Core Viewpoint - China Galaxy Securities is optimistic about the pharmaceutical industry's investment opportunities in 2026, focusing on hard technology in medicine, innovation, and overseas expansion, while seeking alpha in niche segments [1] Group 1: Investment Trends - In Q4 2025, public fund holdings in pharmaceuticals decreased, indicating an overall low allocation level [1] - The market value of pharmaceutical theme funds decreased by 9.73% to 205.9 billion yuan, which is 66.54% higher than the average since 2019 [1] - The market value of the pharmaceutical biotechnology sector fell by 18.81% to 312.5 billion yuan, with a holding ratio of 8.12%, below the historical average by 3.89 percentage points [1] Group 2: Stock Performance - The top five pharmaceutical stocks held by public funds in Q4 2025 saw significant reductions in both the number of funds and total market value, with notable declines in stocks like Heng Rui Medicine and WuXi AppTec [2] - The concentration of holdings has shifted from innovative drugs to medical devices and services, indicating a change in market investment focus [2] Group 3: Industry Data Overview - The pharmaceutical manufacturing industry's revenue has shown a slight decline, with a year-on-year decrease of 1.2% in Q4 2025 [3] - Medical service volumes remained stable, with a total of 1.86 billion outpatient visits in early 2025, reflecting a 0.1% year-on-year decrease [3] - The overall operation of the medical insurance fund has been stable, with total income of 2.632 trillion yuan and total expenditure of 2.110 trillion yuan from January to November 2025 [3] Group 4: Market Comparison - The pharmaceutical industry has underperformed compared to the CSI 300 index, with a rolling P/E ratio of 38.19 compared to 14.14 for the CSI 300, indicating a premium of 170.14% over the index [3] - The SW pharmaceutical biotechnology index increased by 1.44% from early 2024 to January 28, 2026, while the CSI 300 rose by 37.15%, showing a relative underperformance of 35.71% for the pharmaceutical sector [3]

Core Viewpoint - The pharmaceutical sector is experiencing fluctuations, with the medical ETF (159929) showing a decline of 1.16% amidst a net inflow of nearly 60 million yuan, indicating ongoing investment interest despite market corrections [1][3]. Group 1: Market Performance - The Shanghai Composite Index has seen a rise, while the pharmaceutical sector is undergoing a pullback, with the medical ETF (159929) recording a trading volume exceeding 120 million yuan [1]. - Major stocks within the medical ETF have mostly declined, with notable drops including over 3% for United Imaging Healthcare and over 2% for Mindray Medical [3]. Group 2: Company Performance and Projections - CITIC Securities expresses optimism for leading pharmaceutical e-commerce platforms, highlighting their resource advantages and AI capabilities, which are expected to enhance revenue through AI medical applications [5]. - According to Everbright Securities, WuXi AppTec's companies have reported strong earnings forecasts, with WuXi AppTec expected to achieve revenue of 45.456 billion yuan in 2025, reflecting a year-on-year growth of 15.84% [5]. - WuXi Biologics anticipates adding 209 comprehensive projects in 2025, with two-thirds being dual-targeted antibodies and ADC drugs, indicating robust growth potential [5]. Group 3: Investment Trends and Strategies - Everbright Securities suggests that future investments in the pharmaceutical sector should focus on clinical value, emphasizing the importance of addressing clinical needs amid evolving domestic and international policies [6]. - CITIC Jinshi identifies four main investment themes for 2026: innovation, international expansion, marginal changes, and consolidation within the pharmaceutical industry [7]. - The innovation theme is particularly highlighted, with expectations for improved global liquidity and supportive national policies for innovative assets, including advanced technologies in pharmaceuticals and medical devices [8].

记者｜庞华玮 编辑｜包芳鸣 2026年伊始，A股市场迎来机构调研热潮。 截至1月26日，已有超过500家上市公司接受机构调研，其中工业机械、电子元件、电气设备、 半导体及汽车零配件等行业成为关注重点。 其中，"硬科技"与"出海"主线尤为突出。 在个股层面，大金重工、翔宇医疗、海天瑞声等14家公司获得超百家机构扎堆调研，其中大金 重工以209家机构调研数量位居第一。 机构调研热潮 新年伊始，机构调研活跃。Wind数据显示，截至1月26日，开年以来共有512家A股上市公司 接受了机构调研，调研总次数达801次。这一数据保持了较高的市场热度。 值得关注的是，个股层面，超百家机构扎堆调研14家A股公司，这些个股涨幅显著。 其中，大金重工以209家机构调研数量领先，这家电气设备公司受到了市场的广泛关注。 此外，医疗行业的翔宇医疗、爱朋医疗、美好医疗和博拓生物等分别获得208家、177家、125 家和117家机构调研；计算机行业的海天瑞声、熵基科技、能科科技和航天宏图，分别获得207 家、132家、107家和101家机构调研；汽车领域的超捷股份，获138家机构调研；工业机械领 域的耐普矿机，获132家机构调研；电子领域的 ...

2026年伊始，A股市场迎来机构调研热潮。 机构调研热潮 新年伊始，机构调研活跃。Wind数据显示，截至1月26日，开年以来共有512家A股上市公司接受了机构调研，调研总次数达801次。这一数据 保持了较高的市场热度。 格上基金研究员托合江指出，2026年以来机构调研总次数为801次，而2025年同期为953次，A股机构调研整体活跃度虽有所回落，但当前调研 活动更集中于高景气赛道，凸显机构布局的结构性特征。 从调研频率看，泰和新材以12次调研位居榜首，冰轮环境以10次紧随其后，汇川技术和天禄科技分别为9次，博盈特焊和太力科技分别为8次。 这些高频被调研公司主要集中在制造业和技术创新领域。 从行业分布来看，机构调研呈现出明显的硬科技与高端制造导向。工业机械行业以55家公司被调研位居第一，成为机构关注的焦点领域。 电子元件行业有35家公司获得调研，紧随其后。此外，电子设备和仪器、电气部件与设备、商品化工、汽车零配件与设备、集成电路等行业分 别有29家、27家、26家、22家和22家公司被调研。 截至1月26日，已有超过500家上市公司接受机构调研，其中工业机械、电子元件、电气设备、半导体及汽车零配件等行业成为关注 ...

Core Insights - The A-share market has seen a surge in institutional research activities at the beginning of 2026, with over 500 listed companies undergoing institutional investigations, particularly in sectors like industrial machinery, electronic components, electrical equipment, semiconductors, and automotive parts [1][3][10] - The main themes of focus are "hard technology" and "going global," with a notable concentration on high-growth sectors [5][11] Institutional Research Activity - As of January 26, 2026, a total of 512 A-share companies have been researched by institutions, with 801 total research instances, indicating a high level of market engagement [3][4] - The frequency of research is led by Taihe New Materials with 12 instances, followed by Ice Wheel Environment with 10, and several others with 9 or 8 instances, primarily in manufacturing and technology innovation [3][4] Industry Focus - The industrial machinery sector has the highest number of researched companies at 55, followed by electronic components with 35, and various other sectors including electrical equipment, automotive parts, and integrated circuits [3][4] - Notable companies receiving significant attention include Dajin Heavy Industry with 209 institutions, Xiangyu Medical with 208, and others in the medical and technology sectors [4][6] Stock Performance - The 14 companies that attracted over 100 institutional research instances have generally seen significant stock price increases, with Dajin Heavy Industry rising by 18.43% and the highest increase being 80.19% for Dike Shares in the photovoltaic equipment sector [4][6] Institutional Preferences - Institutions are focusing on companies with technological breakthroughs, capacity expansion, international strategies, and commercialization progress [5][10] - Different types of institutions show varied preferences, with public funds tracking companies like Huichuan Technology and Taihe New Materials, while insurance asset management focuses on value and dividend-oriented companies [9][10] Future Trends - The trend for institutional research is expected to continue focusing on "hard technology" and globalization, particularly in AI computing power, semiconductors, and high-end manufacturing [11][12] - Institutions are likely to adopt a more refined approach, concentrating on leading companies in specific sectors and assessing their performance and long-term growth potential [12]

2026年伊始，A股市场迎来机构调研热潮。 截至1月26日，已有超过500家上市公司接受机构调研，其中工业机械、电子元件、电气设备、半导体及汽车零配件等行业成为关注重点。 其中，"硬科技"与"出海"主线尤为突出。 在个股层面，大金重工、翔宇医疗、海天瑞声等14家公司获得超百家机构扎堆调研，其中大金重工以209家机构调研数量位居第一。 格上基金研究员托合江指出，2026年以来机构调研总次数为801次，而2025年同期为953次，A股机构调研整体活跃度虽有所回落，但当前调研 活动更集中于高景气赛道，凸显机构布局的结构性特征。 从调研频率看，泰和新材以12次调研位居榜首，冰轮环境以10次紧随其后，汇川技术和天禄科技分别为9次，博盈特焊和太力科技分别为8次。 这些高频被调研公司主要集中在制造业和技术创新领域。 从行业分布来看，机构调研呈现出明显的硬科技与高端制造导向。工业机械行业以55家公司被调研位居第一，成为机构关注的焦点领域。 电子元件行业有35家公司获得调研，紧随其后。此外，电子设备和仪器、电气部件与设备、商品化工、汽车零配件与设备、集成电路等行业分 别有29家、27家、26家、22家和22家公司被调研。 值得 ...

"新一轮的科技革命正在以前所未有的深度和广度，重塑全球经济与产业格局，必将为中国经济带来充 满想象力的全新动能。在可以预见的未来，科技、出海、'反内卷'、内需等方向，依然蕴藏着丰富的投 资机会。"近日，在景顺长城基金联合其外方股东景顺集团举办的"Alpha Insights"2026年度投资策略会 上，景顺长城基金总经理康乐如此展望。 站在当前时点，宏观节奏如何把握？科技变革的机遇何在？如何在复杂多变的市场环境中精准布局、挖 掘超额收益？针对这些问题，景顺长城基金投研骨干在策略会上进行了深入拆解，并分享了最新研究和 思考；景顺集团的投资专家，则分享了全球视野下的资产配置策略。 对于2026年的宏观环境，景顺长城基金首席资产配置官王勇持相对乐观态度。他表示，2026年是"十五 五"规划开局之年，整体政策环境对资本市场较为有利。财政政策预计延续积极取向，支出重点向民生 领域倾斜；货币政策保持"适度宽松"基调，降准降息仍有一定空间。此外，随着经济结构转型成功概率 上升以及无风险收益率下行，居民资产配置转向权益类资产将是长期趋势。 此外，在利率下行趋势中，"固收+"成为投资者资产配置中的重要组成。市场波动可能加剧，如 ...

慕天辉看好"十五五规划"带来的机遇，并提到先进制造业技术行业会受益，并注意到市场已开始反映到 股价中；同时，仍然非常看好中国AI主题及各种应用，特别是机器人、物联网人工智能和辅助驾驶， 还有很大的发展空间。其他看好主题包括中国企业拓展利润率更高的海外市场，从而提升公司利润。他 透露，该分析师近期会见了内地监管机构，政策制定者持续关注股东回报，鼓励企业提高股息和回购股 票，也是该行看好的关键主题。 1月27日，高盛亚太首席股票策略分析师慕天辉(Timothy Moe)表示，外国投资者对中国的态度逐渐变得 更加积极，对中国的态度更加开放。他相信，有大量资金仍在观望，如果前景依然乐观，目前市场蕴藏 着巨大的资金流入潜力。该行对中国股市为超配(overweight)，尤其看好"十五五规划"带来的机遇，四 大关键主题分别是十五五规划、人工智能、拓展全球市场的"出海"机会，以及提升股东回报。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：磐石 ...

Core Viewpoint - The recent Nipah virus outbreak in India has led to increased attention and investment in the A-share pharmaceutical sector, with significant capital inflows into medical ETFs despite some declines in stock prices [1][3]. Group 1: Market Activity - The medical ETF (159929) experienced a drop of over 1% today, following a previous day of gains, but attracted 64 million yuan in capital [1]. - Over the past 10 days, the ETF has seen net inflows for 9 days, accumulating nearly 300 million yuan [1]. - Trading activity remains robust, with intraday trading volume exceeding 120 million yuan [1]. Group 2: Nipah Virus Research - The Nipah virus outbreak in West Bengal, India, has resulted in deaths and the isolation of close contacts [3]. - A significant research study published in the journal Emerging Microbes & Infections confirms that the oral nucleoside drug VV116 shows promising antiviral activity against the Nipah virus, providing new hope for treatment and prevention [3]. Group 3: Company Updates - Sanofi's (三生国健) 2025 annual performance forecast indicates a net profit of approximately 2.9 billion yuan, reflecting a year-on-year increase of 311.35%, driven by a collaboration with Pfizer [4]. - Junshi Biosciences (君实生物) has completed the issuance of its first phase of technology innovation bonds for 2026, totaling 1 billion yuan, aimed at supporting drug research and development [4]. Group 4: Sector Trends - The pharmaceutical industry is expected to benefit from a favorable investment environment and policy support, particularly for innovative drugs and technologies [6][8]. - The medical manufacturing sector has shown a slight increase in industrial value added, while revenue and profit have seen minor declines [7]. - The healthcare expenditure in China has shown a year-on-year growth of 4.7% for the first 11 months of 2025, marking a recovery after two years of decline [7]. Group 5: Investment Strategies - Investment strategies for 2026 focus on innovation, international expansion, and marginal improvements in the pharmaceutical sector [8][9]. - Key areas of interest include innovative drugs, medical devices, and the integration of new technologies such as AI and brain-machine interfaces [8][9].

Core Viewpoint - CICC reports a decrease in stock positions among public funds in Q4, with an increase in A-shares and a continued decline in Hong Kong stocks [2] Group 1: Public Fund Position Changes - In Q4, the overall stock position of public funds decreased, while A-share positions increased and Hong Kong stock positions continued to decline [2] - The Shanghai Composite Index rose by 2.2% in Q4, with the ChiNext Index down by 1.1% and the STAR Market down by 10.1% [2] - The median return of actively managed equity public funds dropped to -1.5%, marking the lowest quarterly return of the year [2] Group 2: Asset Scale and Composition - The total asset value of public funds increased from 38.1 trillion yuan to 39.5 trillion yuan in Q4, with stock assets slightly rising to over 9 trillion yuan [3] - The proportion of equity assets decreased by 0.7 percentage points to 22.9%, while bond assets increased by 0.6 percentage points to 53.4% [3] Group 3: Active Equity Fund Characteristics - The total value of actively managed equity funds decreased from 3.1 trillion yuan to 3 trillion yuan, with stock asset scale declining to 2.6 trillion yuan [4] - A-share positions rose from 71.7% to 72.3%, remaining at a relatively low level over the past decade [4] - The net redemption scale of actively managed equity funds decreased to 128.2 billion yuan in Q4 [4] Group 4: Heavyweight Stock Configuration - The concentration of holdings in leading companies decreased, with the market value of the top 100 companies held by actively managed equity funds dropping from 60.3% to 58.8% [5] - The top 50 companies' market value share fell from 47.7% to 46.7% [5] - The positions in the ChiNext increased by 1.2 percentage points to 24.9%, while the STAR Market positions decreased by 1.1 percentage points to 16.7% [5] Group 5: Sector Adjustments - Increased allocations were seen in sectors such as non-ferrous metals, communication, and non-bank financials, while reductions occurred in consumer electronics and innovative pharmaceuticals [6][7] - Non-ferrous metals saw a 2.3 percentage point increase in positions, supported by strong industry fundamentals [6] - The communication sector's position rose by 2 percentage points, while consumer electronics saw a decrease of 2.5 percentage points [7] Group 6: ETF Fund Developments - The total asset value of public ETFs rose from 6.6 trillion yuan to 7.1 trillion yuan, with stock assets accounting for 65% [8] - The total asset value of stock ETFs reached 3.8 trillion yuan, reflecting a slight increase [8] Group 7: Future Market Outlook - The A-share market is expected to show a "long-term" and "steady" trend, supported by multiple factors including industry hotspots and improved liquidity [9] - The market is anticipated to perform strongly at the beginning of the year, with trading volumes reaching new highs [9] Group 8: Investment Recommendations - Suggested areas for investment include AI technology, overseas expansion opportunities, cyclical reversals, high dividend stocks, and sectors with promising annual report highlights [10]