创新药概念股走弱，康龙化成跌超5%，科伦药业、信立泰跌超3%，恒瑞医药、长春高新、复星医药、华东医 药、百济神州-U跌超2%。 受盘面影响，创新药相关ETF跌超2%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 515120 | 创新药ETF | 0.666 | -0.019 | -2.77% | | 159835 | 创新药50ETF | 0.692 | -0.018 | -2.54% | | 516080 | 创新药ETF易方达 | 0.699 | -0.018 | -2.51% | | 159858 | 创新药ETF南方 | 0.705 | -0.018 | -2.49% | | 560900 | 创新药企ETF | 0.960 | -0.024 | -2.44% | | 159992 | 创新药ETF | 0.889 | -0.022 | -2.41% | | 516060 | 创新药产业ETF | 0.614 | -0.014 | -2.23% | 有机构表示，近期我国生物科技领域利好频传，产业层面，多家创新药企在E ...

资金流向方面，主力资金净流出1.92亿元，特大单买入4593.50万元，占比3.36%，卖出1.58亿元，占比 11.54%；大单买入2.82亿元，占比20.62%，卖出3.62亿元，占比26.49%。 恒瑞医药今年以来股价涨34.88%，近5个交易日跌0.31%，近20日跌5.36%，近60日跌2.78%。 资料显示，江苏恒瑞医药股份有限公司位于江苏连云港市经济技术开发区昆仑山路7号,中国香港铜锣湾 希慎道33号利园1期19楼1920室，成立日期1997年4月28日，上市日期2000年10月18日，公司主营业务涉 及江苏恒瑞医药股份有限公司是一家主要从事药品的研发、生产和销售的中国公司。该公司专注于肿瘤 领域，覆盖激酶抑制剂、抗体偶联药物（ADC）、肿瘤免疫、激素受体调控、脱氧核糖核酸（DNA） 修复及表观遗传、支持治疗等研究领域。该公司的产品包括抗肿瘤、镇痛麻醉和造影剂，应用于自身免 疫疾病、代谢性疾病、心血管疾病、感染疾病、呼吸系统疾病、血液疾病、疼痛管理、神经系统疾病、 眼科、肾病等领域。该公司主要在国内外市场开展其业务。主营业务收入构成为：销售商品86.88%， 许可收入12.63%，其他0.49% ...

行业深度分析 行业评级：领先大市-A 创新出海开启新篇章，内需改善积蓄强动能 2026年医药年度策略 李奔： S1450523110001 分析师 冯俊曦：S1450520010002 分析师 连国强：S1450523020002 分析师 胡雨晴：S1450122080070 分析师 谢嘉豪：S1450123100072 联系人 2025年11月16日 证券研究报告 目录 3 创新药行情有望驱动医药板块估值持续修复 | 1 | 总论：创新药行情有望驱动医药板块估值持续修复 | | --- | --- | | 2 | 创新药：基本面持续改善叠加出海催化，有望延续25年火热行情 | | 3 | CXO & 生命科学上游：创新药投融资逐步转好，新药研发有望开启新一轮投入周期 | | 4 | 医疗器械 & 新浪潮：器械压制因素有序出清，手术机器人/AI+医疗/脑机接口推动新浪潮取得突破 | | 5 | 创新疫苗：创新品种临床数据亮眼，海外授权值得期待 | | 6 | 中药：业绩小幅承压，后续改善动能正在积聚 | | 7 | 建议关注标的汇总 & 风险提示 | 2 2025Q3医药板块营业收入同比增速转正，期待后续利润 ...

证券研究报告 | 2025年11月16日 创新药行业复盘 ——创新出海2 . 0：B D之后，我们应该关注什么 行业研究 · 行业投资策略 医药生物 投资评级：优于大市（维持评级） 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：马千里 010-88005445 maqianli@guosen.com.cn S0980521070001 证券分析师：张超 0755-81982940 zhangchao4@guosen.com.cn S0980522080001 证券分析师：彭思宇 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：陈益凌 021-60933167 chenyiling@guosen.com.cn S0980519010002 证券分析师：凌珑 021-60375401 linglong@guosen.com.cn S0980525070003 证券分析师：肖婧舒 0755-81982826 xiaojingshu@guosen.com.c ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [29]. Core Insights - The pharmaceutical sector saw a weekly increase of 3.3%, outperforming the Shanghai Composite Index, which decreased by 0.2% during the same period [4][6]. - The overall valuation of the pharmaceutical sector is at 30.9 times earnings, ranking it 10th among 31 primary sectors [6][12]. - Key segments within the pharmaceutical industry showed varied performance, with raw materials up by 5.1%, chemical preparations by 4.4%, and traditional Chinese medicine by 4.1% [6][4]. Market Performance - The pharmaceutical index ranked 5th among 31 sub-industries, with notable increases in various segments such as biopharmaceuticals (+2.7%), medical services (+1.8%), and medical devices (+1.8%) [4][6]. - The report highlights the performance of specific companies, recommending a focus on innovative drug sectors and companies with strong earnings growth potential [3][21]. Recent Developments - Roche's BTK inhibitor Fenebrutinib achieved significant milestones in clinical trials for treating relapsing multiple sclerosis, suggesting potential investment opportunities in related companies [3][13]. - The Chinese government has updated regulations on the export of controlled chemicals, impacting companies involved in this sector [3][14]. - The report notes an expected peak in influenza activity in China during late December and early January, prompting recommendations to monitor related vaccine and treatment companies [3][15][16]. Key Company Valuations - The report provides a valuation table for key companies in the pharmaceutical sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and beyond [21]. - Companies highlighted include Mindray Medical, Hengrui Medicine, and WuXi AppTec, with varying market capitalizations and growth forecasts [21]. Investment Recommendations - The report suggests focusing on innovative drug sectors and companies with improving performance in medical devices and upstream segments, listing specific companies to watch [3][21]. - It emphasizes the importance of monitoring flu vaccine manufacturers and antiviral drug producers as flu activity rises [3][15].

Core Viewpoint - The Q3 2025 public fund reports indicate a shift in investment strategies towards large-cap growth stocks, with increased allocations to A-shares and reduced positions in Hong Kong stocks. The electronics sector has seen a significant rise in allocation, reaching over 25%, marking the highest level since 2015, reflecting institutional confidence in the technology sector [1][2]. Fund Holdings Summary - The overall style of actively managed equity funds has shifted towards large-cap growth stocks, with a quarter-on-quarter increase in positions [1]. - The electronics sector's allocation has increased to 25.5%, a rise of 6.9% from the previous quarter, making it the highest allocation since 2010 [2]. - The semiconductor sub-sector within electronics has a 12.9% allocation, up by 2.4% [2]. Sector Allocation Insights - The communication sector's allocation is at 9.3%, increasing by 3.9% [2]. - The power equipment sector has a 12.3% allocation, up by 2.4% [2]. - The non-ferrous metals sector's allocation is at 6.0%, increasing by 4% [2]. Top Holdings in A-shares - The top holdings in actively managed equity funds include: - CATL (宁德时代) with a market value of 743.1 billion, down 9.3% quarter-on-quarter [5]. - Xinyisheng (新易盛) with a market value of 560.1 billion, up 1.8% [5]. - Zhongji Xuchuang (中际旭创) with a market value of 557.5 billion, up 28.9% [5]. - Other notable holdings include Luxshare Precision (立讯精密), Industrial Fulian (工业富联), and Zijin Mining (紫金矿业) [5]. Industry Chain Opportunities - The report outlines six major industry chains with significant investment potential: 1. AI Computing Infrastructure Chain: Driven by the exponential growth in AI model training and inference needs, with a projected global data center market reaching $1 trillion by 2030 [7][10]. 2. Semiconductor Domestic Substitution Chain: Accelerated by geopolitical tensions and the push for supply chain autonomy [11][12]. 3. New Energy Chain: Supported by dual carbon goals and global energy transition, with significant growth in solar and energy storage sectors [16][17]. 4. Humanoid Robot Chain: Driven by advancements in technology and increasing demand for core components [18][19]. 5. Innovative Drug Chain: Enhanced by AI in drug development and supportive policies for internationalization [22][23]. 6. Non-ferrous Metals Chain: Benefiting from structural demand driven by new energy systems and geopolitical factors [27][28].

Core Viewpoint - The article discusses the surge in IPO applications from pharmaceutical companies in Hong Kong, highlighting the competitive landscape and the challenges faced by these companies in securing investors amid a crowded market [3][5][10]. Group 1: IPO Market Dynamics - As of November 14, 2023, 23 healthcare companies have successfully listed on the Hong Kong stock market this year, compared to only 8 in the same period last year [3]. - Over 40 healthcare companies have applied for IPOs in Hong Kong this year, with 8 applications submitted in just the first half of November [3]. - The increase in IPO applications has led to heightened competition among companies to attract suitable investors, resulting in a more complex negotiation landscape between companies and institutional investors [3][5]. Group 2: Case Study of Baillie Gifford - Baillie Gifford's planned global offering was delayed due to market conditions, with reports suggesting that investor demand did not meet expectations [4][5]. - The company aimed to attract long-term value investors rather than those focused on short-term price fluctuations, indicating a strategic approach to its IPO [5][6]. - The IPO process involves cornerstone placements, book-building, and public offerings, with cornerstone investors playing a crucial role in validating the company's value [6]. Group 3: Market Sentiment and Trends - The pharmaceutical sector has seen significant stock price increases this year, leading investors to focus on new IPOs rather than existing stocks [7]. - The introduction of new IPO pricing mechanisms by the Hong Kong Stock Exchange has increased the participation of cornerstone investors in pharmaceutical IPOs [9]. - Despite a recent cooling in the secondary market, the enthusiasm for IPO applications remains strong, with expectations of multiple companies going public in the first quarter of the following year [10][11]. Group 4: Investment Focus Areas - Certain sectors within the pharmaceutical industry, such as siRNA and ADC drugs, are attracting more attention from investors, indicating a trend towards specialized investment opportunities [11]. - The competition among major pharmaceutical companies for acquisitions, particularly in the GLP-1 drug space, has heightened interest in related IPOs [11]. - The article notes that while many IPOs are being pursued, the quality of the offerings and their pricing will be critical in attracting investor interest [13].

证券之星消息，11月14日，医疗健康（980016）指数报收于6572.66点，跌0.65%，成交233.97亿元，换 手率0.87%。当日该指数成份股中，上涨的有16家，甘李药业以2.0%的涨幅领涨，下跌的有33家，奕瑞 科技以3.74%的跌幅领跌。 | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603087 | 甘李药业 | 6297.79万 | 6.61% | -2315.28万 | -2.43% | -3982.51万 | -4.18% | | 002422 科伦药业 | | 5081.71万 | 12.92% | -2049.58万 | -5.21% | -3032.13万 | -7.71% | | 000661 | 长春高新 | 4881.38万 | 4.29% | 482.59万 | 4 0.42% | -5363.96万 | -4.71% | | 600535 | 天土力 | 2233.34万 | ...

恒瑞医药（600276）(01276)发布公告，截至本公告披露日，公司2022年员工持股计划第三个锁定期实 际解锁股份共计283.03万股(占目前公司总股本的0.04%)。截至2025年11月14日，165.68万股非交易过户 至员工持股计划份额持有人，117.35万股通过集中竞价交易方式出售。公司2022年员工持股计划管理委 员会后续将根据本次员工持股计划的相关约定进行相应财产分配工作。 ...

恒瑞医药(01276)发布公告，截至本公告披露日，公司2022年员工持股计划第三个锁定期实际解锁股份 共计283.03万股(占目前公司总股本的0.04%)。截至2025年11月14日，165.68万股非交易过户至员工持股 计划份额持有人，117.35万股通过集中竞价交易方式出售。公司2022年员工持股计划管理委员会后续将 根据本次员工持股计划的相关约定进行相应财产分配工作。 ...