2）海思科将HSK39004（PDE3/4）的海外权益授予AirNexis（NewCo合作模式），将获得1.08亿美元首 付款及最高9.55亿美元的里程碑付款。 3）泽璟制药将ZG006（CD3xDLL3xDLL3三抗）的海外权益授予艾伯维，将获得1亿美元的首付款，近 期付款及里程碑付款达到11.35亿美元（如艾伯维行权）。 4）宜联生物授予罗氏YL201（B7-H3ADC）的海外权益，首付款及近期里程碑付款达到5.7亿美元。 1月26日，港股再陷调整，创新药板块再度走低，港股通创新药ETF（520880）跌1.5%，场内延续高溢 价，显示买盘态度积极。上周，520880累跌3.2%，单周获超2.36亿元资金逢跌吸筹。 成份股方面，龙头股呈普跌态势，石药集团跌3%，康方生物跌近4%，中国生物制药、信达生物跌逾 2%。 | 分时 多日 1分 5分 * | | | | F9 盘前盘后 露加 九轮 面试 工具 @ (7 » | | | | | 港股通创新药ETF O | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 26,750, up 0.45% year-to-date, while the US Dow Jones fell by 0.58% [1][3] - The Chinese stock market saw gains, particularly in materials, consumer discretionary, and healthcare sectors, while energy and real estate lagged [3] Industry Insights - The Chinese pharmaceutical sector is experiencing a significant upward trend, with the MSCI China Healthcare Index rising 9.2% since early 2026, outperforming the MSCI China Index by 5.6% [4] - The trend of Chinese innovative drugs going overseas continues to gain momentum, with multiple business development (BD) transactions occurring in early 2026, indicating a strong market for overseas licensing [5] - Key transactions include the overseas rights granted by Rongchang Biopharma to AbbVie for RC148 and by Haisika for HSK39004, showcasing the clinical progress of these drugs [5] Company Analysis - China Ping An is projected to see a 12% increase in operating profit to RMB 135.9 billion in 2025, driven by improvements in life and health insurance segments [7] - The new business value (NBV) is expected to grow by 42% year-on-year to RMB 40.4 billion, with a strong performance anticipated in the first quarter of 2026, particularly in the bancassurance channel [8] - The target price for China Ping An has been raised to HKD 90, reflecting adjustments in profit and NBV growth forecasts, with the company currently trading at 0.71 times FY26E P/EV [8]

Investment Rating - The report assigns a "Buy" rating to several companies in the pharmaceutical sector, indicating a potential upside of over 15% in their stock prices over the next 12 months [29]. Core Insights - The MSCI China Healthcare Index has increased by 9.2% since the beginning of 2026, outperforming the MSCI China Index, which rose by 5.6% [1]. - The pharmaceutical industry has seen significant growth, driven by strong institutional investor interest and the ongoing trend of innovative drugs going global [1]. - The report emphasizes the importance of clinical progress and data validation for pipelines that have already gone overseas, suggesting that this trend will continue in the long term [1]. Summary by Sections Industry Overview - The report highlights a robust trend in the outbound licensing of innovative drugs, with multiple business development (BD) transactions occurring at the start of 2026, reflecting a high level of activity in the sector [4]. - Key transactions include significant upfront and milestone payments for various drugs, indicating strong market interest and potential for future growth [4]. Company Ratings and Valuations - The report provides detailed valuations for several companies, including: - **Sangfor Technologies (1530 HK)**: Market cap of $7,598.4 million, target price of $37.58, with a 54% upside potential [2]. - **Gusongtang (2273 HK)**: Market cap of $963.3 million, target price of $44.95, with a 46% upside potential [2]. - **WuXi AppTec (2268 HK)**: Market cap of $10,551.0 million, target price of $88.00, with a 28% upside potential [2]. - **China National Pharmaceutical Group (1177 HK)**: Market cap of $15,951.4 million, target price of $9.40, with a 42% upside potential [2]. Market Trends - The report notes that the competition in the PD-(L)1/VEGF space is intensifying, with several companies advancing their clinical trials and aiming for first-line indications [4]. - The report suggests that the efficiency and breadth of clinical trials, as well as the richness of combination therapies, will be critical factors in determining success in this competitive landscape [4].