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]

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies that have made significant contributions to ESG (Environmental, Social, and Governance) practices, with over 5,000 enterprises participating in the evaluation process [1][4]. Group 1: ESG Services and Initiatives - Sina Finance ESG Rating Center offers 14 ESG services, including information, reports, training, and consulting, to help listed companies promote ESG concepts and enhance their sustainable development performance [1][4]. - In 2025, many quality enterprises in China are actively practicing their responsibilities in environmental, social, and governance aspects, while domestic financial institutions are steadily integrating ESG investment concepts into their entire business processes [1][4]. Group 2: Award Selection and Winners - The award selection process involved over three months of competition, combining ESG performance, professional evaluation scores, and online voting results [1][4]. - The winners of the 2025 China Enterprise ESG "Golden Responsibility Award" for Best Social Responsibility include China Shenhua, China General Nuclear Power, China Resources Sanjiu, Sinopec, Shougang, Wuliangye, Yangtze Power, China Telecom, CNOOC Services, and LONGi Green Energy [2][5]. Group 3: ESG Rating Center Overview - The Sina Finance ESG Rating Center is the first Chinese ESG professional information and rating aggregation platform, dedicated to promoting sustainable development and responsible investment [3][6]. - The center aims to establish ESG evaluation standards suitable for China's characteristics and enhance corporate ratings, while also launching multiple ESG innovation indices for investors [3][6].