晨 会 纪 要 [2026]第 34 号 1、中药行业（许雯）：基药目录管理办法发布，中药行业将进入循证驱动新周期 市场表现：节前一周中药Ⅱ下跌1.75%，跌幅在医药二级子板块中相对较大 根据wind数据，节前一周（2026.02.08-2026.02.14）医药生物报收8282.27点，下跌0.81%； 中药Ⅱ报收6330.48点，下跌1.75%；化学制药报收12612.89点，下跌0.54%；生物制品报收 6102.95点，下跌0.89%；医药商业报收5319.03点，下跌2.68%；医疗器械报收6556.15点，下 跌1.07%；医疗服务报收6932.33点，上涨0.22%。医药二级子板块中，仅医疗服务上涨，其余 板块均下跌，中药板块跌幅相对较大。 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2026 年 02 月 27 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 轩鹏程 文正平 张智珑 郭怡萍 李育文 李正威 邢维洁 马丽明 汪炜 聂孟依 张弛 周成 整理记录：许雯 研究所今日晨会要点如下: 一、行业公司 从公司表现来看，根据wind ...

经过12个月的治疗，结果显示，通心络组纤维帽厚度平均增幅为61.2微米，对照组为33.7微米，前者几 乎为后者的两倍，而且通心络这一作用具有较好的普适性，在不同年龄、性别、有无2型糖尿病、不同 冠脉病变类型等亚组中表现一致；同时，通心络组冠状动脉斑块最大脂质弧度平均降幅（约-38°）也显 著大于对照组（约-8°）。简单来讲，增加斑块纤维帽厚度、减少脂质弧度，就预示着斑块更稳定，更 不容易破裂，就像厚皮小馅的饺子相较薄皮大馅的更不容易破裂一样。这些结果共同表明，在现代他汀 等标准治疗的基础上，联合通心络能进一步增加易损斑块纤维帽厚度、减少脂质成分，朝着"更稳定"的 方向重塑斑块结构。此外，该研究还发现，与对照组相比，通心络组患者心绞痛症状得到明显改善，且 安全性良好。 该研究首次采用国际评价易损斑块的"金标准"——光学相干断层成像技术，以高分辨率冠脉OCT影像学 为切入点，首次在急性冠状动脉综合征患者中提供了通心络稳定冠状动脉易损斑块的高质量影像学证 据，并为通心络降低急性冠脉综合征残余心血管风险的潜在机制提供了有力支持，为心血管事件链干预 环节中稳定易损斑块减少心血管事件提供了有效药物，处于国际并跑水平。 2 ...

证券研究报告 | 策略报告 gszqdatemark 2026 02 24 年 月 日 投资策略 年报预告景气行业的个股指引 一、策略专题：年报预告景气行业的个股指引 基于 2 月 21 日数据，我们结合业绩增长与超预期各项指标对 2025 年报 预告的景气行业进行筛选，当前景气行业主要分布于新能源、医药以及科 技三大板块，新能源景气行业包括能源金属、电池，医药景气行业包括医 疗服务、中药，科技景气行业包括元件、其他电子、游戏。本文进一步对 上述景气行业重点个股的财报进行梳理，以深化对各行业景气特征的认 知。 ——能源金属行业看，上市公司普遍提示了锂、钴等金属相关产品价格 的上涨叠加产品产量的增长，也有部分上市公司提及投资收益大幅增 长等。重点超预期个股为华友钴业。 ——电池行业看，新能源汽车及储能行业需求快速增长，电池及材料阶 段性去库存周期结束、销量大幅提升，六氟磷酸锂等材料价格迎来上 涨。重点超预期个股为璞泰来、先惠技术。 二、本周市场表现与政策事件（本周指 2 月 13 日当周） 2.1 A 股复盘：指数震荡微涨，科技股受密集催化 本周 A 股震荡微涨， 节前投资者整体保持观望情绪，市场成交量能较为低 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

Core Viewpoint - Yiling Pharmaceutical officially launched the "Lianhua Qingxie, Healthy China Year" brand communication plan during the 2026 Spring Festival, promoting its core products Lianhua Qingwen and Lianhua Qingke across various media platforms to enhance public awareness of respiratory health [1][4]. Group 1: Company Overview - Yiling Pharmaceutical has adhered to the corporate mission of "inheritance and innovation for the benefit of humanity" for over 30 years, focusing on a market-leading and technology-driven innovation development strategy [4]. - The company has established a comprehensive operational model integrating theory, clinical practice, new drug development, industry, and education, forming a development cluster from medicine to pharmaceuticals to health [4]. Group 2: Product Highlights - Lianhua Qingwen, developed under the guidance of traditional Chinese medicine's network disease theory, is recognized for its broad-spectrum antiviral properties, effectively alleviating symptoms of colds and flu [4]. - The product has been included in national treatment guidelines for infectious public health events 36 times, gaining widespread recognition for its efficacy and safety [4]. - Lianhua Qingke is another innovative traditional Chinese medicine that alleviates cough and phlegm symptoms associated with respiratory diseases, demonstrating triple efficacy in clearing the lungs, phlegm, and cough [6]. Group 3: Market Recognition - The Lianhua brand has received multiple industry awards and is recognized by both medical professionals and consumers, being named a preferred cold medicine in various rankings [8]. - The brand's strong presence in the Spring Festival communication matrix signifies an elevation in its influence and credibility, reflecting the company's commitment to upgrading respiratory health services and contributing to the construction of a healthy China [8].

Core Insights - The Chinese nutrition and health industry is experiencing a surge in IPO activities, indicating a shift from local operations to global expansion and a focus on scientific validation [4][5]. IPO Developments - In 2025, several companies in the nutrition and health sector are set to go public, covering the entire supply chain from raw materials to manufacturing and branding [4]. - Dongpeng Beverage plans to list on the Hong Kong Stock Exchange in early 2026, aiming to raise over HKD 10.1 billion, marking the largest IPO in the non-alcoholic beverage sector in Hong Kong history [4]. - Xianle Health is advancing its H-share listing while optimizing its global CDMO platform by divesting non-core assets [4]. - Ruoyuchen has submitted its application to the Hong Kong Stock Exchange, focusing on its proprietary brand FineNutri to transition from a service provider to a brand owner [4]. - Other companies like Jiyuan Group and Hengmei Health are also pursuing listings to enhance their production capacities and market presence [4][5]. Regulatory Updates - The National Market Supervision Administration has released several guidelines and regulations affecting the health and nutrition sector, including the review of special medical formula food production licenses and the management of live-streaming e-commerce [6][7]. - New regulations have been introduced to ensure compliance in the marketing of health products, including a ban on certain food sales in live-streaming environments [6]. Market Trends - There is a notable increase in demand for health supplements, with sales of ginseng and other tonic products rising by 55% year-on-year during the New Year holiday [17]. - The import of medical and health products has also seen significant growth, with a 70.4% increase in imports in Hubei province in 2025 [17]. Industry Insights - The current wave of capital influx is not merely for financing but signals a critical transition in the industry towards scientific validation and global operations [4]. - Companies with genuine research capabilities, compliant product systems, and international perspectives are expected to gain a competitive edge in high-quality development [4].

Investment Rating - The report maintains a "Buy" rating for key companies in the pharmaceutical sector, including Innovent Biologics, Efang Biologics, Tianshili, WuXi AppTec, and Mindray Medical [4][28]. Core Insights - The policy-driven upgrade of traditional Chinese medicine (TCM) industry is expected to enhance industry concentration in the medium to long term, benefiting companies with strong quality control and innovative capabilities [2][24]. - The implementation plan for high-quality development of the TCM industry aims to establish a collaborative development system by 2030, focusing on raw material supply, innovation, production quality control, and internationalization [2][23]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, recommending a focus on innovative drugs and high-end medical devices [3][26]. Summary by Sections Market Review - The A-share pharmaceutical index rose by 0.14%, outperforming the CSI 300 index by 1.47 percentage points [1][16]. - The Hong Kong Hang Seng Medical Health Index fell by 1.41%, but still outperformed the Hang Seng Index by 1.65 percentage points [1][16]. Policy Insights - The Ministry of Industry and Information Technology and other departments issued a plan to enhance the TCM industry, which includes fostering leading enterprises and establishing high-standard raw material production bases [2][24]. - The plan emphasizes digitalization and sustainability, aiming to raise compliance standards and accelerate the exit of smaller companies from the market [2][25]. Company Updates - Recent clinical progress includes the NDA submission for HRS-9531 by Heng Rui Medicine and the initiation of clinical trials for various drugs by other companies [1][31][32]. - Key companies such as Yunnan Baiyao, Baiyunshan, and Taiji Group are highlighted for their strong positions in raw material supply [2][25]. Financial Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Innovent Biologics projected to have an EPS of 0.49 in 2025 and WuXi AppTec expected to reach an EPS of 5.07 in the same year [4][28]. - The pharmaceutical manufacturing industry reported a revenue decline of 1.2% year-on-year for 2025, with total revenue reaching 2,487 billion yuan [51].

Core Viewpoint - The signing ceremony for the construction of a ginseng processing base in Ning'an City, Heilongjiang Province, marks a strategic collaboration between local government and Yiling Pharmaceutical, aiming to leverage local medicinal herb resources for industry development [1][2]. Group 1: Company Insights - Yiling Pharmaceutical's Vice General Manager expressed gratitude for the support from the Ning'an municipal government, highlighting the collaboration as a strategic move to enhance the company's presence in high-quality medicinal herb regions [2]. - The company aims to utilize Ning'an's resource advantages and policy support to strengthen its core competitiveness in specialty products like ginseng, promoting value chain upgrades [2]. Group 2: Industry Development - The project is seen as a significant milestone in the development of the medicinal herb industry in Ning'an, showcasing a partnership between government and enterprise to foster high-quality industry growth [2]. - The local government emphasizes a service-oriented approach to support businesses, viewing them as valuable assets for development and focusing on creating an optimal business environment for investment and growth [2].

Group 1 - The core viewpoint of the news is the release of the "Implementation Plan for the High-Quality Development of Traditional Chinese Medicine Industry (2026-2030)" by eight departments, which aims to establish a collaborative development system for the entire industry chain by 2030, enhancing supply capabilities and technological breakthroughs [1] - The plan emphasizes the importance of digital transformation and green transition in the traditional Chinese medicine industry, with leading companies accelerating the construction of smart factories and upgrading production processes [1] - Guangzhou Pharmaceutical Group's Baiyunshan Zhongyi Pharmaceutical was recognized as the only traditional Chinese medicine manufacturer in the "2025 Advanced Intelligent Factory List" due to its systematic breakthroughs in digital transformation [1] Group 2 - The research and development vitality of traditional Chinese medicine companies is being released, with several innovative Class 1 traditional Chinese medicine products expected to be approved for market launch in 2025, including Jiangsu Kangyuan Pharmaceutical's and Jianmin Pharmaceutical's products [2] - Hunan Fangsheng Pharmaceutical has stated that the implementation plan will significantly promote the development of innovative traditional Chinese medicine, and the company plans to increase investment in this area to strengthen its core competitiveness [2] - Local governments are also leveraging industrial funds to attract social capital, with Yunnan Province establishing a 10 billion yuan traditional Chinese medicine industry development fund to enhance the industry ecosystem [2] Group 3 - Since 2025, the traditional Chinese medicine sector has faced performance pressure due to weak sales in pharmacy and hospital channels, leading to a divergence in the performance of listed companies [3] - The OTC (over-the-counter) sector's leading companies have shown resilience, and the industry is undergoing a painful transition in its development model, with a focus on diversified channels and high clinical value being crucial for future success [3] - The implementation plan supports the cultivation of leading enterprises and encourages the establishment of industrial funds, aiming for a healthy ecosystem that integrates large, medium, and small enterprises [3]

Group 1 - The A-share market opened lower but saw the pharmaceutical sector rebound, with the only ETF tracking the pharmaceutical index recovering its 10-day moving average and aiming for a four-day winning streak [1] - The Ministry of Industry and Information Technology, along with eight other departments, issued a plan for the high-quality development of traditional Chinese medicine, outlining a development blueprint for 2026-2030 [2] - The report highlights a positive outlook for the pharmaceutical sector driven by policy support, cost improvements, and expectations for adjustments in the basic drug catalog [3] Group 2 - The report indicates that the raw material drug sector is favored, with innovative drug segments such as small nucleic acids, peptides, and ADC toxins driving continuous industry chain catalysts [3] - The pharmaceutical ETF (562050) covers 50 leading pharmaceutical companies, focusing on innovative drugs while also considering traditional Chinese medicine [5] - Notable stock performances include Xinhecheng rising over 7%, and Sanofi Guojian increasing by more than 5%, with traditional Chinese medicine stocks like Darentang and Yiling Pharmaceutical also seeing gains of over 4% [5]