【导读】"牛市旗手"券商行业这一年：并购重组风起云涌，建设一流投资银行步伐加快 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展 望2026年股市机会和基金行业发展前景，以飨读者。 2025年，中国资本市场持续回升，证券行业服务实体经济和新质生产力的能力不断提升；投资者的资产配置也不断优化，获得感明显提 升；国泰海通合并重组正式完成，证券行业加快一流投资银行建设；券商不断增强境外子公司实力，高水平对外开放不断深化。展望2026 年，随着资本市场持续向好和政策大力支持，证券行业的功能性将得到更好发挥，更好助力金融强国建设。 中国基金报记者从证券行业总体发展、投资银行、财富管理、资产管理、并购重组等多个角度记录回顾2025年、展望2026年。 行业发展： 功能性发挥愈加显著 资本实力稳步壮大 中国基金报记者 刘明 作为直接融资的主要"服务商"、资本市场的重要"看门人"、社会财富的专业"管理者"，证券行业2025年的功能性发挥愈加显著。 随着资本市场持续回升，证券行业服务实体经济和新质生产力的成效显著。在A股市场，服务摩尔线程、沐曦 ...

证券研究报告 晨会 hyzqdatemark 2025 年 12 月 21 日 请务必仔细阅读正文之后的评级说明和重要声明 投资要点： 资料来源：聚源，华源证券研究所，截至2025年12月19日 华源晨会精粹 20251221 新消费 密集政策提振消费，海南自由贸易港封关运作正式启动——新消费行业周 报：扩大内需是战略之举，消费有关政策频出：中央经济工作会议提出八项明年经 济工作的重点任务，其中第一项重点任务为坚持内需主导，建设强大国内市场。12 月 15 日，《求是》杂志发表文章《扩大内需是战略之举》，文章强调要"牢牢把握 扩大内需这一战略基点"，阐明了扩大内需对发展全局的基础支撑作用。商务部等 9 部门发布《关于扩大服务消费的若干政策措施》，提出五方面 19 条举措。商务部、 中国人民银行、金融监管总局联合发布《关于加强商务和金融协同，更大力度提振 消费的通知》。海南自由贸易港全岛封关运作正式启动，中免发布多重礼遇。根据 中免海南战报，12 月 18 日封关首日中免海南销售额超 2.5 亿元，同比增长 90%。 2025 年 1-11 月美容护肤品牌格局：TOP5 品牌主要由珀莱雅、欧莱雅、韩束、兰 蔻、 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

报 海外地缘政治风险；产品研发失败的风险；集采进一步扩容，导致药品、器 械等降价压力提升的风险；行业竞争激烈导致价格下降的风险；原材料成本 大幅上涨的风险。 行 行业周报 业 全国医疗保障工作会议召开，部署 2026 年重点工作 | | | | | | ——医药生物行业周报 | | | | | 研 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SAC NO： | 分析师： | 侯雅楠 | S1150524120001 | 月 | 年 2025 | 12 | 21 | 日 | | 究 | | | 医药生物 | | | | | | | | | | | | | 投资要点： | | | | | | | | | | | 证券分析师 | 行业要闻 | | | | | | | | | | | |  | | | | | | | | | | 担当作为 | 侯雅楠 | （1）积极进取 | | 全力推进医保高质量发展——全国医疗保障工作会 | | | | | | | | | houyn@bhzq.com | 议在京召开； | | | ...

China healthcare Global Markets Research EQUITY: HEALTH CARE & PHARMACEUTICALS Our thoughts on year ahead 2026 Innovation, that helps Chinese firms go overseas, remains the key theme What is our take on recent sector softness? It is more sentimental than fundamental Over the past three months (early Sept to early Dec), the healthcare sector has lagged the broader market in terms of share price performance. We note that the CSI 300 Health Care index has declined 12% vs CSI 300 up 3%, while the MSCI China Hea ...

Core Viewpoint - Heng Rui Medicine (600276.SH) announced that its subsidiary, Beijing Shengdi Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of SHR-2906 injection, which is expected to begin shortly [1] Group 1: Product Development - SHR-2906 injection is a self-developed therapeutic biological product aimed at regulating glucose and lipid metabolism, controlling weight, and improving metabolic environment [1] - The product is anticipated to have a synergistic effect in reducing energy intake and promoting energy expenditure, potentially offering clinical efficacy in treating overweight and obesity [1] - Currently, there are no similar drugs approved for market release domestically or internationally [1] Group 2: Financial Investment - The cumulative research and development investment for the SHR-2906 injection project has reached approximately 17.06 million yuan [1]

Group 1 - The core point of the article is that Heng Rui Medicine (01276.HK) announced that its subsidiary, Beijing Shengdi Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of SHR-2906 injection, which will commence soon [1] Group 2 - The approval signifies a positive development for the company, indicating progress in its drug development pipeline [1] - The initiation of clinical trials is a critical step towards potential commercialization of SHR-2906, which may enhance the company's market position [1] - This news may attract investor interest, reflecting the company's ongoing commitment to innovation in the pharmaceutical sector [1]

Core Viewpoint - Heng Rui Medicine (01276.HK) has received approval from the National Medical Products Administration for clinical trial notifications for multiple drug candidates, indicating progress in its research and development pipeline [1] Group 1: Company Developments - The company and its subsidiaries, Shanghai Heng Rui Medicine Co., Ltd., Shandong Shengdi Medicine Co., Ltd., and Chengdu Shengdi Medicine Co., Ltd., have been granted approval for clinical trials of HRS-6208 capsules, HRS-6209 capsules, HRS-8080 tablets, HRS-1358 tablets, and HRS-5041 tablets [1]

Core Viewpoint - Heng Rui Medicine (01276) announced that its subsidiary, Beijing Shengdi Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of SHR-2906 injection, which will commence shortly [1] Group 1: Product Development - SHR-2906 injection is a self-developed therapeutic biological product aimed at regulating glucose and lipid metabolism, controlling weight, and improving the metabolic environment in the body [1] - The drug is expected to have a synergistic effect in reducing energy intake and promoting energy expenditure, potentially offering clinical efficacy in treating overweight and obesity [1] - Currently, there are no similar drugs approved for market use domestically or internationally [1] Group 2: Financial Investment - The cumulative research and development investment for the SHR-2906 injection project has reached approximately 17.06 million yuan [1]

Core Viewpoint - Heng Rui Medicine (01276.HK) has received approval from the National Medical Products Administration for clinical trials of its injectable leuprolide acetate microspheres, indicating a significant step in its product development pipeline [1] Group 1 - The company’s subsidiary, Shanghai Heng Rui Medicine Co., Ltd., is set to initiate clinical trials for the new drug [1] - The approval marks a crucial milestone in the company's efforts to expand its product offerings in the pharmaceutical market [1]