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 ...

中国GLP-1行业调研简报 | 2025/09 www.leadleo.com 报告标签：GLP-1RA药物、双靶点创新药、减重药 2025年9月 作者：吕佳睿 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报 | 2025/09 GLP-1行业 Q1：GLP-1药物是什么？ 可以治疗哪些疾病？ 图表1：GLP-1药物分类 | 药物种类 | 分子结构类别 | 半衰期 | 代谢及消除方式 | | --- | --- | --- | --- | | 短效制剂 | | | | | 贝那鲁肽 | GLP-1 | 11min | 肾脏为主 | | 艾塞那肽 | Exend ...

整理 | GLP1减重宝典内容团队 随着全球肥胖与代谢疾病患者数量持续上升，减重药物成为当前制药行业竞争最为激烈的赛道之一。近年来，恒瑞医药在这一领域的 动作密集而迅速，形成了从 GLP-1 到多靶点、再到新机制的系统性布 局，显示出对未来"减重 + 代谢"领域的长期战略投入。 2025年 11月28日，恒瑞医药SHR-2906注射液的临床试验申请获得NMPA批准，用于治疗肥胖适应症。 | ♀ 当前位置：信息公开 > > 临床试验默示许可 | | | | | | | --- | --- | --- | --- | --- | --- | | 查询条件: 肥胖 | | | | | 萱间 | | 序号 | 受理号 | 药品名称 | 申请人名称 | 适应症 | 注册分类 | | CXSL2500799 | | SHR-2906注射液 | 北京盛迪医药有限公 司;上海恒瑞医药有限 公司 | 超重或肥胖 | | ▍ 核心品种 HRS9531：国产 GLP-1/GIP 双靶点激动剂的领跑者 HRS9531 是恒瑞自主研发的 GLP-1/GIP 双受体激动剂，用于超重、肥胖及其相关并发症。其临床数据表现突出，48 周平均体 ...

《科创板日报》11月28日讯（记者 史士云）因实控人是疫苗龙头智飞生物董事长蒋仁生，智翔金泰(688443.SH)自科创板上市以来便备受市场关注，不过上 市即破发的股价表现，叠加业绩连年亏损的现状，让其受追捧热度也一度降温。 如今，随着核心产品商业化的逐步推进，智翔金泰步入业绩兑现期还有多远，便成为了投资者关注的焦点所在。 "赛立奇单抗注射液已获批2个适应症，另有三个产品处于上市审评阶段，其他多个产品则处于不同临床试验阶段，随着在研产品陆续推进到商业化阶段，公 司盈利能力有望持续改善。"当被问及公司预计何时能实现盈利时，在11月28日举行的智翔金泰2025年第三季度业绩说明会上，智翔金泰董事长、总经理刘 志刚如此表示。 据智翔金泰(688443.SH)日前公布的第三季度业绩报显示，其单季度实现营收1.62亿元，同比暴增1199.88%，扣非归母净利润为亏损5327.76万元，较去年同 期亏损1.87亿元大幅收窄。 | | | | | | 本报告期比 上年同期增 | | म 前 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | | 年初至报告期末 | 目 | | | ...

曾第十一批国家药品集采中，印度药企以每片0.215元的"地板价"中标，将原研药20倍高价 碾压的同时，也让国内仿制药企业感受到前所未有的压力。 "狼真的来了！"在最近一轮国家药品集采中，5家印度知名制药企业首次集体突围，拿下7个品种，创下 历届国采印度药企中标数之最。 印度熙德隆（Hetero Labs）的中标价格仅为每片0.215元，作为对比，阿斯利康原研药的价格为每片4.36 元，仿制药的价格不到原研药的二十分之一。 在第十一批国家集采中，不止熙德隆，西普拉（Cipla）、安诺拉（Annora Pharma）、纳科（Natco Pharma）等印度药企也成功中标。 此次集采也被视为印度仿制药正式叩开中国主流医药市场大门的"信号弹"，市场将进入到新的竞争阶 段。而这次，不仅有"内忧"，还有"外患"。 印度仿制药大举进入中国市场 在全球仿制药版图上，印度始终是个绕不开的"狠角色"。 印度药企之所以能给出如此低的价格，一方面是产能优势，以熙德隆为例，其产线利用率仅约50%，全 球布局的多个生产基地存在大量富余产能；另一方面则是人工成本，在印度，人工成本只有中国的1/2 到1/3，生物等效性试验费用仅为15万美元 ...

C h i n a R e s e a r c h D e p t . C o m p a n y U p d a t e 恒瑞医药(600276.SH) Buy 买进 主业稳健，BD 交易将增厚公司业绩 结论及建议： ➢ 公司业绩：公司 2025Q1-Q3 实现营收 231.9 亿元，YOY+14.9%,录得归母净 利润 57.5 亿元，YOY+24.5%,扣非后净利 55.9 亿元，YOY+21.1%，公司业 绩符合预期，主要是公司计入对外许可首付款作为收入，提升了营收及净 利水平。其中 Q3 单季度实现营收 74.3 亿元，YOY+12.7%,录得归母净利润 13.0 亿元，YOY+9.5%,扣非后净利 13.2 亿，YOY+16.9%。 | 年度截止 12 月 31 日 | | 2023 | 2024 | 2025F | 2026F | 2027F | | --- | --- | --- | --- | --- | --- | --- | | 纯利 (Net profit) | RMB 百万元 | 4302 | 6337 | 10093 | 9093 | 10407 | | 同比增减 | % | 10 ...

Group 1: Market Insights - Morgan Stanley is optimistic about the Chinese stock market, raising the A-share rating to "overweight" due to multiple positive incremental drivers expected next year, such as broader applications of artificial intelligence and consumer stimulus measures [1] - The National Development and Reform Commission warns against the risk of oversaturation in the humanoid robot market, noting that the industry is growing at over 50% annually and is projected to reach a market size of 100 billion yuan by 2030 [2] - The State Administration for Market Regulation is enhancing anti-monopoly enforcement and promoting fair competition to create a market environment that stimulates the vitality of various business entities [3] Group 2: Company News - Moore Threads reported that online investors abandoned the subscription of 29,302 shares, which were fully underwritten by the sponsor, with a total subscription amount of 334.86 thousand yuan [3][4] - Dongxin Co. announced a strategic cooperation framework agreement with a leading domestic cloud computing service provider, focusing on areas such as domestic cloud desktop systems and digital twin solutions [4] - Huayang Group is indirectly supplying optical communication module components to NVIDIA through international clients [4] - Guofeng New Materials plans to acquire 46.26 million shares of Jinzhan Technology, with the Shenzhen Stock Exchange agreeing to resume the review of this transaction [4] - Hunan Gold's subsidiary obtained a mining license for tungsten, magnetite, and silver, with an annual production capacity of 990,000 tons [5] - Jereh Group signed a sales contract for generator sets for North American data centers, exceeding 100 million USD, marking a significant breakthrough in the high-end power market [7] - Saiwei Electronics experienced abnormal stock trading, with the National Integrated Circuit Fund reducing its holdings by 14.26 million shares, dropping below 5% ownership [8] - Fulei New Materials has completed multiple iterations of its self-developed "electronic skin" product and achieved bulk supply, transitioning from a material supplier to a smart sensing solution provider [9] - Tianpu Co. announced a suspension of trading due to significant stock price fluctuations, with a cumulative increase of 452% since August 22 [10] - FAW Jiefang plans to increase capital in its joint venture with CATL and Telda, totaling 412 million yuan, to enhance competitiveness in the new energy commercial vehicle sector [11] - Heng Rui Medicine received clinical trial approval for five drugs, including the anti-PD-L1 monoclonal antibody, with significant research and development investments [12]

Policy Developments - The State Council, led by Li Qiang, held a meeting to advance the provincial coordination of basic medical insurance [2] Medical Device Approvals - Yuhanglong received two medical device registration certificates for diagnostic kits related to primary biliary cholangitis and idiopathic membranous nephropathy, enhancing its product line in liver and kidney disease diagnostics [4] - Hengrui Medicine announced the approval of clinical trial notifications for five drugs, including the humanized anti-PD-L1 monoclonal antibody Abedilizumab, with total R&D investments amounting to approximately 1.1 billion yuan [5] Capital Market Activities - Mindray Medical's chairman, Li Xiting, plans to increase his stake in the company by 200 million yuan, having already purchased shares worth approximately 30 million yuan [7] - Huayu Pharmaceutical intends to establish a private equity fund focused on the biomedical sector, with an initial commitment of 150 million yuan from the company [8][9] Industry Milestones - The first brain-computer interface surgery in China was successfully completed, utilizing a device from Wuhan Zhonghua Brain-Machine Fusion Technology Co., with the procedure priced according to government regulations [11] Clinical Trials and Collaborations - Buchang Pharmaceutical's subsidiary signed a contract for clinical trials of a new product, with a total cost of approximately 60 million yuan, aimed at enhancing the company's drug development capabilities [12] - Jincheng Pharmaceutical terminated negotiations with Giskit Pharma B.V. regarding exclusive commercialization rights, with no financial impact expected [14]

Group 1 - The core transaction on November 27 involved a block trade of 480,000 shares of Heng Rui Pharmaceutical, with a transaction value of 29.8032 million yuan and a transaction price of 62.09 yuan per share [1][2] - Over the past three months, Heng Rui Pharmaceutical has recorded a total of four block trades, amounting to a cumulative transaction value of 96.3952 million yuan [2] - The closing price of Heng Rui Pharmaceutical on the same day was 62.09 yuan, reflecting a decrease of 0.43%, with a daily turnover rate of 0.40% and a total trading volume of 1.604 billion yuan [2] Group 2 - The net outflow of main funds for Heng Rui Pharmaceutical on that day was 28.6022 million yuan, while the stock has seen a cumulative increase of 2.41% over the past five days, with a total net inflow of 67.3377 million yuan [2] - The latest margin financing balance for Heng Rui Pharmaceutical is 4.188 billion yuan, which has decreased by 57.5469 million yuan over the past five days, representing a decline of 1.36% [2]

Market Overview - The U.S. stock market showed a significant upward trend, with major indices rising for the fourth consecutive trading day, indicating a recovery in market sentiment[9] - The CBOE Volatility Index (VIX) dropped approximately 35% over four days, marking its largest decline since mid-April[9] - The Hang Seng Index closed at 25,928, up 0.13% for the day and 29.25% year-to-date[3] Sector Performance - Large tech stocks exhibited mixed results, with Meituan surging 5.65% while Kuaishou fell nearly 3%[9] - Paper stocks led gains, with Nine Dragons Paper up 5% and Lee & Man Paper up 4.88%, driven by price hikes in packaging and cultural paper products[9] - Airline stocks performed strongly, with China Eastern Airlines rising nearly 7%[9] Economic Indicators - The Federal Reserve's Beige Book indicated a further decline in U.S. consumer spending, reflecting a stagnant economic activity[13] - Initial jobless claims in the U.S. fell to 216,000, the lowest level since mid-April, suggesting a tightening labor market[13] - Morgan Stanley economists adjusted their rate predictions, now expecting a rate cut from the Fed in December rather than January[13] International Markets - The Nikkei 225 index in Japan rose by 1.9%, driven by strong tech sector performance and expectations of a potential rate hike by the Bank of Japan[13] - The Singapore Straits Times Index showed a year-to-date performance of 0.00%, indicating a stagnant market[3]