2月24日，省委、省政府召开全省"一中心一基地一枢纽"建设推进会议，深入学习贯彻习近平总书 记对江苏工作重要讲话精神，把握"十五五"发展面临的新形势、新任务，持续推进建设具有全球影响力 的产业科技创新中心、具有国际竞争力的先进制造业基地、具有世界聚合力的双向开放枢纽，为打造发 展新质生产力的重要阵地、推进中国式现代化江苏新实践提供更强支撑。省委书记信长星出席会议并讲 话，省长刘小涛主持会议，省政协主席张义珍出席会议。 信长星指出，经过近年来的不懈努力，"一中心一基地一枢纽"建设逐渐积厚成势，全省创新策源功 能、产业体系竞争力、对外开放水平实现新提升，为高质量发展继续走在前列增添了强劲动能，为扛好 经济大省挑大梁责任提供了坚实支撑，进一步坚定了全省上下合力推进"一中心一基地一枢纽"建设的信 心决心。 信长星强调，建设"一中心一基地一枢纽"，必须加强工作协同，提高能力水平。全省各级领导干部 要更加自觉用党的创新理论武装头脑，强化前沿知识学习，努力做到知科技、懂产业、善决策。要树立 和践行正确政绩观，坚持从实际出发、按规律办事，一个问题一个问题攻坚，一件事情一件事情抓实， 一步一个脚印往前推进，不断积小胜为大胜。要 ...

随着GLP-1类药物进入更广泛的体重与代谢管理场景，适用人群扩大，市场空间随之放大。 然而，市场竞争也异常激烈。诺和诺德、礼来等跨国巨头占据先发优势，信达生物、恒瑞医药 （600276）等国内龙头凭借本土化优势快速追赶。 根据协议，辉瑞中国将获得该产品在中国大陆的独家商业化权益；同时先为达生物为许可产品的药品上 市许可持有人(MAH)，负责许可产品的研发、注册、生产及供应。先为达生物将有权获得辉瑞中国支付 的最高可达4.95亿美元的付款总额，包括首付款、注册及销售里程碑付款。 "此次合作并非简单的产品买断，而是典型的'研发+商业化'分工模式。'首付款+里程碑付款'的分阶段支 付结构，是制药行业成熟且科学的交易设计，其核心在于风险共担、利益绑定。"上海市卫生和健康发 展研究中心主任金春林对《证券日报》记者表示，首付款解决启动资金问题，里程碑条款激励先为达生 物不仅要确保研发成功、注册成功，还要关注产品上市后的市场表现。产品的未来销售表现越好，先为 达生物可获得的里程碑收益就越高。 在GLP-1赛道竞争日趋白热化的当下，埃诺格鲁肽注射液的核心竞争力在于其"偏向型"机制。该产品由 先为达生物自主研发，已于2026年 ...

Group 1 - The Hong Kong stock market experienced a decline in major tech stocks, with Tencent Holdings and Meituan dropping over 3%, while Alibaba, Baidu Group, and Xiaomi Group fell by 2% [1] - Southbound capital saw a reversal from net outflow to net inflow, with a rapid net inflow of HKD 3.1 billion in the last half hour before the market closed [1] - Significant buying activity was observed in the Hang Seng Technology Index ETF (513180.SH) and the Hang Seng Internet ETF (513330.SH), with over HKD 1 billion in large orders during a sharp intraday drop, indicating potential bullish sentiment towards Hong Kong tech assets [1] Group 2 - Investment opportunities are identified in Hong Kong tech-related ETFs, including the Hang Seng Technology Index ETF (513180.SH), Hang Seng Internet ETF (513330.SH), and the Hong Kong Stock Connect Technology ETF (159101.SZ) [2] - The Hang Seng Internet ETF (513330.SH) focuses on major Hong Kong internet giants such as Alibaba, Baidu Group, Tencent Holdings, and NetEase, while the Hong Kong Stock Connect Technology ETF (159101.SZ) also includes leading innovative pharmaceutical companies [2] - These ETFs are listed on the Shanghai and Shenzhen stock exchanges, allowing A-share investors to trade flexibly with low entry barriers and without the need for cross-border accounts or currency exchange [2]

Core Insights - The Chinese innovative pharmaceutical industry is transitioning from "catching up" to "keeping pace" and even "leading" on a global scale, with a significant increase in business development (BD) transactions indicating enhanced international competitiveness [2][11][12] - The trend of BD transactions is accelerating, with record-breaking transaction sizes and optimized structures, marking a shift from single product licensing to platform-based and systematic collaborations [2][11] - The demand for Chinese innovative assets from global pharmaceutical companies is increasing due to challenges such as patent cliffs and declining R&D returns, creating a supportive environment for the high activity in the BD market [12] Recent Market Performance and BD Transaction Analysis - In January 2026, the pharmaceutical and biotechnology sector outperformed the CSI 300 index, rising by 2.97% compared to the index's 1.65% increase, reflecting a revaluation of the innovative drug industry [14] - A notable BD transaction occurred on January 30, 2026, when CSPC Pharmaceutical Group signed a collaboration and licensing agreement with AstraZeneca, involving a $1.2 billion upfront payment and potential milestone payments totaling up to $35 billion for development and $138 billion for sales [15][16] - This transaction exemplifies a platform-based approach, including not only the clinical-stage product SYH2082 but also three preclinical products and four new collaboration projects leveraging CSPC's proprietary technologies [15][16] Potential BD Target Value Identification and Screening Logic - Identifying potential BD targets should focus on differentiated technological barriers, such as the proprietary ADC technology of Kelun-Biotech, which has shown promising clinical data for international licensing [19] - The quality of proof of concept (POC) data is crucial, as seen with Innovent Biologics' IBI363, which has demonstrated efficacy in challenging tumor types, indicating significant commercial potential [19][20] - Global clinical demand and competitive landscape for indications are important, with companies like 3SBio and Diligent Pharma showing strong potential in weight management and oncology, respectively, enhancing their market entry opportunities [20] Conclusion - The Chinese innovative pharmaceutical industry is entering an "Innovation 3.0 era," characterized by a shift from single product licensing to systematic technology platform outputs and deep strategic alliances [21] - The current high activity in BD transactions reflects the industry's strengthening capabilities and serves as a catalyst for value reassessment, positioning companies with technological advantages and high-quality clinical data for significant roles in the global pharmaceutical landscape [21]

Core Insights - Pfizer China has secured exclusive commercialization rights for the GLP-1 receptor agonist, Enoglutide, in mainland China through a strategic partnership with Innovent Biologics, which will retain the drug's development, registration, production, and supply responsibilities [2][4] - The partnership is part of Pfizer's response to the rising obesity rates in China, which currently stands at 14.1% among adults, and aligns with the "Healthy China Action" initiative [4] - The GLP-1 drug market in China is becoming increasingly competitive, with multiple companies engaging in price wars, as seen with Novo Nordisk and Eli Lilly significantly reducing prices for their GLP-1 medications [4][5] Company and Industry Summary - Innovent Biologics will receive up to $495 million from Pfizer, which includes upfront payments and milestone payments related to registration and sales [2] - The approval of Enoglutide for diabetes management was granted in January, and its application for long-term weight management is currently under review by the Chinese regulatory authority [2] - The GLP-1 drug class is gaining traction in China, with only a penetration rate of less than 1%, compared to over 10% in the U.S. and 5% in the U.K., indicating significant growth potential in the market [5] - Pfizer's strategy includes diversifying its portfolio beyond COVID-19 products, as evidenced by its recent acquisitions and partnerships aimed at enhancing its presence in the obesity and oncology sectors [6]

智通财经APP获悉，美国制药巨头辉瑞公司(PFE.US)与本土初创企业杭州先为达生物科技股份有限公司 达成协议，以获得后者一款减肥疗法在中国的独家商业化权益，此举旨在强化其在高增长减肥市场的布 局。 辉瑞正寻求在后疫情时代进行业务重建。由于许多核心产品面临更激烈的竞争，且其最初进军减肥药市 场的尝试受挫，该公司面临寻找新收入来源的压力。 与先为达的合作亦有望提振辉瑞的中国业务。据了解，截至2024年，中国业务占辉瑞总收入的4%，但 在过去几年中经历了多轮重组。在中国减肥药市场，辉瑞将直面全球制药巨头及信达生物等本土竞争对 手的挑战。 先为达的ecnoglutide与诺和诺德的司美格鲁肽(Ozempic)作用机理相似，均通过模拟一种名为胰高血糖素 样肽-1(GLP-1)的天然激素来调节血糖和抑制食欲。但该公司认为，该药物略有不同的结构使其比其他 GLP-1受体激动剂更有效、更安全。在一项后期研究中，ecnoglutide实现了与礼来公司的替尔泊肽 (Zepbound)相媲美的减重效果。 根据一份声明，双方达成的交易涉及药物ecnoglutide。该药近期在中国获批用于治疗糖尿病，目前其用 于减肥的适应症正处于监 ...

恒生科技指数ETF（513180.SH）恒生互联网ETF（513330.SH）开年走低，权重股阿里巴巴、腾讯控 股、小米集团等再陷调整。 消息面上，春节假期，美联储降息预期下修，港股作为对外部流动性极为敏感的市场，节后表现较弱。 美国当地时间2月18日下午，美联储公布1月议息会议纪要，美联储官员对未来政策展望呈现巨大分歧， 市场认为短期内降息节奏可能放缓；2月19日，美国公布的初请失业金人数显示美国就业市场仍保持一 定韧性，而就业是降息周期中美联储重点关注的指标，基于此市场降低对美联储降息预期；2月20日， 美国公布的12月PCE高于预期，强化美联储暂缓降息预期，市场对6月降息预期下降至45.6%，降息预期 推迟至7月。 招商证券张夏团队点评称：短期美联储政策预期反复有扰动，但流动性冲击最大的阶段已经过去，且美 联储仍处降息周期，一旦降息预期重新稳固，港股作为离岸市场将显著受益；且春节后随着南下资金的 流入，也将为港股带来流动性支持。 投资工具方面，持续关注港股科技相关ETF：恒生科技指数ETF（513180.SH）、恒生互联网ETF （513330.SH）、港股通科技ETF基金（159101.SZ）。其中， ...

证券研究报告·宏观报告·宏观周报 金融产品周报 20260207 海外市场流动性有企稳迹象，情绪或会好转 【勘误版】 [Table_Summary] 基金规模统计：（2026.2.2-2026.2.6） 市场行情展望：（2026.2.9-2026.2.13） 基金配置建议： 2026 年 02 月 24 日 《商品流动性冲击之后，哪些品种被 "错杀"？》 2026-02-04 《黄金 ETF，2026 年 1 月复盘与 2 月 证券分析师 芦哲 展望》 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 2026-02-03 执业证书：S0600524120016 东吴证券研究所 1 / 20 tangyk@dwzq.com.cn 相关研究 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 权益类 ETF 基金规模变化统计：规模变化排名前三名的权益类 ETF 类 型分别为：规模指数 ETF（154.06 亿元），跨境行业指数 ETF（66.24 亿 元），策略指数 ETF（53.71 亿元）；基金规模变化排名后三名的权益 类 ETF 类型分别为：跨境规模 ...

截至11:07，港股通创新药ETF(159570)标的指数热门股多数回调：石药集团、中国生物制药、三生制药、翰森制药、荣昌生物跌超5%，信达生物跌超4%， 康方生物跌超3%。 | 序号 | 代码 | 名称 | 估算板車 | 涨跌幅 | 17.47 80 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 1801 | 信达生物 | 10.51% | -0.56% | 6.81亿 | | 2 | 1093 | 石药集团 | 12.18% | -3.15% | 5.98 7. | | 3 | 6160 | 高密被田 | 10.99% | -1.13% | 2.83 Z | | 4 | 1530 | 三生制药 | 6.50% | -2.57% | 2.65 Z | | 5 | 9926 | 康方生物 | 8.49% | -1.33% | 2.57 Z | | 6 | 3692 | 翰森制药 | 6.84% | -1.84% | 1.99 Z | | 7 | 1177 | 中国生物制药 | 10.01% | -3.66% | 1.74Z | | 8 | 6990 | 科伦博 ...

刘刚认为，短期看，市场或有超调，回撤后短期可能存在向上修复空间。中期看，基准情形下，我们判 断港股盈利增长3%~4%与景气结构主线情绪修复，或推动恒指中枢上行至28000~29000点左右。 2月24日，为港股市场马年第三个交易日，恒生科技指数开盘重回跌势，指数权重股腾讯控股、阿里巴 巴、百度集团、华虹半导体等股价再度调整。 自2月以来，港股尤其是恒生科技指数，走势较弱，源自三方面的变化：（1）基本面偏弱、市场担忧流 动性收紧；（2）投资者重新评估AI资本开支叙事逻辑；（3）权重股（腾讯、阿里巴巴等）短期因AI 应用现金补贴遭遇"逆风"，拖累科技板块表现。 展望港股后市，中金公司（601995）研究部董事总经理、首席海外与港股策略分析师刘刚表示，"信用 周期决定指数空间，产业趋势决定结构强弱，流动性放大波动"。 招商证券策略研究团队表示，"春节后，随着南下资金的流入，也将为港股带来流动性支持。结构上， 推荐科技（AI算力与应用）、非银（保险）与红利。"其中，恒生科技的估值底和政策底逐步夯实，但 盈利底和流动性拐点仍需确认，重点关注未来市场对恒生科技盈利预期的修正，以及美联储政策预期变 化对恒生科技的催化。一旦 ...