今日（1.5），港药超强势反攻，创新药纯度100%的港股通创新药ETF(159570)大涨超5.5%，盘中成交额已超16亿元，较上一交易日巨幅放量！截至12月29 日，港股通创新药ETF(159570)最新规模超214亿元，同类持续领先！ 消息面上，2026年首个港股交易日（1月2日），港股市场迎来"开门红"。恒生指数收涨2.76%，报26338.47点；恒生科技指数大涨4%，报5736.44点；恒生中 国企业指数涨2.86%，报9168.99点。 公司新闻方面，刚刚"摘得"2025年募集资金最高港股生物医药IPO的英矽智能在2026年又迎来"开门红"。1月5日，英矽智能宣布与施维雅（Servier）达成了 一项总金额达8.88亿美元的多年期研发合作。该合作将英矽智能人工智能（AI）驱动的药物研发平台Pharma.AI与施维雅在抗肿瘤药物研发领域的全球专业 优势相结合，聚焦抗肿瘤领域具有挑战性的靶点，识别并开发全新的治疗药物。英矽智能将有资格获得最高 3200 万美元的首付款及近期研发里程碑付款。 （来源：医药魔方） 港股通创新药ETF(159570)标的指数权重股多数飘红：科伦博泰生物-B涨超6%，百济神州 ...

令人惊艳的数字背后，是中国创新药发展已然站上全新台阶，成功跻身全球创新版图的核心阵营。 而若深入剖析这些交易便会发现，早期资产授权已有所减少，各家创新药企正不断升级BD合作，与之相伴随的是中国创新药BD交易正浮现鲜明的新趋 势： 一方面，在业内对"退货"仍存忧虑时，多家药企陆续触发里程碑付款，既缓解了行业担忧，又印证了中国创新药的核心实力；另一方面，BD交易模式正 在呈现多样化，从New-Co到越来越多的创新药企选择与跨国药企开展联合开发——这份主动牵手全球巨头的底气，不仅彰显了中国创新药的全球认可 度，更为行业高质量发展注入了强劲信心。 2025年，中国创新药BD交易热度贯穿了全年。仅12月，便又有15笔海外授权，潜在总金额超160亿美元的交易诞生，为过去这一年画上了圆满句号。 回顾过去一年，中国创新药行业站在新十年的起点上，又刷新了出海授权交易纪录。医药魔方NextPharma 数据库显示，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，各个维度的数据统计均达到了历史新高。 中国创新药BD，开始首付款和里程碑双收 据医药 ...

Core Viewpoint - The strategic global collaboration between Innovent Biologics and Takeda aims to accelerate the development of next-generation IO and ADC therapies, with a total transaction value of up to 11.4 billion USD. This partnership is expected to significantly enhance Innovent's internationalization efforts, as Takeda is a well-established multinational corporation with a strong international presence [1][2]. Event Summary - On October 22, Innovent Biologics and Takeda Pharmaceutical announced a global strategic partnership. Takeda will pay an upfront fee of 1.2 billion USD to Innovent, which includes a strategic equity investment of 100 million USD at a subscription price of 112.56 HKD per share, representing a 20% premium over Innovent's weighted average share price over the past 30 trading days. The total deal value reaches 11.4 billion USD. Innovent will co-develop IBI363 (PD-1/IL-2α-bias) with Takeda and grant Takeda exclusive rights for IBI343 (CLDN18.2 ADC) and IBI3001 (EGFR/B7H3 ADC) outside Greater China [1][2]. Strategic Significance - Innovent's retention of 40% rights for IBI363 in the U.S. and its focus on building an international R&D, clinical, and commercialization team are strategically significant for its internationalization journey. The collaboration allows Innovent to enhance its capabilities while sharing development costs and profits with Takeda on a 40/60 basis [2][3]. Market Context - Takeda, a mature multinational corporation, derives over 75% of its revenue from international markets. In 2024, Takeda's revenue is projected to be approximately 30.6 billion USD, with the U.S. accounting for about 52% and Europe and Canada for about 23%. Takeda's historical internationalization journey serves as a potential model for Innovent [3][4]. Development Phases - Takeda's international expansion can be divided into two phases: 1. Joint venture exploration and initial steps (1980s-1990s), where Takeda partnered with Abbott to establish TAP Pharmaceuticals, successfully launching products like Lupron in the U.S. 2. Establishing independent operations and expansion through acquisitions (post-2000), including the establishment of its independent subsidiary in the U.S. and the significant acquisition of Shire for 62 billion USD in 2019, enhancing its pipeline and sales network [4][5]. Potential Impact on Takeda - The collaboration is expected to provide a significant breakthrough for Takeda's oncology pipeline, which currently accounts for about 13% of its revenue. Key products include Adcetris and Fruzaqla. Takeda's oncology division is in need of major product support, and IBI363 and IBI343 are anticipated to significantly enhance Takeda's growth potential beyond 2030 [4][5]. R&D and Commercialization - Takeda invests approximately 5 billion USD annually in R&D and has a global team of 4,500 researchers. The collaboration aims to maximize the potential of IBI363 as a new cornerstone therapy in IO, with both companies committed to a clinical development plan [5][6]. Financial Projections - Innovent's extensive layout in the oncology sector is expected to scale up its revenue significantly, with projections for 2025-2027 being 11.806 billion CNY, 15.382 billion CNY, and 21.092 billion CNY, respectively. The company is valued at 221.5 billion HKD, with a target price of 129.61 HKD, maintaining a "buy" rating [6].

Group 1 - The Hong Kong innovative drug sector experienced significant growth, with notable stock increases for companies such as Sangfor Pharma (up 36%), CSPC Pharmaceutical (up over 8%), and others [1] - Various ETFs tracking the innovative drug sector also saw substantial gains, with increases ranging from 4.72% to 5.23% [1][3] Group 2 - Sangfor Pharma announced a licensing agreement with Pfizer for its PD-1/VEGF bispecific antibody SSGJ-707, which includes an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [5] - This licensing deal sets a new record for upfront payments for Chinese bispecific antibodies, indicating strong market interest [5][6] Group 3 - The trend of Chinese innovative drug companies expanding internationally continues, with multiple successful licensing deals occurring despite recent trade tensions [7] - Recent examples include CSPC Pharmaceutical's licensing of irinotecan liposome injection to Cipla USA for $15 million upfront and potential milestone payments exceeding $1 billion [8] Group 4 - Market analysts believe that multinational corporations' interest in acquiring Chinese innovative drug assets remains strong, which will drive further international expansion [11] - Upcoming ASCO conference will feature significant data releases from several innovative drug companies, including Sangfor Pharma and Innovent Biologics [11] Group 5 - The innovative drug sector is expected to enter a rapid growth phase, driven by commercialization efforts and licensing agreements, which will enhance revenue and accelerate profitability [12] - Sangfor Pharma holds a significant weight in various indices, with a 4.38% share in the Hang Seng Hong Kong Stock Connect Innovative Drug Index [12][17] Group 6 - Analysts predict that high-quality innovative drug companies are entering a profitability cycle, supported by continuous performance releases and favorable policies [19] - The overall supply-demand dynamics in the industry are improving, suggesting a favorable investment opportunity in the sector [19]

Macro Commentary - The US economy shows signs of slowing down, with significant declines in retail and manufacturing output due to tariff impacts, particularly affecting durable goods like automobiles and electronics [2] - Despite the slowdown, unemployment claims remain stable, indicating that the service sector is less affected, and employment in this sector remains robust [2] - Inflation is expected to rebound temporarily from May to August, with the Federal Reserve likely to maintain interest rates until September, when a potential rate cut may occur [2] Industry Commentary - The Chinese pharmaceutical sector is experiencing a strong trend in innovative drug exports, with several significant business development transactions occurring despite recent tariff tensions [5][6] - The MSCI China Healthcare Index has risen by 14.9% since early 2025, although it has underperformed compared to the broader MSCI China Index [5] - The US innovative drug prices are unlikely to decrease in the short term due to recent executive orders, but long-term pressures on healthcare spending are anticipated [7] Company Initiation - The report covers Angelalign Technology (6699 HK), a leading provider of invisible orthodontic solutions in China, which has maintained a market share of 42% in the domestic market [9][10] - The company is expected to achieve a revenue compound annual growth rate (CAGR) of 23.8% from 2019 to 2024, with a projected CAGR of 18.0% from 2024 to 2027 [9] - Angelalign is expanding internationally, with a goal to cover over 50 countries and achieve significant revenue growth from overseas markets, which is expected to account for 30% of total revenue by 2024 [11][12]