Core Viewpoint - The A-share pharmaceutical sector in 2025 exhibits structural differentiation, with innovative drugs and CXO sectors thriving due to overseas demand and business development, while traditional Chinese medicine, medical devices, and pharmaceutical commerce face performance pressures [3][20]. Summary by Category Overall Market Performance - The A-share pharmaceutical and biotechnology sector saw an overall increase of 25.64% from January 1 to December 30, 2025, despite a slight decline in revenue and a stabilization in profits, with total revenue of 18,544.52 billion yuan, down 1.42% year-on-year, and net profit of 1,407.32 billion yuan, down 1.65% year-on-year [4][21]. Innovative Drug Sector - The innovative drug sector was a standout performer in 2025, with the chemical pharmaceutical segment rising by 32.58% and the medical services segment by 32.91% [4][21]. - Companies like BeiGene (百济神州) reported significant growth, achieving revenue of 27.595 billion yuan, a 44.2% increase year-on-year, surpassing the total revenue of 27.21 billion yuan for 2024 [4][22]. Business Development (BD) Trends - The business development landscape for innovative drug companies is evolving, with significant partnerships such as the 11.4 billion USD deal between Innovent Biologics and Takeda, and a 12.5 billion USD collaboration between Hengrui Medicine and GlaxoSmithKline [5][22][24]. - The total value of business development transactions reached approximately 94.158 billion USD in the first three quarters of 2025, significantly exceeding the total for 2024 [25]. CXO Sector Performance - The CXO sector, driven by the demand for innovative drug research, achieved a 32.91% increase in 2025, with total revenue of 1,365.72 billion yuan, up 3.63% year-on-year, and net profit of 209.12 billion yuan, up 36.47% year-on-year [10][27]. - Leading companies like WuXi AppTec (药明康德) and Kanglong Chemical (康龙化成) returned to growth, with WuXi AppTec reporting a revenue increase of 18.61% and net profit growth of 84.84% [28][31]. Traditional Chinese Medicine and Medical Devices - The traditional Chinese medicine sector experienced a modest increase of 6.75% in 2025, with total revenue of 2,590.69 billion yuan, down 4.33% year-on-year, and net profit of 294.99 billion yuan, down 1.53% year-on-year [36]. - The medical device sector reported a revenue of 1,792.10 billion yuan, down 2.24% year-on-year, with notable performance differences among sub-sectors, where companies like Mindray Medical (迈瑞医疗) showed strong overseas revenue growth [33][34].

Group 1 - The report indicates that the "Shenwan Hongyuan Gold Stock Portfolio" reflects the market outlook and style judgment for the upcoming month, showcasing the research team's capabilities and competitiveness in the market [1][11] - The previous portfolio showed a slight increase of 0.14% from December 1 to December 31, 2025, with the A-share portfolio averaging a 0.80% increase, while the Shanghai Composite Index and CSI 300 Index rose by 2.06% and 2.28%, respectively [6][15] - Since the first release of the gold stock portfolio on March 28, 2017, the cumulative increase has reached 401.73%, with the A-share portfolio up by 293.13%, outperforming the Shanghai Composite Index and CSI 300 Index by 271.65 and 260.01 percentage points, respectively [6][15] Group 2 - The strategy judgment for the current period maintains that the conditions supporting the spring market remain unchanged, with liquidity in the stock market being loose and upcoming events likely to boost risk appetite [14] - The report suggests focusing on cyclical Alpha and thematic rotation opportunities, particularly in basic chemicals and non-ferrous metals, as well as sectors like AI, commercial aerospace, and high-dividend strategies [14] - The top recommended stocks include "Iron Triangle" stocks: Hualu Hengsheng, Lingyi Technology, and CIMC Enric (Hong Kong), along with other stocks such as Xingfa Group, TBEA, Chifeng Gold, WuXi AppTec, China National Glass, Ping An Insurance (Hong Kong), and Alibaba-W (Hong Kong) [6][17][18] Group 3 - The report highlights the performance of the top ten gold stocks, with Hualu Hengsheng benefiting from favorable policies in the domestic chemical industry, and Lingyi Technology experiencing high growth in AI and robotics [17][20] - CIMC Enric is positioned to benefit from the shipbuilding cycle and clean energy equipment orders, while Xingfa Group has a solid base in phosphate and specialty chemicals [18][20] - Other notable stocks include WuXi AppTec, which is seeing strong global demand in the CXO industry, and Alibaba-W, which is accelerating its integration from data centers to application layers in AI [18][22]

【#年内近1500家A股公司实施股份回购# 累计金额超1390亿元 美的集团回购额115亿元】智通财经12月 31日电，Choice数据显示，截至发稿，2025年以来，已有1494家上市公司实施股份回购，累计回购金额 为1392.84亿元。从上市公司回购的金额来看，有14家公司回购金额超过10亿元。其中，美的集团回购 额位居榜首，金额达115.45亿元；贵州茅台回购额为59.99亿元位列第二；宁德时代回购额为43.87亿元 位列第三。此外，徐工机械回购额为30.5亿元，牧原股份、中远海控、药明康德回购额均超20亿元，海 康威视、京东方A、顺丰控股、三安光电、三一重工、国泰海通和海尔智家回购额皆超10亿元。(智通 财经) | 证券代码 | 证券简称 | 期间回购数量 | 期间回购金额 | 甲万行业 | | --- | --- | --- | --- | --- | | | | (万股) | (亿元) | | | 000333. SZ | 美的集团 | 15707.08 | 115. 45 | 家用电器 | | 600519. SH | 贵州茅台 | 392. 76 | 59. 99 | 食品饮料 | | 300 ...

Group 1: Core Insights - The report maintains a strong market rating for the pharmaceutical industry, indicating a clear upward trend driven by recovering demand and improved performance in the CXO sector [1][2] - The CXO sector has shown significant stock price increases, with some companies experiencing nearly 100% growth since the beginning of 2025, driven by the innovative drug market and a recovery in orders [3][6] Group 2: CXO Sector Analysis - The CXO sector's overall revenue increased by 11.8% year-on-year in the first three quarters of 2025, with a notable profit increase of 58.1% [13] - External demand for CXO services has rebounded, with significant order growth from leading CDMO companies, indicating a clear recovery trend [22][31] - Internal demand for CXO services has lagged behind external demand, but there are signs of strong growth in domestic innovative drug projects and increased investment in the domestic market [3][22] Group 3: Life Sciences Upstream - The life sciences upstream sector has seen a 37.7% increase in stock prices year-to-date, outperforming the pharmaceutical and biotechnology index by 18% [3] - Revenue for the upstream sector increased by 8.8% year-on-year in the first three quarters of 2025, with net profit rising by 27.7% [3] Group 4: Investment Recommendations - The report suggests a strategic investment focus on companies such as WuXi AppTec, WuXi Biologics, and Tigermed, while also highlighting more flexible investment options like Zhaoyan New Drug and Nossan [3]

沪指12月31日上涨0.09%，申万所属行业中，今日上涨的有15个，涨幅居前的行业为国防军工、传媒， 涨幅分别为2.13%、1.54%。跌幅居前的行业为通信、农林牧渔，跌幅分别为1.35%、1.10%。医药生物 行业今日下跌0.45%。 688759 必贝特-U 3.64 7.15 1449.59 资金面上看，两市主力资金全天净流出322.70亿元，今日有9个行业主力资金净流入，国防军工行业主 力资金净流入规模居首，该行业今日上涨2.13%，全天净流入资金60.58亿元，其次是传媒行业，日涨幅 为1.54%，净流入资金为44.47亿元。 主力资金净流出的行业有22个，电子行业主力资金净流出规模居首，全天净流出资金111.99亿元，其次 是电力设备行业，净流出资金为72.46亿元，净流出资金较多的还有医药生物、汽车、机械设备等行 业。 医药生物行业今日下跌0.45%，全天主力资金净流出35.42亿元，该行业所属的个股共478只，今日上涨 的有178只；下跌的有276只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的个股有156 只，其中，净流入资金超5000万元的有5只，净流入资金居首的是美年健康，今 ...

| 证券代 | 证券简称 | 主力资金净流出 | 主力资金净流出金额 | 主力资金净流出比例 | 累计涨跌幅 | | --- | --- | --- | --- | --- | --- | | 码 | | 天数 | （亿元） | （%） | （%） | | 688795 | 摩尔线 程-U | 14 | 51.42 | 9.35 | -37.53 | | 002837 | 英维克 | 6 | 27.81 | 6.38 | 2.94 | | 000657 | 中钨高新 | 8 | 15.80 | 6.31 | 1.50 | | 600487 | 亨通光电 | 7 | 14.06 | 5.75 | -5.39 | | 603259 | 药明康德 | 8 | 13.34 | 6.19 | -1.98 | | 600309 | 万华化学 | 10 | 13.34 | 6.29 | 3.31 | | 000572 | 海马汽车 | 7 | 12.93 | 8.70 | -12.82 | | 000566 | 海南海药 | 6 | 12.05 | 12.41 | -18.38 | | 601006 | 大秦铁路 | 15 ...

Group 1 - The core point of the news is that WuXi AppTec's stock price increased by 1.47% to 93.25 CNY per share, with a total market capitalization of 278.235 billion CNY as of December 31 [1] - WuXi AppTec, established on December 1, 2000, provides a comprehensive platform for the discovery, development, and manufacturing of small molecule chemical drugs, serving global pharmaceutical companies [1] - The company's revenue composition includes 78.37% from chemical business, 12.93% from testing services, 6.02% from biological services, and 1.90% from other supplementary services [1] Group 2 - According to data, a fund under Guorong Fund holds a significant position in WuXi AppTec, with 5,000 shares representing 3.89% of the fund's net value, making it the sixth-largest holding [2] - The Guorong Rongxin Consumer Select Mixed A fund has a total scale of 10.3913 million CNY and has experienced a loss of 0.4% this year, ranking 7867 out of 8085 in its category [2] - The fund has also incurred a loss of 6.75% since its inception on June 19, 2019 [2]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The report highlights the development of the domestic and international gene testing industry, particularly focusing on the company GenePlus, which is a leading precision medicine company in gene testing [2][11] - The gene testing market is expected to grow significantly, with a compound annual growth rate (CAGR) of 14.8% from 2019 to 2024, reaching a market size of approximately 464 billion yuan by 2024 [22] - GenePlus has established a comprehensive capability from biomarker discovery to commercialization, leveraging its proprietary multi-omics platform and AI technology [2][11] Summary by Sections Market Performance - The pharmaceutical sector underperformed the overall market, with a slight decline of 0.18% in the biopharmaceutical sector, while the A-share market rose by 2.17% [1] Company Overview - GenePlus was founded in 2015 and has raised approximately 1.25 billion yuan through multiple financing rounds, with a post-investment valuation of 4.3 billion yuan after the latest round in November 2025 [2][16] - The company has developed several products, including a gene mutation detection kit for lung cancer, which received regulatory approval in 2019 [28] Financial Performance - In the first half of 2025, GenePlus achieved a revenue of 285 million yuan, representing a year-on-year growth of 12.7%, although it reported a net loss of 414 million yuan [36] - The company's gross margin improved from 42% to 68.5% due to economies of scale in clinical laboratory services [37] Product Pipeline - GenePlus offers three main solutions: precision diagnosis, drug development empowerment, and clinical research and transformation, covering various applications including tumor detection and organ transplant monitoring [18][20] - The company is developing a non-invasive monitoring product for kidney transplant damage, expected to launch in 2025, which shows high sensitivity and specificity [30] Market Trends - The report notes significant international activity in the cancer diagnostics market, with major acquisitions and partnerships indicating a growing interest in gene testing technologies [42] - Regulatory advancements in China for tumor gene testing are anticipated to align more closely with international standards, potentially accelerating product development and approval processes [41]

侯雅楠证券分析师 SAC No：S1150524120001 核心观点 1、药明康德：一体化CRDMO龙头，全球服务高效交付 药明康德为全球医药及生命科学行业提供一体化、端到端的新药研发和生产服务，通过内生+外延不断发展。高管团队在医药行业经验丰富，具有全球视 野，公司持续推出H股奖励信托计划，吸引激励骨干人才。CRDMO一体化发力，2024年营收小幅下滑，25H1表现优异。 2、CXO行业：专业化分工，行业蓬勃发展 药物开发时间久、成本高、成功率低，在专业化分工趋势下，医药研发服务行业应运而生。在我国医药市场需求加速释放、行业精细化专业化分工趋势加 剧和分级诊疗推进的背景下，CRO行业繁荣发展。同时药企对成本控制及效率提升的诉求推动CMO企业向提供定制生产及工艺研发服务的CDMO企业升 级，全球CDMO市场规模稳步提升，我国快速增长。 3、化学业务（WuXi Chemistry）：CRDMO一体化服务，漏斗效应持续引流 WuXi Chemistry提供一体化服务，强资金需求+高客户粘性促进CRDMO一站式服务筑高壁垒。R业务提供一体化研究，研发实力雄厚，不断引流高质量分 子，25Q1-3 D&M管线新增分子 ...

12月30日，药明康德大宗交易成交7.17万股，成交额659.64万元，占当日总成交额的0.23%，成交价92元，较市场收盘价91.9元溢价0.11%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-12-30 | 药明康德 | 603259 | 92 7.17 | 659.64 | 广发评荣降盆冥蟹 | 中国银河证券股准 有限公司使 | ...