农历新年前，中国创新药企业达成的几笔交易，给经历一轮上涨又陷入漫长蛰伏的板块带来暖意。 2026年以来，中国创新药对外授权交易总金额在短短四十多天里已超过300亿美元，首付款规模已超去 年全年单季度最高水平。数字之外，创新药BD（业务拓展）模式的调整，也映射出了中国企业在产业 链中能力与角色的变迁。 即便MNC当前对中国创新药资产的主动性需求更强，且白宫回应称并未"积极考虑"该草案，但BD作为 中国企业当前发展逻辑的关键一环，变幻莫测的地缘政治因素仍然会掣肘中国创新药行业。 图片来源：视觉中国 上周末，信达生物与礼来制药宣布达成新一轮全球战略合作，双方将共同推进肿瘤及免疫领域创新药物 的全球研发。根据协议，信达生物将获得3.5亿美元首付款。在达成后续特定里程碑事件后，信达生物 还有资格获得总额最高约85亿美元的研发、监管及商业化里程碑付款。 这是这家中国创新药公司与礼来的第七次合作。与以往不同的是，本次合作并未围绕公司已有的成熟分 子展开，而是针对尚未成型的新想法，MNC（跨国制药巨头）是为信达生物的早期研发平台和效率付 费，进行"端到端"的全球研发共建。 信达生物将运用其抗体技术平台，主导药物的早期研发，至 ...

Core Viewpoint - The company XinNuoWei (300765.SZ) announced that its subsidiary, Giant Stone Biopharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of SYS6023, a HER3-targeted antibody-drug conjugate [1] Group 1 - SYS6023 is designed to target specific receptors on tumor surfaces and utilizes a topoisomerase I inhibitor developed by the company as its payload [1] - The mechanism of SYS6023 involves binding to tumor cells, entering them through endocytosis, and releasing toxins to kill cancer cells [1] - The payload of SYS6023 is not a substrate for efflux pumps, which is expected to help avoid resistance issues commonly seen with DXd class ADCs [1]

阿斯利康 图源：时代财经张羽岐摄 在被带走配合调查逾一年后，阿斯利康（AZN.US）中国区前"一号人物"王磊涉骗保和走私案又有新进展。 2月12日，据媒体消息，阿斯利康前全球执行副总裁、国际业务主席及中国区总裁王磊（Leon Wang）被中国官方正式提起公诉。目前，阿斯利康方面已 向媒体证实了针对王磊的起诉书内容。 市场消息显示，指控具体案由为非法进口药物、非法收集个人信息和医疗保险欺诈。 2月12日，时代财经就上述消息的真实性及公司是否有进一步信息披露等问题采访阿斯利康方面，截至发稿暂无任何回复。 在最新披露的年报中，阿斯利康也对外表示，2025年11月，深圳市检察院完成审查，阿斯利康中国、阿斯利康一名前执行副总裁和一名前高级员工因涉嫌 非法收集个人信息、非法贸易、医保欺诈，正面临正式刑事指控。 阿斯利康并未在年报中披露涉案人员的具体姓名，但经多家媒体证实，年报中"前执行副总裁"所指的正是王磊。 阿斯利康表示，这两名前员工将在深圳市中级人民法院受审，开庭日期暂未确定。 从传奇人物到阶下囚 从2024年10月底因涉案被调查开始，王磊，这位与阿斯利康中国区紧密捆绑的高管话题不断，属于他的时代也在风波中骤然落幕。 ...

Core Viewpoint - The announcement highlights that New Horizon (新诺威) has received approval from the National Medical Products Administration for clinical trials of SYS6023, a HER3-targeted antibody-drug conjugate [2] Group 1: Product Development - SYS6023 is designed as a HER3-targeted antibody-drug conjugate that utilizes a self-developed topoisomerase I inhibitor as its payload [2] - The drug is intended to bind to specific receptors on tumor surfaces, allowing for internalization and subsequent release of toxins to kill tumor cells [2] - The payload of SYS6023 is not a substrate for efflux pumps, which is expected to help avoid resistance issues commonly seen with DXd class ADCs [2]

Core Viewpoint - Hanyu Pharmaceutical has received FDA approval for the abbreviated new drug application of Glatiramer Acetate Injection, which is expected to enhance the company's product pipeline in overseas markets and expand its presence in the U.S. pharmaceutical market [2] Group 1 - The approval of Glatiramer Acetate will enrich the company's overseas product pipeline [2] - The company plans to actively promote the sales of this drug in international markets [2] - This development is anticipated to positively impact the company's future performance and industry position [2]

公告显示，海利克斯由公司控股股东王俊民100%持股。 此外，公司拟与海利克斯共同投资4850万元设立子公司海思新元医药科技有限责任公司（拟用名称，以 工商登记为准，以下简称"海思新元"），其中公司投资4350万元，占海思新元股权比例89.69%。海思新 元重点布局小核酸药物等新一代技术研究领域。 北京商报讯（记者 丁宁）2月12日晚间，海思科（002653）发布公告称，公司拟与海利克斯（成都）医 药科技有限公司（以下简称"海利克斯"）共同投资9700万元设立子公司海思生物科技有限责任公司（拟 用名称，以工商登记为准，以下简称"海思生物"），其中公司投资8700万元，占海思生物股权比例 89.69%。海思生物重点布局ADC（抗体药物偶联物）、In Vivo CART（嵌合抗原受体T细胞免疫疗法） 等前沿方向。 ...

Market Movements - US stock index futures are all up, with Dow futures rising by 0.33%, S&P 500 futures up by 0.31%, and Nasdaq futures increasing by 0.29% [1] - European indices also show positive movement, with Germany's DAX up by 1.22%, UK's FTSE 100 up by 0.11%, France's CAC40 up by 0.74%, and the Euro Stoxx 50 up by 0.59% [2] Oil Prices - WTI crude oil is down by 0.09%, priced at $64.57 per barrel, while Brent crude oil is down by 0.17%, priced at $69.28 per barrel [3] Economic and Market News - David Einhorn of Greenlight Capital predicts that the Federal Reserve will cut interest rates "far more than twice" this year, contrary to market expectations, citing political pressure and upcoming leadership changes at the Fed as catalysts for aggressive rate cuts [4] - John Cito from Apollo Asset Management warns that the software industry is entering a "violent technology cycle," with a significant reset in valuation logic as the market begins to aggressively differentiate between winners and losers [5] - The Federal Reserve is reportedly planning to revoke certain non-public corrective orders issued to banks, signaling a potential easing of regulatory burdens [6] Employment Data - The US non-farm payrolls report for January showed an increase of 130,000 jobs, significantly exceeding the market expectation of 70,000, leading to a delay in rate cut expectations from June to July [7] - Moody's Chief Economist Mark Zandi cautions against overconfidence in the employment data, suggesting that the labor market remains fragile and susceptible to shocks [7] Company-Specific News - Apple (AAPL.US) faces delays in its AI upgrade plan for Siri, with significant features potentially being rolled out in multiple phases rather than all at once [9] - Sanofi (SNY.US) announced a sudden CEO change, with Paul Hudson stepping down amid disappointing R&D results, leading to a drop in stock price by over 6% [10] - Cisco (CSCO.US) reported a 10% year-over-year revenue increase to $15.3 billion, but stock fell over 7% due to concerns over future profit margins amid rising storage chip costs [11] - Applovin (APP.US) reported a 66% revenue increase in Q4, with net profit soaring by 84%, indicating strong performance in the AI and digital advertising space [12] - McDonald's (MCD.US) achieved its fastest revenue growth in over two years, with Q4 sales reaching $7 billion, driven by value meal offerings [13] - Confluent (CFLT.US) exceeded expectations in Q4, with revenue rising by 21% to $314.8 million, marking a strong performance before its acquisition by IBM [14] - Albemarle (ALB.US) reported a Q4 revenue of $1.43 billion but faced a net loss of $455.9 million, leading to a drop in stock price by over 2% [15] - Unilever (UL.US) reported Q4 sales of €12.6 billion, slightly down year-over-year, but expects stable growth in 2026, supported by a €1.5 billion share buyback plan [16]

Market Movements - US stock index futures are all up, with Dow futures rising by 0.33%, S&P 500 futures up by 0.31%, and Nasdaq futures increasing by 0.29% [1] - European indices also show positive movement, with Germany's DAX up by 1.22%, UK's FTSE 100 up by 0.11%, France's CAC40 up by 0.74%, and the Euro Stoxx 50 up by 0.59% [2] Oil Prices - WTI crude oil is down by 0.09%, priced at $64.57 per barrel, while Brent crude oil is down by 0.17%, priced at $69.28 per barrel [3] Economic and Market News - David Einhorn of Greenlight Capital predicts that the Federal Reserve will cut interest rates "far more than two times" this year, contrary to market expectations, citing political pressure and upcoming leadership changes at the Fed as catalysts for aggressive rate cuts [4] - Apollo Global Management warns that the software industry is entering an "extremely violent technology cycle," with a significant reset in valuation logic, emphasizing the need for humility in understanding future market dynamics [5] - The Federal Reserve is signaling a reduction in regulatory burdens for banks, planning to revoke certain non-public corrective orders that were previously issued to improve operations [6] Employment Data - The US non-farm payrolls report for January shows an increase of 130,000 jobs, significantly exceeding the market expectation of 70,000, with the unemployment rate dropping to 4.3% [7] - Moody's chief economist Mark Zandi cautions against overconfidence in the employment data, suggesting that the labor market remains fragile and could easily face shocks [7] Company-Specific News - Apple faces delays in its AI upgrade for Siri, with significant features being split into multiple releases due to testing setbacks [9] - Sanofi announces a leadership change, with CEO Paul Hudson being replaced by Merck executive Paul Garibaldi, following disappointing R&D results [10] - Cisco's Q2 revenue increased by 10% to $15.3 billion, but the stock fell over 7% due to concerns about future profit margins amid rising storage chip costs [11] - Applovin reports a 66% increase in Q4 revenue to $1.66 billion, with net profit soaring by 84%, indicating strong performance in the AI and digital advertising space [12] - McDonald's sees a 9.5% increase in Q4 revenue, driven by value meal offerings, marking the fastest growth in over two years [13] - Confluent's Q4 revenue reaches $314.8 million, with a 21% year-over-year increase, as the company prepares for privatization by IBM [14] - Albemarle reports a Q4 revenue of $1.43 billion but faces a net loss of $455.9 million, leading to a shutdown of key production lines [15] - Unilever's Q4 sales exceed expectations, driven by strong performance in key markets, with a forecast for 2026 sales growth aligning with analyst expectations [16]

Core Insights - Eli Lilly's drugs, Anjoulai and Anjoulai Li (generic name: Mirikizumab), have been approved by the National Medical Products Administration for the treatment of moderate to severe active Crohn's Disease (CD) and Ulcerative Colitis (UC) in adults [1][3] Group 1: Product Approval and Significance - The approval of Anjoulai and Anjoulai Li marks a significant step for Eli Lilly in the inflammatory bowel disease (IBD) treatment field in China, being the first innovative drug approved in this area [1][3] - Anjoulai and Anjoulai Li are IgG4 monoclonal antibodies specifically targeting the IL-23 p19 subunit, selectively inhibiting the IL-23 pathway to modulate immune inflammatory responses [1][3] Group 2: Clinical Data and Efficacy - For Crohn's Disease, the VIVID-1 global phase 3 clinical study showed that 45% of patients in the Anjoulai group achieved clinical response at week 12 and clinical remission at week 52, compared to 20% in the placebo group (p<0.0001) [3] - In the same study, 38% of patients in the Anjoulai group achieved endoscopic response at week 52, compared to 9% in the placebo group (p<0.0001) [3] - For Ulcerative Colitis, the LUCENT global phase 3 clinical study indicated that 64% of patients in the Anjoulai group achieved clinical response after 12 weeks, with 24% achieving clinical remission, significantly outperforming the placebo group [4] Group 3: Safety Profile - In the VIVID-1 study, the most common adverse events reported in the Anjoulai group included COVID-19 infection, anemia, joint pain, headache, and upper respiratory infections [5] - The incidence of serious adverse events in the Anjoulai group was 2.8% after 12 weeks, compared to 5.3% in the placebo group, and serious infection rates were 0.7% versus 0.6% [5] - The discontinuation rate due to adverse events was lower in the Anjoulai group compared to the placebo group during both the induction and maintenance phases [5]

2月12日早间，京新药业（002020）在A股公告，公司已向香港联交所递交上市申请，这家最早专注于中间体与原料药领域，又随着时代发展向创新药转型 的老牌药企，正式踏上了"A+H"两地上市的旅程。据北京商报记者不完全统计，2026年开年仅40余日，已有约30家医药企业递表港交所。 药企扎堆赴港，"创新"成为关键词。上述30家企业中，13家为带有特殊标识"B"的未盈利的创新药、创新医疗器械企业。港交所对未盈利生物科技企业的上 市审核，始终锚定产品的创新性、管线的差异化、临床数据的扎实程度。即便在已盈利的企业阵营中，"创新"同样被屡屡提起。 此外，"A+H"频现也成为此轮药企赴港上市的显著特征。除了京新药业外，还有百普赛斯、迪哲医药、益方生物等A股公司已在年内递表。此外，还有信立 泰、海特生物两股已于年内官宣正在筹划赴港上市。 | 最新发布 申请人 | | | | --- | --- | --- | | 日期 | | | | 12/02/2026 | 仙乐健康科技股份有限公司 | | | | 12/02/2026 整体协调人公告-委任（经修订） 吧 | | | | 29/01/2026 申请版本（第一次呈交）全文档 ...