每经记者｜金喆 每经编辑｜陈俊杰 2026年，我国创新药出海延续高景气度，最近两天先为达、前沿生物及和铂医药接连达成三笔BD（商 务拓展）交易。 医药魔方NextPharma数据库显示，截至2月15日（春节假期期间暂未新增交易事件），中国创新药已发 生39起license-out（对外授权）交易事件，首付款约29.53亿美元，总金额超490亿美元。 《每日经济新闻》记者注意到，这一金额已超过 2025年全年总额的1/3，中国创新药的全球价值正快速 兑现。与此同时，国际顶级投行摩根士丹利（大摩）也在近期发布报告，明确看多中国医药行业长期创 新能力，行业分化与全球化成为核心关键词。大摩持续看好中国创新药 在这份报告中，摩根士丹利提炼的关键词是"催化"。报告提到，根据管理层表述，2026年1月行业会议 后，中国本土医药资产的对外授权合作交易热度依旧高涨。此外，合作方对现有合作的执行情况及期权 行使行为，是评估资产质量和全球化价值的关键——2026年将迎来大量催化因素。 医药魔方NextPharma数据库显示，2025年中国创新药BD总金额达1357亿美元，首次超过美国。2026年 增长势头更猛，前49天交易规模已超 ...

医药深度复盘+最新观点 春节期间，医药重要事件梳理 20260223 中国创新药对外授权 BD 交易活跃，截至 2 月 15 日，总首付款金额已达 30 亿美元，总体量 490 亿美元，远超 2025 年同期水平，预示 2026 年 BD 交易将大幅跃升。石药集团与阿斯利康合作金额高达 185 亿美元， 为近年来新高。 中国药企海外研发取得进展，如石药集团 PCSK9 小核酸新药 SYH2053 启动三期试验，科伦博泰卢康沙妥珠单抗启动全球临床试验，翰森制药 阿美替尼获欧盟批准，石药集团长效 GLP1/GIP 双抗 SYH2,082 获 FDA 批准 IND。 医改政策方面，《基要目录管理办法》修订强调与集采、医保衔接，原 则上每三年调整一次，集采纳入基要目录节奏或加快。已完成的集采政 策导向更温和，注重质量和反内卷，中选率达 93%，对市场结构影响较 小。 药品集采续约注重临床需求匹配度和投标供应商质量，覆盖率达 98%， 调整较小，趋向理性。续约采用询价方式，控制价格风险，符合反内卷 导向。前沿生物与 GSK 达成小核酸 BD 合作，首付款 4,000 万美元，里 程碑付款 9.63 亿美元，验证了早期研 ...

Group 1 - The Hong Kong Dividend ETF (ICBC, 159691) closed at a 2.18% increase with a trading volume of 289 million yuan on February 24 [1] - The fund was established on March 30, 2023, with an annual management fee of 0.45% and a custody fee of 0.07% [1] - As of February 13, 2025, the fund's latest share count was 6.21 billion shares, with a total size of 8.643 billion yuan, reflecting a 4.90% decrease in shares and a 2.46% increase in size year-to-date [1] Group 2 - The current fund managers are Zhao Xu and Jiao Wenlong, both managing the fund since February 5, 2026, with a return of 0.99% during their tenure [2] - The top holdings of the fund include China National Offshore Oil Corporation (14.55%), China Shenhua Energy (9.65%), and China Pacific Insurance (8.90%), among others [2] - The fund's recent trading activity shows a cumulative trading amount of 6.707 billion yuan over the last 20 trading days, with an average daily trading amount of 335 million yuan [1]

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]

五震荡走低，险守二十天线。恒指随外围低开 132 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周一港股三大指数全天强势震荡，恒生指数收涨 2.53%报 27081.91 点，恒生科技指数涨 3.34%报 5385.35 点，恒生中国企业指数涨 2.65%报 9197.38 点。大市成交 1730 亿港元。科技龙头、 半导体、有色股表现亮眼，紫金矿业、美团、中 芯国际涨超 5%，涨幅位居恒指成分股前列。新能 源汽车股普涨，蔚来涨近 6%，比亚迪股份涨近 5%。行业方面，恒生原材料业指数大涨 4.27%， 赣锋锂业涨超 8%，紫金黄金国际、五矿资源涨近 7%。大模型概念股回落，智谱跌近 ...

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 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Pharmaceutical (Pharma)** and **Biopharmaceutical/Biotech** sectors, highlighting companies with potential for value re-evaluation and those entering a performance ramp-up phase [1][2]. Core Insights and Arguments 1. **Value Re-evaluation of Pharma Companies**: - There is a recommendation to further support Pharma companies that have the potential for value re-evaluation, particularly emphasizing key marginal changes. The BD (Business Development) revenue for Pharma is expected to normalize, which will drive an upward shift in the valuation framework [1][2]. 2. **Performance Ramp-up in Biopharma/Biotech**: - Continuous recommendation for Biopharma/Biotech companies that are entering a performance ramp-up phase and have pipelines that are consistently delivering results. The expectation is that by 2026, leading Biopharma/Biotech companies will enter a period of accelerated performance [2]. 3. **Key Marginal Changes**: - The core marginal change driving the value re-evaluation logic for Pharma companies is the normalization of BD revenue. This is supported by two main factors: - Leading Pharma companies have a more comprehensive technology platform and pipeline layout, enhancing their ability to continuously produce BD assets [2]. - External transactions are evolving from sporadic single-asset licensing to a more platform-based and series-based licensing model, making upfront payments, milestones, and revenue sharing more replicable and predictable. Recent collaborations, such as the partnership between **Shiyao** and **AstraZeneca** for a long-acting weight loss drug (total package of $18.5 billion) and **Innovent** with **Eli Lilly** in oncology and immunology (total package of $8.9 billion), exemplify this trend [2]. Recommendations - Specific companies recommended for investment include: - **Hengrui Medicine** - **Hansoh Pharmaceutical** - **Shiyao Group** (new addition in February) - **China National Pharmaceutical Group** - **Sinopharm** (new addition in February) - **Haisco** [2]. Additional Important Insights - The oncology, metabolism, and autoimmune sectors are expected to see a concentration of critical data releases. The integration of new technology platforms such as small nucleic acids, bispecific/trispecific antibodies, next-generation ADCs, and PROTAC/molecular glue is anticipated to provide significant valuation elasticity for leading companies at key data points, potentially opening up overseas BD opportunities [3].

【国泰海通医药】春节期间创新药领域重点新闻梳理-上市公司 恒瑞医药： 1）2/12 CDE官网显示公司递交了ANGPTL3单抗SHR-1918针对HOFH的上市申请。 目前公司暂未披露1918的III期临床结果； 1）2/20 公司公告阿美替尼已获欧洲药品管理局EMA批准在欧盟上市，用于EGFR19del或L858RNSCLC一线治疗， 以及T790MNSCLC治疗； 石药集团： 1）2/16 公司公告旗下受体偏向性GLP1/GIP激动剂月制剂SYH2082在美国获批临床； 信立泰： 翰森制药： 1）2/20 公司公告阿美替尼已获欧洲药品管理局EMA批准在欧盟上市，用于EGFR19del或L858RNSCLC一线治疗， 以及T790MNSCLC治 【国泰海通医药】春节期间创新药领域重点新闻梳理-上市公司 恒瑞医药： 1）2/12 CDE官网显示公司递交了ANGPTL3单抗SHR-1918针对HOFH的上市申请。 目前公司暂未披露1918的III期临床结果； 翰森制药： 1）2/20 公司在《欧洲呼吸杂志子刊-开放研究》ERJ OPEN RESEARCH上披露了IL17RB单抗SM17针对CRSWNP和 IPF ...

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the global business development (BD) activities in the pharmaceutical sector during the Chinese New Year period from February 13 to February 23, 2026, highlighting a total of 18 BD transactions globally [1] Core Insights and Arguments - **Key Transactions**: - Qinhai Bio licensed its MAT2A inhibitor (GH31), which has received IND approval in China and the US and is currently in Phase I clinical trials, to Gilead. Qinhai will receive an upfront payment of $80 million, $1.45 billion in milestone payments, and a tiered double-digit percentage royalty based on net sales [1] - Other notable transactions include: - Novartis partnered with Unnatural Products to develop macrocyclic peptide drugs, focusing on cardiovascular applications, with Unnatural Products receiving an upfront payment of $100 million and potential milestone payments of $1.7 billion [1] - Eli Lilly acquired global rights for the IL6 monoclonal antibody clazakizumab from CSL for all indications except end-stage renal disease, with CSL receiving an upfront payment of $100 million [1] - Merck collaborated with Mayo Clinic to integrate clinical and genomic data, focusing on early research translation in inflammatory bowel disease, skin diseases, and neurology [1] - **Year-to-Date Transactions**: - From January 1 to February 23, 2026, there have been 36 BD transactions involving Chinese companies, with 13 of these transactions involving multinational corporations (MNCs) [1] Additional Important Insights - **Comparison with Previous Year**: - In comparison, there were 26 BD transactions during the same period in 2025, with only 3 involving MNCs [2] - **Future Outlook**: - The analysis indicates that MNCs have increased their focus on Chinese BD teams and asset searches since the second half of 2025, suggesting a positive outlook for more BD transactions involving Chinese assets and MNCs in 2026 [2]

（来源：河北法制报） "海世界商圈是高新区的老牌核心，春节期间日均人流量激增。"毕玉磊介绍，珠峰派出所深耕"商圈警 务"，设立专属警务室，联合保安、商户组建"平安合伙人"队伍，让服务岗亭前移至群众身边。不到一 小时，问路、寻物、调解消费纠纷 【下载黑猫投诉客户端】，毕玉磊接连处理三起求助。 两万步的日常巡逻，走出了群众的安心路。"看到游客舒心、商户放心，这步数就走得值！"毕玉磊笑着 说。 11时30分，湘江道沿线 融情社区，"连心桥"守护银发族安全 从昆仑大街转入湘江道，城市之心广场暖意融融，老人推着婴儿车散步，孩子们在健身器材旁嬉 戏。"湘江道周边既有高端写字楼，也有老旧居民区，是典型的城乡接合部。"湘江大道派出所社区民警 张文中一边巡逻，一边向记者介绍。其间，他还不断和锻炼的市民唠几句，拉拉家常。 张文中积极践行"网格+警格"深度融合，将网格员、物业人员、楼长纳入防控体系，针对独居老人推 出"银发守护"工程，定期上门走访、宣讲防诈知识。"前几天有推销保健品的，张警官当场就劝走 了！"在这里溜圈儿的王大爷对张文中竖起大拇指。 □ 本报记者 鲍娜军 正月里的石家庄高新区，裕华东路上车水马龙、年味正浓。2月21 ...