每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 王晓波） 截至发稿，迈威生物市值为171亿元。 每经AI快讯，迈威生物（SH 688062，收盘价：42.75元）12月8日晚间发布公告称，公司第二届第二十 六次董事会会议于2025年12月8日以现场结合通讯方式召开。会议审议了《关于修订部分公司治理制度 的议案》等文件。 2024年1至12月份，迈威生物的营业收入构成为：医药制造行业占比99.92%，其他业务占比0.08%。 ...

Group 1 - The exhibition showcases the achievements of the Pudong New Area under the guidance of national strategies, emphasizing high-quality development, technological innovation, and modern urban governance [1] - Pudong has been granted significant strategic tasks through various national reform documents, highlighting its role as a place for realizing dreams and ideals [1] - The exhibition features sections on promoting a comprehensive business environment, optimizing enterprise services, and advancing high-level institutional openness in the Shanghai Free Trade Zone [1] Group 2 - Companies like Maiwei and Fourier have thrived in Pudong's favorable business environment, contributing to the growth of the biotechnology and robotics sectors [2] - The exhibition includes initiatives for enhancing global resource allocation and promoting mutual development through outbound and inbound strategies [2] - New cultural and tourism events, such as the "Pudong Carnival" and various festivals, are introduced to stimulate consumer activity and modernize urban governance [2]

（浦东新区供图） 在"深入推进高水平制度型开放，增创国际竞争合作新优势"板块，介绍了上海自贸试验区高水平制度型开放80条举措完成情况，包括率先在全国试点离 岸贸易印花税优惠政策、上海自贸试验区文物管理制度创新、全国首单外资班轮船沿海捎带业务、"中国洋山港"籍船舶登记制度等一批新突破。 今年是浦东开发开放35周年，12月6日，位于浦东展览馆的"在国家战略的引领下——浦东开发开放主题展"焕新布展后首次开放。 八大展区全景呈现，引领区建设硕果累累 （浦东新区供图） 展览共分八大主题展区，通过近千幅图片和实物、实境还原置景等丰富展陈形式，展现了在市委、市政府领导下，在国家部委和全市各方支持下，浦东 新区牢记嘱托、接力推进，以高质量发展为主线，以科技创新为引领，以改革开放为动力，以国家重大战略为牵引，以城市治理现代化为保障，勇挑经济大 梁、勇当改革先锋、勇作民生标杆，把引领区建设推向深入的最新成果。 在"加强改革系统集成，激活高质量发展新动力"板块，聚焦浦东向全国推广的综改经验，介绍了浦东围绕企业发展的全生命周期，推进营商环境综合示 范区建设，发挥浦东立法试验田作用，不断优化企业服务等方面的新成果。 在"全力做强创新引 ...

Group 1 - The report highlights a significant divergence in the performance of various sub-sectors within the pharmaceutical industry in 2025, with the CXO and innovative drug-related sectors showing substantial growth, while the medical service sector is expected to gradually recover in 2026 due to a low base effect from 2025 [2][6][58] - The overall performance of the A-share market was positive in 2025, with the pharmaceutical and biological sector ranking 10th with a growth of 34.95%, while the CXO sector led with a growth of 58.71% [6][15] - The report emphasizes the importance of "product-driven" companies, which are expected to enter a profitability cycle as they recover from the impacts of centralized procurement and increase their R&D investments [2][29] Group 2 - The innovative drug sector is projected to continue its upward trend, with business development (BD) opportunities abroad being a key focus, indicating the global competitiveness of Chinese innovative drugs [30][34] - The medical device sector is also expected to follow a similar recovery path as innovative drugs, with increasing R&D investments and a growing number of approved innovative medical devices [43][45] - The medical service sector, despite facing short-term pressures, is anticipated to gradually recover in 2026, supported by an aging population and increasing demand for healthcare services [58] Group 3 - The report suggests specific companies to watch in various sectors, including medical devices (e.g., Sanyou Medical, Aikang Medical), innovative drugs (e.g., Innovent Biologics, Kintor Pharmaceutical), and medical services (e.g., Aier Eye Hospital, Tongce Medical) [2][29] - The report notes that the pharmaceutical sector's overall valuation remains at a historical low, with a price-to-earnings ratio of 30.82 times as of October 31, 2025, indicating potential for upward adjustment [19][20] - The report highlights the importance of key product advancements and performance realization in the innovative drug sector, particularly for products like PD-1/VEGF, which have shown promising clinical data and significant market interest [39][40]

来源：上海证券报微信公众号 今日提示 •2025企业家博鳌论坛系列活动12月2日至12月5日在海南博鳌举办。 •2025年中国国际海事会展12月2日至12月5日在上海举办。 •据网络实时数据，截至12月1日18时30分，影片《疯狂动物城2》票房突破20亿元。 •沐曦股份发行初步询价日为12月2日，申购日为12月5日。 •12月1日，DeepSeek同时发布两个正式版模型：DeepSeek-V3.2和DeepSeek-V3.2-Speciale。 上证精选 •广期所发布通知，对多晶硅期货PS2601合约的交易保证金标准及交易限额作如下调整：自2025年12月3 日结算时起，多晶硅期货PS2601合约投机交易保证金标准调整为13%，套期保值交易保证金标准调整为 12%。自2025年12月3日交易时起，非期货公司会员或者客户在多晶硅期货PS2601合约上单日开仓量不 得超过500手。 •上海市政府近日印发《上海市引进人才申办本市常住户口办法》《持有〈上海市居住证〉人员申办本 市常住户口办法》，12月1日起施行。《办法》第三条明确规定，在本市行政区域内注册的用人单位引 进本市紧缺急需的国内优秀人才，可以申办本市常住户 ...

Group 1 - The 2025 Boao Forum for Entrepreneurs will be held from December 2 to December 5 in Boao, Hainan [1] - The 2025 China International Maritime Exhibition will take place from December 2 to December 5 in Shanghai [1] - The film "Zootopia 2" has surpassed 2 billion yuan in box office revenue as of December 1, 18:30 [1][3] - DeepSeek released two official model versions, DeepSeek-V3.2 and DeepSeek-V3.2-Speciale, on December 1 [3] Group 2 - The Shanghai Futures Exchange announced adjustments to the trading margin standards for polysilicon futures PS2601, effective December 3, 2025 [2] - The Shanghai government issued new regulations for talent introduction and permanent residency applications, effective December 1 [2] - The National Development and Reform Commission released the 2025 version of the REITs project industry scope list, including data centers and AI infrastructure projects [2] Group 3 - The release of the Beanbag mobile assistant is expected to drive growth in the AI mobile assistant market, with several companies experiencing stock price surges [4] - Research institutions believe that the release of the preview version of the mobile assistant is a strategic move by model manufacturers to capture the mobile hardware platform [5] Group 4 - Morgan Stanley raised its production forecast for Google's TPU chips, predicting explosive growth in the next two years, which may lead to significant revenue from third-party sales [6][7] - The global AI inference market is expected to reach $150 billion by 2028, with a compound annual growth rate exceeding 40% [7] Group 5 - Rare earth prices have collectively risen by 3-6% due to tight supply and stable demand from domestic and overseas markets [8] - The supply side is experiencing tightness due to maintenance and raw material issues, while demand from magnetic material companies remains strong [8] Group 6 - Baiwei Storage adjusted its share repurchase plan, increasing the total amount from 20 million to 80 million yuan [9] - Industrial Fulian reported a total share repurchase of 9.32 million shares, amounting to 247 million yuan [9] - Hengyi Petrochemical announced plans for a share buyback of 1.5 to 2.5 billion yuan [10] Group 7 - Beijing Junzheng received a net buy of 251 million yuan from institutional seats, indicating a positive outlook for the storage product market [11] - Guangqi Technology saw a net buy of 147 million yuan, driven by demand for advanced materials in high-end equipment [12] Group 8 - Significant capital inflow into the innovative drug sector has been observed, with a net subscription of 19.13 billion yuan in innovative drug ETFs since late October [13] - Institutions are focusing on companies with dual commercialization and overseas expansion capabilities in the innovative drug space [13]

证券代码：688062 证券简称：迈威生物 公告编号：2025-071 二、 回购股份的进展情况 重要内容提示： | 回购方案首次披露日 | 2025/6/27 | | --- | --- | | 回购方案实施期限 | 年 月 日~2026 年 月 日 2025 6 26 6 25 | | 预计回购金额 | 2,500万元~5,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 43.75万股 | | 累计已回购股数占总股本比例 | 0.11% | | 累计已回购金额 | 2,069.50万元 | | 实际回购价格区间 | 40.61元/股~58.02元/股 | 一、 回购股份的基本情况 迈威（上海）生物科技股份有限公司（以下简称"公司"）于 2025 年 6 月 26 日召开第二届董事会第十九次会议，审议通过了《关于以集中竞价交易方式回购 股份方案的议案》，同意公司使用自有资金和/或股票回购专项贷款通过上海证券交 易所交易系统以集中竞价交易方式回购公司已发行的部分人民币普通股（A ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The retail pharmacy sector is expected to benefit from the recent surge in flu cases, with a significant increase in demand for antiviral medications and symptomatic treatments [5][15] - The retail pharmacy industry is anticipated to undergo accelerated consolidation, with smaller pharmacies exiting the market, leading to increased customer traffic for leading players [6][34] - The implementation of drug traceability codes is expected to enhance industry compliance and further increase market concentration [6][18] Summary by Sections Industry Overview - The closing index for the industry is 8430.03, with a 52-week high of 9323.49 and a low of 6764.34 [2] Recent Market Performance - The A-share pharmaceutical sector rose by 2.67% from November 24 to November 28, 2025, outperforming the CSI 300 index by 1.03 percentage points [19][35] - The Hang Seng Healthcare Index increased by 3.64%, outperforming the Hang Seng Index by 1.1 percentage points [35][36] Industry Insights and Investment Recommendations 1. **Innovative Drugs**: The long-term trend for innovative drugs is positive, with China's capabilities in global competition strengthening [9][21] - Recommended stocks include Innovent Biologics, Kintor Pharmaceutical, and others [10][22] 2. **Medical Devices**: The medical device sector is showing signs of recovery, with leading companies reporting improved performance in Q3 [10][26] - Recommended stocks include Mindray, Aohua Endoscopy, and others [27][28] 3. **Traditional Chinese Medicine**: The sector is under pressure but is expected to benefit from basic drug policies and innovation [31][32] - Recommended stocks include Zhaoke Ophthalmology, Fangsheng Pharmaceutical, and others [31][32] 4. **Retail Pharmacy**: The retail pharmacy sector is expected to see increased concentration, with leading pharmacies benefiting from enhanced service capabilities and supply chain management [6][34] - Recommended stocks include Yifeng Pharmacy and Dazhong Pharmacy [7][34]

摘要：短期市场在政策托底与估值支撑下，仍存在小幅修复空间，但修复延续性已边际减弱，大概率进 入震荡分化与修复放缓的格局。需密切跟踪量能变化、资金流向与政策动向，在方向明确前保持战略耐 心与操作灵活性，以稳健策略应对潜在波动。 沪指11月累计跌1.67%，月中续创十年新高后震荡回落，终结月线六连阳。创业板指本月累计跌 4.23%，创业板指、深成指呈现"先抑后扬"的整体格局，随着11月下旬算力硬件概念的带动下，逐步小 幅修复前期跌幅。从板块来看，本月热点轮动加快，市场热点主要集中在电池产业链、海南、福建、算 力硬件等方向。电池板块中涌现出多只翻倍股，海峡两岸概念涨幅较大，算力硬件概念股11月中下旬线 轴走强，多股创历史新高。此外，部分银行股月中均创新高。 中国人民银行、科技部等部门联合召开科技金融统筹推进机制第一次会议 11月27日，中国人民银行、科技部等部门联合召开科技金融统筹推进机制第一次会议。中国人民银行行 长潘功胜、科技部部长阴和俊出席会议并讲话。中国人民银行副行长朱鹤新主持会议，科技部副部长邱 勇、金融监管总局副局长周亮、中国证监会副主席陈华平、国务院国资委党委委员肖宗辉出席。 会议指出，党的二十届四中 ...

Policy Developments - The National Healthcare Security Administration exposed a healthcare fraud industry chain in Shanghai, leading to the prosecution of an individual for fraud, resulting in significant losses to the national healthcare fund [1] - The crackdown on healthcare fraud has become more systematic and normalized in recent years, highlighting the importance of protecting the healthcare fund [1] Drug and Device Approvals - Anglicon received a drug registration certificate for Ertugliflozin Metformin Extended-Release Tablets, aimed at improving blood sugar control in adults with type 2 diabetes [2] - Betta Pharmaceuticals announced that its application for the marketing authorization of Ensartinib Capsules for treating ALK-positive non-small cell lung cancer has been accepted by the European Medicines Agency [3] - Innovent Biologics received approval for its IL-23p19 monoclonal antibody for the treatment of moderate to severe plaque psoriasis in adults [4] - Warner Pharmaceuticals obtained a drug registration certificate for Formoterol Fumarate Inhalation Solution, intended for the maintenance treatment of COPD [5] - Shanghai Pharmaceuticals announced that its Tramadol Hydrochloride Injection passed the consistency evaluation for generic drugs, which may enhance its market competitiveness [6] Major Industry Events - Biontech received a milestone payment of $250 million from Bristol-Myers Squibb related to the Iza-bren project, with potential for additional payments based on future milestones [7] - Jining Pharmaceutical plans to invest 893 million yuan in a hospital expansion project to meet the growing health demands in the region [8] - Maiwei Biotech completed Phase IIa clinical trials for its innovative drug 9MW1911 in COPD patients, showing significant reductions in acute exacerbation rates [9] Shareholder Actions - Sanofi Biotech announced plans for shareholders to reduce their holdings by a total of 0.0240% of shares due to personal financial needs [10] Management Changes - Sinopharm Holdings announced management changes, including the resignation of several executives and the appointment of new leadership, which will take effect upon shareholder approval [11]