证券研究报告——晨会聚焦 2026 年 1 月 29 日 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 4151.24 | 0.27 | | 深证成指 | 14342.89 | 0.09 | | 沪深 300 | 4717.99 | 0.26 | | 中小 100 | 8742.72 | 0.19 | | 创业板指 | 3463.33 | (0.37) | 中银晨会聚焦-20260129 ■重点关注 【策略研究】策略点评—Clawdbot 重塑个人 AI 助理新范式*王君 高天然 Clawdbot 以创新设计推动 AI 向主动执行进化，凸显 AI agent 投资潜力。 【基础化工】化工行业 2026 年度策略—行业周期拐点已近，新材料蓄势腾 飞*余嫄嫄 徐中良 范琦岩 赵泰 2025 年化工行业景气度处于低位。展望 2026 年，本轮行业扩产已近尾声，"反 内卷"等措施有望催化行业盈利底部修复，同时新材料受益于下游需求的快 速发展，有望开启新一轮高成长。当前行业估值处于低位。维持行业强于大 市评级，推荐三条投资主线。 中银国际证 ...

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].

数据显示，截至2025年12月31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、恒瑞医药、迈瑞医疗、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63.75%。 截至2026年1月28日 13:15，中证医药及医疗器械创新指数(931484)成分股方面涨跌互现，新和成领涨 1.70%，兴齐眼药上涨1.39%，艾力斯上涨0.67%；英科医疗领跌。医疗创新ETF(516820)最新报价0.36 元。 东海证券指出，商务部等九部门联合印发的关于促进药品零售行业高质量发展的意见，从转型、支付、 供应、整合四大维度构建行业发展框架，推动行业从"单一卖药"向"健康服务"转型。政策明确鼓励兼并 重组与横向并购，叠加医保定点待遇与基层医疗机构平权、医保个人账户家庭共济等举措，将加速单体 药店出清，行业集中度有望加速提升；优化外配处方审核，打通线下药店处方堵点，允许企业自建药学 服务平台，加速处方外流和市场扩容；鼓励零售药店扩大经营范围，开展健康咨询、中医药文化、养老 照护、便民零售等，打造综合健康服务体。建议关注资金实力雄厚、并购整合能力强，合规运营与精细 ...

创新药概念局部活跃，消息面上，新修订的《中华人民共和国药品管理法实施条例》将于5月15日起施 行。国家药监局表示，这是条例实施二十多年来，首次全面修订。支持以临床价值为导向研究和创制新 药，提升仿制药质量和疗效。 中信证券研报称，2026年1月，阿里健康、京东健康两家头部医药电商平台相继正式发布面向医生的AI 医疗应用产品。看好头部医药电商平台凭借上游药企、下游C端用户资源，以及其母公司具备的AI基模 能力与产品能力，在ToD AI医疗应用领域脱颖而出，并率先跑通商业模式，实现AI医疗对主业的增收 赋能。 医疗创新ETF紧密跟踪中证医药及医疗器械创新指数，中证医药及医疗器械创新指数从医药卫生行业的 上市公司中，选取30只盈利能力较好且具备一定成长性和研发创新能力的上市公司证券作为指数样本， 以反映兼具盈利性与成长性的医药及医疗器械上市公司证券的整体表现。 截至2026年1月28日 11:09，中证医药及医疗器械创新指数(931484)成分股方面涨跌互现，兴齐眼药领涨 1.42%，新和成上涨1.27%，片仔癀上涨0.27%；英科医疗领跌2.47%，华兰生物下跌2.22%，恩华药业下 跌2.22%。医疗创新ETF ...

截至2026年1月28日 10:09，中证医药及医疗器械创新指数(931484)下跌0.45%。成分股方面涨跌互现， 片仔癀领涨1.57%，兴齐眼药上涨1.00%，新和成上涨0.80%；华兰生物领跌。医疗创新ETF(516820)最 新报价0.36元。 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 ...

Core Insights - The chemical industry is approaching a cyclical turning point, with the current low valuation presenting potential investment opportunities. The industry is expected to recover from its profitability bottom due to measures like "anti-involution" and the rapid growth of new materials driven by downstream demand [2][3][8]. Industry Overview - The chemical industry experienced a low point in 2025, with the PPI for industrial products, production materials, and chemical industries showing negative year-on-year growth for 38 consecutive months, marking the second-longest period of negative growth in history [16]. - As of the end of 2025, 30 out of 111 tracked chemical products had prices in the bottom 10% of their historical range, indicating significant pricing pressure [18]. Supply Dynamics - The construction of new projects in the chemical sector has seen a negative year-on-year growth rate, signaling that the current round of capacity expansion is nearing its end. By Q3 2025, the total fixed assets in the basic chemical industry reached 14,628.58 billion RMB, a 15.56% increase year-on-year, but the growth rate of ongoing projects turned negative for the first time in nearly four years [16][18]. Demand Trends - Domestic demand in the real estate sector is under pressure, but sectors like automotive and chemical fibers are showing positive growth. The demand for related products is expected to continue improving, supported by policies aimed at boosting domestic demand and the rapid development of downstream industries such as new energy and AI [16][18]. Cost Factors - The global oil market is expected to remain oversupplied in 2026, with international oil prices projected to stabilize within a range of 50-70 USD per barrel. This could lead to a gradual recovery in oil prices, although geopolitical events may introduce volatility [16][18]. Valuation Metrics - As of January 23, 2026, the SW basic chemical index had a TTM P/E ratio of 29.45, placing it at the 41.85% percentile since 2002, indicating a low valuation environment. The oil and petrochemical index had a TTM P/E ratio of 14.08, at the 12.49% percentile [16][18]. Investment Recommendations - The report suggests focusing on traditional chemical leaders that are expanding into new materials, as they are expected to see both performance and valuation improvements. Recommended companies include WanHua Chemical, Hualu Hengsheng, and others [2][3][8]. - Attention is also drawn to sub-industries benefiting from "anti-involution" measures, such as refining, polyester, and organic silicon, where price levels are low and supply dynamics are improving [2][3][8].

Group 1 - The core viewpoint of the article is that the company, Xinhecheng (002001.SZ), is in the process of expanding its market presence in the commercial aerospace sector, with orders steadily increasing [1] Group 2 - The company has indicated that its orders in the commercial aerospace field are currently in a stage of market development and steady growth [1]

Core Viewpoint - The company is in the process of expanding its market presence in the commercial aerospace sector, with orders showing steady growth [1] Group 1 - The company has indicated that its orders in the commercial aerospace field are currently in a stage of market development [1] - The growth of orders is described as steady, suggesting a positive trend in the company's business activities within this sector [1]

Group 1 - The core viewpoint of the news highlights the performance of the China Medical and Medical Device Innovation Index, with notable stock movements, including a leading increase of 8.29% by Sangfor Technologies [1] - The Medical Innovation ETF has seen continuous net inflows over the past week, with a maximum single-day net inflow of 40.537 million yuan, totaling 114 million yuan [1] - A significant research breakthrough was reported regarding the oral nucleoside drug VV116, which shows promising antiviral activity against the Nipah virus, providing a potential treatment option for high-risk populations [1] Group 2 - Guosen Securities noted that the innovative drug sector exhibited significant excess returns in 2025, driven by international business development, continuous positive clinical data, and supportive policies [2] - The Medical Innovation ETF closely tracks the China Medical and Medical Device Innovation Index, which selects 30 profitable and growth-oriented companies to reflect the overall performance of the sector [2] - As of December 31, 2025, the top ten weighted stocks in the index include WuXi AppTec, Heng Rui Medicine, and Mindray Medical, collectively accounting for 63.75% of the index [2]

Core Viewpoint - The announcement details the progress of the fifth employee stock ownership plan of Zhejiang Xinhecheng Co., Ltd., including stock acquisition methods, participation details, and the relationship of participants with the company [1][2][3]. Group 1: Employee Stock Ownership Plan Implementation - The fifth employee stock ownership plan was approved by the board and shareholders, allowing the company to acquire shares through repurchase and market purchases [1]. - The plan involves repurchasing shares using a dedicated repurchase account, with a total of 21,454,310 shares transferred to the employee stock ownership plan account [3][6]. - The shares were acquired at a price of 24.19 yuan per share, with a lock-up period of 12 months starting from January 27, 2026 [6]. Group 2: Financial Details - The company has repurchased a total of 24,592,592 shares, representing 0.8002% of the total share capital, with a total expenditure of approximately 556.12 million yuan [2]. - The actual participation in the employee stock ownership plan included 602 individuals, with a total subscription amount of 25.949 million yuan, matching the approved funding amount [5]. Group 3: Participant Relationships - The actual controller and key executives of the company are involved in the employee stock ownership plan, but there is no agreement for joint action between them and the plan [7]. - The plan allows for financial support from the controlling shareholder, but it voluntarily waives voting rights associated with the shares held [7]. Group 4: Ongoing Monitoring - The company will continue to monitor the implementation of the employee stock ownership plan and fulfill its disclosure obligations as required by law [8].