证券研究报告 2026 年 02 月 08 日 湘财证券研究所 核心要点： 本周医药生物上涨 0.14%，涨跌幅排名位列申万一级行业第 15 位 根据 Wind 数据，本周申万一级行业医药生物上涨 0.14%，涨幅排名位列申 万 31 个一级行业第 15 位。沪深 300 指数下跌 1.33%，医药跑赢沪深 300 指数 1.47 个百分点。申万医药生物二级子行业医疗服务 II 报收 6827.17 点，上涨 1.31%；中药 II 报收 6282.76 点，上涨 2.56%；化学制药Ⅱ报收 12759.67 点，下跌 0.62%；生物制品Ⅱ报收 6271.33 点，下跌 1.82%；医 药商业Ⅱ报收 5434.98 点，上涨 0.57%；医疗器械 II 报收 6635.59 点，下 跌 0.13%。 行业研究 医疗服务行业周报 互联网医疗首诊破冰，关注专科连锁龙头 --医疗服务行业周报 2.2-2.6 相关研究： 从医疗服务板块公司的表现来看，表现居前的公司有：美迪西（+18.0%）、 通策医疗（+8.1%）、诺思格（+5.7%）、贝瑞基因（+4.8%）、泰格医药（+4.2%）； 表现靠后的公司有： 皓元医 ...

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

证券之星消息，2月6日，生物经济（970038）指数报收于2177.69点，跌0.42%，成交181.33亿元，换手 率1.61%。当日该指数成份股中，上涨的有15家，泰格医药以3.06%的涨幅领涨，下跌的有34家，华兰 疫苗以3.48%的跌幅领跌。 生物经济（970038）指数十大成份股详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 资金流向方面，生物经济（970038）指数成份股当日主力资金净流出合计4.84亿元，游资资金净流入合 计1.18亿元，散户资金净流入合计3.66亿元。成份股资金流向详情见下表： ...

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3882.75 points, down 0.63%, with a trading volume of 14.157 billion yuan and a turnover rate of 2.13% on February 6 [1] Group 1: Index Performance - Among the index constituents, 22 stocks rose while 28 stocks fell, with Tigermed leading the gainers at 3.06% and Aier Eye Hospital leading the decliners at 3.82% [1] - The top ten constituents of the ChiNext Medical Index include Aier Eye Hospital (9.18% weight, latest price 11.07, -3.82% change) and Tigermed (8.52% weight, latest price 65.65, +3.06% change) [1] Group 2: Market Capitalization - The total market capitalization of Aier Eye Hospital is approximately 103.232 billion yuan, while Tigermed's market capitalization is around 56.526 billion yuan [1] - Other notable companies include Mindray Medical (229.746 billion yuan) and Kanglong Chemical (55.486 billion yuan) [1] Group 3: Capital Flow - The net outflow of main funds from the ChiNext Medical Index constituents totaled 604 million yuan, while retail investors saw a net inflow of 412 million yuan [1] - The detailed capital flow shows that Tigermed had a net inflow of 14.716 million yuan from main funds, while retail investors experienced a net outflow of 1.41 million yuan [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920670 | 数字人 | 17.40 | -2.90% | 4.22万 | 7334.01万 | | 688796 | 百奧賽图 | 70.25 | -1.94% | 2.12万 | 1.49亿 | | 688265 | 南模生物 | 46.47 | -1.57% | 8256.97 | 3837.54万 | | 301293 | 三博脑科 | 77.52 | -1.49% | 13.51万 | 10.39 亿 | | 688222 | 成都先导 | 31.11 | -0.70% | 10.23万 | 3.17亿 | | 301333 | 诺思格 | 78.50 | -0.61% | 3.30万 | 2.56亿 | | 301520 | 万邦医药 | 44.83 | -0.20% | 7206.65 | 3232.19万 | | 301509 | 我们走势 | 36.34 | -0.06% | 1.75万 | 6335.15万 | | 6886 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300683 | 海特生物 | | 8.63 | 42.85亿 | 18.07 | | 300436 | 广生堂 | 4 | 7.01 | 184亿 | 29.53 | | 603590 | 康辰约业 | | 5.46 | 66.07亿 | 4.53 | | 002294 | 信立泰 | 章 | 4.20 | 536亿 | -2.89 | | 300204 | 舒泰神 | | 3.94 | 130亿 | -0.66 | | 600079 | ST人福 | 事 | 3.87 | 311亿 | 5.25 | | 300016 | 北陆经业 | | 3.49 | 58.43亿 | 30.73 | | 300347 | 泰格医药 | 资 | 3.37 | 563亿 | 15.22 | | 688799 | 华纳药厂 | | 2.99 | 62.48 Z | -0.25 | | 600285 | 羚锐制药 | | 2.93 | 128亿 | 8.74 | | 000 ...

每经AI快讯，2月4日，创新药板块震荡走高，海特生物涨超8%，广生堂涨超6%，康辰药业、舒泰神、 信立泰、北陆药业、泰格医药等个股跟涨。 （文章来源：每日经济新闻） ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300683 | 海特生物 | | 8.63 | 42.85 Z | 18.07 | | 300436 | 广生堂 | 1 | 7.01 | 184亿 | 29.53 | | 603590 | 康辰药业 | | 5.46 | 66.07亿 | 4.53 | | 002294 | 信立泰 | 安 | 4.20 | 536亿 | -2.89 | | 300204 | 舒泰神 | | 3.94 | 130亿 | -0.66 | | 600079 | ST人福 | 事 | 3.87 | 311亿 | 5.25 | | 300016 | 北陆药业 | | 3.49 | 58.43 乙 | 30.73 | | 300347 | 泰格医药 | 资 | 3.37 | 563亿 | 15.22 | | 688799 | 华纳药厂 | | 2.99 | 62.48 Z | -0.25 | | 600285 | 羚锐制药 | | 2.93 | 128亿 | 8.74 | | 0 ...

2月3日，泰格医药涨4.97%，成交额10.32亿元。两融数据显示，当日泰格医药获融资买入额5393.21万 元，融资偿还5727.85万元，融资净买入-334.64万元。截至2月3日，泰格医药融资融券余额合计6.31亿 元。 截至9月30日，泰格医药股东户数4.84万，较上期减少6.01%；人均流通股0股，较上期增加0.00%。2025 年1月-9月，泰格医药实现营业收入50.26亿元，同比减少0.82%；归母净利润10.20亿元，同比增长 25.45%。 分红方面，泰格医药A股上市后累计派现24.58亿元。近三年，累计派现11.54亿元。 机构持仓方面，截止2025年9月30日，泰格医药十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股4836.25万股，相比上期增加2509.69万股。中欧医疗健康混合A（003095）位居第四大流 通股东，持股2885.17万股，相比上期增加121.78万股。华宝中证医疗ETF（512170）位居第五大流通股 东，持股1456.80万股，相比上期减少266.25万股。易方达创业板ETF（159915）位居第八大流通股东， 持股1125.86万股，相比上期减少 ...

资金流向方面，创业板医疗（970082）指数成份股当日主力资金净流入合计1.45亿元，游资资金净流出 合计3932.48万元，散户资金净流出合计1.06亿元。成份股资金流向详情见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300347 | 泰格医药 | 1.0514 | 10.00% | 8550.73万 | 8.29% | -1.89 Z | -18.28% | | 300896 | 爱美客 | 8599.52万 | 9.08% | -4731.11万 | -4.99% | -3868.41万 | -4.08% | | 300244 | 迪安诊断 | 6648.66万 | 6.13% | -539.06万 | -0.50% | -6109.60万 | -5.63% | | 301293 | 三博脑科 | 5726.39万 | 5.54% | 3264.08万 | 3.16% | -8990.47万 | ...