炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月19日，药明康德收涨2.08%，收盘价为92.47元，发生10笔大宗交易，合计成交量300万股，成交金 额2.64亿元。 第1笔成交价格为87.85元，成交78.96万股，成交金额6,936.74万元，溢价率为-5.00%，买方营业部为机 构专用，卖方营业部为华泰证券股份有限公司上海分公司。 第6笔成交价格为87.85元，成交19.95万股，成交金额1,752.63万元，溢价率为-5.00%，买方营业部为瑞 银证券有限责任公司上海花园石桥路证券营业部，卖方营业部为华泰证券股份有限公司上海分公司。 第7笔成交价格为87.85元，成交16.49万股，成交金额1,448.31万元，溢价率为-5.00%，买方营业部为瑞 银证券有限责任公司上海花园石桥路证券营业部，卖方营业部为华泰证券股份有限公司上海分公司。 第8笔成交价格为87.85元，成交6.23万股，成交金额547.49万元，溢价率为-5.00%，买方营业部为瑞银 证券有限责任公司上海花园石桥路证券营业部，卖方营业部为华泰证券股份有限公司上海分公司。 第9笔成交价格为87.85元，成 ...

中国经济网北京12月19日讯 药明康德(603259.SH)昨日晚间发布关于股东权益变动触及1%刻度的提 示性公告。 2025年11月26日至2025年12月17日，药明康德加权均价为91.477元。经计算，上述股东减持金额合 计约26.99亿元。 (责任编辑：田云绯) 2025年12月17日，公司收到信息披露义务人发出的通知，获知其于2025年11月26日至2025年12月17 日通过集中竞价和大宗交易方式合计减持公司股份29,508,754股，占公告日公司总股本的0.989%。信息 披露义务人及与实际控制人签署投票委托书的股东合计持有公司股份数从535,711,396股减少至 506,202,642股，持股比例从17.95%减少至16.97%，权益变动触及1%刻度。 公司实际控制人为Ge Li（李革）、张朝晖、刘晓钟。信息披露义务人G&C IV Hong Kong Limited、G&C V Limited、G&C VI Limited、G&C VII Limited、嘉兴厚锦投资合伙企业（有限合伙）、 嘉兴厚毅投资合伙企业（有限合伙）、嘉兴厚毓投资合伙企业（有限合伙）、嘉兴厚咨投资合伙企业 （有限合伙） ...

Core Viewpoint - The healthcare sector in mainland China has experienced a pullback due to the results of national medical insurance drug price negotiations and subsequent profit-taking, but the fundamentals remain unchanged, presenting a good entry opportunity for 2026 [1] Group 1: Industry Outlook - The trend of innovative drug licensing is expected to continue, with multiple potential targets and drug forms anticipated to bring new licensing opportunities next year [1] - Key global Phase III clinical data readings for these licensed assets will be crucial for market sentiment and warrant close attention [1] - Geopolitical concerns regarding China's pharmaceutical R&D outsourcing industry (CXO) have peaked, and a stable medical policy environment in China is expected to continue supporting innovation [1] Group 2: Market Recovery - A more moderate drug procurement policy is expected to drive a recovery in the medical device and diagnostics sectors [1] Group 3: Stock Preferences - The company prefers biotechnology and CXO stocks, with top picks including Innovent Biologics (01801), Kelun-Biotech (06990), WuXi AppTec H-shares (02359), WuXi AppTec A-shares (603259.SH), and WuXi Biologics (02268) [1] - The target price for Innovent Biologics has been slightly raised from HKD 110 to HKD 111, maintaining a "Buy" rating, while the target price for WuXi Biologics has increased from HKD 74 to HKD 82, also with a "Buy" rating [1]

Core Viewpoint - The report from JPMorgan indicates that despite a recent downturn in the mainland healthcare sector due to national medical insurance drug price negotiations and subsequent profit-taking, the fundamental outlook for the industry remains unchanged, presenting a good entry opportunity for 2026 [1] Group 1: Industry Outlook - The healthcare sector experienced a decline in September and October, but JPMorgan believes this weakness provides a favorable entry point for investors looking towards 2026 [1] - The trend of innovative drug licensing is expected to continue, with multiple potential targets and drug forms anticipated to bring new licensing opportunities in the coming year [1] - Geopolitical concerns regarding China's pharmaceutical research outsourcing industry (CXO) are believed to have peaked, and a stable medical policy environment is expected to support innovation [1] Group 2: Market Recovery - A more moderate approach to drug volume procurement is expected to drive a recovery in the medical device and diagnostics sectors [1] Group 3: Stock Preferences - JPMorgan favors biotechnology and CXO stocks, specifically highlighting Innovent Biologics, Kelun-Biotech, WuXi AppTec H-shares, WuXi AppTec A-shares, and WuXi Biologics as preferred picks [1] - The target price for Innovent Biologics has been slightly raised from HKD 110 to HKD 111, while WuXi Biologics' target price has increased from HKD 74 to HKD 82, with both stocks rated as "Overweight" [1]

Company News - GuoDun Quantum's chairman, Lv Pin, unexpectedly passed away [7] - CICC announced a cash dividend of 434 million yuan for the first half of 2025, with the record date set for December 26 [8] - Haitian Flavoring announced that its cash dividend ratio will not be less than 80% annually for the next three years (2025-2027) [9] - Sichuan Road and Bridge announced that China Post Insurance has increased its stake to 5% [10] - Zhongwei Company announced plans to acquire Hangzhou Zhonggui's equity, leading to a stock suspension [11] - WuXi AppTec reported that 18 shareholders, including the third, fourth, and sixth largest, collectively reduced their holdings by 29.5 million shares between November 26 and December 17 [11] - Lida Xin announced that shareholder Li Chunhua reduced his stake by 1.56% between December 10 and December 17 [12] - Visionox plans to sign an investment cooperation agreement to advance the Hefei 8.6-generation AMOLED production line project, with a second-phase capital of 9.443 billion yuan [12] - Western Mining announced that its wholly-owned subsidiary, Geermu West Mining Resources, has obtained a mining license, with gold reserves of 2.86 tons [13] - Yidong Electronics announced that a related party reduced its holdings by 2.3463 million shares between December 10 and December 17 [14] - Shandong Highway plans to provision for a long-term equity investment impairment of approximately 690 million yuan in Dongxing Securities [15] - GuoAo Technology's former actual controller, Chen Chongjun, was sentenced to six years in prison for manipulating the securities market, with a fine of 4 million yuan [16] Industry News - The Hong Kong Stock Exchange is consulting market opinions on optimizing the framework for trading units, with potential adjustments affecting about 25% of issuers [5] - The Ministry of Commerce responded to the latest developments in export controls on rare earth-related items, indicating that some Chinese exporters have met the basic requirements for applying for general licenses [5] - The National Digital Exchange System Engineering Technology Research Center, in collaboration with China Mobile and China Unicom, has achieved breakthroughs in resource scheduling efficiency and reliability through a "multi-modal on-the-fly computing" model [5] - The scale of China's biomanufacturing industry has continued to grow, reaching a total scale of 1.1 trillion yuan, with biopharmaceutical product output accounting for over 70% of the global total [5] - Platinum has become a highly sought-after asset, with the price of pure platinum reaching 815 yuan per gram, and futures contracts seeing a significant increase of 5.32% on December 18 [6]

Industry News - The State Council issued opinions on cracking down on illegal tobacco activities, emphasizing strict regulation of e-cigarettes and severe penalties for illegal production, wholesale, transportation, and sales [2][7] - Wu Qing attended a meeting to discuss the capital market's 14th Five-Year Plan, focusing on risk prevention, strong regulation, and promoting high-quality development [6][7] - The Ministry of Commerce responded to the European Commission's investigations into Chinese companies, highlighting the discriminatory nature of these actions and affirming China's commitment to protecting its enterprises [2][7] Company News - GuoDun Quantum's chairman, Lv Pin, unexpectedly passed away [10] - China International Capital Corporation announced a cash dividend of 434 million yuan for the first half of 2025, with the record date set for December 26 [10] - Li Chunhua, a shareholder of Lida Xin, reduced his stake by 1.56% between December 10 and December 17 [10] - Visionox plans to sign an investment cooperation agreement to advance the Hefei 8.6-generation AMOLED production line project, with a capital requirement of 9.443 billion yuan [10] Investment Opportunities - Micron Technology reported a booming demand for High Bandwidth Memory (HBM), with a projected compound annual growth rate (CAGR) of approximately 40%, increasing from about $35 billion in 2025 to around $100 billion by 2028 [20] - The persistent demand for memory in AI computing highlights the critical role of HBM, as the need for memory capacity and bandwidth continues to grow significantly [20]

Group 1 - China's Hainan Free Trade Port officially launched its zero-tariff operation on December 18, expanding the range of zero-tariff goods to over 6,600 items, enhancing consumer experience for travel and shopping [2] - The Ministry of Commerce has reintroduced export license management for steel for the first time in 16 years to strengthen monitoring and analysis of steel product exports [2] - A giant underwater gold mine has been discovered in Shandong Province, with proven gold reserves of over 3,900 tons, accounting for approximately 26% of the national total [2] Group 2 - The State Administration for Market Regulation emphasizes the need to strengthen the construction of a unified national market and promote fair competition [3] - The U.S. has initiated a military sale to Taiwan valued at approximately $11 billion, marking one of the largest military sales [3] - The State-owned Assets Supervision and Administration Commission has issued guidelines for holding central enterprises accountable for investment violations, effective from January 1, 2026 [3] Group 3 - The China Securities Regulatory Commission is advancing the "14th Five-Year" plan for the capital market, focusing on comprehensive reforms and high-level opening-up [4] - A-share indices showed divergence, with the Shanghai Composite Index closing up 0.16% while the Shenzhen Component Index and ChiNext Index fell by 1.29% and 2.17%, respectively [4] - The Hong Kong stock market is undergoing a narrow consolidation, with the Hang Seng Index closing up 0.12% [4] Group 4 - Morgan Stanley predicts that chip stocks will remain one of the best-performing sectors in the U.S. stock market next year, highlighting Nvidia, Broadcom, and Astera Labs as top picks [5] - Insurance asset management institutions have registered 83 asset-backed plans this year, totaling approximately 344.56 billion yuan [5] - Domestic GPU companies, Moore Threads and Muxi Co., have recently listed on the STAR Market, attracting significant investment from insurance funds [5] Group 5 - A wave of IPOs is expected in the Hong Kong capital market, with several companies starting public offerings on December 18 [6] - The Ministry of Industry and Information Technology announced that the photovoltaic industry will enter a critical phase in 2026, focusing on capacity regulation [8] Group 6 - The State Council has issued guidelines to strengthen electronic cigarette regulation and combat illegal tobacco-related activities [9] - The upcoming New Year's holiday is projected to significantly boost the domestic tourism market, with flight bookings increasing by approximately 46% year-on-year [9] - The total scale of bank wealth management products reached a historical high of about 34 trillion yuan by the end of November [9] Group 7 - The People's Bank of China will issue 40 billion yuan in central bank bills in Hong Kong on December 22, with a maturity of six months [18] - The U.S. Treasury Department reported an increase in Japan's holdings of U.S. Treasury securities to $1.2 trillion in October [18]

New IPOs - The largest biotech IPO in Hong Kong for 2025 is initiated by Insilico Medicine (03696), which boasts the fastest global progress in AI drug development [1] - Lin Qingxuan (02657) will conduct its IPO from December 18 to December 23, attracting cornerstone investors like Fidelity [1] - Woan Robotics (06600) is set to launch its IPO during the same period, with an expected listing date of December 30 [1] - Meilian Holdings (02671) and Wuyi Vision (06651) will also hold their IPOs from December 18 to December 23, both expected to list on December 30 [1] - Xun Ce (03317) will follow the same IPO schedule, with a listing anticipated on December 30 [1] - Zhihui Mining (02546) achieved a remarkable 5248.15 times subscription in its public offering, with a listing date of December 19 [1] - China National Airlines (00753) plans to invest in Shenzhen Airlines' equity financing, with Kunhang Investment, a state-owned entity, being shortlisted [1] - Sensetime-W (00020) intends to place 1.75 billion new Class B shares, aiming to raise approximately HKD 3.146 billion [1] - Fosun Pharma (02196) is enhancing its overseas innovative drug strategy by signing a cooperation and option agreement with Clavis Bio [1] - WuXi AppTec (02359) invested around EUR 30 million to acquire a 3.22% stake in a French biopharmaceutical fund [1] - Minhua Holdings (01999) plans to acquire 100% equity in the American soft furniture company Gainline Recline Intermediate Corp [1] Share Buybacks - Tencent Holdings (00700) repurchased 1.055 million shares for HKD 636 million on December 18 [2] - Xiaomi Group-W (01810) spent HKD 151 million to buy back 3.75 million shares on the same day [2] - COSCO Shipping Holdings (01919) repurchased 5.9 million shares for HKD 80.557 million [2] - Country Garden Services (06098) bought back 2.7 million shares for HKD 17.136 million [2] - Jiangsu Ninghu Expressway (00177) saw an increase of 52.862 million shares by Yunsong Capital [2]

Group 1: Shareholding Increase - Dazhong Mining's director and general manager Lin Pusheng plans to increase his shareholding by no less than 15.08 million shares [2] - Sichuan Road and Bridge received a stake increase from Zhongyou Insurance, raising its holding to 5% [2] - Tibet Pharmaceutical intends to repurchase shares worth between 170 million to 200 million yuan for equity incentives or employee stock ownership plans [2] Group 2: Shareholding Decrease - Lidasin's fifth largest shareholder reduced their stake by 1.56% from December 10 to December 17 [2] - WuXi AppTec's 18 shareholders collectively reduced their holdings by 29.5 million shares from November 26 to December 17 [2] - Feilong Co.'s controlling shareholder recently reduced their stake by 0.59% of the total share capital [2] - Ruicheng Huabao's shareholder plans to reduce their stake by no more than 3% [2] - Xuhul Co.'s shareholder Wang Xiaojun and their concerted parties plan to reduce their holdings by no more than 2.98% [2] - Yidong Electronics' third and fifth largest shareholders recently reduced their holdings by 2.3463 million shares [2] - Junshi Biosciences' Shanghai Tanying plans to reduce its stake by no more than 2% [2] - Huahai Chengke's shareholder intends to reduce their stake by no more than 1% [2] - Boshuo Technology's director Yang Chuanqi and executive Zhou Dan plan to reduce their holdings by no more than 0.011% [2] - Allianz Ruishi's shareholder Xu Jiang plans to reduce their stake by no more than 0.96% [2] - Dazhong Mining's shareholders, including those holding over 5%, the chairman, and senior management, plan to reduce their holdings [2]

药明康德12月18日大宗交易平台共发生10笔成交，合计成交量500.01万股，成交金额4.30亿元。成交价 格均为86.06元，相对今日收盘价折价5.00%。从参与大宗交易营业部来看，机构专用席位共出现在3笔 成交的买方或卖方营业部中，合计成交金额为2.51亿元，净买入2.51亿元。 进一步统计，近3个月内该股累计发生33笔大宗交易，合计成交金额为14.33亿元。 证券时报·数据宝统计显示，药明康德今日收盘价为90.59元，平盘报收，日换手率为1.16%，成交额为 26.09亿元，全天主力资金净流出2305.49万元，近5日该股累计下跌3.01%，近5日资金合计净流出8.21亿 元。 两融数据显示，该股最新融资余额为73.01亿元，近5日减少3045.23万元，降幅为0.42%。（数据宝） 12月18日药明康德大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 128.20 ...