证 券 研 究 报 告 加速进入兑现期，持续推荐创新药板块 ——2026年医药生物行业投资策略 证券分析师：张静含 A0230522080004 研究支持：仰佳佳 A0230522100005，陈田甜 A0230524080013 2025.11.17 投资案件 www.swsresearch.com 证券研究报告 2 ◼ 经过10余年的发展，中国创新药临床实验数量已稳居全球第一，在从"快速跟随"向 "创新引领"的研发风格的转变中，国内药企凭借研发效率上的巨大优势，在新靶点、 新技术平台、高难适应症上均有大量布局。 ◼ 中国药企或许会重新定义全球新药研发格局。由中国药企主导开设的全球多中心临床研 究数量逐年攀升，通过自主出海与合作出海两种模式，越来越多中国新药在海外成功商 业化，而随着TOP MNC重磅药品专利悬崖的进一步临近，中国新药未来必然会在全球 药品市场占据一席之地。 ◼ 创新药投资方向一：关注Biotech向Biopharma蜕变，提示关注相关标的：百利天恒、 微芯生物、艾迪药业、首药控股等。 ◼ 创新药投资方向二：关注传统药企在创新转型过程中的价值重估，提示关注相关标的： 恒瑞医药、科伦药业、长春 ...

创新药概念股走弱，康龙化成跌超5%，科伦药业、信立泰跌超3%，恒瑞医药、长春高新、复星医药、华东医 药、百济神州-U跌超2%。 受盘面影响，创新药相关ETF跌超2%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 515120 | 创新药ETF | 0.666 | -0.019 | -2.77% | | 159835 | 创新药50ETF | 0.692 | -0.018 | -2.54% | | 516080 | 创新药ETF易方达 | 0.699 | -0.018 | -2.51% | | 159858 | 创新药ETF南方 | 0.705 | -0.018 | -2.49% | | 560900 | 创新药企ETF | 0.960 | -0.024 | -2.44% | | 159992 | 创新药ETF | 0.889 | -0.022 | -2.41% | | 516060 | 创新药产业ETF | 0.614 | -0.014 | -2.23% | 有机构表示，近期我国生物科技领域利好频传，产业层面，多家创新药企在E ...

NO.1 我国科学家在神经疾病治疗领域取得新突破 据新华社11月14日报道，日前，我国科研人员揭示了甲酰肽受体1（FPR1）通路在中枢神经系统炎症与 退行性病变中的关键作用，并成功开发出具有临床应用潜力的新型药物分子，为多发性硬化等神经系统 疾病的治疗开辟了新路径。相关研究成果由天津医科大学总医院神经科主任医师施福东院士课题组取 得，并发表于国际学术期刊《科学》。 NO.3 合富中国：十四个交易日录得十二个涨停板，11月17日起停牌核查 11月14日晚间，合富中国（603122.SH）公告称，自2025年10月28日至11月14日期间，公司股票连续十 四个交易日中有十二个交易日以涨停价收盘，并5次触及股价异常波动，3次触及严重异常波动情形，期 间累计涨幅高达256.29%，已明显高于同期行业及上证指数涨幅。 在此期间，合富中国多次提示风险，公司股价短期内连续上涨，存在市场情绪过热、非理性炒作风险， 随时存在快速下跌可能。11月14日，公司股价继续大幅上涨，盘中一度触及涨停，换手率高达 28.48%。因此，合富中国依照相关规定向上交所申请，将于11月17日（星期一）开市起停牌，预计停 牌时间不超过3个交易日。 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [29]. Core Insights - The pharmaceutical sector saw a weekly increase of 3.3%, outperforming the Shanghai Composite Index, which decreased by 0.2% during the same period [4][6]. - The overall valuation of the pharmaceutical sector is at 30.9 times earnings, ranking it 10th among 31 primary sectors [6][12]. - Key segments within the pharmaceutical industry showed varied performance, with raw materials up by 5.1%, chemical preparations by 4.4%, and traditional Chinese medicine by 4.1% [6][4]. Market Performance - The pharmaceutical index ranked 5th among 31 sub-industries, with notable increases in various segments such as biopharmaceuticals (+2.7%), medical services (+1.8%), and medical devices (+1.8%) [4][6]. - The report highlights the performance of specific companies, recommending a focus on innovative drug sectors and companies with strong earnings growth potential [3][21]. Recent Developments - Roche's BTK inhibitor Fenebrutinib achieved significant milestones in clinical trials for treating relapsing multiple sclerosis, suggesting potential investment opportunities in related companies [3][13]. - The Chinese government has updated regulations on the export of controlled chemicals, impacting companies involved in this sector [3][14]. - The report notes an expected peak in influenza activity in China during late December and early January, prompting recommendations to monitor related vaccine and treatment companies [3][15][16]. Key Company Valuations - The report provides a valuation table for key companies in the pharmaceutical sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and beyond [21]. - Companies highlighted include Mindray Medical, Hengrui Medicine, and WuXi AppTec, with varying market capitalizations and growth forecasts [21]. Investment Recommendations - The report suggests focusing on innovative drug sectors and companies with improving performance in medical devices and upstream segments, listing specific companies to watch [3][21]. - It emphasizes the importance of monitoring flu vaccine manufacturers and antiviral drug producers as flu activity rises [3][15].

Key Highlights - Company announcements include stock suspensions, project investments, and share buybacks [1][2] - Notable projects and contracts awarded to various companies [1] - Shareholding changes and planned reductions by major stakeholders [2] Group 1: Stock Suspensions and Regulatory Issues - 合富中国 (China Resources) will suspend trading for regulatory review [1] - 东百集团 (Dongbai Group) lacks duty-free operating qualifications and does not engage in duty-free goods business [1] Group 2: Project Investments - 璞泰来 (Putailai) plans to invest 2.5 billion yuan in a second phase of a film coating integration project [1] Group 3: Contracts and Awards - 浙江交科 (Zhejiang Jiaoke) is set to win an 1.836 billion yuan project [1] - 青龙管业 (Qinglong Pipe Industry) is pre-selected for the water supply project in 彭阳县 (Pengyang County) [1] Group 4: Share Transfers - 宏辉果蔬 (Honghui Fruits and Vegetables) intends to sell 100% equity in 福建宏辉 (Fujian Honghui) and 烟台宏辉 (Yantai Honghui) [1] - 电投能源 (Electric Investment Energy) plans to acquire 100% equity in 白音华煤电 (Baiyin Hua Coal Power) [1] - 漳州发展 (Zhangzhou Development) aims to acquire 30% equity in 信产集团 (Xinchang Group) [1] Group 5: Share Buybacks - 长春高新 (Changchun High-tech) has repurchased 0.95% of its shares, with the buyback period now concluded [1] Group 6: Shareholding Changes - 多名股东 of 滨江集团 (Binjiang Group) plan to reduce their holdings by up to 2.88% [2] - 康龙化成 (Kanglong Chemical) stakeholders intend to reduce their holdings by no more than 1.5% [2] Group 7: Other Financial Activities - 莱特光电 (Lite Optoelectronics) plans to issue convertible bonds to raise no more than 766 million yuan for digital upgrades of its production facilities [2] - 正丹股份 (Zhengdan Co.) has completed the acceptance of a project for 15,000 tons/year of high-performance specialty resin monomer series products [2]

证券代码：000661 证券简称：长春高新 公告编号：2025-146 长春高新技术产业（集团）股份有限公司 关于回购公司股份期限届满暨回购完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 长春高新技术产业（集团）股份有限公司（以下简称"公司"）于2024年 11月14日召开了第十一届董事会第六次会议，审议通过了《关于公司回购股份 方案的议案》，同意公司使用自有资金及金融机构股票回购专项贷款资金以集 中竞价交易方式回购部分公司已在境内发行的人民币普通股（A股）股票，全 部用于后续实施公司及子公司核心团队股权激励或员工持股计划。拟用于回购 资金总额不低于人民币3亿元（含）、不超过人民币5亿元（含），回购价格不 超过人民币160.00元/股。具体回购股份数量以回购期限届满时实际回购的股份 数量为准。 四、回购期间相关主体买卖股票情况 上述内容详见公司于2024年11月16日、2024年11月21日在《中国证券报》 《证券时报》《上海证券报》《经济参考报》及巨潮资讯网（http://www.cnin fo.com.cn）上分别披露的《关于公司回购股份方案暨 ...

智通财经APP讯，长春高新(000661.SZ)发布公告，近日，公司子公司——长春金赛药业有限责任公司 (以下简称"金赛药业")收到国家药品监督管理局核准签发的《药物临床试验批准通知书》，金赛药业注 射用GenSci140的境内生产药品注册临床试验申请获得批准。GenSci140 是金赛药业自主研发的一款新 型靶向叶酸受体α亚型(Folate Receptor Alpha, 以下简称"FRα")的双表位抗体药物偶联物，属治疗用生物 制品 1 类药物，拟用于局部晚期或转移性实体瘤患者的治疗。 ...

Core Viewpoint - Changchun High-tech (000661.SZ) announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., received approval from the National Medical Products Administration for the clinical trial application of GenSci140, a new targeted antibody-drug conjugate for the treatment of advanced or metastatic solid tumors [1] Group 1 - The clinical trial approval pertains to GenSci140, which targets the folate receptor alpha (FRα) [1] - GenSci140 is classified as a Class 1 therapeutic biological product developed independently by Jinsai Pharmaceutical [1] - The drug is intended for patients with locally advanced or metastatic solid tumors [1]

公告显示，PGHD是儿科临床常见的内分泌疾病之一，会导致儿童身材矮小，发育迟缓，骨龄落后于实 际年龄。国内PGHD发病率约为1/8600。PGHD的病因以单纯特发性GHD多见，主要是下丘脑源性的促 生长激素释放激素(GHRH)分泌不足所致。每日一次的人生长激素(rhGH)和每周一次的长效生长激素 (LAGH)是目前获批用于治疗儿童GHD的药物，均需要皮下注射给药。GS3-007a干混悬剂通过每日一次 口服给药，为有促生长需求的矮小儿童提供更多的治疗选择。 中证报中证网讯(记者宋维东)长春高新（000661）11月14日晚公告称，控股子公司金赛药业GS3-007a干 混悬剂的境内生产药品注册临床试验申请获得批准。GS3-007a干混悬剂是金赛药业自主研发的口服小 分子生长激素促分泌药物，注册分类为化药1类，拟用于因内源性生长激素缺乏所引起的儿童生长缓慢 (PGHD)的治疗。目前，国内尚无同类产品上市。 ...

智通财经APP讯，长春高新(000661.SZ)发布公告，近日，公司控股子公司——长春金赛药业有限责任公 司(以下简称"金赛药业")收到国家药品监督管理局核准签发的《药物临床试验批准通知书》，金赛药业 GS3-007a干混悬剂的境内生产药品注册临床试验申请获得批准。GS3-007a干混悬剂是金赛药业自主研 发的口服小分子生长激素促分泌药物，注册分类为化药1类，拟用于因内源性生长激素缺乏所引起的儿 童生长缓慢(PGHD)的治疗。截至目前，国内尚无同类产品上市，本次临床试验申请获批可推动后续该 产品临床开发及符合患者的未满足临床需求。 ...