今日（2.26），港股创新药板块回调，创新药纯度100%的港股通创新药ETF(159570)跌超1.5%，盘中成交额突破6亿元，资金逆市净流入超 1400万元！资金面上，近10日累计"吸金"超3.6亿元！最新规模超250亿元，同类规模遥遥领先！ 短期来看，2-3月有望迎来创新药企业的业绩披露窗口，多家药企有望迎来减亏或扭亏，同时预计2026年更多创新药企业有望扭亏并大幅释 放利润。展望全年，AACR（4月）、ASCO（5月）、ESMO（10月）等学术会议上国产创新药有望进一步带来临床数据的兑现。整体上， 创新药前期回调较为充分，向上产业趋势明确，催化近期密集，继续看好板块投资机会。（来源：国金证券20260207《业绩与临床数据催 化密集，看好创新药板块回暖》） 【机构盘点：2026年创新药投资三大主线】 国金证券指出，创新药企业扭亏节点到来，全年临床数据催化密集，叠加已BD出海管线海外临床进展顺利，看好创新药板块投资机会。 据医保魔方统计，2025年中国新药License-out交易数量达158笔，总交易规模达1357亿美元，总首付款规模达70亿美元，交易数量与金额均 创近十年新高。出海BD的繁荣，一方面有 ...

Core Viewpoint - The China Petroleum and Chemical Industry Index has shown an upward trend, increasing by 1.22% as of February 26, with leading stocks such as Salt Lake Potash, Bluestar Technology, and Cangge Mining showing significant gains [1] Group 1: Market Performance - The petrochemical ETF (159731) has followed the index's upward movement, achieving three consecutive days of gains and attracting a total of 146 million yuan over the past 12 trading days [1] - Overall, the global stock market has been strong during the Spring Festival, with no major risk events, leading to high market sentiment and the potential for a new upward trend in A-shares post-holiday [1] Group 2: Investment Strategy - The industry allocation continues to focus on a dual mainline strategy of "technology + resource products," with technology focusing on AI, humanoid robots, new energy, and innovative pharmaceuticals, while resource products emphasize precious metals, oil and petrochemicals, and basic chemicals [1] - The petrochemical ETF and its linked funds closely track the China Petroleum and Chemical Industry Index, driven by both basic chemicals and oil and petrochemicals, while also including high dividend and high growth assets [1] Group 3: Key Stocks - Major weighted stocks in the index include Wanhua Chemical (global leader in MDI), China Petroleum (domestic oil and gas leader), China Petrochemical (domestic refining leader), and Salt Lake Potash (domestic potassium fertilizer leader) [1]

2月26日早盘，港股创新药板块震荡下行，100%创新药研发标的——港股通创新药ETF（520880）场内 价格现跌逾1%，场内宽幅溢价，低吸资金或较活跃。 成份股方面，药捷安康-B领涨逾5%，联邦制药、康方生物涨逾1%。下跌方面，百济神州重挫3%，康哲 药业、石四药集团、石药集团跌逾2%。 港股通创新药ETF（520880）被动跟踪恒生港股通创新药精选指数，该指数前十大权重股分别为石药集 团、百济神州、康方生物、中国生物制药、信达生物、翰森制药、三生制药、科伦博泰生物-B、康哲药 业、荣昌生物。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产 ...

0.000 .. -4.701 ■ 在 rota to 新浪财经客户端 2 2 1 3 A sina the Sina Finance Mobile Version er 論 193 limily.all(... billathal) 来源：股市直击 2月26日，生物制品板块短线拉升，长春高新触及涨停，三生国健涨超7%，欧林生物、特宝生物、荣昌 生物跟涨。 长春高新受到关注的核心驱动力来自创新药领域的多项关键突破。公司自研的全球首款儿童小阴茎治疗 软膏获批临床，伏欣奇拜单抗作为国内首个IL-1β单抗上市后销售强劲且多地缺货。更重要的是， GenSci098注射液获得13.65亿美元海外BD大单且首付款已到账，为公司带来重大业务增量。公司正从 传统生长激素业务向肿瘤、免疫、内分泌等多管线创新药转型，这些积极进展引发市场广泛关注。 ...

2025年以来，A股市场波动上行，结构性分化日益明显，叠加债市转入震荡的环境，可转债基金、"固 收+"产品凭借稳健与弹性兼具的特性，受到投资者关注。 具体来看，南方昌元可转债债券A定位可转债基金，在此框架上，刘文良的"搭积木"策略表现为当需要 进攻性时，偏股型和平衡型积木占比会增大；当需要规避风险时，会重点布局大盘波段积木，提高偏债 型转债比例。南方广利回报债券A/B定位多资产"固收+"产品，其调整策略主要体现在两方面，一是转 债仓位的分配，二是债券方面调整组合的久期。 回顾管理产品的业绩表现，刘文良将其归因于对科技成长和周期方向的积极把握。科技方向上，他认为 以AI人工智能、具身智能、智能驾驶、军工无人化信息化智能化、创新药等为代表的大产业周期趋 势，是值得基金经理长期关注的方向；周期方向上，有色、机械、化工等中上游行业总能找到下游需求 走强带来的细分行业和个股机会。 "目前泛科技的产业周期，包括AI、创新药、军工无人化信息化智能化等，都是3至5年维度的产业上行 周期。同时，我也关注周期成长，包括有色、化工、机械，更加重视需求驱动的机会而不是纯供给侧的 逻辑。"刘文良强调。 以"搭积木"思维 构筑资产配置结 ...

Market Performance - The Hong Kong stock market showed a positive performance during the Spring Festival, with the Hang Seng Technology Index rising over 3% and the overall Hang Seng Index increasing by 1.4% [1] - The A-share market also experienced a "New Year opening red," with the Shanghai Composite Index surpassing 4100 points [1] - Despite the initial positive performance, the Hong Kong market faced a downturn post-holiday, particularly in internet stocks, while sectors like materials, real estate, energy, and healthcare supported the market [1] Sector Performance - The performance of various sectors in the Hong Kong market is as follows: - Materials: +21.60% - Real Estate and Construction: +19.06% - Energy: +18.94% - Industrial: +16.70% - Healthcare: +10.39% - Financials: +6.10% - Information Technology: -8.77% [2] Investment Opportunities - There are significant investment opportunities in the Hong Kong market, particularly in sectors like industrial metals, high-end manufacturing, and innovative pharmaceuticals [3][16] - The influx of southbound capital has led to a change in pricing logic for Hong Kong stocks, making them more sensitive to changes in risk appetite from mainland investors [4] - The appreciation of the Renminbi since December 2024 has increased the attractiveness of Chinese assets, benefiting companies listed in Hong Kong that report earnings in Renminbi [5] Economic Factors - The Federal Reserve is in a rate-cutting cycle, and the expected changes in liquidity are limited, indicating a stable environment for the Hong Kong market [9] - The correlation between Hong Kong stocks and A-shares has strengthened, suggesting that Hong Kong stocks may experience passive increases alongside A-shares [4] Fund Management Insights - Fund manager Zhou Hanying, with extensive experience in global investments, is optimistic about sectors such as non-ferrous metals, AI, and innovative pharmaceuticals [3][16] - The upcoming fund, 景顺长城衡瑞精选混合, will focus on a balanced investment strategy, allowing for a maximum of 50% allocation to Hong Kong stocks to leverage Zhou's expertise [11]

2月25日，海普瑞涨0.74%，成交额3973.81万元，换手率0.26%，总市值179.45亿元。 异动分析 创新药+生物疫苗+CRO概念+人民币贬值受益 1、2024年年报，海普瑞于 1998 年成立于深圳，是拥有 A+H 双融资平台的领先跨国制药企业，主要业 务覆盖肝素产业链、生物大分子 CDMO 和创新药物的投资、开发及商业化，致力于为全球患者带去高 质量的安全有效药物和服务，护佑健康。 2、赛湾生物具备向客户提供mRNA疫苗开发及生产CDMO服务的能力。赛湾生物凭借优秀的工艺开 发、准时交付以及成功的运营能力，继续推进mRNA疫苗供应链的工作，支持全球多个已商业化的 mRNA疫苗的生产。 3、深圳市海普瑞药业集团股份有限公司的主营业务是肝素产业链，生物大分子CDMO和创新药物的投 资，开发及商业化。 4、根据2024年年报，公司海外营收占比为93.04%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 来源：新浪证券-红岸工作室 资金分析 今日主力净流入-170.01万，占比0.04%，行业排名89/158，连续3日被主力资金减仓；所属行业主力净 ...

小金属、有色金属板块爆发，东方铝业、云南锗业、中钨高新等多股涨停，锡业股份、中国稀土等多股 跟涨。 2月25日，A股三大指数继续走高，截至收盘，沪指涨0.72%报4147点，深证成指涨1.29%，创业板指涨 1.41%。全市场成交额2.48万亿元，较前一交易日增量2627亿元，超3700股上涨。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | | 上证指数 | 4147.23 | +29.82 | +0.72% | | 000001 | | | | | 深证成指 | 14475.87 | +184.30 | +1.29% | | 399001 | | | | | 创业板指 | 3354.82 | +46.55 | +1.41% | | 399006 | | | | | 北证50 | 1547.20 | +11.77 | +0.77% | | 899050 | | | | | 科创50 | 1473.28 | +7.92 | +0.54% | | 000688 | | | 더해줄[ | 盘面上，小金属、有色金属板块爆发，中钨高新、东方钽业等多股涨停；锂矿概念 ...

Group 1 - The A-share pharmaceutical sector rebounded, with medical device stocks and AI healthcare concepts leading the gains, including Meinian Health and Lepu Medical rising over 3% [1] - The largest medical ETF in the market (512170) saw a near 1% increase, with a net subscription of 77.77 million yuan on the previous day [1][5] - A new policy from the Beijing-Tianjin-Hebei region aims to enhance clinical trial efficiency and reduce compliance costs for CXO and medical device companies, set to take effect on March 1, 2026 [3] Group 2 - The pharmaceutical sector stabilized, with innovative drug concepts showing mixed results; Sanofi's stock rose over 3%, while Dizhe Pharmaceutical fell over 4% [3] - The only ETF tracking the pharmaceutical index (562050) turned positive during trading [3] - The FDA's recent announcement to establish a single pivotal clinical trial as the default standard for new drug approvals is expected to shorten development cycles and lower capital costs, benefiting innovative drug companies [4]

根据协议，前沿生物将获得4000万美元首付款及1300万美元近期里程碑付款；公司还将额外在两个项目 中累计获得最高9.5亿美元的基于成功开发、监管及商业化里程碑的付款，同时享有两款产品全球净销 售额的分级特许权使用费。 2026.02.25 本文字数：774，阅读时长大约1分钟 作者 |第一财经 林志吟 2月25日，科创板创新药企前沿生物（688221.SH）股价开盘后直泻，截至上午10点55分之际，股价跌 幅达到15.59%，成为A股跌幅第一大个股，市值报78.06亿元。截至午间收盘，该股下跌16.19%。 前沿生物股价突然暴跌，让一些投资者有些措手不及。 就在前日，即2月23日，前沿生物才刚刚宣布，与全球生物制药企业葛兰素史克（GSK）达成一项独家 授权许可协议。 根据该协议，葛兰素史克将获得前沿生物两款小核酸（siRNA）管线产品在全球范围内的独家开发、生 产及商业化权利，其中一款候选药物已进入新药临床试验申请（IND）阶段，另一款为临床前候选药 物。 总体看，这笔交易的首付款以及总交易额并不高，但跟授权的产品都处于早期研发阶段有关。 2月24日，受上述交易提振，前沿生物股价原本大涨9.29%，但2月2 ...