2026年，A股投资的路线图已然切换：一方面，科技的盛宴还在延续，AI、量子科技等新兴产业依然潜 力巨大；另一方面，传统行业的盈利修复、估值回升已在眼前，逆向布局的时点似乎悄然临近。 2026年的财富密码，或许正藏在这些有共识又有分歧的预判里！以下是六大私募2026年投资策略的核心 提炼： 星石投资 2025年，经济运行呈现显著的结构性特征，以人工智能为代表的泛科技行业表现亮眼，是经济增长的重 要动能；传统行业稍显平淡，景气修复尚不充分。 展望2026年，预计这种结构性分化有望趋于收敛。市场层面看，2025年流动性宽松环境下的估值抬升是 行情向上的主要驱动，尽管经历了一年多结构性修复行情，但A股的股债比价显示权益资产总体仍具备 相对吸引力。 策略上，泛科技行业和传统行业均进入业绩释放期，估值驱动逐步走向业绩驱动，并带动相关行业的表 现再上台阶。重点关注两大主线：高景气趋势的产业投资，如人工智能、创新药、机械设备、军工等； 供需关系改善的行业投资，如交通运输、可选消费、房地产等。 重阳投资 康曼德资本 当前处于科技驱动的康波周期回升阶段，主导产业为AI与能源，预计将持续数十年；短周期层面，库 存周期也处于启动阶 ...

1月1日，《国家基本医疗保险、生育保险和工伤保险药品目录及商业健康保险创新药品目录(2025年)》 正式落地执行。 在这份关系亿万群众健康福祉的"民生清单"中，科伦博泰(6990.HK)自主研发的芦康沙妥珠单抗(佳泰 莱)、西妥昔单抗N01(达泰莱)和塔戈利单抗(科泰莱)三款新药成功入选，标志着公司创新成果通过医保 准入正式转化为民生福祉，让更多患者迎来"用得上、用得起"的治疗新希望，也彰显了国家医保政策与 企业创新实践"双向奔赴"的民生温度。 填补空白：直击临床未满足需求 国家医保目录的调整，从来都不只是简单的价格谈判，而是一场精准平衡医保基金可持续性与患者用药 可及性、兼顾当下保障与未来创新的系统工程。 国产替代：亲民定价提升可负担性 创新药研发，是一场"十年磨一剑"的长征。企业既要承受高投入、高风险的压力，更需坚守"以患者为 中心"的初心。科伦博泰的创新实践，始终扎根临床需求的土壤。 "我们之所以坚持，是因为在临床调研中看到了太多无助的眼神和无奈的迷茫。尤其是癌症后线无药可 用的时候，对一条生命、一个家庭甚至社会都会带来很大的损失。"科伦博泰总经理葛均友博士表示。 "当你知道自己的创新研究成果可能改变一 ...

Core Viewpoint - The inclusion of the long-acting growth hormone, Jinpei, in the national medical insurance directory marks a significant milestone in the treatment of children's growth disorders in China, aiming to improve treatment rates and reduce financial burdens on families [1][3][7]. Group 1: Market Opportunity - Approximately 7 million children in China suffer from short stature, with a treatment rate of less than 5%, compared to 20%-30% in developed countries [2]. - The new medical insurance policy is expected to enhance the treatment rate for short stature by making long-acting growth hormone more accessible and affordable [2][3]. Group 2: Economic Impact - The annual treatment cost for a 30 kg child using Jinpei will decrease from approximately 120,000 yuan to 30,000 yuan after being included in the insurance [3]. - The long-acting formulation reduces the injection frequency from daily to weekly, significantly improving patient compliance and reducing treatment-related pain [3][5]. Group 3: Innovation and Development - Jinpei is the first PEG long-acting growth hormone globally, representing a breakthrough in the treatment of growth hormone deficiency [1][4]. - The product has been validated through over 150,000 patient clinical applications, demonstrating its safety and efficacy [5][6]. Group 4: Competitive Landscape - The entry of Jinpei into the insurance directory is expected to reshape the pediatric pharmaceutical market, enhancing the company's competitive position by providing a comprehensive product line [7][8]. - The official endorsement from the insurance directory is likely to alleviate parental concerns regarding the safety of growth hormone treatments, potentially increasing patient conversion rates [7][8]. Group 5: Future Prospects - The successful integration of Jinpei into the medical insurance system is anticipated to pave the way for further pediatric product launches by the company, enhancing its brand trust among healthcare providers and patients [8][9]. - The trajectory of the company reflects the broader innovation and upgrade trends within China's pharmaceutical industry, indicating a shift towards more accessible and effective treatments for pediatric patients [9].

此次三款药物纳入医保，不仅降低了以往高昂的治疗成本，更通过医保报销机制切实缓解患者的经济压 力，让这份"生命希望"真正变得触手可及。针对临床未满足的需求和治疗费用的降低，科伦博泰总经理 兼首席执行官葛均友博士表示，"当你知道自己的创新研究成果可能改变一个疾病领域的治疗格局，能 够填补目前治疗不了的领域时，那种使命感超越了任何商业考量。虽然医保目录内已有同类治疗产品， 但我们愿意以更加亲民的价格推进国产替代，防止患者因病致贫、因病返贫。" 智通财经APP了解到，1月1日，《国家基本医疗保险、生育保险和工伤保险药品目录及商业健康保险创 新药品目录(2025年)》正式落地实施。在这份新目录中，科伦博泰生物-B(06990)自主研发的芦康沙妥珠 单抗(佳泰莱)、西妥昔单抗N01(达泰莱)与塔戈利单抗(科泰莱)三款创新药物成功跻身其中。 据悉，对于晚期三阴性乳腺癌患者及EGFR-TKI治疗失败的非小细胞肺癌患者而言，传统治疗手段往往 收效甚微。而作为科伦博泰自主研发的国内首个获完全批准上市的国产ADC(抗体药物偶联物)，芦康沙 妥珠单抗于2024年11月正式获批，用于治疗既往至少接受过2种系统治疗(其中至少1种针对晚期 ...

Summary of Deyuan Pharmaceutical Conference Call Company Overview - Deyuan Pharmaceutical focuses on the development, production, and sales of drugs for metabolic diseases, particularly diabetes and hypertension [2][11]. Key Points Industry and Market Dynamics - The global diabetes market is projected to grow from USD 64.1 billion in 2024 to USD 76.1 billion by 2029, with China expected to have 174 million diabetes patients by 2045 [15]. - The hypertension market is also expanding, with over 300 million patients in China, indicating a significant demand for antihypertensive medications [15]. - The Chinese generic drug market has seen rapid growth, with a market size of CNY 586.9 billion in 2022, expected to grow significantly due to patent expirations and supportive policies [19]. Financial Performance - In the first three quarters of 2025, Deyuan achieved a revenue of CNY 796 million, a year-on-year increase of 21.88%, and a net profit of CNY 159 million, up 37.86% [3][13]. - The gross margin improved to 84.10% in 2025, up from 80.07% in 2022, driven by new product approvals [8][9]. - The company expects net profit to reach CNY 1.9 billion in 2025, CNY 2.14 billion in 2026, and potentially CNY 2.4-2.5 billion in 2027, with a growth rate of 10%-15% [2][10]. Product Development and Pipeline - Deyuan plans to launch 50 generic drug varieties by 2027, each contributing an average of CNY 50 million in revenue, targeting a sales scale of over CNY 2 billion for the generic drug segment [2][4]. - Key innovative drugs in development include DYX 116 (a GLP-1 triple agonist for diabetes and weight loss) and DYX 216 (for resistant hypertension), with DYX 116 expected to complete Phase I clinical trials by the end of 2025 [2][4][5]. Competitive Advantages - Deyuan has a strong product line in diabetes and hypertension, with a unique market position for its first generic drug, Bo Ka Qing [14]. - The company benefits from the collective procurement policy, which has allowed it to rapidly increase sales and market share while optimizing cost structures [16][17]. Research and Development - Deyuan invests significantly in R&D, with plans to obtain one new drug IND annually. The R&D expenses for 2024 were CNY 117 million, accounting for approximately 13% of revenue [20][9]. - The company has over 30 projects in development, including collaborations with research institutions to develop new diabetes treatments [20][6]. Future Outlook - Deyuan's strategy includes expanding its product offerings in diabetes and hypertension, with expectations of 8-10 new approvals annually [24]. - The success of innovative drugs like DYX 116 and DYX 216 could significantly enhance the company's competitive position and valuation [24]. Risks and Challenges - Potential risks include the failure of innovative drug development and the impact of collective procurement on generic drug pricing [10][16]. Conclusion Deyuan Pharmaceutical is well-positioned in the growing markets for diabetes and hypertension treatments, with a robust pipeline of generic and innovative drugs. The company's financial performance and strategic initiatives suggest a positive outlook for future growth and market expansion.

Core Insights - The year 2025 marks a significant milestone for China's innovative pharmaceutical industry, characterized by intense interactions between capital and industry, with BD transaction totals exceeding $130 billion, setting a historical record and surpassing 50% of the global market share [1][5] - The market has experienced a rollercoaster ride, with a resurgence in the first half of the year followed by a collective pullback in the third quarter, highlighting the importance of distinguishing between companies driven by solid fundamentals versus those reliant on market sentiment [3][10] - The industry is transitioning from "scale expansion" to "value realization," indicating a shift towards more sustainable growth and resilience in the face of external uncertainties [1][12] BD Transactions - In 2025, China saw explosive growth in license-out transactions, with over 100 deals totaling more than $110 billion, including 15 transactions with upfront payments exceeding $100 million [5][6] - Notable milestone BD transactions include a $12.5 billion deal between 3SBio and Pfizer, and a $114 billion strategic partnership between Innovent Biologics and Takeda, marking a shift in traditional licensing models [5][6] - The total value of license-out transactions reached $130 billion, a year-on-year increase of over 150%, underscoring China's emergence as a key player in global pharmaceutical innovation [5][6] Market Dynamics - The traditional pharmaceutical companies are adapting and showing resilience, with firms like Hengrui Medicine and 3SBio successfully navigating the transition from generics to innovative drugs [4][10] - The industry is expected to continue its upward trajectory, supported by increased R&D investments, a growing number of clinical trials, and a dual payment system that enhances patient access to innovative therapies [10][11] - The anticipated "data validation year" in 2026 will see more Chinese innovative pipelines entering global clinical development, influencing market expectations for Chinese innovation [10][11] Future Outlook - The innovative pharmaceutical sector is poised for a more solid and resilient future, with a focus on delivering effective treatment solutions for patients and contributing to the global pharmaceutical landscape [12][13] - The ongoing demand for innovative assets from multinational corporations (MNCs) is expected to rise, driven by patent expirations and declining R&D efficiency, leading to a strategic focus on "in China for global" initiatives [6][7] - The industry is entering a new era characterized by value-driven growth, where the emphasis will be on the contribution of products to revenue rather than mere availability [7][9]

崔霁松：2026年，我们将站在十周年的新起点，以"中国原创"为引擎，以"全球视野"为坐标，开启下一 个黄金十年的壮阔征程！ 站在"十五五"新程待启的关键时点，如何看待2026年的经济形势？2026年经济工作怎么干？新京报贝壳 财经推出《看2026：十五五·启新程》专题报道，汇聚监管部门、知名学者和领军企业家，解读政策脉 络，洞察趋势变化。 对于企业而言，针对中央经济工作会议提出的持续扩大内需等议题会有哪些举措？2026年有哪些战略发 展目标？新京报贝壳财经记者就此采访了诺诚健华联合创始人、董事长兼CEO崔霁松。 新京报贝壳财经：中央经济工作会议提出持续扩大内需、优化供给，做优增量、盘活存量，因地制宜发 展新质生产力，您所在的企业会有哪些具体举措？ 崔霁松：2025年是诺诚健华成立十周年的里程碑之年，也是我们以创新为笔、以奋斗为墨，在中国生物 医药发展史留下浓墨重彩的一年。这一年，我们以多项"中国首个"不断夯实10年发展的坚实基础。 公司与Zenas达成20亿+美元的重磅合作，刷新中国自免小分子领域的对外授权纪录。加上年初我们达成 的另一项交易，公司全球化发展不断提速。重磅交易叠加商业化发展，使公司提前两年实现 ...

站在"十五五"新程待启的关键时点，如何看待2026年的经济形势？2026年经济工作怎么干？新京报贝壳财经推出《看2026：十五五·启新程》专题报道，汇 聚监管部门、知名学者和领军企业家，解读政策脉络，洞察趋势变化。 对于企业而言，针对中央经济工作会议提出的持续扩大内需等议题会有哪些举措？2026年有哪些战略发展目标？新京报贝壳财经记者就此采访了诺诚健华联 合创始人、董事长兼CEO崔霁松。 the pro ppul the first 0 526 17 182 n rplayer of t A Leading to Company of September 1 a major (Carolina and Children) read the may esting 1235 t 199 Hou and the state the STERNET 301 2 and of the starter Street Pro and and STORE WARRETT t and and t t 9:11:5 01:43:45 诺诚健华联合创始人、董事长兼CEO崔霁松。受访者供图 新京报贝壳财经：中央经济工作会议提出持续扩 ...

Group 1: Core Insights - The report maintains a strong market rating for the pharmaceutical industry, indicating a clear upward trend driven by recovering demand and improved performance in the CXO sector [1][2] - The CXO sector has shown significant stock price increases, with some companies experiencing nearly 100% growth since the beginning of 2025, driven by the innovative drug market and a recovery in orders [3][6] Group 2: CXO Sector Analysis - The CXO sector's overall revenue increased by 11.8% year-on-year in the first three quarters of 2025, with a notable profit increase of 58.1% [13] - External demand for CXO services has rebounded, with significant order growth from leading CDMO companies, indicating a clear recovery trend [22][31] - Internal demand for CXO services has lagged behind external demand, but there are signs of strong growth in domestic innovative drug projects and increased investment in the domestic market [3][22] Group 3: Life Sciences Upstream - The life sciences upstream sector has seen a 37.7% increase in stock prices year-to-date, outperforming the pharmaceutical and biotechnology index by 18% [3] - Revenue for the upstream sector increased by 8.8% year-on-year in the first three quarters of 2025, with net profit rising by 27.7% [3] Group 4: Investment Recommendations - The report suggests a strategic investment focus on companies such as WuXi AppTec, WuXi Biologics, and Tigermed, while also highlighting more flexible investment options like Zhaoyan New Drug and Nossan [3]

新版国家医保药品目录、首版商保创新药目录将于2026年1月1日起执行。 复星医药相关负责人也告诉记者，此次公司的"芦沃美替尼片""盐酸替那帕诺片"这2款药物进入新版医 保目录。为了让患者尽早用上新增创新药，公司针对2款药物采取了不同的生产制造策略。 12月7日，《国家基本医疗保险、生育保险和工伤保险药品目录（2025年）》发布，新增114种药品（肿 瘤、心脑血管等为主），其中50种1类创新药，调整后目录内药品总数增至3253种；《商业健康保险创 新药品目录（2025年）》共纳入19种药品，其中5种为CAR-T药物。 "双目录"中各类新增创新药物的配备情况如何？还有哪些待完善？为此，第一财经采访了多家药企、药 店。 药企本土化生产 "此次我们有一款'替妥尤单抗n01注射液（商品名为信必敏）'进入新版国家医保药品目录。该药物也是 我国唯一经国家医保覆盖、能够逆转甲状腺突眼的无创靶向疗法，彻底解决甲状腺眼病患者对于靶向 化、无创化药物的所需。"信达生物制药集团副总裁李延寿表示。 该负责人进一步称，比如，为匹配医保落地后的市场需求，芦沃美替尼片在生产端采取了"原料储备、 弹性生产"的策略；短期委托CDMO（合同委托生 ...