一段属于中国创新药的"航海叙事"，正翻开新的一页。 港股全流通，远不止是股份结构的调整，它更意味着公司治理的优化、股东利益的统一，以及国际资本关注度的提 升。对致力于全球化的中国创新药企而言，这无疑是一股制度性"东风"。 在这条愈发开阔的航道上，复宏汉霖已凭借"差异化创新+全球化运营"的双引擎策略，展现出清晰的航行轨迹：公司 不仅推动多款产品成功出海、管线布局纵深推进，也在资本市场彰显出稀缺的成长韧性。 近日，复宏汉霖（02696.HK）发布公告，公司已取得中国证监会出具的《关于上海复宏汉霖生物技术股份有限公司境 内未上市股份"全流通"备案通知书》。根据该通知书，公司就约1.826亿股非上市股份转换为H股并全流通上市的备案 已完成。此举有望进一步激活股票流动性，吸引更多国际投资者的目光。 从"估值修复"到"价值重估" 回顾2025年，医药板块走出了一条从底部回暖、逐步走强再到结构性波动的复苏曲线。在政策持续支持、资金逐步回 流、AI技术赋能以及创新药"破浪出海"等多重利好共振下，板块整体迎来了一轮坚实的估值修复。 图表一：复宏汉霖股价走势图 数据来源：WIND，格隆汇整理 数据截至2026年1月16日 白线： ...

Core Viewpoint - The company Baoyi Pharmaceutical-B (02659) has seen its stock price surge over 200% within 14 trading days since its listing on the Hong Kong Stock Exchange on December 10. The company announced it has submitted materials to the China Securities Regulatory Commission for the implementation of full circulation of H-shares, converting a total of 63.1163 million unlisted shares into H-shares, which accounts for approximately 19.36% of the total issued shares as of the announcement date [1]. Group 1 - The full circulation mechanism allows unlisted domestic shares to be converted into tradable shares, enhancing the overall liquidity of the Hong Kong stock market [1]. - Increased liquidity is expected to attract more institutional investors, such as funds and pension plans, as large transactions can be executed more easily with reduced price impact [1]. - The ability for all shares to be freely traded will enable the stock price to better reflect the company's true value, minimizing valuation discrepancies caused by illiquid shares [1]. Group 2 - The full circulation is anticipated to significantly enhance the company's market capitalization, potentially attracting attention from major international indices like FTSE Russell and MSCI, which focus on market capitalization [1]. - Governance and transparency of the company are expected to improve, as the wealth of original domestic shareholders will be directly linked to the company's stock price, incentivizing a focus on long-term value and governance structure [2].