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 □一对一沟通 ☑ 其他（电话会议） 参与单位名称及人员 姓名 华西医药-程仲瑶 易方达-郭杰、余欣鑫、廖敏华、邓子晗、胡可冕 时间 2026 年 1 月 21 日 地点 集团总部办公大楼 上市公司接待人员 证券事务代表-李孟珏 投资者关系管理-张昱、杨可欣 投资者关系活动主要 内容介绍 了解公司生产经营情况 附件清单 会议记录 日期 2026 年 1 月 21 日星期三 1 / 1 投资者调研会议记录表 编号：1-2601-01 云南白药集团股份有限公司 ...

证券之星消息，1月23日中药板块较上一交易日上涨0.28%，*ST长药领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。中药板块个股涨跌见下表： 从资金流向上来看，当日中药板块主力资金净流出5.1亿元，游资资金净流出5225.91万元，散户资金净流 入5.62亿元。中药板块个股资金流向见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000538 | 云南白药 | 2925.96万 | 3.91% | 124.39万 | 0.17% | -3050.36万 | -4.07% | | 002390 | 信邦制药 | 1707.83万 | 9.03% | -877.49万 | -4.64% | -830.34万 | -4.39% | | 600750 江中药业 | | 1112.58万 | 4.76% | 719.17万 | 3.08% | -- 1831. ...

Core Viewpoint - The pharmaceutical sector is experiencing a rebound, with the pharmaceutical ETF (159929) rising by 0.8% and a total trading volume exceeding 86 million yuan, indicating strong investor interest and capital inflow [1]. Group 1: Market Performance - The pharmaceutical ETF (159929) has seen a capital inflow of over 320 million yuan in the last 20 days, with 15 of those days showing increased funding [1]. - The latest financing balance has surged to over 75 million yuan, reflecting continued leverage in the market [1]. - Major stocks within the ETF, such as Mindray Medical and United Imaging, have shown positive performance, with several stocks rising over 1% [4]. Group 2: Sector Analysis - The report highlights a shift in focus within the pharmaceutical sector towards innovative fields such as AI healthcare and medical robotics, moving away from previously strong areas like brain-computer interfaces [3]. - The CRO (Contract Research Organization) sector has also shown some performance, driven by market sentiment and expectations of turning points in the industry [3]. - The top three investment directions identified for 2026 include BD 2.0, small nucleic acids, and supply chain (CXO and upstream), emphasizing the importance of innovation and international expansion [5]. Group 3: Company Highlights - Key companies in the ETF include WuXi AppTec, with an estimated weight of 10.77%, and Hengrui Medicine, with a weight of 9.41%, both of which are significant players in the pharmaceutical industry [2]. - Tempus AI reported a revenue of approximately 1.27 billion USD for 2025, marking an 83% year-on-year growth, showcasing the commercial viability of AI in healthcare [6]. - NVIDIA and Eli Lilly announced a partnership to establish an AI innovation lab, investing up to 1 billion USD over five years to address challenges in drug discovery and development [5].

Group 1 - Yunnan has positioned its resource economy as a core component of its economic strategy, focusing on traditional industries like energy and non-ferrous metals while also promoting new sectors such as green aluminum, silicon photovoltaic, and new energy batteries [1] - The province aims to transform its resource advantages into industrial and developmental strengths, enhancing the overall structure of its economy [2] - Significant improvements in mining recovery rates and resource utilization have been observed, with some mines exceeding industry averages in key performance metrics [2] Group 2 - Yunnan has made strides in highland specialty agriculture, increasing the value of coffee and flower products through deep processing and innovative sales models [3] - The province is enhancing its policy and financial support to accelerate the development of key industries, ensuring efficient resource allocation and project implementation [3] - Technological innovation is driving the resilience of Yunnan's resource-based industries, with a shift from raw material sales to product and technology sales [4] Group 3 - Yunnan has become a significant base for clean energy, strategic non-ferrous metals, and modern ecological agriculture, with substantial achievements in renewable energy capacity and production chains [4][5] - The province's agricultural output has surpassed 2.7 trillion yuan, with a strong export performance in agricultural products [5] - Yunnan's resource economy aligns with national strategies, leveraging technology and ecological priorities to maximize resource value and contribute to high-quality development [5]

Core Viewpoint - The report highlights the significant inflow of main capital into various stocks, with specific companies showing remarkable performance in terms of net capital inflow and stock price changes [1][2]. Group 1: Main Capital Inflow - A total of 88 stocks have experienced a net inflow of main capital for five consecutive days or more, indicating strong investor interest [1]. - Hangzhou Bank leads with 16 consecutive days of net inflow, followed by Yunnan Baiyao with 14 days [1]. - Midea Group has the highest total net inflow amounting to 1.582 billion yuan over seven days, while Hangzhou Bank follows closely with 1.489 billion yuan over 16 days [1]. Group 2: Performance Metrics - The stock with the highest net inflow ratio relative to trading volume is Fenglong Co., which has surged by 359.76% over the past 16 days [1]. - Other notable stocks include Guotai Junan Securities with a net inflow of 1.109 billion yuan over 11 days and China Ping An with 1.074 billion yuan over six days, although their stock prices have seen declines of 2.46% and 3.28% respectively [1]. - The report includes a detailed table of stocks with their respective net inflow amounts, inflow ratios, and cumulative price changes, providing a comprehensive overview of market trends [1][2].

Market Overview - The Shanghai Composite Index rose by 0.14% on January 22, with 22 out of the 28 sectors in the Shenwan classification experiencing gains, led by the construction materials and defense industries, which increased by 4.09% and 3.23% respectively [1] - The beauty and banking sectors saw the largest declines, with decreases of 0.76% and 0.43% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 21.612 billion yuan, with 12 sectors experiencing net inflows [1] - The telecommunications sector had the highest net inflow, amounting to 8.019 billion yuan, and it rose by 2.83% [1] - The defense industry also saw significant inflow, with a net inflow of 5.713 billion yuan and a daily increase of 3.23% [1] - The electronics sector faced the largest net outflow, totaling 13.206 billion yuan, followed by the power equipment sector with an outflow of 7.206 billion yuan [1] Pharmaceutical and Biological Industry Performance - The pharmaceutical and biological sector declined by 0.42%, with a net capital outflow of 3.027 billion yuan [2] - Out of 478 stocks in this sector, 253 rose while 204 fell, with 2 stocks hitting the daily limit up [2] - The top three stocks with the highest net inflow were Sanbo Brain Science (1.42 billion yuan), Yunnan Baiyao (667.561 million yuan), and Innovation Medical (637.008 million yuan) [2] - The sector's outflow was led by Hengrui Medicine, which saw a net outflow of 372.7538 million yuan, followed by Xingqi Eye Medicine and Aidi Pharmaceutical with outflows of 208.3529 million yuan and 121.6946 million yuan respectively [3]

证券之星消息，1月22日中药板块较上一交易日下跌0.13%，天目药业领跌。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。中药板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 300391 | *ST长药 | 0.77 | 20.31% | | 32.78万 | | 2516.12万 | | 603896 | 寿仙谷 | 22.28 | 3.92% | | 6.29万 | | 1.39亿 | | 002864 | 盘龙药业 | 37.30 | 3.32% | | 8.06万 | | 3.00亿 | | 661509 | ST葫芦娃 | 7.08 | 2.76% | | 4.46万 | | 3125.21万 | | 603139 | 康惠股份 | 22.23 | 2.44% | | 2.62万 | | 5796.86万 | | 600222 | 太龙药业 | 6.68 | 2.14% | | 17 ...

证券时报·数据宝统计，截至1月21日收盘，深沪北共101只个股连续5日或5日以上主力资金净流入。杭 州银行等连续15日主力资金净流入，排名第一；云南白药连续13日主力资金净流入，位列第二。从主力 资金净流入总规模来看，德明利主力资金净流入金额最大，连续6天累计净流入15.50亿元，杭州银行紧 随其后，15天累计净流入14.39亿元。从主力资金净流入占成交额的比例来看，锋龙股份占比排名居 首，该股近15日上涨317.94%。（数据宝） 连续5日或以上主力资金净流入个股排名 | 证券代 | 证券简 | 主力资金净流入 | 主力资金净流入金额 | 主力资金净流入比例 | 累计涨跌幅 | | --- | --- | --- | --- | --- | --- | | 码 | 称 | 天数 | （亿元） | （%） | （%） | | 001309 | 德明利 | 6 | 15.50 | 6.77 | 22.39 | | 600926 | 杭州银 行 | 15 | 14.39 | 9.88 | -0.65 | | 000333 | 美的集 团 | 6 | 11.55 | 6.11 | 2.07 | | 000776 | ...

Market Overview - The Chinese traditional medicine sector experienced a decline of 0.39% on January 21, with Zhongsheng Pharmaceutical leading the drop [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] Stock Performance - Notable gainers in the traditional medicine sector included: - *ST Changyao: Closed at 0.64, up 20.75% with a trading volume of 519,700 shares and a turnover of 32.17 million yuan [1] - Tianmu Pharmaceutical: Closed at 22.29, up 8.47% with a trading volume of 128,100 shares and a turnover of 282 million yuan [1] - Wanbangde: Closed at 17.82, up 5.13% with a trading volume of 196,800 shares and a turnover of 34.2 million yuan [1] - Conversely, Zhongsheng Pharmaceutical saw a decline of 4.26%, closing at 21.12 with a trading volume of 685,100 shares and a turnover of 144.9 million yuan [2] Capital Flow - The traditional medicine sector experienced a net outflow of 281 million yuan from major funds, while retail investors saw a net inflow of 78.63 million yuan [2] - Major funds showed significant net inflows in stocks such as Yunnan Baiyao, which had a net inflow of 78.68 million yuan, and Wanbangde with a net inflow of 22.17 million yuan [3]

Group 1 - The company has completed the registration process for a name change from "Jiangzhong Pharmaceutical" to "China Resources Jiangzhong," with the stock code remaining 600750 [1][3] - The name change aims to strengthen brand synergy with China Resources Group and enhance brand recognition and market influence [3][4] - This change marks the full integration of Jiangzhong Pharmaceutical into the China Resources brand system after six years of restructuring since China Resources Group became the controlling shareholder in 2019 [3][4] Group 2 - Jiangzhong Pharmaceutical's revenue for the first three quarters of 2025 was 2.933 billion yuan, a year-on-year decline of 6.28%, with the third quarter showing a more significant drop of 7.59% [4] - The core over-the-counter (OTC) product, Jianwei Jianshi Pian, has seen declining sales, with a 10.65% drop in revenue in the third quarter of 2025 [4][6] - The company is facing intense competition in the OTC market, with numerous similar products available, leading to a significant increase in marketing expenses, which accounted for nearly one-third of revenue [6][5] Group 3 - The company is focusing on developing its prescription drug segment as a potential second growth curve, with a revenue of 790 million yuan in 2024, down 3.5% year-on-year [5][6] - The company has outlined three strategic goals: strengthening OTC products, developing health consumer goods, and expanding the prescription drug segment [6]