创新药概念股午前普遍走高，截至发稿，石药集团（01093）上涨7.16%，报10.48港元；药明生物 （02269）上涨5.54%，报40.36港元；康诺亚-B（02162）上涨5.45%，报60.95港元；信达生物 （01801）上涨5.15%，报89.8港元；再鼎医药（09688）上涨4.9%，报14.76港元。 责任编辑：卢昱君 创新药概念股午前普遍走高，截至发稿，石药集团（01093）上涨7.16%，报10.48港元；药明生物 （02269）上涨5.54%，报40.36港元；康诺亚-B（02162）上涨5.45%，报60.95港元；信达生物 （01801）上涨5.15%，报89.8港元；再鼎医药（09688）上涨4.9%，报14.76港元。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

创新药概念股普遍走高，截至发稿，石药集团(01093)涨7.16%，报10.48港元；药明生物(02269)涨 5.54%，报40.36港元；康诺亚-B(02162)涨5.45%，报60.95港元；信达生物(01801)涨5.15%，报89.8港 元；再鼎医药(09688)涨4.9%，报14.76港元。 消息面上，2026年开年以来重磅合作频出，除信达生物外，石药集团与阿斯利康达成最高185亿美元的 平台级合作，荣昌生物与艾伯维达成56亿美元授权，"单品授权"和"技术平台+重磅单品"等呈现创新药 多种出海形式。开源证券指出，创新药收入端快速增长，行业整体步入收获期，2025年超70%的企业实 现收入正增长。该行认为，创新药板块已回调近两个季度，长期看，较多优质标的估值性价比明显，当 前位置建议加大板块配置，优选已出海的确定性机会及细分赛道景气度高/临床数据优异出海概率大的 弹性方向。 ...

Core Viewpoint - The innovative drug sector is experiencing a significant rise, with multiple companies reporting substantial stock increases and notable collaborations in 2026, indicating a robust growth phase for the industry [1] Group 1: Stock Performance - Companies such as CSPC Pharmaceutical (01093) saw a stock increase of 7.16%, trading at HKD 10.48; WuXi Biologics (02269) rose by 5.54% to HKD 40.36; CanSino Biologics-B (02162) increased by 5.45% to HKD 60.95; Innovent Biologics (01801) gained 5.15% to HKD 89.8; and Zai Lab (09688) rose by 4.9% to HKD 14.76 [1] Group 2: Collaborations and Partnerships - Significant collaborations have emerged in 2026, including CSPC Pharmaceutical's partnership with AstraZeneca valued at up to USD 18.5 billion, and Rongchang Biopharmaceutical's agreement with AbbVie worth USD 5.6 billion, showcasing various innovative drug export models [1] Group 3: Industry Growth and Outlook - According to Open Source Securities, the revenue growth in the innovative drug sector is accelerating, with over 70% of companies expected to achieve positive revenue growth by 2025; the sector has undergone a correction over the past two quarters, but long-term prospects for quality stocks appear favorable [1] - The firm recommends increasing allocation to the innovative drug sector, focusing on companies with established overseas operations and high clinical data quality, which are likely to have better export probabilities [1]

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02162 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | 0.0001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 500,000,000 | USD | 0.0001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 第 1 頁 共 10 頁 v 1.2.0 FF301 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康諾亞生物醫藥科技有限公司（於開曼群島註 ...

Summary of the Conference Call for 康诺亚 Company Overview - 康诺亚 is focused on the development of innovative biopharmaceuticals, particularly in the fields of dermatology and oncology, with key products including CM310 and 18.2 ADC [2][5]. Key Points and Arguments Product Developments - **CM310**: Approved for multiple indications, including atopic dermatitis, chronic rhinosinusitis with nasal polyps, and seasonal allergic rhinitis, all included in the 2026 medical insurance directory. This is expected to significantly enhance market coverage and sales [2][3]. - **Sales Projections**: CM310 is projected to achieve sales of 7.5 billion RMB in 2026, with a peak potential of 50 billion RMB [2][18]. - **18.2 ADC**: As the first-in-class product globally, it is expected to reach sales peaks of 1.5 to 2 billion USD (approximately 10 to 14 billion RMB) in overseas markets. 康诺亚 shares rights with 乐普生物, supporting an additional 10 billion RMB in market value [2][5]. - **TSLP Project**: A key catalyst project, with data from chronic rhinosinusitis patients expected mid-2026 and asthma data from 200 samples by year-end [2][14]. - **Claudin 18.2 ADC**: This project will initiate more phase III clinical trials this year, with AstraZeneca also applying for NBA, aiming for global registration by mid-2026 [2][19]. Market Position and Competitive Landscape - **Market Advantage**: 康诺亚 is positioned to be the only domestic manufacturer commercializing CM310 in the nasal indication market, potentially enjoying a four-year market protection period post-2026 [3][8]. - **Sales Comparison**: 康诺亚's CM310 is expected to achieve sales comparable to Dupilumab, which has seen sales growth from 500 million RMB in 2019 to over 6 billion RMB in 2025 [7]. Financial Outlook - **Current Valuation**: 康诺亚's market capitalization is approximately 15 billion RMB, with a potential peak sales forecast of 40 to 50 billion RMB. Valuation estimates range from 14 billion to 16 billion RMB based on a price-to-sales ratio of 130 to 4 [6]. - **Future Sales Goals**: The company aims to increase sales from 7 billion RMB to over 30 billion RMB within two years, with peak sales projected to reach 40 to 50 billion RMB by 2028 [18]. Clinical Development and Research - **Ongoing Trials**: The company is actively enrolling patients for its COPD project, having reached 200 cases, and plans to submit a global ADA NDA in the first half of the year [15][16]. - **Emerging Projects**: Other projects include dual antibodies for autoimmune diseases, currently in phase II trials, with data expected to support future research [20]. Strategic Initiatives - **Sales Team Stability**: 康诺亚 has maintained a stable sales team with effective internal incentive policies and external market investment strategies [13]. - **Regulatory Milestones**: The company has set milestones for continuous progress post-business development, ensuring timely submissions for regulatory approvals [16]. Additional Important Insights - **Market Size Potential**: The market for moderate to severe patients could exceed 30 billion RMB, assuming a penetration rate of 20%-30% with an annual cost of 10,000 RMB per patient [12]. - **Differentiation in Drug Types**: The advantages of small molecule drugs include convenience and rapid onset, while biologics offer longer-lasting effects, indicating a complementary relationship between the two [9][10]. This summary encapsulates the key developments, market positioning, financial outlook, and strategic initiatives of 康诺亚 as discussed in the conference call.

每经AI快讯，康诺亚-B(02162.HK)涨近3%，截至发稿，涨2.24%，报57港元，成交额1971.12万港元。 ...

康诺亚-B(02162)涨近3%，截至发稿，涨2.24%，报57港元，成交额1971.12万港元。 消息面上，据康诺亚-B官微消息，近日，康诺亚和合作伙伴Ouro Medicines Ltd共同宣布，BCMA×CD3 双抗CM336(OM336)获美国FDA授予快速通道资格(FTD)认定，用于治疗自身免疫性溶血性贫血(AIHA) 和免疫性血小板减少症(ITP)。CM336在AIHA和ITP两项适应症上获得快速通道资格认定，凸显该类疾 病对创新治疗方案的急迫需求，也再次体现CM336在自身免疫性疾病上的治疗潜力。 此前，康诺亚与Ouro Medicines Ltd订立独家许可协议，授予Ouro Medicines在全球(不包括中国内地、香 港、澳门及台湾地区)研究、开发、生产、注册及商业化CM336的独家权利。CM336已获得FDA授予的 用于治疗AIHA和ITP两项适应症的孤儿药资格认定(ODD)。 ...

智通财经APP获悉，康诺亚-B(02162)涨近3%，截至发稿，涨2.24%，报57港元，成交额1971.12万港 元。 消息面上，据康诺亚-B官微消息，近日，康诺亚和合作伙伴Ouro Medicines Ltd共同宣布，BCMA×CD3 双抗CM336(OM336)获美国FDA授予快速通道资格(FTD)认定， 用于治疗自身免疫性溶血性贫血(AIHA) 和免疫性血小板减少症(ITP)。CM336在AIHA和ITP两项适应症上获得快速通道资格认定，凸显该类疾 病对创新治疗方案的急迫需求，也再次体现CM336在自身免疫性疾病上的治疗潜力。 此前，康诺亚与Ouro Medicines Ltd订立独家许可协议，授予Ouro Medicines在全球(不包括中国内地、香 港、澳门及台湾地区)研究、开发、生产、注册及商业化CM336的独家权利。CM336已获得FDA授予的 用于治疗AIHA和ITP两项适应症的孤儿药资格认定(ODD)。 ...

Group 1 - The core viewpoint is that innovative drugs are expected to show significant excess returns in 2025, driven by continuous BD overseas expansion, excellent clinical data, and policy support [1] - The CXO sector is anticipated to experience substantial growth due to the recovery in demand and improved investment environment in the global pharmaceutical industry [1] - The report emphasizes the importance of focusing on new technologies, particularly bispecific antibodies, small nucleic acid drugs, AI healthcare, and brain-computer interface innovations [3] Group 2 - Domestic supply and demand are relatively stable, with national health expenditure showing a year-on-year growth of 4.7% from January to November 2025, marking a positive turnaround after two years of decline [2] - The medical insurance fund's income and expenditure growth rates continue to decline, with total income of 2.63 trillion yuan (+2.9%) and expenditure of 2.11 trillion yuan (+0.5%) from January to November [2] - The report suggests that the commercialization of new drug forms is entering a critical phase, with significant clinical data supporting the application of B-cell depletion therapies in autoimmune diseases [3] Group 3 - Investment recommendations include focusing on innovative overseas expansion and new technology directions, with suggested stocks such as Mindray Medical, WuXi AppTec, and others [4] - The report highlights the potential for explosive growth in the global market for brain-computer interfaces, supported by policy incentives and technological breakthroughs [3]