头豹分类/制造业/医药制造业/化学药品制造/眼科用药 Copyright © 2025 头豹 视界守护战--从人工泪液到靶向抗炎:中国干眼症药物市场的双轨竞合 与创新跃迁 头豹词条报告系列 许豫缘 · 头豹分析师 许 2025-11-14 未经平台授权，禁止转载 行业分类： 制造业/眼科用药 2025年 干眼症治疗药物行业词条报告 摘要 干眼症作为一种因泪液分泌不足或泪膜稳定性下降所致的常见眼表疾病，临床表现多样，治疗原则是长期和个体化治疗，其中药物治疗是干眼管理的核心手段，主要包括人 工泪液、抗炎药物及抗菌药物，以环孢素为代表的抗炎治疗成为中重度干眼的关键策略。目前中国干眼症患者已超过3.6亿，发病率高达21%–30%，且以每年10%的速度增 长，诊疗需求持续扩大。行业规模因患病人数增加、就诊率提升、政策支持及企业布局而扩大，预计2025–2030年复合年增长率将达10%，2030年市场规模有望突破96亿 元。当下，中国干眼症治疗药物市场竞争呈现"外资主导、本土崛起"的双轨格局，兴齐眼药、恒瑞医药等企业通过自主研发与引进合作逐步突破外企垄断。未来，新药研发 和检测技术发展将进一步推动市场增长。 行业定义 干 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年11月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600276 | 說明 | A股（於上海證券交易所上市） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發 ...

Core Viewpoint - Heng Rui Medicine (600276)(01276) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Category Company Actions - The company plans to repurchase 209,900 A-shares at a total cost of 12.7432 million RMB [1] - The buyback price per share ranges from 60.58 to 60.78 RMB [1] Financial Implications - The total expenditure for the buyback reflects a strategic move to enhance shareholder value [1]

Core Viewpoint - Heng Rui Medicine (01276.HK) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 209,900 A-shares at a total cost of RMB 12.7432 million [1] - The buyback price per share is set between RMB 60.58 and RMB 60.78 [1]

Core Viewpoint - Heng Rui Medicine (01276) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Company Actions - The company plans to repurchase 209,900 A-shares at a total cost of 12.7432 million RMB [1] - The buyback price per share is set between 60.58 and 60.78 RMB [1] Financial Implications - The total expenditure for the buyback reflects a strategic move to enhance shareholder value [1]

晨会纪要（2025/11/20） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.11.20） 金融工程研究 主要指数全部震荡调整，两融余额小幅下降——融资融券周报 行业研究 工业机器人产量将创新高，关注内资品牌占比提升——机械设备行业周报 创新药景气延续，CXO 持续改善，器械筑底修复——医药生物行业 2025 年 三季报业绩综述 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 晨会纪要（2025/11/20） 金融工程研究 主要指数全部震荡调整，两融余额小幅下降——融资融券周报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 上周（11 月 12 日-11 月 18 日）A 股市场主要指数全部震荡调整，其中科创 50 跌幅最大，下跌了 2.13%； 上证 50 跌幅最小，下跌了 1.04%。此外，上证综指下跌 1.57%，深证成指下跌 1.57%，创业板指下跌 2.08%， 沪深 300 下跌 ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - Qi Zhen, a fund manager at Huabao Fund, has a "policy + industry" dual - driven investment framework, focusing on innovative drugs in the medium term. His investment style combines growth and certainty with flexible valuation tolerance, and he prefers long - term holding with low turnover and portfolio structure optimization [3][17][45]. - Since Qi Zhen took office, Huabao Big Health A has achieved remarkable returns, outperforming over 90% of similar pharmaceutical theme funds. Although its drawdown control is slightly weak, it still offers good risk - return performance [4][13][44]. - Qi Zhen is an excellent fund manager with a profound professional background, a mature investment system, and strict risk awareness. He is expected to continue generating excess returns as the Chinese innovative drug industry develops [46]. 3. Summary by Directory 3.1 Fund Manager Information - **Manager Introduction**: Qi Zhen holds a biotechnology bachelor's degree and a biology doctorate from Shanghai Jiao Tong University. He has worked in Northeast Securities and Essence Securities and joined Huabao Fund in October 2020. Since February 2023, he has been the fund manager of Huabao Big Health Hybrid Securities Investment Fund [4][9][44]. - **Managed Product Introduction** - **Representative Product**: Qi Zhen has managed Huabao Big Health A (006881.OF) since February 28, 2023. As of September 30, 2025, its total scale is 268 million yuan [4][10][44]. - **Representative Product Net Value Performance**: After excluding the 3 - month establishment period, Huabao Big Health A significantly outperformed the CSI All - Pharmaceutical Index, recording a cumulative positive excess return of 60.00%. Its return performance ranks among the top in pharmaceutical theme funds, surpassing over 90% of similar funds [11][13][15]. 3.2 Fund Manager Investment Ability Analysis - **Investment Scope - Policy + Industry Dual - Driven, Medium - Term Focus on Innovative Drugs**: Qi Zhen has a biological professional background and a large amount of professional reading. His investment framework is "policy + industry" dual - driven. He focuses on innovative drugs, with a position ratio of over 90%. He mines Alpha stocks with pipeline differentiation or expected inflection points and adjusts the portfolio dynamically [20][21][45]. - **Stock - Holding Characteristics - Balancing Growth and Certainty, Flexible Valuation Tolerance**: For innovative drug companies, Qi Zhen uses pipeline market value conversion for valuation, considering factors such as clinical stage success rate and management credibility. He gives higher valuation space to innovative drugs and focuses more on static valuation and performance improvement in traditional sub - industries [29][45]. - **Operation Characteristics - Preference for Long - Term Holding, Low Turnover, and Portfolio Structure Optimization**: Qi Zhen's operation strategy is mainly long - term holding of core positions, with an annualized turnover rate of only 2 - 3 times. He prefers to invest when the stock price is at the bottom or oversold. He controls drawdown by adjusting the portfolio structure rather than market timing and shows flexibility in A/H share allocation [35][36][45]. 3.3 Summary - Qi Zhen is an outstanding fund manager with a "policy + industry" analysis framework, pipeline market value valuation method, and multi - level risk control system. He is expected to create excess returns as the Chinese innovative drug industry develops. Investors can allocate his products to participate in the investment opportunities of the Chinese pharmaceutical industry upgrade [46]. 3.4 Appendix - The appendix provides product elements of Huabao Big Health A, including fund name, abbreviation, full name, establishment date, comparison benchmark, investment target, investment scope, management fee rate, and current fund manager's tenure [48].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Views - The innovative drug industry chain continues to show strong performance, with the pharmaceutical and biotechnology sector outperforming the CSI 300 index, rising by 3.29% while the index fell by 1.08% during the week of November 10 to November 14, 2025 [9][10] - The market potential for small nucleic acids is continuously increasing, indicating that it may become a significant technological hotspot in innovative drugs [19][22] - The sentiment in the innovative drug sector has recently declined, but the sustainability of the sector's prosperity is expected to continue, with a focus on "innovation + internationalization" [22][24] Summary by Sections 1. Weekly Pharmaceutical Sector Performance - The pharmaceutical and biotechnology sector has shown a year-to-date increase of 22.99%, outperforming the CSI 300 index by 5.38 percentage points [9] - The sector's valuation as of November 14, 2025, is 30.89 (PE, TTM), with a premium of 129.74% over the CSI 300 index [10] 2. Industry Events/Policy Overview - On November 14, 2025, the National Bureau of Statistics reported a stable economic performance, with industrial production increasing by 4.9% year-on-year [17] - The People's Bank of China reported an increase of 14.97 trillion yuan in RMB loans in the first ten months of 2025 [17] 3. Industry Investment Strategy - The report highlights the active business development (BD) transactions in the innovative drug sector, with significant collaborations and licensing agreements, such as the partnership between Sainty Biotech and Eli Lilly [19] - The report suggests a focus on the recovery of the medical device and traditional Chinese medicine sectors, as well as the ongoing improvement in the innovative drug industry chain [22][28] 4. Recommended Stocks - Recommended stocks include: - **Hengrui Medicine**: Expected to achieve rapid growth in both domestic and international markets [29] - **BeiGene**: Anticipated to achieve comprehensive profitability in 2025, with strong performance in its core products [30] - **Innovent Biologics**: Expected to reach a revenue target of 20 billion yuan by 2027 [31] - **Kanglong Chemical**: Projected to see significant revenue growth driven by its innovative products [32] - **WuXi AppTec**: Anticipated to maintain rapid growth in its core business and increase global production capacity [33]

Core Insights - The Medical Health R Index (480016) closed at 7508.88 points, down 0.45%, with a trading volume of 17.774 billion yuan and a turnover rate of 0.67% [1] - Among the index constituents, 16 stocks rose while 33 fell, with Bai Li Tian Heng leading the gainers at 2.32% and Tigermed leading the decliners at 3.42% [1] Index Performance - The top ten constituents of the Medical Health R Index include: - WuXi AppTec (sh603259) with a weight of 13.66%, latest price at 92.32, down 1.54%, and a market cap of 275.46 billion yuan - Hengrui Medicine (sh600276) with a weight of 11.00%, latest price at 61.78, down 0.03%, and a market cap of 410.05 billion yuan - Mindray Medical (sz300760) with a weight of 7.57%, latest price at 206.71, up 0.33%, and a market cap of 250.62 billion yuan - United Imaging Healthcare (sh688271) with a weight of 4.27%, latest price at 134.25, up 0.19%, and a market cap of 110.64 billion yuan - Other notable constituents include Pianzi Shou (sh600436), Yuan Er Fu Ke (sz300015), Kelun Pharmaceutical (sz002422), Xinhecheng (sz002001), Fosun Pharma (sh600196), and Ziji Shenzhou (sh688235) [1] Capital Flow - The Medical Health R Index constituents experienced a net outflow of 2.083 billion yuan from institutional investors, while retail investors saw a net inflow of 1.545 billion yuan [1] - Detailed capital flow for specific stocks shows: - Kelun Pharmaceutical (sz002422) had a net inflow of 23.33 million yuan from institutional investors but a net outflow from retail investors - Tongce Medical (600763) and Yirui Technology (688301) also showed mixed capital flows with varying net inflows and outflows [2]

Group 1: Report Summary - The report analyzes the investment value of Zhang Jintao, a fund manager at Huabao Fund, with a focus on his performance in managing Huabao Pharmaceutical Biology A [1][4]. - Zhang Jintao has developed an investment methodology that combines industry cycle analysis with a multi - dimensional framework, showing strong adaptability in the current era of global opportunities for Chinese innovative drugs [5][20]. - Since Zhang Jintao took office, Huabao Pharmaceutical Biology A has achieved above - average returns among pharmaceutical theme funds, outperforming nearly 80% of its peers, with relatively strong offensive capabilities [4][16]. Group 2: Fund Manager Information 2.1 Fund Manager Introduction - Zhang Jintao has worked in multiple financial institutions, including Huatai United Securities, ABC Fortune Fund, etc. He joined Huabao Fund in April 2021 and has served as the fund manager of multiple funds since May 2021 [4][10]. 2.2 Management Product Introduction 2.2.1 Representative Product - Zhang Jintao has managed Huabao Pharmaceutical Biology A (240020.OF) since May 7, 2021, with a total scale of 629 million yuan as of September 30, 2025 [11]. 2.2.2 Representative Product Net Value Performance - After Zhang Jintao took office, excluding the 3 - month construction period, Huabao Pharmaceutical Biology A significantly outperformed the All - Index Pharmaceutical Index, achieving a cumulative positive excess return of 40.27% [12]. - In terms of performance among peers, it ranks in the upper - middle position, but its risk - control indicators such as volatility are relatively weak. Overall, it still has good cost - effectiveness [16]. Group 3: Fund Manager Investment Ability Analysis 3.1 Investment Scope - Guided by Industry Cycle and Anchored by Market Value Space - Zhang Jintao's investment system is based on a deep understanding of the "five - year cycle" of the pharmaceutical industry. He believes that the Chinese innovative drug industry has entered the stage of results realization after a long - term R & D investment period [21]. - He has constructed a "policy - industry - valuation" three - dimensional decision - making framework. The policy dimension focuses on understanding policy intentions; the industry dimension focuses on verifying industry and company fundamentals; the valuation dimension calculates the long - term target market value to evaluate risk - return ratios [21][22]. 3.2 Holding Characteristics - Portfolio Construction Highlights Industry Thinking - Zhang Jintao highly concentrates on the innovative drug sector, aiming to obtain alpha returns within the innovative drug industry by focusing on companies with upcoming blockbuster products or in the rapid - volume - growth stage [20][30]. - He also strategically allocates about 8% of the portfolio to the CXO sector as a supplement and risk - hedge. His average holding period is about 1 - 2 years, and he emphasizes dynamic adjustment [30]. 3.3 Operational Characteristics - Keeping Pace with the Times and Dynamically Optimizing - Zhang Jintao maintains a high stock position, believing that it is difficult to obtain excess returns through position timing in the pharmaceutical industry. Instead, he focuses on stock selection [35]. - The portfolio's turnover mainly comes from the optimization of non - core positions. The top ten heavy - holding stocks remain relatively stable, while the tail positions are adjusted more frequently to track new industry trends [35]. - The holding concentration is adjusted dynamically according to the industry stage, with a relatively dispersed strategy in the early stage and a gradually increasing concentration as the industry trend becomes clearer [35]. Group 4: Conclusion - Zhang Jintao's investment methodology combines industry - level strategic judgment with individual - stock tactical selection, showing strong adaptability and viability in the context of the global opportunities for Chinese innovative drugs [45][46]. - Huabao Pharmaceutical Biology A, under his management, has achieved good performance among pharmaceutical theme funds, with relatively strong offensive capabilities but slightly weaker defensiveness [44].