Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of January 19, 2026 [1] Core Insights - 2025 marked a significant year for Chinese innovative drugs going global, with a total transaction amount of $135.655 billion, including $7 billion in upfront payments and 157 deals, setting historical highs. The trend continues into 2026, with notable licensing agreements from companies like Yilian Biotech and Rongchang Biotech, indicating strong global competitiveness for Chinese innovative drugs [2] - Major companies are increasingly investing in the small nucleic acid field, with significant acquisitions and clinical approvals. For instance, China National Pharmaceutical Group acquired Hangzhou Hejiya Biopharmaceutical for 1.2 billion RMB, while international firms like Novartis and GSK are also advancing in this area [3] - The GLP-1 market is expected to grow despite new pricing systems, with ongoing collaborations and new product launches anticipated in 2026. The market for GLP-1 drugs is projected to remain robust due to the large patient population for weight loss and diabetes [4] - The oral autoimmune drug market is gaining attention, with promising results from Takeda's new TYK2 inhibitor for psoriasis. Other domestic companies are also advancing in this space, exploring new targets for oral small molecules [5] - The brain-computer interface sector is poised for industrialization, with companies like Neuralink set to produce devices in 2026. Domestic advancements and regulatory support are enhancing the potential for this technology in medical applications [6] - The ZAP-X radiation therapy device is expected to capture a significant market share in China, with rapid growth projected in non-invasive tumor radiation treatment, driven by increasing clinical recognition and adoption [8] Summary by Sections Industry Trends - The pharmaceutical sector is witnessing a resurgence in interest towards innovative drugs, with a notable increase in the innovative drug index by 8.97% since early January 2026, outperforming the CSI 300 index by 6.77 percentage points [2] Company Recommendations - Recommended companies include: - **Yuekang Pharmaceutical** and **Sunshine Nuohua** in the small nucleic acid space - **Yahong Pharmaceutical** and **Yifang Biotechnology** in the autoimmune sector - **Zhongsheng Pharmaceutical** in the GLP-1 market - **Baiyang Pharmaceutical** for ZAP-X radiation therapy - **Meihao Medical** for brain-computer interface technology [10] Market Opportunities - The non-invasive tumor radiation treatment market is projected to grow from 27.2 billion RMB in 2018 to 59.4 billion RMB by 2024, with a compound annual growth rate of 13.9% [8]

2026年1月16日，有一条金融消息安安静静地冒了出来，却在圈子里掀起不小的涟漪中国人民银行和加拿大银行再一次签了双边本币互换协议，额度是2000 亿元人民币，五年有效。这已经是两国第三次达成这种合作，而距离上一次，整整过去了五年。这条消息落地后，从金融圈到外贸圈都有人在讨论。说实 话，一开始我也只是刚扫到这则公告，但越琢磨越觉得里面的细节挺有意思的。 本币互换的意思，其实就是两国央行给企业开了张"可以直接刷对方钱"的信用卡。以前，中加的公司做生意，先得把人民币拆成美元，再换成加元，中间还 要交一笔手续费。更麻烦的是，汇率一波动，成本就跟着飘。现在好了，有了这个协议，结算用本币就行，钱能省一点，心也能安一些。我脑子里闪过一个 画面：阳光下港口的集装箱一排排堆着，工人用手抹汗，那种轻松的感觉在这一刻变得真实。 它不仅仅是省钱的事，还相当于装了一个金融"安全阀"。国际市场要是忽然抽风，两边的央行能用这个协议互给对方的货币流动性，帮企业顶住压力，避免 资金链断掉。从农产品、能源，到制造业，中加都是一路的搭档，这样的通道打开了，很多阻碍就会自然消散。想象一下冬天港口上一船船小麦靠岸，那暖 黄色的麦子堆在仓库里，空气里 ...

截至10月31日，老百姓股东户数6.37万，较上期增加1.94%；人均流通股11921股，较上期减少1.90%。 2025年1月-9月，老百姓实现营业收入160.70亿元，同比减少1.00%；归母净利润5.29亿元，同比减少 16.11%。 分红方面，老百姓A股上市后累计派现21.75亿元。近三年，累计派现10.97亿元。 机构持仓方面，截止2025年9月30日，老百姓十大流通股东中，香港中央结算有限公司位居第五大流通 股东，持股775.58万股，相比上期减少732.46万股。南方中证1000ETF（512100）位居第七大流通股 东，持股347.44万股，相比上期减少4.89万股。国泰医药健康股票A（009805）位居第十大流通股东， 持股226.18万股，相比上期减少2.79万股。 老百姓今年以来股价涨6.62%，近5个交易日涨2.94%，近20日涨4.37%，近60日跌5.05%。 资料显示，老百姓大药房连锁股份有限公司位于湖南省长沙市开福区青竹湖路808号，成立日期2005年 12月1日，上市日期2015年4月23日，公司主营业务涉及药品及健康相关商品的零售连锁业务。主营业务 收入构成为：中西成药80 ...

截至10月31日，老百姓股东户数6.37万，较上期增加1.94%；人均流通股11921股，较上期减少1.90%。 2025年1月-9月，老百姓实现营业收入160.70亿元，同比减少1.00%；归母净利润5.29亿元，同比减少 16.11%。 分红方面，老百姓A股上市后累计派现21.75亿元。近三年，累计派现10.97亿元。 1月15日，老百姓涨0.50%，成交额3.62亿元。两融数据显示，当日老百姓获融资买入额3283.17万元， 融资偿还3526.65万元，融资净买入-243.48万元。截至1月15日，老百姓融资融券余额合计4.57亿元。 融资方面，老百姓当日融资买入3283.17万元。当前融资余额4.54亿元，占流通市值的3.72%，融资余额 低于近一年20%分位水平，处于低位。 融券方面，老百姓1月15日融券偿还700.00股，融券卖出6.15万股，按当日收盘价计算，卖出金额99.08 万元；融券余量12.95万股，融券余额208.62万元，超过近一年50%分位水平，处于较高位。 资料显示，老百姓大药房连锁股份有限公司位于湖南省长沙市开福区青竹湖路808号，成立日期2005年 12月1日，上市日期201 ...

另一边，很多城市的房价还在跌，尤其是三四线和部分二线城市，二手房一挂好几个月没人问。 最近几年，很多人在房子这个问题上，有很大争议！ 一边是政策"拼命托市"：限购松绑、首付降到一成多、房贷利率历史低位、契税和增值税能减就减，政 府工作报告里直接喊出"稳住楼市""止跌回稳"，对刚需和改善客来说，确实是史上很友好的购房窗口 期。 有的地方老破小、远郊盘价格直接回到七八年前，很多人一算账，发现"卖也卖不掉、租也租不出去， 还得交物业费和取暖费"，心里很慌。 于是，同一个问题就经常被提起： "今明这两年，老百姓到底应该是买房，还是卖房？" 这三种人，今明两年更适合"买房" 先帮你判断：你是不是属于"更适合买房"的那一拨。 1）真正的刚需：结婚、生子、落户、孩子上学，都是实打实的居住需求 如果你买房，是因为：要结婚，对方家庭或丈母娘有明确要求； 孩子马上要上学，必须有房子才能落户、上学；现在的房子太小、太老、环境太差，实在住不下去；那 你就别纠结太多，这一类就是最典型的刚需。 现在，对刚需其实是非常友好的：首付比例和房贷利率都处在历史低位；很多城市契税、增值税都有减 免；部分地区还有购房补贴、人才补贴等政策叠加。 只要 ...

Core Viewpoint - The event emphasizes the importance of "investing in people" as a direct way to improve microeconomic conditions, with three main strategies proposed to enhance consumer spending [1][6]. Group 1: Strategies for Consumer Spending - The first strategy is to increase disposable income for citizens through enhanced transfer payments, particularly targeted subsidies for specific groups [3][8]. - The second strategy involves improving public services to encourage consumer confidence, addressing disparities not only between urban and rural areas but also across different industries and income levels [3][8]. - The third strategy focuses on increasing investment in consumer infrastructure and expanding the supply of services to create new consumption scenarios, exemplified by the transformation of the Liangma River area in Beijing, which has generated approximately 8 billion in economic revenue annually [3][8]. Group 2: Economic Reforms - The first arrow of economic reform is aimed at demand-side changes, while the second arrow targets supply-side reforms [3][8]. - A policy change is expected to gradually eliminate export tax rebates for batteries, particularly in the photovoltaic sector, starting April 1. This is seen as a move to allow successful companies to retain profits domestically, which can then be reinvested into the economy and increase household consumption [3][8]. - The third arrow pertains to the transformation of the real estate sector, which has been in a downward cycle since 2021, with second-tier cities experiencing declines since 2018. This adjustment period is viewed as a complete cycle in the international context [3][8]. Group 3: Real Estate Market Insights - Some emerging second-tier cities are showing signs of stabilization, with Urumqi reporting a capital return rate of 4%. As rental yields and mortgage rates rise, a stabilization in the real estate market is anticipated, marking a significant transition for the Chinese economy [4][9].

Market Overview - The pharmaceutical commercial sector experienced a decline of 2.19% on January 15, with Huaren Health leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Individual Stock Performance - Notable gainers included: - RunDa Medical (603108) with a closing price of 20.04, up 1.83% and a trading volume of 700,800 shares [1] - LiuYao Group (603368) closed at 18.58, up 0.60% with a trading volume of 79,700 shares [1] - LaoBaiXing (603883) closed at 16.11, up 0.50% with a trading volume of 226,200 shares [1] - Significant decliners included: - Huaren Health (301408) closed at 23.81, down 19.99% with a trading volume of 491,100 shares [2] - ShangYu PingMin (301017) closed at 18.50, down 13.75% with a trading volume of 373,900 shares [2] - YaoYiGou (300937) closed at 37.40, down 11.79% with a trading volume of 121,400 shares [2] Capital Flow Analysis - The pharmaceutical commercial sector saw a net outflow of 990 million yuan from institutional investors, while retail investors had a net inflow of 977 million yuan [2] - The table of capital flow indicates that: - LaoBaiXing (603883) had a net inflow of 46.10 million yuan from institutional investors [3] - JiuZhouTong (600998) had a net inflow of 40.43 million yuan from institutional investors [3] - RunDa Medical (603108) had a net inflow of 37.80 million yuan from institutional investors [3]

大家都问一个问题，经过了好几年在3000点上下徘徊，中国的股市终于涨起来了，什么原因呢？ 第一个原因是经济周期到了。因为这个是在2024年以前，我在一些论坛和一些文章当中都谈到了，根据 康波周期，2025年是新的康波周期的起点，它的引擎行业应该是新能源，也就是汽车而且现在看来确实 是这样，2025年我们国家汽车的产销量是世界第一位，超过了日本，而且我们现在新能源汽车未来不仅 是中国新一轮经济周期的引擎，而且还会深刻地改变我们的工作和生活。是第一点，它从3000点起来。 专题：新浪财经2025年会暨第18届金麒麟论坛 "新浪财经2025年会暨第18届金麒麟论坛"于2026年1月15日在北京举办，本次会议的主题是"十五五开 局，经济新启航——重塑增长范式，共创未来繁荣"。中央财经大学中国企业研究中心研究员刘姝威出 席并演讲。 以下为演讲实录： 很高兴有这样一个机会和大家做交流。前面晓求教授和贺强教授都谈了中国的股市，这个方面二位教授 是专家，但是这个是与我下面讨论的问题是相关的，我也发表一下我的看法。 第二，我们的反腐败。因为这个反腐败改善了我们国家企业的营商环境。我们注意到，2025年春节有一 个帖子，算是我的 ...

Group 1 - The core theme of the "2025 Sina Finance Annual Conference and the 18th Golden Unicorn Forum" is "Fifteen Five Opening, Economic New Voyage - Reshaping Growth Paradigms, Co-creating Future Prosperity" [1][12] - Li Ling, a prominent figure in the economic committee, emphasized that China is currently the world's strongest industrialized nation and has made significant progress in healthcare reform [3][14] - The total national health expenditure for 2024 is preliminarily estimated at 90,895.5 billion yuan, with government health spending at 24.9%, social health spending at 47.6%, and personal health spending at 27.5% [3][14] Group 2 - The aging population presents a significant challenge, necessitating a shift from treating diseases to preventing them [6][17] - The "Healthy China" national strategy is prioritized as it signifies the modernization of socialism, focusing on health rather than illness [7][18] - The government is integrating health into all policies, addressing various factors affecting health, including lifestyle, environment, and healthcare systems [7][18] Group 3 - The healthcare system is transitioning to a more integrated model, promoting a "health community" approach where hospitals work collaboratively rather than independently [7][19] - The "Sanming Model" is being promoted nationwide within four years, incentivizing healthcare providers to focus on disease prevention [7][19] - The aging population also presents opportunities for a new "health+" development paradigm, merging healthcare, wellness, and technology into a large health industry [8][19] Group 4 - The future health model includes a personal health code system managed by AI, ensuring comprehensive health management throughout an individual's life [10][21] - The "Healthy China" initiative is seen as a new development model and a significant contribution to global health, leveraging China's historical wisdom and modern technology [10][21] - The challenges faced by the U.S. in healthcare present an opportunity for China to lead in health solutions, integrating various advantages to contribute to global health [10][22]

在"药店+"方向，则是在老百姓标准加盟门店中，筛选合适的门店进行空间调改与布局优化，引入知名 便利店品牌的商品资源与运营经验，丰富便利食品、日用品等多元品类，叠加便民服务功能，将传统药 店升级为社区健康生活中心。此举不仅能拓展门店的收入来源，更能提升门店坪效与客户复购率，强化 社区消费场景的粘性。 从单一药房到多元生态，从跨界试点到全域模型，老百姓大药房正以创新思维打破行业边界，重构医药 零售的消费场景与服务模式。未来，随着"双轨'药店+'全域融合模型"的持续落地与优化，以及更多优 质合作伙伴的加入，老百姓大药房有望进一步巩固行业领先地位，为消费者带来更便捷、更全面、更具 温度的健康生活服务，引领医药零售行业迈入多元化发展的全新阶段。 老百姓大药房相关负责人表示，选择与7-11、美宜佳等知名连锁品牌合作，核心是基于"十五分钟便民 生活圈"的建设目标，实现双方资源优势的深度互补与协同增效。一方面，老百姓大药房在医药健康领 域的专业资源的产品储备，能为便利店带来稳定的健康消费需求，丰富其服务场景与盈利增长点；另一 方面，便利店高频次的消费客流与年轻化的客群结构，也能为药店注入新鲜活力，助力打破传统药店的 刻板形象 ...