香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 HUTCHMED (China) Limited 和黃醫藥（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：13） 自願性公告 和黃醫藥宣佈SACHI III期研究結果於《柳葉刀 (The Lancet)》發表 ― 首個隨機III期臨床試驗證實MET抑制劑在伴有獲得性MET擴增的既往EGFR TKI治療後疾病進展的 晚期非小細胞肺癌患者中的療效 — — 賽沃替尼和奧希替尼的聯合療法於2025年6月在中國獲批 — 和黃醫藥（中國）有限公司（簡稱「和黃醫藥」或 「HUTCHMED」）今日宣佈SACHI III期研究的結果於《柳葉刀 （The Lancet）》發表。SACHI是一項賽沃替尼（savolitinib ，沃瑞沙®/ORPATHYS®）和奧希替尼（osimertinib ， 泰瑞沙®/TAGRISSO®）的聯合療法用於治療伴有MET擴增的接受一線表皮生長因子受體（「EGFR」）酪氨酸激酶 ...

Core Viewpoint - In 2025, despite a significant market downturn, the Hang Seng Healthcare Index maintained an annual increase of over 50%, while Hutchison China MediTech (00013) experienced an annual decline of 8.56%, underperforming the index significantly [1] Group 1: Stock Performance - Hutchison China MediTech's stock reached a peak increase of only 36.36% in 2025, with a notable decline in the second half of the year, where the stock price fell from a high of HKD 30.75 to a low of HKD 19.95, marking a maximum drop of 35.12% over four and a half months [1] - The stock showed a rebound at the beginning of 2026, achieving a "five consecutive days of gains" with a peak single-day trading volume of 15.45 million shares, the highest since October of the previous year [1] Group 2: Financial Performance - In the 2025 mid-year report, the company reported revenues of USD 278 million, a year-on-year decrease of 9.2%. However, due to the sale of non-core joint venture equity, net profit surged to USD 455 million, a 16.6-fold increase [2] - The sales of the company's three main innovative drugs, including Fuzulopatinib, Surufatinib, and Savolitinib, saw a significant decline of 30-50%, leading to a 22% year-on-year drop in self-owned product sales [2] Group 3: Market Sentiment and Trading Behavior - Following the mid-year report, the stock price underwent a month-long adjustment, with a brief recovery in mid-September, but this was interrupted by a decline in the Hang Seng Healthcare Index [3] - The stock exhibited a "follow the market down" behavior, with a shift in trading style among investors, particularly in the Hong Kong Stock Connect, which began to align more closely with the stock's price movements starting in November [5] Group 4: Pipeline and Future Prospects - The decline in stock performance in 2025 was attributed to the lack of commercial performance from the main innovative drugs, creating a gap in the second half of the year [7] - The company has developed a diversified pipeline from oncology to autoimmune diseases, with several candidates entering critical clinical stages, including Sovleplenib, HMPL-453, HMPL-306, and HMPL-506 [7] - Recent updates on the progress of new and existing pipeline products have driven the stock's rebound, with significant announcements regarding new drug applications and clinical trial advancements [8][9] Group 5: Specific Drug Developments - Sovleplenib, a selective oral SYK inhibitor, is expected to be approved this year for the treatment of refractory/relapsed primary immune thrombocytopenia (ITP), potentially generating new revenue streams [9] - HMPL-453, a selective and potent FGFR1/2/3 inhibitor, is anticipated to be approved by 2027, indicating a long-term growth potential for the company [10]

Group 1: Overseas Service Industry - The investment rating for the overseas service industry is positive, with Macau's gaming revenue maintaining double-digit growth and visitor numbers reaching historical highs [1][3]. - In December, Macau's gross gaming revenue was 20.9 billion MOP, representing a year-on-year increase of 14.8%, and recovering to 91% compared to the same period in 2019 [3]. - The total number of visitors to Macau in 2025 is projected to be 40.06 million, a year-on-year increase of 14.7%, marking a historical high [3]. Group 2: Overseas Pharmaceutical Industry - The investment rating for the overseas pharmaceutical industry is optimistic, with significant advancements in drug approvals and clinical trials [2][6]. - BeiGene's BCL2 inhibitor received conditional approval in China for treating chronic lymphocytic leukemia and mantle cell lymphoma, marking it as the first approved BCL2 inhibitor for MCL in the country [6][7]. - The Hang Seng Healthcare Index rose by 11.15%, outperforming the Hang Seng Index by 9.12 percentage points [6]. Group 3: Overseas Education Industry - The investment rating for the overseas education industry is favorable, with a focus on vocational training and spring enrollment [12][14]. - The education index increased by 2.7% in the first week of January, outperforming the Hang Seng National Enterprises Index by 1.3 percentage points [12]. - China Oriental Education is recommended as a top pick due to its proactive operational adjustments and expected enrollment growth in the second half of the year [14].

Group 1: Overseas Social Services - The investment rating for the overseas social services sector is positive, with a focus on Macau's gaming revenue maintaining double-digit growth and record visitor numbers during New Year's [1][4]. - In December, Macau's gross gaming revenue reached 20.9 billion MOP, representing a year-on-year increase of 14.8%, and recovering to 91% compared to the same period in 2019. The total gross gaming revenue is expected to grow by 9.1% in 2025 [4]. - The total number of visitors to Macau in 2025 is projected to be 40.06 million, a year-on-year increase of 14.7%, marking a historical high. On New Year's Day 2026, the number of visitors reached 188,000, the highest ever for that day [4]. Group 2: Overseas Pharmaceuticals - The investment rating for the overseas pharmaceuticals sector is also positive, with significant developments in drug approvals and clinical trials [2][7]. - BeiGene's BCL2 inhibitor received conditional approval in China for treating chronic lymphocytic leukemia and mantle cell lymphoma, marking it as the first and only BCL2 inhibitor approved for MCL in the country [8][9]. - The Hang Seng Healthcare Index rose by 11.15%, outperforming the Hang Seng Index by 9.12 percentage points, indicating strong market performance [7]. Group 3: Overseas Education - The investment rating for the overseas education sector is favorable, with a focus on vocational education and training [3][14]. - The education index increased by 2.7%, outperforming the Hang Seng Index by 1.3 percentage points, indicating a positive market trend [14]. - The report suggests focusing on Hong Kong vocational education companies, particularly China Oriental Education, which is expected to see enrollment growth due to strategic adjustments in response to market demand [16].

Group 1: Core Insights - A-share major indices showed divergence on January 8, 2026, with the Shanghai Composite Index rebounding, driven by the "Elon Musk concept" and a surge in brain-computer interface and commercial aerospace sectors [1] - The Aerospace ETF (159267) rose by 4.51%, with a trading volume of 1.07 billion yuan, indicating active market participation [1] - The brain-computer interface sector is experiencing significant growth, spurred by Neuralink's announcement of large-scale production of brain-computer interface devices starting in 2026, which lowers application barriers [1] Group 2: Commercial Aerospace Sector - The commercial aerospace sector is gaining strength due to a dual resonance from global and domestic factors, including SpaceX's acceleration in Starship production and the rapid development of satellite internet services [2] - China's "14th Five-Year Plan" supports commercial aerospace development, with major projects like China Star Network and Qianfan Constellation accelerating, leading to a busy launch schedule in 2026 [2] - The Aerospace ETF closely tracks the National Aerospace Industry Index, which consists of high-quality companies in aerospace equipment and military electronics, reflecting the industry's overall performance [2] Group 3: Biotechnology Sector - The Hong Kong Stock Connect Biotechnology ETF (159102) closely follows the Hang Seng Biotechnology Index, focusing on core areas of biotechnology, with a higher concentration of innovative drugs and CXO [3] - The adjusted index aims to more accurately reflect the performance of Hong Kong-listed biotechnology companies, enhancing industry representation [3]

Core Viewpoint - The Hong Kong stock market continues to adjust, but the innovative drug sector is experiencing a rally, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising for the fourth consecutive day, gaining over 2% and surpassing the 60-day moving average [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) opened high and rose by 2.02% to a price of 0.555, with a trading volume of 95,100 shares [2]. - Major constituents of the ETF include: - InnoCare Pharma-B (映恩生物-B) up over 6% - Hutchison China MediTech (和黄医药) up over 4% [1][2]. Group 2: Regulatory and Company Developments - The National Medical Products Administration (NMPA) has optimized the review and approval process for innovative drugs, encouraging the application of urgently needed overseas marketed original and generic drugs in China [1][3]. - Recent announcements from innovative drug companies include: - Sinopharm's SAL0145 injection clinical trial application accepted by NMPA [3]. - Hengrui Medicine's approval for its innovative drug Rilapladib injection [3]. Group 3: Investment Sentiment and Recommendations - Recent reports from securities firms such as Pacific Securities, Guotai Junan, and Industrial Securities are bullish on the innovative drug sector, emphasizing the importance of "innovation + internationalization" as a core theme for the pharmaceutical sector by 2026 [3][4]. - The Hong Kong Stock Connect Innovative Drug ETF (520880) tracks the Hang Seng Stock Connect Innovative Drug Select Index, which has three key advantages: 1. Pure and comprehensive coverage of innovative drug R&D companies [4]. 2. High concentration of leading companies, with the top ten innovative drug leaders accounting for over 73% of the index [5]. 3. Controlled risks through forced de-weighting of less liquid constituent stocks [4].

Core Viewpoint - The Hong Kong stock market continues to adjust, but the innovative drug sector is experiencing a rally, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising for the fourth consecutive day, gaining over 2% and surpassing the 60-day moving average [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) opened high and rose by 2.02%, reaching a price of 0.555 [2]. - Major components of the ETF, such as InnoCare Pharma-B and Hutchison China MediTech, saw significant gains of over 6% and 4%, respectively [1][3]. Group 2: Regulatory Environment - The National Medical Products Administration (NMPA) has optimized the review and approval process for innovative drugs, encouraging the application of urgently needed foreign-origin original and generic drugs in China [1][3]. Group 3: Company Developments - Recent announcements from innovative drug companies include the acceptance of clinical trial applications for SAL0145 injection by Sinopharm and the approval of the innovative drug Rilapladib by Hengrui Medicine [3]. - Securities firms are increasingly optimistic about the innovative drug sector, with reports from Pacific Securities, Guotai Junan, and Industrial Securities recommending continued focus on the innovative drug and medical device industry chain [3]. Group 4: ETF Characteristics - The Hong Kong Stock Connect Innovative Drug ETF (520880) tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which has three unique advantages: it is purely focused on innovative drugs, has a high concentration of leading companies, and effectively controls risks associated with less liquid stocks [3][4]. - The top ten holdings in the ETF account for over 73% of its weight, highlighting the dominance of leading innovative drug companies [5].

Core Viewpoint - The Hong Kong stock market continues to adjust, but innovative pharmaceuticals are leading the gains, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising for the fourth consecutive day, surpassing the 60-day moving average [1]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) opened high and increased by 2%, with a notable performance from its constituent stocks, including Immune-Oncotherapy (up over 6%) and Hutchison China MediTech (up over 4%) [1]. - The ETF's net asset value has shown a significant increase, reflecting strong investor interest in the innovative drug sector [2]. Group 2: Regulatory Environment - The National Medical Products Administration (NMPA) has optimized the review and approval process for innovative drugs, encouraging the application of urgently needed foreign-origin innovative and generic drugs in China [1][3]. Group 3: Company Developments - Recent announcements from innovative pharmaceutical companies include the acceptance of clinical trial applications for SAL0145 injection by Sinopharm and the approval of the innovative drug Rilapladib by Hengrui Medicine [3]. - Securities firms have been increasingly optimistic about the innovative drug sector, with reports from Pacific Securities, Guotai Junan, and Industrial Securities recommending continued focus on the innovative drug and medical device industry chain [3]. Group 4: ETF Characteristics - The Hong Kong Stock Connect Innovative Drug ETF (520880) tracks the Hang Seng Stock Connect Innovative Drug Select Index, which has three unique advantages: it is purely focused on innovative drug companies, has a high concentration of leading firms, and employs measures to control risks associated with less liquid stocks [4][5]. - The top ten constituent stocks of the ETF account for over 73% of its weight, indicating a strong representation of leading companies in the innovative drug sector [6].

Group 1 - The Hong Kong stock market continues to adjust, but the innovative drug sector is experiencing gains, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising for the fourth consecutive day, up 2% and surpassing the 60-day moving average [1][8] - Major components of the ETF include companies like InnoCare Pharma-B, which rose over 6%, and Hutchison China MediTech, which increased by over 4% [1][8] - The National Medical Products Administration (NMPA) has optimized the review and approval process for innovative drugs, encouraging the application of urgently needed foreign-origin drugs and generics in China [1][10] Group 2 - Recent announcements from innovative drug companies include the acceptance of clinical trial applications for SAL0145 injection by Sinopharm and the approval of the innovative drug Ruilafup α injection by Hengrui Medicine [3][10] - Securities firms are increasingly optimistic about the innovative drug sector, with reports from Pacific Securities, Guotai Junan, and Industrial Securities recommending continued focus on the innovative drug and medical device industry chain [3][10] - The Hong Kong Stock Connect Innovative Drug ETF (520880) tracks the Hang Seng Stock Connect Innovative Drug Select Index, which has three unique advantages: it is purely focused on innovative drugs, has a high concentration of leading companies, and offers better risk control by reducing the weight of less liquid stocks [3][10] Group 3 - The top ten holdings in the Hong Kong Stock Connect Innovative Drug ETF account for over 73% of the total weight, indicating a strong presence of leading companies in the innovative drug sector [4][11] - Notable companies in the ETF include Kangfang Biologics (10.49% weight), BeiGene (10.01%), and CSPC Pharmaceutical Group (9.97%), among others, with a total market capitalization of approximately HKD 11.35 billion [4][11] - For investors looking to reduce volatility while still focusing on innovative drugs, the market offers the only pharmaceutical ETF (562050) that combines innovative drugs with traditional Chinese medicine, providing a more stable investment option [4][12]

行业多项关键政策突破与落地，首版《商业健康保险创新药品目录》于2025年12月正式发布，其构建 的"基本医保保基本，商保保创新"的多层次支付体系，为高值创新药开辟出市场新通路。 展望2026年，业内人士普遍看好，在产业政策对真创新、高水平创新的支持下，大量创新药BD将密集 落地。 商保实施与集采优化双轮推动下，创新药产业链高景气度有望延续，高价值创新药有望迎来第二增长曲 线。 港股创新药板块企业包括： 智通财经APP获悉，记者从国家药监局获悉，为加快临床急需境外已上市药品在境内上市，满足患者临 床用药迫切需求，国家药监局进一步优化这类药品审评审批。国家药监局表示，坚持以临床价值为导 向，鼓励申请人在中国开展全球同步研发、同步申报上市;鼓励临床急需境外已上市的原研药及仿制药 在境内申报，对于符合要求的可纳入优先审评审批范围。 公告显示，国家药监局将优化审评机制，加快审评速度;同时，也将完善检验制度，体现品种特点。 2025年我国已批准上市的创新药达76个，大幅超过2024年全年48个，创历史新高。此外，2025年我国创 新药对外授权交易总金额超过1300亿美元，授权交易数量超过150笔，同样创历史新高。 据了解 ...