胰岛素板块有哪些核心标的及其出海进展？ 胰岛素板块的核心标的是甘李药业、联邦制药和通化东宝。国内市场经历了两 轮全国集采，整体节奏相对稳定，各公司通过基层医疗机构扩容、新产品推广 非药行业 2026 年度投资策略 20251231 摘要 胰岛素板块中，甘李药业、联邦制药和通化东宝是核心标的。甘李药业 的甘精胰岛素有望于 2026 年获得欧洲行政批件，并积极拓展欧美及亚 非拉市场。通化东宝通过江阳股份推进美国市场，预计 2026 年取得进 展。关注集采后各公司在基层医疗机构扩容和新产品推广的策略。 生物制品领域，血制品公司如劲宝、仁百预计 2026 年下半年迎来业绩 拐点，关注浆站规划和国企改革机会。疫苗方面，欧林生物专注于超级 细菌疫苗，康华生物重点开发 RSV 疫苗并已对外授权，康希诺亦值得关 注。 中药板块投资线索包括转型创新（关注九芝堂、以岭药业、华纳药厂 等），基药目录（关注冀川、贵州三力等潜在标的），以及 OTC 领域。 红利策略、政策落地后的估值炒作以及政策对业绩的带动情况是关键观 察点。 医疗器械板块，出海是关键增长点，蓝威、迈瑞新产业和开立等企业海 外收入占比已达 45%-60%，面临估值切换 ...

Core Viewpoint - The A-share pharmaceutical sector in 2025 exhibits structural differentiation, with innovative drugs and CXO sectors thriving due to overseas demand and business development, while traditional Chinese medicine, medical devices, and pharmaceutical commerce face performance pressures [3][20]. Summary by Category Overall Market Performance - The A-share pharmaceutical and biotechnology sector saw an overall increase of 25.64% from January 1 to December 30, 2025, despite a slight decline in revenue and a stabilization in profits, with total revenue of 18,544.52 billion yuan, down 1.42% year-on-year, and net profit of 1,407.32 billion yuan, down 1.65% year-on-year [4][21]. Innovative Drug Sector - The innovative drug sector was a standout performer in 2025, with the chemical pharmaceutical segment rising by 32.58% and the medical services segment by 32.91% [4][21]. - Companies like BeiGene (百济神州) reported significant growth, achieving revenue of 27.595 billion yuan, a 44.2% increase year-on-year, surpassing the total revenue of 27.21 billion yuan for 2024 [4][22]. Business Development (BD) Trends - The business development landscape for innovative drug companies is evolving, with significant partnerships such as the 11.4 billion USD deal between Innovent Biologics and Takeda, and a 12.5 billion USD collaboration between Hengrui Medicine and GlaxoSmithKline [5][22][24]. - The total value of business development transactions reached approximately 94.158 billion USD in the first three quarters of 2025, significantly exceeding the total for 2024 [25]. CXO Sector Performance - The CXO sector, driven by the demand for innovative drug research, achieved a 32.91% increase in 2025, with total revenue of 1,365.72 billion yuan, up 3.63% year-on-year, and net profit of 209.12 billion yuan, up 36.47% year-on-year [10][27]. - Leading companies like WuXi AppTec (药明康德) and Kanglong Chemical (康龙化成) returned to growth, with WuXi AppTec reporting a revenue increase of 18.61% and net profit growth of 84.84% [28][31]. Traditional Chinese Medicine and Medical Devices - The traditional Chinese medicine sector experienced a modest increase of 6.75% in 2025, with total revenue of 2,590.69 billion yuan, down 4.33% year-on-year, and net profit of 294.99 billion yuan, down 1.53% year-on-year [36]. - The medical device sector reported a revenue of 1,792.10 billion yuan, down 2.24% year-on-year, with notable performance differences among sub-sectors, where companies like Mindray Medical (迈瑞医疗) showed strong overseas revenue growth [33][34].

新华社北京12月31日电 年终特稿｜全球媒体2025中国热词扫描 新华社记者孙丁 何毅 谢琳 岁末年初，新华社记者借助大数据工具，梳理了全球近2000家媒体2025全年的涉华报道，结果显 示"元首外交"" 全球治理 ""'十五五'规划建议""高质量发展""开放合作""创新""软实力"等相关词汇高频 出现，充分彰显中国作为负责任大国是世界的和平力量、稳定力量、进步力量，为变乱交织的国际局势 注入难得的稳定性，提供宝贵的正能量。 热词：元首外交 2025年，中国元首外交精彩纷呈，成果丰硕，影响深远。 新华社记者借助大数据工具梳理的全球媒体涉华报道中，与元首外交相关的热词累计出现数百万 次，这些热词包括"会晤""伙伴""东南亚""亚太""中亚""俄罗斯""美国""法国""联合国""多边主义"等。 "过去一年的元首外交充分展现了中国在百年变局中的战略定力与大国担当。"泰国泰中 "一带一 路" 研究中心主任威伦·披差翁帕迪说，"从东南亚到中亚，从金砖国家领导人线上峰会到亚太经合组织 领导人非正式会议，从应对气候变化到发展议题， 习近平 主席持续倡导和推动和平、合作、共赢，为 变乱交织的世界注入宝贵的确定性。" 热词：全 ...

以下文章来源于TOP创新区研究院 ，作者政策研究组 TOP创新区研究院 . 最近这不是圣诞节刚过嘛，欧洲委员会 （European Commission） 在X上发了一张图，图片里是圣 诞树的插画，树下，只有一个被欧盟星旗包裹的USB-C充电器。配文充满了那种行政机构特有的自 我感动："一个接口，一根线缆，一个欧洲……在这个假期，享受'统一'的力量。" 很多人都点了颗小红心——毕竟欧洲的消费者们终于不用再为找不到那根该死的充电线而发愁了，因 为政府出手，驯服了贪婪的科技巨头，还顺便救了地球。 然而，保罗·格雷厄姆 （Paul Graham） 路过，这位Y Combinator的创始人，硅谷真正的"造雨人"， 他冷冷地丢下一句："这条法规的愚蠢之处，将随着技术的演进逐渐显露。" 很多人不理解为什么他这样说，统一USB-C不好吗？为什么要反对？ 但是，作为一名黑客出身的投资人，他看到的不是今天的便利，而是未来十年可能出现的某个时刻 ——那个本该发生、却因为"违法"而从未发生的时刻。 创新区研究，就在TOP研究院。TOP研究院专注于全球创新区的一体化研究，从Talent(个人), Organization(组织), ...

这一年，令人难忘的是，我们隆重纪念中国人民抗日战争暨世界反法西斯战争胜利80周年，设立台湾光复纪念日。国之盛 典威武雄壮，胜利荣光永载史册，激励中华儿女铭记历史、缅怀先烈、珍爱和平、开创未来，凝聚起中华民族伟大复兴的 磅礴伟力。 我们依靠创新为高质量发展赋能。科技与产业深度融合，创新成果竞相涌现，人工智能大模型你追我赶，芯片自主研发有 了新突破，我国成为创新力上升最快的经济体之一。天问二号开启"追星"之旅，雅下水电工程开工建设，首艘电磁弹射型 航母正式入列。人形机器人亮出"功夫模式"，无人机演绎绚丽"烟花"。创新创造催生了新质生产力，也让生活更加多姿多 彩。 新年前夕，国家主席习近平通过中央广播电视总台和互联网，发表二〇二六年新年贺词。 新华社记者 燕雁 摄 新年前夕，国家主席习近平通过中央广播电视总台和互联网，发表了二〇二六年新年贺词。全文如下： 大家好！岁序更替，华章日新。在新年到来之际，我在北京向大家致以美好的祝福！ 2025年是"十四五"收官之年。5年来，我们踔厉奋发、勇毅前行，克服重重困难挑战，圆满完成目标任务，在中国式现代 化新征程上迈出了稳健步伐。我国经济总量连续跨越新关口，今年预计达到140万 ...

央视网消息（新闻联播）：本台今天（12月31日）播发央视快评《以实干成就伟业 以创新赢得未 来》。 ...

大家好！岁序更替，华章日新。在新年到来之际，我在北京向大家致以美好的祝福！ 新年前夕，国家主席习近平通过中央广播电视总台和互联网，发表了二〇二六年新年贺词。全文如下： 2026年是"十五五"开局之年。锐始者必图其终，成功者先计于始。我们要锚定目标任务，坚定信心、乘 势而上，扎实推动高质量发展，进一步全面深化改革开放，推进全体人民共同富裕，续写中国奇迹新篇 章。 山海寻梦，不觉其远；前路迢迢，阔步而行。让我们拿出跃马扬鞭的勇气，激发万马奔腾的活力，保持马 不停蹄的干劲，一起为梦想奋斗、为幸福打拼，把宏伟愿景变成美好现实。 新年的旭日即将升起。祝祖国山河壮丽、大地丰饶，神州沐朝晖！祝大家心有所悦、业有所成，万事皆可 期！ 2025年是"十四五"收官之年。5年来，我们踔厉奋发、勇毅前行，克服重重困难挑战，圆满完成目标任 务，在中国式现代化新征程上迈出了稳健步伐。我国经济总量连续跨越新关口，今年预计达到140万亿 元，经济实力、科技实力、国防实力、综合国力跃上新台阶，绿水青山成为亮丽底色，人民群众获得感幸 福感安全感不断增强。5年历程极不寻常，成绩来之不易。大家拼搏进取、耕耘奉献，铸就了欣欣向荣的 中国。我向每一位辛 ...

25 (图) m 云门酒业新年贺词 这一年,我们以责任为念,共谱高质量发展 乐章。我们积极履行社会责任,连续24年为内 部职工子女颁发高考奖学金,传递企业温度;作 为支持单位参与风筝盛会,深度融入城市文化脉 搏。我们更以引领产区发展为己任,成功承办 "2025首届中国酱香型白酒高质量发展'青州 论坛'暨第四届北方酱酒生产技术交流会"及 "第十三届中国北方酱酒文化节",并在中国酒 业协会的权威认证下,助力青州荣膺"世界美酒 特色产区·中国云酱·青州"称号,为北方酱酒 的高质量发展注入了强劲的"青州动能"。 亲爱的朋友们、伙伴们、全体云门家人们: 时序更替,华章日新。值此2026年即将到 来之际,我谨代表云门酒业集团,向一路同行的 所有伙伴、朋友,向辛勤付出的全体员工及家人, 致以最诚挚的感谢和最美好的新年祝福! 回望2025,这是云门酒业步履坚定、硕果 盈枝的一年。在各级领导的关怀与社会各界的支 持下,我们以品质为根,以创新为帆,在高质量 发展的航程中,留下了一串串坚实的足迹。 这一年,我们以卓越品质,摘取荣耀之光。 从云门陈酿 · 玉白斩获齐鲁白酒酒体设计金奖, 到云门酱酒 · 国标G1荣膺IGC国际烈酒大赛 ...

Group 1 - The article emphasizes the importance of adapting to complex variables in the global economy, highlighting the need for a "certainty function" to navigate uncertainties [1][5] - Technological advancements are showcased, with AI applications like DeepSeek and domestic GPU developments contributing to industry confidence and security [1][2] - The capital market is experiencing growth, with A-shares surpassing 100 trillion yuan in total market value and Hong Kong IPOs leading globally, indicating a robust investment environment [2][4] Group 2 - The article discusses the dual approach of external openness and internal potential, which is crucial for solidifying economic foundations, as seen in the response to U.S. tariffs and the promotion of high-quality development in various sectors [2][3] - The focus on domestic demand is highlighted, with policies aimed at increasing income and enhancing the supply of quality goods and services to stimulate economic activity [3][4] - The narrative stresses the importance of individual growth through technology, particularly AI, and the need for investment in human capital to adapt to the evolving job landscape [4][5] Group 3 - The article outlines the significance of reform and innovation in driving high-quality development, with a consensus forming around the need for healthy competition and core technology investment [2][5] - It mentions the upcoming APEC meeting in Shenzhen as an opportunity for China to showcase its contributions to global growth, with expectations of delivering replicable solutions for shared prosperity [4][5] - The call to action encourages individuals and businesses to actively participate in shaping their "certainty functions" through reform, innovation, and commitment to societal well-being [5]

Core Insights - Cross-border e-commerce has become a new driving force for high-quality economic development in China, optimizing foreign trade structure and opening new channels for exports, with an expected export scale of 2.15 trillion RMB in 2024, a year-on-year growth of 16.9% [2] - The industry has transitioned from a focus on scale expansion to quality enhancement, driven by innovation [2][3] Group 1: Industry Trends - The rapid iteration of technology and deep changes in supply chains, combined with consumer demands for quality and cost-effectiveness, have made innovation a necessity for survival rather than just a competitive advantage [3] - New-generation cross-border e-commerce entrepreneurs are emerging, focusing on high-value products and new brands, leveraging AI and data analytics across the entire production and operation chain [3] Group 2: Evaluation and Recognition - Forbes China, in collaboration with Amazon Global Selling, has launched the "2026 Forbes China New Generation Cross-Border E-Commerce 30 Selection" to identify and nurture innovative entrepreneurs in the cross-border e-commerce sector [4] - The selection criteria include innovation value, generational innovation capability, differentiation advantages, business performance, user feedback, globalization capability, and continuous innovation ability [6] Group 3: Organizational Background - Forbes China, established in 2003, focuses on entrepreneurship, innovation, and wealth creation, providing authoritative insights and rankings that influence the economic landscape [8] - Amazon Global Selling has been assisting Chinese sellers since 2015, enabling them to reach global consumers and expand their international brands through various overseas platforms [9]