Core Viewpoint - The Shanghai 180 ETF Index Fund closely tracks the Shanghai 180 Index, which reflects the overall performance of 180 large-cap and liquid stocks in the Shanghai securities market [2] Group 1: Index Performance - As of January 20, 2026, the Shanghai 180 Index rose by 0.08%, with notable increases in constituent stocks such as China Chemical (+10.01%), China Power Construction (+7.02%), and Hengli Petrochemical (+6.62%) [1] - The Shanghai 180 ETF Index Fund achieved a four-day consecutive increase, with the latest price reported at 1.26 yuan [1] - The fund's average daily trading volume over the past year was 256.26 million yuan, with a turnover rate of 0.11% on January 20, 2026 [1] Group 2: Fund Metrics - The fund's Sharpe ratio since inception is 2.13, indicating a favorable risk-adjusted return [1] - The maximum drawdown for the fund year-to-date is 1.30%, with a relative benchmark drawdown of 0.06% [1] - The management fee for the fund is 0.15%, and the custody fee is 0.05% [1] Group 3: Top Holdings - As of December 31, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 25.29% of the index, including Kweichow Moutai, Zijin Mining, and China Ping An [2] - The top ten stocks by weight are Kweichow Moutai (4.21%), Zijin Mining (3.78%), and China Ping An (2.31%), among others [3]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has received clinical trial approval from the National Medical Products Administration for two drugs, SHR-9839 and HRS-4642, indicating progress in its oncology pipeline [1][2]. Group 1: Drug Information - SHR-9839 is a humanized antibody drug developed by the company, intended for the treatment of advanced solid tumors by blocking two key signaling pathways related to tumor development. The total R&D investment for SHR-9839 has reached approximately 93.9 million yuan (about 13.5 million USD) [1]. - HRS-4642 is a KRAS G12D inhibitor in a liposome formulation, specifically designed to bind to KRAS G12D and inhibit the phosphorylation of MEK and ERK proteins, with no similar drugs approved in the market. The cumulative R&D investment for HRS-4642 is approximately 254.2 million yuan (about 36.5 million USD) [2]. - HRS-2141 tablets (I) and (II) have also received clinical trial approval for type 2 diabetes treatment, with a cumulative R&D investment of about 5.4 million yuan (about 0.8 million USD) [6]. Group 2: Regulatory Approval - The company has received the clinical trial approval notice for SHR-9839 and HRS-4642, allowing it to proceed with clinical trials [1][2]. - The approval for HRS-2141 tablets was granted based on compliance with the relevant drug registration requirements, allowing the company to initiate clinical trials for the diabetes indication [6].

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of SHR-9839 and HRS-4642, indicating progress in its oncology drug development pipeline [1] Group 1: Clinical Trials - The company and its subsidiary, Suzhou Shengdiya Biopharmaceutical Co., Ltd., will conduct clinical trials for SHR-9839 in advanced colorectal cancer patients, focusing on safety, tolerability, and efficacy [1] - The clinical study for SHR-9839 is an open-label, multicenter Phase I/II trial [1] Group 2: Drug Details - SHR-9839 is a humanized antibody drug developed by the company, aimed at treating advanced solid tumors by blocking two key signaling pathways related to tumor development [1] - The subcutaneous formulation of SHR-9839 has one competitor drug approved globally targeting the same pathway [1] - The total R&D investment for SHR-9839 to date is approximately 93.9 million yuan (unaudited) [1] Group 3: HRS-4642 Injection - HRS-4642 injection specifically binds to KRASG12D and inhibits the phosphorylation of MEK and ERK proteins, demonstrating anti-tumor effects [1] - Currently, there are no similar drugs approved for HRS-4642 in both domestic and international markets [1] - The total R&D investment for HRS-4642 to date is approximately 254.2 million yuan (unaudited) [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of SHR-9839 and HRS-4642, indicating progress in its oncology drug development pipeline [1] Group 1: SHR-9839 - SHR-9839 is a humanized antibody drug developed by the company, intended for the treatment of advanced solid tumors by blocking two key signaling pathways related to tumor development [1] - The subcutaneous formulation of SHR-9839 has been developed, and there is currently one approved drug targeting the same pathway globally [1] Group 2: HRS-4642 - HRS-4642 is a KRAS G12D inhibitor developed by the company, formulated as a liposome injection [1] - HRS-4642 specifically binds to KRAS G12D and inhibits the phosphorylation of MEK and ERK proteins, demonstrating anti-tumor effects [1] - There are currently no similar drugs approved for HRS-4642 in both domestic and international markets [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of SHR-9839 and HRS-4642, indicating progress in its oncology drug development pipeline [1] Group 1: Drug Development - SHR-9839 is a humanized antibody drug developed by the company, intended for the treatment of advanced solid tumors by blocking two key signaling pathways related to tumor development [1] - The subcutaneous formulation of SHR-9839 has one competitor with the same target already approved globally [1] - HRS-4642 is a KRAS G12D inhibitor developed by the company, formulated as a liposome injection, which specifically binds to KRAS G12D and inhibits the phosphorylation of MEK and ERK proteins [1] - Currently, there are no similar drugs approved for HRS-4642 in both domestic and international markets [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of SHR-9839 and HRS-4642, indicating progress in its oncology drug development pipeline [1] Group 1: SHR-9839 - SHR-9839 is a humanized antibody drug developed by the company, intended for the treatment of advanced solid tumors by blocking two key signaling pathways related to tumor development [1] - The subcutaneous formulation of SHR-9839 has one competitor with the same target already approved globally [1] - The total R&D investment for the SHR-9839 project has reached approximately 93.9 million yuan (unaudited) [1] Group 2: HRS-4642 - HRS-4642 is a KRASG12D inhibitor developed by the company, formulated as a liposome injection [1] - HRS-4642 specifically binds to KRASG12D and inhibits the phosphorylation of MEK and ERK proteins, demonstrating anti-tumor effects [1] - Currently, there are no similar drugs approved for HRS-4642 in both domestic and international markets [1] - The total R&D investment for the HRS-4642 project has reached approximately 254.2 million yuan (unaudited) [1]

Investment Rating - The report indicates a significant acceleration in BD (Business Development) overseas for Chinese innovative drugs, suggesting a positive investment outlook for the industry [3]. Core Insights - The number of BD projects, upfront payments, and total amounts for Chinese pharmaceutical companies significantly increased in 2025, with 165 projects, over $7.03 billion in upfront payments (up 226.8% year-on-year), and a total amount of $136.68 billion (up 192.2% year-on-year) [2][7]. - The report highlights a focus on dual antibodies (双抗), antibody-drug conjugates (ADC), GLP-1 receptor agonists (GLP1RA), and small nucleic acids as key areas for BD overseas [2][3]. Summary by Sections BD Project Growth - In 2025, the quarterly breakdown of BD projects shows 41, 43, 30, and 51 projects in Q1, Q2, Q3, and Q4 respectively, with significant year-on-year increases [2][7]. - Upfront payments for each quarter were $0.9 billion, $2.0 billion, $1.86 billion, and $2.27 billion, reflecting substantial growth rates [2][7]. Outbound BD Models - The predominant model for BD remains license in/out, while the NewCo/Co-CoJV model is gaining attention, with limited successful cases of independent commercialization [2][12][13]. - In 2025, MNCs (Multinational Corporations) accounted for $4.71 billion in upfront payments, representing 67% of total BD upfront payments [12]. Key Drug Categories - Dual antibodies saw a remarkable increase, with $3.5 billion in upfront payments (up 414.7%) and a total amount of $21.85 billion (up 361.5%) in 2025 [2][18]. - ADCs emerged as a significant focus, with $1.63 billion in upfront payments (up 676.2%) and a total amount of $21.13 billion (up 390.6%) [2][26]. - GLP-1RA projects achieved $470 million in upfront payments, marking a 109.8% increase, with a total amount of $9.6 billion [2]. NewCo Model - The NewCo model has facilitated overseas BD, with a total of $350 million in upfront payments and $13.74 billion in potential total amounts from 2023 to 2025 [17]. - In 2025, NewCo projects secured $110 million in upfront payments and $4.76 billion in potential total amounts [17]. Clinical Development Stages - Approximately 62% of molecules were in early clinical stages (pre-clinical to before Phase II) at the time of BD, indicating a trend towards early-stage licensing [8][9].

Core Viewpoint - Heng Rui Medicine (01276) announced that its subsidiary, Shandong Shengdi Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of HRS-2141 tablets (I) and (II), which will commence shortly [1] Group 1 - HRS-2141 tablets (I) and (II) are fixed-dose combination formulations designed to synergistically lower blood glucose through complementary pharmacological mechanisms [1] - Currently, there are no similar drugs approved for marketing domestically or internationally [1] - As of the date of the announcement, the cumulative research and development investment for this drug project is approximately 5.4 million yuan (unaudited) [1]

Core Viewpoint - Heng Rui Medicine (600276) has received approval from the National Medical Products Administration for clinical trials of HRS-2141 tablets (I) and (II), which will commence shortly [1] Group 1: Product Development - HRS-2141 tablets (I) and (II) are fixed-dose combination formulations designed to synergistically lower blood sugar through complementary pharmacological mechanisms [1] - Currently, there are no similar drugs approved for marketing domestically or internationally [1] Group 2: Financial Investment - As of the date of the announcement, the cumulative research and development investment for this drug project amounts to approximately 5.4 million yuan (unaudited) [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of SHR-9839 and HRS-4642, indicating progress in its oncology drug development pipeline [2] Group 1: Clinical Trial Approvals - The company and its subsidiary Suzhou Shengdiya Biopharmaceutical Co., Ltd. have been granted a clinical trial approval notice for SHR-9839 and HRS-4642 [2] - SHR-9839 will undergo an open-label, multi-center Phase I/II clinical study to evaluate its safety, tolerability, and efficacy in patients with advanced colorectal cancer [2] Group 2: Drug Development Details - SHR-9839 is a humanized antibody drug developed by the company, aimed at treating advanced solid tumors by blocking two key signaling pathways related to tumor development [2] - The subcutaneous formulation of SHR-9839 has one competitor with the same target already approved globally [2] - The total R&D investment for SHR-9839 has reached approximately 93.9 million yuan (unaudited) [2] Group 3: HRS-4642 Injection - HRS-4642 injection specifically binds to KRASG12D and inhibits the phosphorylation of MEK and ERK proteins, demonstrating anti-tumor effects [2] - Currently, there are no similar drugs approved for HRS-4642 in both domestic and international markets [2] - The total R&D investment for HRS-4642 has reached approximately 254.2 million yuan (unaudited) [2]