【导读】五大基金经理解读《医药工业数智化转型实施方案（2025—2030年）》 近日，工信部等七部门印发《医药工业数智化转型实施方案（2025—2030年）》（以下简称《实施方 案》），《实施方案》提出了两个阶段的发展目标。 据悉，《实施方案》聚焦数智技术赋能行动、数智转型推广行动、数智服务体系建设行动、数智监管提 升行动等四个方面系统提出14项具体工作任务。从完善工作机制、强化政策支持、促进交流合作、深化 评价宣传、加强人才培养等方面提出保障措施。 《实施方案》对医药工业数智化转型有何指导意义？在数智化转型过程中，医药工业未来发展趋势和前 景如何？其中，有哪些细分领域投资机会值得关注？中国基金报采访了五位公募投资人士。 这些基金经理认为，《实施方案》明确提出以人工智能为核心驱动医药全产业链数智化升级，有望为 AI制药及产业链发展注入"强心剂"。目前医药基本处于底部向上的位置，创新药、医疗器械、仿制药、 消费医疗等被看好。 有望为AI制药及产业链发展注入"强心剂" 中国基金报记者：工信部等七部门印发《实施方案》，这对医药工业数智化转型有何指导意义？ 陈西铭：推动医药工业数智化转型有几个方面的含义：其一，推动医 ...

消息面，上周七部门联合印发《医药工业数智化转型实施方案（2025—2030 年）》，提出以全产业链 协调发展为主线，以数智化改造为主攻方向推进医药工业高端化、智能化、绿色化、融合化发展。 政策目标涵盖了医药研发、生产、流通、监管等全产业链环节，强调通过数智技术提升医药全产业链竞 争力和全生命周期质量管理水平，体现了从整体上推动医药工业升级的理念，是突破国内医药工业研发 效率低、成本高、生产智能化水平不足、供应链协同弱等问题的核心路径。数智技术与医药研发深度融 合，有望动国产创新药、高端医疗器械发展。 医药见底复苏？今年来行情持续活跃，医疗ETF（159828）涨1.3%。 另外美国临床肿瘤学会（ASCO）年会作为全球规模最大、最具权威性的临床肿瘤学会议之一，将于5 月30日-6月3日在芝加哥举行。国内多个药企即将在ASCO 2025上披露最新临床数据，多个国产创新药 品种有望做口头报告，或催化创新药板块行情。 医药行业已经历了超过四年的调整期，目前创新药械收入和利润正逐步兑现，板块反腐、关税扰动逐步 减弱，机构持仓水平降至历史低位。医药作为高弹性行业有望在2025年跑赢市场。 注：指数/基金短期涨跌幅及历史表 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report emphasizes the acceleration of domestic substitution and investment opportunities in blood products [3] - The implementation of the "Pharmaceutical Industry Digital Transformation Plan (2025-2030)" aims to enhance the efficiency of drug research and development through artificial intelligence and digital technologies [4][6] - The report suggests focusing on companies such as China Resources Sanjiu, Tasly, and Kangyuan Pharmaceutical due to their potential benefits from the digital transformation in the pharmaceutical industry [6] Summary by Sections Industry Overview - The pharmaceutical and biotechnology industry is currently experiencing a digital transformation, with significant government support and initiatives aimed at modernizing the sector [4][5] Digital Transformation Plan - The plan outlines goals for 2027, including the development of over 100 high-performance products in smart pharmaceutical equipment and the establishment of more than 100 exemplary digital pharmaceutical factories [4] - It also aims to create a comprehensive digital service system to support the transformation of the pharmaceutical industry [4] Investment Opportunities - The report highlights the potential for improved drug development efficiency through AI-assisted drug target discovery and virtual screening of compounds [6] - The focus on traditional Chinese medicine (TCM) is also noted, with the establishment of a traceable data platform for the entire TCM industry chain [5]

Group 1 - The Hang Seng Medical Index ETF experienced a turnover of 8.47% during the trading session, with a transaction volume of 21.38 million yuan [3] - The ETF's scale increased by 18.48 million yuan over the past week, indicating significant growth [3] - The ETF's shares grew by 10 million shares this month, reflecting substantial growth [3] Group 2 - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Index ETF is 24.86, which is at a historical low, being in the 6.5% percentile over the past year [3] - A joint implementation plan for the digital transformation of the pharmaceutical industry has been issued by seven government departments, aiming for significant progress by 2027 [3] Group 3 - Short-term AI medical themes are expected to continue being a focus, with market attention shifting towards Q1 performance and potential improvements in the pharmaceutical industry by Q2 2025 [4] - The top ten weighted stocks in the Hang Seng Medical Index account for 57.69% of the index, including companies like BeiGene, WuXi Biologics, and JD Health [4] - Investors without stock accounts can access the Hang Seng Medical Index ETF through a linked fund for investment opportunities in the Hong Kong medical sector [4]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a long-term focus on domestic innovative drugs in the oncology field and AI medical investment opportunities [3][4]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.16%, outperforming the Wind All A index (1.15%) and the CSI 300 index (0.38%) [3][8]. - The upcoming ASCO conference is highlighted as a significant event for domestic innovative drug companies, with over 70 oral presentations and more than 10 major studies expected [3][4]. - The Ministry of Industry and Information Technology and six other departments issued a plan for the digital transformation of the pharmaceutical industry, aiming for significant advancements by 2027 and full coverage by 2030 [3][4]. Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.16% from April 21 to April 25, outperforming the Wind All A index and the CSI 300 index [3][8]. - Notable performers included medical research outsourcing (6.34%) and raw materials (4.72%), while blood products (-3.26%) and vaccines (-6.38%) continued to decline [3][9]. - Individual stock performances showed significant gains for Yong'an Pharmaceutical (31.4%), Shuyou Shen (28.4%), and Erkang Pharmaceutical (27.7%), while *ST Jiyuan (-43.2%), Nanhua Biological (-35.3%), and Shuangcheng Pharmaceutical (-27.7%) faced substantial losses [3][11]. Industry News and Key Company Announcements - On April 25, Kangfang Bio announced FDA approval for its drug Anike for the treatment of recurrent or metastatic nasopharyngeal carcinoma [12]. - The same day, Kangfang Bio also reported the approval of its PD-1/VEGF bispecific antibody for first-line treatment of specific lung cancer types [13]. - The digital transformation plan for the pharmaceutical industry aims to enhance competitiveness and quality management through AI and data integration by 2030 [3][4].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a long-term focus on domestic innovative drugs in the oncology sector and AI medical investment opportunities [2][3]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.16%, outperforming the Wind All A index (1.15%) and the CSI 300 index (0.38%) during the week of April 21-25, 2025 [3][8]. - The upcoming ASCO annual meeting from May 30 to June 3, 2025, is expected to showcase over 70 oral presentations and more than 10 significant studies from domestic innovative drug companies, indicating a growing competitiveness in the oncology field [3][12]. - The Ministry of Industry and Information Technology and six other departments issued a plan for the digital transformation of the pharmaceutical industry from 2025 to 2030, aiming for significant advancements in competitiveness and quality management by 2027 [3][12]. Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.16%, with notable performances in medical research outsourcing (6.34%) and raw materials (4.72%), while blood products (-3.26%) and vaccines (-6.38%) continued to decline [3][8]. - Individual stock performances included significant gains for Yong'an Pharmaceutical (31.4%), Shuyou Shen (28.4%), and Erkang Pharmaceutical (27.7%), while *ST Jiyuan (-43.2%), Nanhua Biological (-35.3%), and Shuangcheng Pharmaceutical (-27.7%) faced substantial losses [3][11]. Industry News and Key Company Announcements - On April 25, 2025, Kangfang Biotech announced that its drug Aniko® (pembrolizumab injection) received FDA approval for treating recurrent or metastatic nasopharyngeal carcinoma [12]. - The same day, Kangfang Biotech also reported that its PD-1/VEGF bispecific antibody drug Yiwosi (generic name: Yiwosi monoclonal antibody injection) received approval for a new indication in treating advanced or metastatic non-small cell lung cancer [13]. - The report highlights various companies' quarterly performance forecasts, with notable growth in revenue and profit for companies like Aier Eye Hospital and Hengrui Medicine, while others like InnoCare and Watson Bio reported declines [17][18].

以下文章来源于信风TradeWind ，作者郑敏芳 信风TradeWind . 关注资本市场的趋势与发展 恒河猴、小鼠等实验动物长期以来是新药研发的"无名英雄"，它们用自己的身体为人类药物安全保驾护航。 随着监管部门相关政策的出炉，这一切正在悄然发生变化。 4月24日，工业和信息化部等七部门关于印发《医药工业数智化转型实施方案（2025—2030年）》，提炼了41个关于技术创新发展的典型场景，为医药企业数 智化转型提供参考。 其中提到" 动物模型数据挖掘与虚拟动物实验 "，即针对动物替代需求高、与人体结果一致性有偏差等问题，可以运用数据挖掘、模拟技术，建立动物造模计算 机仿真模型。 更大变化则来自14天前的大洋彼岸。 4月10日，FDA发布《减少临床前安全性研究中动物实验的路线图》（下称"路线图"），指出 将逐步取消单克隆抗体（单抗）及其他药物的临床前安全性研究 中动物实验，转而采用类器官等更多新的替代技术。 这场变革，正在重塑中国医药行业的游戏规则。 为此，信风走访调研多家CXO、模式动物企业、AI制药企业、类器官相关企业后发现，此次动物实验冲击波或将带来多重变化： 一是短期内影响有限，长期则是行业发展方向 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, rating it as "Overweight" [4][25]. Core Insights - The pharmaceutical sector saw a weekly increase of 1.2%, outperforming the Shanghai Composite Index, which rose by 0.6% [4][5]. - The Ministry of Industry and Information Technology, along with six other departments, issued a plan for the digital transformation of the pharmaceutical industry, aiming for significant advancements by 2027 and full coverage by 2030 [4][12]. - A head-to-head clinical trial showed that the dual antibody drug Ivoris combined with chemotherapy outperformed Tislelizumab in treating advanced squamous non-small cell lung cancer [4][13]. - The FDA approved the PD-1 monoclonal antibody for use in treating recurrent or metastatic non-keratinizing nasopharyngeal carcinoma [4][14]. - New clinical data from SYS6010, an EGFR ADC, demonstrated promising safety and efficacy in treating advanced solid tumors [4][16]. Market Performance - The overall valuation of the pharmaceutical sector is at 24.9 times PE (2025E), ranking fifth among 31 primary industries [4][11]. - The performance of various sub-sectors includes: - Raw materials (+4.7%) - Chemical preparations (+2.3%) - Traditional Chinese medicine (-0.5%) - Blood products (-3.3%) - Vaccines (-3.8%) [4][7]. Key Events - The digital transformation plan aims to integrate AI into the pharmaceutical industry, enhancing competitiveness and quality management across the entire supply chain [4][12]. - The report suggests focusing on companies with existing AI applications in diagnostics, devices, services, and pharmaceuticals [4].

2 0 2 5年4月2 4日，工业和信息化部等七部门联合印发《医药工业数智化转型实施方案（2 0 2 5—2 0 3 0年）》，政策指引医药全产 业链数智创新，2 0 3 0年将构建全产业链数据体系与创新生态。此次《方案》设计站位高，覆盖范围广，支持力度大，医药工业 数智化落地效果可期。其中，政策引导整合释放医药数据要素价值，有望赋能医疗健康产业发展。同时我们认为，医药工业数 智化全链条传导，利好医药产业链中①医药工业研发和生产、②人工智能工具提供者、③医药行业信息化基础设施建设等环 节。建议持续关注医疗健康产业的投资机会。 文 ｜ 任杰 张斌斌 宋硕 陈竹 2 0 2 5年4月2 4日，工业和信息化部等七部门联合印发《医药工业数智化转型实施方案（2 0 2 5—2 0 3 0年）》（以下简称《方 案》），对未来五年医药工业领域数智化提出了总体要求，明确了重点任务，对于指导医药工业领域实现数智化转型具有深刻 的指导意义。 ▍ 政策指引全产业链数智创新，2 0 3 0年将构建全产业链数据体系与创新生态。 ▍ 事件： 3）利好医药行业信息化基础设施建设： 无论是医药数智产品的研发和应用，还是医药数据资产的开发和利 ...

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - The A-share market shows increasing resilience. Future focus should be on China's policies to boost the domestic economy. It is recommended to take a cautious long - position approach in operations. The impact of tariffs on the market has decreased, but the outcome of the Sino - US tariff dispute remains uncertain [2]. Group 3: Summary by Directory 1. Stock Index Futures Market - **IF Futures**: The closing prices of IF contracts for different periods increased, with the increase ranging from 1.60 to 6.00. The trading volume of IF next month was 48,747.00, the highest among IF contracts. The open interest of most contracts decreased, except for the IF far - season contract which increased by 149.00 [1]. - **IH Futures**: The closing prices of IH contracts for different periods all increased, with an increase of about 8.00 - 8.80. The trading volume of IH next month was 24,156.00. The open interest of some contracts decreased, while the current - month and far - season contracts increased [1]. - **IC Futures**: The closing prices of IC contracts for different periods decreased, with a decrease of about 15.80 - 18.80. The trading volume of IC next month was 39,686.00. The open interest of most contracts decreased, except for the far - season contract which increased by 385.00 [1]. - **IM Futures**: The closing prices of IM contracts for different periods decreased significantly, with a decrease of about 52.20 - 55.60. The trading volume of IM next month was 135,094.00. The open interest of some contracts decreased, while the far - season and next - season contracts increased [1]. - **Inter - month Spreads**: The inter - month spreads of IF, IH, IC, and IM decreased compared to the previous values [1]. 2. Stock Index Spot Market - **Major Indexes**: The CSI 300 index decreased by 0.07%, the SSE 50 index increased by 0.25%, the CSI 500 index decreased by 0.52%, and the CSI 1000 index decreased by 1.07%. Different industries in the CSI 300 index showed different trends, with industries such as energy rising and industries such as telecommunications business falling [1]. 3. Futures - Spot Basis - The basis of different futures contracts relative to the corresponding spot indexes changed compared to the previous two - day values [1]. 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index increased by 0.03%, the Shenzhen Component Index decreased by 0.58%, the Small and Medium - sized Board Index decreased by 0.42%, and the ChiNext Index decreased by 0.68% [1]. - **Overseas Indexes**: The Hang Seng Index decreased by 0.74%, the Nikkei 225 increased by 0.49%, the S&P 500 increased by 2.03%, and the DAX index increased by 0.47% [1]. 5. Macroeconomic Information - The 2025 version of the Market Access Negative List reduced the number of items from 117 in the 2022 version to 106, further relaxing market access restrictions. New business forms such as unmanned aerial vehicle operations and new - type tobacco products were included in the negative list [2]. - The Chinese Ministry of Commerce and the Ministry of Foreign Affairs clarified that there were no ongoing Sino - US economic and trade negotiations [2]. - Chinese Vice - Premier He Lifeng emphasized promoting cross - border trade facilitation [2]. - The central bank governor stated China's stance on opening - up, free trade, and maintaining global economic and financial stability [2]. - The Ministry of Commerce said China will continue to expand high - level opening - up and support foreign - invested enterprises [2]. 6. Industry Information - Seven ministries including the Ministry of Industry and Information Technology issued an implementation plan for the digital and intelligent transformation of the pharmaceutical industry from 2025 - 2030 [2]. - In the first quarter, the cumulative telecom business revenue was 446.9 billion yuan, a year - on - year increase of 0.7%, and the telecom business volume increased by 7.7% at constant prices of the previous year [2]. - China is willing to resolve Sino - EU electric vehicle trade frictions through dialogue [2]. - In the first quarter, China's freight volume increased by 4.9% year - on - year, and transportation fixed - asset investment reached 675.2 billion yuan [2]. - Shanghai issued measures to cultivate the commercial space advanced manufacturing cluster, aiming for an industrial scale of 100 billion yuan by 2027 [2]. 7. Stock Index Views - The three major US indexes rose. In the previous trading session, the stock indexes were divided, with the beauty care sector leading the gain and the computer sector leading the decline. The total trading volume was 1.14 trillion yuan. The financing balance on April 23 increased by 2.026 billion yuan to 1.799789 trillion yuan [2].