证券之星消息，2月2日医药商业板块较上一交易日下跌2.02%，大参林领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。医药商业板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 603939 | 益丰药房 | | 5227.32万 | 11.07% | 937.86万 | 1.99% | -6165.18万 | -13.06% | | 600713 | 南京医药 | | 779.03万 | 7.52% | 393.25万 | 3.79% | -1172.29万 | -11.31% | | 301408 | 华人健康 | | 705.25万 | 1.86% | 307.51万 | 0.81% | -- - 1012.76万 | -2.67% | | 600538 | ■发股份 | | 597.66万 | 5.52% | -144 ...

转自：前瞻产业研究院 本文核心数据：连锁药店产业链、产业链全景图、代表性企业区域分布 连锁药店行业产业链全景梳理 连锁药店产业链上游主要为制造企业、医疗器械生产企业、保健品生产企业以及医药物流供应商等;中游 为连锁药店;连锁药店下游主要为线下客户和线上客户，线上客户通过医药电商平台、药店APP等需求获 得。 以下数据及分析来自于前瞻产业研究院连锁药店行业研究小组发布的《中国仿制药行业发展前景与投资战 略规划分析报告》。 连锁药店行业主要上市公司：大参林（维权）(603233);益丰药房(603939);老百姓(603883);一心堂(002727); 人民同泰(600829);国药控股(01099.HK);健之佳(605266);漱玉平民(301017);同仁堂(600085)等 连锁药店行业产业链区域热力地图 从区域分布看，上游医药、医疗器械、保健品等供应商主要分布于北京、江苏、湖北、湖南等省市;中国 连锁药店经营企业主要分布在湖南、云南、广东、上海等省市，例如湖南拥有益丰药房、老百姓;云南拥 有一心堂和健之佳。 连锁药店上游供应商有复星医药等药品供应商、鱼跃医疗等医疗器械供应商、汤臣倍健等保健品供应商、 ...

本报（chinatimes.net.cn）记者于娜 北京报道 A股医药商业板块在1月23日那天的全线飘红，至今仍让投资者们记忆犹新。32只成分股中30家同步走 高，板块单日涨幅达3%，在这一波久违的反弹行情背后是商务部等九部门近日印发的《关于促进药品 零售行业高质量发展的意见》，为当前近70万家深陷调整期的药房注入了关键强心剂。 当前医药零售行业正处于不断加剧的扩张后遗症之中，2024年起闭店潮在国内市场蔓延，截至2025年三 季度末，全国药店数量已连续四个季度环比负增长，单季净关店8800家，CR10市占率升至29.8%，头部 与中小门店分化加剧，行业出清进入快车道。 这份药品零售行业新政精准呼应行业痛点，从并购资质衔接优化、健康服务转型引导双向发力，叠加头 部连锁业绩回暖信号，有望推动行业从被动闭店转向主动整合，而近期板块行情的震荡分化，正是行业 格局重塑在资本市场显现端倪。 "关店潮"倒逼转型 "九部门新政为行业定调，本质是给无序扩张后的洗牌按下'规范键'，也让过去的规模竞赛模式彻底落 幕。"医健管理咨询合伙人曹宁向《华夏时报》记者表示，此前行业粗放增长早已难以为继，这在近两 年的关店潮中持续凸显。 与 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [3] Core Insights - The recent policy released by the Ministry of Commerce and eight other departments aims to promote high-quality development in the pharmaceutical retail industry, which is expected to accelerate industry consolidation and benefit leading companies [6][28] - The pharmaceutical retail sector is anticipated to see improved performance expectations due to favorable policies, with a recommendation to focus on quality pharmacy enterprises such as Yifeng Pharmacy and Dazhenglin [6][33] Market Performance - The pharmaceutical and biotechnology index decreased by 0.39% this week, outperforming the CSI 300 index by 0.23 percentage points, ranking 27th in industry performance [11] - Year-to-date, the pharmaceutical and biotechnology index has increased by 6.66%, outperforming the CSI 300 index by 5.1 percentage points, ranking 16th [11] - The best-performing sub-sector this week was pharmaceutical commerce, which rose by 4.26%, while chemical pharmaceuticals fell by 1.11% [17] Stock Performance - Among 478 pharmaceutical and biotechnology stocks, 338 stocks increased, representing 70.71% of the total [22] - The top five A-share stocks by performance this week were: *ST Changyao (+70.37%), Hualan Biological Engineering (+32.21%), Kangzhong Medical (+25.47%), Hanshang Group (+20.06%), and Wanze Shares (+19.04%) [22] - In the Hong Kong market, 116 pharmaceutical and biotechnology stocks saw 32 stocks rise, accounting for 27.59% [25] Industry News and Policies - The Ministry of Commerce and other departments released an opinion on promoting high-quality development in the pharmaceutical retail industry, proposing 18 specific measures to enhance service quality and optimize industry structure [28] - The FDA granted fast-track designation to CM336, a dual antibody developed by Kangnuo, for the treatment of autoimmune hemolytic anemia and immune thrombocytopenia [31] Recommendations - The report suggests focusing on quality pharmacy enterprises in light of the favorable policies for the pharmaceutical retail sector [33] - It also highlights the potential for vaccine companies in response to the recent Nipah virus cases in India, recommending attention to companies like Zhifei Biological, Kangtai Biological, Watson Bio, and CanSino [34]

Group 1 - The core viewpoint is that innovative drugs are expected to show significant excess returns in 2025, driven by continuous BD overseas expansion, excellent clinical data, and policy support [1] - The CXO sector is anticipated to experience substantial growth due to the recovery in demand and improved investment environment in the global pharmaceutical industry [1] - The report emphasizes the importance of focusing on new technologies, particularly bispecific antibodies, small nucleic acid drugs, AI healthcare, and brain-computer interface innovations [3] Group 2 - Domestic supply and demand are relatively stable, with national health expenditure showing a year-on-year growth of 4.7% from January to November 2025, marking a positive turnaround after two years of decline [2] - The medical insurance fund's income and expenditure growth rates continue to decline, with total income of 2.63 trillion yuan (+2.9%) and expenditure of 2.11 trillion yuan (+0.5%) from January to November [2] - The report suggests that the commercialization of new drug forms is entering a critical phase, with significant clinical data supporting the application of B-cell depletion therapies in autoimmune diseases [3] Group 3 - Investment recommendations include focusing on innovative overseas expansion and new technology directions, with suggested stocks such as Mindray Medical, WuXi AppTec, and others [4] - The report highlights the potential for explosive growth in the global market for brain-computer interfaces, supported by policy incentives and technological breakthroughs [3]

Core Viewpoint - The joint issuance of the "Opinions on Promoting High-Quality Development of the Pharmaceutical Retail Industry" by nine departments aims to enhance the industry through 18 measures focusing on mergers and acquisitions, service transformation, and regulatory optimization [1] Group 1: Industry Impact - The "Opinions" are expected to accelerate the outflow of hospital prescriptions, contributing to growth in the pharmaceutical retail sector [1] - The document encourages horizontal mergers and acquisitions among retail pharmaceutical companies, aiming to optimize the business environment and streamline the licensing process for integrated stores [1][2] - The number of pharmacies in China is projected to decline, with a total of 686,426 stores by the end of Q3 2025, marking a reduction of nearly 20,000 stores since Q4 2024 [2] Group 2: Market Opportunities - The rapid exit of small and medium-sized pharmacies creates market opportunities for leading companies to consolidate and expand their market share through mergers and acquisitions [2] - The "Opinions" promote the transformation of pharmacies from mere sales points to health service hubs, providing new growth avenues for listed pharmacies facing revenue stagnation [2] Group 3: Compliance and Management - Regulatory changes are pushing for a shift towards digital and preventive oversight, enhancing compliance advantages for listed pharmacies compared to smaller competitors [3] - Companies like Yifeng Pharmacy have demonstrated significant profit growth through refined management and compliance, with a 10.27% increase in net profit year-on-year for the first three quarters of 2025 [3] - The core competitiveness of retail pharmacies is increasingly seen in their professional capabilities, with companies developing comprehensive pharmaceutical service systems [3][4]

市场分析人士指出，上海医药、华润医药两者均为大型流通集团，批零一体化已趋于成熟，《意见》支 持跨区域公平竞争，将助推其扩展零售端，营收规模或显著增长。九州通在批零一体方面已有较深厚积 累，政策将强化其供应链优势，参与集采有望进一步降低采购成本，提升毛利率。 具体举措包括，鼓励药品零售企业依法开展横向并购与重组，鼓励各地优化营商环境，对于被整合的连 锁或单体药店，优化《药品经营许可证》申请核发流程。涉及医保资质变更的，允许原医保资质继续存 续和使用，新医保资质正式开通后，注销原医保资质。 此外，鼓励药品批发企业依法通过兼并重组整合供应链与零售终端，推动批零一体化发展，实现仓储物 流资源共用、质量管理体系协同及全流程信息追溯，提升供应链效率，有效降低运营成本。 市场普遍认为，这一医药流通行业的指导性政策意见将进一步推动并购重组，提升行业集中度，与此同 时，批零一体化、药房作为"健康服务枢纽"新定位，以及供应链优化等将降低流通环节成本，推动相关 上市公司从"药品销售"向"综合服务"转型。 截至1月23日收市，当天涨幅居前公司中，益丰药房（上涨10.02%）、大参林（上涨6.88%）均为连锁 药房门店数量领先的行业龙 ...

证券之星消息，1月23日医药商业板块较上一交易日上涨3.69%，益丰药房领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。医药商业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603939 | 益丰药房 | 24.81 | 10.02% | 28.43万 | 7.03亿 | | 603233 | 大参林 | 21.27 | 6.88% | 21.14万 | 4.51亿 | | 600829 | 人民同泰 | 12.04 | 6.08% | 53.18万 | 6.49亿 | | 603883 | 老百姓 | 16.44 | 5.93% | 51.90万 | 8.43亿 | | 603108 | 润达医疗 | 17.72 | 5.48% | 45.16万 | 7.92亿 | | 000078 | 海王生物 | 3.82 | 5.23% | 214.56万 | 8.13亿 | | 002788 | 醫症医药 | 17.61 ...

Core Viewpoint - The A-share market for pharmaceutical retail stocks experienced a collective rise, driven by new government measures aimed at enhancing pharmaceutical services and encouraging retail drug sales [1] Group 1: Market Performance - Pharmaceutical retail stocks such as Renmin Tongtai and Yifeng Pharmacy hit the daily limit up, while Luyuan Pharmaceutical rose over 7%, Daclin increased over 6%, and Jiuzhoutong gained over 5% [1] - Other notable performers included Zhongyao Holdings, Yaoyigou, Haiwang Biological, Hefuchina, and Shuyupingmin, all rising over 4% [1] Group 2: Government Measures - The Ministry of Commerce and nine other departments issued a document proposing improvements in pharmaceutical services, enhancing pharmacy service capabilities, and promoting prescription circulation to improve the purchasing experience [1] - Measures include optimizing outpatient service coordination for designated retail pharmacies and encouraging retail drug companies to participate in centralized drug procurement [1] - The government is promoting horizontal mergers and acquisitions among retail drug companies and encouraging the sale of innovative drugs and reference preparations through retail channels [1] - There is an emphasis on encouraging e-pharmacy platforms to open data interfaces and strengthen the monitoring of price linkages between online and offline drug retail prices and provincial procurement platform prices [1]

Group 1 - The core viewpoint of the article highlights a collective rise in A-share pharmaceutical commercial stocks, driven by government initiatives to enhance pharmaceutical services and retail drug sales [1] - The Ministry of Commerce and nine other departments issued a document proposing measures to improve pharmaceutical services, enhance pharmacy service capabilities, and promote prescription circulation to improve the purchasing experience [1] - The document encourages pharmaceutical retail companies to engage in horizontal mergers and acquisitions, and to innovate in drug sales channels, including the sale of innovative drugs and reference preparations through retail pharmacies [1] Group 2 - Notable stock performances include: - Renmin Tongtai (人民同泰) with a rise of 10.04% and a total market value of 72.43 billion [2] - Yifeng Pharmacy (益丰药房) increasing by 10.02% with a market cap of 301 billion [2] - Luyuan Pharmaceutical (鹭燕医药) up by 7.76% with a market value of 70.13 billion [2] - Dacelin (大参林) rising by 6.63% with a market cap of 242 billion [2] - Jiuzhoutong (九州通) increasing by 5.27% with a market value of 282 billion [2] - Other companies showing significant gains include Zhongyao Holdings (重药控股) up by 4.89%, Yaoyigou (药易购) up by 4.42%, and Haiwang Biological (海王生物) up by 4.41% [2]