Core Viewpoint - The A-share and Hong Kong stock markets for the pharmaceutical sector have shown a strong recovery at the beginning of 2026, marked by a "five consecutive days of gains" trend, driven by supportive policies, payment innovations, and explosive growth in overseas markets [2][4][6]. Group 1: Market Performance - As of the latest close, the A-share innovative drug ETF (159992) closed at 0.897 CNY per share, up 1.7%, with a daily trading volume of 845 million CNY, and a year-to-date increase of 7.94% [2]. - The Hong Kong innovative drug ETF (159570) closed at 0.553 HKD per share, up 0.91%, with a trading volume of 572 million HKD, and a year-to-date increase of 11.04% [4]. - Notable stocks such as Weikang Pharmaceutical, Frontier Biologics-U, and Hongbo Pharmaceutical achieved daily price limits, indicating strong market sentiment [2][4]. Group 2: Policy Support - The turnaround in market sentiment is attributed to a combination of policy support, payment innovations, and explosive growth in overseas markets [6]. - The new medical insurance directory and the first commercial insurance innovative drug directory were launched simultaneously, further supporting the innovative drug sector [6]. - Local policies have also been strengthened, with the Guangzhou government announcing plans to accelerate the strategic layout of innovative drugs, focusing on monoclonal antibodies, vaccines, and blood products [8]. Group 3: Regulatory Improvements - The approval process for innovative drugs has entered a fast track, with the National Medical Products Administration (NMPA) enhancing support for innovative drugs with new mechanisms and targets [8]. - The NMPA has optimized the review and approval processes for urgently needed foreign drugs, aiming to shorten the listing cycle for innovative drugs [8]. - As of early 2026, several significant drugs have been approved, setting a positive tone for the industry's development [9]. Group 4: Supply Chain and Production - In 2025, a record 76 innovative drugs were approved for listing, with over one-third in the oncology treatment field, indicating a strong focus on cancer research [10]. - The majority of approved drugs were domestically developed, with a domestic rate of 85.53%, highlighting the strength of local innovation [12]. Group 5: Payment Innovations - A multi-tiered payment system has been established to address the "payment difficulty" that has historically hindered the development of innovative drugs in China [14]. - The new medical insurance directory includes 114 drugs, with an 88% success rate for inclusion, and 80% of innovative drugs entering the directory within two years of listing [16]. - The introduction of a commercial insurance directory for high-value innovative drugs enhances patient access and secures profitability for companies [16]. Group 6: International Expansion - The overseas market for Chinese innovative drugs has seen explosive growth, with total overseas authorization transaction amounts reaching 1356.55 billion USD in 2025, significantly up from 519 billion USD in 2024 [17]. - The focus on antibody drugs and ADCs has attracted attention from overseas pharmaceutical companies, with a shift towards later-stage clinical authorizations [17]. - The growth in overseas business not only provides substantial upfront payments but also benefits the entire industry chain, including contract research organizations (CROs) [17][18].

Core Viewpoint - The implementation of the new basic medical insurance directory and the first commercial insurance innovative drug directory starting January 1, 2026, will enhance the accessibility and affordability of innovative treatments like Baihe An (Zanidatamab) for patients with HER2-positive biliary tract cancer (BTC) [1][2]. Group 1: Drug Approval and Clinical Value - Zanidatamab is the first and only dual-specific antibody approved in China for targeting HER2 in high-expressing BTC, highlighting its unique clinical value [1][4]. - The drug has shown a 51.6% objective response rate (ORR) in previously treated, unresectable HER2-positive advanced or metastatic BTC patients, with a median overall survival (mOS) of 18.1 months [4]. Group 2: Insurance Coverage and Patient Access - The drug is covered under various "Hui Min Bao" commercial supplementary medical insurance projects across multiple regions, allowing eligible patients to receive significant reimbursement for treatment costs [2]. - The combination of the commercial insurance innovative drug directory and "Hui Min Bao" is expected to significantly improve the accessibility and affordability of this innovative drug for more patients [2]. Group 3: Broader Implications and Future Developments - The company aims to address the unmet medical needs in advanced BTC treatment, which has limited options and poor prognosis, by providing innovative therapies that enhance patient quality of life [4][8]. - Zanidatamab is also being developed for other gastrointestinal tumors, including HER2-positive metastatic gastric and colorectal cancers, indicating its potential for broader applications in oncology [5][6].

Core Viewpoint - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index returning to 4100 points for the first time in 10 years, driven by a strong performance in the innovative pharmaceutical sector, particularly the Sci-Tech Innovation Drug ETF Huatai (589120) which rose over 3% [1] Group 1: Market Performance - The Sci-Tech Innovation Drug ETF Huatai (589120) saw most of its constituent stocks surge, with notable increases such as Yuekang Pharmaceutical up over 10%, Zhixiang Jintai up over 8%, and Micron Biologics up over 6% [3] - The top ten constituent stocks of the ETF include major players in the pharmaceutical sector, with BeiGene (688235) rising by 1.77% and Aier Eye Hospital (688578) increasing by 2.18% [3] Group 2: Regulatory Support - A national drug supervision conference held from January 6 to 7 emphasized the need to actively support the pharmaceutical industry in enhancing quality and efficiency, alongside comprehensive reforms in drug regulation [4] Group 3: Innovation and Drug Approvals - Innovation remains a key theme in the Sci-Tech Innovation Drug sector, with recent announcements including Zhixiang Jintai's conditional listing application for a dual-antibody drug and Micron Biologics receiving approval for clinical trials of a new drug for pancreatic cancer [5] - BeiGene announced the conditional approval of its new BCL2 inhibitor, providing new treatment options for patients with chronic lymphocytic leukemia [6] - Rongchang Biologics is seeking breakthrough therapy designation for a new indication of its drug, which would mark a significant regulatory achievement for domestic ADC products [7] Group 4: Future Outlook - The Pacific Securities report anticipates that by 2026, the innovative drug sector will benefit from enhanced international capabilities and supportive industry policies, leading to increased market confidence and investment [8] - The report highlights that the average deal value for innovative drugs purchased from China by top multinational corporations is significantly higher than those from overseas, indicating a growing recognition of the value of Chinese innovative drugs in the global market [9]

Group 1 - The Hong Kong Stock Exchange (HKEX) will launch six new stock options on January 19, 2026, expanding the stock options market and providing investors with more choices [2] - The new stock options will include Zijin Mining International (02259), WuXi AppTec (02359), BeiGene (06160), Lao Poo Gold (06181), Horizon Robotics (09660), and CanSino Biologics (09926) [2] - The average daily trading volume of the derivatives market at HKEX reached a record high of 1,662,751 contracts last year, representing a 7% year-on-year increase [2] Group 2 - Stock options, including monthly and weekly expiry contracts, were among the most actively traded products, with an average daily trading volume of 879,831 contracts, marking a 22% year-on-year increase [2] - The new stock options will have varying contract sizes, such as 200 shares for Zijin Mining International and BeiGene, and 500 shares for WuXi AppTec [3] - The launch will include contracts for multiple months in 2026, specifically January, February, March, April, June, September, and December for certain stocks [3]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) will launch six new stock options on January 19, 2026, expanding the stock options market and providing investors with more choices [1] Group 1: New Stock Options - The new stock options will include Zijin Gold International (02259), WuXi AppTec (02359), BeiGene (06160), Lao Poo Gold (06181), Horizon Robotics (09660), and CanSino Biologics (09926) [1] - The contract sizes for the new options are as follows: Zijin Gold International (200 shares), WuXi AppTec (500 shares), BeiGene (200 shares), Lao Poo Gold (100 shares), Horizon Robotics (3,000 shares), and CanSino Biologics (1,000 shares) [2] Group 2: Market Performance - The average daily trading volume of HKEX's derivatives market reached 1,662,751 contracts last year, marking a 7% year-on-year increase and setting a new record [1] - Stock options, including monthly and weekly expiry contracts, were among the most actively traded products, with an average daily trading volume of 879,831 contracts, a 22% year-on-year increase and a new record high [1]

Group 1 - The core viewpoint of the news highlights the performance and growth of the Tianhong Innovation Drug ETF (517380), which has seen significant trading activity and net inflows, indicating strong investor interest in the innovative pharmaceutical sector [1] - As of January 8, the Tianhong Innovation Drug ETF reached a new high with a total scale of 1.597 billion yuan and 1.980 billion shares outstanding, reflecting robust market demand [1] - The ETF tracks the Hang Seng Shanghai-Shenzhen Hong Kong Innovation Drug Select 50 Index (HSSSHID), which includes a diverse selection of 50 leading innovative pharmaceutical companies, with a composition of 40% Hong Kong stocks and 60% A-shares [1] Group 2 - Notable achievements in the innovative pharmaceutical sector include Shiyao Group's R&D expenses of 4.185 billion yuan for the first three quarters of 2025, focusing on ADC, GLP-1, and small nucleic acid pipelines, with total authorized amounts exceeding 9.7 billion USD [2] - BeiGene is projected to achieve a profit of 200 million USD in 2025, with expectations of reaching 600-800 million USD in 2026, as several solid tumor drugs enter critical clinical stages [2] - Three Life Sciences has partnered with Pfizer for a 6 billion USD dual antibody licensing deal, receiving an upfront payment of 1.4 billion USD, with 20 clinical studies planned for 2026 [2]

Core Insights - The new medical insurance directory has entered a substantial implementation phase, with several innovative drugs, including Tislelizumab and Fuzhengzhu, being prescribed under insurance in various hospitals, indicating a reduction in access barriers for patients [1] - The adjustment includes 114 new drugs and introduces a commercial health insurance directory for innovative drugs, marking a significant shift towards a multi-tiered insurance system [1][5] - The rapid inclusion of innovative drugs in the insurance directory reflects increased support for "true innovation" with high clinical value [5] Group 1: New Drug Inclusion - The new medical insurance directory has added 124 unique products, including Tislelizumab, the first targeted drug for thyroid eye disease, and Fuzhengzhu, a biological agent for psoriasis [5] - Heng Rui Medicine is a major beneficiary, with 20 products and indications adjusted, including 10 new drugs entering the directory for the first time [5][6] - Other biotech companies like BeiGene and Innovent Biologics have also benefited, with multiple products included in the new directory, enhancing their commercialization prospects [7] Group 2: Commercial Health Insurance Directory - The introduction of the commercial health insurance directory provides a secondary market for high-value innovative drugs, with price reductions ranging from 15% to 50%, which is less severe than the basic insurance cuts [9] - The directory aims to improve accessibility for high-priced drugs while ensuring adequate returns for pharmaceutical companies [9] - Notable CAR-T therapies have been included in the commercial directory, overcoming previous barriers to entry, with prices for these therapies exceeding 1 million yuan [8][10] Group 3: Market Dynamics and Drug Exits - The adjustment process has also seen the removal of 29 drugs from the insurance directory, including Benarutide, which faced competition from more effective alternatives [12][14] - The dynamic adjustment mechanism emphasizes the need for drugs to demonstrate clinical value, reinforcing a "can enter, can exit" policy [14] - Companies are encouraged to shift from "me-too" products to genuine innovations, focusing on high-value areas such as oncology and rare diseases [10][14]

Group 1 - The company BeiGene (06160) announced that on December 31, 2025, the board and/or the compensation committee granted a total of 53,300 restricted stock units to 155 grantees under the 2016 option and incentive plan [1] - The restricted stock units correspond to 693,200 shares, which represent approximately 0.04% of the total issued shares of the company as of the date of the announcement [1]

FF301 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 截至月份: 2025年12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: 百濟神州有限公司 (根據瑞士法律註冊成立的公司) | 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) | 06160 | 說明 | 請見備注 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,311,463,847 | USD | | 0.0001 USD | | 231,146.38 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,311,463,847 | USD | | 0.0001 USD | | 231,146.38 | 本月底法定/註冊股本總額： USD 231,1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 授出受限制股份單位 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。於2025年12月31 日，董事會及╱或董事會薪酬委員會根據2016期權及激勵計劃的條款向一百五十 五名承授人授出涉及合共53,322股美國存託股份的受限制股份單位。 2016期權及激勵計劃項下的受限制股份單位 於2025年12月31日，董事會及╱或董事會薪酬委員會根據2016期權及激勵計劃 的條款授予一百五十五名承授人合共53,322股美國存託股份受限制股份單位。該 等受限制股份單位相當於693,186股股份，約佔本公告之日公司發行股份總數的 0.04%。 授出受限制股份單位詳情 受限制股份單位詳情如下： 1 受限制股份單位總數 （美國存託股份）: 因已授出受限制股份單位 獲歸屬而可予獲得的 新美 ...