Core Viewpoint - The innovative drug sector is experiencing a significant rise, with multiple companies reporting substantial stock increases and notable collaborations in 2026, indicating a robust growth phase for the industry [1] Group 1: Stock Performance - Companies such as CSPC Pharmaceutical (01093) saw a stock increase of 7.16%, trading at HKD 10.48; WuXi Biologics (02269) rose by 5.54% to HKD 40.36; CanSino Biologics-B (02162) increased by 5.45% to HKD 60.95; Innovent Biologics (01801) gained 5.15% to HKD 89.8; and Zai Lab (09688) rose by 4.9% to HKD 14.76 [1] Group 2: Collaborations and Partnerships - Significant collaborations have emerged in 2026, including CSPC Pharmaceutical's partnership with AstraZeneca valued at up to USD 18.5 billion, and Rongchang Biopharmaceutical's agreement with AbbVie worth USD 5.6 billion, showcasing various innovative drug export models [1] Group 3: Industry Growth and Outlook - According to Open Source Securities, the revenue growth in the innovative drug sector is accelerating, with over 70% of companies expected to achieve positive revenue growth by 2025; the sector has undergone a correction over the past two quarters, but long-term prospects for quality stocks appear favorable [1] - The firm recommends increasing allocation to the innovative drug sector, focusing on companies with established overseas operations and high clinical data quality, which are likely to have better export probabilities [1]

Core Viewpoint - The Hong Kong stock market showed strong performance in the healthcare sector, particularly in innovative drugs and medical companies, with significant gains observed in various stocks [1] Group 1: Market Performance - The Hong Kong stock market experienced fluctuations but ultimately strengthened, with notable performances in the innovative drug and medical sectors [1] - Stocks such as CSPC Pharmaceutical Group and Innovent Biologics rose over 6%, while others like Zai Lab and WuXi Biologics increased by more than 5% [1] - The Hong Kong Stock Connect Medical ETF (159506) saw a rise of over 3% during trading [1] Group 2: Industry Insights - At the J.P. Morgan Healthcare Conference held in January, global pharmaceutical companies disclosed advanced research pipelines and significant business development transactions, creating clear order expectations for the CXO industry [1] - The penetration of AI in healthcare is accelerating, with applications expanding from smart consultations to chronic disease management, leading to a reevaluation of the value of internet healthcare platforms like Alibaba Health and JD Health [1] - Analysts suggest that the current healthcare sector presents multiple investment opportunities, with the CXO industry benefiting from a recovery in overseas orders and domestic capacity clearance [1] - The medical device sector is supported by domestic equipment upgrade policies and overseas market expansion, with cutting-edge areas like brain-computer interfaces and AI imaging continuously catalyzing growth [1] - Internet healthcare is optimizing operational efficiency against the backdrop of deepening medical insurance payment reforms, leading to a clearer profitability growth trajectory [1] Group 3: ETF Information - The Hong Kong Stock Connect Medical ETF (159506) closely tracks the Hang Seng Hong Kong Stock Connect Innovative Drug and Healthcare Index (HSSCHI) [2] - The index composition emphasizes companies with high R&D expenditure and innovative drug business, ensuring that companies with the lowest average R&D to revenue ratio over the past two years are excluded [2] - This innovative focus aids investors in accurately capturing investment opportunities within the Hong Kong pharmaceutical sector [2]

Group 1 - The Hong Kong biotechnology sector continues to strengthen, with notable gains in several companies [1] - Insilico Medicine saw an increase of over 10%, while I-Mab gained more than 7% [1] - Other companies such as Zai Lab, Rongchang Biopharma, and WuXi AppTec also experienced upward movement [1]

Core Viewpoint - The Hong Kong pharmaceutical sector is experiencing significant activity, driven by major licensing deals and a shift towards commercialization of innovative drugs, indicating a potential investment opportunity in this space [1][3]. Group 1: Market Activity - Hong Kong pharmaceutical stocks are active, with notable increases in companies like Innovent Biologics, which saw a rise of 7.42% followed by an additional 5% increase, alongside significant gains in other firms such as Zai Lab and CSPC Pharmaceutical [1]. - The Hong Kong Stock Connect Innovative Drug ETF (520880) has shown strong performance, rising over 2% and recovering above the 20-day moving average [1]. Group 2: Licensing Deals - The total transaction scale for China's innovative drug licensing-out reached a record $135.7 billion in 2025, with significant collaborations in January 2026, including deals between CSPC and AstraZeneca ($18.5 billion) and Rongchang and AbbVie ($5.6 billion), highlighting the global value of domestic innovative drug pipelines [1][2]. Group 3: Industry Trends - The innovative drug sector in China is transitioning from "scale accumulation" to "value release," with a focus on commercializing drug pipelines, suggesting a period of performance realization for the industry [3]. - The Hong Kong medical sector is showing strength, with the innovative drug industry chain leading the gains, as evidenced by the performance of the Hong Kong Stock Connect Medical ETF [3]. Group 4: Investment Recommendations - Analysts recommend increasing attention to high-growth and improving expectation sectors within the pharmaceutical industry, as the impact of medical insurance cost control has been fully reflected in market expectations [3][4].

Core Insights - The Hong Kong stock market for innovative drugs is experiencing a strong rally, with the Hong Kong Stock Connect Innovative Drug ETF (159570) rising over 3% and achieving a trading volume exceeding 1.3 billion yuan yesterday and over 1 billion yuan today, bringing its total size to over 25 billion yuan [1][3]. Group 1: Market Performance - The innovative drug sector has seen significant interest, with the ETF's latest scale leading among its peers [1]. - Notable stocks within the ETF, such as Rongchang Biopharmaceutical and Zai Lab, have reported gains exceeding 6%, while others like Innovent Biologics and CSPC Pharmaceutical have also shown strong performance [4][5]. Group 2: Recent Developments - Recent collaborations in the innovative drug sector include a partnership between Fuhong Hanlin and Eisai for the commercialization of the anti-PD-1 monoclonal antibody, with an upfront payment of $75 million and potential milestone payments totaling up to $300 million [3]. - Yunding Xinyao announced the approval of Etrasimod for the treatment of moderate to severe active ulcerative colitis in China, following a $224 million deal for exclusive rights in Greater China and South Korea [3]. - Innovent Biologics has entered a strategic collaboration with Eli Lilly to advance global R&D in oncology and immunology, with an upfront payment of $350 million and potential milestone payments of up to $8.5 billion [3]. Group 3: Analyst Recommendations - Analysts from Kaiyuan Securities suggest increasing allocation to the innovative drug sector, highlighting the valuation attractiveness of quality stocks and the potential for significant returns from companies with strong clinical data and overseas expansion prospects [4]. - The report emphasizes the importance of focusing on innovative drugs that have shown resilience and potential for growth, particularly in the context of upcoming earnings reports in 2025 and early 2026 [6].

Group 1: Market Activity - Hong Kong pharmaceutical stocks remain active, with Innovent Biologics experiencing a significant surge following an $8.85 billion business development deal, rising 5% after a previous 7.42% increase [1][7] - Other companies such as Zai Lab, CSPC Pharmaceutical, and Rongchang Biologics also saw substantial gains [1][7] - The Hong Kong Stock Connect Innovation Drug ETF (520880) rose over 2% during trading, recovering above the 20-day moving average [1][7] Group 2: Industry Trends - The total transaction scale for China's innovative drug license-out reached a record $135.7 billion in 2025, with significant collaborations in January 2026, including a $18.5 billion deal between CSPC and AstraZeneca, and a $5.6 billion deal between Rongchang and AbbVie, highlighting the global value of domestic innovative drug pipelines [9] - The innovative drug sector is transitioning from "scale accumulation" to "value release," with a focus on commercial realization of pipeline expectations [9] - The innovative drug sector has seen a correction over the past two quarters, but many quality stocks now offer attractive valuations, suggesting increased attention is warranted [9] Group 3: Investment Recommendations - Analysts recommend focusing on high-growth and improving expectation sectors within the pharmaceutical industry, as the impact of medical insurance cost control has been fully reflected [11] - The Hong Kong Stock Connect Innovation Drug ETF (520880) and its associated funds are highlighted for their 100% focus on innovative drug research companies, with the top ten weighted stocks accounting for over 73% [11] - The Hong Kong Stock Connect Medical ETF (159137) is suggested for its coverage of innovative medical concepts, including brain-computer interfaces and AI healthcare, while also encompassing leading companies across the entire innovative drug supply chain [11]

Core Viewpoint - The Hong Kong stock market showed strong performance in the early session, particularly in the innovative drug sector, indicating a robust demand for pharmaceuticals and a shift towards an "innovation-driven" revenue era in the industry [1] Group 1: Market Performance - Innovative drug stocks performed well, with notable gains: Zai Lab rose over 6%, CanSino Biologics-B increased over 5%, and Rongchang Biologics climbed over 4% [1] - The Hong Kong Innovative Drug ETF (159567) rose over 2%, reflecting the positive sentiment in the sector [1] Group 2: Industry Insights - Analysts attribute the pharmaceutical industry's ability to reach new highs despite ongoing challenges to the continuous demand for medical solutions and the increasing number of unmet needs [1] - Pharmaceutical companies are significantly increasing their R&D investments to address these unmet needs, positioning China as a key player in global innovative drug development [1] - The trend of overseas licensing has been rising year after year, further emphasizing the industry's shift towards innovation [1] Group 3: Investment Opportunities - The Hong Kong Innovative Drug ETF (159567) tracks the National Index of Hong Kong Innovative Drugs, aiming to reflect the performance characteristics of listed companies in the innovative drug sector [1] - Investors can also access the Hong Kong Innovative Drug ETF through linked funds (Class A: 023929, Class C: 023930) to capitalize on the upward opportunities in the sector [1]

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 ...

Core Viewpoint - The Nasdaq Golden Dragon China Index saw an initial increase of 1.21%, indicating positive market sentiment towards Chinese stocks listed in the U.S. [1] Company Performance - NIO experienced a significant rise of 7.4% - Miniso increased by 5.4% - Yum China rose by 3.4% - Li Auto gained 2.8% - ZTO Express, Zai Lab, Bilibili, Baidu, and Kingsoft Cloud all saw increases of over 2% - Alibaba had a modest increase of 0.7% - Pony.ai declined by 1.2% - New Oriental fell by 2.8% [1] ETF Performance - KWEB ETF rose by 1.14% - CQQQ ETF increased by 0.7% - ASHR ETF decreased by 0.1% - ASHS ETF fell by 1.3% [1]

致：香港交易及結算所有限公司 公司名稱: 再鼎醫藥有限公司 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 | | | 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) | 09688 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.000006 USD | | | 30,000 | | 增加 / 減少 (-) | | | | | | USD | | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.000006 USD | | | 30,000 | 本月底法定/註冊股本總額： USD 30,000 FF ...