近日，受印度疫情影响，A股医药板块再获资金关注。继昨日收涨超1.4%后，今日（1.27）中药ETF（560080）回调近2%，成交额快速突破8500 万元。资金面上，昨日中药ETF（560080）获超3900万元净流入。 消息面上，2026年1月，印度西孟加拉邦及其周边地区疫情再现。已确认5例感染病例，近100人被隔离观察。受此影响，周边国家纷纷提高警惕， 泰国和尼泊尔已相继加强针对来自印度旅客的卫生筛查措施。 近期，中科院武汉病毒所等多团队联合研究取得重要突破，其成果于国际期刊《Emerging Microbes & Infections》发表，证实口服核苷类药物 VV116对尼帕病毒具有显著的抗病毒活性，为这一高致死性新发传染病的防治带来新希望。该成果首次证实VV116对尼帕病毒的治疗潜力，不仅可 作为医护人员、实验室工作者等高危人群的预防性用药，更可为应对当下和未来的尼帕病毒疫情提供了一个现成的药物选择。 近日，《藏医疾病分类与代码》(GB/T46946—2025)推荐性国家标准获批发布。该标准由国家中医药管理局组织起草，将自4月1日起正式实施。该 标准是我国民族医药领域首部疾病分类国家标准，其出台标志 ...

Group 1 - The core viewpoint is that innovative drugs are expected to show significant excess returns in 2025, driven by continuous BD overseas expansion, excellent clinical data, and policy support [1] - The CXO sector is anticipated to experience substantial growth due to the recovery in demand and improved investment environment in the global pharmaceutical industry [1] - The report emphasizes the importance of focusing on new technologies, particularly bispecific antibodies, small nucleic acid drugs, AI healthcare, and brain-computer interface innovations [3] Group 2 - Domestic supply and demand are relatively stable, with national health expenditure showing a year-on-year growth of 4.7% from January to November 2025, marking a positive turnaround after two years of decline [2] - The medical insurance fund's income and expenditure growth rates continue to decline, with total income of 2.63 trillion yuan (+2.9%) and expenditure of 2.11 trillion yuan (+0.5%) from January to November [2] - The report suggests that the commercialization of new drug forms is entering a critical phase, with significant clinical data supporting the application of B-cell depletion therapies in autoimmune diseases [3] Group 3 - Investment recommendations include focusing on innovative overseas expansion and new technology directions, with suggested stocks such as Mindray Medical, WuXi AppTec, and others [4] - The report highlights the potential for explosive growth in the global market for brain-computer interfaces, supported by policy incentives and technological breakthroughs [3]

目前全国2199个县市，包括一些市辖区，共建有3099个紧密型县域医共体。超过40%的县级中医医院牵 头组建了县域医共体。此前，国务院办公厅发布《关于提升中药质量促进中医药产业高质量发展的意 见》，提出在遵循中医药的规律和特点上，利用循证医学等手段，积极促进人用经验向临床证据转化， 并鼓励开展已上市中成药评价研究，提升临床价值证据等级。 1月26日，国家卫健委召开新闻发布会，介绍推广三明医改经验，促进中医药传承创新发展有关情况。 会上，国家中医药局医政司司长孟庆彬介绍，近年来，国家出台一系列政策措施，加快推进县级中医院 高质量发展，同时也鼓励有条件的县级中医医院牵头组建县域医共体，带动提升县域中医药服务能力。 公司方面，据上证报表示， 陇神戎发：公司主要业务为医药产品，医疗产品，保健卫生产品的研究开发；中成药，保健食品，原料 药，少量医药中间体，化学药品的生产和销售。 *免责声明：文章内容仅供参考，不构成投资建议 上证报援引研究机构观点称，强化中药产业链协同，优化产业结构布局，头部企业外延并购节奏有望加 快。在保证质量和临床疗效的基础上，中药新药评审加快，有望推动更多优质中药创新产品快速上市。 *风险提示：股 ...

二、药品的相关情况 洛索洛芬钠凝胶贴膏适用于骨关节炎、肌肉痛及外伤后的肿胀疼痛的消炎、镇痛，有效成分为洛索洛芬 钠，属苯丙酸类非甾体抗炎药（NSAID），具有显著的抗炎镇痛作用，尤以镇痛效果为强。本品由 LEAD CHEMICALCO. LTD.原研开发，是我国市场长期销量领先的镇痛类药物之一，其作用机制为抑 制前列腺素合成，通过抑制环氧化酶发挥作用。洛索洛芬钠为前体药物，经皮吸收后转化为活性代谢产 物反式-OH体起效。 申报受理日期：2024年8月16日 截至公告日，该药品项目的投入（含研发、技术转让等）累计703.66万元(未经审计)。 证券代码：603998 证券简称：方盛制药 公告编号：2026-005 湖南方盛制药股份有限公司 关于洛索洛芬钠凝胶贴膏获得《药品注册证书》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2026年1月23日，湖南方盛制药股份有限公司（以下简称"公司"）全资子公司广东方盛健盟药业有限公 司（以下简称"健盟药业"）收到国家药品监督管理局核准签发的《药品注册证书》，洛索洛芬钠凝胶贴 膏 ...

调研基本情况 2026年1月13日至1月23日，华润三九、天士力、昆药集团三大上市公司在综合办公中心通过现场会议形 式接待了机构调研。参与本次调研的机构包括淡马锡、中金公司、中欧瑞博基金、甬兴证券、中信证 券、建信股权、林园投资、思晔投资、金元证券、圆合资本等10家证券及投资机构，上市公司接待人员 为投资者关系团队。 核心调研要点解读 零售行业：回归品牌与学术，老龄化驱动银发需求 公司表示，零售行业未来将围绕以消费者为中心，回归品牌和学术领域，为消费者提供更多治疗方案， 长期来看仍有持续增长趋势，增长动力来自行业创新。线上线下一体化将是未来五年乃至更长时期的竞 争格局，而老龄化趋势将推动银发健康需求增长。为此，公司已制定非药化专项行动、老龄化专项行动 及线上赋能体系，以应对行业变化。 "十五五"战略："一体两翼"框架，三大上市公司各有侧重 目前公司"十五五"战略处于规划期，框架为"一体两翼"。其中，华润三九将以CHC（消费健康）为核心 业务，争做医药行业头部企业；天士力以处方药为核心业务，以研发创新为核心驱动力，致力于成为医 药市场领先者；昆药集团以三七产品和精品国药为核心业务，争做银发健康产业引领者。未来三 ...

证券代码：000999 证券简称：华润三九 投资者关系活动记录表 编号：2026-001 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | √其他 | | 参与单位名称 | 淡马锡、中金公司、中欧瑞博基金、甬兴证券、中信证券、建信股权、林园投资、思晔投 | | | 及人员姓名 | 资、金元证券、圆合资本等证券、投资机构 | | | 时间 | 2026 年 1 月 13 日-1 月 23 日 | | | 地点、方式 | 综合办公中心（现场会议） | | | 上市公司 | 投资者关系团队 | | | 接待人员姓名 | | | | 投资者 | 1. 公司如何看待和定位零售行业未来的发展？ | | | | 答：预计零售行业会围绕以消费者为中心，回归品牌和学术两个领域，为消费者提供更多的 | | | 关系活动 | 治疗方案，帮助消费者更快的选择，长期来看零售市场仍有持续增长趋势，增长动力来自行业创 | | | 主要内容 | | | | | 新。公司观察到零 ...

Group 1 - The core point of the article is that China Resources Sanjiu has reported a total of 90,547 shareholders as of January 9, 2026 [2]

Core Viewpoint - China Resources Sanjiu clarified that "Chukangjia Health" is not affiliated with China Resources Group or its subsidiaries, nor is it a project incubated, invested in, or operated in cooperation with the company [1] Group 1 - China Resources Sanjiu's Health Division has a contract manufacturing relationship with "Chukangjia Health," producing certain products under a commission agreement [1] - The brand, operation, sales, and recruitment processes for the products are independently managed by the commissioning party [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Views - The company is the largest OTC manufacturer in China, with a strong brand presence and a projected revenue compound annual growth rate (CAGR) of 7.5% from 2019 to 2024 [6][26] - The pharmaceutical manufacturing segment ranks second in the industry, while the pharmaceutical distribution segment ranks third [6][65] - The company has a robust pipeline of acquisitions to expand its business scope, particularly in traditional Chinese medicine and healthcare products [7][38] Summary by Sections Company Overview - China Resources Pharmaceutical Group Limited is a leading integrated pharmaceutical company, covering manufacturing and distribution of pharmaceuticals, healthcare products, and medical devices [20] - The company has a significant market presence, with a market capitalization of HKD 285.23 billion and a closing price of HKD 4.54 as of January 16, 2026 [1] Financial Performance - The company’s revenue for the first half of 2025 reached CNY 1,319 billion, with a year-on-year growth of 3% [26] - The distribution business accounted for approximately 80% of total revenue, with distribution revenue of CNY 1,045 billion, growing by 2% [26] - The pharmaceutical business generated CNY 218 billion in revenue, increasing its share from 15% in 2019 to 17% in the first half of 2025 [26] Pharmaceutical Manufacturing - The company produces 944 products, including traditional Chinese medicine, chemical drugs, biological products, and medical devices, covering a wide range of therapeutic areas [32] - The pharmaceutical business is expected to grow at a CAGR of 10.4% from 2022 to 2024 [36] Pharmaceutical Distribution - The company’s distribution revenue for the first half of 2025 was CNY 1,100 billion, ranking third in the industry, behind China National Pharmaceutical Group and Shanghai Pharmaceuticals [8][65] - The distribution model is evolving from traditional distribution to a dual approach of distribution and deep marketing [8] Profit Forecast and Valuation - The projected net profit attributable to ordinary shareholders for 2025-2027 is CNY 34.9 billion, CNY 37.6 billion, and CNY 40.5 billion, respectively, with growth rates of 4.0%, 7.9%, and 7.7% [9] - The report assigns a price-to-earnings (PE) ratio of 8.7x for 2026, suggesting a market value of HKD 353 billion, indicating a 24% upside potential from the current market value [8] Key Assumptions - The pharmaceutical business is expected to grow at rates of 4.1%, 6.0%, and 6.5% from 2025 to 2027 [12] - The distribution business is projected to grow at rates of 2.6%, 5.0%, and 5.3% during the same period [12] - The retail business is anticipated to grow at rates of 11.8%, 12.0%, and 12.0% from 2025 to 2027 [12]

Core Insights - Marketing serves as the frontline for AI application, with generative AI rapidly penetrating various marketing processes since the launch of ChatGPT, including copywriting, proposal planning, and visual design [1] - The value of AI in marketing is highly context-dependent, necessitating a systematic approach to determine the conditions and methods for effective AI integration [1] - An analytical framework is proposed, intersecting "internal/external" and "technical/strategic" perspectives, to help businesses accurately identify the focal points for AI marketing [1] Internal Perspective + Technical Perspective - The foundation for AI marketing lies not in the algorithms but in the enterprise's readiness to implement AI, which includes having the necessary data, systems, and processes [2] - Data assets are crucial; for instance, Luckin Coffee's success in personalized marketing stems from its early investment in a digital infrastructure that accumulated over 200 million user behavior and transaction data [2] - Technical integration capabilities are essential, as AI marketing requires seamless connectivity with systems like CRM and CDP; without this, AI efforts remain isolated and ineffective [3] External Perspective + Technical Perspective - Even with technical capabilities, the effectiveness of AI depends on its ability to address specific industry marketing pain points, which vary across sectors [4] - The fast fashion industry, for example, faces challenges in using advanced AI applications due to high demands for authenticity and compliance, necessitating a focus on simpler functionalities [4][5] - Conversely, in the fast-moving consumer goods sector, AI tools can significantly enhance marketing efficiency by processing large volumes of unstructured data and automating content production [5] Internal Perspective + Strategic Perspective - The adoption of AI marketing is fundamentally a strategic choice, with some companies embracing it as a core competitive advantage while others rely on unique strengths to avoid dependence on AI [6] - Strategic priorities dictate resource allocation; for example, China Resources Sanjiu employs AI to enhance marketing efficiency in a competitive OTC drug market, while Tesla leverages its unique brand identity and direct sales model, minimizing reliance on traditional advertising [6][7] - Companies may exhibit caution in AI marketing due to concerns about disrupting existing sales channels, indicating that willingness to adopt AI is as crucial as technical capability [7] External Perspective + Strategic Perspective - AI marketing strategies are shaped by external factors such as industry structure, regulatory frameworks, and consumer behavior [8] - Consumer attributes, such as purchase frequency and price sensitivity, influence how AI is utilized in marketing across different sectors [8][9] - Regulatory environments, particularly in finance and healthcare, impose restrictions that can limit AI's application in marketing, necessitating innovative approaches to comply with regulations while achieving marketing goals [10] Conclusion - The application of AI in marketing is a complex, systemic issue that requires a holistic view of internal capabilities, external environments, technical feasibility, and strategic intent [11] - Companies must prioritize strengthening their data and systems if their technical foundation is weak, reassess investment priorities if industry and AI are misaligned, and ensure that marketing is viewed as a core battleground for strategic success [11]