2025 年 12 月 08 日 再提"实现量的合理增长" ——2025 年 12 月政治局会议点评 联系人 程翔 A0230518080007 chengxiang@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 程翔 A0230518080007 chengxiang@swsresearch.com 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com A 股 策 略 - 证券分析师 ⚫ 本次政治局会议工作基调与年中保持一致，重点强调"坚持稳中求进工作总基调，统筹发 展和安全"的同时提出了"增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做 优增量、盘活存量" 。结构方面再次强调"因地制宜发展新质生产力，纵深推进全国统 一大市场建设，持续防范化解重点领域风险"。细节方面可以看到，2025 年连续两次政 治局会议提及"实现量的合理增长"，时隔半年政治局会议再提"更好统 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 Sihuan Pharmaceutical Holdings Group Ltd. 四環醫藥控股集團有限公司 （於百慕達註冊成立的有限公司） （股份代號：0460） 自願公告 安 奈 拉 唑 鈉 腸 溶 片（商 品 名：安 久 衛®）於 二 零 二 三 年 六 月 獲 得 中 國 國 家 藥 品 監 督 管 理 局 批 准 上 市，用 於 患 者 治 療 十 二 指 腸 潰 瘍。安 奈 拉 唑 鈉 擁 有 創 新 的 結 構 設 計，具 有 非 酶 加 多 酶 代 謝、均 衡 腸 腎 雙 通 道 排 泄 等 特 點，僅3.5%經CYP2C19代 謝，這 使 其 不 受CYP2C19基 因 多 態 性 影 響。與 前 幾 代 質 子 泵 抑 制 劑 相 比，安 奈 拉 唑 鈉 合 併 用 藥 的 風 險 小，對 多 重 用 藥 患 者、腎 功 能 不 ...

商业航天板块多股连板，航天科技、西部材料等2连板。一图速览今日连板股>> 12月8日，Wind数据显示，A股市场共计78只个股涨停。其中创新药板块瑞康医药收获4连板，人形机器 人概念股骏亚科技4连板；商业航天板块多股连板，航天科技、西部材料等2连板。一图速览今日连板股 >> | | 连板服投 12.8 一板 | | | --- | --- | --- | | 股票名称 | 连板天数 | 所属概念 | | 安记食品 | 5 | 调味品 | | 瑞康医药 | 4 | 创新药 | | 龙洲股份 | 4 | 机器人 | | 骏亚科技 | 4 | 人形机器人 | | 双星新材 | 3 | 基础化工 | | 舒华体育 | 3 | 体育产业 | | 冰轮环境 | 2 | 液冷+核聚变 | | 航天科技 | 2 | 商业航天+卫星导航 | | 厦门港务 | 2 | 港口物流 | | *ST钢昌 | 2 | 商业航天 | | 南矿集团 | 2 | 黄金 | | 西部材料 | 2 | 商业航天+可控核聚变 | | 精艺股份 | 2 | 铜 | | 顺灏股份 | 2 | 商业航天 | | 闽发铝业 | 2 | 铝 | | 福建金森 ...

中国创新药产业经过多年在研发、监管、资本和供应链上的厚积薄发，正以不可忽视的姿态站上全球舞台中央。中国创新药从"快速追随 者"向"首创者"的艰难攀登，已演变为不可逆的新浪潮。国际顶级财经媒体《经济学人》敏锐地捕捉到这一趋势，指出中国创新药正处于全球 化的"临界点"。 这一判断背后，是实打实的数据与市场表现：中国在全球临床试验和对外授权许可交易中的占比显著攀升；过去一年，中国生物科技企业的股 价涨幅甚至大幅超越美国同业；而中国上市生物科技企业的总市值尚不足美国同类的15%，授权交易价值也显著低于全球平均水平——这被国 际资本视为一个"历史性的投资契机"。 谈及这一现实情况的转变，摩根大通亚太区医疗健康投资银行主管、中国投资银行联席主管刘伯伟在接受21世纪经济报道记者专访时也坦言， 对于引进早期创新管线，跨国药企的"中国采购"倾向愈发明显。 记者丨季媛媛编辑丨张伟贤 过去一个世纪，全球生物医药创新的版图长期由跨国药企主导。然而，这一格局正在发生深刻的结构性变化。 刘伯伟分享了一个极具说服力的案例：一家大型MNC的CFO曾坦言，如果在中国采购同一管线的成本仅为美国的30%～40%，且可能获得更优 的效果，他们必然选 ...

此外针对目录动态调整中的衔接问题，政策明确过渡期安排，未成功续约被调出目录的协议期内谈判药 品，给予其6个月的过渡期，2026年6月底前医保基金可按原支付标准继续支付。 据了解，奥壹新是具有自主知识产权、全新分子实体、活性显著的口服的第三代EGFR-TKI。目前已获 批两项肺癌适应症，实现对不同治疗阶段患者的精准覆盖，作为结构差异化的新型第三代EGFR-TKI， 奥壹新不仅具备强效的肿瘤抑制活性，更在临床中展现出突出的脑转移治疗优势——这对肺癌患者至关 重要，因为脑转移是EGFR突变NSCLC患者常见的转移部位，也是影响患者生存期与生活质量的重要因 素。临床研究证实，奥壹新在延长患者无进展生存期的同时，能有效提升生活质量，为肺癌慢病化管理 提供有力支撑。 12月7日，国家医保局发布《国家基本医疗保险、生育保险和工伤保险药品目录》以及《商业健康保险 创新药品目录》(2025年)。据统计，本次医保目录调整共有114种药品新增进入、29种药调出，另有18 家企业的19种药品进入商保创新药目录，并决定于2026年1月1日起正式执行，这也是医保目录调整中首 次同步推出商保创新药目录，形成基本医保与商业健康保险协同保障创 ...

Core Insights - The 2025 Innovation Drug High-Quality Development Conference will be held on December 7 in Guangzhou, where the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory will be released, including the long-acting growth hormone Yipeisheng developed by TEBIO [1] Group 1: Product Development and Market Impact - Yipeisheng is the first globally approved Y-type 40kD polyethylene glycol long-acting growth hormone, reducing the injection frequency from daily to weekly, significantly alleviating the psychological burden on children [2] - The product is preservative-free and features a "single-use" design, greatly reducing the risk of microbial contamination and cross-infection [2] - The accompanying smart electronic injection pen "Yushida" addresses children's fear of injections with an innovative needle-hidden design, allowing for self-administration by older children and enhancing treatment adherence [2] Group 2: Social Responsibility and Public Health - TEBIO is actively engaged in social responsibility through donations to the "Little Bamboo Shoot" children's health care project, focusing on early screening, diagnosis, and standardized treatment of growth disorders [3] - The inclusion of Yipeisheng in the national medical insurance directory is expected to significantly improve accessibility to this innovative drug, reducing the economic burden on families and promoting sustainable treatment options for children's growth disorders [3]

Investment Rating - The report rates multiple companies in the healthcare sector as "Outperform," including BeiGene, China Resources Pharmaceutical, JD Health, Innovent Biologics, WuXi Biologics, and many others [1]. Core Insights - The Hong Kong healthcare sector has shown resilience, with the Hang Seng Healthcare Index gaining 72.2% year-to-date, outperforming the Hang Seng Index by 41.1 percentage points [4][28]. - The implementation of the "dual catalogs" for basic medical insurance and commercial insurance is expected to support innovation in the pharmaceutical sector, with 114 new drugs added to the basic medical insurance catalog and a success rate of 88% [5][30]. - The report highlights the strong performance of the pharmaceutical distribution and CXO sectors, with respective gains of 2.0% and 1.7% in the past week [15][29]. Summary by Sections Market Performance - The Hang Seng Healthcare Index fell by 0.7% in the week of December 1-5, 2025, underperforming the Hang Seng Index by 1.6 percentage points [4][28]. - The pharmaceutical distribution sector and CXO services performed well, with increases of 2.0% and 1.7%, respectively [15][29]. Drug Catalog Implementation - The "National Basic Medical Insurance Catalog" and the first edition of the "Commercial Insurance Innovative Drug Catalog" were released, with 114 new drugs added to the basic insurance catalog [5][30]. - The commercial insurance catalog includes 19 innovative drugs, emphasizing support for innovation and addressing the needs of the elderly and children [13][30]. Company Highlights - Notable companies that performed well include Jinxin Fertility (+7.5%), Harbour BioMed-B (+5.3%), and WuXi Biologics (+4.7%) [15][29]. - The report suggests increasing focus on companies with strong performance certainty in the CXO sector and those with stable long-term demand in medical services [15][29].

Group 1 - The core viewpoint of the news highlights the performance of the Traditional Chinese Medicine (TCM) sector, with the Zhongzheng TCM Index experiencing a slight decline of 0.28% as of December 8, 2025, while individual stocks showed mixed results, with Kangyuan Pharmaceutical leading with a gain of 1.71% [1] - The recent release of the new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the first Commercial Health Insurance Innovative Drug Catalog (2025), marks the 8th adjustment since the establishment of the National Medical Insurance Bureau, adding 114 new drugs, including 6 TCM products [1] - The Zhongzheng TCM Index includes companies involved in TCM production and sales, reflecting the overall performance of TCM-related listed companies [2] Group 2 - Huafu Securities recommends focusing on innovative drugs, particularly those with revenue and commercialization capabilities, as well as exploring potential big business development opportunities in the biotech and pharmaceutical sectors [2] - The medical device sector is expected to experience a policy turning point, with stock prices, valuations, and configurations at a low point, indicating a potential fundamental turnaround [2] - The TCM ETF closely tracks the Zhongzheng TCM Index, with the top ten weighted stocks accounting for 54.79% of the index, including notable companies such as Yunnan Baiyao and Tongrentang [2]

中信建投证券认为，考虑到2026年产业景气预期，创新药有望成为跨年行情主要上涨方向。中长期逻辑 上，中国医药产业已迈入"创新兑现+全球布局"的关键阶段，人口与内需基数、全产业链制造能力构成 核心支撑，创新药长期产业趋势具备高度确定性。 把握港股创新药低吸窗口期，重点关注同类最大港股通创新药ETF（520880）及其场外联接基金 （025221），标的指数恒生港股通创新药精选指数具备三大独特优势：其一，纯粹，全面。不含 CXO，纯正创新药！全面覆盖创新药研发类公司；其二，龙头占比大。前十大创新药龙头权重超72%， 表征创新药硬核力量；其三，风险更可控。对流动性较差的成份股强制降权，有力管控尾部风险。 （文章来源：每日经济新闻） 12月8日，创新药震荡磨底，个股跌多涨少，港股通创新药ETF（520880）超7成仓位押注创新药龙头 股，场内价格现跌1.08%，盘中持续宽幅溢价，实时溢价率超0.5%，显示买盘资金态度强势。自9月初 至今，港股创新药板块回调幅度已超17%，前期高位风险得以充分释放。分析指出，当下或是中长期维 度配置创新药核心资产的较佳时机。 信达证券指出，12月7日国家医保局发布首版"医保+商保双目录 ...

Group 1: Investment Opportunities in New Energy - The new energy sector is experiencing structural opportunities, driven by global carbon neutrality goals, with strong growth resilience observed in the photovoltaic, energy storage, and electric vehicle industries [1] - The photovoltaic industry is shifting its focus from maximizing conversion efficiency to reducing levelized cost of electricity, with perovskite battery commercialization potentially reshaping the competitive landscape [1] - The energy storage sector is diversifying in technology routes, with flow batteries showing potential for long-duration storage applications and sodium-ion batteries gaining attention as a resource-constrained alternative [1] - The value focus in the electric vehicle supply chain is shifting from vehicle manufacturing to intelligent components and automotive-grade chips, marking the onset of the software-defined vehicle era [1] Group 2: Digital Economy and AI - The deepening development of the digital economy is creating new investment dimensions, with breakthroughs in artificial intelligence technology reshaping production methods and business models across various industries [3] - The rapid application of generative AI in vertical industries such as finance, healthcare, and manufacturing is creating urgent demands for intelligent transformation, favoring companies with industry know-how and technological implementation capabilities [3] - The industrial internet is becoming a key vehicle for the integration of the digital economy and the real economy, with platform development and data value extraction driving the transformation and upgrading of the manufacturing sector [3] - The cultivation of a data factor market is generating growth momentum for niche areas such as data security and privacy computing [3] Group 3: Consumer Market Trends - The structural upgrade and innovative transformation of the consumer market are giving rise to new investment opportunities, with a parallel development of high-end and cost-effective products under the trend of consumption stratification [3] - Emerging sectors such as health consumption, the silver economy, and national trend culture are showing robust vitality, with innovative business models that meet personalized and experiential demands continuously emerging [3] - Upgrades in flexible production and intelligent manufacturing are enhancing industry efficiency, while the globalization of cross-border e-commerce is creating new opportunities for Chinese brands to expand overseas [3] - The investment logic in the consumer sector is shifting from traffic-driven to value creation, with companies focusing on product strength and user experience expected to gain long-term development space [3] Group 4: Healthcare Industry Innovations - The healthcare industry is experiencing sustained growth driven by accelerated population aging and increased health awareness [4] - Differentiated R&D strategies in the innovative drug sector are yielding significant results, with therapies based on cutting-edge technologies like gene editing and cell therapy gradually moving towards clinical application [4] - The domestic substitution process in medical devices is accelerating, with a number of internationally competitive companies emerging in high-end imaging equipment and in vitro diagnostic reagents [4] - The modernization and internationalization of traditional Chinese medicine are encountering new opportunities, with the secondary development of classic formulas and the global dissemination of Chinese medicine culture opening new blue oceans for the industry [4] - Investment in the healthcare sector is evolving from single project investments to the construction of industrial ecosystems, with collaborative development of the innovation chain becoming key to enhancing investment value [4]