Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant disparities between their H-shares and A-shares, with some companies showing extremely high premiums while others exhibit negative premiums [1][2]. AH Premium Rate Rankings - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 785.25%, Beijing Jingcheng Machinery Electric (00187) at 291.45%, and Sinopec Oilfield Service (01033) at 284.04% [1]. - The bottom three companies with the lowest AH premium rates are CATL (03750) at -16.62%, WuXi AppTec (02359) at -6.17%, and China Merchants Bank (03968) at -3.27% [1]. Deviation Values - The companies with the highest deviation values are Beijing Jingcheng Machinery Electric (00187) at 21.79%, Dongjiang Environmental Protection (00895) at 18.16%, and Nanhua Futures (02691) at 16.05% [1]. - The companies with the lowest deviation values include Morning Paper (01812) at -50.01%, Junda Co., Ltd. (02865) at -34.08%, and Yangtze Optical Fibre and Cable (06869) at -32.00% [1]. Top and Bottom AH Stocks by Deviation - The top AH stocks by deviation include Beijing Jingcheng Machinery Electric (00187) with a premium rate of 291.45% and a deviation of 21.79%, and Dongjiang Environmental Protection (00895) with a premium rate of 165.28% and a deviation of 18.16% [2]. - The bottom AH stocks by deviation include Morning Paper (01812) with a premium rate of 150.50% and a deviation of -50.01%, and Junda Co., Ltd. (02865) with a premium rate of 210.82% and a deviation of -34.08% [2].

Group 1 - The article highlights the top three companies with the highest AH premium rates: Northeast Electric (00042) at 785.25%, Beijing Jingcheng Machinery Electric (00187) at 291.45%, and Sinopec Oilfield Service (01033) at 284.04% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -16.62%, WuXi AppTec (02359) at -6.17%, and China Merchants Bank (03968) at -3.27% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between A-shares and H-shares [1][2] Group 2 - The top three companies with the highest deviation values are Beijing Jingcheng Machinery Electric (00187) at 23.16%, Dongjiang Environmental Protection (00895) at 18.78%, and Zhongzhou Securities (01375) at 16.54% [1] - Conversely, the companies with the lowest deviation values include Morning Paper (01812) at -52.60%, Junda Co., Ltd. (02865) at -34.18%, and Changfei Optical Fiber Cable (06869) at -34.18% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

Core Insights - The article highlights the top and bottom AH premium rates for various companies, indicating significant discrepancies between their A-shares and H-shares [1] Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 785.25%, with an H-share price of 0.305 HKD and an A-share price of 2.25 CNY [1] - Beijing Jingcheng Machinery Electric (00187) follows with a premium rate of 291.45%, H-share price of 4.210 HKD, and A-share price of 13.76 CNY [1] - Sinopec Oilfield Service (01033) ranks third with a premium rate of 284.04%, H-share price of 0.940 HKD, and A-share price of 3.01 CNY [1] Group 2: Bottom AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest AH premium rate at -16.62%, with an H-share price of 531.500 HKD and an A-share price of 370 CNY [1] - WuXi AppTec (02359) has a premium rate of -6.17%, H-share price of 126.000 HKD, and A-share price of 98.7 CNY [1] - China Merchants Bank (03968) shows a premium rate of -3.27%, with an H-share price of 48.900 HKD and an A-share price of 39.49 CNY [1] Group 3: Top Deviation Values - Beijing Jingcheng Machinery Electric (00187) leads in deviation value at 24.64%, indicating a significant difference from its average premium rate [1] - Dongjiang Environmental (00895) has a deviation value of 19.28% [1] - Zhongzhou Securities (01375) follows with a deviation value of 17.38% [1] Group 4: Bottom Deviation Values - Chenming Paper (01812) has the lowest deviation value at -55.66%, indicating a substantial drop from its average premium rate [2] - Yangtze Optical Fibre and Cable (06869) shows a deviation value of -36.63% [2] - Junda Co., Ltd. (02865) has a deviation value of -34.16% [2]

Group 1 - The article highlights the top three companies with the highest AH premium rates: Northeast Electric (00042) at 785.25%, Beijing Jingcheng Machinery Electric (00187) at 291.45%, and Sinopec Oilfield Service (01033) at 284.04% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -16.62%, WuXi AppTec (02359) at -6.17%, and China Merchants Bank (03968) at -3.27% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between H-shares and A-shares [1][2] Group 2 - The top three companies with the highest deviation values are Beijing Jingcheng Machinery Electric (00187) at 25.92%, Dongjiang Environmental (00895) at 19.81%, and Longpan Technology (02465) at 18.09% [1] - The bottom three companies with the lowest deviation values include Morning Paper (01812) at -59.05%, Changfei Optical Fiber (06869) at -38.88%, and Junda Co. (02865) at -34.11% [2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate of the stock over the past 30 days, providing insights into market trends [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] 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]

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 理 | 原因 | Pro mission | | | (語參閱 亦 * 註 | 有投票權版 (日 / 月 / 年) | 樓 | | | | | | | | | 份自分显 | | | | | | | | | | 1 % 1 | | | CS20260212E00534 | JPMorgan Chase & Co. | 1101(L) | | 942,132(L) | HKD 116.0887 | 35.774.187(L) | 7.00(L)09/02/2026 | | | | | | | | | 7,702,262(S) | 1.50(S) | | | | | | | | | 22,506,002(P) | 4.40(P) | | 格隆汇2月16日丨根据联交所最新权益披露资料显示，2026年2月9日，药明康德(02 ...

在成立第11个年头，他们交出了第一份答卷——一款"从头到 尾"中国原创的新药。和路径清晰的仿制药、跟随式创新药物 不同，这种从发现病毒感染机制、作用靶点到药物研发的完全 创新，在中国制药史上是罕有的。 作者：张铃 封图：华辉安健官网 2026年1月23日，深夜11点，李文辉和隋建华走进一家西北餐厅，两碗炒面，是这对科学家夫妻 的晚餐，也是他们的庆功宴。 李文辉是病毒学家，隋建华是抗体工程专家，他们同为北京生命科学研究所（下称"北生所"）研 究员、华辉安健联合创始人。吃这顿特别晚餐那天，是他们最重要作品诞生的日子。经过十余年共 同研究，全球病毒性肝炎领域第一款单抗药物立贝韦塔单抗注射液（下称"立贝韦塔"）获批上 市。 下午5点半，国家药监局披露立贝韦塔获批的消息，这之后，夫妻俩做的第一件事就是挨个回复国 内外传来的祝贺，直到深夜。李文辉是兰州人，他原本想带隋建华吃碗牛肉拉面，但赶到餐厅时， 最后一锅汤已经被收起来了。第二天，他们没有像往常周末那样早早出门工作，而是继续在家给一 路上支持过立贝韦塔的同道们发感谢信，那是他们罕见的"偷懒"时刻。 "感谢了那么多人，其实，我最想感谢的是这个时代。"隋建华说。 隋建华回 ...

Core Viewpoint - The Chinese innovative pharmaceutical sector is entering a golden development period, presenting a once-in-a-century investment opportunity due to unmet global medical needs and significant advancements in the industry [4][9]. Group 1: Market Growth and Trends - In 2025, the total value of out-licensing (BD) transactions for Chinese innovative drugs reached $135.7 billion, a significant increase from $51.9 billion in 2024, with upfront payments rising to $7 billion from $4.1 billion [4][9]. - In January 2026 alone, the transaction volume reached $30 billion, with upfront payments of $3 billion, indicating a strong start to the year [4][9]. - The proportion of external procurement pipelines from China for multinational pharmaceutical companies surged from 10% in 2020 to 42% in 2025, highlighting China's growing importance in the global pharmaceutical landscape [4][9]. Group 2: Clinical Milestones and Innovations - 2026 is identified as a critical year for validating major drugs, with several key clinical milestones expected to emerge, potentially leading to a re-evaluation of industry value [5][9]. - Notable clinical trials include Kangfang Biotech's AK112 for non-small cell lung cancer, which is anticipated to redefine first-line treatment standards [5][9]. - The ADC sector is also poised for significant developments, with Kelong Botai's SKB264 and Baili Tianheng's BL-B01D1 expected to release important phase III clinical data [5][9]. Group 3: Impact on Related Industries - The CXO (Contract Research Organization) sector, closely tied to innovative pharmaceuticals, is expected to benefit from the technological advancements in drug development, leading to a recovery in industry sentiment [5][10]. - Companies within the "WuXi" ecosystem, such as WuXi Biologics and WuXi AppTec, are experiencing a resurgence in orders and performance, reaching historical highs despite previous unfavorable U.S. policies [10].

经济观察报 记者 张铃 2026年1月23日，深夜11点，李文辉和隋建华走进一家西北餐厅，两碗炒面，是这对科学家夫妻的晚餐，也是他们的庆功宴。 李文辉是病毒学家，隋建华是抗体工程专家，他们同为北京生命科学研究所（下称"北生所"）研究员、华辉安健联合创始人。吃这顿特别晚餐那天，是他们 最重要作品诞生的日子。经过十余年共同研究，全球病毒性肝炎领域第一款单抗药物立贝韦塔单抗注射液（下称"立贝韦塔"）获批上市。 下午5点半，国家药监局披露立贝韦塔获批的消息，这之后，夫妻俩做的第一件事就是挨个回复国内外传来的祝贺，直到深夜。李文辉是兰州人，他原本想 带隋建华吃碗牛肉拉面，但赶到餐厅时，最后一锅汤已经被收起来了。第二天，他们没有像往常周末那样早早出门工作，而是继续在家给一路上支持过立贝 韦塔的同道们发感谢信，那是他们罕见的"偷懒"时刻。 "感谢了那么多人，其实，我最想感谢的是这个时代。"隋建华说。 在他们创立华辉安健的2015年，中国政府启动药审改革，此后10年，中国创新药开启了新时代，逐渐与世界接轨。在产业政策扶持及各方资本支持下，华辉 安健从一家只有几名员工、一个临床前分子的初创企业，成长为一家有上百名员工、多个推进 ...