专题：四大证券报精华 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ "对明年的权益市场依旧乐观！"多位基金经理在近期的策略会上公开发声。近期，国泰基金、招商基 金、汇丰晋信基金、长城基金等多家公募机构召开了2026年年度策略会，多位基金经理围绕AI科技、 消费、创新药等多个热门板块的投资机遇展开深度探讨。 融创中国全面境外债务重组完成 彻底化解了债务风险 融创中国境外债务重组迎来新进展。12月23日晚，融创中国公告，公司约96亿美元的现有债务已获全面 解除及免除。公司表示，全面境外债务重组的完成，彻底化解了公司的债务风险。在境外债务重组落地 之前，融创154亿元境内公开债券重组也已完成。截至目前，融创通过境内外债务重组，整体偿债压力 预计下降近600亿元。 华夏幸福最新公告！审议通过调整修订《股东会议事规则》的议案 华夏幸福12月23日晚间公告，公司于12月23日召开第八届董事会第三十七次会议，审议通过了平安人寿 关于调整修订《股东会议事规则》的提案。12月22日晚，华夏幸福公告称，公司董事会会议否决了股东 平安人寿意图增加的五项临时提案。记者注意到，23日的这项提案与此前五项提案 ...

Group 1 - The core viewpoint of the articles highlights the rapid growth and high-quality development of China's innovative pharmaceutical industry, with 69 innovative drugs approved in 2025, surpassing the previous year's total of 48, marking a historical high [1] - China's pharmaceutical industry is now the second largest globally, with approximately 30% of the world's innovative drugs in development [1] - The industry is expected to maintain high-speed growth through 2026, with increased R&D investment and a shift towards profitability for more companies, particularly in key areas like ADC, bispecific antibodies, and CGT [1] Group 2 - In 2025, the value of business development (BD) transactions in China's innovative drug sector is projected to exceed $100 billion, indicating a shift from mere scale expansion to value enhancement [2] - China has become the largest source of licensing globally, with 90% of the top 20 multinational pharmaceutical companies collaborating with Chinese innovative drug pipelines [2] - However, the proportion of first-in-class (FIC) drugs remains low, and most BD activities are still concentrated in early-stage licensing, which limits potential future revenues [2][3] Group 3 - The current low pricing of Chinese biotech assets in overseas transactions is attributed to several factors, including the predominance of early-stage licensing and the need for additional validation of clinical data [4] - The Co-Co model, which involves shared development costs, is not expected to become mainstream in the short term due to the financial pressures on companies, although it is gaining traction among leading firms [5] Group 4 - The Hong Kong stock market remains a key listing venue for unprofitable biotech companies, with IPO financing in the healthcare sector leading globally and over 60% of shares held by international institutional investors [6] - The valuation focus for Hong Kong-listed innovative drug companies is shifting towards BD capabilities, clinical progress, and global commercialization potential [8] Group 5 - Future investment trends in China's innovative drug sector are expected to emphasize high technical barriers and commercialization potential, with a move away from follow-on innovation projects [12] - The BD capabilities will become a core valuation anchor, with transaction models evolving from single rights buyouts to more collaborative approaches [12]

● 本报记者 魏昭宇 近期，国泰基金、招商基金、汇丰晋信基金、长城基金等多家公募机构召开了2026年度策略会，多位基 金经理围绕AI科技、消费、创新药等热门板块的后续投资机遇展开深度探讨。 展望2026年，有业内人士表示，市场值得乐观期待，上涨动力或将从单一的估值驱动逐渐转向"盈利 +估值"双重驱动。2026年作为"十五五"开局之年，相关产业政策及宏观经济支持政策值得期待。明年上 市公司整体业绩有望进一步改善，结构性亮点大概率增多，有利于提高市场风险偏好。当前A股自由流 通市值与居民存款的比值仍然处于相对较低的水平，股票市场或迎来更多新增资金。此外，当前市场估 值结构较为健康，并未出现整体过热的情况。 企业整体业绩大概率提升 从宏观层面来看，招商基金研究部首席经济学家李湛认为，中国经济增长模式逐渐转向创新驱动，基建 和高技术产业拉动经济增长。权益方面，市场目前开启了一轮估值修复与资产轮动逻辑驱动的行情。综 合来看，2026年消费有望缓慢抬升，出口有韧性，商品价格温和走高，进而带动名义GDP上行，企业业 绩或持续修复，这将成为市场的基本面支撑。A股行情或逐渐过渡至公司业绩支撑的"缓而慢"的格局。 国泰基金宏观策 ...

◎记者 严晓菲 年末最后一个交易日的钟声尚未敲响，A股市场已经提前宣告一项历史纪录的诞生——年度成交额首次 突破400万亿元。这一里程碑式的数字，不仅标志着A股市场交易活跃度明显提升，也体现出中国资本 市场的吸引力正在逐步增强。 基于盈利全面改善的判断，兴业证券在研报中称，2026年A股市场的行业配置将不再局限于少数板块 的"淘汰赛"，而是转为更广泛的"竞速赛"。建议聚焦AI、新能源、军工和创新药等行业，同时关注红利 资产。在盈利弹性恢复的背景下，配置思路应从单纯的"稳定红利"转向兼具分红与成长潜力的"自由现 金流"方向。 Choice数据显示，截至12月23日收盘，年内A股市场总成交额已超407万亿元，刷新年度成交额历史纪 录。此外，截至目前，年内市场有4次单日成交额冲过3万亿元大关，分别为8月25日的3.18万亿元、8月 27日的3.20万亿元、8月28日的3.00万亿元，以及9月18日的3.17万亿元。 公司质地持续优化是提升资本市场活跃度的关键。华安证券研报认为，价格改善将推升名义GDP，进而 带动企业盈利持续修复，这将成为市场强有力的基本面支撑。据该机构测算，全部A股在2026年盈利增 速有望从20 ...

从DeepSeek掀起AI风暴，到Labubu引爆新消费狂潮，再到创新药出海的历史性突破，新经济"三剑 客"轮番炸场2025年，点燃了市场的热情与投资者的掘金欲。有"嗅觉"敏锐的基金经理坦言，早在2023 年便锚定相关投资机会，提前布局。而市场也给出了强烈的正面反馈，赛道龙头股股价一飞冲天，主题 基金更赚得盆满钵满，"翻倍基"扎堆涌现，甚至杀出年内收益率超200%的"黑马"。 然而，狂欢过后，质疑声浪渐起，企业的实际盈利能力能否消化快速提升的估值仍待市场检验。展望 2026年，AI、创新药、新消费是携手续写传奇，还是难逃分化的宿命？ 繁荣 热度狂飙，谁在超前布局 自加入融通基金在行业研究员一职锻炼多年后，2023年3月，李进正式升任基金经理，开始独立管理融 通产业趋势臻选股票。彼时，大多数人还在怀疑AI只是炒作，李进却已全面聚焦人工智能。他感 叹："ChatGPT一个月用户破亿，这速度前所未见。" 在形成初步判断后，李进开展了细致的产业链验证。自2023年初起，通过密集调研，观察到光模块等环 节出现"每周爆单"的现象，进一步印证了人工智能产业的真实景气度，从而确立了该方向的配置决策。 时间来到2025年，以D ...

"对明年的权益市场依旧乐观！"多位基金经理在近期的策略会上公开发声。 近期，国泰基金、招商基金、汇丰晋信基金、长城基金等多家公募机构召开了2026年年度策略会，多位 基金经理围绕AI科技、消费、创新药等多个热门板块的投资机遇展开深度探讨。 展望2026年，有业内人士表示，市场仍值得乐观期待，上涨动力或将从单一的估值驱动逐渐转向盈利 +估值双重驱动。此外，当前市场估值结构较为健康，暂未出现整体过热的情况。 基本面正经历周期底部的结构性转型 2025年，AI科技展现出"耀眼"行情。展望2026年，招商基金信息科学与技术产业链小组副组长杨成表 示，全球AI科技产业仍处于"大基建时代"，应用大繁荣的外部环境尚未成熟，长期机遇大于短期风险。 从宏观层面来看，招商基金研究部首席经济学家李湛认为，中国经济增长模式逐渐从地产拉动转向创新 驱动，基建和高技术产业接棒房地产拉动经济增长。权益方面，市场目前开启了一轮估值修复与资产轮 动驱动的行情。A股有望从估值抬升带来的"急而促"行情逐渐过渡到盈利支撑的"缓而慢"的行情。 国泰基金宏观策略分析师杨轶婷表示，基本面正在经历周期底部的结构性转型。一方面产能出清，地产 链和消费仍有一定 ...

Core Viewpoint - The company has received approval from the National Medical Products Administration of the People's Republic of China to conduct clinical trials for its innovative drug HX111, a first-in-class OX40-targeted antibody-drug conjugate (ADC) [1] Group 1: Product Development - HX111 is a first-in-class (FIC) OX40-targeted antibody-drug conjugate (ADC) [1] - Preclinical studies indicate that OX40 is overexpressed in several malignancies, including certain lymphomas, making it a suitable target for ADCs like HX111 [1] - OX40 is also overexpressed in regulatory T cells (Treg) within the tumor microenvironment (TME), which are known to suppress anti-tumor immunity [1] Group 2: Mechanism of Action - The elimination of Tregs represents a novel mechanism of action (MOA) for cancer immunotherapy, which can be achieved through HX111 [1] - HX111 has potential applications across various cancers due to its unique mechanism [1] Group 3: Future Development - HX111 is the third first-in-class molecule to advance to clinical development following HX009 and HX044, both of which are bispecific antibody therapies [1] - The company aims to continue its efforts in clinical development to bring more innovative FIC drugs to market [1]

Core Viewpoint - Teva has successfully positioned itself in the Chinese pharmaceutical market by focusing on innovative and specialty drugs, which distinguishes its strategy from its global approach of primarily entering markets with generic drugs [4][5]. Group 1: Historical Context and Market Entry - Teva's history dates back to 1901, evolving from a small caravan delivering medicines to becoming one of the largest generic drug manufacturers globally [1]. - The company began its expansion into the Chinese market in 2008, which was perceived as a late entry compared to other pharmaceutical giants, but was strategically timed to coincide with significant reforms in China's pharmaceutical sector [4][6]. Group 2: Strategic Focus in China - Teva's strategy in China emphasizes the introduction of specialty and innovative drugs, contrasting with its global strategy focused on generics [5][6]. - The company has over 3,600 products available across 57 markets, necessitating effective product allocation strategies to meet local clinical needs and regulatory requirements [5][6]. Group 3: Participation in Volume-Based Procurement - Teva actively participates in China's volume-based procurement, which has allowed its products to gain wider accessibility in key provinces like Shanghai, Guangzhou, and Beijing [6][7]. - The volume-based procurement system has reduced operational costs and streamlined market entry for Teva's products, enabling quicker access to hospitals and patients [7][8]. Group 4: Relationship Between Generic and Innovative Drugs - Teva's perspective is that generic and innovative drugs serve complementary roles within the healthcare system, with each having distinct advantages and values [9][10]. - The company believes that innovation is essential for addressing unmet medical needs, while generics enhance drug accessibility and affordability for patients [9][10]. Group 5: Resource Allocation and Growth Strategy - Teva's internal strategy involves a pivot towards growth, focusing resources on segments that drive growth, particularly in innovative drugs, while remaining open to increasing investment in generics if new opportunities arise [14][15]. - The company recognizes the importance of maintaining high quality in both innovative and generic drugs, as quality is a prerequisite for market entry [17][18].

Core Viewpoint - GV-971 (also known as "Jiuyiqi"), an Alzheimer's disease drug, is facing challenges in its clinical validation and regulatory approval process, with significant market reactions following the announcement of its acquisition by Fosun Pharma [1][3]. Group 1: Clinical Research and Approval Status - GV-971's confirmatory clinical research plan has been approved by the drug review center, with 580 patients enrolled so far, and the acquisition funds will be used to advance clinical trials [1][3]. - The drug received conditional approval in November 2019 but failed to complete the necessary post-marketing confirmatory clinical studies, leading to its inability to achieve full approval by the expiration of its registration certificate in November 2024 [3][10]. - The drug's post-marketing confirmatory clinical trial, which began in October 2022, has faced delays, with only 580 out of the targeted 1,312 patients enrolled as of December 2023, indicating significant progress issues [10][11]. Group 2: Market Reaction and Investor Sentiment - Following the announcement of the acquisition plan on December 15, Fosun Pharma's A-shares fell over 4% and H-shares dropped more than 5% by December 16, reflecting investor skepticism regarding the drug's future [1][3]. - The trading volume and value on December 16 were the highest in a week, indicating heightened market activity and concern [1]. Group 3: Research Design and Methodology - The real-world study required for long-term safety and efficacy has been submitted, but the duration of the data collected is only 48 weeks, half of the originally designed 96 weeks, which raises concerns about its adequacy [7][9]. - The confirmatory clinical trial design has been updated to include 1,950 patients and extend the double-blind treatment period from 36 weeks to 48 weeks, aligning it more closely with international standards for Alzheimer's drug trials [11][12].

Group 1 - The core indices related to the Science and Technology Innovation Board (科创板) showed positive performance, with the Science and Technology Growth Index rising by 0.8%, the Science and Technology 100 Index by 0.5%, and both the Science and Technology 50 Index and the Comprehensive Index by 0.4% [1] - China Galaxy Securities suggests that with the recent actions from the central bank and a potential slight easing expectation from the Federal Reserve next week, external risks are narrowing, indicating a potential upward trend for Hong Kong stocks [1] - The technology sector is expected to remain a long-term investment focus, as valuations have rebounded after previous adjustments, supported by multiple favorable factors [1] Group 2 - Small and medium-sized innovative enterprises in the electronic, pharmaceutical, biological, power equipment, and computer industries account for over 80% of the market, with the electronic and pharmaceutical sectors having a particularly high proportion [4] - The Science and Technology Comprehensive Index ETF by E Fund features a low fee structure and tracks the comprehensive index of the Science and Technology Innovation Board, covering all market securities and focusing on core industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals [4] - The Science and Technology Growth 50 ETF tracks the Science and Technology Growth Index, which consists of 50 stocks with high growth rates in operating income and net profit, emphasizing a growth style and high performance [4]