港股创新药26年开年以来录得三连涨，且涨幅不低，主要创新药指数反弹在10%左右。港股通创新药 ETF（520880）开年以来累计涨9.24%，周三（1月7日）也涨超3.4%。 先来看下2025年回顾，更新了34只重点医药医疗指数的25年年度涨幅及四季度回撤情况。 整体来看，25年以港股创新药为代表的细分赛道，涨幅普遍超60%，成为绝对主角。同时，板块在25年 四季度经历了不小的回撤，整体估值仍然低位。 | ਡਿੰਦੇ | 44283 | 指数各线 | 2025部情 | 2504 | PE-TTM | PE分位置 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 同散 | | 近10年 | | 1 | 931250.CSI | 港股通创新药中心 | 72.7% | -20.9% | 33.4 | 50.5% | | 2 | 931787.CSI | 港股創新的 | 72.5% | -20.9% | 33.4 | 35.6% | | 3 | HSSCHITHK | 但生活的通创新校 及医疗保健 | 68.8% | -19.8% | 37.8 | 47. ...

来源：市场资讯 （来源：ETF万亿指数） 港股创新药26年开年以来录得三连涨，且涨幅不低，主要创新药指数反弹在10%左右。港股通创新药 ETF（520880）开年以来累计涨9.24%，今天也涨超3.4%。 数据来源：Go-Goal 先来看下25年回顾，更新了34只重点医药医疗指数的25年年度涨幅及四季度回撤情况。 整体来看，25年以港股创新药为代表的细分赛道，涨幅普遍超60%，成为绝对主角。同时，板块在25年 四季度经历了不小的回撤，整体估值仍然低位。 此外，1月中旬的JPM（摩根大通）医药健康大会临近，市场预期海外药企将更新研发计划，相关 CXO、创新药企业可能释放订单与管线进展等积极信号。 经过前期调整，板块估值处于相对低位，在强劲的基本面数据催化下，资金回流明显。近5日板块主力 资金净流入显著。 | 序号 代理 | 指数名称 | 2025涨幅 | 25Q4 | PE-TTM | PE分位置 | | --- | --- | --- | --- | --- | --- | | | | | 回散 | | 近10年 | | 1 931250.CSI | 港股通创新约(中证) | 72.7% | -20.9% | ...

Core Viewpoint - The Hong Kong stock market's innovative drug sector has shown significant growth, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising over 3.6% and 36 out of 37 covered companies reporting gains, indicating a strong performance in the sector [1] Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) experienced a rapid increase of over 3.6% [1] - 36 out of the 37 innovative drug companies covered by the ETF reported positive performance, with Syncona Health-B leading with a surge of over 13% [1] - Major player Kangfang Biologics saw an increase of nearly 5% [1] Group 2: Regulatory Approvals and Developments - Innovent Biologics' CTLA-4 monoclonal antibody "Daboshu" became the first domestically approved CTLA-4 inhibitor, filling a gap in the dual immune new adjuvant therapy field in China [1] - AstraZeneca and Daiichi Sankyo's TROP2 ADC "Dercutuzumab" received approval for breast cancer indications, further solidifying the advantages in the ADC sector [1] Group 3: Industry Trends and Projections - The innovative drug business development (BD) transactions are on the rise, with the total authorization amount for Chinese innovative drugs reaching $135.655 billion and 157 transactions recorded in 2025, both setting historical highs [1] - China's pipeline of new drugs now accounts for 30% of the global total, ranking second worldwide [1] - Analysts suggest that the pharmaceutical and biotechnology industry is entering a critical phase of innovation realization and global expansion, with a potential performance inflection point and valuation restructuring expected by 2026 [1][2] Group 4: Investment Strategies - Huafu Securities maintains that the long-term logic of pharmaceutical innovation remains unchanged, with the recent positive market performance indicating good opportunities for innovative drugs and devices in 2026 [2] - The Hong Kong Stock Connect Innovative Drug ETF (520880) and its associated funds track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which has three unique advantages: pure focus on innovative drugs, significant weight on leading companies, and better risk control [2] - For investors looking to reduce volatility while still focusing on innovative drugs, the only drug ETF (562050) and its associated fund (024986) are recommended, which focus on the top 50 A-share pharmaceutical companies and include a significant portion of traditional Chinese medicine [2][3]

1月7日早盘，港股通创新药板块时隔1日再度爆发，高弹性港股通创新药ETF（520880）快速冲高逾 3.6%！所覆盖的37只创新药研发类上市公司36股飘红，同源康医药-B飙升逾13%居首，权重龙头康方 生物涨近5%。 | 分时 多日 1分 5分 15分 30分 · | F9 盘前盘后 露加 九种 画话 工具 @ 2 > | 520880 | 港股通创新药ETF O | 520880[粗設通创新药ETF] 10:16 价 0.545 深跌 0.019(3.61%) 均价 0.539 限交量 1 .. | 0.545 | 0.54 | +0.019 +3.61% | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | T+0 M / 8 + | SSE CNY 10:16:43 交易中 | 2.55% | 0.539 | 净值走势 | 华宏恒生灌胶通创新药周选ETF | | ...

太平洋证券指出，医药生物行业已进入创新兑现与全球布局的关键阶段，产业周期、政策周期与资本周 期在2026年形成共振，中国创新药有望迎来业绩拐点与估值重塑。 恒生港股通创新药指数是ETF跟踪的指数中首批"纯度"达100%的创新药指数，聚焦港股创新药领军企 业，港股通创新药ETF易方达（159316）为目前市场上唯一跟踪该指数的产品，可助力投资者一键把握 板块投资机会。 今日港股创新药板块低开高走一扫颓势，截至14:00，恒生港股通创新药指数上涨4.5%，成分股中，映 恩生物-B涨超10%，科伦博泰生物-B涨超7%，三生制药、百济神州涨超6%，港股通创新药ETF易方达 （159316）成交额超5亿元。 近期创新药研发迎来重要突破，信达生物自主研发的CTLA-4单抗"达伯欣"作为首个国产获批上市的 CTLA-4抑制剂，填补了国内双免疫新辅助疗法领域的空白；同时，阿斯利康与第一三共联合开发的 TROP2 ADC"德曲妥珠单抗"获批乳腺癌适应症，进一步巩固ADC赛道的优势。 创新药BD交易也持续放量，2025年中国创新药出海授权总金额达1356.55亿美元，交易数量157起，均 创历史新高。典型案例包括同宜医药CBP- ...

来源：智通财经 行情速递 港股通创新药ETF易方达（159316）今日强势反弹，早盘上涨超4.5%。 创新药研发有序推进 1、信达生物的抗CTLA-4单抗"达伯欣"作为首个国产同类药物获批上市，填补领域空白 2、阿斯利康/第一三共联合开发的TROP2 ADC"德曲妥珠单抗"在华获批乳腺癌适应症，强化ADC赛道 优势 (513200，联接A/C:018557/018558) 1、同宜医药治疗前列腺癌的多肽类偶联药物CBP-1018以20亿美元授权MultiValent Biotherapies 2、先声药业ADC药物SIM0613以10.6亿美元授权Ipsen 3、加科思泛KRAS抑制剂以超20亿美元与阿斯利康达成Co-Co合作，创临床阶段小分子合作纪录 重点产品 港股通创新药ETF易方达 (159316，联接A/C:024328/024329) 港股通医药ETF易方达 BD持续放量迈向深水区 截至2025年12月31日，中国创新药BD出海授权全年交易总金额达到1356.55亿美元，首付款70亿美元， 交易总数量达到157起，各个维度数据均创历史新高，近期BD交易包括: 恒生生物科技ETF易方达(159105) ...

Investment Rating - The industry investment rating is "Outperform the Market" [44] Core Viewpoints - AstraZeneca's Q3 2025 financial report shows total revenue of $43.236 billion for the first nine months, a year-on-year increase of 11%, with product revenue at $43.143 billion, also up 11%. R&D expenses reached $10.370 billion, reflecting a 16% increase [5][12] - The company maintains a strong market position in lung and breast cancer through several key products, with significant revenue contributions from Tagrisso, Calquence, and Imfinzi [5][26] - AstraZeneca's pipeline is expected to see multiple key catalysts in 2026 across oncology, respiratory, and rare diseases [4][35] Summary by Sections Part 1: Q3 2025 Financial Overview and Key Events - AstraZeneca's revenue distribution shows the U.S. market contributing $18.517 billion (up 11%) and emerging markets $11.657 billion (up 13%), with China accounting for $5.279 billion (up 5%) [12] - The oncology segment remains the largest, contributing $18.591 billion (up 16%) to total revenue [12] Part 2: Core Product Sales Analysis - Tagrisso generated $1.864 billion (up 10%), Calquence $916 million (up 11%), and Imfinzi $1.601 billion (up 31%) [26] - Enhertu's revenue reached $714 million (up 39%) after being included in China's National Reimbursement Drug List [26] Part 3: Future Pipeline Milestones - Key trials in oncology include AVANZAR, TROPION-Lung07, and EMERALD-3, focusing on various lung cancer treatments [35][38] - In the respiratory field, trials like OBERON/TITANIA are targeting uncontrolled COPD [35][38] Part 4: Investment Recommendations - The report suggests monitoring companies involved in ADCs and TSLP-related targets, highlighting the rapid growth of Tezspire, which achieved $287 million in revenue (up 47%) [42]

Core Viewpoint - The report from Dongfang Securities predicts that the revenue of Hengrui Medicine (00013) will reach $600 million, $706 million, and $797 million in 2025, 2026, and 2027 respectively, maintaining a "buy" rating with a target price of HKD 33.29 for 2026 based on a PS ratio of 5.29 times [1] Group 1 - The original ATTC platform initiates a new wave of innovative drug development, combining monoclonal antibodies with targeted small molecule inhibitors for enhanced synergistic effects while reducing off-target toxicity [1] - The first candidate drug HMPL-A251 shows comprehensive anti-tumor activity, targeting both HER2 and PI3K pathways, with preclinical data indicating strong anti-tumor efficacy in HER2-positive and low-expressing tumor models [2] - HMPL-A251 is expected to enter clinical development by the end of this year, with potential for combination therapy with chemotherapy to expand clinical application value [2] Group 2 - The core pipeline of the company is progressing steadily, with the SAFFRON study of savolitinib in combination with osimertinib for second-line treatment of EGFR-mutant non-small cell lung cancer having completed enrollment [3] - Top-line data from the global Phase III study is anticipated to be released in the first half of next year, with plans to submit a marketing application to the FDA based on these results [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Insights - The company is positioned as a global leader in the ADC (Antibody-Drug Conjugate) sector, with a strong focus on clinical development and international expansion [1][13]. - The company has established four ADC technology platforms and has nine products in clinical research, with the first product expected to be launched soon [1][20]. - The company has partnered with BioNTech to develop innovative IO+ADC therapies, enhancing its competitive edge in the market [3][26]. Summary by Sections Company Overview - Founded in 2019, the company has rapidly developed its ADC platform and is advancing clinical trials globally [1][13]. - The company has received significant investments from well-known pharmaceutical funds, indicating strong market confidence [14]. Product Pipeline - The core product DB-1303, a HER2 ADC, is expected to be submitted for approval in both China and the U.S. by 2025, targeting breast cancer indications [2][30]. - DB-1311, a B7-H3 ADC, shows promising early clinical data for prostate cancer, with a potential peak sales forecast of 2 billion RMB in China [2][3]. Financial Projections - The company anticipates revenues of 1.95 billion RMB in 2025, with a projected growth rate of 0.5% [4]. - The estimated market value of the company is approximately 426.67 billion RMB based on product valuations [3]. Strategic Partnerships - The company has successfully licensed multiple ADC products to BioNTech, enhancing its global reach and development capabilities [3][26]. - Collaborations with other firms like BeiGene and GSK have also been established, with total transaction values exceeding 6 billion USD [26]. Market Potential - The global ADC market is expanding, with the company’s products positioned to capture significant market share, particularly in the HER2 and B7-H3 segments [30][32].

Core Insights - Keren Biotechnology's antibody-drug conjugate (ADC) A166 (also known as "Shutailai") has received approval from the National Medical Products Administration (NMPA) for use in adult patients with HER2-positive breast cancer who have previously received one or more anti-HER2 therapies [1] - The approval is based on a Phase III clinical trial (KL166-III-06) that demonstrated significant improvement in progression-free survival (PFS) compared to T-DM1, with a trend towards improved overall survival (OS) [1] Company Developments - Keren Biotechnology has initiated a Phase II clinical study for A166 targeting HER2-positive breast cancer patients who have previously received topoisomerase inhibitor ADC therapy [2] - A166 is the second ADC approved by Keren Biotechnology, indicating a growing portfolio in the ADC space [1] Industry Context - The HER2-targeted ADC market is currently dominated by international pharmaceutical companies, with Roche's T-DM1 and Daiichi Sankyo/AstraZeneca's DS-8201 leading the market [2] - DS-8201 was first approved in China in February 2023 and has multiple indications, including breast cancer, gastric cancer, and lung cancer, and is included in the national medical insurance directory [2] - Other domestic ADCs, such as Rongchang Biotech's trastuzumab deruxtecan, have also gained approval for various HER2-related indications, contributing to a competitive landscape [3] - The timeline for A166's inclusion in the national medical insurance directory may be challenging, as the preliminary review for the 2025 adjustments has already been completed [3]