市场瞬息万变，唯有结合不同的市场环境，不断寻找价值低估资产，才能跟上时代。荣获第22届基金业 金牛奖"主动权益投资金牛基金公司奖"的华商基金，于2026年开年推出全新力作——华商品质甄选混合 基金（A类：026177，C类：026178）。该产品拟由华商基金研究发展部总经理助理叶峰管理，秉承"坚 守价值、拥抱变化、动态平衡"的核心投资理念，致力于为持有人创造长期可持续的回报。 叶峰 北京大学硕士 华商万众创新灵活配置混合基金经理 华商品质甄选混合拟任基金经理 华商品质甄选混合拟任基金经理叶峰，现任华商基金研究发展部总经理助理，拥有超8年证券从业经验 （其中3.5年证券投资经历）。叶峰擅长以"动态平衡思路"管理组合：当成长股相对便宜的时候，力求 把握优质成长股机遇；当价值股相对低廉时，关注可靠的价值机会。叶峰表示，一切选择的实质，都是 坚守基本面、坚守对价值的判断，并回归到估值。其次，对于即将或者正在发生积极变化的产业方向， 要保持更高的敏锐度和适当的包容心，拥抱变化。 谈及未来布局，叶峰表示，持续关注AI产业趋势下的细分结构机会，但认为AI的投资从简单题变成难 题，对细分领域和个股研究和定价的要求会更高，因此 ...

Core Insights - The cross-border ETF market in China has reached a historic milestone, with a total scale surpassing 1 trillion yuan, reaching 10,025 billion yuan in January 2023, and remaining at 9,903.82 billion yuan as of January 20, 2026 [1][2] - The market has experienced exponential growth since 2021, with the number of products increasing from 24 to 208, a growth of 7.67 times, and the total shares rising from 236.55 billion to 9,532 billion, a growth of 39.30 times [1][2] - The annual compound growth rate of cross-border ETFs has exceeded 80% since 2021, with a significant increase of 119.53% in 2025 alone [2][3] Market Dynamics - The cross-border ETF market is highly concentrated, with the top five managers (Huaxia, Fuguo, Huatai-PB, E Fund, and ICBC Credit Suisse) accounting for over 60% of the market scale [4] - The leading product in the market is the Fuguo Hong Kong Stock Internet ETF, with a scale of 894 billion yuan, followed by the Huaxia Hang Seng Technology Index ETF at approximately 524 billion yuan [4] - There are currently 25 cross-border ETFs with a scale exceeding 10 billion yuan, up from 11 at the beginning of 2025 [4] Growth Drivers - The rapid development of cross-border ETFs is driven by factors such as the accumulation of household wealth, the internationalization of the yuan, strong performance in the Hong Kong technology sector, and the trend of global capital allocation [5] - The demand for diversified asset allocation has been fueled by the limited channels for investing overseas, particularly as overseas markets, especially the US stock market, have performed well [5] - The increasing number of innovative products has lowered participation barriers, further promoting the growth of cross-border ETFs [5] Future Trends - The cross-border ETF market is expected to continue expanding, with potential growth areas including regional expansion, thematic deepening, and strategic innovation [6] - Future developments may focus on emerging markets such as Brazil, India, and Southeast Asia, as well as thematic investments in sectors like semiconductors, AI, and renewable energy [6] - The market is likely to see a shift from broad-based indices to more specialized themes, with a growing proportion of thematic ETFs [6][7]

Core Viewpoint - The innovative drug sector is expected to experience a resurgence in 2025, transitioning from a broad market rally to a focus on select stocks driven by global clinical data, overseas commercialization, and domestic profitability turning points [1] Group 1: Market Performance - In 2025, the A-share innovative drug index saw an annual increase of nearly 20%, while the H-share index rose by 66.52%. The first half of the year recorded increases of approximately 17% for A-shares and 58% for H-shares, with the second half showing more modest gains of about 3% and 9% respectively [1] - The A-share billion-dollar club includes companies like BeiGene (市值4190.64亿元), Hengrui Medicine (市值3994.27亿元), and Baillie Gifford (市值1332.18亿元), while the H-share club includes Hengrui Medicine (市值4729.34亿元), BeiGene (市值3191亿元), and others [2] Group 2: Company Dynamics - Companies in the billion-dollar club are valued based on "pipeline value + BD monetization + global sales peak." Capital markets are comparing these firms to global leaders, elevating them from "First-in-class" to "Best-in-class" [3] - In 2025, domestic innovative drug license-out transactions totaled 83, amounting to $84.5 billion, surpassing the total of over $60 billion for 2024. Hengrui Medicine's international deals included partners like GSK and Merck, with upfront payments totaling $765 million [3] Group 3: Market Challenges - Some companies that previously entered the billion-dollar club, such as Kintor Pharmaceutical and China National Pharmaceutical Group, have fallen below the threshold due to systemic valuation corrections and stricter FDA approval standards [4] - The market has become desensitized to BD transactions, as evidenced by the stock price drop of Innovent Biologics following a $11.4 billion collaboration announcement, indicating a tightening of valuation expectations [4] Group 4: Capital Operations - As the innovative drug market heats up in 2025, companies are initiating new capital operations, including acquisitions and cross-border listings. For instance, China National Pharmaceutical Group acquired Lixian Pharmaceuticals for approximately $500 million [5] - Baillie Gifford raised 3.764 billion yuan through a private placement in the A-share market, while also applying for an IPO in Hong Kong [5] Group 5: Small-cap Stocks - The top three performing innovative drug stocks in A-shares for 2025 were Shuyou Pharmaceutical (涨幅488%), Yipinhong (涨幅370%), and Yifang Biotechnology (涨幅235%). In H-shares, the top performers were Beihai Kangcheng (涨幅1824%), Heber Pharmaceuticals (涨幅553%), and Sanofi (涨幅311.18%) [7] - These stocks have core products that received high recognition, with clinical pipelines achieving significant breakthroughs, such as Shuyou's STSP-0601 and Beihai Kangcheng's Selinexor [7] Group 6: Future Outlook - The innovative drug sector is expected to enter a "hardcore alpha" phase in 2026, focusing on companies that can deliver genuine clinical data, achieve overseas commercialization, and demonstrate domestic profitability [10] - The emphasis will shift from broad market rallies to specific companies that can prove their clinical trial results and secure sales milestones, with a focus on high-demand areas like dual antibodies and ADCs [11][12]

来源：市场资讯 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 有投资者在互动平台向之江生物提问："董秘您好，请问贵公司有布局创新药和AI医疗方向吗？" 针对上述提问，之江生物回应称："尊敬的投资者，您好。公司围绕'预防、诊断、治疗'一体化战略， 持续以创新驱动发展。公司在创新药与AI医疗领域均有布局，依托智能制造、数字孪生等技术持续提 升感染性疾病、优生优育、肿瘤及遗传病诊断等多个领域的解决方案。感谢您的关注！" ...

Core Viewpoint - The company, Zhijiang Biology (688317.SH), is actively engaged in the fields of innovative drugs and AI healthcare, focusing on an integrated strategy of "prevention, diagnosis, and treatment" [2]. Group 1: Company Strategy - The company emphasizes continuous development driven by innovation [2]. - It has established a presence in both innovative drugs and AI healthcare sectors [2]. - The company leverages technologies such as intelligent manufacturing and digital twins to enhance solutions in various fields, including infectious diseases, reproductive health, cancer, and genetic disease diagnostics [2].

Core Insights - The new national medical insurance drug list and the first commercial insurance innovative drug list will be implemented nationwide starting January 1, 2026, marking the largest expansion of innovative drugs in the history of the medical insurance directory [1] - The adjustment of the medical insurance directory represents a dual benefit for the innovative drug industry in China, with significant changes in the inclusion of innovative drugs and the establishment of a commercial insurance innovative drug directory [1][2] Summary by Sections Innovative Drug Inclusion - A total of 114 new drugs have been added to the national medical insurance drug list, including 111 new products launched within the last five years and 50 Class I new drugs, both of which set historical highs in terms of quantity and proportion [1][2] - The newly included drugs generally possess three common characteristics: they either fill a treatment gap, are superior alternatives, or offer better cost-effectiveness [2] Commercial Insurance Innovative Drug Directory - The first commercial insurance innovative drug directory includes 19 drugs, covering treatments for various conditions such as CAR-T therapies for tumors, rare diseases like Gaucher disease, and Alzheimer's disease, complementing the basic medical insurance [2][3] - The selection mechanism for the commercial insurance directory emphasizes high innovation, significant clinical value, strong irreplaceability, and adaptability to a multi-tiered payment system [3] Payment System and Market Impact - The medical insurance fund has paid over 460 billion yuan for negotiated drugs by the end of October 2025, benefiting 1 billion patients and driving related drug sales exceeding 670 billion yuan [4] - The new dual-directory system aims to clarify the boundaries of basic medical insurance coverage while allowing space for commercial insurance development, thus supporting a multi-tiered payment system [3][4] Innovation Ecosystem - The integration of the commercial insurance innovative drug directory with the national medical insurance drug list is crucial for building a multi-layered medical security system, focusing on high-innovation and clinically significant drugs that exceed basic insurance coverage [5] - The successful inclusion of breakthrough therapies like Alpelisib not only provides hope for patients but also signals strong support for genuine innovation within the pharmaceutical industry [5]

Group 1 - The JPMorgan Healthcare Conference (JPM2026) commenced on January 12 in San Francisco, showcasing 24 Chinese innovative pharmaceutical companies through main stage presentations and Asia-Pacific sessions [1] - Notable companies such as BeiGene, Zai Lab, Ascentage Pharma, and Legend Biotech presented their latest research and commercialization achievements, alongside CXO companies like WuXi AppTec and WuXi Biologics [1] - The report titled "2026 Global M&A Annual Outlook" indicates that global M&A transaction volume surged to $5.1 trillion in 2025, with the healthcare sector leading with a 44% increase [1] Group 2 - Analysts predict that medium-sized transactions valued between $5 billion and $15 billion will remain active in 2026 [1] - The Hang Seng Biotechnology Index focuses on innovative drug "crown jewels," highlighting three main advantages: concentration of leading companies, scarcity of futures liquidity, and high elasticity & high Sharpe ratio [1] - Investors looking for convenient access to core leaders in innovative pharmaceuticals are encouraged to consider the Hang Seng Biotechnology ETF (520933) for streamlined investment [1]

创业板指冲高回落涨0.54%、科创50涨超3.5%，半导体产业链全线爆发。锋龙股份16连板，广电电气4连板，一图看懂>> 红 宝 丽 2天2板 公司主要从事环氧丙烷衍生品,一异丙醇胺可用于电子化学品之光刻胶清洗剂,也是近 年来公司在国内市场重点拓展的应用领域之一 AIET AI4S推动创新药发展;荣昌生物与艾伯维达成超50亿美元BD 澳佳华 旗下AI按摩机器人运用了语音交互、人脸识别、智能生理参数检测等技术，还接入 DeepSeek,打造健康生态AI大模型 液晶面板/LCD 三利谱 国内偏光片行业龙头企业之一,国内少数具备TFT-LCD用偏光片生产能力的企业之一, 是华为等全球著名终端品牌显示屏材料供应商 深纺织A 深圳国资委控股的纺织集团旗下,主营液晶显示用偏光片 人工智能大模型 DeepSeek或2月发布新一代旗舰模型,具备强大编程能力 环球印务 子公司领凯科技逐步引入ChatGPT技术,在数字化广告营销中为广告智能投放、素材自 动化创作、直播带货业务场景及智能对话客服等方面赋能 房地产 住建部部长:今年将着力稳定房地产市场,支持房企合理的融资需求 德才股份 6天3板 山东省唯一建筑装饰上市企业,主业覆盖 ...

Core Viewpoint - Dize Pharmaceutical has experienced fluctuations in stock price and trading volume, with a notable increase in revenue but a decrease in net profit for the year 2025 [1][2]. Group 1: Stock Performance - On January 21, Dize Pharmaceutical's stock fell by 2.10%, trading at 61.40 yuan per share, with a total market capitalization of 28.491 billion yuan [1]. - The stock has increased by 6.60% year-to-date, but has decreased by 6.37% over the last five trading days [1]. - The company reported a trading volume of 1.21 billion yuan, with a turnover rate of 0.42% [1]. Group 2: Financial Performance - For the period from January to September 2025, Dize Pharmaceutical achieved a revenue of 586 million yuan, representing a year-on-year growth of 73.23% [2]. - The net profit attributable to shareholders was -580 million yuan, reflecting a year-on-year decrease of 3.85% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 8,806, a rise of 5.01% [2]. - The average number of circulating shares per person increased to 46,528, up by 108.97% compared to the previous period [2]. - Notable changes in institutional holdings include an increase in shares held by Yongying Pharmaceutical Innovation Mixed Fund and the entry of Hong Kong Central Clearing Limited as a new shareholder [2].

Core Viewpoint - The news discusses various ETFs tracking the STAR Market indices, highlighting their focus on high-growth sectors such as technology and healthcare, and their respective performance metrics since inception. Group 1: ETF Overview - The STAR Market 50 ETF tracks the STAR Market 50 Index, consisting of 50 large-cap stocks with significant liquidity, primarily in the semiconductor sector, which accounts for over 65% of the index [2] - The STAR Market 100 ETF follows the STAR Market 100 Index, focusing on 100 mid-cap stocks, with over 75% of its composition in electronics, power equipment, and biomedicine [2] - The STAR Market 200 ETF tracks the STAR Market 200 Index, which includes 200 small-cap stocks, with nearly 70% in electronics, biomedicine, and machinery sectors [2] Group 2: Performance Metrics - The STAR Market 50 Index has a rolling price-to-earnings (P/E) ratio of 173.4 times and a valuation percentile of 96.9% since its launch in July 2020 [2] - The STAR Market 100 Index has a rolling P/E ratio of 218.1 times, with a valuation percentile of 89.3% since its launch in August 2023 [2] - The STAR Market 200 Index has a rolling P/E ratio of 350.1 times, reflecting its focus on growth potential in smaller companies [2] Group 3: Growth Focus - The STAR Growth ETF tracks the STAR Growth Index, which includes 50 stocks with high growth rates in revenue and net profit, predominantly in the electronics and communications sectors, which together account for over 65% of the index [3] - The STAR Growth Index has a rolling P/E ratio of 232.3 times and a valuation percentile of 89.3% since its launch in November 2022 [3]