◎记者 赵明超 2025年春，创新药板块"忽如一夜春风来"，各家药企BD交易"千树万树梨花开"，一场轰轰烈烈的创新 药行情随之展开，在三季度上演"秋收"行情，但随后又迎来震荡调整，处于"冬藏"状态。 走过2025年的"秋收冬藏"行情之后，2026年的创新药行情如何演绎？整个医药板块有哪些投资机会？上 海证券报记者邀请平安医药精选股票基金经理周思聪、长城医药产业基金经理梁福睿、融通健康产业基 金经理万民远，就上述问题分享看法。 未来向好 创新药重估进行时 上海证券报：站在当前时点，如何看创新药行业2026年的投资机会？ 周思聪：2025年，创新药全球BD交易爆发式增长，验证了中国国内研发的质量，市场对创新药企业进 行重估，创新药板块强劲反弹，但目前基本还没有演绎创新药行业的业绩主线。 2026年，市场叙事将从广泛的估值重估转向基本面落地，市场将更加严苛地审视公司的每一个临床数 据、每一份销售财报和每一次BD交易的质量。能否持续产出有价值的创新成果，以及能否将这些成果 高效地转化为商业收入，是决定未来公司价值的核心。未来的赢家将是那些能够将其科学创新成功地转 化为商业成果的公司。 梁福睿：2025年二、三季度创新 ...

Group 1 - Domestic pharmaceutical companies are gaining confidence in international markets, with a significant revaluation of Chinese innovative drug projects underway [1] - Heng Rui Medicine announced an exclusive licensing agreement with Braveheart Bio for an upfront payment of $65 million, with potential milestone payments reaching up to $1.013 billion [1] - As of the end of August, the number of license-out transactions for domestic innovative drugs reached 83, a year-on-year increase of 57%, with a total disclosed amount of $84.531 billion, up 185% year-on-year [1] Group 2 - The World Conference on Lung Cancer (WCLC) will take place from September 6 to 9 in Barcelona, where several leading innovative drug companies will present significant new products [1] - The European Society for Medical Oncology (ESMO) conference will be held in mid-October in Berlin, focusing on advancements in oncology and featuring many Chinese pharmaceutical companies [2] Group 3 - Relevant ETFs include the Hang Seng Medical ETF (159892), which focuses on Hong Kong innovative drugs and supports T+0 trading [3] - The Hong Kong Stock Connect Medical ETF (520510) targets the innovative drug industry chain with leading CXO content and supports T+0 trading [3] - The Biotechnology ETF (516500) focuses on A-share innovative drugs, highlighting leading companies in the sector [3]

Core Viewpoint - Dongyangguang Pharmaceutical (06887.HK) has officially listed on the Hong Kong Stock Exchange, marking the first case of H-share absorption and merger privatization combined with a listing in the Hong Kong market, creating a comprehensive innovative drug platform that integrates R&D, production, and sales [1][2] Group 1: Company Overview - The listing of Dongyangguang Pharmaceutical is a consolidation of the pharmaceutical resources under Dongyangguang Group, absorbing Dongyangguang Changjiang Pharmaceutical (01558.HK), which was previously a platform for the biopharmaceutical sector [2] - Dongyangguang Pharmaceutical is one of the largest producers of Oseltamivir globally and holds a leading position domestically [4] Group 2: R&D and Product Pipeline - The company has a robust R&D platform covering the entire lifecycle of chemical and biological drugs, with advanced technologies such as small nucleic acids, ADC, PROTAC, and specific antibodies [5] - As of the latest report, Dongyangguang Pharmaceutical has over 100 drugs in the pipeline, including 49 Class 1 innovative drugs in China, with several in Phase II or III clinical trials [7] - The company has successfully launched three Class 1 innovative drugs in the infection field, forming a unique combination of anti-hepatitis C drugs with independent intellectual property rights [8] Group 3: Market Potential and Growth Strategy - The diabetes drug market in China is projected to reach RMB 676 billion in 2023, with expectations to grow to RMB 903 billion and RMB 1,223 billion by 2026 and 2030, respectively [9] - Dongyangguang Pharmaceutical is expanding into chronic disease areas, including metabolic, cardiovascular, and chronic respiratory diseases, with promising candidates like HEC585 for idiopathic pulmonary fibrosis [9] - The company is accelerating its business development through licensing agreements, collaborations, and acquisitions, exemplified by a nearly $1 billion overseas licensing agreement with UK-based Apollo for the HEC88473 project [9] Group 4: Strategic Positioning - Following the absorption of Dongyangguang Changjiang Pharmaceutical, the company has established an integrated R&D, production, and sales model, driven by innovation and internationalization, positioning itself as a benchmark for innovative drugs with global influence [10]