一、交易提示 年初发行市场升温，科技主题基金成为公募布局焦点。截至1月底，已有数十只AI、半导体、机器 人方向产品排队发行。多家机构认为，宏观经济企稳叠加新质生产力政策催化，2026年A股有望延续震 荡上行，科技创新被一致视为核心主线，成为公募全年布局重点。 1月30日,A股三大股指早盘高开探底,随后震荡回升,午后窄幅震荡,截止收盘,沪指跌0.96%报 4117.95点,深成指跌0.66%报14205.89点,创业板指涨1.27%报3346.36点,科创50指数涨0.12%报1509.4 点;本月沪指累涨3.76%,中旬创十年新高后小幅回落最终站稳4100点关口上方;深成指本月累涨5.03%, 创业板指本月累涨4.47%,科创50指数表现较强,月涨超12%;沪深两市成交额连续20个交易日突破2.5万 亿,近2900股下跌。 三、01月30日新发基金一览（不包含传统封闭式基金） | 基金代码 | 基金简称 | 基金经理 | 首次蔡集目标 | 投资频型 | 发行截止日期 | | --- | --- | --- | --- | --- | --- | | | | | (亿元) | | | | 026538 | 融通 ...

Investment Rating - The report suggests focusing on innovative drugs, brain-computer interfaces, and AI medical applications, indicating a positive outlook for these sectors [1]. Core Insights - The pharmaceutical industry index decreased by 3.31% this week, underperforming the CSI 300 index by 3.39 percentage points. However, since the beginning of 2026, the pharmaceutical sector has increased by 3.14%, outperforming the CSI 300 by 1.49 percentage points [5][12]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 29.40 times, with a premium of 61.10% relative to the entire A-share market [22]. - Notable sub-sectors include blood products, which had the best performance this week with a decline of only 1.0%, while the top three performing sectors since the beginning of the year are hospitals (+12.0%), offline pharmacies (+9.3%), and medical R&D outsourcing (+6.7%) [28]. Summary by Sections Investment Strategy - The report highlights a robust combination of companies including 恒瑞医药 (Hengrui Medicine), 百济神州-U (BeiGene), 美好医疗 (Meihua Medical), and others, indicating their potential for growth and investment [19]. Market Performance - The pharmaceutical industry index's performance this week was ranked 23rd, while its year-to-date performance ranked 22nd among all sectors [5][20]. - The report notes that 60 stocks in the pharmaceutical sector had positive returns this week, while 420 stocks declined [35]. Company News - 先声药业 (Xiansheng Pharmaceutical) has authorized勃林格殷格翰 (Boehringer Ingelheim) for its drug SIM0709, with an upfront payment of €42 million and a total deal value of €1.058 billion [13]. - 石药集团 (Shijiazhuang Pharmaceutical) has partnered with 阿斯利康 (AstraZeneca) for a long-acting peptide project, which includes an upfront payment of $1.2 billion and potential milestone payments totaling $3.5 billion [14]. - 同源康 (Tongyuan Pharmaceutical) has its drug TY9591 included in the priority review list, expected to be launched in 2026, targeting EGFR mutation NSCLC brain metastasis patients [15]. Financial Data - The total market capitalization of the pharmaceutical industry is approximately ¥52,861.60 billion, with a circulating market value of ¥48,153.47 billion [3]. - The industry’s TTM PE ratio stands at 37.3, compared to the CSI 300's PE ratio of 14.2, indicating a significant premium for the pharmaceutical sector [3]. Additional Insights - The report emphasizes the importance of innovative drug development and strategic partnerships in driving growth within the pharmaceutical industry, particularly in the context of emerging therapies and technologies [1][19].

Investment Rating - The report maintains an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, while China National Pharmaceutical Group is rated "Neutral" [1]. Core Insights - The Hong Kong healthcare sector experienced a broad-based correction due to capital pressures, with pharmaceutical distribution remaining relatively stable [4][28]. - The Hang Seng Healthcare Index fell by 3.0% this week, underperforming the Hang Seng Index by 5.4 percentage points, but has gained 8.6% year-to-date, outperforming the Hang Seng Index by 1.7 percentage points [14][27]. - The top five gainers in the sector included Leads Biolabs-B (+19.3%), Sihuan Pharmaceutical (+17.9%), and Tigermed (+7.6%), while the bottom five decliners included Medlive Technology (-16.2%) and Laekna-B (-14.1%) [4][29]. Summary by Sections Market Performance - The report indicates that various sub-sectors within the healthcare market have experienced declines, with pharmaceutical distribution down by 0.3%, internet healthcare down by 2.1%, and medical devices down by 5.0% [4][28]. Company Updates - Rongchang Biopharmaceutical announced a revenue forecast of 3.25 billion yuan for 2025, representing a year-on-year increase of 89%, and has turned a profit [11]. - A collaboration agreement was signed between CSPC Pharmaceutical and AstraZeneca, involving a total payment of $18.5 billion for the licensing of GLP-1 long-acting assets [11]. - AstraZeneca plans to invest $15 billion in China by 2030, focusing on expanding drug manufacturing and R&D capabilities [12]. - Kangzheng Pharmaceutical's lebrikizumab cream has been approved for the treatment of non-segmental vitiligo in patients aged 12 and older [12]. Regulatory Developments - The National Health Commission approved a pilot program for internet-based first consultations in Beijing, which is expected to accelerate prescription outflow [13].

Investment Rating - The report maintains an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, while China National Pharmaceutical Group is rated "Neutral" [1]. Core Insights - The Hong Kong healthcare sector experienced a broad-based correction due to capital pressures, with pharmaceutical distribution remaining relatively stable [4][28]. - The Hang Seng Healthcare Index fell by 3.0% this week, underperforming the Hang Seng Index by 5.4 percentage points, but has gained 8.6% year-to-date, outperforming the Hang Seng Index by 1.7 percentage points [14][27]. - The top five gainers in the sector included Leads Biolabs-B (+19.3%), Sihuan Pharmaceutical (+17.9%), and Tigermed (+7.6%), while the bottom five decliners included Medlive Technology (-16.2%) and Laekna-B (-14.1%) [4][29]. Summary by Sections Market Performance - The report indicates that various sub-sectors within the Hong Kong healthcare market experienced declines, with pharmaceutical distribution down by 0.3%, internet healthcare down by 2.1%, and medical devices down by 5.0% [4][28]. Company Highlights - Rongchang Biopharmaceutical announced a revenue forecast of 3.25 billion yuan for 2025, representing an 89% year-on-year increase, and reported a turnaround to profitability [11]. - A collaboration agreement was signed between CSPC Pharmaceutical and AstraZeneca, involving a total payment of $18.5 billion for the licensing of GLP-1 long-acting assets [11]. - AstraZeneca plans to invest $15 billion in China by 2030, focusing on expanding drug manufacturing and R&D capabilities [12]. - Kangzheng Pharmaceutical's lebrikizumab cream has been approved for the treatment of non-segmental vitiligo in patients aged 12 and older [12]. Regulatory Developments - The National Health Commission approved a pilot program for internet-based first consultations in Beijing, which is expected to accelerate prescription outflow and improve access to healthcare services [13].

通化东宝的2025年业绩增幅，预计也将超过30倍。经公司财务部门初步测算，预计2025年归属净利润约 12.42亿元，将实现扭亏为盈。 2025年，A股医药股的业绩"冷暖交织"。Wind数据显示，截至2月1日，共有283只医药股"剧透"2025年 的业绩情况。按预告净利润上限看，共有160股的归属净利润同比增长，其中赛诺医疗成为A股药企的 净利"预增王"，最高预增超32倍。在过半数企业业绩预增的同时，也有超120家企业的业绩预减，其中 更有39股面临上市后的首次亏损，不乏智飞生物、珍宝岛、新诺威等知名企业。此外，通过业绩预告可 以发现，创新药领域正悄然迎来破晓时分。其中，荣昌生物、诺诚健华等企业实现扭亏为盈。君实生 物、盟科药业等创新药企虽未盈利，但减亏趋势明显。 赛诺医疗成"预增王" Wind数据显示，截至2月1日，按预告净利润上限看，283只披露2025年业绩预告的医药股中，共有160 股实现归属净利润同比增长。 业绩预增的个股中，药明康德、翰宇药业、康希诺、泰格医药、三生国健等65股的预告净利润同比增长 上限超100%，赛诺医疗、通化东宝、回盛生物3股的业绩增幅超10倍。 其中，赛诺医疗以最高超32倍的 ...

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [31] Core Insights - On January 30, 2023, the report highlights that the company has signed a strategic R&D cooperation and licensing agreement with AstraZeneca to develop innovative long-acting peptide drugs using its proprietary sustained-release drug delivery technology and peptide drug AI discovery platform [3] - AstraZeneca will gain global exclusive rights to the company's weight management product portfolio, which includes a clinical-ready project SYH2082 and three preclinical projects targeting obesity and weight-related issues [3] - The company is set to receive $1.2 billion in upfront payments, with potential milestone payments of up to $3.5 billion for R&D and up to $13.8 billion in sales milestone payments, along with a double-digit percentage royalty on annual net sales of the licensed products [3] Summary by Sections Industry Overview - The report emphasizes the increasing recognition of Chinese innovative pharmaceutical companies by international multinational corporations (MNCs), particularly through the recent collaboration with AstraZeneca [4] - The report also notes AstraZeneca's plan to invest $15 billion in China by 2030 to expand drug manufacturing and R&D, leveraging China's scientific capabilities and manufacturing strengths [4] Investment Strategy - The report suggests that the global competitiveness of Chinese innovative pharmaceutical companies is continuously improving, with a focus on potential treatment areas such as metabolic diseases, chronic diseases, and central nervous system disorders [5] - It recommends paying attention to emerging fields like small nucleic acid drugs, radioactive drugs, and CAR-T therapies, highlighting specific companies to watch [5] Market Performance - The pharmaceutical sector experienced a decline of 3.31% last week, ranking 20th among 28 industries, while the Hong Kong pharmaceutical sector fell by 2.98% [9][30] - The report indicates that the valuation of the pharmaceutical sector is at 32.45 times (TTM), with a premium of 15.83% compared to the overall A-shares [23]

Core Viewpoint - The performance of A-share pharmaceutical stocks in 2025 shows a mixed outlook, with 283 companies disclosing earnings forecasts, where 160 companies expect profit growth while over 120 companies anticipate profit declines, indicating a significant divergence in the industry [1][3]. Group 1: Profit Growth - Among the 283 pharmaceutical stocks, 160 companies are expected to see a year-on-year increase in net profit, with Sino Medical (688108) leading the pack with a projected increase of over 32 times [1][3]. - Sino Medical forecasts a net profit of 43 million to 50 million yuan for 2025, representing a year-on-year growth of 2,767% to 3,233% [3]. - Other notable companies with significant profit growth include WuXi AppTec, Hanyu Pharmaceutical, and Kangxino, with 65 companies projecting a net profit increase of over 100% [3][4]. Group 2: Profit Decline - Over 120 companies are expected to report a decline in net profit for 2025, with 39 companies facing their first losses since listing, including well-known firms like Zhifei Biological and Zhenbao Island [1][5]. - Zhifei Biological anticipates a net loss of approximately 10.698 billion to 13.726 billion yuan, marking a year-on-year decline of 630% to 780% [6][7]. - The decline in the vaccine sector is attributed to decreased public willingness to vaccinate and increased vaccine hesitancy, leading to significant performance pressure across the industry [7][8]. Group 3: Innovative Drug Companies - Several innovative drug companies are reporting positive trends, with some achieving profitability or significantly reducing losses. For instance, Nocren Pharmaceutical is expected to turn a profit for the first time, projecting a net profit of around 633 million yuan [10]. - Rongchang Biopharmaceutical is also expected to turn a profit, with a projected net profit of approximately 716 million yuan, driven by strong sales of core products [10]. - Companies like Junshi Biosciences and Amgen have not yet achieved profitability but are showing a clear trend of reduced losses, indicating a gradual transition towards commercialization and revenue growth in the innovative drug sector [11].

2026 年 02 月 01 日 证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 降息等多因素支持科研上游持续复苏，重点 推荐皓元医药、奥浦迈等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 医药生物 沪深300 相关研究 《mRNA 疫苗龙头释放积极临床数据 信号，建议关注悦康药业、康希诺等》 2026-01-26 《JPM 2026 最前线观察：中国创新药 再次成为全球焦点！》 2026-01-18 东吴证券研究所 1 / 37 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为-3.31%、3.14%，相对沪深 300 的超额收益分别为-0.56%、2.51%；本周、年初至今恒生生物科技指数 涨跌幅分别为-3.24%、8.76%，相对于恒生科技指数跑赢-1.87%、5.09%； ...

（3）具体方向上，一方面，资金长期聚焦的科技方向或依然是重点，对于算力 AI、 机器人、商业航天等具备事件持续迭代催化且长期发展空间巨大的新质生产力主题 产业链，持续保持关注并积极寻找具备业绩支撑的标的，适度配合高低切；另一方 面，对于人气阶段性关注但近期表现较为平抑的主题行业，或可把握节奏适度轮动 布局，包括创新药、新消费、新型能源等。 （4）本周可能即将上市的新股：世盟股份、北芯生命等。 上周新股表现： （1）新股发行表现：上周，共有 3 只新股网上申购；其中，2 只为科创板、1 只为 主板。从上周网上申购的新股情况来看，平均发行市盈率为 37.7X。 （2）上周上市新股表现：假设将上周上市的沪深新股收益表现拆解为打新收益和 二级市场开板后的上涨收益，1）首先，打新收益来看，上周沪深新股上市首日平 均涨幅约 212.2%，比较本月此前交易周沪深新股首日涨幅，总体基本维持在 200% 左右相对活跃区间，可能新股首日交投情绪较为稳定。具体来看，科创板上市公司 恒运昌首日涨幅超过 300%，首日表现明显更为活跃；预计或与其发行市值相对较 低且所属行业主题为人气热度更高的半导体设备有关。2）其次，从二级市场投资 ...

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 降息等多因素支持科研上游持续复苏，重点 推荐皓元医药、奥浦迈等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 01 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 医药生物 沪深300 相关研究 《mRNA 疫苗龙头释放积极临床数据 信号，建议关注悦康药业、康希诺等》 2026-01-26 《JPM 2026 最前线观察：中国创新药 再次成为全球焦点！》 2026-01-18 东吴证券研究所 1 / 37 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为-3.31%、3.14%，相对沪深 300 的超额收益分别为-0.56%、2.51%；本周、年初至今恒生生物科技指数 涨跌幅分别为-3.24%、8.76%，相对于恒生科技指数跑赢-1.87%、5.09%； ...