创新药板块，经历2025年的行情启动与热情退却后，仍受期待。 西南证券在研报中指出，2025年创新药板块迎来β普涨行情，驱动因素包括港股BD密集落地、政策支 持、ASCO重磅数据催化等。今年的主线行情，该机构认为行情从普涨转向精选个股，核心看"全球临 床数据输出+海外商业化兑现+国内盈利拐点"逻辑。 其实，该逻辑是根据创新药行情的起伏进行预判。2025年，A股创新药核心指数全年涨幅近20%，H股 创新药指数涨 66.52%。尤其上半年，A股和H股的涨幅分别约17%、58%；下半年，涨幅各自约3%、 9%。如今，板块行情进入新阶段，沉浮故事将再度丰富。 01 千亿俱乐部起伏 2025年，A股千亿俱乐部的创新药企包括百济神州（688235.SH）、恒瑞医药（600276.SH）、百利天恒 （688506.SH），分别对应市值4190.64亿元、3994.27亿元、1332.18亿元。同期，H股包括恒瑞医药 （01276.HK）、百济神州（06160.HK）、翰森制药（03692.HK）、信达生物（01801.HK），分别对应 市值4729.34亿元、3191亿元、2184.7亿元、1312.11亿元。 这些千亿市 ...

Market Overview - The A-share pharmaceutical and biotechnology index rose by 7.81%, outperforming the CSI 300 index by 5.03 percentage points and the ChiNext index by 2.10 percentage points, ranking 6th among 31 sub-industries [4] - The Hong Kong Hang Seng Healthcare Index increased by 10.26%, surpassing the Hang Seng China Enterprises Index by 11.57 percentage points [4] R&D Progress - Yiming Anke's IMM2510 and Tida Pexip's clinical application have made new progress in undertaking [5] - Drug Jie's Tiengoteini is currently in Phase III clinical trials; Shiyao Group's SYS6017 is in Phase II clinical trials; and Shiyao Group's SYH2085 is in Phase I clinical trials [5] Sector Insights - The brain-computer interface sector has shown active performance, entering an industrialization critical point, with major countries like China and the U.S. launching support plans [6] - China's 14th Five-Year Plan identifies brain-computer interfaces as one of the six future industries, with goals set for technological breakthroughs by 2027 and the formation of an industrial ecosystem by 2030 [6] - The global brain market is projected to reach $7.63 billion by 2029, indicating a rapidly opening blue ocean market [6] - Three categories of investment targets are recommended: 1) Medical scene integrators benefiting from insurance payment integration and existing rehabilitation needs 2) Leaders in invasive/semi-invasive technologies with significant technical advantages and long-term potential 3) Comprehensive support providers focusing on high-certainty areas like supply chain production and clinical development [6] Investment Strategy - Future investments in the pharmaceutical sector should increasingly focus on the clinical value of medicines, addressing clinical needs of patients and doctors [7] - Both domestic medical insurance policies and global expansion strategies are placing higher premiums on clinical value [7] - The strategy emphasizes the innovative drug industry chain and innovative medical devices [7]

Core Viewpoint - The company announced clinical data for its core product, Tengogatinib, in treating advanced cholangiocarcinoma (CCA) patients at the 2026 American Society of Clinical Oncology Gastrointestinal Cancers Symposium (ASCO GI) [1] Group 1: Clinical Data Presentation - Tengogatinib, a novel FGFR inhibitor, shows potential activity in overcoming acquired resistance to previous FGFR inhibitors in CCA patients [1] - The report includes an analysis of circulating tumor DNA (ctDNA) biomarkers to evaluate the efficacy of Tengogatinib in patients with FGFR2 fusions and primary or acquired resistance to FGFR inhibitors [1] - The study assessed genomic alterations in patient ctDNA and correlated efficacy based on ctDNA mutation status and patient subgroups [1] Group 2: Ongoing Research - The results support further investigation in ongoing Phase III clinical trials by expanding biomarker sampling for deeper analysis [1]

Core Viewpoint - The company announced the presentation of clinical data for its core product, Tengogatinib, at the 2026 American Society of Clinical Oncology Gastrointestinal Cancers Symposium, highlighting its potential in treating advanced cholangiocarcinoma (CCA) patients [1] Group 1: Clinical Data Presentation - Tengogatinib, a novel FGFR inhibitor, shows promising activity in overcoming acquired resistance to previous FGFR inhibitors in CCA patients with FGFR2 alterations [1] - The report includes an analysis of circulating tumor DNA (ctDNA) biomarkers to evaluate the efficacy of Tengogatinib in patients with primary and acquired resistance to FGFR inhibitors, as well as other FGFR mutations or wild-type FGFR [1] - The assessment of genomic alterations in patient ctDNA and the correlation of efficacy based on ctDNA mutation status and patient subgroups were discussed, supporting further research in ongoing Phase III clinical trials [1]

格隆汇1月12日丨药捷安康-B(02617.HK)宣布，公司在2026年美国临床肿瘤学会胃肠道肿瘤研讨会(ASCO GI)上以壁报形式公布了核心产品替 恩戈替尼单药治疗晚期胆管癌(CCA)患者的临床数据。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 TransThera Sciences (Nanjing), Inc. 藥捷安康（南京）科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2617） 自願性公告 於2026年美國臨床腫瘤學會胃腸道腫瘤研討會公佈 替恩戈替尼單藥治療晚期膽管癌患者的臨床數據 本公告由藥捷安康（南京）科技股份有限公司（「本公司」，連同其附屬公司統稱「本 集團」）自願刊發，以向本公司股東及潛在投資者提供有關本集團的最新業務進 展。 本公司董事會（「董事會」）欣然宣佈，本公司在2026年美國臨床腫瘤學會胃腸道腫 瘤研討會(ASCO GI)上以壁報形式公佈了核心產品替恩戈替尼單藥治療晚期膽管 癌(CCA)患者的臨床數據。 題目：替恩戈替尼在晚期膽管癌中的II期研究：分子應答與耐藥機制分析 展示形式：壁報 壁報編號：Bd D9 承董事會命 藥捷安康（南京）科技股份有限公司 董事長兼首席執行官 展示時間：202 ...

本公告由藥捷安康（南京）科技股份有限公司（「本公司」，連同其附屬公司統稱「本 集團」）自願刊發，以向本公司股東及潛在投資者提供有關本集團的最新業務進 展。 本公司董事會（「董事會」）欣然宣佈，近日，本公司核心產品替恩戈替尼在美國開 展的針對膽管癌的探索性臨床2期結果在《柳葉刀，胃腸病和肝病學》（影響因子 38.6）上發表。 膽管癌是一種侵襲性極強的膽道系統癌症，其發病常由FGFR2融合驅動，這類突 變可通過佩米替尼(pemigatinib)和福替巴替尼(futibatinib)等抑制劑靶向治療。然 而，由於獲得性FGFR2突變的出現，耐藥性往往會頻繁產生。在這項2期、開放 標籤、多中心研究(NCT04919642)中，符合條件的膽管癌患者包括攜帶FGFR2融 合且對FGFR抑制劑存在原發性或獲得性耐藥的患者，或存在其他FGFR基因改變 的患者，以及FGFR野生型患者。替恩戈替尼可克服FGFR2融合陽性膽管癌患者 對FGFR抑制劑的獲得性耐藥，並在其他FGFR基因改變的膽管癌患者中顯示出抗 腫瘤活性。 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲 ...

Core Viewpoint - The company, Jiangsu Hengrui Medicine Co., Ltd., announced the publication of exploratory Phase 2 clinical trial results for its core product, Tiengogatinib, targeting cholangiocarcinoma in the journal "The Lancet Gastroenterology & Hepatology" [1] Group 1: Clinical Trial Details - The Phase 2 study (NCT04919642) is an open-label, multicenter trial involving eligible cholangiocarcinoma patients, including those with FGFR2 fusions and primary or acquired resistance to FGFR inhibitors [1] - Tiengogatinib demonstrates the ability to overcome acquired resistance to FGFR inhibitors in FGFR2 fusion-positive cholangiocarcinoma patients and shows antitumor activity in patients with other FGFR gene alterations [1] Group 2: Disease Background - Cholangiocarcinoma is a highly aggressive cancer of the biliary system, often driven by FGFR2 fusions, which can be targeted by inhibitors such as pemigatinib and futibatinib [1] - The emergence of acquired FGFR2 mutations frequently leads to resistance against these targeted therapies [1]

Core Viewpoint - The company, Zai Lab Limited, announced the publication of exploratory Phase 2 clinical trial results for its core product, Tzenglongtinib, targeting cholangiocarcinoma in a high-impact medical journal [1] Group 1: Clinical Trial Details - The Phase 2 study (NCT04919642) is an open-label, multicenter trial involving eligible cholangiocarcinoma patients with FGFR2 fusions and primary or acquired resistance to FGFR inhibitors [1] - The study also includes patients with other FGFR gene alterations and those with wild-type FGFR [1] Group 2: Drug Efficacy - Tzenglongtinib demonstrates the ability to overcome acquired resistance to FGFR inhibitors in patients with FGFR2 fusion-positive cholangiocarcinoma [1] - The drug shows anti-tumor activity in cholangiocarcinoma patients with other FGFR gene alterations [1]

Core Insights - The core product of the company, Tiengotine, has shown promising results in a Phase 2 exploratory clinical trial for cholangiocarcinoma published in The Lancet Gastroenterology & Hepatology [1] Company Summary - Tiengotine is designed to overcome acquired resistance to FGFR inhibitors in patients with FGFR2 fusion-positive cholangiocarcinoma, demonstrating anti-tumor activity in patients with other FGFR gene alterations and FGFR wild-type patients [1]