在 2025 年 11 月至 12 月期间，市场经历了一定程度的热门方向调整，不仅在 中国，海外市场如美股也出现了明显的滞涨或调整。创新药板块整体调整幅度 较大，而海外电力设备龙头公司如 Bloom Energy 等也有显著下跌。在这种环 境下，我们观察到行业之间的分化情况达到了一个高水平，例如 9 月份时行业 分化程度与 2020 年 8 月、2021 年 2 月和 2019 年 9 月相当。然而，随着科 技板块的调整和传统价值板块如保险等上行，行业间分化情况有所收敛。 如何理解当前市场情绪的变化及其对投资策略的影响？ 当前市场情绪从 9 月份开始逐渐回落，并在 11 月底至 12 月初进入低谷。我们 通过多种指标刻画市场状况，例如过去三个月不同行业涨跌标准差、60 个交易 美国生物医药指数 XBI 自 4 月以来持续上涨，主要催化剂是 MNC 的大 量收购行为。预计该趋势将在 2026 年及以后持续，中美两地生物医药 股市有望受益于 MNC 焦虑带来的价值重估。 AIDC 对美国天然气需求产生显著影响，燃气轮机市场需求增长，柴油 发电设备市场供不应求。中国企业在高端柴油发电领域与海外企业存在 差距，但技术 ...

Group 1: Market Overview - The pharmaceutical and biotechnology index decreased by 0.14% from December 15 to December 19, outperforming the ChiNext and CSI 300 indices [1][23] - The total trading volume in the pharmaceutical sector was 389.82 billion yuan, accounting for 4.49% of the total trading volume in the Shanghai and Shenzhen markets, which is below the average of 7.12% since 2013 [1][38] - The pharmaceutical sector ranked 18th in terms of weekly performance among all industries during the same period [1][25] Group 2: Sector Analysis - The recent lack of significant industrial catalysts has led to a muted beta effect in the sector, but many stocks have entered a value range, indicating potential for a rebound [2][59] - The "reward economy" theme has positively influenced certain pharmaceutical companies, particularly those linked to Ant Group and related retail channels [2][59] - Strong performance was noted in CXO, small nucleic acids, and certain innovative drugs, driven by specific stock factors such as BD expectations and overseas mapping [2][59] Group 3: In Vivo CAR-T Developments - In vivo CAR-T technology is expected to address the accessibility issues of CAR-T therapies, potentially lowering treatment costs and making it available as a shelf product [4][12] - Major pharmaceutical companies are actively investing in in vivo CAR-T, with business development (BD) transactions exceeding 5 billion USD, indicating its strategic importance [4][16] - Clinical data presented at the 2025 ASH meeting showed promising results for in vivo CAR-T therapies, with high rates of minimal residual disease (MRD) negativity in patients [4][19] Group 4: Future Outlook - The company maintains a positive outlook on innovation, international expansion, and turnaround opportunities in the pharmaceutical sector, focusing on BD 2.0, small nucleic acids, and supply chains as key investment areas [3][22] - The upcoming 2026 potential catalysts include the publication of the commercial insurance innovation drug directory and the commercialization of targeted CAR-T therapies [21][22] - Domestic companies are rapidly advancing in the in vivo CAR-T space, with several candidates in early clinical stages, indicating a growing competitive landscape [22][22]

华西证券发布研究报告称，复盘历史，A股"春季躁动"行情启动通常需满足以下条件：合理的估值水 平、宽松的流动性环境以及有效提振风险偏好的催化剂，如国内政策、产业事件催化或外部风险缓释 等。当前来看，海外美联储降息和日本央行加息均已落地，市场对套利交易逆转担忧缓解，后续人民币 汇率升值带动的外资增配、年初保费收入"开门红"带来的增量保险资金入市亦可以期待。近期股票型 ETF再度大规模净申购，多只宽基ETF成交放量，指向增量资金倾向于逢低布局。行业配置上，建议关 注：1)受益产业政策支持的成长方向，如国产替代、机器人、航空航天、创新药、储能等;2)受益于"反 内卷"政策的周期方向，如化工、能源金属、资源品等;3)促消费政策的深化或带来消费板块的阶段性催 化机会。 ...

Group 1 - Satellite-related ETFs and tourism-related ETFs showed significant gains from December 15 to 19, with the highest increase being 7.04% for the E Fund Satellite ETF and over 6% for several other ETFs in these categories [1][2] - The A500 ETFs, particularly from Huatai-PineBridge and Southern, experienced substantial net inflows, with the Southern A500 ETF seeing over 10 billion yuan in net inflow during the same period [2][3] - The trading volume for A500 ETFs was notably high, with the Huatai-PineBridge A500 ETF averaging over 10 billion yuan in daily trading volume [3] Group 2 - The technology sector is expected to remain a key focus for the market, with recommendations to pay attention to areas such as computing power, semiconductors, consumer electronics, and new energy technologies [3][4] - The artificial intelligence sector is undergoing a transition from infrastructure development to broader industry applications, indicating a long-term growth potential despite short-term volatility [4] - The A500 index aligns well with the new momentum structure of "technology + manufacturing + consumption," suggesting that companies within this index may benefit from policy incentives and market opportunities [4]

Group 1 - The core viewpoint indicates that most primary industry sectors have shown upward movement, but the growth is generally moderate, with retail, non-bank financials, beauty care, and social services leading the gains due to the increasing importance of domestic demand strategies and related policy expectations [1] - The retail, beauty care, and social service sectors have performed well as a result of the sustained emphasis on domestic demand, while the non-bank financial sector has been boosted by the recovery in brokerage and insurance sectors [1] - Conversely, sectors such as electronics, electrical equipment, and machinery have experienced the largest declines, attributed to profit-taking in the electric equipment sector and a lack of catalysts in the machinery sector [1] Group 2 - In terms of investment direction, defensive low-yield dividend sectors like coal and oil & petrochemicals are recommended for short-term positioning, while non-bank financials should be considered for adjustments to capture market beta opportunities [2] - There is potential for a recovery in cyclical sectors related to domestic demand, such as consumer goods, driven by policy expectations [2] - Growth-oriented sectors, particularly those benefiting from AI and semiconductors, should focus on leading companies with strong earnings certainty, as well as sectors like embodied intelligence and innovative pharmaceuticals that may see progress next year [2]

作者：财富情报局水寒 12月20日，以"破局·重构"为主题的雪球嘉年华在上海举行，神农投资总经理陈宇结合自己的投资策略 对2026年A股市场机会点进行了展望。 陈宇透露，今年其投资策略主要聚焦于创新药和Ai领域。关于创新药，陈宇在2024年就曾表达过看好观 点。当时他认为，2025年的创新药行业就相当于2005年的房地产行业。借鉴美日两国医药指数市场表 现，长远来看都很可观。 但同时，由于创新药赛道的特殊性，陈宇也建议二级市场投资者慎入，主要原因在于，创新药赛道是九 死一生的生意，再好的公司也可能因为一款创新药的研发失败而被替代，导致该赛道胜率低、赔率高。 除了创新药板块，另一个被陈宇大为看好的行业则是Ai应用领域。陈宇认为，2026年的Ai应用行业就相 当于2006年的房地产行业，将迎来集中爆发期。虽然当下Ai产业投资异常火热，但这几年资金主要集中 于算力和硬件等领域，明年无论是A股还是港股，Ai应用领域的投资都将孕育巨大机会。 此外，陈宇也对美联储降息及投资者颇为关切的量化发展等问题表达了自己的看法。 • 美联储降息影响。陈宇认为，宏观环境下，加息降息本质是钱多钱少的问题，市场结构分化下，对核 心产业如A ...

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The report highlights the potential of in vivo CAR-T therapies to address accessibility issues in CAR-T treatments, which are currently expensive and limited in availability [12][15] - It emphasizes the strategic positioning of multinational corporations (MNCs) in the in vivo CAR-T space, with significant business development (BD) transactions exceeding $5 billion [17] - The report identifies three key investment directions for 2026: BD 2.0, small nucleic acids, and supply chain innovations [3] Summary by Sections In Vivo CAR-T Developments - In vivo CAR-T therapies are expected to lower treatment costs and improve patient accessibility, potentially transforming cancer treatment [12][15] - Major pharmaceutical companies are actively acquiring in vivo CAR-T technologies, indicating a strong market interest [17] - Clinical data from various studies show promising efficacy for in vivo CAR-T therapies, with high response rates in difficult-to-treat patient populations [19] Market Review and Analysis - The pharmaceutical and biotechnology index experienced a slight decline of 0.14% during the week of December 15-19, 2025, outperforming both the ChiNext and CSI 300 indices [25] - The report notes that the pharmaceutical sector's trading volume was 389.82 billion yuan, accounting for 4.49% of the total market, which is below the historical average of 7.12% [45] - The report suggests that despite recent underperformance, many stocks are entering a value range, indicating potential for recovery [2] Investment Recommendations - The report recommends focusing on companies that are leading in the in vivo CAR-T space, such as King’s Ray, Shiyao Group, Anke Bio, and others [24][23] - It suggests that investors should pay attention to the ongoing developments in CXO, AI innovative drugs, and small nucleic acids as key areas for potential gains [3]

以下文章来源于e公司 ，作者证券时报 聂英好 周内涨幅最高的机构调研个股为震有科技，本周涨21.89%，航天智造、经纬恒润-W、南京商旅、红棉股份等9家公司涨幅超过10%，其中红棉股份、雪 人集团、德联集团周内实现首板。 热门标的方面，本周有长安汽车、一品红、博盈特焊、华通线缆等4家公司接受百家以上机构调研，其中长安汽车迎来最多机构投资者， 博盈特焊则在一 周之内接待4次机构调研。 长安汽车获得首批L3准入 长安汽车（000625）本周接受214家机构调研，因工信部在12月15日宣布，发放我国首批L3级有条件自动驾驶车型产品准入许可。 极狐汽车与长安汽车 的两款纯电动轿车获得资质，将在北京、重庆指定区域开展上路试点，长安汽车获批车型为旗下深蓝SL03。 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 来源：e公司 本周（12月15日—12月19日）共有165家上市公司披露机构调研记录，从赚钱效应看，机构调研股涨跌各半， ...

作者 | 余强 桑晓东 中国生物医药产业的真正崛起，不仅体现在获批新药的数量上，更反映在创新质量的提升和创新生态的 成熟 2015年的夏天，中国医药行业经历了一场"刮骨疗毒"式的变革。"722临床核查"风暴席卷全国，临床虚 假数据的泡沫被彻底戳破。彼时，中国创新药在全球医药市场的占比不足5%，大部分的药品市场被仿 制药占据。 十年后的2025年，仅上半年国内便有43款创新药获批上市，同比增长59%，其中国产创新药占比高达 93%，且新药的临床开发周期已跃居国际前列。与此同时，在资本市场，医药股在经历了一轮"寒冬"之 后，又如遇夏日的阳光，火热起来。 这一戏剧性转变的背后，是中国生物医药产业历经政策破冰、资本沉浮与技术攻坚的艰辛十年。而未 来，产业还需直面地缘政治的重重挑战，在供应链安全、国际合作壁垒等现实考验中，踏上向创新药强 国稳步突围的新征程。 地缘政治挑战下的全球定位 正当中国生物医药产业加速发展之时，全球地缘政治格局的剧烈变动为产业发展增添了不确定性。目 前，美国政府通过加征关税、升级药品监管壁垒、扩大生物技术实体清单等手段，挤压中国生物医药产 业的发展空间。面对这一挑战，中国生物医药产业需要寻找到合 ...

一 是流动性预期波动 。 融智投资基金经理兼高级研究员 包金刚指出，11月以来美联储官员的鹰派表态导致市场对降息预期减弱，影响了 全球资金流向及港股科技板块的估值。 二是海外市场对美国"AI泡沫"的担忧情绪波及港股科技板块。 记者丨 特约记者庞华玮 编辑丨 江佩佩 见习编辑张嘉钰 近一个月（11月19日— 12月19日 ）以来，港股市场 持续震荡调整，恒指月内跌2.63%，近700点。恒生中国企业指数跌4.58%，超400点，恒 生科技指数跌4.83%近300点。 港股科技股多数回调，蔚来跌17%，华虹半导体跌15%，中芯国际跌12%，理想跌10%。 | W | | | 恒生指数(HSI) | | | --- | --- | --- | --- | --- | | 12-19 16:08:24 | | | | | | 昨收 | 25690.53 | | 25498.13 | 成交额 2211.86亿 | | 今井 | +192.40 +0.75% | | 25634.22 | 成交量 162.54亿 | | 上涨 | 0 | 平盘 | 0 | 下跌 0 | | 最高价 | 25747.01 | 市智率 | 1 ...