中国生物医药产业加速发展，2月3日，疫苗ETF（159643）收涨1.2%，近10日净流入超1亿元。 华福证券指出，中国生物医药产业正从"快速扩张"的1.0时代，迈入以"价值与全球竞争力"为核心的2.0 时代。中国已成为全球第二大新药首发市场，在靶向蛋白质降解（TPD）等颠覆性技术领域确立全球领 导地位。产业全球竞争力最直接体现是对外许可交易的快速增长，2025年1-8月交易额已突破500亿美 元。在技术与产业层面，分化与理性回归成为主题，中国在ADC、双抗等优势领域已跻身全球第一梯 队，但内部同质化竞争加剧。资本市场回归理性，资金集中涌向中后期项目及已验证赛道的头部公司， 促使企业竞争焦点从讲故事转向拼硬实力。 疫苗ETF（159643）跟踪的是疫苗生科指数（980015），该指数从沪深市场中选取涉及疫苗研发、生产 及相关生物技术等业务的上市公司证券作为指数样本，以反映疫苗与生物科技领域相关上市公司证券的 整体表现。 （文章来源：每日经济新闻） ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 生物医药ETF（512290）跟踪的是CS生医指数（930726），该指数从沪深市场中选取涉及生物技 术、制药及相关生命科学等业务的上市公司证券作为指数样本，以反映生物医药相关上市公司证券的整 体表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 （责任编辑：董萍萍 ） 医药主题性机会不断，资金持续布局，资金面看，生物医药ETF（512290）连续10日资金净流入超 4.6亿元 中泰证券指出，当前医药行情机会将围绕主题性机会展开，脑机接口、AI ...

Group 1 - The pharmaceutical sector experienced a pullback, with the pharmaceutical ETF (159929) declining by 1.53% and a trading volume exceeding 1.3 billion yuan, indicating a net inflow of over 45 million yuan during the day, marking 11 consecutive days of capital inflow totaling over 360 million yuan [1][3] - Major stocks within the pharmaceutical ETF saw most decline, including Meien Health and Pianzaihuang dropping over 3%, WuXi AppTec and Aier Eye Hospital falling over 2%, while Tigermed rose over 7% [3][4] - Tigermed is projected to see a net profit growth of 105% to 204% by 2025, indicating strong future performance [3] Group 2 - The JPM 2026 conference highlighted a shift in the global pharmaceutical industry's focus towards the effective allocation and long-term value realization of innovations amidst rising uncertainties [5] - Chinese innovation is gaining global recognition, with increased participation from Chinese companies at the JPM 2026, reflecting a growing acknowledgment from international capital and multinational pharmaceutical companies [5][6] - The evaluation logic of multinational pharmaceutical companies regarding Chinese innovative assets is evolving, focusing on their efficacy, differentiation, and competitive positioning for inclusion in global product portfolios [6][10] Group 3 - Multinational pharmaceutical companies are entering a critical patent cliff period, necessitating diversification in their pipelines to mitigate risks associated with single products and treatment areas [10][12] - The integration of AI into core strategies is becoming mainstream, with AI being utilized to enhance R&D efficiency and optimize operational systems, thus addressing challenges posed by the patent cliff [12][13] - The oncology sector remains a core area for pharmaceutical innovation, with a focus on antibody-drug conjugates (ADCs) and cell therapies, indicating a robust pipeline and commercial potential [13][15]

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [6] Core Insights - The focus remains on the combination of IO (Immuno-Oncology) and ADC (Antibody-Drug Conjugates), with significant advancements expected in their joint application [10][11] - The year 2026 is identified as a critical year for the combination of IO and ADC, with expectations for increased demand for ADCs, particularly in the context of various cancer treatments [11][41] Summary by Sections Section 1: Focus on Second-Generation IO and ADC - Merck's sac-TMT is a strategic focus, with 16 ongoing Phase III clinical trials, particularly in gynecological cancers [14][15] - AstraZeneca has 8 ADCs in clinical stages, with significant data readouts expected in 2026 [19][20] - Pfizer is advancing 4 Phase III clinical trials for its PD-1/VEGF dual antibody SSGJ-707, highlighting its strategic importance in oncology [26][27] - Johnson & Johnson aims to become the leading oncology company by 2030, focusing on multiple myeloma and various cancers [30] - Bristol-Myers Squibb (BMS) is advancing its PD-L1/VEGF dual antibody and oral CELMoD therapies, with significant data catalysts expected in 2026 [32][33] - Roche is focusing on breast cancer, with its oral SERD Giredestrant expected to be approved soon [37][38] Section 2: The Year of IO+ADC Combination - The combination of IO and ADC is seen as a key development direction, with various clinical trials underway [41] - The first-generation IO+ADC combinations are competitive, with sac-TMT emerging as a significant player [42] - The second-generation IO combined with chemotherapy is led by AK112, with multiple milestones expected in the coming years [47] - The second-generation IO combined with ADC is still in early exploration, with AstraZeneca leading the way [49] Section 3: Investment Recommendations and Targets - The report identifies several investment targets, including Kangfang Biotech, 3SBio, and others, highlighting their potential in the oncology sector [11][56]

Group 1 - The A-share medical sector weakened on January 26, with AI medical and brain-computer interface concepts leading the decline, as Meien Health dropped by 6% and Weining Health and Sanbo Brain Science fell over 5% [1] - The largest medical ETF in the market (512170) declined by more than 1.6%, losing its half-year line, with real-time transactions exceeding 600 million yuan [1] - Despite the overall decline, the medical ETF (512170) showed high-frequency premiums in the market, indicating active buying interest, with a weekly increase in positions exceeding 813 million yuan [1] Group 2 - CITIC Securities recently published a weekly review of the pharmaceutical industry, indicating that policy impacts will eventually clear, and companies will gradually recover after strategic adjustments, with the medical device sector undergoing dual recovery in valuation and performance [3] - The report suggests increasing allocation to the medical device sector by 2026, with major investment opportunities arising from performance recovery, overseas expansion, brain-computer interfaces, and AI medical technologies, potentially leading to multi-bagger stocks in a tech bull market [3] - The CXO sector is experiencing rapid growth due to advancements in ADC and peptide drugs, with increasing demand for related CXO services, and segments like small nucleic acids and CGT are expected to develop quickly [3] Group 3 - The largest medical ETF (512170) has a fund size of 26.8 billion yuan, making it the largest in the market among medical ETFs [3] - The medical ETF and its linked fund (012323) cover 12 AI medical and brain-computer interface concept stocks, with over 50% weight in medical devices and nearly 25% in CXO [3] - For those interested in Hong Kong stock medical opportunities, the Hong Kong Stock Connect Medical ETF (159137) focuses on medical innovation, gathering core leaders in various pharmaceutical fields, including medical devices, AI medical, CXO, and innovative drugs [3]

数据显示，截至2025年12月31日，上证科创板生物医药指数前十大权重股分别为联影医疗、百济神州、 艾力斯、百利天恒、惠泰医疗、君实生物、泽璟制药、华大智造、博瑞医药、荣昌生物，前十大权重股 合计占比48.85%。 科创医药ETF嘉实(588700)紧密跟踪上证科创板生物医药指数，一键布局生物医药产业。 没有股票账户的投资者可以通过科创医药ETF嘉实联接基金(021061)一键布局科创板生物医药板块机 遇。 2026年1月23日早盘，医药商业、医疗服务等板块涨幅居前，截至11:05，上证科创板生物医药指数强势 上涨1.52%，成分股成都先导上涨5.48%，华大智造上涨4.25%，欧林生物上涨3.69%，荣昌生物，奕瑞 科技等个股跟涨。 消息上，商务部等九部门发布关于促进药品零售行业高质量发展的意见提出，推动药品零售企业参加药 品集中采购。鼓励行业协会或区域医药流通龙头企业牵头，引导药品零售企业参与药品集中带量采购。 针对其他药品，鼓励零售药店整合采购需求，开展联合采购，实现量价挂钩，提升议价能力。支持药品 零售企业按规定通过省级医药采购平台采购，生产企业需做好供应保障。 近期，中国医药产业正站在全球化价值重估 ...

Summary of Molecular Partners FY Conference Call Company Overview - **Company Name**: Molecular Partners (NasdaqGS:MOLN) - **Focus**: Development of DARPin candidates, particularly in the field of radiotherapy - **Financial Position**: Over $100 million in cash (approximately CHF 93 million) available for investment in R&D [4][30] Key Industry Insights - **Biotech Sector Outlook**: Increased confidence in a turnaround for the biotech sector in 2026, following a challenging period [3] - **Radiotherapy Market**: Positive feedback and renewed interest in radiotherapy, highlighted by the successful IPO of Aktis Oncology [3] Core Product Focus - **Primary Candidate**: MP0712, a DLL3-targeted DARPin, is expected to drive value creation in the upcoming year [4][6] - **Pipeline Overview**: Emphasis on MP0712, with additional focus on MPO 317 and MPO 533, which are also in development [6][11] Product Development and Clinical Trials - **MPO 317**: Initially considered a dead program, it has been revived due to promising phase one data showing immune activation in colorectal carcinoma. A new trial will involve 75 patients across 11 centers in France, with results expected in 2027 [10][11] - **MPO 533**: A multispecific DARPin targeting acute myeloid leukemia (AML), designed to eradicate residual disease clones. The focus will be on low disease burden patients [11][12] Radiotherapy Mechanism - **Mechanism of Action**: MP0712 utilizes a DARPin vector linked to a radioisotope (Lead-212) to target DLL3 in small cell lung cancer. The approach aims to combine the efficacy of T cell engagers with the durability of antibody-drug conjugates (ADCs) [14][16][18] - **Clinical Strategy**: The company plans to initiate a phase one dose escalation trial, starting with a 75-megabecquerel dose, with a fast-to-market strategy for small cell lung cancer [27][30] Safety and Efficacy Considerations - **Safety Profile**: The rapid decay of Lead-212 is expected to result in minimal hematological toxicity, with recovery of blood values anticipated [34][37] - **Patient Experience**: Radiotherapy is expected to offer a better quality of life for patients compared to T cell engagers, which often cause acute side effects [37] Partnerships and Collaborations - **Orano Med Partnership**: A 50/50 partnership focused on the supply of Lead-212, with Orano Med providing a robust supply chain and infrastructure for the isotope [40][43] - **Future Collaborations**: The company is open to exploring partnerships for other isotopes, such as actinium, to enhance treatment options [45][46] Future Directions - **Expansion of Indications**: Beyond small cell lung cancer, there are plans to explore other neuroendocrine tumors with DLL3 expression [47][48] - **Innovative Imaging Techniques**: The use of imaging agents to select patients with DLL3 expression is seen as pivotal for maximizing treatment efficacy [48] Conclusion - **Focus for 2026**: The primary focus will be on MP0712, with expectations for first-in-human results and safety data in the first half of the year, followed by activity data in the second half [30]

Core Insights - 2026 is identified as a pivotal year for transformation and output in the global biopharmaceutical industry, with major companies revealing strategic developments at the JMP conference [1] - The industry is experiencing extreme differentiation, with ADC and GLP-1 seen as key growth engines for the next five years, while mRNA, siRNA, and RLT are transitioning from concepts to clinical norms [1][9] - The BD strategies are becoming more precise, with 2025's small-scale acquisitions starting to yield results, and the logic behind mergers and acquisitions in 2026 expected to diversify [1] Hot Track Dynamics: Dual Drivers of Technology Iteration and Indication Expansion - ADC remains a leading player in the oncology sector, with Merck advancing multiple ADC assets through collaboration with Daiichi Sankyo [12] - BeiGene views ADC as a core technology and is actively promoting drug accessibility globally [12] - Eli Lilly has completed several ADC-related transactions to enhance its capabilities in cancer treatment [12] Weight Management Market Transition - The weight management market is shifting from simple weight loss to comprehensive management of metabolic syndrome, with Eli Lilly focusing on AI-driven drug discovery and direct patient engagement [14] - Roche's acquisition of Carmot Therapeutics enhances its pipeline with new metabolic therapies [14] - Sanofi is expanding the indications for its core asset Dupixent and advancing its autoimmune pipeline [14] Key Corporate Strategic Planning: Core Track Deepening and Platform Layout - Eli Lilly's strategy focuses on obesity and AI-driven drug development, with a projected investment of up to $1 billion in collaboration with NVIDIA [15] - Pfizer aims to maximize core transaction value and apply AI across its business chain, targeting a $150 billion market in obesity by 2030 [15] - Amgen is accelerating the integration of biotechnology and AI, with a focus on rare diseases and partnerships in China [16] BD Trends: Core Logic of Track Reinforcement and Ecological Synergy - The pharmaceutical industry is seeing a concentration of mergers and acquisitions in ADC and bispecific antibodies, with major companies acquiring key assets and technology platforms [17] - Big Pharma is shifting from scale expansion to pipeline restructuring to avoid revenue cliffs due to upcoming patent expirations [18] - The focus is on mid-stage assets with immediate Phase 3 potential, which are expected to have a premium advantage over early-stage assets [18] Industry Outlook - The biopharmaceutical industry is entering an "innovation harvest period" from 2026 to 2030, with GLP-1 drugs evolving into comprehensive metabolic management platforms [19] - The market for GLP-1 receptor agonists in China is projected to reach approximately 38.3 billion yuan by 2030 [19] - The commercialization of cutting-edge therapies is approaching a "singularity," with advancements in cell and gene therapies and RNA therapies expected to overcome production and reimbursement challenges [19][20]

Core Insights - The article discusses the upcoming 44th J.P. Morgan Global Healthcare Conference, focusing on the evolving landscape of the healthcare industry and investment opportunities within various sectors [4][28]. Group 1: Conference Overview - The conference will feature approximately 530 participating entities, categorized into six major sectors, with a focus on identifying which sectors are transitioning from theoretical discussions to practical implementations [4][6]. - The sectors include biotechnology (24.1%), biopharmaceuticals (20.0%), medical devices (7.6%), healthcare services and payments (7.6%), digital health (3.7%), and diagnostics and precision medicine (3.5%) [6]. Group 2: Sector Analysis - **Biotechnology**: Companies are shifting focus from technological breakthroughs to the validation of clinical and regulatory milestones. Notable companies include BridgeBio and Sarepta, which are advancing towards commercialization [13][15]. - **Biopharmaceuticals**: The sector is undergoing a repricing of its fundamentals, emphasizing cash flow stability and R&D efficiency. Companies like AbbVie and Merck are highlighted for their strong market positions [14][15]. - **Medical Devices**: The focus is on the ability of devices to integrate into clinical pathways and improve operational metrics. Companies like Intuitive Surgical and Dexcom are noted for their innovative approaches [17]. - **Healthcare Services and Payments**: This sector faces challenges due to policy impacts and utilization rates. The market is increasingly focused on the ability to clearly explain profit structures [18]. - **Digital Health**: Although smaller in representation, this sector is gaining attention for its role in enhancing hospital efficiency and cost management. Companies like Veeva and Teladoc are leading discussions on sustainable business models [19]. - **Diagnostics and Precision Medicine**: The focus is on the integration of diagnostic tools into clinical decision-making processes. Companies like Illumina and Guardant Health are key players in this space [20][21]. Group 3: China’s Role in Global Healthcare - Chinese companies are transitioning from demonstrating innovation to proving their irreplaceability in the global market. This shift is characterized by a dual approach of independent R&D and international collaborations [22][24]. - Companies like HengRui and BeiGene are highlighted for their efforts in advancing their clinical pipelines and establishing a global presence [26][27]. Group 4: Investment Focus - The article emphasizes that the market is increasingly focused on a few verifiable variables across all sectors, rather than broad narratives. This includes the ability to demonstrate clinical, payment, and commercialization effectiveness [28][30]. - The 2026 outlook suggests a reliance on structural choices and execution capabilities, with companies that can provide clear answers to these questions likely to achieve cross-cycle premium valuations [30].

Group 1 - The core viewpoint of the news highlights the performance and growth of the Tianhong Innovation Drug ETF (517380), which has seen significant trading activity and net inflows, indicating strong investor interest in the innovative pharmaceutical sector [1] - As of January 8, the Tianhong Innovation Drug ETF reached a new high with a total scale of 1.597 billion yuan and 1.980 billion shares outstanding, reflecting robust market demand [1] - The ETF tracks the Hang Seng Shanghai-Shenzhen Hong Kong Innovation Drug Select 50 Index (HSSSHID), which includes a diverse selection of 50 leading innovative pharmaceutical companies, with a composition of 40% Hong Kong stocks and 60% A-shares [1] Group 2 - Notable achievements in the innovative pharmaceutical sector include Shiyao Group's R&D expenses of 4.185 billion yuan for the first three quarters of 2025, focusing on ADC, GLP-1, and small nucleic acid pipelines, with total authorized amounts exceeding 9.7 billion USD [2] - BeiGene is projected to achieve a profit of 200 million USD in 2025, with expectations of reaching 600-800 million USD in 2026, as several solid tumor drugs enter critical clinical stages [2] - Three Life Sciences has partnered with Pfizer for a 6 billion USD dual antibody licensing deal, receiving an upfront payment of 1.4 billion USD, with 20 clinical studies planned for 2026 [2]