证券之星消息，11月27日，深港通医疗(港币)（983036）指数报收于4391.58点，涨0.14%，成交82.59亿 元，换手率0.75%。当日该指数成份股中，上涨的有32家，医脉通以3.65%的涨幅领涨，下跌的有24家， 健康之路以3.41%的跌幅领跌。 深港通医疗(港币)（983036）指数十大成份股详情如下： | 深港通医疗(港币)指数 十大成份股 | | --- | | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 14.56% | 196.30 | 1.50% | 2380.02 | 医药生物 | | sz300015 | 爰尔眼科 | 11.62% | 11.40 | -0.26% | 1063.10 | 医药生物 | | sz300003 | 乐晋医疗 | 4.85% | 15.87 | 0.13% | 292.55 | 医药生物 | | sz300896 | 爱美客 | 4.80% | 146.26 | 0.83% ...

证券之星消息，11月27日，生物经济（970038）指数报收于2134.66点，跌0.06%，成交130.45亿元，换 手率0.95%。当日该指数成份股中，上涨的有22家，华兰疫苗以2.57%的涨幅领涨，下跌的有27家，京新 药业以5.97%的跌幅领跌。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002714 | 牧原股份 | 1.04亿 ﮯ | 9.06% | -6278.30万 | -5.46% | -4136.70万 | -3.60% | | 300896 | 爱美客 | 4699.18万 | 11.04% | -1692.30万 | -3.98% | -3006.88万 | -7.07% | | 300760 迈瑞医疗 | | 3307.61万 | 2.35% | -1596.63万 | -1.14% | -1710.98万 | -1.22% | | 000021 | 深科技 | 2671.49万 | ...

迈瑞医疗（300760）(300760.SZ)公告，公司实际控制人之一、董事长李西廷先生拟以集中竞价交易方 式增持公司股份，本次拟增持金额约2亿元(含交易费用);实施期限自2025年11月27日起6个月内。 于2025年11月27日，李西廷先生已通过集中竞价交易方式增持公司股份共计15.23万股，增持均价为 196.862元/股，合计增持金额2998.99万元。 ...

智通财经APP讯，迈瑞医疗(300760.SZ)公告，公司实际控制人之一、董事长李西廷先生拟以集中竞价交 易方式增持公司股份，本次拟增持金额约2亿元(含交易费用);实施期限自2025年11月27日起6个月内。 于2025年11月27日，李西廷先生已通过集中竞价交易方式增持公司股份共计15.23万股，增持均价为 196.862元/股，合计增持金额2998.99万元。 ...

人民财讯11月27日电，迈瑞医疗（300760）11月27日公告，公司实控人之一、董事长李西廷拟通过深圳 证券交易所以集中竞价交易方式增持公司股份，本次拟增持金额为2亿元(含交易费用)，实施期限为自 2025年11月27日起6个月内。 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The pharmaceutical sector has underperformed the overall market, with a significant decline in various sub-sectors, including a 6.88% drop in the biotechnology sector [1][32] - Hidradenitis Suppurativa (HS) is identified as a chronic, recurrent inflammatory skin disease with a low prevalence in China and the U.S., highlighting the potential market for treatment options [2][10] - The report emphasizes the increasing market share of new biologics targeting IL-17A and IL-17A/F, which are expected to outperform traditional therapies like Adalimumab [17][18][22] Summary by Sections Market Performance - The overall A-share market declined by 4.32%, with the biotechnology sector falling by 6.88%, indicating a weaker performance compared to the broader market [1][32] - Specific declines were noted in chemical pharmaceuticals (7.02%), biological products (7.46%), and medical services (6.90%) [1][32] Hidradenitis Suppurativa (HS) Overview - HS affects approximately 0.03% of the population in China, with around 400,000 cases, and has been included in the rare disease directory [2][10] - The disease's complex pathogenesis involves multiple immune pathways, making it a target for various therapeutic approaches [11][27] Investment Strategy - The report suggests focusing on undervalued stocks in the medical device and pharmacy sectors, which have already priced in risks from policy changes [42][43] - It highlights the potential for growth in the CXO sector, particularly in CDMO and clinical CRO segments, as they continue to show strong performance despite market challenges [42][43] Recommended Stocks - The report lists several companies with strong growth potential, including Mindray Medical, WuXi AppTec, and Aier Eye Hospital, all rated as "Outperform" [4][44] - Mindray Medical is noted for its robust R&D and international expansion, while WuXi AppTec is recognized for its comprehensive drug development services [44]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China A-shares market**, specifically the **CSI300 index** and its outlook for 2026. Core Insights and Arguments 1. **CSI300 Target Projections**: - The base-case target for the CSI300 by the end of 2026 is set at **5,200**, based on a **15.9x** P/E ratio and an estimated EPS of **Rmb328**, reflecting a **15% year-on-year growth** [1][4][5]. - Bear-case and bull-case targets are **4,000** and **6,000**, respectively [1][5]. 2. **Investment Themes for 2026**: - **Pro-equity "anti-involution" policies** are expected to enhance structural upside in net profit margin (NPM) and return on equity (ROE) for the CSI300, with consensus estimates of **12% NPM** and **11% ROE** [4]. - **AI Infrastructure Growth**: Anticipated capital expenditure growth in AI infrastructure globally will benefit Chinese suppliers, particularly those focused on localization and AI monetization [4]. - **Global Macro Support**: Easing fiscal and monetary policies globally will support offshore sales for listed companies [4]. - **K-shaped Recovery in Consumption**: This recovery is expected to benefit both low-end and luxury consumption sectors [4]. 3. **Downside Risks**: - Potential cuts to consensus EPS estimates for Q4 2025, especially in the **IT** and **Healthcare** sectors [4]. - The continuation of a "high-quality development" approach may dampen mid-range aspirational consumption [4]. - Geopolitical tensions, particularly between the US and China, could pose risks, especially with upcoming elections [4]. 4. **Potential Policy Changes**: - The onset of a non-performing loan (NPL) cycle may lead to new policies aimed at supporting physical properties [4]. - Increased efficiency from AI and digitalization may necessitate enhanced social security coverage due to job dislocations [4]. 5. **Thematic Stock Screens**: - Focus on **IT and Healthcare A-shares** that demonstrate innovation potential, with metrics such as market capitalization and overseas revenue [4]. - Screening for top A-share listings across various sectors including **autos, battery materials, lithium, solar, cement, chemicals, coal, steel, dairy, hogs, liquor, and logistics** [4][10]. Additional Important Insights - The **CSI300 index** is projected to have an implied upside of **17%** from the current level to the base-case target, while the bear-case scenario indicates a **10% downside** [5]. - The report highlights a shift from value to growth stocks expected by early 2026, particularly in the context of the **IT** and **Healthcare** sectors [4]. - The **A-share market** has shown robust margin financing, indicating strong investor confidence [14]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the outlook for the China A-shares market and the CSI300 index for 2026.

证券研究报告 | 2025年11月26日 2025年11月27日 医药生物周报（25 年第 46 周） 优于大市 化脓性汗腺炎治疗药物梳理 本周医药板块表现弱于整体市场，医药商业板块领跌。本周全部 A 股下跌 4.32%（总市值加权平均），沪深 300 下跌 3.77%，中小板指下跌 5.10%， 创业板指下跌 6.15%，生物医药板块整体下跌 6.88%，生物医药板块表 现弱于整体市场。分子板块来看，化学制药下跌 7.02%，生物制品下跌 7.46%，医疗服务下跌 6.90%，医疗器械下跌 6.38%，医药商业下跌 7.67%，中药下跌 6.46%。医药生物市盈率（TTM）36.69x，处于近 5 年历史估值的 78.22%分位数。 化脓性汗腺炎治疗药物梳理。化脓性汗腺炎（HS）是一种慢性、复发性、 毁容性、炎症性皮肤病。一般认为西方人群的真实患病率~1%，美国确诊 HS 患者~32 万人（其中~20 万为中重度患者）；中国 HS 患病率~0.03%（~40 万人，已被列入第二批罕见病目录），其中中重度患者~30 万人。HS 一线 疗法以抗菌为主，二线生物制剂疗法主要为阿达木单抗（TNFα）、司库奇 尤单抗 ...

Company Overview - Mindray Medical is a leading company in the medical device industry, focusing on the research, manufacturing, marketing, and service of medical instruments [1][2] - The company was established on January 25, 1999, and went public on October 16, 2018 [1] Financial Performance - For the period from January to September 2025, Mindray Medical reported a revenue of 25.834 billion yuan, a year-on-year decrease of 12.38% [2] - The net profit attributable to the parent company for the same period was 7.570 billion yuan, down 28.83% year-on-year [2] - Since its A-share listing, the company has distributed a total of 35.336 billion yuan in dividends, with 25.025 billion yuan distributed over the past three years [3] Stock Performance - As of November 27, Mindray Medical's stock price increased by 2.02% to 197.31 yuan per share, with a total market capitalization of 239.227 billion yuan [1] - The stock has experienced a decline of 21.19% year-to-date, with a 0.77% drop over the last five trading days and an 8.37% decrease over the last 20 days [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 18.86% to 108,800, while the average number of circulating shares per person decreased by 15.87% to 11,139 shares [2] - The top ten circulating shareholders include significant institutional investors, with notable reductions in holdings among several ETFs [3]

（文章来源：证券日报） 证券日报网讯迈瑞医疗11月26日在互动平台回答投资者提问时表示，截至2025年9月30日，公司股东总 数为108835户。 ...