Investment Rating - The report maintains a positive outlook on the insomnia treatment market, highlighting the potential for new drug sales performance in this sector [20][32]. Core Insights - The insomnia treatment market in China is characterized by a significant unmet need, with over 200 million individuals estimated to suffer from insomnia symptoms, representing a large consumer market potential [16][24]. - The report emphasizes the shift towards innovative insomnia medications, particularly focusing on new types of benzodiazepine receptor agonists (BZRAs) and dual orexin receptor antagonists (DORAs) as key areas for development [25][38]. - The introduction of new drugs like JY-202 (地达西尼) and DORA medications is expected to reshape the market dynamics, with a forecasted rapid increase in market share and sales [34][39]. Market Overview - The insomnia drug market in China has seen stagnant growth due to a lack of new effective treatments, with the market size in 2023 estimated at 31.62 billion yuan [24]. - The report outlines the historical sales performance of major insomnia medications, indicating a long gap since the last new product launch in 2007, which has contributed to the current market stagnation [24][25]. - The report projects a significant increase in the market size and sales for innovative insomnia drugs, particularly with the anticipated approval and market entry of new products [34][39]. Drug Development Trends - The report identifies two main directions for insomnia drug innovation: improvements on existing BZRAs and the development of DORAs, which are expected to have lower addiction risks and better patient compliance [25][38]. - The new drug JY-202 is highlighted for its selective action on the GABAA receptor, which may reduce side effects associated with traditional insomnia medications [34]. - The report also notes the successful clinical trial results for DORAs, which have shown significant improvements in sleep quality without the risk of addiction, making them suitable for broader consumer use [38][39]. Key Players and Recommendations - The report suggests focusing on companies like 京新药业 (JY-202) and 先声药业 (DORA medications) as they are positioned to capitalize on the emerging market opportunities in insomnia treatment [34][39]. - It recommends monitoring the sales performance of these new drugs as they enter the market, particularly in the context of changing consumer behavior and increasing awareness of sleep health [20][32].

S1130525060003 gantanhuan gjzq.com.cn AI + + 投资逻辑 本周蚂蚁阿福 APP 上市后高流量带动下医疗 AI 主题关注度较高。此前互联网医疗痛点来自于 1）远程平台客户粘性 不足，活跃用户比例较低；2）优质医疗资源有限。而蚂蚁阿福从 AI 工具到 AI 朋友全面升级，并上线健康陪伴、健 康问答、健康服务三大功能。健康陪伴功能通过高频健康管理的方式很好的解决了此前客户粘性问题，同时也成为链 接患者与药品、终端服务的入口。此外平台，链接了全国 5000 家医院和 30 万真人医生，拥有六位国家院士领衔的全 国 500 多位名医开设的'AI 分身'，实现优质医疗资源"平民化"。我们认为蚂蚁阿福是 AI 医疗规模化市场与可行商 业模式再验证，同时平台流量有望为"医+药+险"全链条赋能。 药品板块：12 月 18 日，武田宣布其 TYK2 抑制剂 Zasocitinib 针对中重度斑块状银屑病的 2 项注册 III 期临床中达 到所有主要与次要终点。第 16 周时 ZASO 组超过一半患者实现 PASI 90，平均约 30%患者实现 PASI 100。武田制药计 划在即将举行的 ...

Core Viewpoint - The article emphasizes the significant market potential for insomnia treatment, highlighting the promising sales performance of newly listed drugs in this sector [16][22][24]. Market Overview - The current insomnia medication market in China is estimated at 31.62 billion yuan, with a large unmet demand due to existing medications failing to meet treatment needs [26]. - The proportion of individuals experiencing insomnia symptoms in China is reported at 16.8%, indicating a potential patient population exceeding 200 million [20][31]. Drug Development and Innovation - The development of insomnia medications has evolved through four generations, with the latest focusing on physiological regulation rather than merely sedative effects [21][32]. - New insomnia drugs, particularly novel benzodiazepine receptor agonists (BZRAs) and dual orexin receptor antagonists (DORAs), are gaining traction, with several products recently launched [24][34]. Specific Drug Insights - The newly launched drug, Dazadiline, is expected to capture a significant market share due to its unique mechanism of action and favorable safety profile, with projected peak sales of 15.6 billion yuan [33]. - Dazadiline's pricing is set at 13.88 yuan per day, making it competitive in the market [33]. - DORAs, such as Daridorexant, are noted for their non-addictive properties and potential for broader consumer acceptance, as they do not fall under strict regulatory controls [38]. Market Dynamics - The article discusses the competitive landscape, noting that the introduction of new insomnia treatments could disrupt the existing market dominated by older, less effective medications [26][27]. - The sales performance of insomnia drugs is expected to improve significantly as new products enter the market and address the needs of a large patient population [16][24]. Future Projections - The article forecasts a steady increase in the number of patients treated for insomnia, with the treatment rate projected to rise from 7.5% in 2024 to 12.1% by 2033 [31]. - The market for insomnia medications is anticipated to grow rapidly, driven by the introduction of innovative therapies and an increasing awareness of sleep health [16][24].

Core Insights - A trend of "counter-market buying" is emerging in the Hong Kong stock market amidst ongoing fluctuations, with institutional investors recognizing the valuation opportunities presented by the market correction [1][4]. Group 1: Fundraising and Investment Trends - Since October 10, at least 15 new Hong Kong-themed funds have announced early fundraising closures, covering various types including passive index funds and equity mixed funds [2][3]. - The early closure of fundraising is characterized by significant time reductions, with some funds shortening their fundraising periods by over a month [3]. - Newly launched ETFs have established high stock positions quickly, indicating a strong bullish sentiment, with some ETFs reaching stock positions of 69.53% and 63.32% before listing [3]. Group 2: Institutional Perspectives - Institutions view the current market adjustment as a prime opportunity for building positions, with many believing that the fundamental performance of key stocks remains strong despite recent price declines [4][5]. - The consensus among institutions is that the current valuation levels, with the Hang Seng Index trading at approximately 12 times earnings, represent a significant undervaluation [5]. Group 3: Market Dynamics and Challenges - The Hang Seng Index has seen a cumulative decline of 5.85% and the Hang Seng Tech Index has dropped 18.01% since early October, attributed to various internal and external factors [7]. - Key challenges include fluctuations in liquidity expectations, concerns over the U.S. "AI bubble," and increased pressure from IPO activities, which have raised over 100 billion HKD since new regulations were introduced [7][8]. Group 4: Long-term Outlook and Investment Opportunities - Despite short-term pressures, institutions maintain an optimistic long-term outlook for the Hong Kong market, predicting a "slow bull" market in 2026 driven by improved liquidity and returning capital [9]. - Key investment themes for 2026 include technology and high-end manufacturing, with a focus on sectors such as computing power, semiconductors, and consumer electronics [9][10]. - High dividend yield assets are also favored, with institutions highlighting the stability of dividend-paying stocks in a low-interest-rate environment [9][10].

Group 1 - The core viewpoint of the article highlights a general increase in the pharmaceutical outsourcing sector, with notable stock price rises for companies such as WuXi Biologics (6.11%), Kelun Pharmaceutical (5.52%), and others [1] - According to a report from Century Securities, the recent NDAA legislation has led to a reduction in geopolitical risks, positively impacting the industry [1] - In the first three quarters, the total amount of license-out agreements for innovative drugs in China reached a historical high, indicating a continuous improvement in the innovation drug sector [1] Group 2 - The CXO sector is experiencing a recovery in performance and new orders, with market attention shifting towards preclinical safety evaluation assets [1] - The CXO industry, as an upstream segment of the innovative drug supply chain, is expected to benefit from the enhanced competitiveness of domestic innovative drugs, leading to a rebound in industry prosperity [1] - The outlook for CXO is positive, with expectations for both performance and valuation recovery following a complete industry cycle [1]

Group 1 - The pharmaceutical outsourcing sector is experiencing a general increase, with notable stock price rises for companies such as WuXi Biologics (6.11%), Kelun Pharmaceutical (5.52%), and others [1] - A recent report from Century Securities indicates that the NDAA bill has been implemented, leading to a reduction in geopolitical risks [1] - In the first three quarters, the total amount of license-out agreements for innovative drugs in China reached a historical high, indicating a continuous improvement in the innovative drug industry [1] Group 2 - The performance and new orders for CXO companies are showing signs of improvement, with the market beginning to focus on preclinical safety evaluation assets [1] - CXO companies, as part of the upstream of the innovative drug industry chain, are expected to benefit from the enhanced competitiveness of domestic innovative drugs, leading to a recovery in industry prosperity [1] - The industry is anticipated to see a dual recovery in both performance and valuation for CXO companies [1]

（原标题：交银国际：年末国产创新药出海交易密集落地 2026年向上趋势中价值回归可期） 智通财经APP获悉，交银国际发布研报称，10月以来，内资通过港股通持有医药股的比例小幅下降，外 资持仓整体平稳，内外资加大创新药布局的大方向不变。本周内资主要加仓龙头创新药企;亦布局潜在 受益于下游复苏的龙头CXO企业。外资布局方向则较为分散，但整体围绕高性价比子板块和标的，加 仓方向包括互联网医疗和中小市值创新药械。 该行推荐关注以下细分方向：1)创新药：三生制药(01530)、德琪医药-B(06996)、百济神州(06160)等催 化剂丰富、估值仍未反映核心大单品价值;先声药业(02096)、传奇生物(LEGN.US)被明显低估、长期成 长逻辑清晰;2)CXO：受益于下游高景气度和融资边际回暖的细分赛道龙头，如药明合联(02269);3)监管 不确定性逐步释放，有反转机会的医院、器械和诊断等子板块。 fund 报告中称，本周多项超10 亿美元的BD 交易相继落地，合作伙伴既有MNC也有中小型生物科技公司。 临近年末，该行继续看好新BD 交易集中落地机会。展望2026 年，该行认为板块稳中向好态势延续，但 影响市场表现的 ...

Core Viewpoint - The US CPI annual rate decline has led to a rally in US stocks, boosting risk market sentiment, which positively impacted the Hong Kong stock market with significant gains in major indices [1] Group 1: Market Performance - The Hang Seng Index rose by 0.75%, while the National Enterprises Index and the Hang Seng Technology Index increased by 0.68% and 1.12%, respectively [1] - Major technology stocks such as Tencent, Kuaishou, NetEase, Meituan, and Baidu all saw gains exceeding 1% [1] Group 2: Sector Performance - Pharmaceutical stocks were notably active, with expectations of continued growth in innovative drugs through 2026, leading to significant increases in related stocks [1] - The gambling sector experienced substantial gains, with MGM China leading the charge with a 6.6% increase [1] - The official launch of the Hainan island closure led to a nearly 7% rise in China Duty Free Group, boosting the duty-free concept stocks [1] - AI-driven demand for fiber optic cables resulted in a 12% surge in Yangtze Optical Fibre and Cable, positively affecting the optical communication sector [1] Group 3: Other Sector Movements - The automotive sector saw a rebound after a period of decline, while wind power, vocational education, photovoltaic, insurance, and Apple-related stocks all experienced gains [1] - Conversely, heavy machinery stocks faced declines, with China National Heavy Duty Truck falling over 6%, and gold stocks generally performed weakly due to lower gold prices [1] - Other sectors such as sports goods, ports and shipping, and oil stocks showed mixed performance, with some remaining sluggish [1]

Core Viewpoint - The report highlights the strong performance of structural innovation in the healthcare sector, particularly in CXO and innovative drugs, while blood products, retail pharmaceuticals, vaccines, and IVD indices have seen declines [1]. Summary by Categories Innovation in Pharmaceuticals - The focus is on innovative drugs, particularly companies with strong commercialization capabilities and rich pipelines in BioPharma and Pharma, as well as cutting-edge technologies like gene therapy and small nucleic acids [1]. Medical Devices - The medical device sector is expected to see opportunities post-2025 after inventory clearance, with a focus on endoscopy and robotics. Innovative consumables in neurointervention and peripheral intervention are also highlighted as key areas supported by national policies [1]. Domestic Consumption in Pharmaceuticals - Companies related to domestic consumption in the pharmaceutical sector are expected to benefit from policies emphasizing domestic demand, as outlined in the Central Economic Work Conference [1]. External Demand Recovery - Following the Federal Reserve's interest rate cuts and the passage of the new Biosecurity Act in the House, uncertainties in policies are expected to diminish, leading to a potential recovery in overseas orders for external demand-oriented CXO companies, which may alleviate valuation pressures in the sector [1]. Vaccine ETF - The Vaccine ETF (159643) tracks the Vaccine Biotechnology Index (980015), which selects listed companies involved in vaccine research, production, and sales, reflecting the overall performance of the biotechnology sector, particularly in vaccines. This index focuses on bioproducts and medical research, showcasing high growth and innovation potential, making it suitable for investors interested in the biopharmaceutical industry [1].

百济神州自研管线药物BGB-B2033获FDA快速通道认定，小核酸药物领域频频出现新进展，消息面催化，创新药板块利好不断，单日涨跌幅20%的科创创新 药 ETF（589720）涨超2%。 基本面看，今年即是创新药资产估值修复的一年，近年来国产原研药获批数量持续攀升，从肿瘤治疗到自身免疫疾病领域，创新药凭借确切的临床价值迅速 占领市场。与此同时，越来越多国产创新药通过"出海"实现价值升级，海外授权交易金额屡创新高，为板块增长注入新动力。长期向好趋势已从业绩兑现延 伸至BD出海，创新药行业未来发展前景可期。 此外，近期全球范围内的小核酸药物领域频频出现新进展，引发产业界和投资界的高度关注。小核酸药物已从概念验证进入产业崛起前夜。2025年以来，随 着递送技术突破推动适应症从肝脏向心血管、CNS等领域拓展，叠加重磅产品商业化放量及跨国制药巨头大额并购验证，行业迎来"技术突破+商业兑现"双 主线驱动的黄金发展期。 图 小核酸作用原理 关注20cm标的科创创新药 ETF（589720），跟踪指数"924行情"以来跑赢港股创新药 技术突破+BD助力，创新药板块发展加速 消息面，百济神州自研管线药物BGB-B2033获FD ...