分析师： 张林晚 SAC编号：S0870523010001 证券研究报告 2025年11月28日 行业：医药生物 增持 （维持） 多元支付启新程，掘金广阔蓝海 ——医药生物行业2026年度策略报告 目录 SECTION C o n t e n t 一、投资摘要 二、板块行情回顾 三、创新药：政策助力全链条高质量发展，大额授权合作彰显实力 四、商保市场有待扩容，"双目录"机制协同赋能创新 五、医疗器械： 招投标市场回暖，关注医疗器械创新、出海等方向。 六、脑机接口：未来产业前景广阔，国家战略到地方规划助力腾飞 七、 AI+医疗蓝海市场，国内AI制药行业高速发展 八、中药板块：新消费、AI焕发生机，流感、慢病等领域凸显价值 九、医药新消费：政策+AI驱动，药店、医疗服务板块带来新机遇 十、风险提示 一、投资摘要 1. 主要观点 创新药械赛道：创新药板块迎商业化收获期，2025年前三季度业绩显著改善；2025Q3医疗设备招投标整体呈现大幅增长趋势；集采规则优化等。 出海及授权交易：国产创新药获得跨国药企认可，License-out数量、金额瞩目； 医药新消费崛起：居民健康意识明显增强，健康消费潜力巨大，市场规模快速 ...

资讯日报：普京释放和谈意愿 股票市场概览 港股市场表现 美股市场表现 ⚫ 11月27日，美国感恩节假期休市。 日股市场表现 2025 年 11 月 28 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常的 | 周涨跌 | 年初至今 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 消费 | | | | | | (%) | | 恒生指数 | 25.946 | 0.07 | 2.88 | 29.34 | | 恒生科技 | 5.598 | (0.36) | 3.75 | 25.29 | | 恒生国企 | 9.165 | 0.03 | 2.75 | 25.72 | | ┣证指数 | 3.875 | 0.29 | 1.05 | 15.62 | | 日经225 | 50.167 | 1.23 | 3.17 | 25.75 | | 新加坡海峡 | 4.509 | 0.17 | 0.90 | 0.00 | | 标普500 | 6.813 | 0.00 | 3.17 | 15.83 | | 纳斯达克 | 23,215 | 0.00 | 4.23 | 2 ...

野村发表报告指，药明康德强劲研发实力助其把握市场机遇，重申对其"买入"评级，目标价由130.63港 元上调至132.8港元。截至2025财年9月底，公司累计承接3430个项目(其中临床前/I期/II期/III期/商业化 阶段分别为2,889/374/87/80个，为2021年的约3倍)；公司总订单积压达598.8亿元，第三季新签订单年增 32%至153亿元。 ...

每经AI快讯，11月28日，港股创新药概念股震荡走低，药明康德跌超3%，信达生物、翰森制药跌超 2%，中国生物制药、石药集团跌超1%。 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 27, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] - The article also lists the stocks with the highest and lowest deviation values, indicating significant discrepancies between A-shares and H-shares [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Hongye Futures (03678): 269.82% - Sinopec Oilfield Service (01033): 264.86% [1] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750): -5.40% - China Merchants Bank (03968): -1.65% - Heng Rui Medicine (01276): -0.38% [1] Deviation Value Rankings - The stocks with the highest deviation values are: - Vanke Enterprises (02202): 30.48% - Dazhong Public Utilities (01635): 24.57% - Shandong Xinhua Pharmaceutical (00719): 22.88% [1] - The stocks with the lowest deviation values are: - Sairis (09927): -17.06% - China National Airlines (00753): -13.21% - China Life (02628): -13.18% [1] Additional Insights - The article provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating market trends and potential investment opportunities [2]

Core Viewpoint - WuXi AppTec (603259.SH) announced a significant change in shareholder equity, with a reduction of 11,827,898 shares, representing 0.40% of the total share capital as of the announcement date [1] Group 1: Shareholder Changes - The company received a notification regarding the reduction of shares held by certain shareholders from 547,539,294 shares to 535,711,396 shares, decreasing their ownership percentage from 18.35% to 17.95% [1][2] - The reduction in shareholding occurred between November 20, 2025, and November 25, 2025, with a weighted average price of 93.571 yuan per share during this period [2] - The total amount of shares sold by the shareholders amounted to approximately 1.107 billion yuan [2]

据交易所数据显示，截至11月27日开盘一小时，主力资金流出前20的股票分别为：药明康德（-3.67亿 元）、沪电股份（-2.98亿元）、垒知集团（-2.54亿元）、浪潮信息（-2.48亿元）、永鼎股份（-2.45亿 元）、天华新能（-2.11亿元）、长芯博创（-1.98亿元）、海南瑞泽（-1.97亿元）、三江购物（-1.85亿 元）、遥望科技（-1.83亿元）、天际股份（-1.82亿元）、宁德时代（-1.59亿元）、蓝色光标（-1.52亿 元）、工商银行（-1.51亿元）、中国电影（-1.48亿元）、万 科Ａ（-1.47亿元）、国风新材（-1.42亿 元）、石基信息（-1.42亿元）、美利信（-1.35亿元）、中文在线（-1.34亿元）。 ...

人民财讯11月27日电，恒生指数开盘涨0.07%，恒生科技指数跌0.1%。药明康德跌超3%，蔚来跌超 2%，紫金矿业涨超2%。 ...

Core Viewpoint - The U.S. Department of Defense has suggested including companies like Alibaba, Baidu, and BYD on a list of firms that assist the Chinese military, indicating potential scrutiny and implications for U.S. investors [1] Group 1: Companies Mentioned - Alibaba, Baidu, and BYD are identified as companies that may be involved with the Chinese military and are recommended for inclusion in the 1260H list [1] - Other companies mentioned include NewEase, Huahong Semiconductor, SUTENG, WuXi AppTec, and Zhongji Xuchuang, which also meet the criteria for the 1260H list [1] Group 2: Regulatory Context - The 1260H list aims to identify companies operating in the U.S. that are associated with the Chinese military, serving as a warning for U.S. investors despite lacking direct legal enforcement [1] - The letter from Deputy Secretary Stephen Feinberg to congressional leaders highlights the growing concern regarding U.S. investments in companies linked to the Chinese military [1]

Short Selling Ratios - Geely Automobile-R (80175), Kuaishou-WR (81024), and JD Health-R (86618) have the highest short selling ratios at 100.00% each [1][2] - China Ping An-R (82318) has a short selling ratio of 89.61%, while SenseTime-WR (80020) and China Resources Beer-R (80291) follow with 89.27% and 75.13% respectively [2] Short Selling Amounts - Alibaba-SW (09988) leads in short selling amount with 3.768 billion, followed by Meituan-W (03690) at 2.272 billion and Xiaomi Group-W (01810) at 1.584 billion [3] - Tencent Holdings (00700) and AIA Group (01299) also feature in the top five with short selling amounts of 1.242 billion and 0.582 billion respectively [3] Short Selling Deviation Values - China Ping An-R (82318) has the highest deviation value at 64.42%, indicating significant divergence from its historical short selling average [4] - Geely Automobile-R (80175) and Kuaishou-WR (81024) follow with deviation values of 56.33% and 40.21% respectively [4] - Baidu Group-SWR (89888) also shows a notable deviation value of 36.29% [4]