Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [4][8]. Core Viewpoints - The report continues to recommend the innovative pharmaceutical and medical device industry chain, highlighting a selection of A-share and H-share stocks with an "Overweight" rating [2][8][11]. - The performance of the pharmaceutical sector in December 2025 was weaker than the broader market, with the SW Pharmaceutical Biotechnology index declining by 4.1% compared to a 2.1% increase in the Shanghai Composite Index [18][30]. - The report notes that the premium level of the pharmaceutical sector relative to the entire A-share market is currently at a normal level, with a relative premium rate of 63.2% as of December 31, 2025 [29][32]. Summary by Sections A-Share Recommendations - The report lists the following A-share stocks with an "Overweight" rating: - 恒瑞医药 (Hengrui Medicine) - 科伦药业 (Kelun Pharmaceutical) - 华东医药 (East China Pharmaceutical) - 恩华药业 (Enhua Pharmaceutical) - 特宝生物 (Tebao Biological) - 京新药业 (Jingxin Pharmaceutical) - 益方生物 (Yifang Biological) - 药明康德 (WuXi AppTec) - 泰格医药 (Tigermed) - 乐普医疗 (Lepu Medical) - 联影医疗 (United Imaging) - 微电生理 (Microelectrophysiology) [8][9]. H-Share Recommendations - The report maintains an "Overweight" rating for the following H-share stocks: - 翰森制药 (Hansoh Pharmaceutical) - 三生制药 (3SBio) - 科伦博泰生物 (Kelun-Botai Biological) - 康方生物 (CanSino Biologics) - 映恩生物 (InnoCare Pharma) - 百济神州 (BeiGene) [11][12]. Performance Analysis - The report indicates that the 国泰海通医药 monthly portfolio outperformed the pharmaceutical index in December 2025, with an average decline of 1.8% compared to a 3.9% decline in the overall pharmaceutical index [14][15]. - The report highlights the best-performing stocks in December 2025, with 泰格医药 (Tigermed) increasing by 11.2%, 特宝生物 (Tebao Biological) by 7.5%, and 惠泰医疗 (Huitai Medical) by 3.9% [15][18].

你说奇怪不奇怪，2025年A股市场上，白酒和医药这对"难兄难弟"表现都挺让人挠头。 可就在大伙儿觉得这俩板块都蔫儿了的时候，医药公司的老板们却偷偷干了一件白酒老板们不太乐意干的事——砸重金回购自己家的股票，而且买回来就直 接"销毁"，再也不放出来了。 光是龙头就有38家参与了这场"烧钱游戏"，其中6家砸的钱超过5个亿，最狠的一家一下就是10个亿。 这可不是闹着玩的，这是真金白银往里扔，连眼睛都 不带眨的。 | 回购方案首次披露日 | 2025/8/21 | | --- | --- | | 回购方案实施期限 | 2025年8月20日~2026年8月19日 | | 预计回购全额 | 100,000万元~200,000万元 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 791.88万股 | | 累计已回购股数占总股本比例 | 0.12% STORE AND S | | 累计已回购金额 | 53,542.78万元 | 看看这阵仗，2025年整整一年，A股医药圈里就没消停过。 药明康德，行业里数一 ...

A/H股CXO板块在连续三年估值下修后，于2025年出现"基本面修复先于预期"的迹象。以龙头为例，药 明康德（603259.SH）2025年前三季度实现营业收入328.57亿元，同比增长18.61%；归母净利润120.76 亿元，同比增长84.84%。订单端，截至2025年9月末，公司持续经营业务在手订单598.80亿元，同比增 长37.2%。 不过，复苏并不均衡——临床CRO板块仍处"量在修复、价与利滞后"的阶段，行业复苏呈现分化。券商 研报所强调的"合规成本"与"需求弹性"双线博弈，在2026年将更具现实压力。前者来自美国采购与资金 规则的制度化落地，后者取决于全球创新药项目推进是否真正转化为可确认的外包收入。 订单如何兑现 需求端方面，全球制药研发投入仍保持刚性增长，但结构性波动体现在创新药初创企业的周期起伏。 IQVIA报告显示，2023年全球临床试验启动数量同比减少15%，2024年则小幅回升约9%，表明经历疫情 和资本寒冬后，新项目推进正在缓慢重启。 对CXO而言，"签单回暖"并不自动等于"当期放量"。业务模式决定了订单兑现具有天然滞后：CRO项目 常见里程碑制与FTE（月工时制）并存，不同模式下 ...

内容概况：健康服务业市场主体的核心使命在于构建优良的组织环境，通过提供安全、有效、便捷且可 负担的基本医疗与公共卫生服务，全面满足居民各类明确及潜在的健康需求。随着社会进步与生活水平 的整体提升，以及人类生活方式的深刻变革，市场对健康相关产品与服务的总需求正在急剧扩大。以生 物技术和生命科学为引领，覆盖医疗卫生、营养保健、健身休闲等多维功能的健康产业，已成为二十一 世纪推动全球经济发展与社会进步的关键力量。近年来，在行业多项促进政策持续出台、标准体系日臻 完善，以及产业自身发展能力不断增强的共同驱动下，中国健康服务业实现了快速发展，展现出规模持 续扩张、结构不断优化、创新产品与服务层出不穷的蓬勃局面。数据显示，中国健康服务行业市场规模 从2018年的6.37万亿元增长至2024年的9.55万亿元，年复合增长率为6.98%。《"健康中国2030"规划纲 要》提出，2030年中国健康服务业总规模将达16万亿元，行业发展空间巨大。 相关上市企业：美年健康（002044）、通策医疗（600763）、瑞慈医疗（01526）、迈瑞医疗 （300760）、鱼跃医疗（002223）、英科医疗（300677）、晶泰控股（022 ...

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 ...