（记者 曾健辉） 每经头条（nbdtoutiao）——基金经理个人炒股合法吗？我们调查了多家头部公募，答案出人意料 每经AI快讯，普蕊斯发布公告称，2026年1月26日、2026年1月28日至2026年1月29日期间2026年2月2日 至2026年2月4日期间、2026年2月6日，普蕊斯接受招商基金等投资者调研，公司董事会秘书赖小龙参与 接待，并回答了投资者提出的问题。 ...

编号：2026-002 投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位 名称及人员 姓名 广发基金 招商基金 鹏华基金 创金合信基金 建信基金 博时基金 德邦基金 民生加银基金 长信基金 汇安基金 长盛基金 摩根士丹利基金 华创证券 中信证券 华泰证券 中金公司 国信证券 财通证券 国联证券 国投证券 中泰证券 华福证券 东北证券 等共 50 家机构 53 人 时间 2026 年 1 月 26 日、2026 年 1 月 28 日—2026 年 1 月 29 日 2026 年 2 月 2 日—2026 年 2 月 4 日、2026 年 2 月 6 日 地点 上海公司会议室 深圳 北京 上市公司接 待人员姓名 董事会秘书 赖小龙 投资者关系 活动主要 内容介绍 一、介绍公司基本情况 普蕊斯是一家大数据驱动型临床研究服务商，始终秉持"以患 者为中心"的理念，通过将临床试验和医院实际场景进行解构，创 建出一套临床试验全流程项目管理体系，长期服务于国内外知名 创新药企与 CRO 公司，专注于为全球创新药的研发提供高效合规 的临床试验现场 ...

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 | ...

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

证券日报网讯2月2日，普蕊斯（301257）在互动平台回答投资者提问时表示，截至2026年1月30日收 盘，公司股东总数为9520户。 ...

证券日报网讯1月23日，普蕊斯（301257）在互动平台回答投资者提问时表示，截至2025年12月31日收 盘，公司股东总数为6759户。 ...

Group 1 - The core viewpoint of the news is that 普蕊斯 (Puris) has shown fluctuations in its stock performance and financing activities, indicating a high level of trading activity and potential investor interest [1][2]. - On January 22, 2023, 普蕊斯 experienced a stock price decline of 2.63%, with a trading volume of 170 million yuan. The financing buy-in amount was 11.01 million yuan, while the financing repayment was 21.17 million yuan, resulting in a net financing outflow of 10.16 million yuan [1]. - As of January 22, 2023, the total balance of margin trading for 普蕊斯 was 80.46 million yuan, with the financing balance accounting for 1.51% of the circulating market value, indicating a high level compared to the past year [1]. Group 2 - As of December 31, 2022, 普蕊斯 had 6,759 shareholders, a decrease of 18.42% from the previous period, while the average circulating shares per person increased by 22.58% to 11,143 shares [2]. - For the period from January to September 2025, 普蕊斯 reported a revenue of 609 million yuan, representing a year-on-year growth of 2.59%, and a net profit attributable to shareholders of 87.38 million yuan, which is a 20.92% increase year-on-year [2]. - Since its A-share listing, 普蕊斯 has distributed a total of 46.15 million yuan in dividends [3].

Market Overview - The medical services sector increased by 0.18% on January 21, with Nanmo Biology leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Top Gainers in Medical Services - Nanmo Biology (688265) closed at 49.79, up 7.01% with a trading volume of 20,000 shares and a transaction value of 98.02 million [1] - Hite Biology (300683) closed at 29.67, up 5.74% with a trading volume of 107,800 shares and a transaction value of 32.2 million [1] - Dean Diagnostics (300244) closed at 26.46, up 5.59% with a trading volume of 796,300 shares and a transaction value of 2.13 billion [1] - ST Zhongzhu (600568) closed at 2.64, up 5.18% with a trading volume of 376,500 shares and a transaction value of 9.81 million [1] - Tongce Medical (600763) closed at 46.51, up 4.99% with a trading volume of 198,600 shares and a transaction value of 911 million [1] Top Losers in Medical Services - Digital Human (920670) closed at 18.72, down 4.44% with a trading volume of 74,500 shares and a transaction value of 143 million [2] - Hongbo Pharmaceutical (301230) closed at 46.36, down 1.88% with a trading volume of 131,200 shares and a transaction value of 614 million [2] - Chengda Pharmaceutical (301201) closed at 41.39, down 1.76% with a trading volume of 36,600 shares and a transaction value of 153 million [2] Capital Flow in Medical Services - The medical services sector saw a net inflow of 50.51 million from institutional investors, while retail investors experienced a net outflow of 375 million [2] - The sector's overall capital flow indicates a strong interest from institutional and speculative investors, with retail investors pulling back [2][3] Notable Capital Inflows - Sanbo Brain Science (301293) had a net inflow of 91.48 million, representing 9.03% of its total capital [3] - Tongce Medical (600763) saw a net inflow of 83.46 million, accounting for 9.16% of its total capital [3] - BGI Genomics (300676) recorded a net inflow of 51.81 million, which is 8.37% of its total capital [3]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of January 19, 2026 [1] Core Insights - 2025 marked a significant year for Chinese innovative drugs going global, with a total transaction amount of $135.655 billion, including $7 billion in upfront payments and 157 deals, setting historical highs. The trend continues into 2026, with notable licensing agreements from companies like Yilian Biotech and Rongchang Biotech, indicating strong global competitiveness for Chinese innovative drugs [2] - Major companies are increasingly investing in the small nucleic acid field, with significant acquisitions and clinical approvals. For instance, China National Pharmaceutical Group acquired Hangzhou Hejiya Biopharmaceutical for 1.2 billion RMB, while international firms like Novartis and GSK are also advancing in this area [3] - The GLP-1 market is expected to grow despite new pricing systems, with ongoing collaborations and new product launches anticipated in 2026. The market for GLP-1 drugs is projected to remain robust due to the large patient population for weight loss and diabetes [4] - The oral autoimmune drug market is gaining attention, with promising results from Takeda's new TYK2 inhibitor for psoriasis. Other domestic companies are also advancing in this space, exploring new targets for oral small molecules [5] - The brain-computer interface sector is poised for industrialization, with companies like Neuralink set to produce devices in 2026. Domestic advancements and regulatory support are enhancing the potential for this technology in medical applications [6] - The ZAP-X radiation therapy device is expected to capture a significant market share in China, with rapid growth projected in non-invasive tumor radiation treatment, driven by increasing clinical recognition and adoption [8] Summary by Sections Industry Trends - The pharmaceutical sector is witnessing a resurgence in interest towards innovative drugs, with a notable increase in the innovative drug index by 8.97% since early January 2026, outperforming the CSI 300 index by 6.77 percentage points [2] Company Recommendations - Recommended companies include: - **Yuekang Pharmaceutical** and **Sunshine Nuohua** in the small nucleic acid space - **Yahong Pharmaceutical** and **Yifang Biotechnology** in the autoimmune sector - **Zhongsheng Pharmaceutical** in the GLP-1 market - **Baiyang Pharmaceutical** for ZAP-X radiation therapy - **Meihao Medical** for brain-computer interface technology [10] Market Opportunities - The non-invasive tumor radiation treatment market is projected to grow from 27.2 billion RMB in 2018 to 59.4 billion RMB by 2024, with a compound annual growth rate of 13.9% [8]

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本 资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 免责声明 具体内容详见华创证券研究所2026年1月16日发布的报 告《普蕊斯（301257）深度研究报告：行稳致远，SMO行业 领军者开启成长新周期》 法律声明 华创证券研究所定位为面向专业投资者的研究团队，本资料仅适用于经认可的专业投资者，仅供在新媒体背景下研究观 点的及时交流。华创证券不因任何订阅本资料的行为而将订阅人视为公司的客户。普通投资者若使用本资料，有可能因 缺乏解读服务而对报告中的关键假设、评级、目标价等内容产生理解上的歧义，进而造成投资损失。 SMO行业快速发展，未来格局有望进一步集中 。 SMO是临床试验不可或缺的一环，主要负责 临床试验非医学判断事务的执行与管理。随着国内创新药研发投入持续增长、临床试验数量稳步 提升，SMO行业迎来快速发展期。根据CDE数据，2024年中国药物临床试验年度登记总量为 49 ...