12月15日的指数调整打破了CXO行业的平静，泰格医药被调出了深证100成分股。 作为深市核心龙头的代名词，深证100的成分股调整也向来被视为市场地位的"试金石"。而泰格医药的 离场，也恰逢其在当下普涨行情中成为了少数股价逆市下跌的企业。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：环球老虎财经app 12月15日，曾经的CXO龙头泰格医药被深圳100指数除名，终结了6年的指数生涯。反常的是，其前三 季度净利润20.88%的增长似乎并没能留住市场资金，2025年以来公募机构持续撤离。这业绩向好却资 金出逃的背后，到底发生了什么？ 事实上，早在泰格医药被指数剔除之前，高管与公募基金就早早的开始离场，公司市值也从1784亿高点 跌至500亿梯队，市值蒸发超千亿。而公司2025年前三季度净利润同比上涨20.88%的表现，似乎并未阻 止这一切的发生。 泰格医药 被挪出指数 12月15日，泰格医药正式被调出深证100成分股，结束了其长达6年的指数生涯。 作为中国资本市场的重要风向标，深证100汇聚了深市规模大、流动性好、盈利能力强的核心企业，包 括但不限于宁德时代、中际旭创、美的集团 ...

Investment Rating - The report maintains an "Outperform" rating for several companies in the innovative drug and medical device industry, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6][25]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with innovative pipelines that are entering a volume increase phase, maintaining "Outperform" ratings for various Biopharma/Biotech companies [5][25]. - The National Healthcare Security Administration announced the 2025 insurance drug list, which added 114 drugs, including 50 innovative drugs, further validating insurance support for innovation and indicating promising domestic demand [26][27]. Summary by Sections 1. Continuous Recommendation of Innovative Drugs and Industry Chain - The report highlights the ongoing recommendation of innovative drugs and the industry chain, with a focus on companies expected to see a revaluation due to their innovative pipelines [5][25]. - Specific companies mentioned include WuXi AppTec, WuXi XDC Cayman, Hangzhou Tigermed Consulting, and leading medical equipment companies like Beijing Chunlizhengda Medical Instruments and Lepu Medical, all rated "Outperform" [5][25]. 2. Performance of A-Shares Pharmaceutical Sector - In the second week of December 2025, the A-Shares pharmaceutical sector underperformed the market, with the SW Pharma and Biotech index falling by 1.0% compared to a 0.3% decline in the SHCOMP [8][27]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 69.8% [16][27]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong stock pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index falling by 2.3%, while the U.S. stock pharmaceutical sector outperformed, with the S&P 500 Healthcare Select Sector Index rising by 0.4% [28][27].

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [3][5][6]. Core Insights - The report emphasizes the continuous recommendation of innovative drugs and medical devices, highlighting the high growth potential in the innovative pharmaceutical sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, and others, indicating a potential for value re-evaluation [3][5]. - The report notes that the National Medical Insurance Administration has officially announced the 2025 medical insurance drug catalog, which includes 114 new drugs, 50 of which are first-class innovative drugs. This adjustment is seen as a validation of the support for innovation in the healthcare sector [3][5]. - The A-share pharmaceutical sector underperformed the broader market in the second week of December 2025, with the SW Pharmaceutical Biotechnology index declining by 1.0% compared to a 0.3% drop in the Shanghai Composite Index [7][18]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Medical Devices - The report highlights the sustained recommendation of innovative drugs and medical devices, with a focus on companies that are expected to see performance growth and value re-evaluation [5][6]. Section 2: A-share Pharmaceutical Sector Performance - In the second week of December 2025, the A-share pharmaceutical sector's performance was weaker than the overall market, ranking 16th among the primary industries [7][18]. Section 3: Hong Kong and US Market Performance - The report indicates that the Hong Kong pharmaceutical sector also underperformed, while the US pharmaceutical sector showed stronger performance compared to the broader market [18].

Flash | 08 Dec 2025 06:45:31 ET │ 11 pages China Healthcare China Clinical CRO Expert Call Take-away: Leaders prevail with a better 2026 outlook CITI'S TAKE +852-2501-2752 zoe.bian@citi.com John Yung, CFA +852-2501-2790 john.yung@citi.com Wangbin Zhou +852-2501-2352 wangbin.zhou@citi.com Eva Zhao, CFA +852-2501-2701 eva.zhao@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations We hosted a China Clinical CRO Expert Call on Dec 5 with Mr. Jeff. He is for ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 HANGZHOU TIGERMED CONSULTING CO., LTD. 杭州泰格醫藥科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3347） 海外監管公告 本 公 告 乃 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所有限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 深 圳 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 杭州泰格醫藥科技股份有限公司 於 本 公 告 日 期，執 行 董 事 為 葉 小 平 博 士、曹 曉 春 女 士、吳 灝 先 生 及 聞 增 玉 先 生；獨 立 非 執 行 董 事 為 廖 啟 宇 先 生、袁 華 剛 先 生 ...

杭州泰格医药科技股份有限公司 第五届董事会第二十次会议决议公告 证券代码：300347 证券简称：泰格医药 公告编码（2025）043 号 根据《公司法》《公司章程》的规定，原《公司法》监事会规定的职权由审计委员会 行使。董事会确认公司第五届董事会审计委员会仍由廖启宇先生、袁华刚先生、刘毓文女 士组成，召集人仍由廖启宇先生担任。任期自本次董事会审议通过之日起至第五届董事会 届满之日止。 表决结果：同意7票，反对0票，弃权0票。 特此公告。 杭州泰格医药科技股份有限公司董事会 二〇二五年十二月十一日 1 公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者 重大遗漏负连带责任。 杭州泰格医药科技股份有限公司（以下简称"公司"）第五届董事会第二十次会议于2025 年12月9日在杭州市滨江区聚工路19号盛大科技园A座20层会议室举行，本次会议以现场与 通讯表决相结合的方式召开。全体董事一致同意豁免本次董事会会议的提前通知期限，会 议通知已于2025年12月8日以电话、电子邮件方式向全体董事发出。会议应到董事7人，实 到董事7人。本次会议由公司董事长叶小平先生主持。本次会议的召开及程序 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Insights - The report highlights the ongoing transformation in cancer treatment, moving from broad-spectrum therapies to precision medicine, with a focus on innovative technologies such as bispecific antibodies, antibody-drug conjugates (ADC), and CAR-T therapies [7][14] - It emphasizes the importance of companies with cutting-edge technology platforms and differentiated research strategies, particularly in the context of blood cancers becoming manageable chronic diseases [11][14] - The report suggests that the recent ESMO Asia and ASH conferences have positively influenced market sentiment, revealing clear directions for future cancer treatments [11][14] Summary by Sections Industry Overview - The pharmaceutical sector is experiencing significant internal differentiation, with some sub-sectors like pharmaceutical commerce and traditional Chinese medicine performing well, while others like medical devices and chemical pharmaceuticals are facing declines [7][11] - The total market capitalization of the industry is approximately 72,066.76 billion [2] Key Investment Directions - Focus on biotech companies with innovative technology platforms, particularly those developing new delivery systems and ADCs targeting specific cancer markers [11][14] - Look for companies implementing differentiated research strategies, especially in rare target areas and combination therapies [11][14] - Recognize the long-term investment value in blood cancers as they transition into manageable chronic conditions, expanding the market for existing and new therapies [11][14] Market Dynamics - The report notes that the pharmaceutical sector's performance has been mixed, with a year-to-date return of 15.86%, slightly lagging behind the broader market [11] - The report identifies key companies to watch, including 康方生物, 药明合联, and others, which are expected to perform well based on their innovative approaches and market positioning [8][11][14]

格隆汇12月5日丨根据联交所最新权益披露资料显示，2025年12月3日，泰格医药(03347.HK)遭兴证全球基金管理有限公司在场内以每股均价37.7041港元减 持21.68万股，涉资约817.42万港元。 减持后，兴证全球基金管理有限公司最新持股数目为603.35万股，持股比例由5.08%下降至4.90%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | --- | --- | --- | --- | --- | --- | --- | | | 原因 | 股份數目 | | | (請參閱上述*註 | 有投票權股 (日 / 月 / 年) 材 | | | | | | | | 份百分比 | | CS20251204E00039 | 兴证全球基金管理有限公司 1201(L) | | 216,800(L) | HKD 37.7041 | 6,033,500(L) | 4.90(L)03/12/2025 | | 股份代號: | 03347 | | --- | --- | | 上市法國名稱: ...

（原标题：兴证全球基金减持泰格医药(03347)21.68万股 每股作价约37.7港元） 智通财经APP获悉，香港联交所最新资料显示，12月3日，兴证全球基金管理有限公司减持泰格医药 (03347)21.68万股，每股作价37.7041港元，总金额约为817.42万港元。减持后最新持股数目为603.35万 股，最新持股比例为4.9%。 ...

香港联交所最新资料显示，12月3日，兴证全球基金管理有限公司减持泰格医药（300347）(03347)21.68 万股，每股作价37.7041港元，总金额约为817.42万港元。减持后最新持股数目为603.35万股，最新持股 比例为4.9%。 ...