2026开年创新药板块迎来大幅上涨，沪指现14天阳线，港股创新药指数三天平均涨幅达12%，作为纯医药医疗领域二级市场私募基金，森瑞投资董事长林 存认为，这一行情的核心源于创新药作为新质生产力的核心地位获政策强力支撑，《全链条支持创新药发展》等政策为行业奠定巨大产业空间，且其重要 性与 AI 等领域同等优先。他强调，未来20年中国将迎来繁荣盛世，创新药板块的开门红预示各类创新领域将持续崛起，追随技术创新有望获得丰厚回 报。 森瑞投资董事长 林存 以下为全文： 背景介绍： 当2025年的日历翻至末页，生物医药产业正站在一个特殊的历史节点——这既是"十四五"的收官沉淀之年，更是"十五五"宏伟蓝图的启航之时。这一年， 技术狂飙与商业理性的碰撞、全球化布局与本土化深耕的平衡、"创新驱动"向"价值驱动"的范式转型，共同勾勒出2025年的行业主线。2026年，产业如何 跨越技术周期与资本周期的双重考验，在"健康中国"战略与全球创新格局双轨并行中，探寻可持续增长路径？思享启发思想，"生物医药大健康2026思享 汇：双轨并行・破局生长"重磅上线，与核心实践者、机构与权威专家一起同行，连接生物医药大健康领域内最强思想电波！ 20 ...

5 January 2026 China Pharma and Biotech China Pharma and Biotech 2026 Outlook: Off to the races Rebecca Liang, Ph.D. +852 2123 2656 rebecca.liang@bernsteinsg.com Ellie Li +852 2123 2621 ellie.li@bernsteinsg.com "The stock market is a device for transferring money from the impatient to the patient." Positive outlook at sector level: valuation-wise we're back in a more rational range than July - Aug, with most stocks dialing back 20-30%. The major healthcare and biotech indices are below the price levels of 2 ...

一场原本被寄予厚望、持续仅数月的跨国"联姻"，却迅速走向了终点。在两家公司的会议室里，曾经摆放着的战略规划图已被 合作终止协议所取代。 1月6日，宜明昂科发布公告宣布与美国Axion Bio,Inc.（简称"Axion"）终止授权合作协议，重新收回两款核心抗癌新药IMM2510 （珀维拉芙普α）及IMM27M（泰泽苏拜单抗）的全球开发与商业化权利，已收取的3500万美元首付款及里程碑付款不受影响。 宜明昂科与Axion Bio的合作始于2024年8月，当时双方签署授权合作协议，将两款核心抗癌新药在大中华地区以外的全球独家开 发、商业化权利授予Axion。2025年5月，宜明昂科曾公告收到来自Axion Bio的500万美元第二期近期付款，累计已收到2000万美 元的首付款及近期付款。 仅仅几个月后，原本看似稳固的合作关系却急转直下。对于此次"分手"的原因，21世纪经济报道记者采访了宜明昂科相关负责 人，该人士无奈地表示："对方海外临床推进速度实在太慢了。" 至于后续的海外临床布局情况，宜明昂科方面对记者表示，"我们先把海外已获得的数据转过来，然后继续谈合作伙伴，目前的 现金流情况，纯靠自己开海外有一定挑战的。 ...

Investment Rating - The report assigns an "Outperform" rating to multiple stocks in the Hong Kong healthcare sector, including Hansoh Pharma, 3SBio, Kelun-Biotech, Innovent Biologics, Akeso, JD Health, WuXi AppTec, and BeiGene [1][4][37]. Core Insights - The rollout of the "dual formulary" system, which includes the National Reimbursement Drug List (NRDL) and the inaugural Commercial Innovation Drug List, is expected to significantly benefit the innovative drug value chain. The NRDL added 114 drugs with an 88% success rate, up from 76% in 2024, while the commercial list includes 19 innovative drugs [7][40]. - The report highlights three key features of the new drug lists: a focus on innovation, addressing the needs of the elderly and children, and reinforcing the distinction between basic and commercial insurance coverage [7][40]. - The report expresses a long-term positive outlook on the innovative drug value chain, driven by state support for novel drugs and the inclusion of high-innovation therapies in the commercial insurance list [7][40]. Summary by Sections Stock Recommendations - The report lists several top picks for January 2026, including Hansoh Pharma, 3SBio, Kelun-Biotech, Innovent Biologics, Akeso, JD Health, WuXi AppTec, and BeiGene, all rated as "Outperform" [1][4][37]. Market Performance - The December 2025 portfolio of Hong Kong "Golden Picks" saw an average decline of 12.4%, underperforming the Hang Seng Healthcare Index, which fell by 9.5% [5][38]. - Notable performers in December included WuXi AppTec, Akeso, and JD Health, which experienced smaller declines compared to the overall portfolio [5][38]. Industry Trends - The healthcare services sector is noted as undervalued, with companies like Hygeia and Jinxin Fertility showing strong performance due to ongoing market buy-backs [8][41]. - The report suggests monitoring the recovery opportunities in the consumer healthcare sector for 2026, particularly in light of low base effects [8][41]. Recent Developments - A series of business development (BD) deals in December 2025 indicates sustained interest from multinational corporations (MNCs) in the biotech and pharmaceutical sectors, with significant upfront payments and milestone agreements [10][43][44]. - The report emphasizes the attractiveness of the biotech sector following recent valuation resets, suggesting potential for pre-earnings catch-up trades [10][42].

Core Insights - The surge in BD (business development) transactions in China's innovative pharmaceutical sector is a reflection of the industry's maturation and increasing global recognition, with 2025 marking a significant year for License-out agreements [3][4][5] Group 1: BD Transactions Overview - In December 2025, several Chinese pharmaceutical companies, including Ganli Pharmaceutical and Heng Rui Medicine, announced significant BD agreements, indicating a trend towards increased collaboration and innovation in the sector [2] - The total value of BD transactions for Chinese innovative drugs reached $135.655 billion in 2025, with upfront payments totaling $7 billion, marking a historical high in both transaction volume and value [3] - The number of BD transactions involving Chinese companies and top multinational corporations (MNCs) increased from 3 in 2015 to 35 in 2025, highlighting the growing interest from global players [3] Group 2: Market Dynamics and Future Outlook - The BD transaction boom is expected to continue into 2026, with industry experts predicting sustained high activity levels, although the focus may shift from quantity to value [5][14] - The NewCo model, which allows for "technology equity + capital cooperation," is emerging as a new pathway for Chinese pharmaceutical companies to engage in international markets, although its prevalence may decrease in 2026 [14][15] - The overall trend indicates a shift from isolated transactions to a more collaborative ecosystem, where companies leverage partnerships to enhance their global market presence [16][20] Group 3: Transaction Structures and Strategies - The structure of BD transactions is evolving, with companies increasingly engaging in co-development and co-commercialization agreements, allowing for shared risks and benefits [10][11] - The pricing of BD transactions is becoming more rational, with companies focusing on the clinical value and market potential of their products, which influences upfront payment amounts [19][18] - Legal and advisory services are becoming integral to BD transactions, reflecting the increasing complexity and importance of these deals in the pharmaceutical landscape [17]

2025年11月，一则公告在资本市场激起波澜：信达生物被正式纳入恒生指数成份股。这不仅是市值的刻 度，更是一个标志性时刻——它成为港股18A制度实施以来，首家完成从Biotech（生物科技公司）向 Biopharma（生物制药公司）实质性跨越、并跻身蓝筹的中国创新药企。 这一跃迁，恰好为信达生物在财经网2025年度新消费·新经济评选中，荣获 "年度高质量发展上市企业" 称号，写下了最具说服力的注脚。 从"烧钱搞研发"到"以研发创造持续价值"，信达生物为中国创新药企证明了一条可持续的资本化路径。 与此同时，信达生物的营收和盈利增长也为公司可持续发展提供了坚实的基础。通过不断拓展创新产品 的市场空间，信达生物的收入从2019年的10亿元增长至2024年的94亿元，五年内增长了840%。预计 2025年，公司总收入将首次突破百亿元大关。 信达生物的十四年发展路径，生动诠释了本届评选"新潮涌动，价值共生"的主题在硬科技与资本市场的 交响："新潮"是前沿靶点与全球化合作模式的不断突破；"共生"则是企业成长与中国生物医药产业升 级、全球患者需求满足的深度绑定。 资本市场"加冕"：从"故事"到"资产"的价值重估 高质量发展 ...

十年前，中国创新在研产品数量与全球首发上市新药数量对全球的贡献率仅4.1%和2.5%；如今，中国 医药产业规模已位居全球第二，创新药在研数目约占全球的30%。《2025年医药研发年度回顾》报告亦 显示，全球管线规模前25位的药企中，多家中国企业跻身其中。 这一变化的背后，既离不开医药政策的持续赋能，也得益于产业端的深耕细作，更标志着中国生物医药 领域的新时代正加速来临。但与此同时，自2021年年末开启的"资本寒冬"虽在2025年显现出些许暖意， 但创新药企是否已真正跨越市场周期，市场各方的体感仍存在差异。 普华永道中国医药医疗行业主管合伙人徐佳博士在接受21世纪经济报道记者专访时指出，中国创新药已 进入"量质转型的分水岭阶段"，呈现"头部崛起、中小突围"的分化格局，而非行业全面复苏。 "这一阶段的核心特征是BD（商务拓展）交易成为企业现金流支柱，但中小Biotech（创新药企）仍受困 于研发风险与融资压力。"徐佳博士进一步分析，当前行业尚未完全度过市场周期，"资本寒冬"余温仍 在，淘汰赛持续推进，唯有具备核心技术与商业化能力的企业才能成功穿越周期。 这也意味着，对中国创新药而言，跻身全球创新"牌桌"只是起点， ...

Core Viewpoint - The strategic collaboration between Innovent Biologics and Takeda Pharmaceutical has officially commenced, marking a significant milestone in China's innovative drug industry with a potential deal value of up to $11.4 billion, setting a record for Chinese innovative drugs going global [1][3]. Group 1: Collaboration Details - Innovent Biologics will receive an upfront payment of $1.2 billion, which includes a $100 million strategic equity investment and up to $10.2 billion in milestone payments [1]. - The collaboration focuses on the global development and commercialization of next-generation immuno-oncology (IO) and antibody-drug conjugate (ADC) therapies, specifically IBI363 and IBI343, along with early-stage project IBI3001 [1][7]. - IBI363 is recognized as one of the fastest-developing PD-1/IL-2 products globally, with ongoing clinical trials, including a pivotal Phase III study for squamous non-small cell lung cancer [6][10]. Group 2: Market Position and Financial Performance - Innovent Biologics has become one of the largest biopharmaceutical companies in China since its establishment in 2011, with a diverse product portfolio covering oncology, autoimmune diseases, metabolism, and ophthalmology [10]. - The company reported a revenue of 5.953 billion yuan in the first half of the year, a 50.6% year-on-year increase, and achieved profitability with a profit of 834 million yuan [11]. - As of the end of July, Innovent had over 14 billion yuan in cash reserves, positioning itself well for future growth and development [10].

Investment Rating - The report recommends an "Outperform" rating for leading pharmaceutical and biotech companies with robust pipelines, as well as high-quality CXOs and internet healthcare firms [1]. Core Insights - The report highlights the strong performance of innovative drug leaders such as BeiGene and Innovent Biologics, which have shown significant revenue growth in Q3 2025, with BeiGene achieving USD 1.41 billion in revenue (up 41% year-on-year) and Innovent exceeding CNY 3.3 billion (up 40% year-on-year) [39][40]. - The CXO sector experienced a pullback in November, with notable declines in stocks like WuXi AppTec and Tigermed, attributed to profit-taking after strong performance in the first three quarters of 2025 and concerns over geopolitical risks [42]. - The report emphasizes the importance of upcoming clinical data readouts from major conferences such as ESMO Asia and ASH, which could serve as catalysts for stock performance [10]. Summary by Sections Top Picks - The report lists top picks including Hansoh Pharma, 3SBio, Kelun-Biotech, Innovent, Akeso, JD Health, and WuXi AppTec, all rated as "Outperform" [1][4][35]. Performance Overview - The Hong Kong stock picks portfolio gained an average of 5.2% in November 2025, outperforming the Hang Seng Healthcare Index, which declined by 0.1% [5][36]. - The top three performers in the portfolio were Hansoh Pharma (+12.9%), BeiGene (+10.2%), and Innovent (+10.0%) [5][36]. Market Trends - The innovative drug sector has shown resilience, benefiting from previous corrections and strong earnings catalysts from leading companies [39]. - The report notes that the recent implementation of key industry policies, including the 11th National Centralized Drug Procurement, has led to significant price reductions for selected products, impacting market dynamics [38]. Clinical Developments - Significant clinical progress is noted for companies like 3SBio, which is advancing its SSGJ707 (PD-1/VEGF) with Pfizer, planning to initiate multiple clinical trials [41]. - The report also highlights the potential of innovative therapies in oncology, with companies like BeiGene and Innovent expanding their product pipelines and market presence [32][40].

Investment Rating - The report maintains a positive outlook on the overseas pharmaceutical sector, particularly focusing on innovative drugs and industry chain opportunities, with an investment rating of "Overweight" [1][6]. Core Insights - Multiple policies are supporting the development of the innovative drug industry, with domestic innovative drug transactions reaching historical highs in both value and quantity. The sector's valuation has rebounded from a low point, and leading companies are achieving profitability through increased commercial sales and licensing income [6][8]. - Companies like BeiGene are experiencing significant growth, with global sales exceeding $1 billion in Q3 2025, marking a 51% year-on-year increase. The company anticipates a positive GAAP operating profit for the full year 2025, raising its revenue guidance to $5.1-5.3 billion [1][6]. - Innovent Biologics is expanding its pipeline with a dual focus on oncology and non-oncology products, expecting to achieve positive non-IFRS net profit and EBITDA in 2024, with continued growth projected for 2025 [2][6]. - The report highlights the increasing R&D investments by leading pharmaceutical companies, which are enhancing their innovative pipelines and accelerating their transformation towards innovation [3][7]. Summary by Sections Section 1: Overseas Pharmaceuticals - The report emphasizes the focus on innovative drugs and the opportunities within the industry chain for 2026, noting the historical highs in transaction amounts and numbers for domestic innovative drugs going overseas [6][8]. - BeiGene's overseas sales are highlighted, with Q3 2025 global sales surpassing $1 billion and a significant year-on-year profit turnaround [1][6]. - Innovent Biologics is noted for its strategic partnerships and expected profitability in the coming years [2][6]. Section 2: Pharma Sector - Leading companies are rapidly increasing their R&D investments, which is expected to strengthen their innovative pipelines and global competitiveness [3][7]. - Companies like Hansoh Pharmaceutical and China Biologic Products are projected to see substantial growth in their innovative product revenues, with significant contributions expected in the coming years [3][7]. Section 3: CXO Sector - The report indicates a recovery in investment and financing for innovative drugs, which is likely to drive early-stage R&D investments and boost demand [8]. - Emerging fields such as peptides and ADCs are expected to open new growth opportunities, with a recommendation to focus on companies like WuXi AppTec and WuXi Biologics [8].