证券研究报告 2026 年 02 月 27 日 湘财证券研究所 行业研究 中药行业周报 中药板块表现居中，静待基药与创新催化 相关研究： 1. 《行业未来五年有望迎来快 速转型发展期》 20260208 2. 《基药目录管理办法发布，中 药行业将进入循证驱动新周期》 20260215 行业评级：增持（维持） 近十二个月行业表现 -10 0 10 20 30 25/02 25/05 25/08 25/11 沪深300_累计 中药_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -1 | -6 | -18 | | 绝对收益 | 0 | -2 | 3 | | | | 注：相对收益与沪深 300 相比 | | 分析师：许雯 证书编号：S0500517110001 Tel：(8621) 50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 市场表现：上周中药Ⅱ上涨 0.73%，在医药二级子板块中表现居中 根据 wind 数据，上周（2026.02.22-2 ...

Industry Overview - The Chinese medicine industry is entering a new evidence-driven cycle following the release of the Basic Drug Directory Management Measures, which emphasizes the integration of clinical value, insurance payment capabilities, and tiered diagnosis and treatment systems [8][10] - The market performance of the Chinese medicine sector showed a decline of 1.75% in the week before the holiday, which was the largest drop among the pharmaceutical sub-sectors [3][4] Market Performance - The Chinese medicine sector's PE (ttm) was 27X, down 0.49X from the previous period, while the PB (lf) was 2.27X, down 0.04X, indicating a relative valuation position within historical ranges [5] - The overall pharmaceutical sector index closed at 8282.27 points, down 0.81%, with only the medical services sector showing an increase of 0.22% [3] Upstream Market Dynamics - The market demand for Chinese medicinal materials has increased ahead of the holiday, leading to a slight rise in the price index, which reached 229.02 points, up 0.1% from the previous week [6][7] Regulatory Changes - The revised Basic Drug Directory Management Measures highlight a "balanced approach to Chinese and Western medicine," establishing a strict negative list for market entry and emphasizing clinical value and dynamic adjustments [9] - The new measures are expected to accelerate structural differentiation in the short term and favor leading companies with clinical evidence and strong innovation capabilities in the long term [8][10] Investment Recommendations - The report maintains an "overweight" rating for the industry, suggesting three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [11] - Price governance will lead to clearer differentiation within the industry, with companies that have competitive advantages likely to benefit from price-volume trade-offs [12] - The recovery of consumption driven by macroeconomic improvement and increased health awareness among the aging population is expected to boost sales of consumer-oriented Chinese medicines [13] - State-owned enterprises in the Chinese medicine sector are anticipated to benefit from reforms aimed at improving efficiency and performance [13] Target Companies - Recommended companies include Zoli Pharmaceutical and Yiling Pharmaceutical, with a focus on those with strong R&D capabilities and unique products, as well as those less affected by centralized procurement [13]

成交额方面，寒武纪成交额160.35亿元，位居首位；ST帕瓦成交额783.94万元，位居末位。 科创综指26日以0.25%的涨幅开盘，指数盘初快速下探一度跌0.99%，此后呈震荡上扬态势，午后最大 涨幅约1.71%，随后先回落再反弹，收盘时亦显著上涨。科创综指收于1843.20点，涨幅1.29%，总成交 额约2691亿元，较上一交易日显著放量。 当日，科创板个股涨多跌少，356股收涨，占比约58.94%。细分领域中，半导体股整体涨幅靠前，元器 件股、航空股、专用机械股均呈多数上涨态势，医疗保健股多数下跌，生物制药股则呈普跌态势。 经新华财经统计，2月26日，科创板604股平均涨幅0.98%，平均换手率3.12%，合计成交额2690.61亿 元，平均振幅为4.36%。 个股表现方面，悦安新材、欧莱新材、杰普特收于约20%涨停，涨幅居前；前沿生物下跌8.61%，跌幅 居首。 新华财经北京2月26日电科创50指数26日以0.37%的涨幅开盘，指数盘初快速回落，早盘期间一度下跌 1.17%，随后逐渐企稳并开始震荡上行，午后最大涨幅约1.46%，此后在多次上攻未果后有所调整，尾 盘略有反弹，截至收盘，科创50指数报14 ...

Core Viewpoint - The company, Weikang Pharmaceutical, is expected to report a significant net loss for 2025, with projections indicating a loss between 245 million yuan and 170 million yuan, representing a year-on-year decline of 66.18% to 15.31% [1] Financial Performance - The company has experienced continuous losses for two consecutive years, with a net profit of -8.954 million yuan in 2023 and -147 million yuan in 2024 [1] - For the first three quarters of 2025, the company reported revenue of 151 million yuan, a year-on-year decrease of 59.20%, and a net profit of -124 million yuan [1] Stock Performance - The stock price has shown significant volatility, with a fluctuation range of 11.77% from February 5 to February 11, 2026, and a closing price of 28.35 yuan on February 11, reflecting a single-day increase of 2.75% [2] - The stock's trading volume indicates a net inflow of 7.4016 million yuan from major funds on February 11, with a noticeable cumulative net inflow over the past five days [2] - Technical indicators show the stock price is between the 20-day Bollinger Bands resistance level of 34.76 yuan and support level of 24.17 yuan, with the MACD indicator remaining negative but the short-term KDJ indicator rising to a neutral zone [2] Recent Events - On February 5, 2026, the company appointed a new board secretary, Wang Si, who is a "post-90s" internal promotion with no prior experience as a listed company secretary [3] - The company received a drug registration certificate from the National Medical Products Administration for its product, Er Dong Tang Granules, which is expected to enhance its product line, although the commercial impact remains to be seen [3]

Summary of Conference Call Industry Overview - The conference primarily focused on the AI computing power industry, highlighting significant developments and investment trends in major tech companies such as Oracle, Amazon, Google, and Microsoft. Key Points and Arguments 1. Market Sentiment and Investment Trends - Recent performance in the computing power sector has shown a recovery after a period of pessimism regarding expectations. The market is believed to have entered a new cycle of growth, particularly following Oracle's successful financing of $25 billion, which had a subscription amount of $129 billion, indicating strong investor confidence in computing power [2][3][4]. 2. Demand for Computing Power - Major tech companies are significantly investing in AI-related computing power, with Google planning to invest $180 billion and Amazon $200 billion in capital expenditures (CAPEX) for AI initiatives. This reflects a strong belief in the demand for computing power, despite concerns about cash flow issues in some companies [3][4][5][9]. 3. Cash Flow Concerns - Oracle faced negative free cash flow issues in Q3 of the previous year, raising concerns about its ability to finance future investments. However, it is noted that other major players like Meta and Microsoft may encounter similar cash flow challenges in 2027, but the overall sentiment remains optimistic regarding funding availability for AI investments [3][4][5]. 4. Investment Opportunities - The conference highlighted several companies with strong potential in the computing power sector, including domestic firms like Xuchuang and Xinyi, and international companies like Light and SanDisk. The focus is on companies with solid structures and growth potential in the AI computing landscape [6][7]. 5. AI Hardware Demand - The demand for AI hardware is expected to grow significantly, with Amazon's capital expenditure for 2026 projected to exceed $200 billion, a 50% increase from 2025. This growth is driven by strong demand signals from enterprise clients and the ongoing expansion of AWS [9][10]. 6. Supply Chain Dynamics - The supply of computing power remains tight, with Amazon indicating that its current capacity is fully booked. The company is transitioning to its new Trinim 3 chip, which is expected to enhance performance by 40% compared to its predecessor [10][11]. 7. Future Trends in Power Supply - The conference discussed the shift towards integrated power supply modules in GPU designs, which are expected to become the industry standard by 2027. This transition is driven by the need for higher efficiency in power delivery as GPU power requirements increase [17][18][19]. 8. Gas Turbine Market Insights - The gas turbine market is experiencing high order growth, with Mitsubishi reporting a 67% increase in new orders. However, delivery rates are lagging due to a shortage of critical components like turbine blades, which are primarily supplied by a few specialized companies [22][23][24]. 9. PCB Market Dynamics - The conference also touched on the PCB market, noting that the transition to integrated power supply modules will increase the demand for higher-quality PCBs, which are essential for the new designs. Companies like Delta and MPS are expected to benefit from this trend [19][20][21]. 10. Recommendations - Analysts recommended focusing on companies like Shengyi Technology and New Yuan Co., which are well-positioned in the AI hardware and PCB markets. The overall sentiment is bullish on the growth potential of these sectors as demand for AI computing power continues to rise [15][16]. Additional Important Content - The discussions included insights into the competitive landscape of the AI hardware market, emphasizing the importance of cash flow management and strategic investments in technology to meet the growing demand for AI applications [12][13][14]. This summary encapsulates the key insights and trends discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the AI computing power industry.

Group 1 - The company announced the resignation of its Deputy General Manager, Ms. Kong Xiaoxia, due to internal adjustments, with her original term set to end on May 19, 2027 [2] - The company held its 10th meeting of the 4th Board of Directors on February 5, 2026, where it approved the appointment of Ms. Wang Si as the new Deputy General Manager and Board Secretary [2] - Following her appointment, Ms. Wang Si will no longer serve as the company's Securities Affairs Representative, and the current Chairman and General Manager, Mr. Liu Yang, will cease to act as the Board Secretary [2] Group 2 - Ms. Wu Yang has been appointed as the new Securities Affairs Representative, with her term starting from the date of the board's approval until the end of the current board's term [2]

Company Changes - Weikang Pharmaceutical announced the resignation of Ms. Kong Xiaoxia from her position as Vice General Manager, originally set to last until May 19, 2027, due to company restructuring. She will continue to hold other positions within the company [1] - The board has appointed Ms. Wang Si as the new Vice General Manager and Board Secretary. Following this appointment, Ms. Wang will no longer serve as the company's Securities Affairs Representative [1] Industry Context - The article highlights the growing issue of elderly individuals living alone, with millions affected. It discusses the concept of intended guardianship, which has been present in the country for 14 years but still faces challenges in full implementation [1]

证券代码：300878 证券简称：维康药业 公告编号：2026-004 浙江维康药业股份有限公司 关于副总经理辞职及聘任副总经理、董事会秘书和证券事务 代表的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、关于副总经理辞职的情况 浙江维康药业股份有限公司（以下简称"公司"）董事会于近日收到公司副 总经理孔晓霞女士的书面辞职报告。因公司调整安排，孔晓霞女士申请辞去公司 副总经理职务，原定任职日期至 2027 年 5 月 19 日。辞去上述职务后仍在公司担 任其他职务。根据《公司法》《公司章程》规定，孔晓霞女士的辞职报告自送达 董事会之日起生效。 截至本公告披露日，孔晓霞女士持有公司股份 888,484 股，占公司总股本的 0.61%。孔晓霞女士辞职后，将严格遵守《上市公司董事和高级管理人员所持本 公司股份及其变动管理规则》《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 18 号 ——股东及董事、高级管理人员减持股份》等法律法规、规范性文件的相关要求； 孔晓霞女士不存在应履行而未履行的承 ...

一、董事会会议召开情况 浙江维康药业股份有限公司（以下简称"公司"）第四届董事会第十次会议 通知于 2026 年 1 月 30 日以电子邮件、专人送达或电话方式送达全体董事，本次 会议于 2026 年 2 月 5 日在浙江省丽水经济开发区遂松路 2 号研发大楼会议室以 现场结合通讯方式召开。本次会议由董事长刘洋先生主持，公司应出席董事 7 人，实际出席董事 7 人。本次董事会会议的召集、召开和表决程序符合有关法律、 法规、部门规章、规范性文件和《公司章程》的规定，决议内容合法有效。 二、董事会会议审议情况 1、审议通过《关于聘任公司副总经理、董事会秘书的议案》 公司董事会同意聘任王思女士为公司副总经理、董事会秘书，任期自本次董 事会审议通过之日起至第四届董事会届满之日止。王思女士被聘任为公司董事会 秘书后，将不再担任公司证券事务代表职务，董事长、总经理刘洋先生将不再代 行公司董事会秘书职责。 证券代码：300878 证券简称：维康药业 公告编号：2026-003 浙江维康药业股份有限公司 第四届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大 ...

Market Overview - The Chinese medicine sector experienced a decline of 0.98% on February 2, with Jilin Aodong leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - Weikang Pharmaceutical (300878) with a closing price of 27.93, up 6.68% [1] - Foci Pharmaceutical (002644) with a closing price of 9.21, up 4.66% [1] - Significant decliners included: - Jilin Aodong (000623) with a closing price of 18.88, down 7.63% [2] - Datang Pharmaceutical (920433) with a closing price of 5.86, down 3.46% [2] Trading Volume and Capital Flow - The Chinese medicine sector saw a net outflow of 235 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 51.97 million yuan [2] - The trading volume for Jilin Aodong reached 504,800 shares, with a transaction value of 977 million yuan [2] Individual Stock Capital Flow - Key capital flows for selected stocks included: - Dong'e Ejiao (000423) with a net inflow of 129 million yuan from institutional investors, but a net outflow of 18.04 million yuan from retail investors [3] - Foci Pharmaceutical (002644) had a net inflow of 43.42 million yuan from institutional investors, with a net outflow of 15.68 million yuan from retail investors [3]