超市货架前的犹豫，外卖软件里的比价，购物车放了又清空这些日常细节拼凑出2025年普通人最真实的经济体感。 当毕业生数量突破1200万、职场人薪资增长停滞成为常态，焦虑仿佛成了生活的背景音。 但与此同时，国际货币基金组织将中国经济增长预期上调至4.8%，德意志银行、摩根士丹利等机构纷纷调高投资评级。 这种反差背后，隐藏着中国经济转 型期最真实的张力。 2025年4月，A股单日暴跌245点的场景让许多投资者心有余悸。 但恐慌情绪仅持续数日便迅速逆转，央行通过专项工具释放流动性，国企增持托底市场，港 股与A股形成联动防御机制。 在东莞的智能制造工厂里，机械臂以0.02毫米的精度组装手机主板；合肥的量子实验室中，研究人员成功将比特稳定性提升至99.9%。 这些场景背后是装备制造业9%的增速，其对工业增长贡献率超过50%。 新能源汽车产量在前4个月实现39%的同比增长，比亚迪海外销量逼近特斯拉，光伏 组件出口覆盖全球180个国家。 支撑这些突破的是中国独有的工程师红利。 目前全国工程师总数占全球四分之一，每年新增数量超过美日欧总和。 在人工智能领域，中美技术差距从2024年初的9.26%缩小至2025年的1.7%。 尽 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 最近，一则消息引发广泛关注：中国成功研发出可弯折2万次的柔性电池，在固态锂电池领域实现新突 破。 当我们为中国的创新实力欢欣鼓舞时，一场发展动能的深刻转变正在悄然上演。 曾几何时，"中国制造"的标签遍布全球。中国凭借庞大的劳动力群体和无可比拟的成本优势，成为名副 其实的"世界工厂"，制造业增加值连续15年位居全球第一。 然而，当我们迈入以人工智能、生物科技、新能源等为主导的新时代，中国的核心竞争力正从依靠劳动 力的规模优势，转向依靠脑力劳动者的创新优势。 如今，中国拥有全球规模最大的研发人员队伍，人力资源总量、科技人力资源总量、研发人员总量均居 世界第一；科学、技术、工程、数学专业毕业生每年超过500万，持续保持全球领先。 另据国际智库此前统计，中国高校培养的顶尖人工智能（AI）研究人员在全球占比排名世界第一。 这支规模宏大、素质优良的工程科技人才队伍，为"世界脑厂"提供了充足的"智力燃料"。 一方面，在高强度的科技投入下，他们产出了丰硕的创新成果。 2024年，中国全社会研发经费投入超过3.6万亿元，稳居世界第二；高水平国际期刊论文数 ...

Investment Rating - The industry rating is "Positive" (maintained) [7] Core Views - The report highlights that the domestic innovative drug sector is entering a phase of "engineer dividend" realization, with improved profitability and valuation breakthroughs expected [1] - The CXO sector is showing signs of recovery, with a positive outlook on CDMO commercialization orders and clinical CRO investment opportunities [2] - The upstream research sector is anticipated to benefit from a downward interest rate cycle and a recovery in global new drug development demand, with recommended stocks including Haoyuan Pharmaceutical and Bid Pharma [3] - The medical device sector is expected to experience a recovery cycle, particularly for high-value consumables and medical equipment companies, with recommendations for companies like Aikang Medical and Mindray Medical [4] - The traditional Chinese medicine sector is projected to see an earnings inflection point, with a favorable outlook for the second half of 2025 [5] - The report favors leading pharmacy chains with superior management capabilities, recommending companies such as Dazhonglin and Yifeng Pharmacy [6] - The pharmaceutical distribution sector is expected to improve, with a focus on low-positioned value and innovative business opportunities [7] Summary by Sections Innovative Drugs - Positive outlook on profitability improvement and valuation breakthroughs due to recognition by multinational corporations [1] CXO - Recovery in the sector with ongoing commercialization of small and large molecule CDMO orders [2] Upstream Research - Anticipated performance elasticity and new business expansion opportunities [3] Medical Devices - Significant growth potential in high-value consumables and medical equipment sectors [4] Traditional Chinese Medicine - Expected earnings growth and increased market interest due to improved fundamentals [5] Pharmacies - Favorable view on pharmacy chains with strong management and adaptability [6] Pharmaceutical Distribution - Positive trends in the sector with potential for operational improvements and value re-evaluation [7]

医药专场-2025 研究框架线上培训 摘要 2025 年医药板块由创新药驱动，特别是具备 BD（业务发展）和 TS （技术服务）能力的公司，形成 BD 驱动的医药创新药牛市，创新药研 发管线丰富度和临床进展是投资热点。 中国医药行业受益于工程师红利、临床推进速度快、成本低等优势，在 双抗、三抗、减肥药等领域具备竞争力，吸引跨国公司采购医药资产， 产业升级趋势明显。 创新药板块从研发、支付到商业化均获政策支持，中高端商业保险与医 保共同覆盖创新药品，鼓励创新药上市后快速进入医保，如特宝生物长 效生长激素有望年底进入医保。 医疗器械领域，传统器械国产替代率高，竞争激烈；创新器械如机器人、 内镜等处于进口替代阶段，行情轮动使得具有新产品的创新器械板块有 所上涨。 CRO 行业受益于 BD 资金回流，企业大量投入创新药研发，部分 GLP 减 肥药订单超预期，药明康德、凯莱英等公司表现优异，泰格医药等公司 股价涨幅显著。 Q&A 医药行业过去几年经历了哪些变化？ 医药行业在过去几年经历了显著的变化。2009 年至 2019 年期间，中国本土 医药行业经历了医保扩容，推动了医保放量的逻辑。2020 年至 2022 年，由 ...

题图｜AI生成 2023年7月，农冰立开始管理他在景顺长城的第一个产品景顺长城品质长青混合A，对成长股有敏锐嗅觉和广阔视野的他， 在2023年四季度开始重仓了受益AI产业爆发的PCB、光模块龙头，在科技成长行情中一路走高。Wind数据显示，截至2025 年9月19日，该基金近一年收益141.88%（同期业绩基准37.43%）。 这是今年科技成长风格表现优异的缩影。 今年以来A股表现可谓惊艳，其中科技成长板块是上涨的主力。包括人形机器人、创新药、AI算力、新能源电池、军工等 板块轮番表现，市场充满了赚钱效应。甚至可以说，今年的市场本质上是科技成长行情推动的。主动权益基金也迎来了明 显的业绩改善，中证主动偏股型基金指数年内收益已经达到31.47%。（数据来源：Wind，截至9月19日，下同） 证监会主席吴清最近也表示，资本市场服务科技创新跑出"加速度"，含"科"量上升，目前A股科技板块市值占比超过1／4， 已明显高于银行、房地产行业市值合计占比。市值前50名公司中科技企业从"十三五"末的18家提升至当前的24家。 展望接下来的行情，投资者最关心的是，这轮科技股行情能否持续，以及如何更好地把握这轮投资机会？选择通过 ...

Market Overview - The three major A-share indices showed mixed performance, with the Shanghai Composite Index down 0.01% at 3853.30 points, while the Shenzhen Component Index rose 0.67% to 13445.90 points, and the ChiNext Index increased by 1.58% to 3235.76 points [2] - The trading volume in the Shanghai and Shenzhen markets reached 23.711 billion, an increase of 44.3 billion compared to the previous day [3] Sector Performance - The number of stocks that rose was less than 1500, with over 50 stocks hitting the daily limit up. The gaming, power equipment, energy metals, and wind power equipment sectors led the gains, while precious metals, shipping ports, jewelry, gas, engineering machinery, and automotive services sectors saw declines [3] Notable Company Movements - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock price surge nearly 6%, briefly surpassing 400 yuan, with a peak market capitalization of 1.84 trillion yuan, overtaking Kweichow Moutai's 1.8 trillion yuan. By the end of the day, CATL's market cap was 1.73 trillion yuan, slightly below Kweichow Moutai's 1.802 trillion yuan [5] - CATL's strong performance contributed to the ChiNext Index's rise, reflecting market enthusiasm for growth technology sectors. CATL's stock has increased over 50% this year, while another tech stock, Cambricon Technologies, has more than doubled [5] Market Trends - The technology sector has maintained its leading position in the market this year, particularly since August, with a strong upward trend in new energy technology leaders like CATL and AI/semiconductor sectors represented by Cambricon [5] - The semiconductor industry is experiencing a significant boost due to breakthroughs in domestic photolithography technology, with major products showcased at a recent industrial expo [8] - The market is expected to continue favoring technology stocks, with a focus on hardware and software applications as key themes [12] Investment Insights - The first tenfold stock of the year, Weit New Materials, reached a new historical high, indicating strong market recognition of technology stocks [9] - The gaming sector also saw significant gains, with stocks like Xinghui Entertainment and Perfect World reaching new highs, suggesting a potential similarity in business models between gaming and innovative pharmaceuticals [11]

创新药ETF(515120)最高涨近2%，同样冲击两连阳。近20个交易日有13天"吸金"，累计达6.99亿元。成 份股奥赛康涨停，九洲药业涨超5%，信立泰、恒瑞医药跟涨。 盘面上，Wind数据显示，2025年9月25日午后开盘，创新药板块延续昨日涨势。A股方面，奥赛康涨 停，九洲药业、信立泰、恒瑞医药跟涨；H股方面，君实生物、荣昌生物涨幅居前，昭衍新药、凯莱英 等跟涨。 涨停股方面，奥赛康9月公告称，公司全资子公司江苏奥赛康药业有限公司开发的1类创新药ASKC202 联合利厄替尼用于经表皮生长因子酪氨酸激酶抑制剂（EGFR-TKI）治疗失败伴MET扩增/过表达的局部 晚期或转移性非小细胞肺癌的注册性临床III期研究已完成首例患者给药。 龙头企业方面，9月24日，恒瑞医药公告称，将公司具有自主知识产权的1类创新药瑞康曲妥珠单抗 （SHR-A1811）项目有偿许可给GlenmarkSpecialty。根据双方协议，GlenmarkSpecialty将向恒瑞支付 1800万美元首付款，并有资格获得最高10.93亿美元的里程碑付款，以及根据销售情况支付的提成。 浙商证券认为，中国本土创新药进入"工程师红利"兑现期，中 ...

截至2025年9月25日 13:01，中证创新药产业指数(931152)上涨1.12%，样本股奥赛康(002755)上涨 10.02%，九洲药业(603456)上涨6.41%，信立泰(002294)上涨4.43%，恒瑞医药(600276)，荣昌生物 (688331)等个股均上涨。 9月24日，恒瑞医药公告称，将公司具有自主知识产权的1类创新药瑞康曲妥珠单抗（SHR-A1811）项目 有偿许可给Glenmark Specialty。根据双方协议，Glenmark Specialty将向恒瑞支付1800万美元首付款，并 有资格获得最高10.93亿美元的里程碑付款，以及根据销售情况支付的提成。 浙商证券分析指出，中国本土创新药已进入"工程师红利"兑现期，凭借高效的临床开发能力和优异的临 床数据，越来越多的产品获得跨国药企（MNC）认可，推动License out交易频繁落地。 天风证券指出，中国创新药行业已形成以领头企业为引领、大批量优质企业为支撑的金字塔梯队，产业 兑现持续性强。我们认为这一轮周期的底层逻辑是中国在研创新药具备全球竞争力，兑现形式由在中国 销售放量转向国际化的数据与交易兑现（license out ...

另外，生物医药ETF（159859）在昨日收涨超1.3%的基础上，今日继续上涨，截至发稿涨幅为1.13%， 盘中频现溢价交易。 生物医药ETF（159859）紧密跟踪生物医药指数。国证生物医药指数以A股市场属于生物医药产业相关 上市公司为样本空间，根据市值规模和流动性的综合排名，选出前30只股票作为指数样本股（数量不足 时则按实际数量选入），反映了生物医药行业的整体运行情况该ETF还配备了联接基金（A：011040， C：011041）。 消息面上，创新药龙头之一恒瑞医药近期传来利好消息。 9月25日早间，A股三大指数涨跌不一，部分医药股表现活跃；港股医药生物板块涨幅居前。相关ETF 中，创新药ETF天弘（517380）延续反弹，截至发稿涨1.74%，溢折率0.25%，盘中溢价交易明显。成 分股中，奥赛康、九洲药业涨停，港股君实生物、港股荣昌生物等跟涨。 浙商证券认为，中国本土创新药进入"工程师红利"兑现期，中国本土创新药已经得到MNC充分认 可。"工程师红利"下，更高效临床效率，更优异/优效的临床数据等优势，持续强化本土创新药未来确 定性的国际化/BD以及估值突破前景。 创新药ETF天弘（517380）是全 ...

Investment Rating - Industry rating: Positive [1] Core Viewpoints - The report highlights the strong performance of stock prices and the improvement in profitability within the innovative drug sector [3] - The valuation is expected to break through due to the "engineer dividend" and continuous high-intensity R&D investment [4][5] Summary by Sections Review: Strong Stock Prices and Profitability Improvement - Stock prices have shown a strong upward trend, driven by business development (BD) and clinical data [12] - A-share performance from December 31, 2024, to September 8, 2025, shows significant gains for companies like Rongchang Bio (+208.87%) and Yifang Bio (+188.72%) [5][16] - R&D investment among 32 sample innovative drug companies reached 33.6 billion yuan in H1 2025, reflecting a year-on-year increase of 4.91% [21] - Sales and R&D expense ratios for 21 sample companies have been declining from 2021 to H1 2025, indicating a trend towards profitability [27] - The sales revenue of 17 commercialized innovative drug companies reached 56.6 billion yuan in H1 2025, a 30% increase year-on-year [31] Outlook: Valuation Breakthrough Under Engineer Dividend - Domestic policies are driving the industry upward, with continuous implementation of supportive measures for innovative drug development [38] - The report notes that the value of Chinese innovative drugs is increasingly recognized by multinational corporations (MNCs), enhancing their international competitiveness [41] - The report anticipates a significant increase in the number of approved innovative drugs, with 44 new Class 1 innovative drugs approved by CDE by September 15, 2025 [48] Investment Strategy: Positive Profitability Improvement and Valuation Breakthrough - The report recommends focusing on global blockbuster potentials, with Zebutini expected to exceed $2.6 billion in sales in 2024 [52] - Companies such as Kelun Biotech, Innovent Biologics, and others are highlighted as key investment targets due to their strong growth potential [52] - The report emphasizes the ongoing trend of profitability improvement, with companies like BeiGene expected to turn profitable in 2025 [52]