1）已获 MNC 认证未来海外放量确定性高的品种：三生制药、联邦制 药、科伦博泰等； 2）存在海外数据催化的品种：贝达药业、和黄医药、映恩生物等； 3）下一个可能海外授权 MNC 的重磅品种：复宏汉霖、石药集团、益 方生物等； 4）新的创新药技术突破领域：小核酸、体内 CAR-T、减脂增肌、自 免 CAR-T/双抗、基因疗法等。 2026 年 01 月 11 日 生物医药Ⅱ 新药周观点：Arrowhead 再次验证小 核酸减重潜力，国内多家企业布局 本周新药行情回顾： 2026 年 1 月 5 日-2026 年 1 月 11 日，新药板块涨幅前 5：前沿生物 （+55.96%）、圣诺医药（+27.25%）、荣昌生物（+24.64%）、益方生 物（+22.61%）、智翔金泰（+19.09%）；跌幅前 5：嘉和生物（- 10.69%）、君圣泰（-10.56%）、北海康成（-5.51%）、永泰生物（- 3.15%）、来凯医药（-1.84%）。 本周建议关注标的： 考虑板块后续仍有多个催化值得期待，包括学术会议、数据读出、 多个 BD 兑现等，仍建议关注： 本周新药行业重点分析： 近日 Arrowhead Pharm ...

2025年，恒生医疗保健指数在经历下半年大回撤后依旧保住了50%以上的年度涨幅。相较之下，作为一家手握3款商业化创新药并拥有首创抗体靶向偶联药 物的创新药企，和黄医药(00013)却最终以8.56%的年度跌幅收场，显著跑输指数。 该公司股价在2025年最高涨幅仅36.36%，并且"跟跌不跟涨"。2025年下半年，其股价从30.75港元年内高点，一路跌至19.95港元区间低点，4个半月内最大跌 幅达到35.12%。 不过就在市场以为和黄医药股价会一路低迷下去时，其在2026年开年却走出了一波量价齐升的行情。 智通财经APP观察到，和黄医药在2026年前5个交易日持续发力，走出一段"五连阳"，区间内单日成交量最大达到1545.16万股，刷新自去年10月以来的单日 成交量记录。 港股通更趋向"右侧交易" 据智通财经APP观察，和黄医药股价自去年4月初因外部环境震荡影响跌破BOLL线下轨后，其后续股价大部分时间都在BOLL线的中轨至上轨之间浮动，这 一股价表现也契合了2025年港股创新药拉升行情。但25中报的披露成为了其二级市场反转的一个转折点。 去年8月7日美股盘前，和黄医药公布了其2025年中报业绩。财报显示，公 ...

型及広 海外消费服务 2026年01月09日 版费 行业 相关研究 若研究报 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 册 分歧了后 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 申万宏源研究微信服务号 海外社服: 澳门博彩收入维持双位数增长. 元旦访客 量数据创新高 海外消费周报（20260102-20260108） 本期投资提示: 海外社服：澳门博彩收入维持双位数增长，元旦访客量数据创新高 O 12 月博彩毛收入 209 亿澳门元，同比增长 14.8%，对比 2019 年同期恢复 91%。2025 年 总博彩毛收入同比增长 9.1%。 2025 年澳门全年访客量 4006 万人次，同比增长 14.7%，创历史新高。2026年元旦日，访 澳旅客 18.8 万人次，为历年 ...

证 券 研 究 报 告 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 研究支持 行 业 及 产 业 海外消费服务 行 业 研 究 / 行 业 点 相关研究 2025 年澳门全年访客量 4006 万人次，同比增长 14.7%，创历史新高。2026 年元旦日，访 澳旅客 18.8 万人次，为历年元旦最高。 ⚫ 海外医药：百济神州 BCL2 抑制剂国内获批上市，科伦博泰 TROP2 ADC 联合 K 药获突破性 疗法认定 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 2026 年 01 月 09 日 海外社服：澳门博彩收入维持双位数增长，元旦访客 量数据创新高 看好 ——海外消费周报（20260102-20260108） 本期投资提示： ⚫ 海外社服：澳门博彩收入维持双位数增长，元旦访客量数据创新高 12 月博彩毛收入 2 ...

Group 1 - Kangfang Biotech (09926) shares rose over 6% after the approval of an important update to the product label for its PD-1/VEGF bispecific antibody, Ivosidenib, which showed significant clinical benefits in treating advanced non-squamous non-small cell lung cancer [1] - Sunac China (01918) shares fell over 6% as the company reported a contract sales amount of 2.95 billion RMB in December, a year-on-year increase of 68.6%, but with a decrease in average sales price per square meter by 14.4% [1] - Nanshan Aluminum International (02610) saw a nearly 14% increase in shares, attributed to a tight global electrolytic aluminum market, with Indonesia being a key marginal supplier [1] Group 2 - Optical communication stocks rebounded, with Longi Fiber Optic (06869) up 7.46% and Cambridge Technology (06166) up 3.86%, following a significant rise in U.S. optical communication stocks [2] - Hengrui Medicine (01276) shares increased over 2.8% after announcing the approval of two innovative drugs for clinical trials targeting prostate cancer [2] - Cao Cao Travel (02643) shares rose over 7% following the announcement of acquisitions of Yao Travel and Geely Business Travel [2] Group 3 - Hutchison China MediTech (00013) shares increased over 5.3% after announcing positive results from a Phase III trial for a new treatment for autoimmune hemolytic anemia [3] - Geekplus Technology (02590) shares rose slightly by 0.51%, with a report highlighting its stable business model and growth potential due to AI applications [3] Group 4 - Xuan Bamboo Biotech (02575) shares surged over 11.6% after its drug, Pyrotinib, was included in the national medical insurance directory, providing new benefits for advanced breast cancer patients [4] Group 5 - Semiconductor equipment and materials stocks continued to rise, with significant gains for companies like Amkor Technology (AMKR.US) and Lam Research (LRCX.US) [5] - Chinese concept stocks mostly rose, with notable increases for Hesai (HSAI.US) and Pinduoduo (PDD.US), amid a bullish market sentiment [5] - Uber (UBER.US) and Lyft (LYFT.US) saw stock price increases following Nvidia's announcement of advancements in autonomous driving technology [5] Group 6 - Data center cooling stocks experienced a decline, with companies like Modine Manufacturing (MOD.US) and Johnson Controls (JCI.US) facing significant drops [6] - Copper stocks strengthened, with Freeport-McMoRan (FCX.US) and Southern Copper (SCCO.US) showing notable gains as copper futures reached a historic high [6] - The storage sector continued its upward trend, with SanDisk (SNDK.US) achieving a 27.56% increase after launching a new SSD product line [6] Group 7 - Alumis (ALMS.US) shares skyrocketed by 95.31% following positive results from clinical trials for its TYK2 inhibitor targeting psoriasis patients [7] - Tesla (TSLA.US) shares fell over 4.14% as BYD surpassed Tesla in electric vehicle sales in key European markets [7] - Zeta Global (ZETA.US) shares rose 9.83% after announcing a strategic partnership with OpenAI to enhance its product capabilities [7]

ESLIM-02研究的完整数据将提交于近期的学术会议上发表。和黄医药计划于2026年上半年向中国国家 药品监督管理局(国家药监局)提交索乐匹尼布用于治疗温抗体型自身免疫性溶血性贫血的新药上市申 请。 消息面上，1月7日，和黄医药发布公告，新型脾酪氨酸激酶(Syk)抑制剂索乐匹尼布用于治疗温抗体型 自身免疫性溶血性贫血成人患者的ESLIM-02研究的III期注册阶段已达到第5至24周治疗期间持久血红蛋 白(Hb)应答这一主要终点。 ESLIM-02研究是一项在既往接受过至少一种标准治疗后复发或难治性的原发或继发性温抗体型自身免 疫性溶血性贫血成人患者中开展的随机、双盲、安慰剂对照的中国II/III期临床试验。该研究II期阶段的 结果已于2025年1月于 《柳叶刀·血液病学 (The Lancet Haematology)》发表。 和黄医药(00013)涨超3%，截至发稿，涨3.1%，报21.98港元，成交额4432.83万港元。 ...

ESLIM-02研究是一项在既往接受过至少一种标准治疗后复发或难治性的原发或继发性温抗体型自身免 疫性溶血性贫血成人患者中开展的随机、双盲、安慰剂对照的中国II/III期临床试验。该研究II期阶段的 结果已于2025年1月于 《柳叶刀·血液病学 (The Lancet Haematology)》发表。 ESLIM-02研究的完整数据将提交于近期的学术会议上发表。和黄医药计划于2026年上半年向中国国家 药品监督管理局(国家药监局)提交索乐匹尼布用于治疗温抗体型自身免疫性溶血性贫血的新药上市申 请。 智通财经APP获悉，和黄医药(00013)涨超3%，截至发稿，涨3.1%，报21.98港元，成交额4432.83万港 元。 消息面上，1月7日，和黄医药发布公告，新型脾酪氨酸激酶(Syk)抑制剂索乐匹尼布用于治疗温抗体型 自身免疫性溶血性贫血成人患者的ESLIM-02研究的III期注册阶段已达到第5至24周治疗期间持久血红蛋 白(Hb)应答这一主要终点。 ...

Core Insights - The core viewpoint of the articles is that the Syk inhibitor, Solipnib, has shown promising results in the ESLIM-02 study for treating warm antibody autoimmune hemolytic anemia in adults, indicating a potential new treatment option for patients who have failed standard therapies [1][2]. Group 1: Study Results - The ESLIM-02 study has reached its primary endpoint of durable hemoglobin (Hb) response during the treatment period from week 5 to week 24 [1]. - In the II phase of the study, Solipnib demonstrated a significant overall response rate of 43.8% compared to 0% for the placebo in the first 8 weeks, and an overall response rate of 66.7% during the 24-week treatment period, including patients who crossed over from the placebo [1]. - The safety profile of Solipnib was reported to be good throughout the study [1]. Group 2: Expert Commentary - Professor Zhang Fengkui, a principal investigator of the ESLIM-02 study, highlighted the disease's heterogeneity and chronic relapsing nature, which severely impacts patients' quality of life and can be life-threatening if not effectively controlled [2]. - The positive topline results of the ESLIM-02 study underscore the potential of Solipnib to provide rapid and durable hemoglobin responses for patients with limited treatment options after standard therapy failure [2]. - The complete data from the ESLIM-02 study will be submitted for presentation at an upcoming academic conference [2]. Group 3: Future Plans - The company plans to submit a new drug application for Solipnib to the National Medical Products Administration of China in the first half of 2026 for the treatment of warm antibody autoimmune hemolytic anemia [2].

Core Viewpoint - Hutchison China MediTech Limited (00013.HK) announced that its Syk inhibitor, Solipnib, has achieved the primary endpoint of durable hemoglobin (Hb) response during the treatment period of weeks 5 to 24 in the Phase III registration study ESLIM-02 for adult patients with warm antibody autoimmune hemolytic anemia [1] Group 1 - The ESLIM-02 study is focused on the treatment of adult patients suffering from warm antibody autoimmune hemolytic anemia [1] - The primary endpoint achieved indicates a significant milestone in the development of Solipnib for this specific patient population [1]

Core Viewpoint - The ATTC platform developed by Hutchison China MediTech Limited (HCM) aims to overcome the toxicity and resistance issues associated with traditional antibody-drug conjugates (ADCs), with potential for combination therapy with chemotherapy as a first-line standard treatment [1][6]. Summary by Sections ATTC Platform - The ATTC platform is designed to link targeted therapeutic agents with antibodies, producing candidate drugs that can target specific driver mutations, potentially reducing chemotherapy toxicity and enabling combination therapy with standard treatments [1][6]. HMPL-A251 - HMPL-A251 is the first candidate drug from the ATTC platform to enter clinical stages, composed of a PI3K/PIKK inhibitor and a HER2 antibody. It is expected to enter Phase 1 clinical trials in Q4 2025 [1][2][6]. - Preclinical data shows that HMPL-A251 exhibits effective endocytosis in HER2-positive cells and demonstrates HER2 expression-dependent cell growth inhibition, overcoming HER2 heterogeneity through a bystander killing effect [2]. PAM Pathway - The PAM (PI3K-AKT-mTOR) pathway plays a crucial role in cell growth, proliferation, differentiation, and apoptosis, with alterations in this pathway closely linked to various human tumors. Overactivation of PI3K is frequently reported in multiple cancer types [3]. - Existing PAM-targeted therapies have limited clinical benefits due to toxicity associated with PI3K/mTOR inhibition, which restricts the safety window for targeted treatments [3]. Future Pipeline - HCM anticipates two additional ATTC candidates (HMPL-A580 and HMPL-A830) to enter global clinical stages in 2026 [3]. - Clinical data for the first-line treatment of PDAC with surufatinib will be presented at the ESMO Asia conference, and the SAFFRON study of savolitinib combined with osimertinib has completed patient enrollment [1][6]. Investment Recommendation - The new generation ATTC platform from HCM is worth attention, with a smoothly advancing pipeline, maintaining an "outperform" rating [1][6].