Group 1 - The Hong Kong innovative drug concept stocks have declined, with companies such as 3SBio, Kelun-Botai Biopharmaceuticals falling over 3%, and CSPC Pharmaceutical Group, China Biologic Products, and Hansoh Pharmaceutical dropping over 2% [1] - The Hong Kong innovative drug-related ETFs have also seen a decline of over 2% [1] Group 2 - Current analysis indicates that the healthcare sector presents multiple investment opportunities, with the CXO industry experiencing sustained improvement due to a recovery in overseas orders and domestic capacity reduction, while still having room for valuation recovery [2] - The medical device sector is benefiting from domestic equipment upgrade policies and overseas market expansion, with continuous catalysts in cutting-edge areas such as brain-computer interfaces and AI imaging [2] - Internet healthcare is seeing improved operational efficiency in the context of deepening medical insurance payment reforms, leading to a clearer profit growth trajectory [2]

Market Performance - The overall performance of A-shares shows an increase in the earnings forecast rate, with a pre-announcement rate of 37% for 2025, up from 33.6% in 2024[5] - As of February 6, 2026, 54% of A-share companies have disclosed their earnings forecasts for 2025, compared to 51.2% in 2024[5] Sector Insights - The semiconductor and CXO sectors are expected to show strong performance, with the semiconductor equipment sector outperforming materials and components[2] - The non-bank financial sector has a pre-announcement rate exceeding 50%, with a median profit growth rate of 76.1%, while the real estate sector shows a median profit decline of 18.5%[11] Consumer Market - The overall retail sales growth for 2025 is projected at 3.7%, with service consumption growing at 5.5%, outperforming goods retail growth of 3.8%[13] - During the 2026 Spring Festival, domestic flight bookings increased by approximately 15% compared to the previous year, indicating a strong recovery in travel demand[19] Healthcare Sector - The pharmaceutical and biotech sector shows a mixed recovery, with 10% of companies expected to turn profitable, while 49% are projected to incur losses[21] - Notable companies like WuXi AppTec are expected to see a net profit increase of 102.65% in 2025, reaching 19.15 billion yuan[25] High-end Manufacturing - The engineering machinery sector is experiencing a recovery, with excavator sales in January 2026 reaching 18,708 units, a year-on-year increase of 49.5%[28] - The domestic sales of excavators increased by 61.4%, indicating strong internal demand recovery[30]

Core Viewpoint - WuXi Biologics expects a revenue growth of approximately 16.7% to RMB 21.79 billion by 2025, with a gross margin increase of about 5 percentage points to 46.0% [1] Company Summary - The annual profit attributable to equity shareholders is projected to grow by approximately 45.3% to RMB 5.733 billion and by about 46.3% to RMB 4.908 billion [1] - WuXi Biologics is the largest weighted stock in the Hong Kong Stock Connect Medical ETF, accounting for over 16% of the index [1] Industry Summary - The global biotech and pharmaceutical investment and transaction activities are expected to significantly recover in 2025, driven by the flourishing development of innovative drug technology platforms [1] - The demand in the CXO industry is anticipated to fully recover, with industry prosperity likely to continue into 2026 [1] - The Hong Kong Stock Connect Medical ETF has seen a significant increase in trading volume, achieving seven consecutive days of gains as of February 11 [1]

Core Insights - The report emphasizes the focus on undervalued and performance-recovering sectors within the medical services and consumer segments, predicting a fundamental improvement in 2026 [4]. Group 1: Investment Strategy - The report maintains an "outperform" rating for the sector, indicating a positive outlook for the medical and consumer-related segments [2]. - Key areas of focus include medical services, pharmacies, and home medical devices, which are expected to see performance recovery and valuation improvements in 2026 [4]. Group 2: Sector Analysis - Medical services are anticipated to recover due to improved supply structure and consumer environment, with leading companies expected to show positive earnings guidance for 2026 [4]. - The pharmacy sector has shown significant marginal improvement since Q3 2025, with leading companies experiencing quarterly performance enhancements [4]. - Home medical devices are expected to benefit from increased product penetration and domestic production rates, contributing to sustained performance growth [4]. Group 3: Notable Companies - The report highlights specific companies to watch, including Aier Eye Hospital, Yuyue Medical, and Yifeng Pharmacy, which are positioned for growth in their respective segments [4]. - The investment portfolio for February 2026 includes a mix of A-share and H-share companies, such as Mindray Medical, WuXi AppTec, and Kangfang Biotech, indicating a diversified approach to investment [4]. Group 4: Market Performance - The medical sector outperformed the broader market in January 2026, with a 3.14% increase compared to the 1.49% rise of the CSI 300 index [10]. - Sub-sectors such as medical services and medical devices showed significant gains, with respective increases of 8.82% and 5.28% [17]. Group 5: Macro Data - In 2025, the pharmaceutical manufacturing industry reported a total revenue of 24,870 billion yuan, reflecting a slight decline of 1.2% year-on-year, while total profits increased by 2.7% [9]. - The retail sales of pharmaceuticals reached 7,294 billion yuan, with a year-on-year growth of 1.8%, indicating a stable demand in the market [9].

医药医疗行业作为兼具防御性与成长性的长期赛道，其发展始终与人口结构、技术创新、政策导向同频 共振。华商医药医疗行业股票基金经理张晓表示，创新药已从BD叙事转为真正的临床数据叙事，大单 品海外临床数据陆续读出，将继续驱动国内创新药发展；CXO板块今年从订单前瞻来看，拐点或已确 立，持续看好整个产业链的业绩和估值修复。 针对她所管理的华商医药医疗行业股票基金，张晓表示，基金配置重心聚焦于创新产业链，包括创新药 与CXO。她认为，创新药方面，行业逻辑已从BD叙事转为真正的临床数据叙事，大单品海外临床数据 陆续读出，将继续驱动国内创新药发展；CXO板块，从订单前瞻来看，拐点或已确立，持续看好整个 产业链的业绩和估值修复。 数据说明：文中基金经理观点及基金策略信息来自基金定期报告，基金经理关注领域仅代表基金经理作 出的判断，可能随市场情况调整，不代表基金的实际投向，具体投资策略和投资标的详见基金法律文件 及基金定期报告。 截至2025年12月31日，张晓具有10.5年证券从业经历（其中6.3年证券研究经历，4.2年证券投资经 历）。张晓历任基金：华商医药医疗行业股票2022.05.19至今、华商恒益稳混合2025.03 ...

热点板块： 2月主线仍是科技，但更聚焦基本面景气向上的科技板块。1月市场迎来春季行情的启动，历年春季躁动行情，科技成长方向大概率占 优。2月将是春季行情的延续，主线仍然是科技。但1月经历连续上涨后，部分主题类板块涨幅过大，加之市场流动性有扰动，预计市场将更加聚焦基本面 景气向上的科技板块。关注：1）AI硬件的产业趋势仍然确立，并且主要AI大模型的tokens调用量持续走高。这意味着AI应用的高峰将在2026年出现，继 续关注AI硬件的高增长趋势和AI应用从量变到质变到来的机会。2）半导体国产化仍是大势所趋，关注其中的半导体设备、晶圆制造、半导体材料、IC设 计等。3）新能源材料受益于国内和海外储能需求的快速增长，各环节均出现了一定的供不应求、价格上涨迹象，涨价趋势在2026年将会延续。4）创新药 和CXO经历了近4年的调整后逐步进入收获期，2025年创新药出海迎来高增长和基本面拐点，2026年将延续上行趋势。 窄幅震荡，传媒领涨市场。 在经历了周一的反弹后，周二市场未能延续上涨趋势进入窄幅震荡。各大主要分类指数表现分化，涨跌互现，传媒板块 在seedance催化之下连续第二个交易日领涨市场。近期A股受外盘同步 ...

近期，随着创新药企业陆续披露2025年报及业绩预告，多家企业展现出良好的经营改善态势，在报告期 内实现亏损收窄甚至业绩转正，释放出积极信号。在此背景下，创新药及相关板块再引关注。公告显 示，工银瑞信中证港股通医疗主题交易型开放式指数证券投资基金（简称：港股通医疗ETF工银；代 码：159167）将于2026年2月12日起在深交所上市交易。 公开资料显示，港股通医疗ETF工银（159167）紧密跟踪中证港股通医疗主题指数（代码： 932069.CSI），该指数锚定医疗创新，全面覆盖港股"CXO +互联网医疗+医疗器械+创新药"等医药各领 域核心龙头，并囊括脑机接口、AI医疗、高端医疗器械等热门主题；该指数弹性足，估值具有吸引 力。Wind数据显示，截至2026年2月10日，中证港股通医疗主题指数目前市盈率（TTM）为32.85倍， 处于发布以来48.16%分位，指数当前或未被高估，或仍具有吸引力。 国金证券指出，2025年中国新药License-out交易数量达158笔、总规模1357亿美元，创近十年新高；出 海BD繁荣不仅显著提振短期业绩预期，更推动国产新药国际化开发进程与远期价值提升。申万宏源研 究研报观点 ...

Core Viewpoint - The Hong Kong stock market showed strong performance in the healthcare sector, particularly in innovative drugs and medical companies, with significant gains observed in various stocks [1] Group 1: Market Performance - The Hong Kong stock market experienced fluctuations but ultimately strengthened, with notable performances in the innovative drug and medical sectors [1] - Stocks such as CSPC Pharmaceutical Group and Innovent Biologics rose over 6%, while others like Zai Lab and WuXi Biologics increased by more than 5% [1] - The Hong Kong Stock Connect Medical ETF (159506) saw a rise of over 3% during trading [1] Group 2: Industry Insights - At the J.P. Morgan Healthcare Conference held in January, global pharmaceutical companies disclosed advanced research pipelines and significant business development transactions, creating clear order expectations for the CXO industry [1] - The penetration of AI in healthcare is accelerating, with applications expanding from smart consultations to chronic disease management, leading to a reevaluation of the value of internet healthcare platforms like Alibaba Health and JD Health [1] - Analysts suggest that the current healthcare sector presents multiple investment opportunities, with the CXO industry benefiting from a recovery in overseas orders and domestic capacity clearance [1] - The medical device sector is supported by domestic equipment upgrade policies and overseas market expansion, with cutting-edge areas like brain-computer interfaces and AI imaging continuously catalyzing growth [1] - Internet healthcare is optimizing operational efficiency against the backdrop of deepening medical insurance payment reforms, leading to a clearer profitability growth trajectory [1] Group 3: ETF Information - The Hong Kong Stock Connect Medical ETF (159506) closely tracks the Hang Seng Hong Kong Stock Connect Innovative Drug and Healthcare Index (HSSCHI) [2] - The index composition emphasizes companies with high R&D expenditure and innovative drug business, ensuring that companies with the lowest average R&D to revenue ratio over the past two years are excluded [2] - This innovative focus aids investors in accurately capturing investment opportunities within the Hong Kong pharmaceutical sector [2]

| 4-685 | ਕੇ ਕਿ 名称 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 159567 | 跨 港股创新药ETF T+0 | 0.029 | 3.72% | | 159570 | 跨 港股通创新药ETF T+0 | 0.061 | 3.77% | | 520700 | 跨 港股通创新药ETF万家 T+0 | 0.059 | 3.72% | | 159286 | 時 港股通创新药ETF鹏华 T+0 | 0.031 | 3.72% | | 513780 | 跨 港股创新药50ETF T+0 | 0.060 | 3.65% | | 159297 | 跨 港股通创新药ETF南方 T+0 | 0.030 | 3.68% | | 159217 | 陪 港股通创新药ETF工银 T+0 | 0.048 | 3.66% | | 520970 | 0 1 1 6 4 | 0.032 | 3.61% | | 513120 | 跨 港股创新药ETF T+0 | 0.046 | 3.60% | | 520500 | 跨 恒生创新药ETF T+0 | 0.057 | 3.56% | 有分析指 ...

Core Viewpoint - The recent rebound in the CXO sector is not indicative of a comprehensive recovery but rather a reaction to easily confirmable short-term improvements, particularly among domestic demand-driven CRO and experimental service companies, while leading CDMO companies focused on external demand have underperformed [3][4][5]. Market Dynamics - The market is currently trading based on short-term rebounds rather than a long-term recovery in the CXO industry, with a notable divergence in performance between domestic-focused companies and those reliant on global demand [4][5]. - Despite an overall positive sentiment in the industry, caution remains regarding CDMO companies, which are facing complex pricing environments and geopolitical uncertainties that could impact long-term growth [5][12]. Financial Performance - WuXi AppTec's 2025 performance forecast indicates a revenue of approximately 454.56 billion RMB, a year-on-year increase of about 15.84%, and a net profit of around 191.51 billion RMB, reflecting a significant growth of 102.65% [7]. - The company's revenue growth trajectory has shown consistent improvement throughout the year, with a core business revenue increase of approximately 21.40%, indicating enhanced growth momentum post-divestiture of certain business segments [9][10]. Market Sentiment and Valuation - The market's cautious stance towards CDMO companies is driven by uncertainties regarding future growth, particularly in relation to geopolitical risks and the sustainability of demand for emerging business lines like TIDES [12][13]. - The valuation of CDMO companies reflects a conservative outlook on long-term growth potential rather than immediate revenue uncertainties, leading to a disconnect between fundamental recovery and stock price performance [10][28]. Structural Changes in the Industry - The growth in WuXi AppTec's small molecule D&M business is attributed to an expansion in order structure and capabilities, moving beyond traditional roles to encompass more complex production processes [20][22]. - The acquisition of Dongyao Pharmaceutical by WuXi AppTec highlights a strategic move to secure capacity in a high-demand sector, emphasizing the importance of time as a critical resource in the competitive landscape [24][26]. Conclusion - The current rebound in the CXO sector appears to be driven by emotional and anticipatory factors rather than a full reassessment of long-term industry value, with a clear distinction between domestic and external demand dynamics [28][29].