伴随着药审改革红利持续释放，在国内工程师红利、丰富临床资源和支持性政策多方支持下，国产创新 药产业正从"追赶"的1.0时代迈向"超越"的2.0时代。数据显示，近年来，在ADC、双/多抗、细胞与基因 治疗等热门技术类型中，中国创新药公司启动的药物临床数量明显增加，中国企业研发项目的数量占比 已超过50%，成为全球研发的主力军。在此背景下，富国基金旗下的聚焦港股医药核心资产的恒生生物 科技ETF富国（基金代码：159132），拟于12月19日结束募集。 本次产品发行的成功，恰逢中国生物医药产业发展的关键机遇期。一方面，"十四五"以来国产创新药研 发成果显著，同时创新药支付体系正从医保单轨制迈向"医保+商保"双轨制新阶段，为行业长期发展打 开了更广阔的市场空间；另一方面，港股医药板块首个股指期货——恒生生物科技指数期货已上市交 易，进一步提升了相关资产的流动性与策略丰富性。往后看，恒生生物科技ETF富国（基金代码： 159132）有望成为投资者高效布局港股医药投资机遇的有力工具。 免责声明：以上内容为本网站转自其他媒体，相关信息仅为传递更多信息之目的，不代表本网观点，亦 不代表本网站赞同其观点或证实其内容的真实性。 ...

2015年的夏天，中国医药行业经历了一场"刮骨疗毒"式的变革。"722临床核查"风暴席卷全国，临床虚 假数据的泡沫被彻底戳破。彼时，中国创新药在全球医药市场的占比不足5%，大部分的药品市场被仿 制药占据。 十年后的2025年，仅上半年国内便有43款创新药获批上市，同比增长59%，其中国产创新药占比高达 93%，且新药的临床开发周期已跃居国际前列。与此同时，在资本市场，医药股在经历了一轮"寒冬"之 后，如同今年夏天的天气一般，变得"热辣滚烫"。 这一戏剧性转变的背后，是中国生物医药产业历经政策破冰、资本沉浮与技术攻坚的艰辛十年。而未 来，产业还需直面地缘政治的重重挑战，在供应链安全、国际合作壁垒等现实考验中，踏上向创新药强 国稳步突围的新征程。 No.1 地缘政治挑战下的全球定位 正当中国生物医药产业加速发展之时，全球地缘政治格局的剧烈变动为产业发展增添了不确定性。目 前，美国政府通过加征关税、升级药品监管壁垒、扩大生物技术实体清单等手段，挤压中国生物医药产 业的发展空间。面对这一挑战，中国生物医药产业需要寻找到合适的全球定位。 全球产业链的深度融合为脱钩断链设置了天然障碍。尽管美国政府试图推动医药制造业回流， ...

这种双线思维使其在2019-2021年行业普遍重仓医疗服务时保持独立判断，并在2022年市场回调中有效控制回撤。具体而言，明线策略重点布局具有"星辰 大海"特质的产业方向，如创新药、基因编辑等前沿领域。 来源|财富独角兽 2025年以来，A股市场整体呈现震荡上行态势。在此背景下，医药生物主题基金的表现尤为亮眼，成为全市场中最耀眼的板块之一。上半年数据显示，在 股票型基金涨幅前十榜单中，医药生物主题基金占据了绝大多数席位。 笔者发现，金笑非作为鹏华基金自主培养的中生代基金经理代表，其管理的鹏华医药科技股票与鹏华创新升级混合等产品业绩表现尤为亮眼。他独创 的"明暗双线共振"框架，也正是在这一框架的指引下，金笑非成功规避了机构过度拥挤的板块。不过，这种强势表现并非偶然，而是多重因素共同作用的 结果。 01 文|天峰 曾低位买入百济神州 宝盈金笑非最佳任期回报239.59% 据天天基金网显示，金笑非于2012年7月加盟鹏华基金管理有限公司,从事行业研究工作,历任研究部基金经理助理/高级研究员,现任权益投资二部副总经理/ 基金经理。截至目前金笑非累计任职时间9年又174天，现任基金资产总规模53.75亿元，在管基金最佳 ...

Core Insights - The report emphasizes the continuous improvement of the global competitiveness of Chinese innovative pharmaceutical companies, focusing on innovation from both "therapeutic areas" and "technology platforms" [5][6] - The growth of commercial health insurance premiums is expected to provide new payment sources for medical expenses, as the scale of commercial health insurance is projected to reach 977.4 billion yuan by 2024 [29][30] - The report identifies potential therapeutic areas such as metabolic diseases (e.g., weight loss), chronic diseases (e.g., hypertension, hyperlipidemia), and central nervous system diseases (e.g., Alzheimer's, Parkinson's) as key focus areas for innovation [5][38] - Emerging technology platforms like small nucleic acid drugs, radioactive drugs (RDC), and CAR-T therapies are highlighted as significant areas for investment [5][38] Market Review - As of November 15, 2025, the pharmaceutical sector has outperformed the market, with the pharmaceutical index rising by 22.09% compared to a 17.62% increase in the CSI 300 index, resulting in a 4.47 percentage point outperformance [11] - The chemical preparation sector showed the best performance, increasing by 40.52%, followed by medical services (+36.98%) and chemical raw materials (+25.34%) [20] - The overall PE valuation of the pharmaceutical sector is at 30.89 times, which is relatively low compared to historical averages, indicating potential for future growth [22][23] Innovative Drugs - The report notes that the growth of health expenditures in China, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating a robust market for innovative drugs [26][27] - The analysis of multinational corporations (MNCs) reveals that innovation is a core competitive advantage, with companies like Eli Lilly and Novartis showing significant growth driven by innovative products in advanced technology fields such as GLP-1 and ADC [31][32] - The report highlights the strong sales performance of GLP-1 drugs, with Eli Lilly's Mounjaro generating $6.515 billion in revenue in Q3 2025, reflecting a 109% year-on-year increase [44] CXO and Upstream - The report indicates a slight increase in pharmaceutical financing, with a recovery in business development transactions and H-share IPOs, which is expected to stimulate innovation [5] - The demand for external CXO services is growing, particularly in emerging fields such as peptides and small nucleic acids, while internal CXO orders are also showing signs of recovery [5][39] Medical Devices - The domestic medical device market is currently under pressure due to policy impacts, but improvements are anticipated as companies continue to innovate and expand internationally [5] - The report suggests that the industry fundamentals are expected to improve, with a focus on companies like Mindray Medical and Microelectrophysiology [5][39]

恒生指数低开0.32%，恒生科技指数跌0.56%。盘面上，医药股活跃，百济神州涨近3%；科网股跌幅居 前。 关于港股后市 本文转载自"腾讯自选股"，智通财经编辑：陈筱亦。 国信证券认为，港股短期调整为2026年市场上涨打开空间。从资金面上看，11月南向资金净流入港股市 场超1100亿元人民币。今年南向资金在港股下跌时依然逆向加仓，这既体现了内地资金的充裕流动性， 也彰显了其低位布局港股的强烈意愿。该机构预测，港股2026年有望在30000-32000点之间运行。 中信证券认为，2026年，预计港股将受益于内部的"十五五"催化，以及外部主要经济体的"财政+货 币"双宽松。随着宏观经济的改善，预计港股业绩后续将由"盈利修复"扩展至"收入扩张"，形成营收与 盈利共振上行的可持续趋势。 东吴证券认为，明年港股会继续回升，主要基于以下理由：一是，我们预计2026年美联储会继续降息。 二是，中美关系阶段性缓和，有利于缓解港股市场对双边关系不确定性的担忧。三是，2026年，国内货 币+财政同步深化"逆周期+跨周期"。四是，企业盈利有进一步改善的空间。五是，在"赚钱效应"下， 2026年南向资金有望持续流入。六是，海外资金有 ...

12月13日，全国医疗保障工作会议在北京召开。会议明确提出，2026年要支持商业健康保险发展，健全多层次医疗保障体系，并特别强调 要"积极落地商保创新药品目录"，在个人充分授权和确保数据安全基础上，为有需要的商业健康保险产品提供"医保+商保"一站式清分结算服 务。 而在稍早前的12月7日，国家医保局与人力资源社会保障部联合发布《国家基本医疗保险、生育保险和工伤保险药品目录》及首版《商业健康 保险创新药品目录》（以下简称《商保创新药目录》），并宣布将于2026年1月1日起正式实施。 然而，政策落地对保险赔付来说并非坦途。对于商业保险机构而言，仍然面临着如何将《商保创新药目录》转化为具体的产品责任？如何解决 定价数据匮乏、医院准入壁垒及资金合规流转等现实难题？ 5款百万元国产C A R -T均入选 首版《商保创新药目录》共纳入19种药品，精准聚焦于"高精尖"与"高价"领域。 包括5款国产CAR-T产品、神经母细胞瘤和戈谢病等罕见病特 效药，以及阿尔茨海默病治疗药物。 | 药品 | 药企 | 中国上市 | 适应证 | 创新性、公平性等 | | --- | --- | --- | --- | --- | | 1 伊匹 ...

12月15日午后，港股通创新药板块加速下跌，港股通创新药ETF（520880）一度跌至2.77%创近5个月 新低，龙头股齐挫，康方生物跌超5%，百济神州跌逾6%，中国生物制药、信达生物跌超3%。 3、风险更可控。对流动性较差的成份股强制降权，有力管控尾部风险。 | | | 港股通创新药ETF (520880) 标的指数 | | | --- | --- | --- | --- | | | | 前十成份股权重高达72.57%,龙头优势显著 | | | મદિલ્તિ | 简称 | 权重(%) | 总市值(亿港元) | | 6160.HK | 百济神州 | 11.51 | 3,070 | | 1801.HK | 信法: 参加 | 10.19 | 1,613 | | 1177.HK | 中国生物制药 | 9.47 | 1,323 | | 9926.HK | 康方生物 | 8.99 | 1,132 | | 1093.HK | 石药集团 | 8.39 | 911 | | 1530.HK | 三生制药 | 8.32 | 760 | | 3692.HK | 翰森制药 | 6.63 | 2,435 | | 6990.HK | ...

Investment Rating - The report maintains an "Outperform" rating for several companies in the innovative drug and medical device industry, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6][25]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with innovative pipelines that are entering a volume increase phase, maintaining "Outperform" ratings for various Biopharma/Biotech companies [5][25]. - The National Healthcare Security Administration announced the 2025 insurance drug list, which added 114 drugs, including 50 innovative drugs, further validating insurance support for innovation and indicating promising domestic demand [26][27]. Summary by Sections 1. Continuous Recommendation of Innovative Drugs and Industry Chain - The report highlights the ongoing recommendation of innovative drugs and the industry chain, with a focus on companies expected to see a revaluation due to their innovative pipelines [5][25]. - Specific companies mentioned include WuXi AppTec, WuXi XDC Cayman, Hangzhou Tigermed Consulting, and leading medical equipment companies like Beijing Chunlizhengda Medical Instruments and Lepu Medical, all rated "Outperform" [5][25]. 2. Performance of A-Shares Pharmaceutical Sector - In the second week of December 2025, the A-Shares pharmaceutical sector underperformed the market, with the SW Pharma and Biotech index falling by 1.0% compared to a 0.3% decline in the SHCOMP [8][27]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 69.8% [16][27]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong stock pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index falling by 2.3%, while the U.S. stock pharmaceutical sector outperformed, with the S&P 500 Healthcare Select Sector Index rising by 0.4% [28][27].

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [3][5][6]. Core Insights - The report emphasizes the continuous recommendation of innovative drugs and medical devices, highlighting the high growth potential in the innovative pharmaceutical sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, and others, indicating a potential for value re-evaluation [3][5]. - The report notes that the National Medical Insurance Administration has officially announced the 2025 medical insurance drug catalog, which includes 114 new drugs, 50 of which are first-class innovative drugs. This adjustment is seen as a validation of the support for innovation in the healthcare sector [3][5]. - The A-share pharmaceutical sector underperformed the broader market in the second week of December 2025, with the SW Pharmaceutical Biotechnology index declining by 1.0% compared to a 0.3% drop in the Shanghai Composite Index [7][18]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Medical Devices - The report highlights the sustained recommendation of innovative drugs and medical devices, with a focus on companies that are expected to see performance growth and value re-evaluation [5][6]. Section 2: A-share Pharmaceutical Sector Performance - In the second week of December 2025, the A-share pharmaceutical sector's performance was weaker than the overall market, ranking 16th among the primary industries [7][18]. Section 3: Hong Kong and US Market Performance - The report indicates that the Hong Kong pharmaceutical sector also underperformed, while the US pharmaceutical sector showed stronger performance compared to the broader market [18].

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]