截至1月5日收盘，辅助生殖概念上涨4.45%，位居概念板块涨幅第9，板块内，69股上涨，谱尼测试、 熵基科技、麦澜德等20%涨停，国际医学、众生药业、福元医药等涨停，采纳股份、兰卫医学、迪安诊 断等涨幅居前，分别上涨11.05%、10.27%、8.08%。跌幅居前的有思创医惠、明德生物、ST香雪等，分 别下跌4.74%、1.20%、0.11%。 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 002317 | 众生药 业 | 10.01 | 10.86 | 29260.43 | 17.57 | | 301330 | 熵基科 技 | 20.00 | 17.61 | 20993.04 | 27.06 | | 000516 | 国际医 学 | 10.02 | 2.62 | 11125.36 | 41.60 | | 300887 | 谱尼测 试 | 20.00 | 18.18 | 10773.41 | 15.14 | | 600 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [29]. Core Insights - The report highlights that the national government will continue to support the renewal of medical equipment in 2026, which is expected to drive demand in the medical device sector. The focus is on high-end equipment and companies with significant performance improvements and international expansion, such as Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical [3]. - The report emphasizes the optimization of application conditions and review processes for equipment renewal projects, aiming to lower investment thresholds and enhance support for small and medium-sized enterprises [3]. - The ongoing policy for equipment renewal is anticipated to sustain a favorable bidding environment for medical devices, with a gradual improvement in performance as inventory clears [3]. Summary by Sections Industry Overview - The report discusses the government's announcement on December 30, 2025, regarding large-scale equipment renewal and the inclusion of various sectors, including healthcare, in the support framework for 2026 [3]. - It outlines the measures to improve the application process for equipment renewal, including stricter requirements for equipment depreciation and minimum usage periods [3]. Investment Opportunities - The report suggests focusing on companies that are expected to show significant performance improvements and have a leading international presence in the medical device sector [3]. - Specific companies recommended for investment include Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical, which are well-positioned to benefit from the anticipated demand for high-end medical equipment [3]. Market Performance - The medical sector has experienced a decline, with a reported drop of 2.06% in the last week, ranking 25th among 28 industries [8][18]. - The report notes that the medical device market is under pressure in the short term due to policy impacts, but improvements are expected as companies innovate and expand internationally [5].

Core Insights - The GLP-1 (Glucagon-Like Peptide-1) drug class is evolving from a simple diabetes treatment to a comprehensive metabolic therapy, showing potential in weight loss, cardiovascular benefits, and fatty liver disease, leading to intensified competition among pharmaceutical companies [1][2]. Industry Developments - The GLP-1 drug development has transitioned from single-target to multi-target approaches, with drugs like Eli Lilly's Tirzepatide (GLP-1/GIP dual-target) and Innovent's Ma Shidu (GLP-1/GCG dual-target) gaining approval, enhancing metabolic control across various indicators [2][3]. - Chinese pharmaceutical companies are emerging as significant players, with Innovent's Ma Shidu showing promising Phase III clinical trial results for weight loss and liver fat reduction, while other companies like Hengrui and Zhongsheng are advancing their own dual-target and oral formulations [3][4]. Market Expansion - The future growth of the GLP-1 market is shifting from traditional Type 2 diabetes and obesity treatments to broader disease areas, including metabolic dysfunction-related fatty liver disease (MASH), with drugs like Semaglutide already approved for MASH treatment [4][5]. - The concept of "high-quality weight loss" is gaining traction, focusing on preserving muscle mass while reducing fat, with several companies developing combination therapies that include GLP-1 and muscle-preserving agents [5]. Competitive Landscape - The GLP-1 market is dominated by Novo Nordisk and Eli Lilly, with their combined revenue expected to grow from approximately $2.9 billion in 2015 to about $49.4 billion by 2024, indicating a robust growth trajectory [43]. - The sales of Tirzepatide are projected to surpass those of Semaglutide, with significant revenue growth observed in both diabetes and weight loss indications [46][48]. Clinical Advancements - Innovent's Ma Shidu achieved a 20.08% average weight reduction in a Phase III trial, significantly outperforming the placebo group, and demonstrated a 71.9% reduction in liver fat content among non-diabetic participants [32][33]. - Hengrui's dual-target drug HRS9531 has shown positive results in its Phase III trials, with its application for market approval accepted by the NMPA [37]. Future Trends - The GLP-1 industry is at a pivotal point of rapid technological iteration and expanding indications, with a clear trajectory towards more comprehensive, convenient, and personalized metabolic disease management solutions [6].

Group 1 - The core investment theme for the pharmaceutical industry in 2025 is the overseas expansion of innovative drugs, which is expected to yield excess returns compared to the broader pharmaceutical sector and the CSI 300 index [2][21] - The innovative drug index has shown a significant increase, outperforming the pharmaceutical biological index by 37.48 percentage points, with a year-to-date increase of 65.99% [21] - Major transactions in the ADC and dual antibody fields are anticipated to continue, while there is a need to avoid repetitive competition in areas like small nucleic acids and focus on unmet clinical needs [3][4] Group 2 - The report emphasizes the importance of overseas markets for both innovative drugs and medical devices, suggesting that companies should seek growth opportunities beyond domestic market saturation [4][5] - The Chinese pharmaceutical industry is gradually becoming a global innovation center, with significant advancements in dual antibodies and ADCs, while also making strides in emerging fields like small nucleic acids and inhalation formulations [5][6] - The report highlights that the overseas authorization revenue has become a crucial funding source for innovative drug development, with a total upfront payment of $4.551 billion in the first three quarters of 2025 [29][32] Group 3 - The medical device sector is experiencing a shift towards overseas expansion, with a focus on high-value consumables and IVD products, as Chinese companies enhance their market share [7][55] - The export growth of high-value consumables is significant, with a recorded increase of 10.75% in the first half of 2025, particularly in the North American and European markets [57][66] - The report notes that the certification and market establishment processes for high-value consumables are long-term investments, requiring compliance with stringent regulations in the EU and the US [60][61] Group 4 - The recovery of financing in the domestic innovative drug sector has been robust, with a total of 324 financing events amounting to $5.51 billion in the first three quarters of 2025, marking a 67.6% increase year-on-year [70][72] - The CXO industry is experiencing varied recovery rhythms across different segments, with some areas like CDMO seeing order growth due to overseas financing recovery [74]

Group 1 - The flu epidemic in China is at a high level, primarily driven by the H3N2 strain, with increased transmission risk due to upcoming population movements during the New Year holiday [1] - Demand for antiviral and symptomatic medications has surged, with a reported over 500% increase in flu-related drug purchases on Alibaba Health and over 100% increase in orders for traditional Chinese medicine on Meituan [1] - The pharmaceutical industry is responding effectively across the supply chain, from vaccine production to drug distribution, indicating a well-coordinated effort to manage the public health challenge [1][2] Group 2 - Vaccine companies are ramping up production, with Hualan Vaccine reporting 55 batches of flu vaccine issued since November, reflecting increased public willingness to get vaccinated [2] - Diagnostic companies like Dian Diagnostics and Kingmed Diagnostics are seeing increased business, supporting the trend of testing before treatment, which enhances rational drug use [2] - The treatment landscape is diversifying, with both chemical and traditional Chinese medicines being utilized, indicating a shift in market dynamics [3][5] Group 3 - Traditional Chinese medicine is gaining traction, with companies like China Resources Sanjiu and Kangyuan Pharmaceutical seeing strong growth in their antiviral product lines [5] - The distribution sector is crucial, with companies like Yiyigou ensuring rapid delivery of essential medications during peak demand periods [5] - The clinical relevance of traditional Chinese medicine is increasing, supported by government policies that endorse its use in flu treatment, leading to a rise in evidence-based research [6][9] Group 4 - Companies are focusing on clinical research to validate the efficacy of traditional Chinese medicines, with Kangyuan Pharmaceutical conducting head-to-head trials against conventional drugs [7][9] - The competitive landscape in the respiratory system traditional Chinese medicine market is diverse, with companies like China Resources Sanjiu and Yiling Pharmaceutical leveraging brand strength and market recognition [9] - As the industry moves towards evidence-based medicine, companies with strong research capabilities and clinical data are likely to capture more market opportunities [9]

Market Overview - The Chinese medicine sector experienced a decline of 0.3% on December 31, with *ST Changyao leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - ST Ziling: closed at 4.35, up 2.84% with a trading volume of 476,800 shares and a turnover of 207 million yuan [1] - Guohan Pharmaceutical: closed at 11.21, up 2.66% with a trading volume of 48,400 shares and a turnover of 54.01 million yuan [1] - Major decliners included: - *ST Changyao: closed at 0.87, down 8.42% with a trading volume of 828,300 shares and a turnover of 73.23 million yuan [2] - ST Huluwa: closed at 7.62, down 4.63% with a trading volume of 176,200 shares and a turnover of 134 million yuan [2] Capital Flow - The Chinese medicine sector saw a net outflow of 399 million yuan from institutional investors, while retail investors contributed a net inflow of 376 million yuan [2] - The sector's capital flow details indicate: - Dong'e Ejiao had a net inflow of 27.6 million yuan from institutional investors, but a net outflow of 14.69 million yuan from speculative funds [3] - Guohan Pharmaceutical experienced a net inflow of 8.03 million yuan from institutional investors, but a net outflow of 9.69 million yuan from retail investors [3]

广东众生药业股份有限公司 关于部分募集资金专户注销完成的公告 为了规范募集资金的管理和使用，保护投资者权益，根据《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》和公司《募集资金管 理制度》等有关规定，公司对募集资金采取了专户存储和使用，不用作其他用途。 公司和控股子公司广东逸舒制药股份有限公司与保荐机构华泰联合证券有限责 任公司分别与中信银行股份有限公司广州分行、中国农业银行股份有限公司东莞 石龙龙兴支行、中国农业银行股份有限公司东莞茶山支行签署了《募集资金三方 监管协议》，具体内容详见公司于 2023 年 7 月 14 日在巨潮资讯网等指定媒体上 披露的《关于签订募集资金三方监管协议的公告》。 证券代码：002317 公告编号：2025-122 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 广东众生药业股份有限公司（以下简称"公司"）于近日完成了部分募集资 金专户的注销工作，现将相关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广东众生药业股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2023〕 ...

Group 1 - The company held a staff representative meeting on December 29, 2025, where Huang Hougan was elected as the employee representative director of the ninth board of directors [1] - The newly elected board members include Chen Yonghong, Zhang Yuchong, Long Chunhua, Shan Peng'an, Wang Luman, Liu Yunguo, Tao Jianhong, and Jiang Baoguo, who will serve a three-year term starting from the approval date of the staff representative meeting [1]

（编辑 丛可心） 证券日报网讯 12月29日，众生药业发布公告称，公司第九届董事会第一次会议选举陈永红为董事长、 张玉冲为副董事长，并聘任陈永红兼任总裁，张玉冲任高级副总裁，龙春华等4人任副总裁，龙春华兼 任财务总监，杨威任董事会秘书，同时完成各专门委员会组建。 ...

证券代码：002317 公告编号：2025-120 广东众生药业股份有限公司 特此公告。 广东众生药业股份有限公司董事会 二〇二五年十二月二十九日 第 1页 共 2页 关于选举职工代表董事的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广东众生药业股份有限公司（以下简称"公司"）职工代表大会于 2025 年 12 月 29 日在公司会议室召开，经与会职工代表认真审议，会议选举黄厚淦（简 历详见附件）为公司第九届董事会职工代表董事，并与公司 2025 年第四次临时 股东大会选举产生的公司董事陈永红、张玉冲、龙春华、单鹏安、汪路曼、刘运 国、陶剑虹、江保国共同组成公司第九届董事会，任期自本次职工代表大会审议 通过之日起三年。 黄厚淦先生符合《公司法》等法律法规及《公司章程》规定的有关董事任职 资格和条件。董事会中兼任公司高级管理人员以及由职工代表担任的董事人数总 计不超过公司董事总数的二分之一。 附件：黄厚淦个人简历 黄厚淦：中国国籍，无永久境外居留权，男，1989 年 1 月出生，华南理工 大学本科。曾任中国奥园集团股份有限公司监察经理，公司职工监事，现 ...