2025年四季度，市场波动有所加大，A股和港股在震荡中收官，结构性行情演绎至极致。Wind数据显示，去年四季度上证指数上涨2.22%，沪 深300指数下跌0.23%，创业板指下跌1.08%。此外，恒生指数下跌4.56%，恒生中国企业指数下跌6.72%。 主要指数表现平淡，但内部行业却冰火两重天。以AI算力、半导体为代表的科技成长板块高歌猛进，石油石化、国防军工、有色金属等行业 表现较好，而房地产、医药、计算机等行业表现相对承压。 随着公募基金2025年四季报披露完毕，傅鹏博、朱少醒、张坤、葛兰、谢治宇、李晓星、刘彦春等明星基金经理的持仓动向与后市展望浮出水 面。这种极致的市场风格，也映射出这些公募明星基金经理们截然不同的投资路径，这些分化直接体现在他们的净值曲线上。 Wind数据显示，锚定科技主线的基金在2025年四季度及2025年全年斩获显著超额收益。傅鹏博的睿远成长价值和李晓星的银华中小盘精选， 2025年全年上涨均超60%，大幅跑赢业绩比较基准。两者的共同特点是重仓AI算力、半导体等全年市场主线。 均衡配置型基金的表现也较为稳健。朱少醒的富国天惠精选成长A全年涨幅超20%，其分散在金融、消费、制造等多个 ...

Core Insights - The pharmaceutical industry is increasingly adopting AI technologies, with over 60% of pharmaceutical companies and more than half of public hospitals using DingTalk as an AI operating system to enhance productivity [1][2] - AI is transforming the pharmaceutical sector by enabling companies to shift from repetitive tasks to more strategic roles, thereby enhancing operational efficiency [1][2] - DingTalk's AI application white paper indicates that AI is moving from exploration to large-scale application across the pharmaceutical value chain, impacting drug discovery, production, quality control, and patient services [1][2] Industry Developments - The pharmaceutical industry is characterized by high specialization, strong regulation, and long supply chains, making AI implementation a systemic transformation rather than just a technological upgrade [2] - DingTalk's AI solutions have been successfully implemented in various pharmaceutical companies, including WuXi AppTec and Innovent Biologics, and the company plans to launch a "Digital Pioneer Competition" to cultivate AI-savvy individuals within 100 pharmaceutical firms [2][3] - The establishment of the "Pharmaceutical Industry AI Innovation Alliance" aims to address common challenges such as data governance and ethical standards, promoting best practices for AI development in the sector [2][3] Company Case Studies - WuXi AppTec and DingTalk have developed a digital foundation called "BaiYaoDing," integrating AI into various processes, including traditional Chinese medicine traceability and smart factory production [2][3] - Innovent Biologics focuses on fine management in production through AI, achieving digitalization and transparency in anomaly handling, which has led to significant labor savings and improved quality [3] - Lepu Medical's AI initiatives provide 24/7 professional knowledge support to sales teams, resulting in a 200% return on AI investment by 2025, demonstrating AI's direct value in driving business growth [3] - Xianle Health has utilized AI tools to create an intelligent inspection application, enhancing management efficiency and fostering a culture of innovation within the organization [3][4] Future Outlook - AI is becoming a core driver of quality improvement, efficiency, and innovation in the pharmaceutical industry, with ongoing advancements in technology and a thriving ecosystem [4]

而坚守消费、医药等传统价值板块的基金则普遍承受较大净值压力。2025年四季度，刘彦春的景顺长城新兴成长A亏损5.85%，张坤的易方达蓝筹精选亏损 8.93%，葛兰的中欧医疗健康A更是亏损14.81%。这些基金重仓的消费、医药、港股互联网等板块在去年四季度继续调整。 21世纪经济报道记者 杨娜娜 2025年四季度，市场波动有所加大，A股和港股在震荡中收官，结构性行情演绎至极致。Wind数据显示，去年四季度上证指数上涨2.22%，沪深300指数下跌 0.23%，创业板指下跌1.08%。此外，恒生指数下跌4.56%，恒生中国企业指数下跌6.72%。 主要指数表现平淡，但内部行业却冰火两重天。以AI算力、半导体为代表的科技成长板块高歌猛进，石油石化、国防军工、有色金属等行业表现较好，而 房地产、医药、计算机等行业表现相对承压。 随着公募基金2025年四季报披露完毕，傅鹏博、朱少醒、张坤、葛兰、谢治宇、李晓星、刘彦春等明星基金经理的持仓动向与后市展望浮出水面。这种极致 的市场风格，也映射出这些公募明星基金经理们截然不同的投资路径，这些分化直接体现在他们的净值曲线上。 | | | | | | 部分明星基金经理2025年及 ...

| 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 君实生物(01877) | 22.860 | 40.09 | 110.06% | 22.43% | | 京城机电股份 (00187) | 4.130 | 13.08 | 279.42% | 22.18% | | 康希诺生物(06185) | 36.740 | 73.16 | 138.51% | 21.90% | | 金风科技(02208) | 15.580 | 28.12 | 116.17% | 19.35% | | 安德利果汁(02218) | 15.500 | 44.77 | 246.00% | 19.04% | | 东北电气(00042) | 0.285 | 2.25 | 847.37% | 11.94% | | | 15.370 | 30.1 | 134.55% | 10.75% | | 广和通(00638) | | | | | | --- | --- | --- | --- | --- | | 洛阳钼业(03993) | 24.140 | 26.88 | 33. ...

今日（1.28），沪指再度收涨，医药板块回调，医药ETF（159929）收跌1.16%，全天成交额超1.2亿元！资金逢跌布局，全天净流入近6000万元，近 10日累计"吸金"超2.8亿元。 消息面上，药监局近日批准《采用脑机接口技术的医疗器械范式设计与应用规范运动功能重建》、《采用脑机接口技术的医疗器械侵入式设备可靠性 验证方法》等2项医疗器械行业标准制修订项目立项。 医药ETF（159929）标的指数权重股多数收绿：联影医疗跌超3%，迈瑞医疗跌超2%，恒瑞医药、云南白药跌超1%，药明康德、爱尔眼科、片仔癀微 跌。 | 序号 | 代码 | 名称 | 估算权重 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 603259 | 药明康德 | 10.59% | -0.09% | 43.61 Z | | 2 | 600276 | 恒瑞医药 | 9.07% | -1.14% | 49.93亿 | | 3 | 300760 | 迈瑞医疗 | 5.54% | -2.13% | 27.10亿 | | 4 | 688271 | 联影医疗 | 3.33% | - ...

Market Performance - The market showed mixed performance from January 19 to January 23, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%[5] - The average daily trading volume was 2.80 trillion yuan, a decrease compared to the previous week[5] Healthcare Sector - At the JPM 2026 conference, over 20 Chinese innovative pharmaceutical companies showcased their products, with significant business development (BD) transactions announced[16] - In 2025, the value of China's innovative drug patent licensing transactions reached approximately $135.7 billion, a 143% increase year-on-year, with 157 total transactions[20] Consumer Sector - The Qianwen APP integrated with Alibaba's ecosystem, achieving over 100 million monthly active users within two months of launch, marking its entry into the "billion-level club"[25] - This integration allows for a seamless process from search to decision-making and payment, establishing a comprehensive AI application ecosystem[26] Hard Technology Sector - The supply of storage and logic chips remains tight, leading to widespread price increases across the industry[32] - The price of enterprise SSDs continues to rise, with a projected increase of 33-38% for NAND Flash products due to supply constraints[36] High-end Manufacturing - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous period, averaging 800 billion yuan annually[42] - The goal is to achieve a 30% share of renewable energy in total power generation by 2030, indicating significant growth potential for the solar and wind energy sectors[46]

Market Performance - The market showed mixed performance from January 19 to January 23, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%[5] - The average daily trading volume was 2.80 trillion yuan, a decrease compared to the previous week[5] Healthcare Sector - At the JPM 2026 conference, over 20 Chinese innovative pharmaceutical companies showcased their advancements, with significant business development (BD) transactions reported[16] - In 2025, the value of China's innovative drug patent licensing transactions reached approximately $135.7 billion, a 143% year-on-year increase, with 157 total transactions[20] Consumer Sector - The Qianwen APP integrated with Alibaba's ecosystem, achieving over 100 million monthly active users within two months of launch, marking its entry into the "billion-level club"[25] - This integration allows for a seamless process from search to decision-making and payment, establishing a comprehensive AI application ecosystem[26] Hard Technology Sector - The supply of storage and logic chips remains tight, leading to widespread price increases across the industry[32] - The price of enterprise SSDs continues to rise due to increased demand from AI servers, with NAND Flash supply expected to decrease by 41.7% in 2026[35] High-end Manufacturing - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous period, averaging 800 billion yuan annually[42] - By 2030, renewable energy generation is expected to account for approximately 30% of total power generation, indicating significant growth potential in the solar and wind sectors[46]

华润啤酒-R(80291)、安踏体育-R(82020)、李宁-R(82331)上一交易日沽空比率位于前三位，分别为 100.00%、100.00%、100.00%。泡泡玛特(09992)、小米集团-W(01810)、阿里巴巴-W(09988)的沽空金额 位居前三，分别为12.09 亿元、10.75 亿元、9.74 亿元。中国中车(01766)、李宁-R(82331)、中国平安- R(82318)的偏离值位居前三，分别为42.51%、38.82%、30.07%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 华润啤酒-R(80291) | 19.28 万元 | 100.00% | 25.37% | | 安踏体育-R(82020) | 9.50 万元 | 100.00% | 12.50% | | 李宁-R(82331) | 10.09 万元 | 100.00% | 38.82% | | 联想集团-R(80992) | 456.22 万元 | 82.43% | 2.97% | | 中国平安-R(82318) | 397.47 ...

友邦保险-R(81299)、京东健康-R(86618)、百度集团-SWR(89888)上一交易日沽空比率位于前三位，分别 为100.00%、100.00%、95.46%。泡泡玛特(09992)、阿里巴巴-W(09988)、小米集团-W(01810)的沽空金 额位居前三，分别为13.00 亿元、12.60 亿元、10.64 亿元。百度集团-SWR(89888)、深圳高速公路股份 (00548)、商汤-WR(80020)的偏离值位居前三，分别为62.11%、37.02%、34.65%。 前十大沽空比率排行 前十大沽空偏离值排行 | 股票名称 | 沽空金额 | 沽空比率 | 偏离值↓ | | --- | --- | --- | --- | | 百度集团-SWR(89888) | 119.43 万元 | 95.46% | 62.11% | | 深圳高速公路股份(00548) | 164.67 万元 | 48.73% | 37.02% | | 商汤-WR(80020) | 15.48 万元 | 87.41% | 34.65% | | 中国平安-R(82318) | 245.20 万元 | 72.58% | 33.06% ...

Core Viewpoint - The article emphasizes China's dominant position in the global pharmaceutical supply chain, particularly in the production of Active Pharmaceutical Ingredients (APIs) and Key Starting Materials (KSMs), which poses a significant asymmetric threat to U.S. national security [4][5]. Group 1: China's Dominance in Pharmaceutical Supply Chain - China holds a near-monopoly in the production of various pharmaceutical raw materials, with over 90% of global antibiotic intermediates supplied by China [18]. - Approximately 70%-80% of global vitamin production capacity is controlled by China, making it a critical player in the pharmaceutical industry [19]. - China's low-cost, high-output chemical manufacturing capabilities create significant barriers for competitors, allowing it to define prices and capacities in the market [21]. Group 2: Impact of Geopolitical Tensions - The U.S.-China trade tensions have led to concerns about the dependency of the U.S. on Chinese pharmaceutical supplies, which could lead to drug shortages in critical situations [9][10]. - The article illustrates a hypothetical scenario where geopolitical tensions could disrupt the supply of essential medications, highlighting the risks of "asymmetric interdependence" [7][9]. - The ongoing drug shortage issues in the U.S. are exacerbated by the complex global supply chain, where many active ingredients are sourced from China [10][11]. Group 3: Historical Context and Strategic Decisions - The article discusses the historical context of the pharmaceutical industry's shift, where Western companies outsourced low-margin API production to lower-cost countries, primarily China, while retaining high-margin R&D and marketing functions [23][24]. - This outsourcing has led to a significant loss of industrial capability in the West, as the foundational skills and infrastructure for API production have diminished [32]. Group 4: Challenges for India as an Alternative - India, often referred to as the "world's pharmacy," lacks the complete supply chain necessary for API production, relying heavily on Chinese intermediates [36][38]. - Despite efforts to establish a domestic API supply chain, India's progress is hindered by infrastructure challenges and the dominance of Chinese suppliers [37][39]. Group 5: Future Outlook and Strategic Recommendations - The article suggests that China is transitioning from merely being a low-cost producer to becoming a leader in technology and standards within the pharmaceutical industry [43]. - As geopolitical tensions rise, the need for China to innovate in green technologies and maintain its competitive edge in the pharmaceutical supply chain becomes critical [55][56]. - The future of the pharmaceutical industry will focus on balancing efficiency and safety, with the ability to provide cost-effective and safe drugs being a key determinant of success [58].