（文章来源：证券日报） 证券日报网讯 1月15日，贝达药业在互动平台回答投资者提问时表示，杭州知兴制药有限公司专注于高 端吸入制剂研发与生产，核心技术人员行业背景深厚，已搭建完善的研发与生产体系，具备将产品从实 验室到产业化落地的能力。公司投资知兴制药，布局高端吸入制剂领域，符合公司长期发展战略，双方 围绕创新研发、技术平台等领域开展深度合作，有助于拓展公司新药创制技术平台，进一步拓宽疾病治 疗领域的战略布局。 ...

Core Insights - Bidda Pharmaceutical has signed a strategic cooperation agreement with Westlake University to focus on life sciences and pharmaceutical innovation, emphasizing student training, technological breakthroughs, platform construction, and achievement transformation [1][2] - The collaboration aims to enhance the entire chain from basic research to industrial application, reflecting the growing innovation environment in Hangzhou [1] Group 1: Company Initiatives - Bidda Pharmaceutical is a leading domestic innovative drug company that has established four funds to incubate nearly 30 cutting-edge projects across various fields, including small molecules, antibodies, gene/cell therapy, and CDMO [1] - The "Bidda Innovation Ecosystem Alliance" was established at the ninth Wanwu Growth Conference, aiming to integrate resources from industry, academia, research, healthcare, and investment to enhance collaborative efficiency [1] Group 2: Project Developments - The RGB-5088 pancreatic cell injection project, part of the ecosystem, received approval from the National Medical Products Administration to enter clinical trials on December 6, 2024, showcasing the ecosystem's ability to accelerate early-stage original projects [1] Group 3: Industry Environment - Hangzhou has implemented numerous supportive policies for innovative drugs and medical devices, creating a conducive environment for entrepreneurship and innovation [1] - The Yangtze River Delta Biopharmaceutical Industry Development Conference held in December last year fostered a consensus on collaboration among capital, technology, and industry, providing a broad platform for university-enterprise cooperation and achievement transformation [1]

Group 1 - The core point of the article highlights that BeiGene's stock closed at 51.42 yuan, with a slight increase of 0.76% on January 14 [1] - A significant block trade occurred, involving a total of 144,700 shares and a transaction amount of 5.9067 million yuan, with a transaction price of 40.82 yuan per share, reflecting a discount of 20.61% [1] - Over the past three months, the stock has seen a total of 9 block trades, accumulating a transaction amount of 43.6933 million yuan [1] Group 2 - In the last five trading days, the stock has increased by 3.71%, while the net outflow of main funds amounted to 45.7447 million yuan [1]

Core Insights - The innovative pharmaceutical and medical device market is a crucial part of China's healthcare industry, experiencing rapid growth despite its late development compared to developed economies [1][6] - By 2025, the number of approved innovative drugs reached 69, and innovative medical devices reached 73, marking a historical high in approvals [1][7] - The market size for innovative drugs and devices is projected to grow from 162 billion yuan in 2025 to 440 billion yuan by 2035, driven by demographic changes, clinical needs, and favorable policies [1][7] Group 1: Market Overview - The innovative drug and device market in China is expected to see significant growth, with projections of 2,186 billion yuan in 2026 and 4,102 billion yuan by 2030 [1][7] - The number of innovative drugs approved for market entry in 2024 is 48, while 65 innovative medical devices are expected to be approved [1][6] - The market is characterized by a high number of new drug approvals, with China ranking second globally in the number of drugs under development [1][6] Group 2: Payment Structure - In 2024, personal cash expenditure on innovative drugs and devices is estimated at 786 billion yuan, accounting for 49% of total spending, while insurance funds contribute approximately 710 billion yuan (44%) [7] - By 2035, it is anticipated that personal cash expenditure will decrease to 20%, while insurance fund contributions will rise to 36% [7] Group 3: Industry Chain - The innovative drug and device industry chain includes upstream components such as raw materials and research services, midstream research and manufacturing, and downstream distribution and application [8][9] - The government has been enhancing the policy framework to support the entire chain from research to application, facilitating faster approvals and market entry [9] Group 4: Future Outlook - The innovative drug and device industry in China is poised for opportunities due to ongoing national strategic support, the integration of new technologies like AI, and improved payment environments [11] - Challenges include insufficient global clinical capabilities and geopolitical factors affecting international expansion [11]

Core Viewpoint - The company is progressing with its Hong Kong listing application and is currently operating normally with stable cash flow [2] Group 1 - The company is actively responding to investor inquiries regarding its operations and listing status [2] - The application for the Hong Kong listing is being carried out in an orderly manner [2] - The company's current operational status is stable, indicating a healthy cash flow situation [2]

Core Viewpoint - The company emphasizes the importance of strategic partnerships and is actively seeking diverse collaboration opportunities with leading global biopharmaceutical firms, promising to disclose any significant developments in a timely manner [1] Group 1 - The company is focused on strategic cooperation and is engaging with top global biopharmaceutical companies [1] - The company is exploring various collaboration methods to enhance its strategic partnerships [1] - The company commits to timely announcements regarding any major progress in its partnerships [1]

Core Viewpoint - The company emphasizes its commitment to legal compliance and timely information disclosure in response to investor inquiries [1] Group 1 - The company stated that it adheres to laws, regulations, and exchange rules regarding information disclosure [1] - The establishment of wholly-owned subsidiaries is considered a routine business operation and does not fall under mandatory disclosure requirements [1]

Group 1 - The company, BeiGene, submitted an application for the issuance of overseas listed shares (H shares) and for listing on the Hong Kong Stock Exchange on September 29, 2025 [2] - The application materials for this issuance and listing were published on the Hong Kong Stock Exchange's website on the same day [2] - The related work for the Hong Kong stock listing is progressing in an orderly manner, and the company will announce any significant developments in a timely manner [2]

2026年1月6日，九泰基金发布公告称，基金经理刘开运因工作调整离任九泰锐和18个月定开混合基金。 | 离任基金经理姓名 | 刘开运 | | --- | --- | | 离任原因 | 因工作调整 | | 离任日期 | 2026-1-6 | | 是否转任本公司其他工作岗位 | 否 | | 是否己按规定在中国基金业协会办理变更手续 | 是 | 九泰锐和18个月定开混合基金三季报显示，该基金在三季度重点新买入北方华创、龙佰集团、博源化工、盾安环境等，重点卖出贝达药业、长春高新。 九泰锐和18个月定开混合基金三季报中指出，博源化工在报告编制日前一年内曾受到金融监管总局的处罚，对以上证券的投资决策程序符合法律法规及公司 制度的相关规定，不存在损害基金份额持有人利益的行为。 风险提示：观点仅供参考，不构成投资建议，市场有风险，投资需谨慎。基金过往业绩不代表未来表现，基金管理人及基金经理管理的其他基金的业绩并不 构成对本基金业绩表现。 九泰锐和18个月定开混合基金成立于2020年12月，自成立以来刘开运便一直管理该基金，刚成立时的净认购金额约为2.04亿元，到了2025年三季度末，资产 净值约为972.4万元。 九泰锐和1 ...

Investment Rating - The investment rating for the industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index increased by 5.60%, ranking 8th among 31 primary industries, outperforming the CSI 300 index which rose by 2.18% [4][16] - The PE (TTM overall method, excluding negative values) for the pharmaceutical and biotechnology industry as of January 9, 2026, is 30.56x, up from 29.20x at the end of the previous period, indicating an upward valuation trend [4][21] - The top three sub-industries in terms of PE are vaccines (47.64x), hospitals (43.33x), and medical devices (39.44x), while pharmaceutical circulation has the lowest valuation at 15.42x [4][21] Industry Review - The report highlights significant developments in the pharmaceutical sector, including the release of the "Fourth Batch of Encouraged Generic Drug Catalog" aimed at optimizing the drug supply guarantee system and enhancing industry structure [6][26] - The report notes that 43 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 2.779 billion yuan, with 8 companies increasing holdings by 20 million yuan and 35 companies reducing holdings by 2.799 billion yuan [4] Important Industry News - The National Health Commission and other departments released the "Fourth Batch of Encouraged Generic Drug Catalog," which includes 21 varieties and 47 specifications, focusing on clinical needs and disease burdens [26][27] - The NMPA announced measures to strengthen the supervision and management of entrusted drug production, aiming to enhance drug quality assurance levels [29][30] - The NMPA also optimized the review and approval process for urgently needed overseas drugs, encouraging simultaneous global development and submission [31][32] Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with strong pipeline differentiation, rapid clinical advancement, and robust overseas collaboration capabilities [7][8] - In the medical device sector, it recommends paying attention to companies with solid technical foundations and deep collaborations with leading hospitals and research institutions [8]