评级：中性(维持) 曹泽运(证券分析师) 李畅(证券分析师) S0350525110001 S0350524010004 caozy@ghzq.com.cn lic05@ghzq.com.cn 证券研究报告 2026年01月30日 医药生物 生物医药深度报告：国产ADC药物即将迎来高光时刻 ——ADC子行业专题研究 最近一年走势 相关报告 《医药生物行业动态研究：中国独立医学实验室行业的先行者（中性）*医药生 物*曹泽运，林羽茜》——2026-01-27 《医药生物行业动态研究：AI药研或引产业革命，JPM大会再推行业新峰（中 性）*医药生物*曹泽运，林羽茜》——2026-01-20 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 医药生物 | 2.0% | -2.7% | 21.1% | | 沪深300 | 2.1% | 1.3% | 24.5% | 请务必阅读报告附注中的风险提示和免责声明 2 -9% 0% 9% 19% 28% 37% 2025/02/05 2025/05/06 2025/08/04 2025/11/02 医药生物 ...

恒生医疗低开低走大跳水，截至收盘下跌2.54%。石药集团大跌10.2%，药明康德下跌3.81%，中国生物 下跌3.35%，三生制药、药明生物等多股跌幅在2%上方。 恒生银行低开低走终结四连涨，截至收盘下跌1.63%。建设银行大跌3.06%，民生银行、重庆农村商业 银行、农业银行、交通银行、工商银行等近10只个股跌幅在2%上方。 低开低走后全天震荡下行，截至收盘恒生指数大跌2.08%。恒生医疗跌幅居前，大消费、互联网、银行 等紧随其后。 大消费低开低走大跳水，截至收盘下跌2.21%。周大福下跌6.74%，吉利汽车下跌4.23%，比亚迪股份、 农夫山泉、泡泡玛特、安踏体验、百威亚大等超10只个股跌幅在3%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！ ...

Core Insights - The collaboration between CSPC Pharmaceutical Group and AstraZeneca has resulted in unexpected outcomes, particularly the large scale of the business development (BD) deal exceeding market expectations [1][2] - Despite the substantial financial terms of the agreement, including a $1.2 billion upfront payment and potential milestone payments totaling up to $18.5 billion, the market reacted negatively, with CSPC's stock price dropping significantly [2][3] Summary by Sections Business Development Deal - CSPC's agreement with AstraZeneca is one of the largest in the history of Chinese innovative pharmaceuticals, with a total potential deal value of $18.5 billion [2] - The deal includes a $1.2 billion upfront payment, which is the second-largest in overseas licensing transactions among Chinese pharmaceutical companies [2][3] - The potential milestone payments are subject to uncertainties related to research progress and market sales, making them less reliable [2] Market Reaction - Following the announcement, CSPC's stock price fell by 10.2%, with its A-share subsidiary also experiencing a decline of over 17% [2][3] - This negative market response contrasts sharply with previous instances where pre-announced BD deals led to significant stock price increases, indicating a shift in market sentiment towards BD announcements [3][6] Changing Market Dynamics - The previous effectiveness of BD announcements as a catalyst for stock price increases has diminished, as the pharmaceutical sector has transitioned from a "negative expectation" phase to a more normalized valuation [5][7] - The market has begun to anticipate BD news, leading to preemptive stock price adjustments that result in profit-taking once the announcements are made [6][7] Future Outlook - The long-term prospects for the pharmaceutical sector remain strong, driven by the inherent performance potential of innovative drug assets [9][10] - Continuous policy support and improving fundamentals for companies are expected to foster a favorable environment for growth, shifting focus back to performance and fundamentals rather than BD speculation [10]

Core Viewpoint - Newnow (300765) announced a change in its management, appointing Dai Long as the new General Manager while he also holds the positions of Board Secretary and Securities Affairs Representative [1][4] Management Changes - Dai Long, born in June 1992, has a background in finance and has been with Newnow since December 2016, serving in various roles including Financial Manager and Board Secretary [4] - Despite being appointed to a key position, Dai Long does not hold any shares in Newnow and has no connections with major shareholders or other executives [4] - Dai Long's total pre-tax compensation for 2024 is reported at 223,200 yuan, a decrease of 121,100 yuan from 2023 [4][6] Executive Compensation - Other executives at Newnow also experienced significant salary reductions in 2024, with Vice General Manager Liu Gang's compensation dropping to 188,800 yuan, a decline of 18.89% year-on-year [7] - The collective salary cuts among executives are linked to the company's poor performance [7] Financial Performance - In 2024, Newnow reported revenues of 1.981 billion yuan, a year-on-year decrease of 21.98%, and a net profit attributable to shareholders of 53.7263 million yuan, down 87.63% [7] - The company anticipates further losses in 2025, projecting a net profit attributable to shareholders between -255 million yuan and -170 million yuan [7] Business Overview - Newnow, a core subsidiary of CSPC Pharmaceutical Group, was established in 1989 and went public in 2019 [7] - It is the largest production base for chemical synthetic xanthine products globally, with key products including caffeine and theobromine [7] - The company has developed a dual-driven business model focusing on traditional functional foods and innovative biopharmaceuticals [8] Strategic Developments - Newnow's subsidiary, Jushi Biotech, signed a strategic cooperation agreement with AstraZeneca for eight innovative long-acting peptide drug projects, with AstraZeneca agreeing to pay a $1.2 billion upfront fee and up to $17.3 billion in milestone payments [8] - Newnow plans to list on the Hong Kong Stock Exchange to expand financing channels for innovative drug research and development [8] - The company increased its stake in Jushi Biotech to 80% by acquiring 29% of its shares for 1.1 billion yuan [8] Market Performance - As of January 30, Newnow's stock price closed at 38.87 yuan per share, reflecting a decline of 15.72%, with a total market capitalization of 54.6 billion yuan [9]

1月30日，阿斯利康CEO苏博科（PascalSoriot）在接受媒体采访时表示，在英国首相斯塔默访华期间公布对华投资的消息意义重大。在世界面临诸多挑战之 际，中英之间建立长期、稳定、战略性的伙伴关系，将有助于应对复杂的国际挑战。 就在前一天，阿斯利康刚刚宣布，计划于2030年前在中国投资超过1000亿元人民币，以扩大在药品生产与研发领域的布局。这也是阿斯利康史上最大规模对 华投资计划。从收入来看，阿斯利康是中国最大的跨国制药公司，中国占该公司收入的约12%。 中英合作前景广阔 苏博科称，八年前，他也曾随同英国首相访华，两国之间拥有巨大的合作潜力。"英国高度重视科学发展，拥有先进的科研体系和顶尖的高等学府。中国同 样注重科学与创新。"他表示。 阿斯利康表示，新的投资计划将增强公司在细胞疗法和放射性配体疗法等前沿技术方面的能力，中国在这些领域的领先地位已得到公认。 公司称，此项投资与"健康中国2030"目标高度契合，并将优先支持中国的共同健康目标实现，着力提升未覆盖人群的疾病预防、早期筛查与创新药物可及 性。 就最新的对华投资项目，阿斯利康表示，将充分发挥中国的科研优势和先进制造能力，依托中英医疗健康生态系统之 ...

Core Viewpoint - The strategic collaboration between Shijiazhuang Pharmaceutical Group and AstraZeneca marks a significant milestone in the outbound business development (BD) of Chinese innovative drugs, with a potential total payment of up to $18.5 billion, setting a new record for BD transactions in the Chinese pharmaceutical industry [1][3]. Group 1: Transaction Details - Shijiazhuang Pharmaceutical has signed a strategic R&D cooperation and licensing agreement with AstraZeneca, utilizing its proprietary sustained-release drug delivery technology and peptide drug AI discovery platform to develop innovative long-acting peptide drugs [1]. - The total potential payment of $18.5 billion includes an upfront payment of $1.2 billion, with the remaining $17.3 billion contingent on achieving various R&D and sales milestones over the coming years [3]. Group 2: Market Reaction - Despite the significant deal, Shijiazhuang Pharmaceutical's stock experienced a sharp decline, dropping nearly 13% intraday and closing down 10.2%, attributed to profit-taking after a strong pre-announcement stock performance [1][3]. - The overall market sentiment was also negative, with major indices in Hong Kong, including the Hang Seng Index and the Hang Seng Biotechnology Index, falling over 2%, impacting the performance of other leading Chinese biopharmaceutical companies [3]. Group 3: Industry Outlook - Analysts suggest that the core logic of domestic innovative drugs remains solid, indicating a favorable window for investment as the BD of Chinese companies accelerates and the price gap for innovative drugs between China and the U.S. narrows, presenting significant long-term growth potential [5]. - The Hong Kong Stock Connect innovative drug ETF (520880) has seen substantial net subscriptions, indicating ongoing investor interest despite recent market volatility [4].

Group 1: Market Overview - The Hong Kong stock market saw a net inflow of 32.22 billion HKD from northbound trading, with 20.39 billion HKD from Shanghai and 11.83 billion HKD from Shenzhen [1] - The most bought stocks included CSPC Pharmaceutical Group (01093), Xiaomi Group-W (01810), and the Tracker Fund of Hong Kong (02800) [1] Group 2: Notable Stock Transactions - CSPC Pharmaceutical Group (01093) received a net inflow of 9.36 billion HKD, following a strategic cooperation agreement with AstraZeneca for the development of innovative long-acting peptide drugs, potentially worth up to 18.5 billion USD [4] - The Tracker Fund of Hong Kong (02800) saw a net inflow of 5.89 billion HKD, with positive market sentiment driven by earnings recovery, improved liquidity, low valuations, and policy support [5] - Alibaba Group-W (09988) had a net inflow of 3.29 billion HKD, as it launched a high-end AI chip, enhancing its position in the AI technology sector [5] - Longi Green Energy Technology (06869) experienced a net inflow of 2.41 billion HKD, driven by strong demand for AI infrastructure and optical communication upgrades [5] Group 3: Stocks with Significant Net Outflows - Shandong Gold (01787) and Zijin Mining (02899) faced net outflows of 2.06 billion HKD and 6.35 billion HKD respectively, amid significant volatility in the precious metals market [7] - Semiconductor manufacturer SMIC (00981) saw a net outflow of 545.8 million HKD, with limited impact expected from the approval of H200 chips for the domestic market [7] - Xiaomi Group-W (01810) had a net inflow of 9.14 billion HKD, while China Mobile (00941) and CNOOC (00883) faced net outflows of 5.41 billion HKD and 5.25 billion HKD respectively [7]

智通财经APP获悉，2026年1月30日当天，阿里巴巴-W(09988)、中国海洋石油(00883)、腾讯控股 (00700)位居沪港通（南向）成交额前3位，成交额分别为34.18 亿元、28.39 亿元、23.45 亿元；阿里巴 巴-W(09988)、石药集团(01093)、腾讯控股(00700) 位居深港通（南向）成交额前3位，成交额分别为 20.88 亿元、16.03 亿元、15.27 亿元。 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 34.18 亿元 | +5.24 亿元 | | 中国海洋石油(00883) | 28.39 亿元 | -9.21 亿元 | | 腾讯控股(00700) | 23.45 亿元 | -4.21 亿元 | | 中国移动(00941) | 22.86 亿元 | -5.41 亿元 | | 中芯国际(00981) | 19.94 亿元 | +2.37 亿元 | | 紫金矿业(02899) | 19.83 亿元 | -2.69 亿元 | | 长飞光纤光缆(06869) | 18.55 亿元 | +1.76 ...

不过，这一消息发布后，石药集团1月30日股价大跌，收跌10.2%，收盘价报9.6港元/股。旗下A股公司 新诺威收跌15.72%，收盘价为38.87元/股。 北京商报讯（记者 丁宁）1月30日，石药集团（01093.HK）发布公告称，已与阿斯利康签订战略研发合 作与授权协议，以利用石药集团专有的缓释给药技术平台及多肽药物AI发现平台，开发创新长效多肽 药物。 公告显示，本次合作潜在总金额高达185亿美元，其中石药集团将获得12亿美元预付款，还将有权获得 最高35亿美元的潜在研发里程碑付款和最高138亿美元的潜在销售里程碑付款，以及基于相关授权产品 年净销售额的最高双位数比例销售提成。 ...

市场焦点方面，受国际贵金属价格大幅震荡影响，今日黄金股集体遭遇重挫。其中，山东黄金 （HK01787）跌超14%，江西铜业股份（HK00358）、中国黄金国际（HK02099）、紫金黄金国际 （HK02259）跌超10%，紫金矿业、招金矿业跌超9%。 其他方面，盘面上，科网股普跌，快手、小米跌超3%，腾讯、阿里巴巴跌超2%，百度、联想、美团、 京东、哔哩哔哩跌超1%。石油股普遍下跌，中石油跌超1%。光伏太阳能股走弱，福莱特玻璃跌超6%； 创新药概念多数下跌，石药集团跌超10%。 1月30日，是港股市场结束1月行情的最后一个交易日。尽管今日市场出现调整，但恒指月涨幅依旧接近 7%，周四更是创下近4年半来新高。 截至收盘，恒生指数报收27387.11点，下跌580.98点，跌幅2.08%。 恒生科技指数报收5718.18点，下跌122.92点，跌幅2.10%。 展望后市： 中信证券认为，2025年四季度导致港股下跌的业绩预期调整和资金面扰动已告一段落。展望2026年2 月，港股业绩预期已有显著调整，叠加内外部资金面的扰动因素也已告一段落，该行判断港股2025年12 月下旬以来的春季行情或将延续，整体呈现春节前大盘 ...