Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology sector [4]. Core Insights - The brain-computer interface (BCI) sector is showing active performance, with recommendations to continue monitoring thematic opportunities. The global BCI market is projected to reach USD 7.63 billion by 2029, indicating a rapidly opening blue ocean market [20][21]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, focusing on innovative drug chains and medical devices. Key recommendations include companies involved in BD overseas acceleration and high-end medical devices [23][25]. Summary by Sections Market Review - The A-share pharmaceutical and biotechnology index rose by 7.81%, outperforming the CSI 300 index by 5.03 percentage points and the ChiNext index by 2.10 percentage points, ranking 6th among 31 sub-industries. The Hong Kong Hang Seng Healthcare Index increased by 10.26%, surpassing the Hang Seng Index by 11.57 percentage points [15][9]. R&D Progress - Recent clinical applications include IMM2510 and Tida-Paclitaxel from Yiming Anke, with ongoing Phase III trials for Tiengoteini from Yaokang and Phase II trials for SYS6017 from Shiyao Group [28]. Key Recommendations - Focus on three categories of companies: 1. Medical scene integrators (e.g., Xiangyu Medical, Weisi Medical) benefiting from insurance payment integration and existing rehabilitation needs [21]. 2. Leaders in invasive/semi-invasive technologies (e.g., Xinwei Medical, Jieti Medical) with significant technological advantages [21]. 3. Full-process support providers (e.g., Meihua Medical, Sanbo Neuroscience) focusing on high-certainty segments like supply chain production and clinical development [21]. Financial Forecasts and Valuations - Key companies and their projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024-2026 include: - Tianzhili: EPS of 0.64, PE of 24 [3]. - Innovent Biologics: EPS of -0.06, PE of NA [3]. - WuXi AppTec: EPS of 3.27, PE of 30 [3]. - Mindray Medical: EPS of 9.62, PE of 21 [3]. - Weisi Medical: EPS of 1.06, PE of 62 [3]. Policy and Industry Resonance - The report highlights a structural shift in domestic policies favoring innovative drugs, with a focus on clinical value and the potential for valuation recovery in the pharmaceutical sector. The report suggests that the investment attractiveness of the pharmaceutical sector will continue to grow [23][24].

（文章来源：证券日报） 证券日报网讯 1月5日，天士力在互动平台回答投资者提问时表示，公司目前经营正常，未来公司将持 续加强研发和销售工作，努力提升公司价值。 ...

（文章来源：证券日报） 证券日报网讯 1月5日，天士力在互动平台回答投资者提问时表示，根据公司《2025年半年度报告》， PD-L1/VEGF双抗的实体瘤适应症IIa期、直肠癌适应症IIb期临床试验正在入组中；培重组人成纤维细胞 生长因子21注射液，临床试验已进入Ib期。后续研发进展公司会根据信息披露相关规定进行公告。 ...

证券日报网讯1月5日，天士力（600535）在互动平台回答投资者提问时表示，根据公司2025年三季报公 告，截至2025年三季度末公司股东人数为81267户。 ...

转自：新华财经 自2025年清明在甘肃天水启动以来，由中国医师协会主办、脂肪肝培训项目西北分院承办、天士力医药集团战略公益支持的"肝领未来攀峰对话——党建结 对共建暨西部脂肪肝研究与临床实践新视野系列巡讲活动"，已在甘肃多地成功举办9场学术交流及义诊活动，线上线下累计吸引3800人次参与。 活动以党建结对共建为纽带，兰州大学第一医院西站院区副院长、直属党支部书记魏红斌与多家基层医院签订共建协议，通过"资源共享、注重实效、相互 借鉴、携手共赢"的合作机制，开展专科共建、人才共培、资源共享、管理共促、文化共育，搭建活动平台、分享工作资源、交流工作经验、解决实际问 题，推动双方医院（党支部）党建与事业发展良性互动，切实提升基层服务群众健康的能力水平。针对基层医院脂肪肝诊疗经验不足的痛点，巡讲团队整合 消化、内分泌、普外、营养、影像等多学科资源，打破科室壁垒，形成标准化诊疗流程；同时通过义诊活动直接服务患者，有效提升基层早期筛查与干预能 力，搭建起跨区域协作平台。 巡讲期间，数十名来自全国三甲医院的脂肪肝领域知名专家到会指导，围绕《代谢相关（非酒精性）脂肪性肝病防治指南（2024年版）》解读、"脂肪肝的 诊疗进展"" ...

证券代码：600535 证券简称：天士力 编号：临2025-079号 天士力医药集团股份有限公司 2025年第六次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025年12月26日 (二)股东会召开的地点：天士力医药集团股份有限公司会议室 (一)非累积投票议案 1、议案名称：《关于取消监事会并修订〈公司章程〉的议案》 审议结果：通过 表决情况： ■ (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议采取现场投票与网络投票相结合的方式召开及表决。会议由公司董事会召集，根据《公司章 程》有关规定，由董事长周辉女士现场主持本次会议。会议的召集、召开符合有关法律、法规、规章和 《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、议案审议情况 2.00、议案名称：逐项审议《关于修订及制定部分公司治理 ...

Core Insights - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on "New Starting Point, New Momentum, New Journey," gathering leaders and guests from various sectors including regulatory bodies, industry associations, financial institutions, and media [1] - The 14th "Golden Wisdom Award" results were announced, with Tianshili winning the "Excellence Award in the Pharmaceutical and Biological Industry" [2] Group 1: Award Significance - The "Golden Wisdom Award" aims to establish benchmarks for high-quality development, guiding listed companies to focus on their core businesses, innovate continuously, and fulfill social responsibilities [3] - The award reflects the industry's recognition of Tianshili's core competitiveness and high-quality development achievements, emphasizing its commitment to innovation and industry leadership [4] Group 2: Financial Performance - In the first three quarters of 2025, Tianshili achieved pharmaceutical industrial revenue of 5.709 billion yuan, maintaining a steady growth trend [4] - The net profit attributable to shareholders reached 984 million yuan, representing a year-on-year increase of 16.88%, indicating a steady improvement in profitability [4] Group 3: Innovation and R&D - Tianshili's innovation is a core driver of its high-quality development, with a dual-engine R&D system for innovative traditional Chinese medicine and biopharmaceuticals now entering a phase of significant results [4] - The company has 31 innovative drugs in its pipeline, with nearly 20 traditional Chinese medicines in late clinical stages, showcasing its long-term innovation potential [5] Group 4: Future Outlook - The award signifies industry confidence in Tianshili's "dual-engine" innovation strategy and future growth prospects [6] - Tianshili plans to deepen its investment in innovation, accelerate the conversion of pipeline results, and optimize its core business layout to contribute to public health and the upgrade of the biopharmaceutical industry [6]

Core Viewpoint - The "Qihang·2025 Financial Summit" held in Beijing recognized Tianjin Tianshili as the winner of the "Excellence Award in the Pharmaceutical and Biological Industry," highlighting its achievements in high-quality development and innovation in the pharmaceutical sector [1][4]. Group 1: Award and Recognition - The "Jinzhi Award" aims to set benchmarks for high-quality development, guiding listed companies to focus on their core businesses and innovate continuously [3]. - The award recognizes companies that lead high-quality development in the pharmaceutical and biological industry, emphasizing innovation, clinical value transformation, and health security [3][4]. - Tianjin Tianshili's receipt of the award reflects industry acknowledgment of its core competitiveness and high-quality development results [4][6]. Group 2: Financial Performance - In the first three quarters of 2025, Tianjin Tianshili achieved pharmaceutical industrial revenue of 5.709 billion yuan, maintaining a steady growth trend [4]. - The net profit attributable to shareholders reached 984 million yuan, representing a year-on-year increase of 16.88%, indicating improved profitability [4]. Group 3: Innovation and R&D - Innovation is the core driving force behind Tianjin Tianshili's high-quality development, with a focus on building a dual-engine R&D system for innovative traditional Chinese medicine and biopharmaceuticals [4][5]. - The company has 31 innovative drugs in its pipeline, with nearly 20 traditional Chinese medicines in late clinical stages, showcasing its long-term innovation potential [5]. - Key products include a PD-L1/VEGF dual antibody that is undergoing clinical trials, which may lead to breakthroughs in cancer treatment [5]. Group 4: Future Outlook - The award serves as a recognition of past achievements and reinforces confidence in Tianjin Tianshili's dual-engine innovation strategy and future growth prospects [6]. - The company plans to deepen investment in innovation, accelerate the conversion of pipeline results, and optimize its core business layout to contribute to public health and the upgrade of the biopharmaceutical industry [6].

证券代码：600535 证券简称：天士力 编号：临 2025-080 号 天士力医药集团股份有限公司 关于变更公司电子邮箱的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 天士力医药集团股份有限公司（以下简称"公司"）根据实际工作需要，对公 司电子邮箱进行变更，具体情况如下： 变更前的公司电子邮箱：stock@tasly.com 变更后的公司电子邮箱：stock@taslypharma.com 除上述变更外，公司办公地址、联系电话等其他联系方式保持不变。变更后的 电子邮箱自本公告披露之日起正式启用，原邮箱地址同步停用，敬请广大投资者注 意。由此给投资者带来的不便，敬请谅解。欢迎广大投资者通过新的电子邮箱与公 司沟通交流。 特此公告。 天士力医药集团股份有限公司董事会 2025 年 12 月 27 日 1 ...

内蒙古建中律师事务所 关于天士力医药集团股份有限公司 2025 年第六次临时股东会的法律意见书 2025 内建中券意字第 28 号 致：天士力医药集团股份有限公司 内蒙古建中律师事务所（以下称"本所"）受天士力医药集团股份有限公司 （以下称"贵公司"或"公司"）的委托，指派本所执业律师刘弘、张辛羽（以 下称"本所经办律师"）出席了贵公司 2025 年第六次临时股东会（以下称"本 次股东会"），并根据《中华人民共和国证券法》（以下称"《证券法》"）、 《中华人民共和国公司法》（以下称"《公司法》"）和中国证监会《上市公司 股东会规则》（以下称"《股东会规则》"）等法律、法规和规范性文件以及《天 士力医药集团股份有限公司章程》（以下称"《章程》"）的规定，就本次股东 会的召集、召开程序、出席会议人员资格以及表决程序和表决结果的合法有效性 出具本法律意见书。 为出具本法律意见书，本所经办律师已对本次股东会所涉及的有关事项及文 件资料进行了必要的核查和验证，且贵公司已对前述资料的真实性和准确性向本 所作了保证。 本法律意见书仅供贵公司为本次股东会的适当目的使用，不得被任何人用于 其他任何目的。 本所同意贵公司将本法律 ...