www.hczq.com 证券研究报告 | 医药生物 | 2025年11月22日 华创医药投资观点&研究专题周周谈 · 第151期 多款口服环肽药物具重磅潜力，产业链有望充分受益 本周专题联系人：王宏雨 | 华创医药团队： | | | | | | --- | --- | --- | --- | --- | | 首席分析师 | 郑辰 | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | 联席首席分析师 | | 刘浩 | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 | | 李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 | | 高初蕾 | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 分析师 | 王宏雨 | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 分析师 | 朱珂琛 | | 执业编号：S036052407 ...

| 指数 | 蒲公英50指数(866611.WI) | 蒲公英30指数(866612.WI) | | --- | --- | --- | | 发布日期 | 2024年5月31日 | 2024年8月30日 | | 样本空间 | 上交所和深交所医疗保健行业上市公司,共495家 | 港股医疗保健行业上市公司,共262家 | | 选样标准 | 按Wind ESG综合得分降序排列,选取前50家 | 按Wind ESG综合得分降序排列,选取前30家 | | 加权方式 | | 等权重加权 | | 调仓频率 | | 每月调整一次 | | 收益处理方式 | | 价格指数 | | NAME: Worths | | Win. | 本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 11月21日，以"智领健康未来"为主题的2025华夏大健康产业发展暨康复服务大会在北京召开。作为连续 四届引领行业风向的标杆盛会，科技与创新始终是贯穿全程的灵魂主线，而医疗健康企业在环境、社会 及治理方面的表现同样被社会各界关注。 Wind ESG高级分析师翁钰宁发表了主题演讲，详细介绍了蒲公英指数的构建背景、评估体系及市场表 现，强调 ...

第87名迈瑞医疗（证券代码300760）：三季报归母净利润75.70亿元（同比增长-28.83%），排名比半年报下降6名。 从2025年上市公司三季度归母净利润前100强看，尽管医药生物行业受到集采降价、医保控费等多重因素影响，整体业绩持续承压，但是药明康德、迈瑞医 疗依然能凭借强劲的盈利能力在市场中脱颖而出，跻身百强。 第55名药明康德（证券代码603259）：三季报归母净利润120.76亿元（同比增长84.84%），排名比半年报下降3名； 在行业整体低迷的背景下，创新药及其研发外包（CXO）产业链成为了少数高景气的子板块。药明康德作为CXO龙头，直接受益于这一趋势。而迈瑞医疗 所在的医疗器械领域，虽然短期受招标节奏影响，但其通过国际化和技术升级，展现出较强的抗风险能力。 ...

更重要的是，医疗器械从低端到高端的技术突破是一个逐步积累的过程，不存在弯道超车的现象，因此 更加需要公司在研发上踏踏实实地做好每一步。公司未来将持续加大研发创新，通过开发更高性能的试 剂、成像更清晰的影像设备来尽早发现疾病，通过更精准易用的微创或介入器械让疾病在早期就能得到 治愈，通过数智化解决方案提高医疗水平均质化的同时，帮助医院提质增效、控费降本等等，最终将优 质的生命关怀惠及到更多人。 近期有投资者在互动易平台问到，"迈瑞医疗是否有进一步加大研发投入的计划？" 迈瑞医疗认为，医疗器械的创新研发和其他行业很不一样，即使创造出了新的技术路径，首先技术需要 成熟、原理清晰，其次在全球顶级专家认可、临床验证、产品注册等环节中仍需要经历非常漫长且复杂 的过程。 迈瑞医疗回应称，"多年来，迈瑞医疗坚持研发高投入，即使在营收规模快速增长的情况下，依然坚持 将每年营收的约10%投入研发，研发投入比例和规模均在医疗器械企业中处于领先地位。截至2025年三 季度末，公司自2018年登陆A股以来累计研发投入已达到215.56亿元，为公司的未来发展筑牢核心研发 支撑。" 迈瑞医疗在互动易中表示，"公司的除颤仪从研发到上市共经历 ...

| | | | | (截至2025年11月21日) | | --- | --- | --- | --- | --- | | 企业名称 | 申报类型 | ■报主体 | 拟上市证券交易所 | 中介机构 | | | | | | 保存人/主承销商 | | Dermavon Holdings Limited | 间接境外上市 | 海南德镁医药科技有 | 香港联交所 | 华泰金融控股(香港)有限公司 | | (德镁医药有限公司) | | 限责任公司 | | | | InSilico Medicine Cayman | | 英矽智能科技(上 | | 中国国际金融香港证券有限公司 | | | 间接境外上市 | | 香港联交所 | 摩根士丹利亚洲有限公司 | | TopCo(英矽智能) | | 海)有限公司 | | 一发融资(香港)有限公司 | | 广州豪特节能环保科技股份有 限公司 | 直接境外上市 | 1 | 香港联交所 | 广发融资(香港)有限公司 | | 浙江时迈药业股份有限公司 | 直接境外上市 | 1 | 香港联交所 | 华泰金融控股(香港)有限公司 | | 深圳迈瑞生物医疗电子股份有 | | | | 华泰金融控股 ...

| | | | 企业名称 | 申报类型 | 申报主体 | 拟上市证券交易所 | 中介机构 | | --- | --- | --- | --- | --- | | | | | | 保存人/主承销商 | | Dermavon Holdings Limited (德镁医药有限公司) | 间接境外上市 | 海南德镁医药科技有 | 香港联交所 | 华泰金融控股(香港)有限公司 | | | | 限责任公司 | | | | InSilico Medicine Cayman | | 英矽智能科技(上 | | 中国国际金融香港证券有限公司 | | TopCo(英矽智能) | 间接境外上前 | 海)有限公司 | 香港联交所 | 摩根士丹利亚洲有限公司 | | | | | | 发融资(香港)有限公司 | | 厂州豪特节能环保科技股份有 限公司 | 直接境外上市 | 1 | 香港联交所 | 广发融资(香港)有限公司 | | 浙江时迈药业股份有限公司 | 直接境外上市 | 1 | 香港联交所 | 华泰金融控股(香港)有限公司 | | 深圳迈瑞生物医疗电子股份有 | 直接境外上市 | | 香港联交所 | 华泰金融控股(香港)有限公司 J ...

- The China Securities Biotechnology Theme Index was launched on August 26, 2015, by China Securities Index Co., Ltd. The index selects listed company securities involved in gene diagnosis, biopharmaceuticals, blood products, and other human biotechnology as index samples to reflect the overall performance of biotechnology listed company securities[3][38] - The index sample space is the same as the China Securities All Index sample space, consisting of A-shares and depository receipts issued by red-chip companies that meet the following conditions: "(1) Non-ST, *ST securities; (2) Other securities: listed for more than one quarter, unless the average daily market value ranks in the top 30 since listing; (3) STAR Market and Beijing Stock Exchange securities: listed for more than one year and two years, respectively"[39] - The index sample selection method includes: (1) Ranking the securities in the sample space by average daily turnover over the past year and removing the bottom 20%; (2) Selecting biotechnology-related companies from the remaining securities as biotechnology theme candidates; (3) Ranking the candidates by average daily market value over the past year and selecting the top 50 securities as index samples[39] - The index's top ten constituent stocks are highly concentrated, focusing on the pharmaceutical industry. As of November 19, 2025, the top ten constituent stocks accounted for 55.26% of the total weight, forming a "CXO + innovative drugs + medical devices" golden triangle combination[40][41] - The index constituent stocks are evenly distributed across different market value ranges, with weights of 35.79% for stocks with a market value of over 100 billion, 44.24% for stocks with a market value between 200-1000 billion, and the rest distributed among other ranges[42][43] - The index constituent stocks are mainly concentrated in the biological medicine III, medical services, chemical preparations, and medical devices industries, with weights of 42.33%, 20.99%, 17.33%, and 11.97%, respectively[44][46] - The index constituent stocks have high exposure to concepts such as industry leaders, comprehensive private enterprises, main trading forces, dual circulation, fund heavy positions, and innovative drugs, with exposure rates of 70.56%, 64.78%, 64.58%, 62.60%, 62.48%, and 62.16%, respectively[47][48] - The index's current style is characterized by small market value, high liquidity, and high momentum. As of October 31, 2025, the index's market value style is significantly negatively exposed compared to the China Securities 800 Index, with higher liquidity and trading activity[48][51][52] - The index's PE valuation is near the historical average, and the PB valuation is near the historical -1 standard deviation, indicating a high safety margin and potential for upward valuation[53][54] - The index's profitability is outstanding, with expected revenue growth rates of 6.54%, 6.00%, and 13.76% for 2025, 2026, and 2027, respectively, and expected net profit growth rates of 52.09%, 18.58%, and 24.11% for the same years[55][56][57][58]

近期有投资者在互动易平台问到，"迈瑞医疗（300760）是否有进一步加大研发投入的计划？" 迈瑞医疗回应称，"多年来，迈瑞医疗坚持研发高投入，即使在营收规模快速增长的情况下，依然坚持 将每年营收的约10%投入研发，研发投入比例和规模均在医疗器械企业中处于领先地位。截至2025年三 季度末，公司自2018年登陆A股以来累计研发投入已达到215.56亿元，为公司的未来发展筑牢核心研发 支撑。" 据悉，迈瑞医疗是全球领先、创新驱动的世界级医疗器械企业及医疗数智化引领者。公司始终坚持以研 发创新为核心驱动力，持续加大投入，依托深厚的技术实力以及对临床需求的深刻洞察，不断引领并推 出契合市场的前沿产品。 迈瑞医疗认为，医疗器械的创新研发和其他行业很不一样，即使创造出了新的技术路径，首先技术需要 成熟、原理清晰，其次在全球顶级专家认可、临床验证、产品注册等环节中仍需要经历非常漫长且复杂 的过程。 迈瑞医疗在互动易中表示，"公司的除颤仪从研发到上市共经历了十年时间，由于国内之前并没有相关 产品的准入标准，我们协助国家局专家一起建立除颤仪的认证标准，历时五年时间才完成了产品注册。 由此可见，医疗器械很难冒进。我们稳扎稳打，是 ...

Core Viewpoint - The market experienced a significant downturn on November 21, with major indices declining, particularly the ChiNext Index which fell over 4% [1] Group 1: Market Performance - The ChiNext 50 ETF (159949) closed at 1.384 CNY, down 3.89% with a turnover rate of 9.89% and a trading volume of 2.429 billion CNY [1][2] - The ETF has seen a net inflow of 489 million CNY over the past five trading days, indicating positive investor sentiment despite the market decline [2][3] Group 2: ETF Details - As of November 20, 2025, the ChiNext 50 ETF has a total circulation scale of 25.25 billion CNY, leading among similar ETFs [2][3] - The top ten holdings of the ChiNext 50 ETF include leading companies such as CATL, Zhongji Xuchuang, and Dongfang Caifu, reflecting a focus on high-growth sectors [3] Group 3: AI Industry Insights - NVIDIA reported a quarterly revenue of 57 billion USD, a 62% year-over-year increase, and projected next quarter revenue to reach 65 billion USD, addressing concerns about AI asset price bubbles [4] - Analysts suggest that the AI industry is still in its early development stage, with significant long-term growth potential despite current high valuations [5] Group 4: Investment Strategies - The ChiNext 50 ETF (159949) is recommended as an efficient investment tool for those optimistic about the long-term growth of China's technology sector [5] - Investors are advised to consider dollar-cost averaging strategies to mitigate short-term volatility risks while monitoring the performance of index constituent stocks [5]

Investment Rating - The report maintains an "overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by more than 10% in the next six months [4][25]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index during the period from November 7 to November 20, 2025, with a decline of 1.51%, which is approximately 1.23 percentage points better than the CSI 300 index [11]. - Most sub-sectors within the industry recorded negative returns, with in vitro diagnostics and pharmaceutical distribution showing the highest gains of 2.37% and 2.27%, respectively, while medical R&D outsourcing and medical consumables experienced declines of 3.67% and 2.93% [12]. - Approximately 43% of stocks in the industry recorded positive returns during the same period, with the top performer, Hezhong China, seeing a weekly increase of 82.57% [16]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry as of November 20, 2025, was approximately 51.84 times, indicating a decrease in industry valuation [19]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a decline of 1.51% compared to the index's performance [11]. - Most sub-sectors recorded negative returns, with in vitro diagnostics and pharmaceutical distribution leading in gains [12]. - About 43% of stocks in the industry had positive returns, with significant variations in individual stock performance [16]. 2. Industry News - The report highlights the announcement from the Hebei Provincial Medical Products Procurement Center regarding the centralized procurement of 25 types of medical consumables, including biopsy needles and infusion ports [23]. 3. Company Announcements - Ningbo Tianyi Medical Devices Co., Ltd. received a medical device registration certificate for its blood dialysis concentrate products [24]. 4. Industry Outlook - The report suggests focusing on investment opportunities in the flu-related sector due to the onset of the flu season, recommending several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [25][27].