Investment Rating - The report maintains an "Outperform" rating for the following A-share targets: Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Jiangsu Nhwa Pharmaceutical, Xiamen Amoytop Biotech, Zhejiang Jingxin Pharmaceutical, Innovent Biologics, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, MicroPort EP MedTech [5][36][8] - The report also maintains an "Outperform" rating for the following H-share targets: Hansoh Pharmaceutical Group, 3SBio, PATEO Biotech, Akeso, and related targets: Innovent Biologics, WuXi AppTec [8][36] Core Insights - The report continues to recommend the innovative drug and device industry and its supply chains, indicating a positive outlook for this sector [1][36] - In December 2025, the pharmaceutical sector underperformed the market, with the SW Pharmaceutical and Biological index falling by 4.1%, while the SHCOMP rose by 2.1%, ranking 26th among Shenwan primary industries [15][37] - The report highlights that the premium level of the pharmaceutical sector relative to all A-shares is currently at a normal level, with a relative premium rate of 63.2% as of the end of December 2025 [25][37] Summary by Sections A-Share Targets - The report includes a monthly portfolio of A-share targets that outperformed the pharmaceutical index, with a monthly average decline of 1.8% compared to the overall pharmaceutical index decline of 3.9% in December 2025 [11][36] - The top three stock gains in December 2025 were Luyan Pharma (+118.8%), CareRay Digital Medical Technology Co., Ltd. (+36.6%), and Hubei Hongyuan Pharmaceutical Technology Co., Ltd. (+34.0%) [24][37] H-Share Targets - The report notes that the Hong Kong stock pharmaceutical sector also underperformed the market, with the Hang Seng Healthcare index falling by 9.5% and the Hong Kong Biological Technology index falling by 10.6% in December 2025 [26][38] U.S. Market Performance - In December 2025, the U.S. pharmaceutical sector underperformed the market, with the S&P 500 Healthcare Select Sector declining by 1.5% while the S&P 500 fell by only 0.1% [26][39]

Group 1 - The core viewpoint of the report is that the Chinese biopharmaceutical sector experienced a comprehensive increase in 2025, and for 2026, a more selective stock-picking strategy is recommended, focusing on high-quality targets [1] Group 2 - Daiwa's top picks include Innovent Biologics and Hengrui Medicine, with Innovent's target price raised from HKD 95 to HKD 112, while Hengrui's target price remains at HKD 80 [1] - The rating for CanSino Biologics has been downgraded from "Buy" to "Hold," with its target price increased from HKD 100 to HKD 116 [1] - The rating for CSPC Pharmaceutical Group is maintained at "Sell," with a target price of HKD 6.6 [1]

Core Viewpoint - The A-share market experienced a strong start in 2026, with the Shanghai Composite Index surpassing 4000 points and a notable increase in various sectors, particularly insurance, pharmaceuticals, and technology [2][6]. Group 1: Insurance Sector - The insurance sector saw significant gains, with major companies like New China Life and China Pacific Insurance reaching historical highs [4]. - Since Q3 2025, the insurance sector has been a stabilizing force in the market, benefiting from favorable policies such as the guidance on health insurance development and adjustments to risk factors for insurance companies [6]. - Looking ahead to 2026, the insurance sector is expected to maintain a competitive edge due to attractive returns on dividend insurance products and improvements in distribution channels, which may lead to positive growth in new business value (NBV) [7]. Group 2: Pharmaceutical Sector - The pharmaceutical sector experienced a broad rally, with significant increases in stocks of leading companies such as BeiGene and WuXi AppTec [9]. - In 2025, the number of approved innovative drugs reached 76, a 58.3% increase from 48 in 2024, marking a historical high [11]. - The outlook for 2026 is optimistic, with expectations that the innovative drug sector will dominate the pharmaceutical industry, supported by the integration of medical insurance and commercial insurance, which will enhance payment capabilities [13][14].

2026年A股首个交易日，市场一片热闹景象。 一方面，上证指数再度站上4000点，日线迎来罕见的12连阳。另一方面，权重股搭台，个股普涨，热点全面开花。 权重股方面，保险板块大涨；此外，贵州茅台、宁德时代、中芯国际等龙头股均上涨。板块方面，脑机接口、医药、半导体、消费电子等板块大涨。 截至上午收盘，上证指数上涨1.07%，报4011.45点；深证成指上涨1.87%，创业板指上涨2.15%。 保险板块大涨 今天上午，保险板块大涨，五大险企集体上涨，新华保险、中国太保盘中股价均创历史新高。 从资产端来看，光大证券表示，随着投资资产规模持续稳健增长以及股票仓位维持在较高水平，权益市场上行将进一步提振险企投资收益表现，同时高股 息策略亦能有效支撑险企净投资收益安全垫，共同推动盈利释放。后续，随着经济预期逐步修复以及资本市场稳中向好，保险股贝塔行情有望持续演绎。 医药股上涨 今天上午，医药股全线走强，医疗服务、医疗器械、CRO等板块大涨，百济神州、药明康德、恒瑞医药等龙头股大涨。 博拓生物 | 小十十八四 | 14.95 | 1.55% | 156316 | | --- | --- | --- | --- | | ■ ...

2026年A股首个交易日，市场一片热闹景象。 一方面，上证指数再度站上4000点，日线迎来罕见的12连阳。另一方面，权重股搭台，个股普涨，热点全面开花。 权重股方面，保险板块大涨；此外，贵州茅台（600519）、宁德时代（300750）、中芯国际等龙头股均上涨。板块方面，脑机接口、医药、半导体、消费 电子等板块大涨。 截至上午收盘，上证指数上涨1.07%，报4011.45点；深证成指上涨1.87%，创业板指上涨2.15%。 | 新华保险 融 601336 | 74.95 | 7.53% | 1563 Z | | --- | --- | --- | --- | | 中国太保 | 44.49 | 6.16% | 3045亿 | | 融 601601 | | | | | 行业龙头3 | | | | | 中国平安 ■ 601318 | 72.20 | 5.56% | 7697亿 | | 行业龙头2 | | | | | 中国人寿 融 601628 | 47.85 | 5.16% | 9964 Z | | 行业龙头1 | | | | | 中国人保 融 601319 | 9.38 | 4.80% | 3330亿 | 202 ...

Group 1 - The innovative drug ETF Guotai (517110) rose over 2.6%, with a focus on innovative therapies and internationalization progress [1] - The chemical pharmaceutical sector performed moderately, while the innovative drug field saw multiple advancements, including Heng Rui Medicine's cMET ADC new drug SHE-1826 being proposed for breakthrough therapy designation [1] - Innovent Biologics' CTLA-4 biosimilar Daborhizumab is priced at 13,100 yuan per unit, and Zai Lab's DLL3/DLL3/CD3 tri-antibody received a $1.235 billion licensing deal with AbbVie, including an upfront payment of $100 million and up to $1.075 billion in milestone payments [1] Group 2 - Technological advancements in ADC, IO dual antibodies, GLP-1 weight loss, and small nucleic acid drugs are progressing, enhancing China's innovative drug internationalization capabilities [1] - The policy environment shows stabilization in medical insurance negotiations, with the introduction of a "commercial insurance innovative drug catalog" in 2025 to expand market opportunities, and the optimization of rules in the 11th batch of centralized procurement to alleviate fierce competition [1] - The CXO sector is experiencing growth in overseas orders and a recovery in domestic demand, with rapid increases in demand for ADC and peptide drugs [1] Group 3 - The medical device sector is focusing on performance recovery and overseas opportunities, with Hong Kong stocks highlighting the profit release of leading companies in niche segments, and new technologies like brain-computer interfaces and AI medical applications gaining investment interest due to policy support [1] - The traditional Chinese medicine sector is influenced by respiratory diseases and progress in the basic drug catalog, while the biopharmaceutical field is paying attention to the expectations of innovative pipeline authorizations and sales improvements for vaccine companies [1]

报道还提到，港股市场2025年全年诞生8家百亿级港元融资企业，分别为宁德时代、紫金黄金国际、三一重工、赛力 斯、恒瑞医药、三花智控、海天味业、奇瑞汽车。8家企业合计募资达1424.6亿港元，占全年募资总额的52.75%，龙头 效应显著，成为港股IPO市场复苏的"压舱石"。 另据港交所数据显示，截至2025年12月31日，共有逾612件上市申请，其中包括549家主板、11家GEM（原创业板）， 还有52家根据"主板上市规则"第20章及第21章递交的上市申请，仍在排队处理的还有321件。 【环球网财经综合报道】据Wind资讯初步统计，截至2025年12月末，包括聚辰股份、天孚通信等在内的超20家A股上 市公司，披露赴港上市相关公告。对此有机构认为，港股"含A量"提高，释放出两地市场协同发力的积极信 号，"A+H"模式预计将持续火热。 联合新闻网近日发文称，2025年全年港股IPO募资额达2856.9亿港元，较2024年大幅增长224%，募资规模成功重返全 球榜首，排名超越纽交所、纳斯达克及印度股市；全年共有117家公司在港上市，较2024年增长67.14%。 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临2025-213 江苏恒瑞医药股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025年12月31日 (二)股东会召开的地点：公司会议室（上海市浦东新区海科路1288号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于《公司章程修正案》的议案 审议结果：通过 本次会议由公司董事会召集，董事长孙飘扬先生主持会议，以现场投票和网 络投票相结合的方式进行表决。会议的召集、召开和表决符合《公司法》和《公 司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事11人，出席11人； 2、公司在任监事3人，出席3人； 3、董事会秘书出席会议；公司高管列席会议。 表 ...

Group 1 - Huawei's rotating chairman Meng Wanzhou emphasizes the importance of resilience and professionalism in overcoming challenges and creating value in the face of the intelligent transformation wave, highlighting the need for strategic focus and organizational strength by 2026 [27] - Hengrui Medicine plans to increase R&D investment, focusing on oncology, autoimmune, and metabolic diseases, aiming to address unmet clinical needs and enhance international cooperation for global commercialization of Chinese innovative drugs by 2026 [28] - Wanhua Chemical's chairman Liao Zengtai aims to enhance operational quality and focus on technological innovation, particularly in battery materials and high-end new materials, to create a competitive advantage and develop an integrated growth model by 2026 [29] Group 2 - Muyuan Foods' chairman Qin Yinglin reflects on the company's journey from starting with 22 pigs to becoming the largest pig farming enterprise globally, emphasizing the importance of innovation and technology in achieving a dignified and efficient pig farming process by 2026 [30] - Gree Electric's chairman Dong Mingzhu commits to deepening core business and accelerating in smart equipment and new energy sectors, while focusing on green and digital transformation to enhance product quality and service for global users by 2026 [31] - Geely Holding Group's chairman Li Shufu highlights the importance of making bold decisions during critical moments, emphasizing the need to overcome challenges and maintain core values as the company approaches its 40th anniversary in 2026 [32] Group 3 - SAIC Motor's chairman Wang Xiaoqiu outlines the company's commitment to deepening reforms and focusing on intelligent and electric vehicle development, aiming for high-quality growth and user-centered innovation by 2026 [32] - Hengli Group's chairman Chen Jianhua stresses the importance of practical action and innovation in overcoming development challenges, encouraging a proactive approach to seize opportunities in the coming years [33] - LONGi Green Energy's chairman Zhong Baoshan believes the photovoltaic industry is at a pivotal moment, emphasizing the need for technological innovation to navigate challenges and capitalize on the global green energy transition [34] Group 4 - Inspur's chairman Li Jun emphasizes the transformative impact of artificial intelligence on the global economy and the importance of open collaboration to unlock AI's potential, with a focus on building a comprehensive innovation ecosystem by 2026 [35] - TCL's chairman Li Dongsheng highlights the need for strategic focus on achieving global leadership and enhancing core capabilities to drive high-quality development amid economic uncertainties in 2026 [36] - Trina Solar's co-chairman Gao Haichun emphasizes the company's evolution from a product supplier to a system-level innovator, focusing on creating solutions that transcend traditional competition by 2026 [38] Group 5 - JinkoSolar's chairman Li Xian-de discusses the potential of space photovoltaic technology as a sustainable energy solution for future AI power needs, marking the company's 20th anniversary with a vision for universal solar energy [39] - Leo Group's chairman Wang Xiangrong aims to enhance the company's strategic focus and sustainable value, emphasizing collaboration with customers and employees to achieve higher-dimensional value creation by 2026 [40] - Innovent Biologics' chairman Cui Jisong outlines the company's commitment to innovation and global expansion, aiming to launch multiple new drugs and maintain an entrepreneurial spirit in the face of uncertainty by 2026 [41]

Group 1 - Huawei's rotating chairman Meng Wanzhou emphasized the importance of resilience and professionalism in overcoming challenges and creating value, highlighting the long-term strategic opportunities presented by the wave of intelligent transformation [25] - Hengrui Medicine's chairman Sun Piaoyang announced plans to increase R&D investment, focusing on oncology, autoimmune, and metabolic diseases, while promoting international cooperation and accelerating overseas clinical trials [26] - Wanhua Chemical's chairman Liao Zengtai aims to enhance operational quality and focus on technological innovation, particularly in battery materials and high-end new materials [27] Group 2 - Muyuan Foods' chairman Qin Yinglin expressed commitment to smart pig farming and improving animal health, aiming to enhance the quality and safety of pork for consumers [28] - Gree Electric's chairman Dong Mingzhu plans to deepen the core business while accelerating in smart equipment and renewable energy sectors, emphasizing a commitment to green and digital transformation [29] - Geely Holding Group's chairman Li Shufu highlighted the importance of making bold decisions during critical moments, focusing on core values and sustainable development [30] Group 3 - SAIC Motor's chairman Wang Xiaoqiu stated the company will deepen reforms and focus on intelligent and electric vehicle development, aiming for high-quality growth [30] - Hengli Group's chairman Chen Jianhua emphasized the need for a proactive approach to overcome challenges and achieve breakthroughs in the coming years [31] - LONGi Green Energy's chairman Zhong Baoshen believes the photovoltaic industry is at a pivotal moment, with significant opportunities for innovation and growth [32] Group 4 - TCL's chairman Li Dongsheng stressed the importance of maintaining strategic focus and enhancing core capabilities to achieve high-quality development [33] - Inspur's acting chairman Li Jun highlighted the transformative impact of artificial intelligence on the economy and the need for open and collaborative innovation [35] - Trina Solar's co-chairman Gao Haichun mentioned the company's evolution from a product supplier to a solution provider, focusing on system-level product innovation [36] Group 5 - JinkoSolar's chairman Li Xian-de discussed the potential of space photovoltaic technology as a sustainable energy solution for future challenges [37] - LEO Technology's chairman Wang Xiangrong emphasized the importance of creating value beyond mere data growth, focusing on sustainable and collaborative progress [38] - Innovent Biologics' chairman Cui Jisong outlined the company's commitment to innovation and global expansion in the next decade [39] Group 6 - Fosun International's chairman Guo Guangchang highlighted the growing demand for health and wellness, emphasizing the need to leverage the company's strengths in various industries [40] - Obsidian Technology's chairman Huang Yuanhao expressed the importance of innovation in robotics and AI vision, aiming to lead in the upcoming technological revolution [41] - Volkswagen's chairman Yang Guoping emphasized the commitment to brand and innovation as the company embarks on a new journey in the "14th Five-Year Plan" [42]