从全球研发的追随者，到新治疗格局的开创者，中国创新药正在完成一场深刻的蜕变。如今，中国创新 药管线与上市新药数量已占据全球总量的三分之一。巨变背后，是一批以长期主义为信仰、坚持创新的 本土生物医药企业。 康方生物正是这样的企业代表。它的故事，记录的不仅是一家企业的成长，更是中国创新药如何以技术 定力、战略耐性与全球视野，最终在全球前沿刻下中国坐标。在其不断向上攀登的历程中，广州不仅是 一个站点，更是支撑其快速产业化、链接临床资源、贯通创新链条的关键土壤。 01/ 双抗锋芒十年亮剑 2012年，夏瑜与几位同样拥有海外工作经历的好友，共同在广东中山创立了康方生物。当时，中国的创 新药产业正处于萌芽阶段。 两年之后，全球首个PD-1抑制剂上市。也正是在这一时期前后，海内外大量生物医药企业将研发力量 投入到PD-1领域。然而，初来乍到的康方生物却将目光聚焦在了当时少有人涉足的肿瘤免疫下一代产 品赛道——双抗，并在公司成立初期，就投入了巨大资源打造端对端全方位的药物开发平台（ACE）和 双特异性抗体开发技术平台（TETRABODY）技术。 这是一个技术上充满挑战的决定。与单靶点的PD-1不同的是，双抗药物是"一药双靶" ...

Group 1 - The core business of the company is traditional Chinese medicine, which has laid a solid foundation for its growth, with key products covering various medical terminals in China [2][3] - The company is expanding into the biopharmaceutical sector, with its investment in Zhejiang Teruisi Pharmaceutical Co., Ltd. entering a value realization phase, particularly with the ADC drug TRS005 receiving breakthrough therapy designation [1][5][7] - The company has launched a new innovative Chinese medicine product, Qingjiang Hewei Granules, which targets a complex condition with limited treatment options, potentially opening a market worth over 1 billion yuan [3][4] Group 2 - The biopharmaceutical market is experiencing significant growth, with ADCs being recognized as a promising platform product, projected to exceed $16.4 billion globally by 2026 [5] - The company has made strategic investments in the biopharmaceutical field, with Teruisi's TRS005 focusing on unmet clinical needs in non-Hodgkin lymphoma, marking a significant step in the company's transformation [6][7] - The company is also advancing in the chemical drug sector, with its independently developed raw material for an antihistamine drug receiving regulatory approval, indicating a strong market presence in a high-barrier segment [8][9] Group 3 - The company's dual-track strategy in chemical drugs, focusing on both raw materials and formulations, has been successfully implemented, enhancing its competitive position in the market [9][10] - The combination of traditional Chinese medicine, biopharmaceuticals, and chemical drugs creates a diversified growth strategy for the company, ensuring a more certain trajectory for future performance [10]

《科创板日报》12月31日讯（记者 史士云）2025年，科创板医药板块展现出更具说服力的市场叙事能力，也获得了资本市场的更多垂青。 数据显示，截至2025年12月26日，科创板医药板块上市的企业共有118家，其中98家企业的股价实现了年内的整体上涨，仅有不到20家企业（剔除近期上市 的新股）股价下跌。 从上市情况看，2025年科创板医药板块新增上市企业5家，而2024年为1家，另有包括汉诺医疗、信诺维、同心医疗等企业的科创板IPO也于近日获得受理。 此外，2025年，科创板生物医药企业IPO终止数量也显著下降，全年仅有天星医疗1家企业终止审核。而2024年同类企业终止数量超过10家。 相较于2024年市场的清冷，2025年的科创板生物医药板暖意已显。 ▌政策加持，年内新增5家生物医药企业 2025年6月18日，是一个再平凡不过的周四，但对于科创板而言，却迎来了市场改革的重要节点。 在当日召开的"2025陆家嘴论坛"上，中国证监会主席吴清宣布，证监会将推出进一步深化科创板改革"1+6"政策措施，包括设置科创板科创成长层，且重启 未盈利企业适用科创板第五套上市标准，以及面向优质科技企业试点IPO预先审阅机制等。同 ...

Core Insights - The performance of public funds in 2025 has been strong, with an average return of 31.25% across over 4,600 active equity funds, and more than 80 funds have doubled their net value this year [2][11] - The top-performing fund, Yongying Technology Select Mixed Fund, achieved a remarkable return of 239.78%, securing its position as the likely annual champion [1][12] - The focus on technology growth, particularly in AI-related sectors, remains a key investment theme for fund managers moving into 2026 [7][15] Fund Performance - As of December 30, 2025, 833 funds reported returns exceeding 50%, with over 80 funds achieving net value doubling [2][11] - The top funds with returns over 130% include: - Yongying Technology Select Mixed Fund: 239.78% - AVIC Opportunity Leading Mixed Fund: 176.65% - Hengyue Advantage Selected Mixed Fund: 153.31% - Hongtu Innovation Emerging Industry Mixed Fund: 153.27% [4][12] - The performance gap among the top ten funds is narrow, indicating potential volatility in final rankings [1][10] Investment Focus - Most top-performing funds have heavily invested in AI-related technology stocks, which have driven their net values significantly higher [6][14] - Fund managers express optimism about the technology sector, particularly AI, as a transformative investment opportunity that aligns with societal and economic trends [7][15] - The AI industry is expected to continue its growth, expanding into various sectors such as storage, AI edge computing, and energy storage [8][16] Future Outlook - Fund managers anticipate that the AI infrastructure development cycle will persist into 2026, providing ongoing growth opportunities for related companies [17] - There is a focus on sectors with long-term growth potential, including solid-state batteries, robotics, and innovative pharmaceuticals, as they approach commercialization [8][16]

Core Insights - The Chinese biopharmaceutical industry has significantly advanced over the past decade, surpassing India in innovation and drug development, particularly in areas like Antibody-Drug Conjugates (ADC) [1][2] - The transformation of China's pharmaceutical sector began around 2015, marked by regulatory reforms that stimulated innovation and accelerated drug approval processes [3][4] Company Development - The company, founded by Dr. Luo Shun, has grown alongside the Chinese pharmaceutical industry, filling gaps in the market such as the production of serum-free cell culture media [2][4] - The establishment of the Ginspire platform focuses on the early research of biopharmaceuticals, leveraging AI and advanced technologies to enhance drug development efficiency [5] Market Position and Growth - The company has developed a robust CDMO (Contract Development and Manufacturing Organization) business, particularly in the ADC sector, which is expected to be a key growth area in the next 5 to 10 years [6][8] - The CDMO business has shown resilience, with a projected revenue growth of nearly 30% in 2024, despite industry challenges [8][10] International Expansion - The company is pursuing a dual-path international strategy, establishing a presence in markets such as Europe, Australia, and Southeast Asia, while also expanding production capacity abroad [12] - The company aims to meet international regulatory standards, including those from the EMA and FDA, to facilitate the approval of biopharmaceuticals [12][13] Competitive Landscape - The company emphasizes the importance of innovation and efficiency in maintaining competitiveness amid intense price competition in the Chinese pharmaceutical market [13] - The company has received various accolades, including recognition as a unicorn enterprise and a high-tech enterprise, reflecting its strong market position and capabilities [9]

Core Viewpoint - The year 2025 marks a structural bull market, with significant gains in major indices, including an 18.36% increase in the CSI 300 and a 51.47% rise in the ChiNext Index, both representing the largest annual gains since 2020. The total trading volume of A-shares exceeded 400 trillion yuan, setting a historical record [1]. Monthly Key Events - January-February: AI models driven by DeepSeek and humanoid robot performances during the Spring Festival gained attention [4]. - March: Recovery in consumer scenarios boosted retail and catering sectors [4]. - April: U.S. tariffs led to increased interest in gold, agriculture, and undervalued blue-chip stocks [4]. - May: The May Day consumption peak activated the consumption and logistics sectors [4]. - June: Military parades and geopolitical tensions strengthened the military industry, while green building policies positively impacted related sectors [4]. - July: The commercial launch of humanoid robots and surging demand for AI computing power boosted related stocks [4]. - August: Support policies for synthetic biology spurred interest in beauty and pharmaceutical sectors [4]. - September: Accelerated industrialization of solid-state batteries led to valuation recovery in the new energy sector [4]. - October-November: Recovery in storage chip prices initiated an industry cycle reversal, benefiting the semiconductor sector [4]. - December: The official launch of the Hainan Free Trade Port and the issuance of L3 autonomous driving permits led to increased activity in local stocks and related technologies [4]. Industry Performance - The mining, hardware, industrial trade, and comprehensive sectors saw annual gains exceeding 60% [5]. - The top three investment themes in 2025 were innovative drugs, AI, and robotics, with gold also performing exceptionally well due to a weaker dollar [6][9]. Investment Highlights - Innovative drugs experienced a valuation reshaping driven by policy support and industry upgrades, with the Hang Seng Biotechnology Index rising 70.02% [7]. - The AI sector exploded following the introduction of DeepSeek, with significant growth in demand for chips and computing power [8]. - The robotics sector gained momentum with increased policy support and the emergence of domestic giants [9]. Fund Performance - 华夏基金 (China Asset Management) achieved notable success in various fund categories, continuing its strong performance from 2023 [10]. - The 华夏北交所创新中小企业精选两年定开 fund recorded a return of 270.61% over three years, with a 75.28% return in 2025 [11]. - The 华夏数字产业混合 fund saw a 126.46% increase in 2025, benefiting from the structural bull market in the AI sector [9]. ETF Market Growth - The ETF market in China reached 6.03 trillion yuan by the end of 2025, a 60% increase from the beginning of the year, with 1,381 ETFs available [15]. - 华夏基金 played a significant role in the growth of the ETF market through innovative tools and reports aimed at enhancing investor experience [16][17]. Strategic Evolution - 华夏基金 has transitioned from "managing assets" to "defining assets," focusing on a multi-asset approach to meet diverse investor needs in the era of inclusive finance [18][19].

Core Viewpoint - The year 2025 marks a structural bull market, with significant gains in major indices, including an 18.36% increase in the CSI 300 and a 51.47% rise in the ChiNext Index, both the largest annual gains since 2020. The total trading volume in A-shares exceeded 400 trillion yuan, setting a historical record [1]. Monthly Key Events - January-February: AI models driven by DeepSeek and humanoid robots at the Spring Festival attracted attention [2]. - March: Recovery in consumer scenarios boosted retail and catering sectors [2]. - April: U.S. imposed "reciprocal tariffs," leading to increased interest in gold, agriculture, and undervalued blue-chip stocks [2]. - May: The May Day consumption peak activated the consumption and logistics sectors [2]. - June: Anticipation of military parades and geopolitical conflicts strengthened the military industry, while green building sectors performed well due to policy implementation [2]. - July: The commercialization of humanoid robots began, with AI computing demand driving gains in optical modules and servers, alongside infrastructure and building materials sectors benefiting from project launches [2]. - December: The Hainan Free Trade Port officially commenced operations, boosting local stocks, while the Ministry of Industry and Information Technology issued the first batch of L3 autonomous driving permits, strengthening related sectors [4]. Investment Themes - The best-performing investment directions in 2025 were innovative drugs, AI, and robotics, with gold also showing strong performance due to a weaker dollar. The year was characterized as the largest harvest year for many investors in the past five years [5][6]. Sector Performance - The pharmaceutical sector, particularly innovative drugs, saw significant investment value due to policy support and industry upgrades, leading to a new round of valuation reshaping [7]. - The AI sector exploded following the introduction of DeepSeek, with a shift in investment focus from downstream applications to upstream infrastructure, particularly benefiting chip manufacturers [10]. - The robotics sector gained momentum with the introduction of humanoid robots and increased policy support, leading to the emergence of global robotics giants [11]. Fund Performance - 华夏基金 (China Asset Management) achieved notable success in various fund categories, continuing to rank highly after winning three categories in 2023. The 华夏数字产业混合A fund saw a 126.46% increase in 2025 [12][13]. - The 华夏北交所创新中小企业精选两年定开 fund achieved a 270.61% return over two years, with a 75.28% return year-to-date [15][16]. - The 华夏半导体龙头A and 华夏先进制造龙头A funds also outperformed benchmarks significantly, with returns of 100.28% and 64.03% respectively [17]. ETF Market Growth - By the end of 2025, the total ETF market in China reached 6.03 trillion yuan, a more than 60% increase from the beginning of the year, with 1,381 ETFs available [21][22]. - 华夏基金 led the market with two of the seven billion-level ETFs, including 华夏沪深300ETF and 华夏上证50ETF [22]. - The firm has been proactive in promoting ETF development through innovative tools and comprehensive reports, enhancing investor experience and efficiency [23][24].

康方生物科学家正在进行细胞工艺实验。 受访者供图 从全球研发的追随者，到新治疗格局的开创者，中国创新药正在完成一场深刻的蝶变。如今，管线与上 市新药数量已占据全球总量的三分之一。巨变背后，是一批以长期主义为信仰、坚持创新的本土生物医 药企业。 康方生物正是这样的企业代表。它的故事，记录的不仅是一家企业的成长，更是中国创新药如何以技术 定力、战略耐性与全球视野，最终在全球前沿刻下中国坐标。在其不断向上攀登的历程中，广州不仅是 一个站点，更是支撑其快速产业化、连接临床资源、贯通创新链条的关键土壤。 战略 双抗锋芒 十年亮剑 2012年，夏瑜与几位同样拥有海外工作经历的好友，共同在广东中山创立了康方生物。当时，中国的创 新药产业正处于萌芽阶段。 两年之后，全球首个PD-1抑制剂上市。初来乍到的康方生物却将目光聚焦在了当时少有人涉足的肿瘤 免疫下一代产品赛道——双抗，并在公司成立初期，就投入了巨大资源打造端对端全方位的药物开发平 台(ACE)和双特异性抗体开发技术平台(TETRABODY)技术。 这是一个技术上充满挑战的决定。与单靶点的PD-1不同的是，双抗药物是"一药双靶"，在分子设计、稳 定性和生产工艺上的复杂度 ...

Core Insights - The overall situation of broker research coverage of A-share listed companies is becoming clearer as 2025 approaches its end, with over 2,800 companies having received broker attention, indicating that more than half of the market's listed companies have been covered [1][2] - The most focused sectors include machinery, electronics, and biomedicine, each with over 290 companies receiving broker research [1][2] Machinery Sector - A total of 329 listed companies in the machinery sector received broker research, with notable companies including Huichuan Technology, Boke Co., and Weichuang Electric, each having over 100 research visits [3] - The machinery sector index has seen a cumulative increase of nearly 42% since the beginning of 2025, ranking among the top in 31 first-level industries [3] - Investment opportunities in the machinery sector for 2026 are centered around humanoid robots, with a focus on companies entering the Tesla supply chain and domestic leading companies in the sector [4] Electronics Sector - The electronics sector has been particularly favored by institutional investors, with over 320 companies receiving broker research in 2025 [2][3] - Investment opportunities for 2026 include new technologies and demands driven by the AI innovation cycle, particularly in the storage industry, which is entering an upward cycle [5] - The demand for AI chips and high-performance storage is expected to grow, benefiting semiconductor testing equipment and related companies [5] Biomedicine Sector - The biomedicine sector has seen 296 companies receiving broker research, with companies like Maiwei Biotech and Aibo Medical being popular among brokers [3] - The cumulative increase in the biomedicine sector since 2025 has narrowed to 12.44%, ranking lower among the 31 first-level industries [3] - For 2026, the focus remains on the innovative drug industry chain, driven by strong policy support and the increasing internationalization of domestic innovative drugs [6]

机构持仓方面，截止2025年9月30日，百利天恒十大流通股东中，中欧医疗健康混合A（003095）位居 第三大流通股东，持股370.19万股，相比上期减少57.78万股。香港中央结算有限公司位居第四大流通股 东，持股289.57万股，相比上期减少69.64万股。华夏上证科创板50成份ETF（588000）位居第五大流通 股东，持股283.37万股，相比上期减少159.13万股。易方达上证科创板50ETF（588080）位居第六大流 通股东，持股229.92万股，相比上期减少101.89万股。永赢医药创新智选混合发起A（015915）位居第 七大流通股东，持股164.98万股，为新进股东。汇添富创新医药混合A（006113）位居第八大流通股 东，持股151.43万股，相比上期减少18.57万股。华泰柏瑞沪深300ETF（510300）位居第十大流通股 东，持股140.57万股，为新进股东。中欧医疗创新股票A（006228）、广发医疗保健股票A（004851） 退出十大流通股东之列。 资料显示，四川百利天恒药业股份有限公司位于四川省成都市温江区成都海峡两岸科技产业园百利路 161号一幢一号,香港湾仔皇后大道东18 ...