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。 港股马年首个交易日主要股指表现分化，恒生指 数跌 1.1%报 26413.35 点，恒生科技指数跌 2.91% 报 5211.5 点，恒生中国企业指数跌 1.22%报 8959.56 点，恒生红筹指数逆势涨 0.09%报 4384.28 点，大市成交 1653.73 亿港元。盘面 上，互联网科技股普跌，百度跌超 6%，阿里巴巴 跌近 5%；半导体股走弱，华虹半导体跌近 6%，中 芯国际跌超 3%。国产 AI 大模型板块逆势走强， 智谱涨近 43%，MiniMax 涨超 14%，两者市值均突 ...

Group 1 - The mainland internet healthcare sector is entering a new phase driven by tech giants accelerating AI innovation and government policy support, such as the online initial diagnosis pilot program launched in Beijing [1] - Despite challenges in profitability, leading companies are leveraging AI ecosystems and innovative strategies for long-term sustainable growth [1] Group 2 - The company maintains a "Buy" rating for Alibaba Health (00241) with a target price of HKD 7.8, expecting a compound annual growth rate (CAGR) of 13% in revenue and 24% in adjusted net profit from FY2026 to FY2028, driven by growth in innovative drugs and healthcare products, deepening synergy with Alibaba Group (09988), and increasing AI application [1] - The company also favors Ping An Good Doctor (01833) with a "Buy" rating and a target price of HKD 20, anticipating a CAGR of 16% in revenue and 56% in adjusted net profit from FY2025 to FY2027, supported by deepening synergy with Ping An Insurance (02318) and ongoing AI empowerment [1] Group 3 - The company maintains an "Overweight" rating for the mainland healthcare sector, preferring leading innovative pharmaceutical companies and contract research, development, and manufacturing organizations (CRDMOs) [2] - The company is optimistic about internet healthcare firms that effectively utilize real-world data to optimize AI algorithms and enhance service quality [2] - Preferred stocks include BeiGene (06160), Innovent Biologics (01801), Hansoh Pharmaceutical (03692), China Biologic Products (01177), Hutchison China MediTech (00013), WuXi Biologics (02269), WuXi AppTec (02359), and Alibaba Health [2]

Group 1 - The mainland internet healthcare sector is entering a new phase driven by tech giants accelerating AI innovation and government policy support, such as the online initial diagnosis pilot program launched in Beijing [1] - Despite challenges in profitability, leading companies are leveraging AI ecosystems and innovative strategies for long-term sustainable growth [1] - Alibaba Health (00241) is favored with a "Buy" rating and a target price of HKD 7.8, with expected revenue and adjusted net profit CAGR of 13% and 24% from FY2026 to FY2028, driven by innovative drugs, healthcare product growth, and deepening synergies with Alibaba [1] Group 2 - Ping An Good Doctor (01833) is also favored with a "Buy" rating and a target price of HKD 20, with expected revenue and adjusted net profit CAGR of 16% and 56% from FY2025 to FY2027, supported by synergies with Ping An (02318) and ongoing AI empowerment [1] - The firm maintains an "Overweight" rating on the mainland healthcare sector, preferring leading innovative pharmaceutical companies and contract research, development, and manufacturing organizations (CRDMOs) [2] - Companies that effectively utilize real-world data to optimize AI algorithms and enhance service quality in internet healthcare are also favored, with preferred stocks including BeiGene (06160), Innovent Biologics (01801), Hansoh Pharmaceutical (03692), China Biologic Products (01177), Hutchison China MediTech (00013), WuXi Biologics (02269), WuXi AppTec (02359), and Alibaba Health [2]

Core Viewpoint - China National Pharmaceutical Group (01177.HK) has received approval from the National Medical Products Administration (NMPA) for its self-developed Class 1 innovative drug, Bemosituzumab (brand name: Andevate®), for a new indication in treating patients with unresectable stage III non-small cell lung cancer (NSCLC) who do not have known epidermal growth factor receptor (EGFR) sensitive mutations or anaplastic lymphoma kinase (ALK) rearrangements after platinum-based chemoradiotherapy without disease progression [1]. Group 1 - The drug Bemosituzumab has been approved for a specific patient population, which includes those with unresectable stage III NSCLC [1]. - The approval is significant as it addresses a critical need for treatment options in patients who have not progressed after receiving platinum-based therapies [1]. - The indication specifically targets patients without known EGFR sensitive mutations or ALK rearrangements, highlighting a niche market for the drug [1].

Core Viewpoint - China National Pharmaceutical Group's innovative drug Bemosituzumab (brand name: Andevate) has received approval from the National Medical Products Administration (NMPA) for a new indication in treating unresectable stage III non-small cell lung cancer (NSCLC) patients who have not progressed after platinum-based chemotherapy [1] Group 1 - The approval is based on positive results from the R-ALPS study, which was presented at the 2025 American Society of Clinical Oncology (ASCO) annual meeting [1] - The study included patients with locally advanced or unresectable stage III NSCLC who had not progressed after synchronous/sequential chemoradiotherapy, comparing Bemosituzumab to a placebo [1] Group 2 - The median follow-up time was 19.4 months, with a median progression-free survival (PFS) of 9.69 months for the Bemosituzumab group compared to 4.17 months for the placebo group (HR=0.53, 95% CI 0.39-0.72, p<0.0001), indicating a 47% reduction in the risk of disease progression or death [2] - Subgroup analyses showed consistent benefit trends across various groups, demonstrating the broad applicability of this treatment [2] - Overall survival (OS) data is not yet mature, with median OS not reached, but a trend towards OS benefit was observed (HR=0.76, 95% CI 0.50-1.14) [2] Group 3 - The incidence of grade 3 or higher treatment-related adverse events (TRAEs) was 29.4% in the Bemosituzumab group compared to 19.7% in the placebo group [2] - Bemosituzumab is the third PD-L1 inhibitor approved in China for consolidation therapy after radical chemoradiotherapy for locally advanced or unresectable NSCLC [2] - The company aims to continue focusing on innovation in lung cancer treatment, developing a pipeline that covers multiple molecular subtypes and treatment scenarios to enhance patient survival benefits [2]

Core Viewpoint - China National Pharmaceutical Group's innovative drug Bemosituzumab (brand name: Andevate®) has received approval from the National Medical Products Administration (NMPA) for a new indication in treating unresectable stage III non-small cell lung cancer (NSCLC) patients who have not experienced disease progression after platinum-based chemoradiotherapy [1] Group 1 - The approval is based on positive results from the R-ALPS study, which was presented at the 2025 American Society of Clinical Oncology (ASCO) annual meeting [1] - The study included patients with locally advanced or unresectable stage III NSCLC who received either Bemosituzumab or a placebo as consolidation treatment until disease progression, with the primary endpoint being progression-free survival (PFS) assessed by blinded independent central review (BICR) [1] Group 2 - The median follow-up time was 19.4 months, with a median PFS of 9.69 months for the Bemosituzumab group compared to 4.17 months for the placebo group (HR=0.53, 95% CI 0.39-0.72, p<0.0001), indicating a 47% reduction in the risk of disease progression or death [2] - Subgroup analyses showed consistent benefit trends across various groups, demonstrating the broad applicability of this treatment [2] - Overall survival (OS) data is not yet mature, with median OS not reached, but a trend towards OS benefit was observed (HR=0.76, 95% CI 0.50-1.14) [2] Group 3 - The incidence of grade 3 or higher treatment-related adverse events (TRAEs) was 29.4% in the Bemosituzumab group compared to 19.7% in the placebo group [2] - Bemosituzumab is the third PD-L1 inhibitor approved in China for consolidation treatment after radical chemoradiotherapy for locally advanced or unresectable NSCLC [2] - The company aims to continue focusing on innovation in lung cancer treatment, developing a pipeline that covers multiple molecular subtypes and treatment scenarios to enhance patient survival benefits [2]

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份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。 （於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 自願公告 • 中位隨訪時間19.4個月，貝莫蘇拜單抗組中位PFS為9.69個月，安慰劑組為4.17個月（HR=0.53， 95% CI 0.39-0.72， p<0.0001 ），患者疾病進展或死亡風險降低47%； • 預設的亞組分析（是否吸煙、前序治療方式為同步╱序貫）結果顯示，各亞組與意向性治療(ITT) 人群獲益趨勢一致，展現出該治療方案的廣泛適用性； 貝莫蘇拜單抗注射液非小細胞肺癌放化療後維持適應症獲批上市 中國生物製藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）宣佈，本集團自 主研發的國家1類創新藥貝莫蘇拜單抗（商品名：安得衛® ）新適應症已獲得中國國家藥品監督管理局 (NMPA)的上市批准，用於在接受鉑類藥物為基礎的同步或序貫放化療後未出現疾病進展的未攜帶已 ...

Core Viewpoint - The keyword for the stock market in 2025 is expected to be "innovative drugs," with significant stock price increases driven by the potential of in-development innovative drugs and BD (business development) transactions rather than traditional revenue from already marketed drugs [1] Group 1: BD Transactions - In 2025, China's innovative drug BD transaction total exceeded $100 billion, with notable orders reaching $10 billion, and upfront payments from multinational pharmaceutical companies reaching a new high of $1.25 billion [1] - Landmark transactions include a $13 billion collaboration between Qihuang Dejian and Biohaven/AimedBio in January, marking a milestone for China's ADC technology [2] - In May, 3SBio's deal with Pfizer exceeded $6 billion, setting a record for upfront payments in China at $1.25 billion, highlighting the value of both first-in-class and fast-follow drugs [2] - In July, a $12 billion strategic partnership between Hengrui Medicine and GlaxoSmithKline showcased the depth of early-stage pipelines in leading Chinese pharmaceutical companies [2] - In October, Innovent Biologics and Takeda's collaboration worth $11.4 billion included a cost-sharing model for global R&D, enhancing operational capabilities for future international ventures [2] Group 2: Milestone Payments and Emerging Fields - Several past BD transactions reached milestone payments in 2025, including a $300 million payment to China National Pharmaceutical's subsidiary from Merck and a $250 million payment to Bairui Tianheng from Bristol-Myers Squibb [3] - The focus of BD transactions is shifting from oncology to other therapeutic areas, with autoimmune diseases, metabolism, and central nervous system disorders emerging as new hot fields [3] - Notable deals include the global rights licensing of BTK inhibitor Orelabrutinib for multiple sclerosis by Nocera Biopharma, with a potential total transaction value exceeding $2 billion [3] - The metabolic field is gaining traction, driven by global weight loss trends, with several companies entering into licensing agreements for GLP-1 targeted drugs [3] Group 3: Independent Clinical Trials and Regulatory Approvals - Numerous innovative drug companies in China are advancing their own overseas clinical trials, achieving significant progress [4] - In early 2025, Dize Pharmaceutical's lung cancer targeted drug received priority review from the FDA and was approved in July, becoming the first globally innovative drug independently developed in China to gain approval in the U.S. [4] - Other advancements include breakthrough therapy designations for CS0159 by Kexi Kedi and a Phase III trial approval for a recombinant human albumin injection by Heyuan Biopharma [4] - These developments indicate that the Chinese innovative drug industry is becoming a significant force in global innovation, transitioning from fast-following to original innovation and integrating deeply into the global value chain [4]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights that the recent national procurement has been stable, with limited disruptions, and institutions are increasing their positions in innovative companies, maintaining a positive outlook on undervalued innovative targets [1][4] - The overall market sentiment has improved, driven by significant business development transactions, and the pharmaceutical sector is expected to continue its steady growth in 2026, despite potential short-term volatility [4][5] Summary by Sections Market Performance - The Hang Seng Index rose by 1.3% and the Hang Seng Healthcare Index increased by 5.0%, ranking second among 12 industry indices [4][6] - Sub-sectors such as biopharmaceuticals and CXO both saw a growth of 7.4% [6] Institutional Holdings - Since Q4 2025, the proportion of domestic capital holding pharmaceutical stocks through Hong Kong Stock Connect has slightly decreased, while foreign capital holdings have increased [32] - As of February 10, 2026, domestic holdings were at 22.2%, down 0.2 percentage points, while foreign holdings rose to 39.7%, up 0.9 percentage points [32] Sales Performance - In 2025, China's pharmaceutical market sales decreased by 1% year-on-year, with public hospitals accounting for the largest market share at 10,977 billion RMB, down 2.1% [5] - Retail pharmacy sales reached 5,878 billion RMB, growing by 2.4%, with online pharmacies seeing a significant increase of 13.6% [5] National Procurement - The recent national procurement round had a high selection rate of 93%, with 1,020 products from 1,091 participating companies expected to be implemented by the end of March 2026 [5] - The procurement process has seen increased participation and a diverse range of selected products, ensuring stability in clinical demand [5] Investment Recommendations - The report recommends focusing on innovative drugs, particularly companies like Sanofi and Hengrui Medicine, which have rich catalysts and clear long-term growth logic [4] - It also suggests looking into CXO companies benefiting from high downstream demand and improving financing conditions, such as WuXi AppTec [4]

Core Insights - The medical sector is experiencing both "explosive growth" and "cooling" simultaneously, with over 100 medical companies queued for IPOs in Hong Kong, and tightening IPO policies expected [1][3] - The performance of new drug IPOs in 2026 is anticipated to be significantly differentiated, with many companies initiating Pre-IPO financing to hedge against regulatory tightening and market risks [4][5] Group 1: IPO Trends and Market Dynamics - The number of companies waiting for IPOs in Hong Kong has exceeded 400, indicating a crowded market, and the performance of these IPOs is likely to vary widely [4] - Investors are expected to favor companies with successful overseas BD (business development) cases and clear product timelines, while those lacking competitive advantages may face significant IPO pressure [4] - The market sentiment is cautious, with many companies considering Crossover financing to mitigate risks associated with the tightening IPO window [5] Group 2: BD Transactions and Investment Opportunities - The enthusiasm for BD transactions from multinational corporations (MNCs) towards Chinese new drug assets remains high, with China accounting for 50% of global BD transaction volume last year [9][8] - The valuation of Chinese new drugs is expected to stabilize, but there are concerns about rising prices that could harm the reputation of Chinese biotech in the global market [9][8] - The focus of BD transactions is shifting from oncology to other therapeutic areas such as autoimmune and cardiovascular diseases, indicating a diversification of investment interests [12] Group 3: AI in Pharmaceuticals and Medical Devices - AI-driven pharmaceutical companies are gaining traction, with significant funding and BD opportunities expected in 2026, emphasizing the importance of data in drug development [15][16] - The AI revolution is anticipated to first impact consumer medical devices, with AI enhancing product effectiveness and consumer willingness to invest in advanced home healthcare devices [17][18] - The competitive landscape for AI in healthcare is evolving, with a focus on developing tools that can integrate various data types to assist clinical decision-making [19][20] Group 4: Medical Device Market Outlook - The investment landscape for innovative medical devices is currently low but is expected to gradually improve, with structural investment opportunities emerging [26][28] - The challenges of international expansion for Chinese medical devices are significant, but improvements in product quality and performance are paving the way for better market acceptance [31][32] - The future of medical device exports is shifting towards local production and direct sales networks, enhancing profitability and market penetration [32][33]