Core Viewpoint - In 2025, the Chinese stock market showed remarkable performance, with the Shanghai Composite Index increasing by 18.4% year-on-year, reaching 3968.84 points by December 31, 2025 [1] Group 1: Performance of Xiamen Listed Companies - In 2025, 70 listed companies in Xiamen performed well, with 42 companies outperforming the market [1] - 15 listed companies in Xiamen reached historical highs in stock prices, reflecting strong operational fundamentals and growth potential [2] - The total market capitalization of the 70 listed companies in Xiamen was 9030.35 billion, a 44.1% increase compared to the previous year [2] - 30 companies had a market capitalization exceeding 100 billion, accounting for over 40% of the total, with Xiamen Tungsten leading at 651.86 billion [2] - 56 companies saw an increase in market capitalization, with 13 companies experiencing growth exceeding 100% [2] Group 2: New Listings and Recognition - In 2025, Xiamen added 6 new listed companies, the highest in nearly four years, including 2 A-share companies [5] - Among the 70 listed companies, 26 were recognized as national "specialized and innovative" small giant enterprises, and over 80% were high-tech enterprises [6] - Several Xiamen listed companies received honors, including Xiamen Tungsten and Jibite, recognized for best practices in corporate governance [7][9] - The number of listed companies in Xiamen has surpassed 100, with 70 being domestic listed companies, representing about 40% of the provincial total [10]

Group 1 - The core point of the news is that TeBao Bio experienced a 5.2% decline in stock price, reaching 76.40 yuan per share, with a trading volume of 251 million yuan and a turnover rate of 0.79%, resulting in a total market capitalization of 31.186 billion yuan [1] - TeBao Bio, established on August 7, 1996, is located in Xiamen, Fujian Province, and was listed on January 17, 2020. The company specializes in the research, production, and sales of recombinant proteins and long-acting modified drugs [1] - The main revenue composition of TeBao Bio includes 86.85% from antiviral drugs, 12.87% from blood/tumor drugs, and 0.27% from other supplementary products [1] Group 2 - From the perspective of fund holdings, HSBC Jintrust Fund has one fund heavily invested in TeBao Bio. The HSBC Jintrust Medical Pioneer Mixed A Fund (012358) reduced its holdings by 63,200 shares in the third quarter, now holding 160,200 shares, which accounts for 3.96% of the fund's net value, ranking as the ninth largest holding [2] - The HSBC Jintrust Medical Pioneer Mixed A Fund (012358) was established on July 12, 2021, with a current size of 170 million yuan. Year-to-date returns are 12.33%, ranking 269 out of 9,012 in its category; the one-year return is 86.56%, ranking 323 out of 8,157; and since inception, it has a loss of 15.62% [2] - The fund manager of HSBC Jintrust Medical Pioneer Mixed A Fund is Li Bokan, who has been in the position for 1 year and 13 days, with total assets under management of 340 million yuan. The best fund return during his tenure is 76.34%, while the worst is 75.58% [2]

两融数据显示，该股最新融资余额为13.57亿元，近5日减少690.49万元，降幅为0.51%。（数据宝） 进一步统计，近3个月内该股累计发生6笔大宗交易，合计成交金额为4669.75万元。 证券时报·数据宝统计显示，特宝生物今日收盘价为82.07元，下跌2.65%，日换手率为0.89%，成交额为 2.97亿元，全天主力资金净流入1499.13万元，近5日该股累计下跌1.84%，近5日资金合计净流出135.93 万元。 特宝生物1月8日大宗交易平台出现一笔成交，成交量21.93万股，成交金额1799.80万元，大宗交易成交 价为82.07元。该笔交易的买方营业部为中国国际金融股份有限公司北京建国门外大街证券营业部，卖 方营业部为广发证券股份有限公司厦门湖滨南路证券营业部。 1月8日特宝生物大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | | | | 股） | 元） | （元） | | | | | 21.93 | 1799.80 | ...

责任编辑：小浪快报 进一步统计，近3个月内该股累计发生6笔大宗交易，合计成交金额为4669.75万元。该股近5个交易日累 计下跌1.84%，主力资金合计净流入502.41万元。 1月8日，特宝生物收跌2.65%，收盘价为82.07元，发生1笔大宗交易，合计成交量21.93万股，成交金额 1799.8万元。 第1笔成交价格为82.07元，成交21.93万股，成交金额1,799.80万元，溢价率为0.00%，买方营业部为中 国国际金融股份有限公司北京建国门外大街证券营业部，卖方营业部为广发证券股份有限公司厦门湖滨 南路证券营业部。 ...

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-08 | 特宝生物 | 688278 | 82.07 | 1799.8 | 21.93 | 中國國际金貴隆省 | 公司廈門醫業南露 | | 1月8日，特宝生物大宗交易成交21.93万股，成交额1799.8万元，占当日总成交额的5.72%，成交价82.07元，较市场收盘价82.07元持平。 ...

Core Viewpoint - The new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog will be implemented on January 1, 2026, leading to price reductions for several drugs, including long-acting growth hormone products from Jinsai Pharmaceutical and Tebao Biological [1][6]. Group 1: Market Impact - The inclusion of long-acting growth hormones in the national medical insurance will fundamentally change the market dynamics by significantly lowering annual treatment costs, thus releasing previously suppressed demand [7][18]. - The annual treatment cost for a child weighing 30 kg will drop to around 30,000 yuan after the inclusion of long-acting growth hormones in the insurance [6][10]. - The domestic growth hormone market size has grown from 4 billion yuan in 2018 to 11.6 billion yuan in 2023, with a compound annual growth rate (CAGR) of 23.9%, expected to reach 28.6 billion yuan by 2030 [14]. Group 2: Product Competition - Jinsai Pharmaceutical's Jinsai Growth Hormone and Tebao Biological's Yipeisheng are the only two long-acting products included in the new insurance catalog, leading to direct competition [20][21]. - Jinsai Growth Hormone's price has reportedly dropped to approximately 900 yuan per 9 mg after negotiations, a reduction of about 75% from its previous price of 3,500 yuan [6][10]. - Tebao Biological's Yipeisheng has seen a price reduction of about 53%, with new insurance payment prices ranging from 418.11 yuan to 853.20 yuan [5][6]. Group 3: Future Trends - The long-acting growth hormone market is expected to capture 73.8% of the overall growth hormone market by 2030, while short-acting products are projected to decline [17]. - The market penetration of long-acting growth hormones is anticipated to increase significantly due to their improved patient compliance and lower injection frequency [10][18]. - New entrants, such as Novo Nordisk and Weisheng Pharmaceutical, are expected to face challenges in gaining market share due to the already low pricing established by Jinsai Growth Hormone [23][24].

Investment Rating - The report maintains an "Outperform" rating for the following A-share targets: Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Jiangsu Nhwa Pharmaceutical, Xiamen Amoytop Biotech, Zhejiang Jingxin Pharmaceutical, Innovent Biologics, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, MicroPort EP MedTech [5][36][8] - The report also maintains an "Outperform" rating for the following H-share targets: Hansoh Pharmaceutical Group, 3SBio, PATEO Biotech, Akeso, and related targets: Innovent Biologics, WuXi AppTec [8][36] Core Insights - The report continues to recommend the innovative drug and device industry and its supply chains, indicating a positive outlook for this sector [1][36] - In December 2025, the pharmaceutical sector underperformed the market, with the SW Pharmaceutical and Biological index falling by 4.1%, while the SHCOMP rose by 2.1%, ranking 26th among Shenwan primary industries [15][37] - The report highlights that the premium level of the pharmaceutical sector relative to all A-shares is currently at a normal level, with a relative premium rate of 63.2% as of the end of December 2025 [25][37] Summary by Sections A-Share Targets - The report includes a monthly portfolio of A-share targets that outperformed the pharmaceutical index, with a monthly average decline of 1.8% compared to the overall pharmaceutical index decline of 3.9% in December 2025 [11][36] - The top three stock gains in December 2025 were Luyan Pharma (+118.8%), CareRay Digital Medical Technology Co., Ltd. (+36.6%), and Hubei Hongyuan Pharmaceutical Technology Co., Ltd. (+34.0%) [24][37] H-Share Targets - The report notes that the Hong Kong stock pharmaceutical sector also underperformed the market, with the Hang Seng Healthcare index falling by 9.5% and the Hong Kong Biological Technology index falling by 10.6% in December 2025 [26][38] U.S. Market Performance - In December 2025, the U.S. pharmaceutical sector underperformed the market, with the S&P 500 Healthcare Select Sector declining by 1.5% while the S&P 500 fell by only 0.1% [26][39]

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].

Core Insights - The new national medical insurance drug list was officially implemented on January 1, adding 114 new drugs, including long-acting growth hormones for children with endogenous growth hormone deficiency [1] Group 1: Drug Inclusion and Benefits - Two domestic long-acting growth hormone preparations included in the insurance are Yipei (from TeBao Biotech) and Jinpei (from JinSai Pharmaceutical), with Yipei being a class 1 new drug expected to launch in 2025 [2] - Long-acting growth hormones require administration only once a week, significantly reducing the number of injections by over 300 per year compared to traditional short-acting hormones, thus improving adherence and long-term management [2] Group 2: Price Adjustments - The price of Yipei 5mg was reduced from 1798 yuan to 853.2 yuan, a decrease of approximately 53%, while Jinpei's price was reported to drop from about 3500 yuan to approximately 900 yuan, a reduction of about 75% [2] - The actual price for Jinpei may vary as it still requires negotiations with local insurance bureaus, and the reported price of 900 yuan is considered an industry secret [2] Group 3: Financial Impact on Patients - For a child weighing 30 kg, the annual treatment cost with Jinpei was estimated to drop from about 120,000 yuan to 30,000 yuan after the price reduction, with potential further reductions based on local insurance reimbursement policies [5] - Families previously facing high treatment costs due to ineffective therapies will experience substantial relief from the new pricing structure [5]

Investment Strategy and Key Stock Portfolio - The report emphasizes the importance of enhancing macro governance effectiveness and maintaining a positive policy tone, with a combination of more proactive fiscal policy and moderately loose monetary policy expected to continue [4][9] - The focus is on expanding domestic demand and stabilizing investment, with recent policy adjustments such as the relaxation of housing purchase restrictions in Beijing and a reduction in the value-added tax rate for second-hand home sales [4][9] - The report highlights the potential for a pause in interest rate cuts by the Federal Reserve in the first half of the coming year, as recent U.S. GDP data exceeded expectations, driven by a rebound in personal consumption [10] Key Stock Recommendations - **Jinfa Technology (金发科技, 600143.SH)**: Positioned to transition from a comprehensive plastic leader to a high-end chemical materials platform, benefiting from strong demand in emerging industries [11][14] - **Hengli Petrochemical (恒力石化, 600346.SH)**: As a leading private refining enterprise, it is expected to benefit from a new cycle of refining prosperity due to its extensive production capacity and diversified product offerings [11][14] - **Satellite Chemical (卫星化学, 002648.SZ)**: Anticipated to enter a new growth phase with improved profitability in aromatics and polyester chains, supported by its cost control and market position [11][14] - **Huidi Technology (汇得科技, 603192.SH)**: Expected to maintain high-quality growth due to strong demand for polyurethane materials and a favorable cost environment [11][14] - **Aikodi (爱柯迪, 600933.SH)**: Positioned to benefit from the recovery of its robotics segment and potential contracts with Tesla, enhancing its growth prospects [11][14] - **TeBao Bio (特宝生物, 688278.SH)**: Anticipated to see significant growth driven by its core product and expanding R&D pipeline [11][14] - **New Dairy (新乳业, 002946.SZ)**: Expected to improve profitability through product innovation and a focus on low-temperature products [11][14] - **Zhongke Lanyun (中科蓝讯, 688332.SH)**: Positioned to benefit from AI-driven growth in the electronics sector, with a comprehensive product line [11][14] - **Hengxuan Technology (恒玄科技, 688608.SH)**: Focused on high-end SOC chips and AIOT applications, with strong competitive positioning [11][14] - **Jereh Group (杰瑞股份, 002353.SZ)**: Expected to see robust growth supported by its diversified business and significant orders in the natural gas sector [11][14] ETF Recommendations - **Southern CSI 1000 ETF (南方中证 1000ETF, 512100.OF)**: Notable growth of 29.27% year-to-date, tracking the CSI 1000 Index [15] - **E Fund CSI Artificial Intelligence Theme ETF (易方达中证人工智能主题, 159819.OF)**: Strong performance with a 70.29% increase year-to-date [15] - **Chemical ETF (化工 ETF, 159870.OF)**: Gained 43.01% year-to-date, reflecting the performance of the chemical industry [15] - **Huatai-PB CSI Major Consumption ETF (汇添富中证主要消费 ETF, 159928.OF)**: Slight decline of 2.40% year-to-date [15] - **Southern CSI Shenwan Nonferrous Metals ETF (南方中证申万有色金属 ETF, 512400.OF)**: Significant growth of 98.26% year-to-date [15]