兴业证券认为，近期创新药板块情绪回落，随着BD持续落地，当前板块景气度可持续，"创新+国际 化"创新药产业趋势不变，短期调整后创新药板块弹性进一步提升。同时，可继续重点关注基本面已开 始改善的创新药产业链，当前在投融资数据、订单和业绩层面均看到向好趋势。 渤海证券认为，国家药监局公布的数据显示，2025年我国已批准上市的创新药达76个，超过2024年全年 的48个，创历史新高；此外，2025年我国创新药对外授权交易总金额超过1300亿美元，授权交易数量超 过150笔，同样创历史新高；我国在研新药管线约占全球30%，位列全球第二。我国创新药产业趋势延 续，坚定看好我国创新药产业链长期发展空间。 广州市人民政府办公厅印发《广州市加快建设先进制造业强市规划（2024—2035年）》。其中提出，加 速创新药物战略布局，大力发展单克隆抗体、疫苗、血液制品、诊断试剂等生物制药。围绕生命健康重 大问题和前沿生物技术开展前瞻布局，争取在基因工程技术、新的药物靶点和作用机制、合成生物学与 生物信息学融合等方面取得突破。借助岭南中药特色优势，加快推动中医药标准化、国际化，打造一批 从原料药、中药材到药品的示范产业链。 东海证券认 ...

华福证券指出，医药创新长期主线逻辑不变，元旦后的港股科技开门红行情是良好开端，亦启示创新药 械作为医药中科技属性最强的方向，2026年大概率有不错机会。此外，兴业证券认为，"创新+国际 化"仍将是2026年医药板块核心主线，重点关注产业趋势持续向好的创新药，全球竞争力持续加强+出 海持续落地+商业化盈利兑现。 把握港股创新药低吸窗口期，重点关注同类最大港股通创新药ETF（520880）及其场外联接基金 （025221），标的指数恒生港股通创新药精选指数具备三大独特优势：其一，纯粹，全面。不含 CXO，纯正创新药，全面覆盖创新药研发类公司；其二，龙头占比大。前十大创新药龙头权重超73%， 表征创新药硬核力量；其三，风险更可控。对流动性较差的成份股强制降权，有力管控尾部风险。 1月8日，港股通创新药逆市上涨，迎来开年四连涨。纯度100%的港股通创新药ETF（520880）早盘高 开后冲上2%，一举站上60日线。进入2026年，港股通创新药经过前期的回调，目前展现反转迹象。 从配置性价比角度看，恒生港股通创新药精选指数自2025年9月上旬开始进入阶段调整期，截至2025年 12月31日回撤超24%，调整较为充分。分 ...

1月8日早盘，港股延续调整，创新药再度逆市领涨！纯度100%的港股通创新药ETF（520880）连续第4日上涨，高开后再度冲上2%，一举站上60日线！成 份股映恩生物-B涨超6%居首，和黄医药涨超4%。 | | | 分时 多日 1分 5分 15分 30分 60分 日 周 ▼ | | | | | F9 盘前盘后 叠加 九转 画线 工具 | ത്ര 2 | 港股通创新药ETF 1 | | 520880 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 520880[港股通创新药ETF] 09:58 价 0.555 涨跌 0.011(2.02%) 均价 0.553 成交量 9.51万 IOPV 0. | | | | | | | | 0.558 | | | | | | | | | 0.555 | | +0.011 +2.02% | | 0.553 | | | | | | | | 1.73% | SSE CNY 9:58:33 交易中 | | T+0 融 / 0 + | | | | | | | ...

1月8日早盘，港股延续调整，创新药再度逆市领涨！纯度100%的港股通创新药ETF（520880）连续第4 日上涨，高开后再度冲上2%，一举站上60日线！成份股映恩生物-B涨超6%居首，和黄医药涨超4%。 2、龙头占比大。前十大创新药龙头权重超73%，表征创新药硬核力量。 3、风险更可控。对流动性较差的成份股强制降权，有力管控尾部风险。 | | | 潜股通创新药ETF (520880) 标的指数 | | | --- | --- | --- | --- | | | | 前十成份股权重高达73.41%,龙头优势显著 | | | 代码 | 简称 | 权重(%) | 总市值(亿港元) | | 9926.HK | 康方生物 | 10.49 | 1,109 | | 6160.HK | 百济神州 | 10.01 | 3,120 | | 1093.HK | 石药集团 | 9.97 | 1,021 | | 1177.HK | 中国生物制药 | 9.47 | 1,234 | | 1801.HK | 信达生物 | 9.38 | 1,454 | | 3692.HK | 翰森制药 | 8.15 | 2,336 | | 1530.HK | ...

1月8日早盘，港股延续调整，创新药再度逆市领涨！纯度100%的港股通创新药ETF（520880）连续第4 日上涨，高开后再度冲上2%，一举站上60日线！成份股映恩生物-B涨超6%居首，和黄医药涨超4%。 | | | 分时 多日 1分 5分 15分 30分 60分 日 周 · | | | | | | F9 盘前盘后 盛加 九转 西氏 工具 @ 0 | > | 港股通创新药ETF O | | 520880 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.556 | | | | | 520880JA股通创新资ETF] 09:58 价 0.555 涨跌 0.011(2.02%) 均价 0.553 股交盘 9.51万 IOPV 0. | | | | 2.59% | 0.555 | | +0.011 +2.022 | | 0.553 July 1 | | | | | | | | | 1.7393 | SSE CNY 9:58:33 文理中 | | T+0 图 / 图 + | | | | | | | ...

据央视新闻消息，记者从国家药监局获悉，2025年我国已批准上市的创新药达76个，大幅超过2024年全 年48个，创历史新高。此外，2025年我国创新药对外授权交易总金额超过1300亿美元，授权交易数量超 过150笔，同样创历史新高。 东海证券认为，2026年我国医药生物行业将正式步入创新药大时代，创新药将逐渐占据我国医药生物行 业的主导地位，医保商保的互补结合将长期打开支付空间的天花板，创新药将持续蓬勃发展。国内方 面，2026年将更多关注创新药的上市放量节奏，热门靶点布局的领先程度，竞争格局的拥挤程度，关键 临床数据的读出情况等；海外方面，随着BD交易的常态化，将更多关注首付款项等对现金流的改善程 度，关注已授权项目的海外临床进展情况，海外上市产品的放量情况等。CXO、上游科学试剂等创新 药产业链行业，受益于创新药的快速发展预计仍将保持良好增长势头。 兴业证券认为，近期创新药板块情绪回落，随着BD持续落地，当前板块景气度可持续，"创新+国际 化"创新药产业趋势不变，短期调整后创新药板块弹性进一步提升。同时，可继续重点关注基本面已开 始改善的创新药产业链，当前在投融资数据、订单和业绩层面均看到向好趋势。 ...

Policy Developments - The National Healthcare Security Administration announced that the long-term care insurance system will transition from pilot programs to full establishment during the 14th Five-Year Plan period, aiming to cover nearly 300 million people and benefit over 3.3 million disabled individuals, with total fund expenditures exceeding 100 billion yuan [2] Drug and Device Approvals - Novo Nordisk's weight-loss version of semaglutide injection has been approved in China for cardiovascular indications, aimed at reducing the risk of major cardiovascular adverse events in adults with a BMI of 27 or higher who have been diagnosed with cardiovascular disease. The drug can achieve over a 20% weight reduction in about one-third of patients and reduce the risk of major adverse cardiovascular events by 20% [4] - GlaxoSmithKline announced that its new drug, Meplazumab injection, has been approved in China for the maintenance treatment of adults with chronic obstructive pulmonary disease (COPD) characterized by elevated eosinophils [5] Capital Market Activities - Weisi Medical plans to sell part of its fixed assets for a total price of 119 million yuan, which is expected to impact the company's net profit attributable to shareholders by approximately 10 million yuan in 2026 [8] - AstraZeneca and JAKS Pharmaceuticals have reached a global exclusive licensing agreement for the pan-KRAS inhibitor JAB-23E73, with JAKS receiving an upfront payment of 100 million USD and potential milestone payments of up to 1.915 billion USD [9] Industry Events - XinNuoWei announced the resignation of board member Cai Lei due to work changes, who will focus on his role at Shiyao Group, which is aligned with the group's strategy of "innovation + internationalization" [11] - Sanli Pharmaceutical signed a technology transfer contract with Hainan University for the HXW2324 compound and related patents, with a total transfer price of 200 million yuan, aimed at developing new treatments for Alzheimer's disease [12] - A new vaccine strategy developed by the Scripps Research Institute aims to prevent fatal filovirus infections by using engineered self-assembling protein nanoparticles to display viral surface proteins, enhancing immune response [13]

Group 1 - The innovation drug sector is experiencing a volatile trend in the fourth quarter, with positive signals in the funding landscape as significant capital flows into innovation drug-themed ETFs, totaling over 19 billion yuan in net subscriptions as of November 28 [1] - Despite a strong performance earlier in the year, the innovation drug sector faced a correction in the fourth quarter, with an average decline of approximately 10% in themed funds as of November 28, yet funds continued to increase their positions, leading to substantial growth in several innovation drug-themed ETFs [3] - The growth of specific ETFs is notable, with the scale of the GF Hong Kong Innovation Drug ETF increasing from 7.875 billion yuan at the end of last year to 25.276 billion yuan, and the Huatai-PineBridge Hong Kong Innovation Drug ETF rising from less than 700 million yuan to over 24 billion yuan [3] Group 2 - Industry experts believe that the long-term investment value of the innovation drug sector is becoming more apparent, although the phase of broad market gains may be over, necessitating a focus on stock selection for future investments [4] - The report from Industrial Securities indicates that the trend of "innovation + internationalization" in the innovation drug industry remains unchanged, with increased elasticity in the sector following the recent adjustments, and a positive outlook on the fundamentals of the innovation drug industry chain [4]

Core Viewpoint - Despite a slowdown in the sector in the second half of the year, there remains strong interest from capital, with nearly 8 billion yuan of net inflow over five consecutive trading days, indicating a new round of investment layout [1] Group 1: Global Trends - Over the past decade, the number of pharmaceutical transactions globally has shown a steady growth trend, with multinational corporations (MNCs) needing to replenish their pipelines due to profit pressures [1] - By 2030, products with sales exceeding 5 billion USD that are nearing patent expiration will total nearly 200 billion USD, driving MNCs' enthusiasm for business development (BD) [1] Group 2: Chinese Pharmaceutical Companies - Chinese pharmaceutical companies are increasingly competitive globally, with the total amount of license-out transactions exceeding 100 billion USD this year, doubling compared to 2024 [2] - From 2015 to 2024, the number of original innovative drugs entering clinical trials from Chinese companies reached 4,382, surpassing the 4,009 from the United States, with 704 new drugs entering clinical trials in 2024, ranking first globally [2] - The number of innovative drugs developed by Chinese companies that have entered late-stage clinical trials is comparable to that of the United States [2] Group 3: Technological Trends - Antibody-drug conjugates (ADC) have become a hot topic for license-out transactions among Chinese companies over the past three years, transitioning from a follower to a leader in innovation [2] - Chinese companies are rapidly following innovations in immuno-oncology (IO) and have the potential to surpass competitors, with some products already authorized for international markets [2] Group 4: Policy Environment - The average price reduction of drugs in the 2025 medical insurance negotiations is expected to stabilize, with a significant proportion of newly added drugs being domestically produced [3] - Future centralized procurement may focus more on comprehensive value assessments rather than solely on low prices, emphasizing efficacy, quality, and patient accessibility [3] Group 5: Investment Opportunities - Focus on IO and ADC as foundational therapies for tumors, particularly with the upcoming expiration of PD-1 patents, which may lead to a market shift towards second-generation IO therapies [3] - Highlighted companies in the IO and ADC sectors include: 3SBio, Innovent Biologics, CanSino Biologics, Rongchang Biopharmaceuticals, Huahai Pharmaceutical, Yiming Pharmaceutical, Lepu Medical, Kelun-Biotech, and CSPC Pharmaceutical [3][5] - Emphasis on the internationalization of Chinese pharmaceutical companies, with a long-term view of the industry evolving into global leaders, particularly in innovative drugs and medical devices [3] - Notable companies in the medical device sector include Mindray Medical, United Imaging Healthcare, BGI Genomics, and Haitai New Light [3][5] - The CXO industry is expected to improve due to better supply-demand dynamics, with global investment recovery likely to boost client demand [4] - Key CXO leaders to watch include WuXi AppTec, WuXi Biologics, Kelun Pharmaceutical, Tigermed, and Jiuzhou Pharmaceutical [4][5]

Core Viewpoint - The Hong Kong stock market's innovative drug sector has experienced significant volatility recently due to changes in overseas liquidity expectations, with substantial capital inflow as evidenced by the continuous subscription of the Hang Seng Pharmaceutical ETF (159892) for nine consecutive days, reaching a recent high in fund shares [1] Macro Environment - Recent dovish signals from Federal Reserve officials have boosted expectations for interest rate cuts, which may lead to sustained liquidity improvements in the Hong Kong stock market during the Fed's rate-cutting cycle [1] Industry Outlook - According to Industrial Securities, the current sector's prosperity is sustainable, with the trend of "innovation + internationalization" in the innovative drug industry remaining unchanged. After a short-term adjustment, the elasticity of the innovative drug sector has further increased [1] - Positive trends are observed in the innovative drug industry chain across investment and financing data, orders, and performance metrics [1]