智通财经APP获悉，在全球医药工业向智能化加速转型的进程中，AI制药领域迎来新一轮显著进展。成 一项为期多年的研发合作，协议涉及总金额高达8.88亿美元。双方将聚焦抗肿瘤领域具有挑战性的靶 点，共同识别并开发创新疗法。 根据协议条款，英矽智能(03696)有资格获得最高 3200 万美元的首付款及近期研发里程碑付款，并将依 托其人工智能技术平台，筛选并推进符合既定药物研发和科学标准的潜在候选药物;施维雅则将共同承 担研发成本，并在成功提名具有前景的候选药物后，主导后续的临床验证、监管沟通及相关肿瘤候选药 物在全球范围内的商业化进程。 作为 2026 年生物医药领域 BD的"开年首弹"，这一重磅交易不仅在金额上令人瞩目，更将一个核心议 题推向台前：AI制药是否已跨越漫长的"概念验证"，真正步入规模化"价值实现"的新周期? 技术换市场：8.88亿美元背后的"制药超级智能" 通过将这种经过验证的"制药超级智能"能力与施维雅在肿瘤领域的全球商业化优势相结合，释放协同价 值，将原本不可预测的研发过程转化为高效、可控的技术产出。 在英矽智能与施维雅达成深度合作背后，核心驱动力在于其Pharma.AI 平台所展现出的"制药 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [29]. Core Insights - The report highlights that the national government will continue to support the renewal of medical equipment in 2026, which is expected to drive demand in the medical device sector. The focus is on high-end equipment and companies with significant performance improvements and international expansion, such as Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical [3]. - The report emphasizes the optimization of application conditions and review processes for equipment renewal projects, aiming to lower investment thresholds and enhance support for small and medium-sized enterprises [3]. - The ongoing policy for equipment renewal is anticipated to sustain a favorable bidding environment for medical devices, with a gradual improvement in performance as inventory clears [3]. Summary by Sections Industry Overview - The report discusses the government's announcement on December 30, 2025, regarding large-scale equipment renewal and the inclusion of various sectors, including healthcare, in the support framework for 2026 [3]. - It outlines the measures to improve the application process for equipment renewal, including stricter requirements for equipment depreciation and minimum usage periods [3]. Investment Opportunities - The report suggests focusing on companies that are expected to show significant performance improvements and have a leading international presence in the medical device sector [3]. - Specific companies recommended for investment include Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical, which are well-positioned to benefit from the anticipated demand for high-end medical equipment [3]. Market Performance - The medical sector has experienced a decline, with a reported drop of 2.06% in the last week, ranking 25th among 28 industries [8][18]. - The report notes that the medical device market is under pressure in the short term due to policy impacts, but improvements are expected as companies innovate and expand internationally [5].

2025年，美迪西进一步深化客户服务，助力多项IND在中美等地获批临床，覆盖siRNA、ADC、 GLP1、活菌生物药及创新中药等多个前沿领域。其中，为纳安生物ADC药物实现中美澳"三报"，凸显 了其跨区域注册申报的综合能力。公司累计赋能数十个ADC项目完成临床前研究，其中多项获 NMPA/FDA批准进入临床，在核酸、PROTAC、细胞治疗等新兴领域持续构建专业口碑。 2025年初，英矽智能授予美迪西DMPK团队2024年度"团队卓越表现奖"，作为英矽智能长期合作的临床 前研发服务商，美迪西在AI制药浪潮中扮演着关键赋能角色，其"AI+CRO"协同模式正在重新定义新药 研发的效率和边界。 AI与CRO深度融合推动新药研发范式变革 在英矽智能多个肿瘤项目的PK研究、IND申报及NonGLP安全性评价中，美迪西团队以高效、稳定的交 付能力，助力AI发现的分子快速走向临床。尤其是在紧急任务中展现的响应速度与数据质量，使英矽 智能得以维持其"快速发现、快速验证"的AI研发节奏。 这种合作不仅是服务采购，更是技术流程的深度融合。英矽智能依托其Pharma.AI平台，在靶点发现、 分子生成等前端环节实现突破；而美迪西则在 ...

21世纪经济报道记者林典驰、实习生陈慧东莞报道 从AI制药平台的密集落地，到创新药出海交易的规模攀升，再到多层次支付体系为高价值新药开辟通 路，站在2025年年末回望，中国创新药行业正迎来从规模扩张向价值跃升的关键转折。 当行业普遍面临赛道拥挤、同质化竞争的挑战时，本土药企该如何突破困局，实现高质量发展？ 12月17日，21世纪经济报道记者在东阳光科技园见到东阳光药首席科学家（CSO）林凯。他刚刚结束一 场内部的项目会，一开始接受记者采访时略微紧张，但很快便放松下来。 对于上述问题，林凯给出了清晰的答案："不盲目跟风，做更具创新性的事情"。 在他看来，真正的创新不是扎堆热门靶点的"内卷"，而是聚焦未被满足的临床需求，以差异化布局构建 核心竞争力，这也是中国创新药从跟跑迈向领跑的核心逻辑。 拥有30年海外医药研发经验的林凯，从宾夕法尼亚大学博士毕业后，先后在诺华等多家跨国药企工作25 年，亲历了全球创新药研发的迭代升级。 也正是这段工作经历，让林凯对创新药研发、团队构建与项目推进，尤其在海外跨国药企（MNC）的 研发与管理岗位上经验丰富。 20年前，诺华在上海筹建研究院时，他曾考虑回国，但由于家庭原因，他暂时搁 ...

晶泰控股(02228)早盘涨超8%，截至发稿，涨6.98%，报10.12港元，成交额1.29亿港元。 消息面上，上月初，癌症早期筛查的Mirxes宣布与AI医药平台公司晶泰科技达成合作，双方旨在整合各 自在早期检测与药物研发方面的优势，共同探索针对亚洲高发癌症的"诊疗一体化"解决方案，此举被视 为对癌症防控价值链的一次重要整合尝试。 申万宏源发布研报称，晶泰控股依托"物理计算+AI+机器人"核心技术，构建了从算法、引擎到自动化 实验室的早期药物研发完整闭环。公司业务已实现从AI制药向更广阔的"AI4S"平台延伸，其底层技术 不仅能加速创新药研发各环节，也具备向新材料等领域迁移的潜力，展现出强大的技术广度与平台化价 值。首次覆盖给予"买入"评级。 本文源自：智通财经网 ...

智通财经APP获悉，晶泰控股(02228)早盘涨超8%，截至发稿，涨6.98%，报10.12港元，成交额1.29亿港 元。 消息面上，上月初，癌症早期筛查的Mirxes宣布与AI医药平台公司晶泰科技达成合作，双方旨在整合各 自在早期检测与药物研发方面的优势，共同探索针对亚洲高发癌症的"诊疗一体化"解决方案，此举被视 为对癌症防控价值链的一次重要整合尝试。 申万宏源发布研报称，晶泰控股依托"物理计算+AI+机器人"核心技术，构建了从算法、引擎到自动化 实验室的早期药物研发完整闭环。公司业务已实现从AI制药向更广阔的"AI4S"平台延伸，其底层技术 不仅能加速创新药研发各环节，也具备向新材料等领域迁移的潜力，展现出强大的技术广度与平台化价 值。首次覆盖给予"买入"评级。 ...

申万宏源发布研报称，晶泰控股依托"物理计算+AI+机器人"核心技术，构建了从算法、引擎到自动化 实验室的早期药物研发完整闭环。公司业务已实现从AI制药向更广阔的"AI4S"平台延伸，其底层技术 不仅能加速创新药研发各环节，也具备向新材料等领域迁移的潜力，展现出强大的技术广度与平台化价 值。首次覆盖给予"买入"评级。 消息面上，上月初，癌症早期筛查的Mirxes宣布与AI医药平台公司晶泰科技达成合作，双方旨在整合各 自在早期检测与药物研发方面的优势，共同探索针对亚洲高发癌症的"诊疗一体化"解决方案，此举被视 为对癌症防控价值链的一次重要整合尝试。 晶泰控股(02228)早盘涨超8%，截至发稿，涨6.98%，报10.12港元，成交额1.29亿港元。 ...

纵观2025年全年，A股市场呈现一波结构性"小牛"行情。Wind数据显示，在剔除ST股、退市股及当年上市新股后，5176只个股中，有4110只涨幅为正，其 中523只涨幅超过100%。但是，仍有40只个股跌幅超过30%，其中7只跌幅逾40%。 | 证券代码 | 证券简称 | 2025年涨 | 总市值 申万行业 | | --- | --- | --- | --- | | | | 跌幅(%) | (亿元) | | 301030.SZ | 仕浄科技 | -50.99 | 23.94 环保 | | 920575.BJ | 康乐卫士 | -49.97 | 23.23 医药生物 | | 002726.SZ | 龙大美食 | -48.11 | 44.35 食品饮料 | | 300025.SZ | 交营创业 | -46.42 | 29.31 通信 | | 301551.SZ | 无线传媒 | -42.76 | 126.20 传媒 | | 000759.SZ | 中百集团 | -42.05 | 50.21 商贸零售 | | 688408.SH | 中信専 | -40.26 | 92.25 电力设备 | | 003001.SZ ...

Group 1 - InSilico Medicine Cayman TopCo, referred to as "InSilico", officially listed on the Hong Kong Stock Exchange on December 30, with a pre-green shoe financing scale of HKD 22.77 billion and a post-green shoe financing scale of HKD 26.19 billion, assuming full exercise of the green shoe option [2] - This IPO is the largest for an AI pharmaceutical company in Hong Kong and the largest biotech IPO since 2025, reflecting strong market interest and recognition of InSilico's leadership in the AI pharmaceutical sector [2] - The offering attracted 15 cornerstone investors, including Eli Lilly, Tencent, Temasek, Schroders, UBS, Oak Tree Capital, E Fund, and Taikang Life, with international placement oversubscribed by 26.27 times and Hong Kong public offering oversubscribed by approximately 1427.37 times [2] Group 2 - CICC has been supporting InSilico since 2022, providing comprehensive cross-market services and leveraging its expertise in the TMT and pharmaceutical sectors to effectively promote the project and engage with global investors [3] - The project exemplifies CICC's capability in facilitating global capital operations for high-tech enterprises, with plans to continue providing comprehensive financial services to enhance the global competitiveness of international high-tech companies [3] - InSilico is a global AI-driven drug discovery and development company, utilizing its proprietary Pharma.AI platform to generate over 20 clinical or IND-stage assets, with three assets licensed to international pharmaceutical and healthcare companies, totaling a contract value of up to USD 2.1 billion [3]

Policy Developments - The National Health Commission and 13 other departments announced the "Five Health Promotion Action Plan" for children and adolescents, aiming to improve health in areas such as obesity, myopia, psychological behavior abnormalities, spinal deformities, and dental caries by 2026-2030 [2] Drug and Medical Device Approvals - Aosheng Pharmaceutical received approval for the market launch of the raw materials for Palbociclib and Dapagliflozin, which will enhance the company's product line and competitiveness [4] - Aied Biological obtained a medical device registration certificate for its BRCA1/BRCA2 gene mutation detection kit for prostate cancer, marking the first approval for this indication in China [5] Capital Markets - Yingsi Intelligent successfully listed on the Hong Kong Stock Exchange, raising a total of HKD 2.277 billion, becoming the first AI-driven biopharmaceutical company to list under the main board rules [7] - China Pharmaceutical announced a plan to acquire 70% of Shanghai Zezheng Pharmaceutical for RMB 525 million, focusing on improved drug development services [8] - Yuekang Pharmaceutical submitted an application for H-share issuance to the Hong Kong Stock Exchange [9] Industry Events - Guangdong Province will implement a "one registration for three days" policy in public medical institutions starting January 1, 2026, allowing patients to return for follow-up consultations without additional registration fees within three days [11] Company Developments - Jincheng Pharmaceutical signed a supplementary agreement regarding tax payment responsibilities with shareholders, clarifying compensation terms related to tax liabilities [12] - *ST Chang Pharmaceutical faced a court ruling rejecting its restructuring application, leading to the bankruptcy of its subsidiary and potential delisting risks due to financial misconduct investigations [14]