Group 1 - The A-share market experienced a positive start to the Year of the Horse, with the Shanghai Composite Index rising by 0.87% and the Shenzhen Component Index increasing by 1.36% on February 24 [2] - The Hang Seng Index fell by 1.82%, and the Hang Seng Tech Index decreased by 2.13% on the same day [2] - As of February 24, there were 8 A+H listed companies experiencing an AH price inversion, where H-share prices exceeded A-share prices, representing approximately 4.6% of the total 174 A+H listed companies [3] Group 2 - The companies with AH price inversion include leading firms across various sectors such as new energy, banking, innovative pharmaceuticals, semiconductors, home appliances, mining, and machinery [4] - The phenomenon of AH price inversion is relatively rare, with no companies experiencing it a year ago on February 24, 2025 [2][4] - The average AH premium rate is typically around 125%, considering the 20% dividend tax on H-shares and the tax exemption for A-shares held for over a year [5] Group 3 - On February 24, the trading volume of A-shares for China Merchants Bank was 75.47 million shares, which is 7.7 times that of its H-shares at 9.8 million shares [5] - The market capitalization of China Merchants Bank is approximately 1.005 trillion yuan, with an AH premium rate of 0.89, indicating an 11% discount of A-shares relative to H-shares [5] - CATL, another leading company, saw its A-shares decline by 0.93% while H-shares fell by 3.13%, with A-share trading volume being 12.5 times that of H-shares [6] Group 4 - The AH premium index closed at 116.99 on February 24, indicating that A-shares are trading at a premium to H-shares, and this index has been on a downward trend since April 9, 2025 [11] - The index has dropped from a high of 144.85 to a low of 113.56, marking an eight-year low [11] - Analysts suggest that the recent trend of foreign capital favoring Hong Kong stocks may be influenced by the appreciation of the yuan, which could lead to a convergence of AH premiums [13] Group 5 - Morgan Stanley highlighted investment opportunities in sectors such as technology and cyclical recovery, particularly in leading companies within these fields [13] - Tianfeng Securities expressed a cautiously optimistic outlook for the Hong Kong market, suggesting a focus on value-oriented investments while maintaining growth as a secondary consideration [13]

"我买了点医药ETF，从2025年年中慢慢加仓到现在差不多1万元，期待马年创新药还有一波春季行情"，90后小宇（化名）告诉 21世纪经济报道记者。 另一位95后投资者天天（化名）则告诉21世纪经济报道记者，相比传统的制药概念股，"我更看重有消费属性的医疗服务概念， 跟爱尔眼科看眼睛、通策医疗看牙齿是一个道理，毕竟这些刚需还在"。 在投资社区上，不乏网友分享投资医药股的心路历程，"恒瑞医药持有了三年，之前一直处于亏损状态，持有成本58元，漫长的 亏损期真的让人无比难受，但是买入以后没有做任何动作，（2025年）终于等到了盈利的一天"。 随着不少创新药、CXO、高端医疗器械等药企的确定性业绩，助推细分赛道获得市场追捧。 Wind数据显示，截至2026年1月31日，共有283只医药股披露了2025年业绩预告。按预告归母净利润上限看，有160只个股归母净 利润同比增长，占比超五成，释放积极信号，尤其是创新药、CXO、高端医疗器械等细分赛道各有亮点。 在核心产品商业化放量驱动下，不少创新药企从"投入期"步入"收获期"，业绩确定性逐步获得财报验证。 例如，老牌ADC药企荣昌生物预计2025年归母净利润约7.16亿元，而上 ...

可选消费板块下跌，中国中免（601888）跌超10%。 2月24日，港股收盘走低，恒生指数跌1.82%，恒生科技指数跌2.13%。 | 香港股票 △ | | | | --- | --- | --- | | 恒生指数 | 恒生科技 | 恒生生物科技 | | 26590.32 | 5270.70 15654.19 | | | -491.59 -1.82% -114.65 -2.13% -541.42 -3.34% | | | | 港股通消费 | 港股红利 | 港股现金流 | | 1704.19 | 2318.72 | 2555.21 | | -22.73 -1.32% -2.80 -0.12% -41.84 -1.61% | | | 互联网科技股集体走低，阿里巴巴跌2.7%，金山云跌5%，快手、小米等跌逾2%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | 成交额 | | --- | --- | --- | --- | --- | --- | | 0268 | 全蝶国际 | 9.970 c | -0.840 | -7.77% | 7.21亿 | | 0020 | 商沥-W | 2.610 c | - ...

| 股票名称 | H股(港元) | A股 | 溢价率↓ | 偏离值 | | --- | --- | --- | --- | --- | | 东北电气(00042) | 0.315 | 2.25 | 757.14% | -50.71% | | 京城机电股份 | 4.380 | 14.1 | 285.62% | 12.60% | | (00187) | | | | | | 中石化油服(01033) | 1.010 | 3.22 | 282.18% | -2.51% | | 弘业期货(03678) | 3.190 | 9.96 | 273.98% | 2.61% | | 南京熊猫电子股份 | 5.280 | 14.78 | 235.23% | -0.03% | | (00553) | | | | | | 凯盛新能(01108) | 4.070 | 11.11 | 227.03% | 1.59% | | 钧达股份(02865) | 35.700 | 97.15 | 225.97% | -17.30% | | 复旦张江(01349) | 3.200 | 8.62 | 222.81% | -15.46% | | 安德利果 ...

数据显示，截至2026年1月30日，中证医药及医疗器械创新指数(931484)前十大权重股分别为药明康 德、迈瑞医疗、恒瑞医药、爱尔眼科、片仔癀、新和成、华东医药、康龙化成、艾力斯、甘李药业，前 十大权重股合计占比63.9%。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的投资目的、投资期限、投资经验、资产状况等判断基金是否和 投资人的风险承受能力相适应，理性判断市场，谨慎做出投资决策。本材料中相关信息来源于基金管理 人认为可靠的公开资料，相关观点、评估和预测仅反映当前的判断， ...

CGI原本是华大智造海外核心运营主体。 2月24日，国产基因测序仪龙头华大智造（688114.SH）盘中股价涨幅超过1%。 2025年前三季度，华大智造归属于上市公司股东的净利润仍亏损1.2亿元。 伴随着这次出售CGI公司，华大智造也在调整在北美市场的运营方式，不再是正面"死磕"，而是通过授 权模式间接参与北美市场。 2025年9月，华大智造方面曾将CoolMPS测序技术及通用测序技术的海外专利、技术秘密及商标的独占 许可授权给了SwissRockets。 这次交易，华大智造方面又增加将StandardMPS测序技术（以下简称"StandardMPS"）及通用测序技术有 偿授权给SwissRockets，授权区域为美国以及加拿大。 与此同时，本次交易也通过反向授权安排保障华大智造对CGI公司205项专利的永久使用权，确保全球 业务技术连贯性。 前一晚，华大智造公布了一项出售资产计划，拟将剥离相关资产及负债后的全资孙公司 CompleteGenomics,Inc.（下称"CGI"）100%股权出售给瑞士公司SwissRockets，出售价约5000万美元。 原本CGI归属于华大智造全资子公司MGIR&DHK旗下 ...

Core Viewpoint - The medical device sector is experiencing a turning point, driven by performance recovery and innovation in overseas markets, with a focus on surgical robots, brain-computer interfaces, AI medical technology, and high-potential innovative devices like PFA, RDN, and TAVR [1] Group 1: Market Performance - As of February 24, 2026, the CSI Medical and Medical Device Innovation Index (931484) rose by 0.25%, with notable increases in component stocks such as Aier Eye Hospital (up 2.23%), Yingke Medical (up 1.96%), and Xingqi Eye Medicine (up 1.45%) [1] - The Medical Innovation ETF (516820) is currently in a state of market tension, with the latest quote at 0.36 yuan [1] Group 2: Industry Developments - Recent developments in the surgical robot sector, including successful bids from MicroPort Robotics and Aikang Medical, have significantly raised market expectations for the commercialization of related equipment [1] - Continued funding interest in cutting-edge areas such as AI medical technology and brain-computer interfaces is noted, alongside a U.S. court ruling that deemed tariff policies illegal, further strengthening the logic for medical device exports [1] Group 3: Index Composition - As of January 30, 2026, the top ten weighted stocks in the CSI Medical and Medical Device Innovation Index include WuXi AppTec, Mindray Medical, and Hengrui Medicine, collectively accounting for 63.9% of the index [2]

证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/02/24） 崔健 渤海证券研究所晨会纪要（2026.02.24） 固定收益研究 债市延续偏强震荡——利率债周报 行业研究 1-8 批国家药品集采平稳接续，基药目录管理办法印发——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 5 晨会纪要（2026/02/24） 固定收益研究 债市延续偏强震荡——利率债周报 王哲语（证券分析师，SAC NO：S1150524070001） 周 喜（证券分析师，SAC NO：S1150511010017） 李济安（证券分析师，SAC NO：S1150522060001） 统计区间：2026 年 2 月 6 日至 2026 年 2 月 12 日。 统计期内，一级市场共发行利率债 96 只，实际发行总额为 9643 亿元，节前发行规模依然较高，其中，国 债发行规模增加，专项债发行规模小幅减少。 4、二级市场：债市延续偏强震荡 统计期内债市延续偏强震荡特征， ...

Core Viewpoint - The A-share pharmaceutical and biotechnology industry has over 500 listed companies, with approximately 274 having disclosed their 2025 performance forecasts, indicating a generally positive outlook for the sector [1]. Group 1: Performance Forecasts - Among the 274 companies that disclosed forecasts, 90 companies are expected to have positive performance, including profit increases, slight increases, turnaround from losses, and continued profitability [1]. - 137 companies are projected to be profitable in 2025, representing 50% of those that disclosed forecasts, with 10 companies expected to achieve a net profit exceeding 1 billion yuan [1]. Group 2: Companies with Significant Profit Forecasts - The companies expected to report net profits exceeding 1 billion yuan include WuXi AppTec, 3SBio, and Jilin Aodong, all of which forecast profit increases [4][5]. - WuXi AppTec anticipates a revenue of approximately 45.456 billion yuan for 2025, a year-on-year increase of about 15.84%, with an adjusted net profit forecast of 14.957 billion yuan, reflecting a growth of approximately 41.33% [7]. - 3SBio expects a revenue of around 4.2 billion yuan, a significant increase of approximately 251.76%, and a net profit of about 2.9 billion yuan, marking a growth of approximately 311.35% due to a key collaboration with Pfizer [9]. Group 3: Companies with Loss Forecasts - A total of 137 companies are expected to report losses in 2025, with the top three companies projected to incur losses exceeding 1 billion yuan each, including Zhifei Biological Products, Zhenbao Island, and Baile Tianheng [11]. - Zhifei Biological Products forecasts a net loss between 10.698 billion yuan and 13.726 billion yuan, primarily due to underperformance in sales and inventory impairment [15]. - Zhenbao Island anticipates a net loss of 1.012 billion yuan to 1.173 billion yuan, impacted by policy adjustments and increased cost control measures in the pharmaceutical industry [15].

Group 1 - The Hong Kong stock market experienced a significant rise on February 23, with the Hang Seng Index increasing by 2.53%, the Hang Seng China Enterprises Index by 2.65%, and the Hang Seng Tech Index by 3.34% [1] - Major stocks such as Zijin Mining, Meituan, and SMIC led the gains, each rising over 5%, while Tencent and Alibaba increased by more than 3% [1] - During the Chinese New Year holiday, the Hang Seng Index saw a cumulative increase of 1.94%, with the China Enterprises Index up by 1.82% and the Tech Index by 0.47% [1] Group 2 - The AH share premium index fell by 2.34% to 113.68 points, marking the lowest level since July 2, 2018, influenced by the strong performance of the Hong Kong market [1] - As of February 23, there were nine stocks with H shares trading at a premium to their A shares, including CATL with a premium exceeding 31% and others like China Merchants Bank and WuXi AppTec with premiums over 10% [1] - Market analysts believe that the positive performance of the Hong Kong market during the holiday may provide a boost to the A-share market post-holiday, with several brokerage firms optimistic about A-share performance [1]