（文章来源：证券日报） 证券日报网讯 2月3日，恒瑞医药在互动平台回答投资者提问时表示，公司日常经营管理和业务状况正 常，不存在按规定应披露而未披露的重大信息。公司董事会2025年8月20日审议通过新一期回购方案， 以自有资金回购公司A股股份，回购的股份拟用于A股员工持股计划，回购期限为自2025年8月20日董事 会审议通过回购股份方案之日起12个月以内，回购资金总额不低于人民币10亿元且不超过20亿元。截至 2026年1月底，本期回购已支付总金额达6.46亿元（不含交易费用），公司将在回购期限内根据市场情 况择机做出回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务，后续进展请 关注公司于交易所网站上发布的相关公告。 ...

FF301 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: 江蘇恒瑞醫藥股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01276 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 258,197,600 | RMB | | 1 | RMB | | 258,197,600 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 258,197,600 | RMB | | 1 | RMB | | 258,197,600 | | 2. 股份分類 ...

IPO市场全球夺魁，A+H上市成主力 2026年2月2日，沙利文捷利（深圳）云科技有限公司（活报告/LiveReport大数据）携手捷利交易宝、弗若斯特沙利文及头豹国际，正式发布《2025年香港 IPO市场及二级市场白皮书》。白皮书通过详实的数据与深度的行业洞察，系统回顾2025年港股市场表现，揭示其结构性变化与未来趋势。 2025年，香港IPO市场募资规模达2,867亿港元，同比大幅增长225.9%，重登全球募资榜首。全年共114家企业上市，同比增长62.9%。其中，超大规模IPO （募资超100亿港元）达8家，较2024年增长7倍。 | 规模区间(潜元) | 2023年(家数) | 2024年 (家数) | 2025年(家数) | | --- | --- | --- | --- | | 超大规模(100亿以上) | 0 | 1 | 8 | | 大规模(50-100亿) | 1 | 3 | 4 | | 中规模(20-50亿) | 3 | 2 | 21 | | 小规模(20亿以下) | 64 | 64 | 81 | | 合计 | ୧୫ | 70 | 114 | 来源：《2025年香港IPO市场及二级市场白皮书 ...

Core Insights - The 2025 Hong Kong IPO market showed strong performance with a fundraising scale of HKD 286.7 billion, a year-on-year increase of 225.9%, reclaiming the top position globally for the first time since 2021 [1][2] - The secondary market also saw significant growth, with the Hang Seng Index rising by 27.77%, indicating a recovery in Hong Kong's status as an international financial center [1] IPO Market Performance - In 2025, the Hong Kong Stock Exchange (HKEX) surpassed other major exchanges with a total IPO fundraising of HKD 286.7 billion, marking a return to the global top spot [2] - A total of 119 companies went public, including 114 IPOs, 1 introduction listing, 2 transfers, and 2 De-SPACs [2] Major IPOs and Market Drivers - The white paper highlighted a significant increase in large and mega IPO projects, with notable listings from leading companies such as CATL and Zijin Mining, which were key drivers for Hong Kong's global fundraising ranking [4] Market Capitalization and New Listings - The total market capitalization of the 114 IPOs was approximately HKD 3.85 trillion, reflecting a year-on-year growth of 260.17% [6] - Among the new listings, 49 companies had a market capitalization exceeding HKD 10 billion, accounting for 42.98% of the total, a significant increase of 31 companies from the previous year [6] Investor Participation and Sentiment - Investor enthusiasm was evident, with 89 IPO companies attracting cornerstone investors, totaling approximately HKD 106.6 billion, a historical high [7] - Retail participation also surged, with over 14 million subscriptions for IPOs, achieving an average oversubscription rate of 1,684 times, and significant first-day gains for new stocks [9] Competitive Landscape of Intermediaries - The competitive landscape among intermediaries became more concentrated, with Chinese securities firms leading the sponsorship market; CICC topped the list with 41 projects [10] - The "Big Four" audit firms continued to dominate the auditing sector, with Ernst & Young leading with 41 projects [10] Industry Advisory and Market Trends - Frost & Sullivan maintained a dominant position in the advisory sector, participating in 82 IPO projects, capturing a market share of 73% [12] - Continuous institutional innovations and reforms by HKEX, including the optimization of listing thresholds and the introduction of specialized services for tech companies, are expected to sustain the IPO market's activity in 2026 [13]

FF301 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: 江蘇恒瑞醫藥股份有限公司 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 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01276 | 說明 | H股 | | | | | | | | 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 | | | 258,197,600 | | 0 | | 258,197,600 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 258,197,600 | | 0 | | 258,197,600 | 足夠公眾持股量的確認(註4) 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. ...

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The report highlights the significant commercial value of extrahepatic delivery technology for small nucleic acid drugs, which is expanding from liver diseases to multiple disease areas. Domestic companies are rapidly developing multi-target drugs and extrahepatic delivery platforms, which are expected to accelerate the release of potential clinical value [3][8] - The report emphasizes that multinational corporations (MNCs) are intensifying their focus on next-generation delivery platforms, moving from "liver validation" to "multi-organ expansion." This shift is crucial as it addresses unmet clinical needs in various tissues such as fat, muscle, central nervous system, heart, and kidneys [8] - The report indicates that 2026 is a pivotal year for small nucleic acid therapies, with domestic innovative drugs expected to become core assets for transactions. Domestic companies have accumulated rich experience in chemical modifications and liver-targeted delivery technologies, covering high-value areas such as hyperlipidemia, hypertension, hepatitis B, and weight loss [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry in China, specifically on small nucleic acid drugs and their evolving delivery technologies [5][6] Investment Recommendations and Targets - The report lists several investment targets, including: - YK Pharma (688658, Buy) - Hengrui Medicine (600276, Buy) - Xinda Biopharma (01801, Not Rated) - Other companies such as Chengdu XianDao (688222, Not Rated), Reborn Biotech (06938, Not Rated), and others [3]

Core Viewpoint - Blackstone has achieved record performance in its 40-year history, with significant capital inflows and asset management growth, indicating a robust recovery in the private equity market and a potential surge in IPO activities [2][3][4]. Group 1: Financial Performance - In Q4, Blackstone recorded a capital inflow of $71 billion, the highest in three and a half years, contributing to an annual total of approximately $240 billion [3][4]. - The total assets under management (AUM) reached about $1.27 trillion, marking a 13% year-over-year increase [2][3]. - The private wealth investment platform raised $43 billion in 2025, a 53% increase year-over-year, becoming one of the strongest fundraising segments [4]. Group 2: Investment Activities - Blackstone invested $42.2 billion in Q4, with total investments exceeding $138 billion (approximately 950 billion RMB) for the year, the highest in four years [5]. - Key investment areas included digital infrastructure, private credit, and life sciences, with notable activity in markets like India and Japan [5]. - The private equity segment raised $200 billion in Q4 and over $680 billion for the year, increasing its AUM to over $416 billion [4]. Group 3: IPO Market Dynamics - The global IPO market saw a 40% year-over-year increase in Q4, with the U.S. IPO issuance rising 2.5 times, with Blackstone being a significant contributor [7]. - Blackstone's Medline IPO in December 2025 was a landmark event, achieving a market capitalization exceeding $55 billion, marking it as the largest private equity-backed IPO in history [7][8]. - Blackstone plans to leverage the current market conditions to launch a series of long-held investments for IPO, potentially leading to one of the largest issuance years in its history [8]. Group 4: Venture Capital and Private Equity in China - The Chinese venture capital and private equity market is experiencing a revival, with 247 companies listed domestically and abroad in 2025, a 26.7% increase year-over-year [9][11]. - The Hong Kong market also saw a strong rebound, with 105 Chinese companies listed, a 69.4% increase from the previous year [9]. - The upcoming year is expected to witness a surge in IPOs in sectors like commercial aerospace and embodied intelligence, with numerous companies preparing for listings [11][12].

证券研究报告 | 行业简评报告 2026 年 02 月 03 日 布局消费反转！ 大消费组二月消费金股 研究部/消费品 % 1m 6m 12m 绝对表现 4.3 4.6 25.0 相对表现 3.1 -8.7 1.7 资料来源：公司数据、招商证券 -10 0 10 20 30 Feb/25 May/25 Sep/25 Jan/26 (%) 消费品 沪深300 相关报告 1、《招商证券 1 月港股消费观察： 外卖反垄断如何影响港股消费股前 景？》2026-01-27 2、《大消费组一月消费金股—双节 消费亮点前瞻》2026-01-06 ❑ 轻纺 杨蕊菁：看好家居板块修复以及倍加洁益生菌业务发展 风险提示：消费下行风险，消费复苏疲软风险、宏观经济变动风险等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 1216 | 23.5 | | 总市值（十亿元） | 17628.3 | 15.6 | | 流通市值（十亿元） | 16321.4 | 15.9 | 行业指数 3、《招商证券 12 月港股消费观察— 1-2 月流动性改善后港股消费买什 么？》2025 ...

Core Viewpoint - The domestic AI-assisted medical technology is advancing, with significant developments in the approval of innovative medical devices and the application of AI in healthcare, indicating a potential for rapid growth in the AI+ healthcare market [1][2]. Group 1: Market Performance - As of February 3, 2026, the CSI Medical and Medical Device Innovation Index (931484) increased by 0.57%, with notable gains from stocks such as Aimeike (+4.07%), Jianfan Bio (+2.36%), and Xinhengcheng (+2.29%) [1]. - The Medical Innovation ETF (516820) also rose by 0.57%, with the latest price reported at 0.36 yuan [1]. Group 2: AI in Healthcare - AI applications in smart healthcare are becoming mature, particularly in medical imaging diagnostics, where AI assists doctors in improving interpretation efficiency [2]. - Recent AI medical products have accelerated their market entry, including the "Cervical Cell Digital Pathology Image Auxiliary Diagnosis Software" approved in January 2026 and the "Yuan Zhi" model from United Imaging, which achieved over 95% accuracy in complex lesion diagnosis [2]. - The combination of technological iteration and policy support is expected to drive rapid growth in the domestic AI+ healthcare market [2]. Group 3: Index Composition - The CSI Medical and Medical Device Innovation Index comprises 30 publicly listed companies with strong profitability, growth potential, and R&D innovation capabilities, reflecting the overall performance of profitable and growth-oriented medical and medical device companies [2]. - As of January 30, 2026, the top ten weighted stocks in the index include WuXi AppTec, Mindray Medical, and Hengrui Medicine, collectively accounting for 63.9% of the index [2].

Group 1 - The core viewpoint of the news highlights the positive performance of the medical innovation sector, with the CSI Medical and Medical Device Innovation Index showing mixed results among its constituent stocks, led by Aimeike with a 2.18% increase [1] - The Medical Innovation ETF has seen continuous net inflows over the past 12 days, with a peak single-day net inflow of 41.83 million yuan, totaling 234 million yuan, averaging 19.54 million yuan per day [1] - Policy support for the pharmaceutical industry is ongoing, with Shanghai accelerating the implementation of major industrial projects in fields such as integrated circuits, biomedicine, and artificial intelligence [1] Group 2 - The CSI Medical and Medical Device Innovation Index consists of 30 listed companies with good profitability, growth potential, and research innovation capabilities, reflecting the overall performance of profitable and growth-oriented pharmaceutical and medical device companies [2] - As of January 30, 2026, the top ten weighted stocks in the index include WuXi AppTec, Mindray Medical, and Heng Rui Medicine, accounting for 63.9% of the total index weight [2] - The success rate of Phase I clinical trials for dozens of AI-derived pipelines entering trials in 2025 is projected to be as high as 80%-90%, significantly exceeding traditional levels of 40%-65% [1]