公司项目推进 POLARIS-1研究：针对Ph+急性淋巴细胞白血病（Ph+ ALL）的全球III期临床试验，计划于2026年在欧 美同步启动患者入组，为2028年向FDA/EMA提交上市申请奠定基础。 POLARIS-2研究：用于三线及以上慢性髓细胞白血病（3L+ CML）的全球III期试验，预计2026年完成 入组，主要终点为6个月细胞遗传学反应（CCyR）和主要分子学反应（MMR），可能成为首个海外申 报的国产第三代BCR-ABL抑制剂。 经济观察网 亚盛医药（06855.HK / AAPG.OQ）在2026年有多项关键业务里程碑值得关注，主要涉及核 心产品商业化、全球临床进展及创新管线突破。以下事件基于公司公开披露及行业报道整理，时间节点 均指向2026年及以后。 业绩经营情况 利生妥（APG-2575）医保谈判：作为中国首个国产Bcl-2抑制剂，该产品计划在2026年参与国家医保目 录谈判，若成功纳入有望提升市场渗透率。 耐立克（奥雷巴替尼）放量：第三代BCR-ABL抑制剂耐立克在医保扩容后持续加速销售，公司目标覆 盖医院超1,500家，进一步扩大患者可及性。 GLORA-4（高危骨髓增生异常综合征M ...

截至2026年2月25日 13:49，中证医药及医疗器械创新指数(931484)上涨0.71%，成分股三生国健上涨 8.16%，浙江医药上涨4.83%，南微医学上涨3.45%，新和成上涨2.80%，康龙化成上涨2.16%。医疗创新 ETF(516820)上涨0.55%，最新价报0.36元。 医药板块结构性机会持续深化，AI医疗与脑机接口成为短期主线。消息面上，常州市第一人民医院门 诊大厅内，两个人形机器人"智能导诊员"正式上岗。它们不仅具备预检分诊、信息查询等功能，还能与 患者握手互动，让就医更高效、更有温度。 中信建投证券认为，春节前后A股脑机接口板块部分个股大幅上涨，港股手术机器人公司亦因中标进展 获正面催化；叠加恒瑞医药IL-15疗法启动NMIBC三期、亚盛医药BTK PROTAC进入美国一期临床、和 铂医药新一代CTLA-4抗体通过NewCo出海等密集管线进展，创新药械"从0到1"逻辑正从前端研发向临 床验证与商业化环节传导，AI驱动的靶点发现、药物设计及智能诊疗设备有望成为中长期核心赛道。 医疗创新ETF紧密跟踪中证医药及医疗器械创新指数，中证医药及医疗器械创新指数从医药卫生行业的 上市公司中，选取 ...

ROCKVILLE, Md. and SUZHOU, China, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Ascentage Pharma Group International (NASDAQ: AAPG; HKEX: 6855) (“Ascentage Pharma” or the “Company”), a global, commercial stage, integrated biopharmaceutical company engaged in the discovery, development and commercialization of novel, differentiated therapies to address unmet medical needs in cancer, announced today that the Company's management is scheduled to participate in three upcoming investor conferences. Oppenheimer 36th Annual H ...

股票近期走势 来源：经济观察网 经济观察网 根据机构观点整合，2026年2月多家机构对亚盛医药-B（06855.HK）维持积极评级，买入或 增持观点占比100%市场观点。中金公司2025年12月研报指出，耐立克（奥雷巴替尼）全球注册III期研 究POLARIS-1获美国FDA和欧洲EMA批准开展，利生妥（APG-2575）注册临床数据亮眼，维持目标价 89港币。 以上内容基于公开资料整理，不构成投资建议。 近7日（截至2026年2月20日），亚盛医药-B港股股价波动，2月20日收盘47.46港元，较2月16日收盘 46.68港元累计微跌0.08%，区间振幅4.55%；同期美股（AAPG.OQ）收盘24.34美元，累计涨2.18%。资 金流向显示2月20日港股主力净流入99.36万港元，整体成交清淡。 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology sector is "Outperform the Market" (maintained) [2] Core Insights - The pharmaceutical sector underperformed the market in Q4 2025, with the overall sector down by 9.3% compared to a slight decline of 0.2% in the CSI 300 index. Notably, the pharmaceutical commercial segment showed a positive performance with a 5.3% increase, while other segments like medical services and biological products experienced significant declines [4][8] - The total net asset value of pharmaceutical funds decreased to 358.4 billion yuan, a 9.0% decline quarter-on-quarter. This marks the first time since 2019 that passive pharmaceutical funds (181.8 billion yuan) surpassed active funds (176.5 billion yuan) [4][14] - The overall pharmaceutical holdings across all funds dropped to 7.97%, a decrease of 1.71 percentage points. Active pharmaceutical funds maintained a high concentration with a holding ratio of 97.45% [23] Summary by Sections 1. Market Review - In Q4 2025, the pharmaceutical and biotechnology sector lagged behind the CSI 300 index, with a decline of 9.3%. The chemical pharmaceuticals segment fell by 9.6%, biological products by 12.4%, and medical devices by 10.6% [8] 2. Pharmaceutical Fund Size - As of Q4 2025, the net asset value of pharmaceutical funds was 358.4 billion yuan, down 9.0% from the previous quarter. Active funds accounted for 176.5 billion yuan, a 14.6% decrease, while passive funds reached 181.8 billion yuan, down 2.8% [14] 3. Pharmaceutical Holdings Ratio - The pharmaceutical holdings ratio for all funds was 7.97%, down 1.71 percentage points. Active pharmaceutical funds had a holding ratio of 97.08%, while passive funds had 97.83% [23] 4. Holdings Structure Analysis - The highest sub-sector holding in Q4 2025 was chemical preparations at 37.5%, followed by other biological products at 20.8%. The largest increases in holdings were seen in traditional Chinese medicine (+0.98 percentage points) and chemical preparations (+0.62 percentage points) [29] 5. Additions and Reductions in Holdings - The top three pharmaceutical stocks by the number of funds holding them were Heng Rui Medicine (498 funds), WuXi AppTec (408 funds), and Mindray Medical (204 funds). Notably, Heng Rui Medicine saw a reduction of 236 funds, while Ying En Biological-B experienced an increase of 47 funds [84][88]

Company Overview - The stock price of Ascentage Pharma has shown volatility despite positive developments in research and development, with the stock performance not meeting expectations [1] - The company's new generation BTK degrader APG-3288 received clinical approval from the National Medical Products Administration of China on February 6, 2026, and initiated a global multi-center Phase I clinical trial for relapsed/refractory hematologic malignancies on February 11, 2026 [1] - As of February 13, the closing price of the stock was HKD 47.50, with a daily increase of 2.41%, but a year-to-date decline of 9.09% [1] Industry Context - The innovative drug sector is currently facing valuation adjustment pressure, with the market showing impatience towards the long-term commercialization of unprofitable biotech companies, focusing more on short-term profitability [1] - The Hong Kong biotechnology sector declined by 0.95%, while the Hang Seng Index fell by 1.72%, indicating that the sector underperformed the broader market, further intensifying individual stock pressures [1] Financial Performance - The core product, Nairik, saw sales revenue increase by 93% year-on-year to CNY 217 million in the first half of 2025, with another product, Lishengtuo, approved for market launch in July 2025 [2] - However, the net loss expanded to CNY 591 million during the same period, primarily due to reduced intellectual property licensing income and increased R&D expenditures [2] - Market focus is on key catalysts, such as overseas indication approvals, which are concentrated post-2027, leading to a lack of patience for long-term narratives and a greater emphasis on short-term performance [2] Market Sentiment - On February 12, there was a net outflow of HKD 4.926 million from major funds in the Hong Kong stock market, and a net outflow of HKD 11.534 million from retail investors, indicating strong short-term risk-averse sentiment [2] - Although there was a net inflow of HKD 1.4948 million on February 13, major funds still experienced a net outflow of HKD 193,900, reflecting cautious institutional attitudes [2] - Technical indicators show that while the MACD histogram has turned positive, the KDJ is in the oversold zone, suggesting weak short-term momentum [2] Future Outlook - The R&D progress of Ascentage Pharma provides long-term value support, but it has not fully offset industry adjustments, risk aversion in funding, and market concerns regarding profitability in the short term [2] - The stock's volatility reflects the market's balancing act between technological innovation and short-term performance [2]

Company Overview - Recent positive developments in research for Ascentage Pharma, including the clinical approval of the next-generation BTK degrader APG-3288 by the National Medical Products Administration of China, have not significantly boosted the stock price, which has seen a decline of 0.38% in Hong Kong and 0.62% in the US from February 5 to February 12, 2026 [2] - The company's core product, Nairik, reported a 93% year-on-year increase in sales revenue to 217 million yuan in the first half of 2025, while the net loss widened to 591 million yuan due to reduced intellectual property licensing income and increased R&D investment [4] Industry Context - The innovative drug sector is under pressure, with a valuation correction for unprofitable biotech companies as the market shows impatience for long-term commercialization and focuses more on short-term profitability [3] - On February 12, 2026, there was a net outflow of 4.926 million HKD from major funds and 11.534 million HKD from retail investors in the Hong Kong stock market, indicating a risk-averse sentiment among short-term investors [3] Stock Performance - The stock price of Ascentage Pharma reached a low of 44.92 HKD on February 3, 2026, followed by a slight rebound; however, technical indicators suggest weak short-term momentum, with the MACD showing a bearish trend and KDJ in the oversold zone [5] - The stock's decline reflects market caution regarding the long-term valuation logic of innovative drug companies, as the recent R&D progress and improvements in fundamentals have not fully offset the pressures from sector adjustments and funding [5]

Group 1 - The core focus of Ascentage Pharma is on its research and development progress, particularly the initiation of Phase I clinical trials for its BTK degrader APG-3288 targeting relapsed/refractory hematologic malignancies, with a target enrollment of 360 patients [1] - The new drug clinical application (IND) for APG-3288 was approved by the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) of China on February 6, 2026, marking a new phase in the global multi-center clinical development of the drug [1] - APG-3288 utilizes the PROTAC technology platform aimed at overcoming resistance issues associated with traditional BTK inhibitors, providing a new treatment option for hematologic cancers [1] Group 2 - Ascentage Pharma's stock (06855.HK) experienced slight fluctuations over the past week, closing at 47.62 HKD on February 11, 2026, with a daily increase of 0.46% and a cumulative decline of 0.38% over the past five days [2] - The stock reached a peak price of 48.60 HKD on February 9 and a low of 45.74 HKD on February 10, with a trading range of 5.98% [2] - Southbound funds increased their holdings by 59,500 shares on February 10, with a net increase of 83,000 shares over the past five days, indicating short-term capital inflow [2]

We recently published an article titled 10 Best Long Term Healthcare Stocks to Buy. On January 14, Rodman & Renshaw initiated coverage of Ascentage Pharma Group International (NASDAQ:AAPG) with a Buy rating and a $48 price target, citing the company’s differentiated hematology-focused pipeline and progress across multiple clinical-stage assets. The firm views Ascentage’s approach to addressing drug resistance in blood cancers as a key driver of upside as its next-generation programs advance toward clinica ...

Core Viewpoint - Ascentage Pharma Group International is actively participating in the Guggenheim Emerging Outlook: Biotech Summit 2026, highlighting its commitment to addressing unmet medical needs in cancer through innovative therapies [1][2]. Company Overview - Ascentage Pharma is a global, commercial stage, integrated biopharmaceutical company focused on the discovery, development, and commercialization of novel therapies for cancer [3]. - The company has developed a rich pipeline of innovative drug products, including inhibitors targeting key proteins in the apoptotic pathway and next-generation kinase inhibitors [3]. Key Products - The lead asset, Olverembatinib, is the first third-generation BCR-ABL1 inhibitor approved in China for treating chronic myeloid leukemia (CML) with T315I mutations and is included in the China National Reimbursement Drug List [4]. - Olverembatinib is currently undergoing a global registrational Phase III trial (POLARIS-2) for CML and additional trials for newly diagnosed Ph+ acute lymphoblastic leukemia (ALL) and SDH-deficient gastrointestinal stromal tumors (GIST) [4]. - The second approved product, Lisaftoclax, is a novel Bcl-2 inhibitor for hematologic malignancies, currently being commercialized in China for chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) [5]. - Lisaftoclax is involved in four global registrational Phase III trials, including studies in combination with BTK inhibitors and in newly diagnosed patients with various hematologic conditions [5]. Research and Development - Ascentage Pharma has established a robust R&D capability and holds a portfolio of global intellectual property rights [6]. - The company has formed partnerships with leading biotechnology and pharmaceutical companies, including Takeda, AstraZeneca, Merck, and Pfizer, as well as collaborations with prominent research institutions [6].