（原标题：港股创新药龙头，获高管连续增持） 联交所最新权益披露资料显示，中国生物制药(01177.HK)近日获执行董事、资深副总裁谢炘在场内以每股均价6.4068港元增持100万股，涉资约 640.68万港元。增持后，谢炘最新持股数目为3.61亿股，持股比例为1.92%。 近日，公司公告显示，去年12月以来，其创新药管线接连报捷：乳腺癌1类创新药库莫西利胶囊获批上市，为全球首个CDK2/4/6抑制剂；口服偏 向型GLP-1受体激动剂TQF3250减重适应症临床申请分别获中国国家药品监督管理局（NMPA）和美国食品药品监督管理局（FDA）批准； TYK2/JAK1抑制剂TQH3906在斑块状银屑病二期临床试验取得积极进展；ROCK2抑制剂TDI01治疗特发性肺纤维化III期临床首例患者入组，为全 球首个进入III期临床的ROCK2高选择性抑制剂。 这是谢炘2025年7月以来的第三度增持。去年7月16日和8月20日，谢炘分别增持100万股中国生物制药，每股均价为6.47港元和7.36港元。也就是 说，谢炘半年来已耗资逾2000万港元增持公司股份。业内人士认为，谢炘作为公司核心高管，连续增持显示对公司长期发展的充分 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 南向资金2025年成交净买入超1.4万亿港元，创历史新高。 据证券时报·数据宝统计，2025年南向资金全年成交净买入达到14048.44亿港元，创历史新高，较2024年 增长73.89%。自沪深港通开通以来，南向资金累计净流入超5.1万亿港元。 值得注意的是，南向资金规模加速扩张，市场话语权持续上升。截至12月末，南向资金持股市值达到 61408.83亿港元，占港股总市值比例超过12%。 按月份来看，全年共有8个月南向资金净买入金额超过1000亿港元，其中9月净买入金额最高，达到 1885.18亿港元，2~4月净买入金额均在1500亿港元以上。2025年一季度港股市场表现亮眼，恒生指数上 涨15.25%，恒生科技指数上涨20.74%，南向资金持续加仓。 多家机构表示，南向资金正成为重塑港股市场格局的核心力量。光大证券认为，从"情绪溢出"到"价值 驱动"，资金增配行为与AH溢价指数呈逆向校准，南向资金正从博弈交易者转变为港股市场的定价锚， 在行业轮动、板块配置及市场估值形成中发挥核心作用。 东吴证券研报认为，在国内外降息背景下，预计202 ...

这是谢炘2025年7月以来的第三度增持。去年7月16日和8月20日，谢炘分别增持100万股中国生物制药， 每股均价为6.47港元和7.36港元。也就是说，谢炘半年来已耗资逾2000万港元增持公司股份。业内人士 认为，谢炘作为公司核心高管，连续增持显示对公司长期发展的充分信心。 2025年中报显示，中国生物制药创新转型成效显著，预计全年创新产品收入占总收入比例有望突破 50%。近日，公司公告显示，去年12月以来，其创新药管线接连报捷。乳腺癌1类创新药库莫西利胶囊 获批上市，为全球首个CDK2/4/6抑制剂；口服偏向型GLP-1受体激动剂TQF3250减重适应症临床申请分 别获中国国家药品监督管理局(NMPA)和美国食品药品监督管理局(FDA)批准；TYK2/JAK1抑制剂 TQH3906在斑块状银屑病二期临床试验取得积极进展；ROCK2抑制剂TDI01治疗特发性肺纤维化III期临 床首例患者入组，为全球首个进入III期临床的ROCK2高选择性抑制剂。 港股创新药龙头又获高管增持。联交所最新权益披露资料显示，中国生物制药(01177.HK)近日获执行董 事、资深副总裁谢炘在场内以每股均价6.4068港元增持100 ...

研究部 姓名：段静娴 SF C：BLO8 6 3 电话：0 7 5 5 - 2 1 5 1 9 1 6 6 E m a i l: d u a n j x @ g y z q . c o m . h k 证 券 研 究 报 告 请 务 必 阅 读 免 责 条 款 更新日期：2025-12-29 | | | 总市值 | 最新价 | 首次入选 | 入选日 收盘价 | 入选至今 | | EPS（港元/美元） | | | | PE | | PB | 分析师 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | | | 日期 | | 涨跌幅% | | | | | | | | | 核心推荐逻辑 | | | | 亿港元 | 港元/美元 | | 港元/美元 | | 2024 | 2025E | 2026E | | 2024 | 2025E | 2026E | 2024 | | | | | | | | | | | | | | | | | | 公司开发出由16种主 ...

Group 1: Innovation in Pharmaceuticals - In 2025, China approved a record 76 innovative drugs, significantly surpassing the 48 approved in 2024, marking a historical high [1] - The total amount of foreign licensing transactions for innovative drugs in China exceeded $130 billion in 2025, with over 150 transactions, also a historical high [1] - Among the 76 approved innovative drugs, 47 are chemical drugs, 23 are biological products, and 6 are traditional Chinese medicines, with a high proportion of domestic innovations [1] Group 2: Drug Approval and Clinical Trials - China Medical's subsidiary Tianfang Pharmaceutical received approval for clarithromycin tablets, which passed the consistency evaluation for generic drugs [2] - Microchip Biotech announced that its CS08399 tablets for treating tumors with MTAP deficiency have had their clinical trial application accepted [3] - Frontier Biotech's FB7013 injection, targeting MASP-2 for IgA nephropathy, received acceptance for its clinical trial application, marking it as a first-in-class drug [4] Group 3: Capital Market Activities - Yifang Biotechnology submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [5] - Wanyi Medical also submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International as the exclusive sponsor [6] Group 4: Corporate Investments and Acquisitions - Yunnan Baiyao plans to invest up to 45% of its net assets in financial products in 2026 [7] - Haili Biological's subsidiary intends to acquire 51% stakes in seven dental chain companies for 61.2 million yuan, expecting to increase revenue by approximately 100 million yuan [9] Group 5: Corporate Restructuring and Legal Matters - *ST Chang Pharmaceutical announced that its restructuring investors intend to terminate the restructuring investment agreement [10] - Zai Lab entered a global strategic cooperation and licensing agreement with AbbVie for the development and commercialization of ZG006, with potential milestone payments totaling up to $10.75 billion [11] - Tianyu Biotech's actual controller received a notice from the China Securities Regulatory Commission regarding an investigation into alleged illegal stock reduction [13]

Group 1 - The article discusses the details of a military operation by the U.S. to capture Venezuelan President Maduro and his wife, with Trump stating that the U.S. will "manage" Venezuela until a "safe" transition occurs [2][5][3] - The operation involved over 150 aircraft and lasted approximately 2 hours and 20 minutes, with one aircraft being hit but still operational [5][6] - Trump indicated that if necessary, the U.S. would conduct a "larger" second wave of strikes against Venezuela, although he suggested that this may not be needed at the moment [6] Group 2 - BMW China announced price adjustments for 31 models, with reductions exceeding 10% for 24 models and over 20% for 5 models, with the highest drop being 301,000 yuan for the i7 M70L [6] - Xiaomi refuted claims regarding the alleged "fake" zoom ring on the 17 Ultra Leica version, stating that the accusations were misleading and based on misinterpretations of a teardown video [4][8] - NIO's CEO Li Bin announced that the company plans to launch three new models in 2026, aiming to increase its market share in the high-end vehicle segment [8] Group 3 - The price of 25-year-old Flying Moutai has dropped to 1,495 yuan per bottle, reflecting a decrease of 15 yuan from the previous day [9] - Tesla's global vehicle deliveries for 2025 were reported at 1.636 million, marking an 8.6% decline year-over-year, and for the first time, being surpassed by BYD in annual electric vehicle sales [9] - China's National Medical Products Administration reported that 76 innovative drugs were approved in 2025, significantly surpassing the 48 approved in 2024, with a total authorization value exceeding 130 billion USD [11]

Group 1 - Trump announced the capture of Venezuelan President Maduro by U.S. military forces, stating that the U.S. will "manage" Venezuela until a "safe" transition is implemented [2] - The military operation involved over 150 aircraft and lasted approximately 2 hours and 20 minutes, with no U.S. casualties or equipment losses reported [2] - Maduro and his wife are to be sent to New York for judicial proceedings, facing charges related to "deadly drug terrorism" against the U.S. [2] Group 2 - BMW China announced a price adjustment for 31 key models starting January 1, 2026, with 24 models seeing price cuts exceeding 10% and some up to 30.1 million yuan [3][4] - The price adjustment aims to reflect changes in the official guidance price, with the lowest model now priced at 20.8 million yuan, making it competitive with domestic SUVs [3][4] Group 3 - NIO's CEO Li Bin announced in a company-wide letter that three new models will be launched in 2026, aiming to increase market share in the high-end vehicle segment [6] - NIO reported a record delivery of 48,135 vehicles in December 2025, marking a 46.9% year-on-year increase [6] Group 4 - The wholesale reference price for 25-year-old Flying Moutai has dropped to 1,495 yuan per bottle, reflecting a decrease of 15 yuan from the previous day [7] - The price for a full box of the same product is now reported at 1,505 yuan per bottle, down 20 yuan [7] Group 5 - Tesla reported a global delivery of 1.636 million vehicles in 2025, a decline of approximately 8.6%, marking the first time it has been surpassed in annual electric vehicle sales by BYD [8] Group 6 - Netflix plans to shorten the theatrical release window for Warner Bros. films to 17 days post-acquisition, raising concerns among traditional cinemas and Hollywood creators [11] - The current standard release window is around 45 days, and negotiations are expected to be contentious [11] Group 7 - Baidu announced plans to spin off Kunlun Chip and seek independent listing on the Hong Kong Stock Exchange, with the application already submitted [12]

转自：经济日报 （来源：经济日报） ■ 国家防灾减灾救灾委员会近日印发通知，要求结合冬春季自然灾害特点和灾害形势，认真落实防灾减灾救灾责任，强化重特大灾害防范应对准备，确 保人民群众生命财产安全和社会大局稳定。 ■ 当地时间3日，美国总统特朗普称，美方已成功对委内瑞拉实施打击，抓获委内瑞拉总统马杜罗及其夫人，并带离委内瑞拉。 ■ 挪威公路联合会最新数据显示，中国品牌电动车在挪威乘用车市场上所占份额持续增加，2025年全年共销售24524辆，占该国新车总销量的13.7％，比 2024年增长3.3个百分点。 ■ 法国巴黎检方日前对媒体证实，将对美国企业家马斯克旗下人工智能企业xAI的聊天机器人"格罗克（Grok）"涉嫌生成非法色情内容启动调查。 ■ 据网络平台数据，截至1月3日15时56分，2026年元旦档（1月1日—1月3日）档期票房已突破7亿元，影片《疯狂动物城2》《阿凡达3》《匿杀》暂列 档期票房前三名。 ■ 据国家航天局消息，2025年，中国航天全年发射次数达到92次，创历史新高。 ■ 交通运输部：今年1月1日至1月3日，全社会跨区域人员流动量预计5.9亿人次，同比（2025年1日至3日，1天假期）增长1 ...

Core Insights - The Chinese innovative drug sector is poised for significant growth, with the National Medical Insurance Administration announcing that new drugs approved in May 2025 will be reimbursed by January 2026, indicating a rapid support for innovative drugs [2][3] - The 2025 National Basic Medical Insurance Drug List includes 114 new drugs, with an 88.19% success rate in negotiations, highlighting the government's commitment to supporting innovative drug development [2][5] - The global market for innovative drugs is also expanding, with record-breaking business development transactions, such as the $11.4 billion deal between Innovent Biologics and Takeda, and a potential $12 billion collaboration between Hengrui Medicine and GSK [2] Group 1: Policy and Support - The Chinese government is providing comprehensive support for innovative drug development through policies that facilitate research, market entry, clinical application, and multi-tiered payment systems [3][10] - The 2026 implementation of the innovative drug directory reflects a careful selection process, with only 19 innovative drugs included, indicating strict criteria to meet various stakeholder needs [5][10] - The CAR-T therapy, a prominent innovative drug, has been included in the 2025 innovative drug directory, although its high cost remains a barrier for basic medical insurance coverage [5][6] Group 2: Market Dynamics - The commercial success of innovative drugs is heavily reliant on a mature payment system, which is crucial for ensuring accessibility to high-value therapies like CAR-T [7][10] - In the global CAR-T market, Gilead leads with significant sales, while Chinese companies like Legend Biotech are leveraging partnerships to expand their market presence [8][9] - The disparity in sales between innovative drugs in China and their global counterparts is evident, with the top-selling innovative drug in China generating only 44 million yuan, significantly lower than leading global products [9][12] Group 3: Financial Viability - Despite the growth in innovative drug approvals, many companies continue to face financial losses, underscoring the challenges of achieving profitability in the sector [11][25] - The investment landscape for innovative drugs has shifted, with a focus on sustainable growth and the need for companies to demonstrate potential for future profitability [27][30] - The success of companies like BeiGene, which has achieved significant market capitalization and revenue through strategic product development, highlights the importance of long-term investment strategies in the innovative drug space [19][23]

21世纪经济报道记者林典驰、实习生陈慧东莞报道 从AI制药平台的密集落地，到创新药出海交易的规模攀升，再到多层次支付体系为高价值新药开辟通 路，站在2025年年末回望，中国创新药行业正迎来从规模扩张向价值跃升的关键转折。 当行业普遍面临赛道拥挤、同质化竞争的挑战时，本土药企该如何突破困局，实现高质量发展？ 12月17日，21世纪经济报道记者在东阳光科技园见到东阳光药首席科学家（CSO）林凯。他刚刚结束一 场内部的项目会，一开始接受记者采访时略微紧张，但很快便放松下来。 对于上述问题，林凯给出了清晰的答案："不盲目跟风，做更具创新性的事情"。 在他看来，真正的创新不是扎堆热门靶点的"内卷"，而是聚焦未被满足的临床需求，以差异化布局构建 核心竞争力，这也是中国创新药从跟跑迈向领跑的核心逻辑。 拥有30年海外医药研发经验的林凯，从宾夕法尼亚大学博士毕业后，先后在诺华等多家跨国药企工作25 年，亲历了全球创新药研发的迭代升级。 也正是这段工作经历，让林凯对创新药研发、团队构建与项目推进，尤其在海外跨国药企（MNC）的 研发与管理岗位上经验丰富。 20年前，诺华在上海筹建研究院时，他曾考虑回国，但由于家庭原因，他暂时搁 ...