晨会纪要（2025/11/10） 编辑人 经济基本面叙事回归——宏观经济周报 固定收益研究 适度乐观——利率债 11 月投资策略展望 行业研究 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.11.10） 宏观及策略研究 海外 AI 算力维持高景气，关注信创产业投资机遇——计算机行业 11 月投资 策略展望 药品目录协商结束，商保创新药目录可期——医药生物行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2025/11/10） 宏观及策略研究 经济基本面叙事回归——宏观经济周报 周 喜（证券分析师，SAC NO：S1150511010017） 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、外围环境而言 美国政府停摆时长创下历史记录。在共和党试图借此机会整顿联邦官僚体系， ...

Group 1: Market Overview - The A-share market shows a noticeable style switch, with the overall market represented by the Wind All A Index declining by 0.26% to 6386.56 points, while the Shanghai Composite Index fell by 0.25% to 3997.56 points [9][10] - The ChiNext Index decreased by 0.51% to 3208.21 points, and the STAR 50 Index dropped by 1.47% to 1415.69 points, indicating a weaker performance in the hard technology sector [9] - The North Certificate 50 Index, representing innovative small and medium enterprises, increased by 0.19% to 1522.73 points, showing stronger resilience in this segment [9] Group 2: Economic Indicators - As of the end of October, China's foreign exchange reserves stood at $3.343 trillion, marking a continuous increase in gold reserves for the 12th consecutive month [17][18] - In October, exports in dollar terms decreased by 1.1% year-on-year, while imports increased by 1.0% [19][20] - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, while the Producer Price Index (PPI) fell by 2.1% [21][22] Group 3: Industry Dynamics - Tesla announced that the production line for its third-generation Optimus humanoid robot will be completed and operational by 2026 [28] - The global tablet market saw a year-on-year shipment increase of 5.1% in Q3 2025, with total shipments reaching 40 million units [32][33] - The National Energy Administration is accelerating the development of photovoltaic and wind power industries in mining areas, promoting clean energy alternatives [24][25] Group 4: Company Updates - Ecovacs Robotics (603486.SH) completed the cancellation of 86,875 stock options due to the departure of several incentive plan participants [35] - Shennong Group (605296.SH) reported sales of 335,400 pigs in October, with a revenue of 408 million yuan, while the average selling price of commodity pigs decreased by 13.88% compared to September [37][38] - Saint Nour Development (002299.SZ) achieved a sales revenue of 925 million yuan in its deep processing meat products segment in October, reflecting a year-on-year growth of 43.04% [39][40]

｜2025年11月10日 星期一｜ NO.1 恒瑞医药NewCo公司获1.85亿美元A轮融资 NO.3 精准生物自研国内首款儿童白血病CAR-T治疗产品获批上市 近日，重庆精准生物自主研发的国家一类生物新药普基奥仑赛注射液（商品名：普利得凯）正式获得国 家药品监督管理局批准上市。该药品用于治疗3至21岁CD19阳性的难治或复发（首次缓解12个月后复发 需经挽救化疗）的急性B淋巴细胞白血病患者。 点评：该产品是中国首款获批用于治疗儿童及青少年难治性或复发性 B 细胞急性淋巴细胞白血病（r/r B-ALL）的 CAR-T 细胞治疗药物。其采用人源化 CD19 单链可变区片段（scFv）设计，是目前已上 市、适用于儿童及青少年适应症的 CD19 CAR-T 产品中，唯一采用人源化修饰的产品。 NO.4 旨在"功能性治愈"乙肝，双链siRNA新药获批临床 近日，中国国家药监局药品审评中心官网公示显示，悦康科创医药和天龙药业共同申报的1类新药 YKYY013注射液获批临床，拟开发治疗慢性乙型肝炎病毒感染。公开资料显示，这是一款偶联N-乙酰 半乳糖胺（GalNAc）配体的化学合成双链siRNA药物，其通过RNA干扰作用有 ...

中国经济网北京11月10日讯（记者 何潇）今年前10月，全市场650只（各类份额分开计算，下同）有可比业绩的QDII基金中，共有618只基金净值上 涨，占比95.1%；有32只基金净值下跌。 三季报显示，汇添富香港优势精选混合A/C坚守投资主线、沿着以下方向布局：1）创新药：产品有全球竞争力和成长空间的pharma和biotech；2）进口 替代率低，壁垒高的优秀设备耗材龙头。 跌幅榜上，前10月垫底QDII基金的主要为原油及油气类及房地产产品。此外，一些跟踪标普500医疗保健等权重指数的QDII基金也表现欠佳。 2025年前10月QDII基金涨跌幅前100名 年初以来，创新药板块回暖，相关个股普涨，重仓该类个股的基金也取得了不错的收益率。同花顺数据显示，前10月汇添富香港优势精选混合C、汇添 富香港优势精选混合A分别以117.54%、117.53%的收益率领涨QDII基金。 截至三季度末，汇添富香港优势精选混合A/C前十大重仓股分别为映恩生物、科伦博泰生、信达生物、三生制药、康诺亚、石药集团、恒瑞医药、诺诚 健华、荣昌生物、复宏汉霖。该基金的现任基金经理为张韡。张韡曾任东方证券医药助理研究员，汇添富基金医药 ...

flem ...

本报记者 毛艺融 今年以来，"A+H"板块持续扩容。Wind资讯数据显示，截至11月9日，年内已有16家A股公司在港上市，首发募资额累计 1040亿港元，占据港股市场全年首发募资额的48%。 截至11月9日，这些新上市H股表现分化，A股溢价仍是主流，但呈现分化趋势。除宁德时代新能源科技股份有限公司（以 下简称"宁德时代"）、江苏恒瑞医药股份有限公司（以下简称"恒瑞医药"）外，其余14只均是A股股价高于H股股价。 AH溢价呈现分化 截至11月9日，恒生AH股溢价指数为118.42，处于历史低位区间，而其在2024年初曾攀升至155.58点的15年高位。 从行业市值分布来看，年内新上市的16只"A+H"股中，既有包括宁德时代、恒瑞医药、三一重工等市值超千亿港元的巨头 企业，也有厦门吉宏科技股份有限公司、海南钧达新能源科技股份有限公司等市值相对较小的公司。 从基石投资者参与度来看，上述16只"A+H"股里，累计174家机构参与基石投资。其中，既有摩根士丹利、瑞银、科威特 投资局等国际投资者，也有红杉资本中国公开市场投资基金管理公司等创投机构，还有泰康人寿保险有限责任公司等险资机 构。 从过往数据看，AH溢价现象长期 ...

Investment Rating - The report maintains a positive outlook on the innovative pharmaceutical sector, indicating a preference for companies within this space due to their strong performance and growth potential [3][10]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.4% this week, ranking 29th among 31 sub-industries [4][6]. - The overall valuation of the pharmaceutical sector stands at 30.1 times earnings, placing it 10th among 31 primary industries [6][14]. - The report highlights the successful conclusion of the 2025 National Basic Medical Insurance Drug List negotiations, with 120 companies participating [10]. - The implementation of AI in healthcare is emphasized, with a goal for widespread adoption by 2030 [11]. - Notable performance in the third quarter was observed among weight-loss drug manufacturers, with Eli Lilly reporting a 125% increase in sales for its drug, totaling $24.837 billion [3][17]. Market Performance - The pharmaceutical sector's index fell by 2.4% this week, while the Shanghai Composite Index rose by 1.1% [4][6]. - Among the sub-sectors, chemical preparations saw a decline of 4.4%, while traditional Chinese medicine increased by 0.8% [6][10]. Recent Key Events - The report notes the collaboration between Eli Lilly and NVIDIA to develop a supercomputer for drug discovery [15]. - Manifold Bio's partnership with Roche aims to create new blood-brain barrier drugs, with a total deal value exceeding $2 billion [16]. - Pfizer's acquisition of Metsera for up to $8.625 billion focuses on obesity treatments [17]. Company Performance - The report summarizes the third-quarter performance of major pharmaceutical companies, with Eli Lilly achieving a 54% year-over-year revenue increase [18][19]. - Notable companies include Merck, which reported a 4% increase, and Pfizer, which experienced a 6% decline in revenue [18][19]. Investment Recommendations - The report recommends focusing on innovative drug sectors, medical devices, and AI healthcare applications, highlighting companies such as Hengrui Medicine, Mindray Medical, and WuXi AppTec [3][10].

证券研究报告 行业定期报告 hyzqdatemark 2025 年 11 月 09 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 陶宸冉 SAC：S1350525070007 taochenran@huayuanstock.com 板块表现： 引诺和诺德与辉瑞竞价，metsera 有什么魔力？ 投资评级： 看好（维持） ——医药行业周报（25/11/03-25/11/07） 投资要点： 医药生物 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 本周医药市场表现分析：11 月 3 日至 11 月 7 日，医药指数下跌 2.40%，相对沪深 300 指数 超额收益为-3.22%。近期创新药持续低迷震荡，医药板块整体表现也较差，短期缺乏明确的 上涨方向。当前位置，我们建议精选创新药核心资产、看好未来股价走出新高度，同时建议 配置业绩趋势明确和 26 年经营有望反转的个股。1）创新药重点关注，A 股）信立泰、泽璟 制药、热景生物、科伦药业、上海谊众、康弘药业、华纳药厂、前沿生物、福元医药、昂利 康、一品红、恒瑞医药；港股）三生制药、信达生物、康方 ...

Major Events - LeShuShi (02698) received a subscription rate of 1813.77 times for its public offering in Hong Kong, with an expected listing date of November 10 [1] - Zhongwei New Materials (02579) is in the process of an IPO from November 7 to November 12, with an expected listing on November 17 [1] - Baili Tianheng (02615) is also conducting an IPO from November 7 to November 12, with a listing expected on November 17 [1] - Haohai Biological Technology (06826) plans to acquire the remaining 20% stake in Shenzhen New Industry Ophthalmic Technology Co., Ltd. for 74 million yuan [1] - Weili Zhibo-B (09887) has been included in the MSCI Global Small Cap Index [1] - Heng Rui Medicine (01276) has received clinical trial approval notifications for HRS-2430 injection and SHR-4610 injection [1] Financial Data - Fuzhikang Group (02038) anticipates a year-on-year revenue growth of approximately 15% and significant improvement in financial performance [1] - Boya Interactive (00434) expects a year-on-year increase of approximately 105% to 115% in profit attributable to owners for the first nine months [1] - Longfor Group (00960) reported a total contract sales amount of 55.75 billion yuan for the first ten months [1] - Longyuan Power (00916) completed a total power generation of 62.1519 million megawatt-hours in the first ten months, representing a year-on-year decrease of 0.94% [1]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Views - The report highlights a positive change in the specialty raw materials sector, recommending companies such as Aorite and Prolo Pharmaceuticals [1]. - The report suggests that the Q3 performance of raw material pharmaceutical companies has reached a bottom, indicating potential recovery in profitability as high-cost inventory is consumed [19][20]. Summary by Sections Investment Highlights - The recommended sub-industry rankings are: Innovative Drugs > Research Services > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies [3][12]. - Specific stock recommendations include: - From raw materials: Aorite, Qianhong Pharmaceutical - From Traditional Chinese Medicine: Zorui Pharmaceutical, Fangsheng Pharmaceutical, Dong'e Ejiao - From medical devices: United Imaging Healthcare, Yuyue Medical - From AI pharmaceuticals: Jingtai Holdings - From GLP-1 sector: Lianbang Pharmaceutical, Borui Pharmaceutical, Zhongsheng Pharmaceutical, and Innovent Biologics - From PD-1/VEGF dual antibodies: Sanofi Biopharmaceuticals, Kangfang Biologics, and Rongchang Biopharmaceuticals - From innovative drugs: Innovent Biologics, BeiGene, HengRui Medicine, Zai Lab, Baillie Tianheng, Kelun Pharmaceutical, Dize Pharmaceutical, and Haizheng Pharmaceutical [3][15]. Industry Trends - The A-share pharmaceutical index has seen a year-to-date increase of 18.2%, while the Hang Seng Biotechnology Index has increased by 76.6% [6][11]. - The report notes that the raw material pharmaceutical sector is under pressure due to high base effects and declining prices, with significant revenue impacts [19][20]. R&D Progress and Company Dynamics - Recent approvals include Novartis' radioligand therapy drug, which received dual indications for prostate cancer treatment [2]. - The report provides an overview of ongoing clinical trials and drug approvals, emphasizing the importance of innovation in the pharmaceutical sector [30]. Market Performance - The report indicates that the pharmaceutical sector has experienced adjustments, with notable stock performances including significant gains for companies like Hezhong China (+61%) and Wanze Shares (+30%) [11]. - The report also highlights the performance of various pharmaceutical stocks, noting both gains and losses in the market [16][17]. Raw Material Pricing Trends - The price of 6-APA has dropped significantly, from 370 RMB/kg in 2022 to 180 RMB/kg in October 2025, a decrease of 51% [23]. - The price of Amoxicillin has also decreased from 320 RMB/kg in January 2023 to 190 RMB/kg in October 2025, a decline of 41% [23]. Conclusion - The report suggests that as high-cost inventory is depleted, the gross margins for raw material producers are expected to improve, indicating a potential recovery in profitability for companies like Fuxiang Pharmaceutical and Lukang Pharmaceutical [19][23].