoptosis, thus promoting cell death in blood cancers [6]. - Sotuklara has demonstrated strong efficacy and safety in preliminary clinical trials, providing a new treatment pathway for patients with relapsed or refractory conditions [4][5]. Future Potential - The potential of BCL2 inhibitors lies in their ability to shift treatment paradigms from continuous therapy to limited-duration treatment, allowing for deep molecular remissions and potentially long-term disease-free survival [6][7]. - The treatment goals for CLL and MCL have evolved from merely controlling the disease to achieving deep molecular remissions and exploring potential cures [7]. Market and Accessibility - The approval of innovative drugs like Sotuklara signifies China's progress in the blood cancer treatment landscape, moving from a follower to a leader in the field [8]. - Ensuring patient access to these new therapies is crucial, with calls for the inclusion of such drugs in national insurance schemes to alleviate financial burdens on patients [8][9]. Clinical Leadership - The Shandong University Qilu Hospital's hematology department is recognized as a national center for lymphoma treatment, contributing significantly to the development and application of new therapies [10][11]. - The department aims to enhance the quality of care and expand access to innovative treatments for patients in the region [11].

Core Viewpoint - The article emphasizes the leadership of Wang Xiaodong at the Beijing Institute of Life Sciences (北生所) and his role in fostering a culture of innovation and entrepreneurship among scientists, leading to the emergence of numerous biotech companies in China [1][4][18]. Group 1: Wang Xiaodong's Leadership and Impact - Wang Xiaodong is regarded as a spiritual leader among scientists at 北生所, creating an environment that encourages original innovation [1][4]. - His approach to leadership focuses on academic guidance rather than administrative control, promoting a culture of open discussion and collaboration among researchers [38][46]. - The "百济效应" (Baiyi Effect) has inspired many scientists to start their own companies, contributing to a wave of entrepreneurship in the biotech sector [18][20]. Group 2: Company Development and Challenges - 百济神州 (BeiGene) was established to address the lack of cancer drugs in China, with a focus on developing first-in-class therapies [7][21]. - The company faced significant challenges during its early years, including navigating the complexities of drug development and clinical trials [10][12]. - Wang Xiaodong's second venture, 维泰瑞隆 (VitaRong), aims to tackle the aging population issue in China, reflecting his commitment to improving the quality of life for the elderly [11][12]. Group 3: Research Environment and Funding - The funding situation for 北生所 has improved significantly, with the Beijing government providing annual support of 200 million yuan, enhancing the institute's research capabilities [28][29]. - The collaboration with Tsinghua University has also facilitated access to student resources, addressing the challenge of recruiting graduate students for research [28][29]. - The institute has established various centers to bridge the gap between basic research and industrial application, enabling scientists to translate their findings into marketable products [19][28]. Group 4: Innovation and Academic Culture - The article highlights the importance of fostering a culture of scientific inquiry and curiosity, which Wang believes is essential for driving innovation [42][47]. - The success of 北生所 in producing high-impact research papers reflects the effectiveness of its academic model, which emphasizes collaboration and knowledge sharing [28][47]. - The competitive environment among researchers at 北生所 has contributed to a significant increase in the quantity and quality of scientific output over the years [48].

截至2026年2月5日 09:41，中证港股通医药卫生综合指数(930965)上涨0.32%，成分股银诺医药-B上涨 10.07%，药明康德上涨2.73%，海吉亚医疗上涨2.65%，再鼎医药上涨2.13%，四环医药上涨1.89%。港 股医药ETF(159718)下跌0.22%，最新报价0.92元。 消息面上，政策持续支持医药产业，国家药监局称，"十五五"期间将大力支持生物制造产业创新发展。 港股医药ETF紧密跟踪中证港股通医药卫生综合指数，中证港股通医药卫生综合指数从港股通范围内选 取50只流动性较好、市值较大的医疗卫生行业上市公司证券作为指数样本，以反映港股通范围内医药卫 生上市公司证券的整体表现。 数据显示，截至2026年1月30日，中证港股通医药卫生综合指数(930965)前十大权重股分别为药明生 物、百济神州、信达生物、康方生物、京东健康、石药集团、中国生物制药、翰森制药、药明康德、三 生制药，前十大权重股合计占比64.57%。 港股医药ETF(159718)，场外联接(平安中证港股医药ETF联接A：019598；平安中证港股医药ETF联接 C：019599；平安中证港股医药ETF联接E：024544 ...

Core Insights - The conversation with Wang Xiaodong, the director of Beijing Institute of Life Sciences and founder of BeiGene and Vitaron, highlights his straightforward approach and humor, reflecting his scientific mindset and leadership in the field of biotechnology [2][3]. Group 1: Company Overview - BeiGene has established itself as a leader in China's innovative drug sector, focusing on oncology, particularly in developing first-in-class cancer therapies [5][9]. - The company was founded to address the lack of domestic cancer drugs in China, with a vision to fill this gap and improve patient outcomes [5][10]. - Wang Xiaodong emphasizes the importance of learning from early entrepreneurial challenges, indicating that the journey involved significant trial and error in drug development [5][8]. Group 2: Entrepreneurial Impact - The "BeiGene Effect" has inspired numerous scientists from the Beijing Institute of Life Sciences to pursue entrepreneurship, leading to the establishment of several innovative companies [15][18]. - Since 2011, seven scientists from the institute have launched their own companies, contributing to a broader trend of scientific entrepreneurship in China [15][18]. Group 3: Challenges and Resilience - Wang Xiaodong acknowledges the difficulties faced in the entrepreneurial journey, including recent leadership changes at Vitaron, which he views as part of the ongoing challenges in the industry [11][12][14]. - He reflects on the importance of perseverance and adaptability in overcoming obstacles, stating that the entrepreneurial path is rarely smooth [10][11]. Group 4: Research and Development Environment - The Beijing Institute of Life Sciences has made significant strides in bridging the gap between academic research and industrial application, creating a conducive environment for innovation [16][17]. - The institute has established various centers to facilitate the transformation of basic research into commercially viable products, addressing previous disconnects between academia and industry [16][17]. Group 5: Future Outlook - Wang Xiaodong expresses optimism about the future of biotechnology in China, noting the increasing support from the government and the growing pool of talent in the field [26][27]. - He believes that the current environment is the best the institute has experienced in years, with improved funding and collaboration opportunities [26][27].

Market Overview - The Hang Seng Index (HSI) closed at 26,513.11, down by 334.21 points or 1.24% [1] - The index reached a high of 26,812.73 and a low of 26,414.23 during the trading session [1] - The trading volume was 70.4034 million shares, with an average price of 26,613.48 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.704, up by 0.51% compared to the previous close [2][3] - Tencent Holdings closed at HKD 552.190, down by 1.04% compared to the previous close [2][3] - Alibaba Group (W) closed at HKD 159.500, down by 0.93% [3] - AIA Group closed at HKD 90.700, up by 1.40% [3] - Xiaomi Group (W) closed at HKD 33.960, down by 1.85% [3] - Meituan (W) closed at HKD 92.150, down by 1.13% [3] - China Ping An closed at HKD 72.050, up by 1.05% [3] ADR Performance - Tencent's ADR (TCEHY) was priced at USD 552.190, reflecting a decrease of 1.04% compared to its Hong Kong counterpart [3] - Alibaba's ADR (BABA) was priced at USD 155.411, down by 2.56% compared to its Hong Kong counterpart [3] - HSBC's ADR (HSBC) was priced at USD 139.704, up by 0.51% compared to its Hong Kong counterpart [3]

Core Insights - The report emphasizes the strategic importance of the raw material pharmaceutical sector, highlighting price recovery and new business increments as key drivers for growth in the industry [3][4][9] - The pharmaceutical sector is currently viewed as being at a bottoming phase, with opportunities arising from innovative drug developments and the integration of new technologies such as AI and brain-computer interfaces [4][6][8] Market Performance - In January 2026, the pharmaceutical and biotechnology sector saw a 3.1% increase, outperforming the CSI 300 index, which rose by 1.7%, resulting in a 1.49 percentage point lead [3][11] - Specific segments within the pharmaceutical industry, such as medical services and medical devices, experienced significant gains, with increases of 8.82% and 5.28% respectively [3][11] Investment Strategy - The report suggests focusing on the raw material pharmaceutical sector, which is expected to benefit from price recovery and the introduction of new business lines, particularly in small nucleic acids, peptides, and ADCs [4][5][9] - Companies with strong technical capabilities and production capacity, such as Lianhua Technology and Aorite, are highlighted as key players to watch [5] Innovation and New Opportunities - The report identifies several innovative drug sectors, including small nucleic acids and ADCs, as having significant growth potential, driven by clinical advancements and market demand [5][9] - The report also notes that the ADC market is expected to grow significantly, with a projected market size of $11 billion by 2030, indicating a strong opportunity for companies involved in this space [9] Recommendations - Key stocks recommended for investment include WuXi Biologics, Tigermed, and Kanghong Pharmaceutical, which have shown strong performance and are expected to continue to do so [10] - The report also highlights the importance of monitoring developments in AI and brain-computer interface technologies, which are anticipated to drive future growth in the pharmaceutical sector [8]

冲高回落后探底回升，出现了止跌企稳的继续，截止午盘，恒生指数小涨0.21%。银行涨幅居前，恒生 医疗、大消费紧随其后，恒生科技逆势绿盘。 恒生科技高开低走，盘中一度下跌2.63%，截止午盘下跌0.97%。其中快手大跌4.35%，百度集团下跌 3.54%，腾讯控股下跌3.09%，比亚迪股份、阿里巴巴、美团、小米集团等股跌幅均在1%上方。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 恒生医疗高开低走后探底回升，截止午盘上涨0.72%。其中石药集团大涨4.15%，药明生物上涨3.12%， 百济神州上涨2.78%；三生制药、康方生物、京东健康等股逆势回撤。 恒生银行跳空高开后维持在高位窄幅盘整，截止午盘上涨1.2%。其中渣打银行上涨3.84%，汇丰控股上 涨2.45%，中银香港上涨2.33%，大新银行、重庆银行、大新金融等股涨幅均在1%上方。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Policy indicates that technology and artificial intelligence are entering an accelerated implementation phase, and the implementation of AI applications in leading technology companies is evident, supporting their performance growth [4]. - The Guozheng Hong Kong Stock Connect Technology Index focuses on leading technology companies in the Hong Kong stock market, has a high - weight concentration, and has relatively excellent historical performance. It also has differences and advantages compared with other Hong Kong technology indexes [4]. - The Huaxia Guozheng Hong Kong Stock Connect Technology ETF has increasing circulating shares and good on - site liquidity since its listing, and its fund managers have rich experience in managing ETF products [4]. 3. Summary According to Directory 3.1 Artificial Intelligence Accelerates Implementation, Supporting the Growth Momentum of Leading Technology Companies 3.1.1 Policy Points to Technology and Artificial Intelligence Entering an Accelerated Implementation Phase - On January 9, 2026, eight departments including the Ministry of Industry and Information Technology jointly issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'". By 2027, China will promote the in - depth application of 3 - 5 general large - models in the manufacturing industry, form a large - scale application paradigm covering multiple industries, build 1000 high - level industrial intelligent agents, create 100 high - quality industrial data sets, and promote the implementation of 500 typical application scenarios [4][10]. 3.1.2 The Implementation of AI Applications in Leading Technology Companies is Evident, Supporting Performance Growth - Tencent Holdings: In the second quarter of 2025, AI - driven advertising technology upgrades significantly improved click - through rates and delivery efficiency, and marketing service revenue increased by about 20% year - on - year. The demand from enterprise customers for AI services has increased, and GPU leasing and API token usage have become new sources of revenue [13][14]. - Alibaba: In fiscal year 2025, the revenue growth rate of Alibaba Cloud's public cloud accelerated significantly, and the revenue of AI - related products has achieved triple - digit growth for seven consecutive quarters. The company clearly takes "AI + Cloud" as its core growth direction [14]. - Meituan: In 2025, it introduced AI technology and intelligent assistant tools in multiple scenarios, which helps optimize resource allocation and improve user and merchant experience [14]. - Xiaomi: By the end of 2024, the Xiaomi AIoT platform had connected 904 million devices (excluding smartphones and laptops), showing that AI has formed a real and continuous demand in the terminal [15]. 3.2 Guozheng Hong Kong Stock Connect Technology Index: Fully Covers the Hong Kong Technology Field and has High Offensive Elasticity 3.2.1 The Guozheng Hong Kong Stock Connect Technology Index Focuses on Leading Technology Companies in the Hong Kong Stock Market - The Guozheng Hong Kong Stock Connect Technology Index selects 30 listed company securities with large market capitalizations in the technology - related fields that are listed on the Hong Kong Stock Exchange and eligible for the Stock Connect program as index samples. As of December 31, 2025, the sum of the weights of the top five constituent stocks was 60.45%, and the sum of the weights of the top ten constituent stocks was 79.53%. Leading enterprises such as Tencent Holdings, Alibaba - W, Xiaomi Group - W, and Meituan - W have a weight of more than 10% [4][20]. 3.2.2 Comparison of the Guozheng Hong Kong Stock Connect Technology Index with Other Hong Kong Technology Indexes - In terms of the main industries covered by the index, the Guozheng Hong Kong Stock Connect Technology Index has a wider coverage. It includes the pharmaceutical industry compared with the Hang Seng Technology Index and adds hardware equipment, semiconductors, automobiles, and the pharmaceutical industry compared with the CSI Hong Kong Stock Connect Internet Index. In terms of the single - weight limit, it increases the weights of heavy - weight stocks compared with the Hang Seng Technology Index, making the index more elastic [4][28]. 3.2.3 The Guozheng Hong Kong Stock Connect Technology Index has Relatively Excellent Historical Performance - From 2019 to 2025, the annualized return of the Guozheng Hong Kong Stock Connect Technology Index was 12.98%, and the Sharpe ratio was 0.35, both significantly higher than those of the CSI Hong Kong Stock Connect Internet Index and the Hang Seng Technology Index. In annual return comparisons, it has greater elasticity in good market conditions and smaller decline amplitudes in poor market conditions [4][36]. 3.3 Analysis of the Investment Value of the Huaxia Guozheng Hong Kong Stock Connect Technology ETF 3.3.1 The Circulating Shares have been Continuously Increasing Since Listing and the On - site Liquidity is Good - Since its listing on September 3, 2025, the circulating shares of the Huaxia Guozheng Hong Kong Stock Connect Technology ETF have been increasing. As of January 27, 2026, the circulating shares increased to 3.059 billion, a 131.22% increase compared with the listing. Its on - site average daily turnover was 341 million yuan, and the highest daily turnover reached 792 million yuan [4][42][43]. 3.3.2 The Current Fund Managers' Managed ETF Products - The current fund managers of the Huaxia Guozheng Hong Kong Stock Connect Technology ETF are Mr. Xu Meng and Ms. Wang Xinwei. Taking Mr. Xu Meng as an example, as of January 27, 2026, he is currently managing 10 ETF products with a total scale of 222.98 billion yuan [49].