Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The proportion of driver gene-negative non-small cell lung cancer (NSCLC) patients is approximately 31% in both China and the United States, indicating a significant market opportunity for treatments targeting this demographic [2][15] - The estimated market size for immune drugs used in first-line treatment of driver gene-negative NSCLC is projected to be around 7.5 billion CNY (approximately 1.1 billion USD) in China and 18 billion CNY (approximately 2.7 billion USD) in the United States by 2030 [2] - The current first-line treatment for advanced driver gene-negative NSCLC primarily relies on PD(L)-1 inhibitors combined with chemotherapy, but there are limitations in long-term efficacy and options for patients intolerant to chemotherapy [3] Summary by Sections Section 1: NSCLC Global Overview - Lung cancer is the leading cancer type globally, with new cases accounting for approximately 12% of all cancer cases in 2022, translating to about 2.5 million new lung cancer cases [10] - In China, lung cancer represents about 22% of new cancer cases, with approximately 1.06 million new cases in 2022 [10] Section 2: Market Potential for Driver Gene-Negative NSCLC - The report highlights the significant market potential for immune therapies in treating driver gene-negative NSCLC, with a focus on the limitations of current treatment options [2][3] Section 3: Next-Generation Immunotherapy Approaches - The report discusses the advancements in dual (multi) antibody therapies and immune-oncology (IO) combined with antibody-drug conjugates (ADC), emphasizing their potential to improve treatment outcomes for patients with driver gene-negative NSCLC [5][8] - The clinical data supporting these new therapies is expected to catalyze further investment and development in this area [5] Section 4: Treatment Guidelines Comparison - The report compares treatment guidelines for driver gene-negative NSCLC between the United States and China, noting differences in treatment stratification and recommended therapies [32][34] - The U.S. guidelines emphasize PD-L1 expression levels, while Chinese guidelines focus more on performance status (PS) [32][34] Section 5: Future Catalysts - Key upcoming clinical data releases and studies are highlighted as potential catalysts for investment opportunities in the sector, particularly regarding dual antibodies and ADC therapies [5][8]

来源：新浪基金 开源证券指出，中国创新药正经历从"规模积累"走向"价值释放"的国际化跨越，并持续迎来从"管线预 期"转向"业绩兑现"的商业化收获期。创新药板块已回调近两个季度，长期看，较多优质标的估值性价 比明显，当前位置建议加大关注。* 再来看港股通医疗板块表现，AI医疗、脑机接口概念股较为活跃，大权重领衔涨势，京东健康、阿里 健康、平安好医生齐涨3%左右，港股通医疗ETF华宝（159137）日线五连阳。 目前AI医疗在C端的渗透正在加速，从智能问诊到慢病管理的应用场景不断拓展，推动阿里健康、京东 健康等港股互联网医疗平台价值重估。 中信建投证券指出，港股器械整体创新属性较强，部分企业的创新产品具有license-out或被并购的可 能。基本面维度，行业内部多数公司经营业绩持续改善，低估值投资价值凸显。事件方面，预计迈瑞医 疗、可孚医疗今年将在港股上市，港股医疗器械板块效应和投资机会或将增多。* 2月9日，港股市场全面反弹，港股医药板块延续修复行情。 信达生物拿下88.5亿美元BD大单，无意外全天领涨，最高涨至8.55%，收涨7.42%，龙头股大受提振， 百济神州涨超3%，石药集团、中国生物制药、三生制药集 ...

2月9日，港股市场全面反弹，港股医药板块延续修复行情。 信达生物拿下88.5亿美元BD大单，无意外全天领涨，最高涨至8.55%，收涨7.42%，龙头股大受提振， 百济神州涨超3%，石药集团、中国生物制药、三生制药集体跟涨。 100%创新药研发标的——港股通创新药ETF（520880）高开后上探2.75%，收涨1.77%成功连阳，一并 站上10日均线，全天成交3.81亿元。 2月8日晚，信达生物公告，公司与礼来制药达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研 发进程。信达将获3.5亿美元首付款，最高可获85亿美元里程碑付款及大中华区以外净销售额梯度分 成。 2025年中国创新药License-out总交易规模达到创纪录的1357亿美元，2026年开年以来重磅合作频出，除 信达外，1月份石药-阿斯利康（185亿美元）、荣昌-艾伯维（56亿美元）两笔超级BD均充分验证国产 创新药管线的全球价值。 开源证券指出，中国创新药正经历从"规模积累"走向"价值释放"的国际化跨越，并持续迎来从"管线预 期"转向"业绩兑现"的商业化收获期。创新药板块已回调近两个季度，长期看，较多优质标的估值性价 比明显，当前位置建议加大 ...

Investment Rating - The report assigns an "Outperform" rating for the pharmaceutical sector, indicating a positive outlook compared to the broader market [2][4]. Core Insights - The collaboration between Innovent Biologics and Eli Lilly has been upgraded, aiming to create a global innovative ecosystem for drug development in oncology and immunology. This partnership marks their seventh collaboration, enhancing their strategic relationship over more than a decade [2]. - The Chinese government has introduced a high-quality development plan for traditional Chinese medicine (TCM), focusing on improving raw material supply, innovation, and manufacturing capabilities. The plan aims to establish a collaborative development system by 2030, with significant investments in TCM innovation [2]. Summary by Sections Market Performance - The SW Pharmaceutical Biotechnology Index increased by 0.14% during the week of February 2 to February 8, outperforming the CSI 300 Index, which decreased by 1.33%. The Chinese medicine sector saw a notable rise of 2.56% due to new policies, while vaccines and other bioproducts experienced declines [2]. Strategic Collaborations - Innovent Biologics and Eli Lilly's new agreement includes a $350 million upfront payment and potential milestone payments of up to $8.5 billion, along with a tiered sales revenue sharing model for products outside Greater China. This partnership signifies a shift from traditional licensing to deeper integration of technology platforms and R&D systems [2]. Investment Opportunities - The report highlights continued optimism for Chinese innovative drugs entering international markets, particularly in areas such as antibody-drug conjugates (ADCs), dual antibodies, small nucleic acids, and weight-loss medications. Key companies to watch include Innovent Biologics, 3SBio, WuXi AppTec, and others [2].

研究报告 Research Report 9 Feb 2026 香港医疗 Hong Kong Health Care 医药行业周报（2026.02.02-2026.02.06）：市场情绪回暖；看好基本面表现强劲的创新药产业链龙头 Healthcare Weekly (2026.02.02-2026.02.06): Market Sentiment Warms; Bullish on Leaders in Innovative Drug Chain with Strong Fundamentals [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 百济神州 | Outperform 华润医药 | | Outperform | | 京东健康 | Outperform 国药控股 | | Neutral | | 药明生物 | Outperform 映恩生物 | | Outperform | | 信达生物 | Outperform 金斯瑞生物科 ...

Macro Commentary - The report indicates a slowdown in China's economic growth in Q1, but improvements in deflation are noted, with policymakers signaling a focus on stabilizing real estate, promoting consumption, and countering "involution" [2] - The US economy is expected to rebound, with rental inflation declining, offsetting a rise in commodity inflation, leading to a stable dollar liquidity environment [2] - The report anticipates only one interest rate cut by the Federal Reserve in June this year, with a potential for a spring rebound in the stock market [2] Internet Sector - In January, high beta stocks benefitting from event-driven catalysts significantly outperformed the industry, aided by improved market risk appetite and liquidity [2] - Major Chinese internet companies are increasing market spending on AI applications targeting end-users, with 2026 identified as a critical year for capturing user engagement in the AI era [2] Stock Market Performance - The Hang Seng Index closed at 26,560, down 1.21% for the day but up 3.63% year-to-date, while the US markets showed a rebound with the Dow Jones up 2.47% [2] - The report highlights the performance of various indices, with the Hang Seng Financial Index down 1.89% and the Hang Seng Property Index up 17.49% year-to-date [3] Investment Strategy - A "barbell" investment strategy is recommended, focusing on companies with certain profit growth and those benefiting from AI [5] - Specific stocks to watch include Tencent, Alibaba, and Kuaishou for their AI-driven growth potential, and NetEase and Trip.com for their stable earnings visibility [5] Software and IT Services - The report expresses optimism for the software sector, expecting revenue growth to support valuations, while cautioning about the competitive pressures from AI model vendors [6] - Recommended stocks include Palo Alto Networks in the US and Kingdee in China, which are expected to benefit from AI-related revenue growth [6] Semiconductor Industry - The semiconductor sector is viewed positively, driven by AI demand, with structural shortages in memory products like HBM and server DRAM [7] - Recommended stocks include Zhongji Xuchuang and Northern Huachuang, which are expected to benefit from the ongoing demand for computing power [7] Technology Sector - The report anticipates a continued high demand for AI computing infrastructure and innovations in consumer electronics, with specific recommendations for companies like Luxshare Precision and BYD Electronics [8] Consumer Sector - The Hang Seng Consumer Index has risen 8% year-to-date, driven by high elasticity in discretionary consumption sectors [9] - The report highlights the potential for increased consumer spending during the Spring Festival, supported by government policies aimed at boosting consumption [10] Automotive Sector - January saw a slowdown in automotive sales, particularly in the new energy vehicle segment, but a recovery is expected post-Spring Festival [11] - Recommended stocks include Geely for its expanding new energy vehicle matrix and Xpeng for its potential to turn profitable [11] Pharmaceutical Sector - The report emphasizes the long-term trend of innovative drugs going global, with a focus on clinical progress and data validation for drugs already in international markets [12] - Recommended stocks include Innovent Biologics and CanSino Biologics, which are expected to benefit from the ongoing trend of drug commercialization [12] Capital Goods Sector - The report notes a positive outlook for the capital goods sector, particularly in construction machinery, driven by rising metal prices and increased mining capital expenditures [21] - Recommended stocks include SANY Heavy Industry and Zoomlion, which are expected to benefit from the ongoing demand for construction equipment [21] Real Estate and Property Management - The real estate sector is optimistic due to favorable policies, with the Hang Seng Property Index rising 15% year-to-date [19] - Recommended stocks include China Jinmao and Greentown China, which have shown significant price increases [19]

Investment Rating - The report indicates a positive outlook for the pharmaceutical sector, particularly for innovative drugs and companies expected to reach profitability in 2025 [1][9][15]. Core Insights - The innovative drug sector is anticipated to see significant growth due to the commercialization of core products and contributions from business development (BD) revenues, with companies like BeiGene, Innovent Biologics, and others expected to achieve profitability [1][9]. - The Pharma sub-sector is projected to experience a revenue growth rate of 15-20% in 2025, with notable companies such as Hansoh Pharmaceutical and China Biologic Products leading this growth [2][10]. - The CXO sector is also expected to report strong performance, with companies like WuXi AppTec forecasting substantial revenue and profit increases [3][11]. - The medical services sector is currently valued at historical lows, with a projected revenue growth of 13% for Genscript Biotech, highlighting the importance of monitoring industry changes [4][12]. Summary by Sections Innovative Drugs - Companies expected to achieve profitability in 2025 include BeiGene, Innovent Biologics, and others, driven by increased commercialization and BD revenues [1][9]. Pharma - Revenue growth of 15-20% is expected for leading companies such as Hansoh Pharmaceutical and China Biologic Products, with a significant boost anticipated for 3SBio due to a major BD deal with Pfizer [2][10]. CXO - WuXi AppTec is projected to achieve approximately 454.56 billion RMB in revenue, reflecting a year-on-year growth of about 15.84%, with adjusted net profits expected to rise significantly [3][11]. Medical Services - Genscript Biotech is expected to see a revenue increase of 13% in 2025, emphasizing the need to focus on overseas business expansion and AI integration in traditional medicine [4][12].

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [1]. Core Insights - The report highlights that the commercialization of innovative drugs, combined with licensing income, is expected to lead to profitability for several companies in 2025, including BeiGene, Innovent Biologics, and others [1][9]. - The Pharma sub-sector is projected to achieve a revenue growth rate of 15-20% in 2025 for companies like Hansoh Pharmaceutical and China Biologic Products, with a significant revenue increase expected for 3SBio due to a major business development deal with Pfizer [2][10]. - The CXO sector is also expected to show strong performance, with companies like WuXi AppTec forecasting a revenue increase of approximately 15.84% and a net profit growth of about 102.65% in 2025 [3][11]. - In the medical services sector, the report notes that valuations are at historical lows, with a projected revenue growth of 13% for GuoShengTang in 2025, emphasizing the importance of overseas business expansion and AI integration in traditional Chinese medicine [4][12]. Summary by Sections Innovative Drugs - The report anticipates that several innovative drug companies will reach profitability in 2025 due to increased commercialization and business development income [9][15]. Pharma - The Pharma sub-sector is expected to see a revenue growth of 15-20% in 2025 for key players, with 3SBio projected to achieve over 100% growth due to a significant partnership with Pfizer [2][10]. CXO - WuXi AppTec is expected to report a revenue of approximately 454.56 billion RMB in 2025, with a net profit growth of around 102.65% [3][11]. Medical Services - GuoShengTang is projected to have a revenue growth of 13% in 2025, with a focus on overseas acquisitions and AI applications in traditional medicine [4][12].

Core Viewpoint - The Chinese healthcare industry is at a historical turning point, transitioning from "following innovation" to "leading innovation," with the emergence of trillion-dollar companies becoming a tangible future rather than a distant dream [4][5]. Industry Milestones - By the end of 2025, significant milestones include Eli Lilly becoming the first healthcare company with a market value exceeding $1 trillion, the Hong Kong Stock Exchange leading global financing with over $36 billion, and 3SBio's $1.25 billion upfront payment, indicating China's innovative drugs gaining international pricing power [4][5][7]. Transformation of China's Healthcare Industry - China has evolved from being a major pipeline buyer to a core seller in global business development (BD) transactions, now accounting for 20% of the market, particularly in areas like Antibody-Drug Conjugates (ADC) [7]. - Despite this progress, there remains a significant gap in original innovation compared to the U.S., which is a key reason for the shift in national policy towards new drug innovation [7][8]. Investment Directions - **Direction One**: Investing in original innovations based on top Chinese research institutions is expected to yield high returns, despite the high risks associated with crossing the "valley of death" in technology and commercialization [8][10]. - **Direction Two**: Embracing "three no" companies (no revenue, no profit, not listed) with genuine innovative technologies is becoming a core strategy for professional funds, supported by a robust capital market that allows for high valuations [11][13]. - **Direction Three**: The integration of AI in healthcare is evolving from a mere enabling tool to a creator of new entities, with AI expected to play significant roles in clinical diagnosis, drug development, and even home health management [14][16]. - **Direction Four**: A new era of Chinese multinational corporations (MNCs) is anticipated, with several leading healthcare companies expected to surpass a market value of one trillion, leveraging both internal innovation and global acquisitions [17][19]. Future Outlook - The future of the Chinese healthcare industry is characterized by a convergence of policy, capital, technology (especially AI), and market dynamics, creating an environment ripe for investment in original innovations, pure innovation companies, and AI-driven healthcare solutions [19].

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown a slight increase in performance, with a closing rise of 0.79% and a trading volume of 849 million yuan on February 6, 2024 [1]. Group 1: Fund Overview - The Hong Kong Innovative Drug ETF (159567) was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of February 5, 2024, the fund's total shares stood at 10.244 billion, with a total size of 7.906 billion yuan, reflecting a 2.36% decrease in shares and a 0.13% increase in size since December 31, 2023 [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the cumulative trading amount for the ETF reached 21.573 billion yuan, with an average daily trading amount of 1.079 billion yuan [1]. - Since the beginning of the year, the ETF has recorded a cumulative trading amount of 29.237 billion yuan over 25 trading days, averaging 1.169 billion yuan per day [1]. Group 3: Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 56.50% during the management period [1]. Group 4: Top Holdings - The top holdings of the Hong Kong Innovative Drug ETF (159567) include: - CSPC Pharmaceutical Group (10.44% holding, 108 million shares, market value of 825 million yuan) [2] - BeiGene (9.91% holding, 4.8299 million shares, market value of 782 million yuan) [2] - CanSino Biologics (9.72% holding, 7.52 million shares, market value of 768 million yuan) [2] - China Biologic Products (9.66% holding, 13.7 million shares, market value of 763 million yuan) [2] - Innovent Biologics (9.53% holding, 10.9295 million shares, market value of 753 million yuan) [2] - Other notable holdings include 3SBio, Hansoh Pharmaceutical, and Kelun-Biotech [2].