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 ...

Group 1 - The core viewpoint of the news highlights the recent stock performance and trading activity of Tai Long Pharmaceutical, showing a 2.13% increase in stock price to 6.70 CNY per share, with a total market capitalization of 3.845 billion CNY [1] - The company has seen a year-to-date stock price increase of 31.63%, but has experienced a decline of 2.33% over the last five trading days and 11.26% over the last twenty days [1] - Tai Long Pharmaceutical has been featured on the "Dragon and Tiger List" three times this year, with the most recent instance on December 10, where it recorded a net buy of -8.4516 million CNY [1] Group 2 - Tai Long Pharmaceutical, established on August 31, 1998, and listed on November 5, 1999, operates in the pharmaceutical manufacturing sector, focusing on traditional Chinese medicine, chemical drug manufacturing, and pharmaceutical wholesale [2] - The company's revenue composition includes 70.59% from drug manufacturing, 14.71% from drug research services, and 14.42% from drug material circulation [2] - As of September 30, 2025, Tai Long Pharmaceutical reported a revenue of 1.187 billion CNY, a year-on-year decrease of 11.47%, and a net profit of 25.3255 million CNY, down 12.36% year-on-year [2] Group 3 - Tai Long Pharmaceutical has distributed a total of 112 million CNY in dividends since its A-share listing, with 15.5307 million CNY distributed over the past three years [3] - As of September 30, 2025, the company had 40,400 shareholders, a decrease of 1.08% from the previous period, with an average of 14,190 circulating shares per shareholder, an increase of 1.09% [2][3] - Notable institutional holdings include Guangfa Pension Index A as the eighth largest shareholder with 2.9719 million shares, down by 264,000 shares, and Huatai-PineBridge CSI Traditional Chinese Medicine ETF as the ninth largest shareholder with 2.8616 million shares, marking a new entry [3]

12月24日，兴证全球基金发布公告称，基金经理王品因个人原因离任兴全全球视野股票基金，并且不再转任 该公司其他工作岗位。 | 离任基金经理姓名 | 王品 | | --- | --- | | 离任原因 | 个人原因 | | 离任日期 | 2025年12月24日 | | 转任本公司其他工作岗位 | 否 | | 的说明 | | | 是否已按规定在中国基金 | 否 | | 业协会办理变更手续 | | | 是否已按规定在中国基金 | 是 | | 业协会办理注销手续 | | 这是王品年内第二次卸任基金产品，早在3月份，她就离任兴全合远两年持有混合基金。随着此次调整，王 品名下已无在管基金。 兴全全球视野股票基金成立于2006年9月，王品从2017年9月开始管理该基金，天天基金网数据显示，王品管 理该基金的任职回报为102.20%。 截至2025年12月24日，兴全合远两年持有混合A基金成立以来的单位净值下跌6.41%，近1年单位净值增长 28.35%，近3个月单位净值下跌11.35%。 截至三季度末，兴全合远两年持有混合基金持有股票占比为92.95%，持有债券占比为4.53%，前十大持仓个 股分别为斯菱股份、德昌电机控股 ...

晨会纪要 证券研究报告 2025 年 12 月 30 日 核心结论 分析师 【医药生物】康宁杰瑞生物-B（9966.HK）深度报告：差异化平台助力创新 升级，双抗 ADC 管线未来可期 盈利预测与评级：预计 2025-2027 年公司营收为 4.32/4.84/5.96 亿元，同比 增长-32.5%/12.1%/23.0%，当前股价对应 PS 为 20.6x/18.4x/14.9x。考虑 到创新药布局成效显著，后续商业化放量增厚业绩、临床数据披露等催化较 多，向上弹性较大。首次覆盖，给予"买入"评级。 【有色金属】有色金属行业周报（2025.12.22 -2025.12.28）：宏观氛围偏暖 叠加供给约束，关注金属商品价格普涨行情 本周核心关注一：美国第三季度 GDP 远超预期，消费支撑增长但通胀与就 业隐忧并存。本周核心关注二：国家统计局公告，经最终核实 2024 年 GDP 现价总量为 1348066 亿元。本周核心关注三：工信部公告，预计 2025 年规 模以上工业增加值同比增长 5.9%。本周核心关注四：金属商品价格显著上 涨，现货白银价格年内涨幅扩大至逾 160%。 周颖 S080052008000 ...

权重龙头股呈普跌态势，康方生物、科伦博泰生物-B跌超2%，百济神州、中国生物制药、信达生物、三生制药等集体跌逾1%。 1、纯粹，全面。不含CXO，纯正创新药！全面覆盖创新药研发类公司。 2、龙头占比大。前十大创新药龙头权重超72%，表征创新药硬核力量。 3、风险更可控。对流动性较差的成份股强制降权，有力管控尾部风险。 | | | 港股通创新药ETF (520880) 标的指数 | | | --- | --- | --- | --- | | | | 前十成份股权重高达72.57%，龙头优势显著 | | | 代码 | 简称 | 权重(%) | 总市值(亿港元) | | 6160.HK | 百济神州 | 11.51 | 3,070 | | 1801.HK | 信达生物 | 10.19 | 1,613 | | 1177.HK | 中国生物制药 | 9.47 | 1,323 | | 9926.HK | 康方生物 | 8.99 | 1,132 | | 1093.HK | 石药集团 | 8.39 | 911 | | 1530.HK | 三生制药 | 8.32 | 760 | | 3692.HK | 翰森制药 | 6.63 ...

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月29日，港股通创新药ETF南方（159297）跌1.96%，成交额4707.68万元。当日份额增加500.00万 份，最新份额为18.15亿份，近20个交易日份额增加1.86亿份。最新资产净值计算值为14.55亿元。 港股通创新药ETF南方（159297）业绩比较基准为国证港股通创新药指数(经估值汇率调整后)收益率， 管理人为南方基金管理股份有限公司，基金经理为张其思、叶震南，成立（2025-09-12）以来回报 为-19.85%，近一个月回报为-10.93%。 来源：新浪基金∞工作室 ...