根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订 阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 整 体观点：需求是力量之源，创新是破局之光。 我们认为，在全球范围医药行业能够在持续经历各种挑战带来的熊市之后走向新高最本质的原因，是 人类对医药行业的持续需求和越来越多的新的旧的未被满足的需求，以及药企不断持续加大研发投入去满足人类的需求。同样只有持续的加码创新和 取得创新成果，医药公司才能在这个过程中基业长青，并取得爆发性的收入和股价增长。 创新药： 中国在研疗法数量高质量增长，增长速度远超全球平均，中国已成为全球创新药研发的重要参与者。自2021年国产新药海外授权总金额首次 迈过百亿美元，海外授权热度持续连年攀升，持续推动中国创新药分享全球市场。行业进入"创新驱动"的营收时代，形成传统药企与新兴力量并进的 良性格局。 制药工业： 创新布局迎来收获，业绩有望加速增长。创新升级作为行业核心主线之一，各家企业经过多年研发积淀 ...

曾第十一批国家药品集采中，印度药企以每片0.215元的"地板价"中标，将原研药20倍高价 碾压的同时，也让国内仿制药企业感受到前所未有的压力。 "狼真的来了！"在最近一轮国家药品集采中，5家印度知名制药企业首次集体突围，拿下7个品种，创下 历届国采印度药企中标数之最。 印度熙德隆（Hetero Labs）的中标价格仅为每片0.215元，作为对比，阿斯利康原研药的价格为每片4.36 元，仿制药的价格不到原研药的二十分之一。 在第十一批国家集采中，不止熙德隆，西普拉（Cipla）、安诺拉（Annora Pharma）、纳科（Natco Pharma）等印度药企也成功中标。 此次集采也被视为印度仿制药正式叩开中国主流医药市场大门的"信号弹"，市场将进入到新的竞争阶 段。而这次，不仅有"内忧"，还有"外患"。 印度仿制药大举进入中国市场 在全球仿制药版图上，印度始终是个绕不开的"狠角色"。 印度药企之所以能给出如此低的价格，一方面是产能优势，以熙德隆为例，其产线利用率仅约50%，全 球布局的多个生产基地存在大量富余产能；另一方面则是人工成本，在印度，人工成本只有中国的1/2 到1/3，生物等效性试验费用仅为15万美元 ...

晨会纪要（2025/11/28） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.11.28） 宏观及策略研究 业绩支撑中枢上移，产业、政策助推结构性行情——A 股市场 2026 年年度投 资策略报告 工企利润短期波动，后续关注政策部署——2025 年 1-10 月工业企业效益数据 点评 行业研究 把握创新与出海机遇，关注新技术空间——医药生物行业 2026 年度投资策略 报告 大模型厂商发力 C 端应用，关注 AI 应用商业化落地——计算机行业周报 证 券 研 究 报 告 靳沛芃（研究助理，SAC NO：S1150124030005） 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 7 晨会纪要（2025/11/28） 宏观及策略研究 业绩支撑中枢上移，产业、政策助推结构性行情——A 股市场 2026 年年度投资策略报告 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 1、 ...

C h i n a R e s e a r c h D e p t . C o m p a n y U p d a t e 恒瑞医药(600276.SH) Buy 买进 主业稳健，BD 交易将增厚公司业绩 结论及建议： ➢ 公司业绩：公司 2025Q1-Q3 实现营收 231.9 亿元，YOY+14.9%,录得归母净 利润 57.5 亿元，YOY+24.5%,扣非后净利 55.9 亿元，YOY+21.1%，公司业 绩符合预期，主要是公司计入对外许可首付款作为收入，提升了营收及净 利水平。其中 Q3 单季度实现营收 74.3 亿元，YOY+12.7%,录得归母净利润 13.0 亿元，YOY+9.5%,扣非后净利 13.2 亿，YOY+16.9%。 | 年度截止 12 月 31 日 | | 2023 | 2024 | 2025F | 2026F | 2027F | | --- | --- | --- | --- | --- | --- | --- | | 纯利 (Net profit) | RMB 百万元 | 4302 | 6337 | 10093 | 9093 | 10407 | | 同比增减 | % | 10 ...

Summary of Key Points from the Conference Call on Small Nucleic Acid Drugs Industry Overview - The discussion centers around the small nucleic acid drug industry, highlighting its advantages over traditional drug platforms and the potential for various applications in treating diseases. Core Insights and Arguments 1. **Efficacy and Mechanism**: Small nucleic acid drugs can reduce protein expression levels by over 80%-90%, significantly outperforming small molecule and antibody drugs, which only lower activity or clear existing proteins [2][5][8] 2. **Long-lasting Effects**: Some small nucleic acid therapies require administration only once every six months, showcasing their long-lasting effects and low resistance development [2][5] 3. **Delivery Technologies**: The Golang liver delivery technology is currently the mainstream method but is limited to liver applications. New strategies involving peptide and antibody modifications aim to expand delivery beyond the liver [3][4] 4. **Multi-target Strategies**: The potential of multi-target strategies in drug development is significant, as demonstrated by Novartis' Inclisiran, which generated $790 million in revenue in the first three quarters of the year [5][8] 5. **Emerging Markets**: There is a growing market for small nucleic acid drugs in obesity treatment, with drugs like GPS-75 showing promise in altering the current weight loss market dynamics [9][20] 6. **Rare Diseases and CNS Applications**: Small nucleic acid drugs show potential in treating rare diseases and central nervous system disorders, with Novartis' acquisition of RVDP technology indicating strong confidence in muscle disease treatments [8][11] 7. **Challenges in Delivery**: The complexity of delivery systems poses significant barriers to entry for new companies, as effective delivery tools are crucial for the success of small nucleic acid therapies [12][22] 8. **Chemical Modifications**: Chemical modifications are essential for enhancing the stability and bioavailability of small nucleic acids, although current methods do not create significant barriers to entry [13][14] 9. **Market Potential**: The market for small nucleic acid drugs in treating cardiovascular diseases is substantial, as indicated by the $12 billion acquisition of a muscle treatment drug by Novartis [10][22] Other Important Insights 1. **Clinical Trials and Data**: Ongoing clinical trials, such as Wave 007, are showing promising results in weight loss applications, indicating a trend towards combining small nucleic acid drugs with existing therapies like GLP-1 [20][21] 2. **Regulatory and Safety Considerations**: The design of small nucleic acid sequences must consider potential off-target effects, necessitating thorough testing to ensure safety [18][25] 3. **Domestic Innovations**: Domestic companies like Shengyin, Bowang, and Ruibo are making significant strides in small nucleic acid research, with collaborations and innovations that enhance their market positions [28] This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the small nucleic acid drug industry, its current state, and future potential.

Group 1: Market Insights - Morgan Stanley is optimistic about the Chinese stock market, raising the A-share rating to "overweight" due to multiple positive incremental drivers expected next year, such as broader applications of artificial intelligence and consumer stimulus measures [1] - The National Development and Reform Commission warns against the risk of oversaturation in the humanoid robot market, noting that the industry is growing at over 50% annually and is projected to reach a market size of 100 billion yuan by 2030 [2] - The State Administration for Market Regulation is enhancing anti-monopoly enforcement and promoting fair competition to create a market environment that stimulates the vitality of various business entities [3] Group 2: Company News - Moore Threads reported that online investors abandoned the subscription of 29,302 shares, which were fully underwritten by the sponsor, with a total subscription amount of 334.86 thousand yuan [3][4] - Dongxin Co. announced a strategic cooperation framework agreement with a leading domestic cloud computing service provider, focusing on areas such as domestic cloud desktop systems and digital twin solutions [4] - Huayang Group is indirectly supplying optical communication module components to NVIDIA through international clients [4] - Guofeng New Materials plans to acquire 46.26 million shares of Jinzhan Technology, with the Shenzhen Stock Exchange agreeing to resume the review of this transaction [4] - Hunan Gold's subsidiary obtained a mining license for tungsten, magnetite, and silver, with an annual production capacity of 990,000 tons [5] - Jereh Group signed a sales contract for generator sets for North American data centers, exceeding 100 million USD, marking a significant breakthrough in the high-end power market [7] - Saiwei Electronics experienced abnormal stock trading, with the National Integrated Circuit Fund reducing its holdings by 14.26 million shares, dropping below 5% ownership [8] - Fulei New Materials has completed multiple iterations of its self-developed "electronic skin" product and achieved bulk supply, transitioning from a material supplier to a smart sensing solution provider [9] - Tianpu Co. announced a suspension of trading due to significant stock price fluctuations, with a cumulative increase of 452% since August 22 [10] - FAW Jiefang plans to increase capital in its joint venture with CATL and Telda, totaling 412 million yuan, to enhance competitiveness in the new energy commercial vehicle sector [11] - Heng Rui Medicine received clinical trial approval for five drugs, including the anti-PD-L1 monoclonal antibody, with significant research and development investments [12]

Market Overview - On November 27, the A-share market experienced a rise and fall, with the Shanghai Composite Index increasing by 0.29% to 3875.26 points, while the Shenzhen Component Index and the ChiNext Index decreased by 0.25% and 0.44%, respectively [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 1.71 trillion yuan, a decrease of 736 billion yuan compared to the previous trading day [2] - Over 2700 stocks in the market saw an increase, with notable performance in the lithium battery, consumer electronics, and large consumption sectors [2] Sector Performance - The lithium battery concept and consumer electronics sectors showed significant strength, while the AI application sector continued to experience differentiation [2] - The organic silicon, battery, and consumer electronics sectors had the highest gains, while sectors such as Hainan, film and television, and AI applications faced the largest declines [2] International Market - The New York stock market was closed on November 27, while European stock indices all saw increases, with the UK FTSE 100 rising by 0.02%, the French CAC40 by 0.04%, and the German DAX by 0.18% [4] - International oil prices saw a slight decline, with WTI crude oil falling by 0.31% to $61.31 per barrel and Brent crude oil decreasing by 0.49% to $65.62 per barrel [4] Policy Developments - The State Council held a meeting to promote provincial-level coordination of basic medical insurance, emphasizing the importance of enhancing the insurance system's capacity and efficiency [6] - The State Administration for Market Regulation emphasized strengthening anti-monopoly enforcement in key areas to optimize the business environment and promote fair competition [5] Industry Insights - The National Development and Reform Commission highlighted the rapid growth of the humanoid robot industry, which is expected to reach a market size of 100 billion yuan by 2030, but cautioned against the risk of oversaturation in product offerings [6] - Chongqing's government announced measures to promote the high-quality development of the low-altitude economy, including financial subsidies for various sectors related to low-altitude operations [7][8] Notable Announcements - The first brain-computer interface surgery in China was completed, with the market for brain-computer interfaces projected to grow significantly, reaching $2.94 billion by 2025 and $12.4 billion by 2034 [9] - Major companies such as China National Building Material and others reported significant project wins and clinical trial approvals, indicating active engagement in their respective sectors [10]

Policy Developments - The State Council, led by Li Qiang, held a meeting to advance the provincial coordination of basic medical insurance [2] Medical Device Approvals - Yuhanglong received two medical device registration certificates for diagnostic kits related to primary biliary cholangitis and idiopathic membranous nephropathy, enhancing its product line in liver and kidney disease diagnostics [4] - Hengrui Medicine announced the approval of clinical trial notifications for five drugs, including the humanized anti-PD-L1 monoclonal antibody Abedilizumab, with total R&D investments amounting to approximately 1.1 billion yuan [5] Capital Market Activities - Mindray Medical's chairman, Li Xiting, plans to increase his stake in the company by 200 million yuan, having already purchased shares worth approximately 30 million yuan [7] - Huayu Pharmaceutical intends to establish a private equity fund focused on the biomedical sector, with an initial commitment of 150 million yuan from the company [8][9] Industry Milestones - The first brain-computer interface surgery in China was successfully completed, utilizing a device from Wuhan Zhonghua Brain-Machine Fusion Technology Co., with the procedure priced according to government regulations [11] Clinical Trials and Collaborations - Buchang Pharmaceutical's subsidiary signed a contract for clinical trials of a new product, with a total cost of approximately 60 million yuan, aimed at enhancing the company's drug development capabilities [12] - Jincheng Pharmaceutical terminated negotiations with Giskit Pharma B.V. regarding exclusive commercialization rights, with no financial impact expected [14]

Industry News - The Chinese stock market is expected to have a higher probability of significant gains next year compared to risks of sharp declines, driven by multiple positive factors such as broader applications of artificial intelligence and consumer stimulus measures, leading to an upgrade of A-share rating to "overweight" [8] - The National Development and Reform Commission (NDRC) has expressed concerns about the potential "bubble" in the humanoid robot industry, emphasizing the need to prevent a surge of similar products entering the market and promoting healthy development of embodied intelligence [9] - A research report indicates that in the past year, China accounted for 17% of global AI open-source model downloads, surpassing the 15.8% share of companies like Google and Meta from the United States, marking China's first lead in this field [9] - The first brain-computer interface surgery in China, executed according to government-approved medical service pricing, was successfully completed, utilizing an implantable device developed by Wuhan Zhonghua Brain-Machine Fusion Technology Co., Ltd. [9] - Chongqing has announced measures to promote high-quality development of the low-altitude economy, with subsidies targeting various sectors including general aviation and drone manufacturing, effective until December 31, 2027 [10] - The Qinghai Hainan Clean Energy Transmission Base project, the largest power supply project in China with the highest proportion of renewable energy, has officially commenced construction, expected to generate an average annual power output of 36 billion kilowatt-hours [10] Company News - East Core Co., Ltd. has signed a strategic cooperation framework agreement with a leading domestic cloud computing service provider [11] - More Thread announced that the number of shares abandoned by online investors was 29,302, all of which will be underwritten by the sponsor [11] - Changan Technology announced a potential change in control due to stock issuance to Hefei Guotou, leading to a suspension of trading [11] - YTO Express reported that its third-largest shareholder, Hangzhou Haoyue, transferred 39.925 million shares through block trading from November 10 to November 27 [11]

Group 1 - The core transaction on November 27 involved a block trade of 480,000 shares of Heng Rui Pharmaceutical, with a transaction value of 29.8032 million yuan and a transaction price of 62.09 yuan per share [1][2] - Over the past three months, Heng Rui Pharmaceutical has recorded a total of four block trades, amounting to a cumulative transaction value of 96.3952 million yuan [2] - The closing price of Heng Rui Pharmaceutical on the same day was 62.09 yuan, reflecting a decrease of 0.43%, with a daily turnover rate of 0.40% and a total trading volume of 1.604 billion yuan [2] Group 2 - The net outflow of main funds for Heng Rui Pharmaceutical on that day was 28.6022 million yuan, while the stock has seen a cumulative increase of 2.41% over the past five days, with a total net inflow of 67.3377 million yuan [2] - The latest margin financing balance for Heng Rui Pharmaceutical is 4.188 billion yuan, which has decreased by 57.5469 million yuan over the past five days, representing a decline of 1.36% [2]