本报讯 （记者丁蓉）12月14日，由平安期货有限公司（以下简称"平安期货"）、平安证券股份有限公 司（以下简称"平安证券"）联合主办的2026全球交易者大会暨中国平安第七届全国期货实盘大赛颁奖典 礼举行。作为已经陪伴交易者走过7年风雨的年度大会，本届会议特邀中加基金首席经济学家邓海清、 平安基金权益投资基金经理周思聪、平安期货研究所所长李晨阳及全国期货实盘大赛获奖选手来到现 场，为与会者破除迷惘，提供更多关于2026的解题思路。 中加基金首席经济学家邓海清指出，2026年资本市场生态与资金结构将迎来深刻变革，虽面临多重不确 定性，但中国经济向高端制造、科技创新转型的核心趋势已然明朗，那些能够代表中国在新一轮全球产 业与金融秩序重塑中占据有利位置的企业，将成为这个时代最具价值的资产锚点。 平安基金权益投资基金经理周思聪表示，在第四次科技革命深入演进的背景下，AI、算力、半导体、 创新药等领域迎来关键时刻。其中中国创新药行业在技术周期、政策周期和利率环境的三重支撑下厚积 薄发，2026年整个行业依然存在贝塔行情，且个股的阿尔法行情也将起步。 平安期货研究所所长李晨阳结合海内外政治经济格局变化，指出贵金属长期上行格 ...

一、现状分析 《清华城市健康指数2024》的结果表明，上海的城市健康指数从2020年全国排名第7到2023年问鼎 全国大城市榜首，"健康上海"的城市品牌已树立，对"健康中国"的溢出贡献明显，具体而言： （一）顶尖医院和先进设备数量多 根据《2024年度中国医院综合排行榜》，上海有18家医院进入百强榜单，位居全国前列。国家级和 市级的临床研究中心、医学研究机构的数量也遥遥领先。在引进国际先进医疗设备方面，上海是全国医 疗器械进口额最大的城市，2023年的进口额占全国44.67%，其中上海外高桥保税区的高端医疗设备进 口量位居全国160余个综合保税区之首。 （二）服务诊疗人次多 溢出效应明显 根据《2021年上海市卫生健康状况报告》，2021年上海医疗机构完成诊疗2.72亿人次，成为全国诊 疗人次最多的城市。来自国家医疗保障局的数据表明，全国异地就医人数从2019年至2022年的年均1亿 人次，急速增长到2023年的2.43亿人次，2024年又同比增长84.70%，其中很大一部分流入上海。根据 《2020年国家医疗服务与质量安全报告》，上海三级医院收治的省外患者占比高达40.12%。 上海的"十四五"规划，更倾向 ...

Core Viewpoint - The company, Huaren Health, has shown significant stock performance with a 13.11% increase in share price and a trading volume of 1.314 billion yuan, indicating strong market interest and potential growth opportunities [1]. Group 1: Company Overview - Huaren Health is based in Hefei, Anhui Province, and was established on June 29, 2001. It was listed on March 1, 2023, and primarily engages in pharmaceutical agency, retail, and terminal procurement [7]. - The company's main revenue sources are 97.60% from traditional Chinese and Western medicines, with the remaining 2.40% from other supplementary products [7]. - As of September 30, 2023, Huaren Health had 20,100 shareholders, a decrease of 22.86% from the previous period, with an average of 7,422 circulating shares per person, an increase of 29.64% [7]. Group 2: Financial Performance - For the period from January to September 2023, Huaren Health achieved a revenue of 3.892 billion yuan, reflecting a year-on-year growth of 19.06% [7]. - The net profit attributable to the parent company was 157 million yuan, representing a significant year-on-year increase of 45.21% [8]. - The company has distributed a total of 80.02 million yuan in dividends since its A-share listing [9]. Group 3: Market Position and Trends - The company has established a presence on major e-commerce platforms in China, including JD.com, Pinduoduo, and Meituan, alongside Alibaba's Tmall and Ele.me, indicating a robust distribution strategy [2]. - Huaren Health's subsidiary, Jiangsu Shenhua Pharmaceutical Co., specializes in the research, manufacturing, and sales of fungal biopharmaceuticals, positioning the company well within the biotechnology and new pharmaceutical sectors [3]. - The company is focused on innovative drugs and high-end generic drug development, with 22 research projects in progress as of June 30, 2023 [2].

17日，两市主要股指午后全线走高，沪指涨超1%，深证成指涨逾2%，创业板指大涨超3%，全A超3600 股飘红。 华西证券近日指出，随着海外美联储议息会议和国内中央经济工作会议落地，后续多路增量资金入市可 以期待：一是保险和券商资金方面，近期监管层下调了保险资金股票投资风险因子，并提出将对优质证 券公司适度扩大资本空间及杠杆限制，有利于中长期资金流入和提升市场交易活跃度；二是美联储降息 叠加人民币汇率偏强运行，有利于外资增配中国资产。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。 截至收盘，沪指涨1.19%报3870.28点，深证成指涨2.4%，创业板指涨3.39%，科创50指数涨2.47%，沪 深北三市合计成交18345亿元。 从盘面上看，保险、券商板块拉升，半导体、有色、医药、锂矿等板块走强，CPO概念、苹果概念、固 态电池概念等活跃。 ...

Core Viewpoint - The company, Shenzhen Hepalink Pharmaceutical Group Co., Ltd., is a leading multinational pharmaceutical enterprise with a focus on the heparin industry chain, biopharmaceutical CDMO, and innovative drug development, benefiting from the depreciation of the RMB and strong overseas revenue [2][3]. Company Overview - Established in 1998 and listed in 2010, Hepalink's main business includes the research, production, and sales of heparin sodium raw materials and downstream low molecular weight heparin products [7]. - The company's revenue composition is as follows: formulations 63.06%, CDMO 18.59%, heparin sodium and low molecular weight heparin raw materials 16.05%, and others 2.30% [7]. - As of September 30, 2025, Hepalink achieved a revenue of 4.194 billion yuan, a year-on-year increase of 3.09%, while the net profit attributable to shareholders decreased by 29.04% to 554 million yuan [7]. Financial Performance - The company's overseas revenue accounts for 93.04%, benefiting from the depreciation of the RMB [3]. - The total market capitalization is 17.079 billion yuan, with a trading volume of 31.2621 million yuan and a turnover rate of 0.22% [1]. - The company has distributed a total of 4.21 billion yuan in dividends since its A-share listing, with 514 million yuan distributed in the last three years [8]. Institutional Holdings - As of September 30, 2025, the eighth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 12.0093 million shares, an increase of 691,700 shares compared to the previous period [9]. Market Activity - The stock experienced a slight decline of 0.26% on December 17, with a net inflow of 429,600 yuan from major investors, representing 0.02% of the total [4][5].

（文章来源：每日经济新闻） 创新药ETF国泰（517110）跟踪的是SHS创新药指数（931409），该指数从沪港深三地市场中选取涉及 化学药、生物药等创新药物研发及产业链相关业务的上市公司证券作为指数样本，以反映创新药领域上 市公司证券的整体表现。该指数成分股数量为50只，行业集中度较高，聚焦于具有成长性和研发驱动特 征的创新药企业。 东方财富证券指出，2025年医药生物行业呈现多重积极信号。我国创新药企业经历近十年沉淀，已过渡 到管线密集收获期，2024年市场规模突破4000亿元，"十四五"期间获批上市113个国产创新药，是"十三 五"时期的2.8倍。创新药License-out项目总金额创下新纪录，临床前项目占比达68%，显示中国创新药 逐渐获得全球认可。化学制药板块在创新药、AI医疗带动下领涨，医药板块估值接近近10年历史平均 水平，公募基金持仓比例呈逐季提升趋势。医疗器械领域，2025Q3招投标市场规模同比增长29.8%，医 疗设备公司收入端拐点显现，设备更新政策持续驱动需求释放。同时，脑机接口领域在政策支持下加速 发展，2025年国家及地方相继出台支持政策，Neuralink等全球企业推动技术迭代 ...

Core Viewpoint - Company has a rich pipeline of innovative drugs, with 40 products globally focused on FIC and BIC, including 5 approved innovative drugs accelerating commercial value [1][2] Group 1: Innovative Drug Pipeline - The company has 40 innovative drugs in its pipeline, with 5 approved drugs that are beginning to release commercial value [2] - 7 NDA applications are under review, and over 10 clinical trials are progressing [2] - The first-in-class injectable Y-3 has received NMPA acceptance for its new drug application, targeting stroke treatment and post-stroke depression and anxiety [2] Group 2: Market Potential and Clinical Trials - The market potential for injectable Y-3 is estimated at 3 billion RMB [2] - The oral JAK1 inhibitor Povorcitinib has received breakthrough therapy designation in China, targeting adult non-segmental vitiligo, with a large unmet treatment need [2] - There are approximately 10.3 million vitiligo patients in China, with 8.2 million being non-segmental [2] Group 3: Financial Performance - In the first half of 2025, the company achieved revenue of 4.67 billion RMB, a year-on-year increase of 8.9%, and a net profit of 930 million RMB, up 3.1% [3] - The skin health line generated revenue of 498 million RMB, a significant increase of 104.3%, accounting for 10.7% of total drug sales [3] - Brand and innovative products accounted for 2.9 billion RMB in sales, a 20.6% increase, representing 62.1% of total revenue [3] Group 4: Investment Recommendations - The company's performance is expected to recover, with a significant optimization of its product structure towards innovative drugs [4] - Projected revenues for 2025-2027 are 7.86 billion, 8.95 billion, and 10.02 billion RMB, with net profits of 1.667 billion, 1.941 billion, and 2.308 billion RMB respectively [4] - The target price is set at 17.68 HKD per share, implying a 32% upside from the current price [4]

Group 1 - The pharmaceutical sector experienced narrow fluctuations, with the Hang Seng Innovative Drug Index down by 0.1%, while other indices such as the CSI Hong Kong Pharmaceutical and Health Comprehensive Index and the CSI Biotech Theme Index both rose by 0.1% [1] - The CSI Innovative Drug Industry Index saw an increase of 0.2%, indicating a positive trend in innovative drug stocks [1] - Recent fund inflows into ETFs indicate continued investment interest, with the Hang Seng Innovative Drug ETF and Pharmaceutical ETF receiving net inflows of 97 million yuan and 370 million yuan respectively over the past week [1] Group 2 - The index focuses on leading stocks in the Hong Kong medical and health industry, comprising 50 stocks from medical devices, biopharmaceuticals, chemical drugs, and other pharmaceutical sectors [3] - The Innovative Drug ETF tracks the CSI Innovative Drug Industry Index, which includes no more than 50 companies primarily engaged in innovative drug research and development [4][5] - The Biotech ETF tracks the CSI Biotech Theme Index, which consists of up to 50 companies involved in gene diagnostics, biopharmaceuticals, blood products, and other human biotechnology [6][8] Group 3 - The CSI Biotech Theme Index recorded a slight increase of 0.1% at midday [7] - The CSI Pharmaceutical and Health Industry Index, which includes companies from the CSI 300 Index in the pharmaceutical sector, also rose by 0.1% [12][13]

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，如同今年夏天的天气一般，变得"热辣滚烫"。 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。 No.1 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适的全球定位。 全球产业链的深度融合为脱钩断链设置了天然障碍。尽管美国政府试图推动医药制造业回流， ...

Core Viewpoint - Changchun High-tech has historically been perceived as a single-dimensional company focused on growth hormone, overshadowing its potential in innovative pharmaceuticals. The recent licensing deal with Yarrow Bioscience marks a significant shift, indicating the company's entry into the global innovative drug market [1][5]. Group 1: Transaction Details - Changchun High-tech's subsidiary, Gensai Pharmaceutical, licensed overseas rights for its SHR antibody GenSci098 to Yarrow Bioscience for a total of $1.365 billion, including an upfront payment of $120 million and milestone payments [1][2]. - The upfront payment includes a non-refundable $70 million and an additional $50 million for recent development milestones, highlighting the asset's value in the early clinical stage [1][2]. Group 2: Buyer Profile - Yarrow Bioscience, backed by the renowned RTW Investments, is not an unknown entity; it is known for its strategic investments in the biotech sector, including the early investment in Prometheus Biosciences, which was later acquired by Merck for $10 billion [2][3]. - The acquisition of GenSci098 as a core asset reflects Yarrow's confidence in its potential to disrupt existing treatment paradigms for thyroid eye disease [2][3]. Group 3: Product Potential - GenSci098 offers a novel mechanism by directly blocking the binding of pathogenic antibodies to the TSH receptor, potentially treating both the eye disease and the underlying hyperthyroidism, unlike the current market leader, Tepezza [2][3]. - The drug avoids the hearing toxicity risks associated with Tepezza and provides greater convenience through subcutaneous injection, positioning it as a best-in-class candidate [3]. Group 4: Strategic Implications for Gensai - This transaction signifies a major milestone for Gensai Pharmaceutical, validating its capability to produce globally competitive assets and demonstrating its ability to generate revenue through technology transfer [5][6]. - The $120 million influx will support further research and development, accelerating the advancement of other promising pipelines within the company [5][6]. - The deal is expected to reshape market perceptions of Changchun High-tech, transitioning it from a company primarily viewed through the lens of growth hormone to one recognized for its global intellectual property capabilities and comprehensive pipeline [5][7].