Core Viewpoint - The report highlights the growth trends in China's chemical pharmaceutical raw material production, indicating a steady increase in output and providing insights into future market dynamics [1] Industry Summary - As of December 2025, China's chemical pharmaceutical raw material production reached 361,000 tons, reflecting a year-on-year growth of 2.3% [1] - The cumulative production of chemical pharmaceutical raw materials for the entire year of 2025 was 3,707,000 tons, showing a cumulative growth of 1.6% [1] - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry research institution in China [1] Company Summary - Listed companies in the sector include Heng Rui Medicine, East China Pharmaceutical, Lizhu Group, Baiyunshan, North China Pharmaceutical, Haizheng Pharmaceutical, Fosun Pharmaceutical, Kelun Pharmaceutical, Enhua Pharmaceutical, and Xianju Pharmaceutical [1] - The report provides a comprehensive analysis of the market supply and demand situation in the chemical pharmaceutical industry from 2026 to 2032, offering insights for investment decisions [1]

股票研究 /[Table_Date] 2026.02.01 持续推荐创新药械产业链 [Table_Industry] 医药 ——国泰海通医药 2026 年 2 月月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 郑琴(分析师) | 021-23219808 | zhengqin@gtht.com | S0880525040108 | | 谈嘉程(分析师) | 021-38038429 | tanjiacheng@gtht.com | S0880523070004 | 本报告导读： 持续推荐创新药械及产业链。 投资要点： | [Table_Invest] | | | --- | --- | | 评级： | 增持 | [Table_Report] 相关报告 医药《V940 五年随访数据披露，mRNA 肿瘤疫 苗长期价值验证》2026.01.30 医药《支持政策不断，持续推荐创新药械产业 链》202 ...

股票研究 /[Table_Date] 2026.02.01 持续推荐创新药械产业链 [Table_Industry] 医药 ——国泰海通医药 2026 年 2 月月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 郑琴(分析师) | 021-23219808 | zhengqin@gtht.com | S0880525040108 | | 谈嘉程(分析师) | 021-38038429 | tanjiacheng@gtht.com | S0880523070004 | 本报告导读： 持续推荐创新药械及产业链。 投资要点： | [Table_Invest] | | | --- | --- | | 评级： | 增持 | [Table_Report] 相关报告 医药《V940 五年随访数据披露，mRNA 肿瘤疫 苗长期价值验证》2026.01.30 医药《支持政策不断，持续推荐创新药械产业 链》202 ...

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 降息等多因素支持科研上游持续复苏，重点 推荐皓元医药、奥浦迈等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 01 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 医药生物 沪深300 相关研究 《mRNA 疫苗龙头释放积极临床数据 信号，建议关注悦康药业、康希诺等》 2026-01-26 《JPM 2026 最前线观察：中国创新药 再次成为全球焦点！》 2026-01-18 东吴证券研究所 1 / 37 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为-3.31%、3.14%，相对沪深 300 的超额收益分别为-0.56%、2.51%；本周、年初至今恒生生物科技指数 涨跌幅分别为-3.24%、8.76%，相对于恒生科技指数跑赢-1.87%、5.09%； ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China Healthcare** sector, specifically the **pharmaceutical industry** in China, with insights into various companies and their performance outlooks for 2025 and 2026 [1][2][6]. Core Companies Discussed 1. **Jiangsu Hengrui Pharmaceuticals (600276.SS)** - Expected product sales growth of **12% YoY** in 2025, driven by **~25% growth** in innovative drug sales [10]. - Anticipated net profit growth faster than revenue due to higher contributions from business development (BD) income and lower operating expenses [10]. - Projected to achieve **25%+ growth** in innovative drug sales in 2026, supported by **10 new NRDL entries** [36]. 2. **Hansoh Pharmaceutical Group Co Ltd (3692.HK)** - Total revenue growth forecasted at **20%** in 2025, with **17%** growth in product sales [10]. - Net profit expected to grow at a slower pace due to high base effects and ongoing R&D investments [10]. 3. **3SBio (1530.HK)** - Revenue projected at **Rmb19bn** in 2025, with a slight decline in product sales [10]. - Anticipated modest growth in 2026, with new products ramping up [10]. 4. **CSPC Pharmaceutical Group (1093.HK)** - Projected total revenue decline of **7% YoY** in 2025, with a **10% drop** in finished drug sales [10]. - Expected net profit growth of **17%** due to BD income [10]. 5. **Sino Biopharmaceutical (1177.HK)** - Forecasted total revenue growth of **15%** in 2025, driven by biosimilar growth [11]. - Projected net profit growth of **73%**, largely due to higher dividend payments from Sinovac [12]. 6. **Fosun Pharmaceutical (2196.HK)** - Expected flat total revenue in 2025, with a projected **20% growth** in net profit due to operational savings [12]. 7. **China Medical System (0867.HK)** - Revenue growth of **10%** expected in 2025, with a focus on innovative drugs [12]. - Plans to spin off its dermatology subsidiary, Dermavon, to unlock equity value [49]. Key Insights and Trends - **Globalization** remains a significant theme, with companies focusing on pipeline advancements and out-licensing deals to enhance revenue streams [2][8]. - The **China pharma sector** is experiencing a shift towards innovative drug development, with many companies investing heavily in R&D to mitigate the impact of pricing pressures and regulatory changes [49][67]. - **Out-licensing deal momentum** for China-originated assets is robust, indicating a healthy market for collaboration and partnerships [8]. Financial Projections - **Hengrui**: Projected **Rmb31.4bn** in revenue for 2025, with a **12.3% YoY** increase [16]. - **Hansoh**: Expected revenue of **Rmb14.7bn** in 2025, with a **20.1%** growth rate [16]. - **3SBio**: Revenue forecasted at **Rmb19bn** in 2025, with a significant increase in net profit [16]. - **CSPC**: Anticipated revenue of **Rmb26.997bn**, reflecting a **-6.9%** change [16]. - **Sino Biopharma**: Expected revenue of **Rmb33.333bn**, with a **15.5%** growth [16]. Risks and Considerations - Companies face **regulatory pressures** and pricing challenges, particularly from the **Volume-Based Procurement (VBP)** policies [49][63]. - The potential for **pipeline setbacks** and delays in new product launches could impact growth trajectories [63][67]. - The **spinoff of Dermavon** may be perceived negatively by some investors, but it is expected to enhance the financial flexibility of China Medical System [50]. Conclusion The conference call highlighted a positive outlook for the China pharmaceutical industry, driven by innovative drug sales and strategic partnerships. However, companies must navigate regulatory challenges and market pressures to sustain growth.

Core Viewpoint - The pharmaceutical sector is experiencing fluctuations, with the medical ETF (159929) showing a decline of 1.16% amidst a net inflow of nearly 60 million yuan, indicating ongoing investment interest despite market corrections [1][3]. Group 1: Market Performance - The Shanghai Composite Index has seen a rise, while the pharmaceutical sector is undergoing a pullback, with the medical ETF (159929) recording a trading volume exceeding 120 million yuan [1]. - Major stocks within the medical ETF have mostly declined, with notable drops including over 3% for United Imaging Healthcare and over 2% for Mindray Medical [3]. Group 2: Company Performance and Projections - CITIC Securities expresses optimism for leading pharmaceutical e-commerce platforms, highlighting their resource advantages and AI capabilities, which are expected to enhance revenue through AI medical applications [5]. - According to Everbright Securities, WuXi AppTec's companies have reported strong earnings forecasts, with WuXi AppTec expected to achieve revenue of 45.456 billion yuan in 2025, reflecting a year-on-year growth of 15.84% [5]. - WuXi Biologics anticipates adding 209 comprehensive projects in 2025, with two-thirds being dual-targeted antibodies and ADC drugs, indicating robust growth potential [5]. Group 3: Investment Trends and Strategies - Everbright Securities suggests that future investments in the pharmaceutical sector should focus on clinical value, emphasizing the importance of addressing clinical needs amid evolving domestic and international policies [6]. - CITIC Jinshi identifies four main investment themes for 2026: innovation, international expansion, marginal changes, and consolidation within the pharmaceutical industry [7]. - The innovation theme is particularly highlighted, with expectations for improved global liquidity and supportive national policies for innovative assets, including advanced technologies in pharmaceuticals and medical devices [8].

华润双鹤公告称，其全资子公司京西双鹤收到国家药监局颁发的复方醋酸钠林格注射液《药品注册证 书》，视同通过一致性评价。该药品适用于补充细胞外液、纠正代谢性酸中毒，京西双鹤2022年10月启 动研发，2026年1月20日获批上市。公司针对该药品累计研发投入383.53万元。2024年国内相关药品销 售总额11.49亿元，前三企业为江苏正大丰海、南京正大天晴、四川科伦药业。获批将丰富产品线，但 销售有不确定性。 ...

▲领克汽车成都工厂 工业是实体经济的重要组成部分，也是经济稳定运行的"压舱石"。1月27日，红星新闻记者从成都市经信局市新经济委了解到，2025年成都工业 展现出强大韧性与内生动力，实现规模与效益同步提升，为成都建设全国先进制造业基地奠定了坚实基础。 据介绍，2025年全市规上工业增加值同比增长7.0%，实现"高开高走"。工业投资同比增长19.7%，高技术制造业投资增长23.4%。重点产业链表 现亮眼，人工智能、新型材料等10条制造业产业链营收实现两位数增长。1—11月份，规模以上工业企业营业收入、利润总额分别增长2.4%、 15.7%，工业营收连续跨越3个千亿级台阶。 推动产业集群能级持续跃升 国家级集群数量居副省级城市第二 前不久，工信部公布了2025年度（第四批）中小企业特色产业集群名单，成都共有3个集群新入选。着眼产业生态与梯队建设，成都推动产业集群能级持续 跃升，形成"国家队"与"特色群"协同发展的良好格局。 据介绍，目前成都已培育形成电子信息、装备制造2个万亿级产业集群，5个国家级先进制造业集群、8个国家级中小企业特色产业集群，国家级集群数量居 副省级城市第二。企业培育体系也持续完善，全年新增制造 ...

转自：成都日报锦观 营造公平公正市场环境 成都市场监管助力经济高质量发展 企业开办审批时限压至0.5个工作日内、开展涉企行政执法"一码检查"改革，全市1443个检查主体亮码率达100%……近日，成都交出2025幸福 美好生活十大工程"答卷"，一系列改革举措精准落地，将发展的精度与温度传递至生产生活方方面面。以营商环境提质助力经济高质量发展、 民生幸福更有质感，成都正持续深化"放管服"改革，以稳定公平可及营商环境建设工程打造充满机遇的发展热土。 "原来办理食品生产许可证需要到市级部门提交申请，如今在'家门口'就能完成全部流程，时间缩短了，沟通也更方便了。"四川米之源食品有 限公司相关负责人表示。2025年12月，在成都市市场监管局的指导下，简阳市成功向该公司核发食品生产许可证。据悉，这是成都将低风险食 品生产许可事权下放至区（市）县后颁发的首张许可证，标志着成都市产业园区集成授权改革取得实质性进展。 "放管服"改革提质 此次事权下放是成都市市场监管局贯彻落实四川省委、省政府高质量发展部署及成都市委、市政府"立园满园"工作安排的关键举措，也是该局 推动更多事权有序下放，为营造国际一流营商环境、促进产业转型升级提供 ...

数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据可知：2025年12月全国化学原料和化学制品制造业出口货值为504.7亿元，同比增 长0.9%；2025年全国化学原料和化学制品制造业累计出口货值为5580.4亿元，累计同比增长0.5%。 2019年-2025年全国化学原料和化学制品制造业出口货值统计图 上市公司：海南海药（000566），东北制药（000597），亚太实业（000691），通化金马（000766）， 北大医药（000788），力生制药（002393），海普瑞（002399），科伦药业（002422），杭氧股份 （002430），长江健康（002435），誉衡药业（002437），华软科技（002453） 相关报告：智研咨询发布的《2025-2031年中国基础化学原料行业市场供需态势及投资前景研判报告》 ...