证券研究报告 | 行业简评报告 2026 年 02 月 03 日 布局消费反转！ 大消费组二月消费金股 研究部/消费品 % 1m 6m 12m 绝对表现 4.3 4.6 25.0 相对表现 3.1 -8.7 1.7 资料来源：公司数据、招商证券 -10 0 10 20 30 Feb/25 May/25 Sep/25 Jan/26 (%) 消费品 沪深300 相关报告 1、《招商证券 1 月港股消费观察： 外卖反垄断如何影响港股消费股前 景？》2026-01-27 2、《大消费组一月消费金股—双节 消费亮点前瞻》2026-01-06 ❑ 轻纺 杨蕊菁：看好家居板块修复以及倍加洁益生菌业务发展 风险提示：消费下行风险，消费复苏疲软风险、宏观经济变动风险等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 1216 | 23.5 | | 总市值（十亿元） | 17628.3 | 15.6 | | 流通市值（十亿元） | 16321.4 | 15.9 | 行业指数 3、《招商证券 12 月港股消费观察— 1-2 月流动性改善后港股消费买什 么？》2025 ...

证券研究报告 行业研究 / 行业点评 2026 年 02 月 02 日 行业及产业 医药生物 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《医药行业跟踪报告：医药板块迎来开门红， 2026 年继续看好创新出海和硬科技》 2026-01-13 《2026 年度医药行业策略：创新出海新征程， 寻找需求新增量》2026-01-05 张智聪 S0820525020002 021-32229888-25524 zhangzhicong@ajzq.com ——医药行业跟踪报告 MNC 重金加码中国创新药，中国 IO2.0 双抗出海迈出关键一步 强于大市 投资要点： 医药板块行情复盘：本周（1/26~2/1）市场以震荡调整为主，SW 医药生物指数下跌 3.31%， 在申万一级行业指数中排名 22/31，跑输沪深 300 指数（+0.08%）；各细分板块中，血液 制品（-0.99%）、疫苗（-1.65%）表现相对较好，主要与尼帕病毒概念相关，部分 CXO 个 股由于业绩催化表现较为突出，线下药店（-4.83%）和医院（-4.47%）表现较弱。港股创新 药回调明显，恒生生物科技指 ...

有望凭借高可及性、优异的疗效成为不逊于pluvicto（50亿美元销售峰值预期）的前列腺癌重磅药物。 （映恩生物） B7-H3 ADC 爆发前夜：III 期密集落地，千亿市场雏形初现 事件：2026年1月26日，clinicaltrials网址显示，BioNTech启动了BNT324（DB-1311）的首个III期临床试验（化疗未 经治的转移性去势抵抗性前列腺癌mCRPC，DB-1311vs多西他赛+泼尼松/泼尼松龙标准治疗方案，主要终点rPFS、 OS），招募736人，2031年1月取得结果。 202 （映恩生物） B7-H3 ADC 爆发前夜：III 期密集落地，千亿市场雏形初现 事件：2026年1月26日，clinicaltrials网址显示，BioNTech启动了BNT324（DB-1311）的首个III期临床试验（化疗未 经治的转移性去势抵抗性前列腺癌mCRPC，DB-1311vs多西他赛+泼尼松/泼尼松龙标准治疗方案，主要终点rPFS、 OS），招募736人，2031年1月取得结果。 2023年映恩生物DB-1311被授权至BioNTech，是第5款进入III期阶段的B7-H3 ADC，具全球商业 ...

Market Overview - The Hang Seng Index is expected to challenge the 2025 high of 27,381 points, supported by the continuation of interest rate cuts in the US and increased monetary policy easing in mainland China [2] - The first quarter of 2026 is anticipated to see policy implementation focusing on expanding domestic demand and achieving technological self-reliance [2] - Despite geopolitical instability affecting risk appetite, a significant decline in the US dollar index is favorable for emerging markets, alongside a robust financing activity in the AI sector [2] Corporate News - Ganfeng Lithium (1772) has issued a profit warning, expecting a net profit between 1.1 billion to 1.65 billion RMB [4] - Cao Cao Mobility (2643) plans to raise 389 million RMB through a share placement at an 8.97% discount [4] - Haifeng International (1308) anticipates a 16%-19% increase in annual profits due to increased container throughput [4] - Dongfang Securities (3958) forecasts a 67.8% increase in net profit for 2025, reaching 5.62 billion RMB [10] - China Merchants Securities (6099) reported an 18% increase in net profit for the previous year, amounting to 12.3 billion RMB [10] - Shenwan Hongyuan (6806) expects a significant profit increase of 74.6%-93.8% for 2025, with net profit projected between 9.1 billion to 10.1 billion RMB [10] Economic Indicators - China's industrial profits increased by 0.6% in 2025, totaling 7.398 trillion RMB, with state-owned enterprises seeing a 3.9% decline in profits [8] - The People's Bank of China reported a 6.9% year-on-year increase in fixed asset loans by the end of Q4 2025, with total loans reaching 271.91 trillion RMB [8] - Hong Kong's exports rose by 26.1% and imports by 30.6% in December 2025, both exceeding expectations [8] AI Sector Developments - The AI sector is experiencing a surge in financing activities, driven by advancements in large AI models [7] - QuestMobile reported that Baidu's Wenxin Assistant has become the largest AI application in China, with over 200 million monthly active users [10] - Alibaba continues to invest heavily in AI and cloud services, aiming to optimize its capital structure and attract diverse funding [10]

Core Viewpoint - Enbio-B (09606.HK) has seen a significant increase in its stock price, rising over 6% to reach 340.6 HKD, with a trading volume of 154 million HKD [2] Group 1 - The stock price of Enbio-B increased by 6.04% [2] - The current trading price is 340.6 HKD [2] - The total trading volume reached 1.54 billion HKD [2]

Core Viewpoint - The stock of Immune-Oncological Biotech (09606) has risen over 6%, currently trading at 340.6 HKD, with a transaction volume of 154 million HKD, following the announcement of BioNTech initiating the first Phase III clinical trial for BNT324 (DB-1311), a B7-H3ADC drug developed by Immune-Oncological Biotech [1] Group 1 - BioNTech has started the first Phase III clinical trial for BNT324, marking it as the fifth B7-H3ADC to enter this stage [1] - BNT324 was licensed to BioNTech in April 2023, granting them development, production, and commercialization rights outside of China [1] - Guotai Junan Securities predicts that by 2026, multiple clinical data sets for ADC+IO and core monotherapy will be released, indicating a significant milestone for Immune-Oncological Biotech [1] Group 2 - Immune-Oncological Biotech is leading the ADC iteration wave, with expectations for commercialization in 2026 [1] - The company is continuously developing next-generation ADCs, including bispecific ADCs, novel mechanism payload ADCs, and self-immune ADCs [1] - Two bispecific ADCs have already entered clinical stages, and the unique MOA payload ADC DB-1316 is expected to address existing ADC resistance issues and is about to enter clinical trials [1]

Core Viewpoint - The stock of InnoCare Pharma (09606) has risen over 6%, currently trading at 340.6 HKD, with a transaction volume of 154 million HKD, following the announcement of BioNTech initiating the first Phase III clinical trial for BNT324 (DB-1311), a B7-H3 ADC developed by InnoCare [1] Group 1: Clinical Development - BioNTech has started the first Phase III clinical trial for BNT324, marking it as the fifth B7-H3 ADC to enter this stage [1] - InnoCare has licensed BNT324 to BioNTech, which holds the rights for development, production, and commercialization outside of China [1] Group 2: Future Prospects - Guolian Minsheng Securities predicts that by 2026, multiple clinical data for ADC+IO and core monotherapy will be released, with InnoCare's collaboration with BioNTech expected to lead to significant developments [1] - InnoCare is at the forefront of the ADC evolution, with expectations for commercialization in 2026 [1] - The company is actively developing next-generation ADCs, including bispecific ADCs, novel mechanism payload ADCs, and immune ADCs, with two bispecific ADCs already in clinical stages [1] - The unique MOA payload ADC DB-1316 is anticipated to address existing ADC resistance issues and is set to enter clinical stages soon [1]

Market Overview - The pharmaceutical and biotechnology index declined by 0.39% last week, outperforming the CSI 300 index by 0.23 percentage points but underperforming the ChiNext index by 1.50 percentage points, ranking 27th among 31 sub-industries [4] - The Hong Kong Hang Seng Healthcare Index fell by 2.75%, lagging behind the Hang Seng Index by 2.1 percentage points [4] R&D Progress - Recent clinical application advancements include BNT324 from InnoCare Pharma and HCB101 from Fuhong Hanlin [5] - QX004N from Qianxin Biopharma is in Phase I clinical trials, IBI3002 from Innovent Biologics is in Phase II, and HRS-8080 from Hansoh Pharma is in Phase III [5] Company Insights - WuXi AppTec's companies reported strong performance expectations, indicating robust growth momentum in the CXO sector [6] - WuXi AppTec is projected to achieve revenue of 45.456 billion yuan in 2025, a year-on-year increase of 15.84%, with TIDES business revenue expected to grow over 90% [6] - WuXi Biologics plans to add 209 comprehensive projects in 2025, with two-thirds being bispecific antibodies and ADC drugs, and a total of 99 projects in Phase III and commercialization [6] - WuXi AppTec's subsidiary, WuXi AppTec Co., expects revenue and adjusted net profit to grow over 45% in 2025, with a global market share increase to 24% [6] - The company aims to invest over 7 billion yuan in capacity expansion from 2026 to 2029, targeting a compound annual growth rate of 30%-35% from 2025 to 2030 [6] Investment Strategy - Future investments in the pharmaceutical sector should focus on the intrinsic clinical value logic, addressing clinical needs of patients and doctors [7] - Both domestic medical insurance policies and global expansion strategies are increasingly assigning higher premiums to clinical value [7]

上证报中国证券网讯（记者 宋薇萍）胡润研究院1月26日发布《2025胡润未来独角兽：中国猎豹企业 榜》，榜单列出了成立于2000年之后，五年内（即到2030年底）最有可能达到独角兽级十亿美金估值的 高成长性企业。本次榜单估值计算的截止日期为2025年10月31日。 | | | 中国猎豹企业总部城市TOP 20 | | | --- | --- | --- | --- | | | 城市 | 猎豹数量 | 代表企业 | | 1- | 上海 | 65 (-3) | 防警科技、科州制药、警创科技 | | 2- | 北京 | 60 (+4) | 博视像元、当红齐天、辉羲智能 | | 3- | 深圳 | 35 (0) | 大族思特、库博能源、灵明光子 | | 4- | 杭州 | 34 (0) | 蓝能氢能、启函生物、瑞莱谱医疗 | | 5- | T TH | -111123 -31 | 健齿生物、微远基因、智光储能 | | 51 | | かか INA CHE 23 (-2) | 艾利特机器人、鼎科医疗、心擎医疗 | | 7- | | 南京 中国结 9 (0) @ | 硅基智能、江行智能、芯视界微电子 | | 8- | 尤锡 ...

榜单显示，中国在科技创新领域已跻身全球前列。 1月26日，胡润研究院发布《2025胡润未来独角兽：中国猎豹企业榜》，榜单列出了全球成立于2000年之后， 五年内（即到2030年底）最有可能达到独角兽级十亿美元估值的高成长性企业。 数据显示，胡润研究院在中国找到304家猎豹企业，其中，生物科技、健康科技、企业服务、半导体及人工智 能五大领域的企业合计占比超六成。 新增40家猎豹企业 33家"升级"退出 | | œ | 12 | | --- | --- | --- | | 15 | | | | 1 111 | | 1 | 2家升级为独角兽的企业包括总部位于杭州的机器人公司宇树科技，价值125亿元；总部位于扬州的新能源电池 关键材料研发与生产企业纳力科技，价值90亿元。 19家瞪羚企业包括总部位于深圳、专注于人形机器人研发的乐聚智能；总部位于上海、聚焦康复机器人与人形 机器人研发的傅利叶智能；总部位于杭州的新能源汽车与自动驾驶领域智能底盘系统方案商利氪；总部位于北 京的工业级无人机研发商云圣智能等。 从行业划分来看，304家猎豹企业中，生物科技（50家）和健康科技（49家）是胡润猎豹企业的核心赛道前两 位，其次是企 ...