中金主要观点如下： 政策支持中医药行业发展 2021年1月，国务院办公厅发布《关于加快中医药特色发展的若干政策措施》，该行认为政策对中医药 发展支持力度不断加大，中医药服务体系有望不断完善。"十五五"规划方面，政策有望推动中医药进一 步发展。公司在中药产业链有良好布局，业务正处于调整期。2024-2026年受配方颗粒集采等政策影 响，该行预计公司主营业务处于调结构时期，公司正在进行营销改革和业务再梳理，推进各个板块协同 发展。 加强科技创新体系建设 目前，公司为了应对集采和医保控费等行业政策，挖掘内生潜力，重点围绕中药创新药与中成药二次开 发，稳步推进中药各个板块协同发展。该行认为研发有望提升公司学术竞争力以及加强新产品储备能 力。 智通财经APP获悉，中金发布研报称，再次覆盖中国中药(00570)给予中性评级，目标价2.40港元，对应 26/27年34.5/16.3倍。目前，公司已构建起以中药配方颗粒为核心，涵盖中药材生产、中药饮片、中成 药和中医药大健康产品的布局。长期以来国药集团通过兼并收购助力其打通全产业链。 市场担忧集采导致盈利下降，该行认为公司正在积极加强营销改革和循证医学研究，长期看费用率可 控 ...

"十四五"以来，简阳市坚持以人民健康为中心，持续深化医药卫生体制改革，着力推动优质医疗资源扩容下沉与 均衡布局，在服务能力、体系效能和健康保障等方面取得扎实进展，为建设以人为核心的现代化港产城乡融合示 范城市奠定了坚实的健康基础。 基层服务能力切实增强 群众就医更便捷可及 未来，简阳市将持续筑牢公共卫生安全网底，推进紧密型医共体建设和重大医疗项目落地见效。以智慧医疗和中 医药发展为双引擎，进一步推动优质医疗资源下沉，提升县域防、治、康、管综合服务能力，构建更为优质、均 衡、高效的整合型健康服务体系，不断增强人民群众的健康获得感。（简阳融媒供图）（中国发展网） 急危重症救治能力突破 生命防线更加牢固 2025年10月，简阳市人民医院运用VA-ECMO（静脉-动脉体外膜肺氧合）技术，成功救治一名因暴发性心肌炎导 致心源性休克、生命垂危的43岁患者，标志其急危重症综合救治能力迈上新台阶。作为县域医疗核心机构，简阳 市人民医院已构建包含创伤、胸痛、卒中、危重孕产妇和危重新生儿救治中心的急诊急救体系，并加入国家创伤 救治联盟。简阳市智慧急救网络高效运转，2025年120急救平均3分钟出车率达98.24%，院前院内协同实 ...

香港特区政府医务卫生局局长卢宠茂表示，中医药是中华优秀传统文化的瑰宝，也是香港医疗体系的重 要组成部分。"特区政府将继续积极与业界携手推动中医药发展，有序落实蓝图的各项建议，为市民提 供全面且优质的中医药服务，同时发挥香港背靠祖国、联通世界的独特优势，助力国家推动中医药走向 世界。"卢宠茂说。 明确定位 蓝图的5大领域分别为中医服务、中医专业、中药发展、传承文化、走向世界；8大目标包括优化卓越临 床服务、建跨专业服务体系、引领中医专业发展、提升中药质量水平、助建中药国际标准、驱动科研产 业创新、弘扬中医中药文化、助力中医药"走出去"；20项行动则包括确立中医药服务于医疗系统的定 位、通过科技赋能中医药服务升级、建设更全面中医人才培养体系等。 其中，蓝图将优化中医临床服务列为首要目标，明确中医药在香港医疗体系中的定位，突出其优势领 域。具体行动包括研究制订中医药疗效显著的优势病种清单、制订具有中医药特色的临床指引、支持中 西医临床大数据研究等。 "目前我们已制订覆盖中风康复、膝骨关节炎、慢性疼痛等23个中医药优势病种，未来将逐步增加更多 优势病种，让市民在社区就能便捷获取针对性中医药服务。"香港特区政府中医药发 ...

【《郑州市中医药发展促进条例》全文公布】郑州市人民代表大会常务委员会公告，《郑州市中医药发 展促进条例》已经郑州市第十六届人民代表大会常务委员会第二十三次会议于2025年10月29日审议通 过，河南省第十四届人民代表大会常务委员会第二十一次会议于2025年12月4日审查批准，现予公布， 自2026年3月1日起施行。条例提出：支持建设区域中药制剂中心，推动区域中药制剂规模化、标准化发 展。支持医疗机构成立中医药大健康产品转化平台，发挥专业优势，开发食疗养生、文化创意、卫生保 健等产品，提供中医药健康服务。鼓励中医医疗机构运用人工智能等现代信息技术，依法提供中医远程 医疗、移动医疗、智慧医疗等线上线下一体化医疗服务。鼓励职业院校开设中医药专业课程，建设中医 药实践教学基地，培养中医药技能人才。鼓励社会力量通过捐赠、资助、投资等方式参与中医药发展。 提供中医养生保健服务的非医疗机构及其人员，不得开展中医医疗活动，不得进行带有中医医疗性质的 宣传，不得假借中医药理论和术语开展虚假宣传，欺骗和误导消费者，牟取不正当利益。 ...

Core Viewpoint - The Hong Kong government has officially released the "Traditional Chinese Medicine Development Blueprint," which aims to promote comprehensive, high-quality, and high-level development of traditional Chinese medicine (TCM) in Hong Kong [1][2] Group 1: Development Goals - The blueprint includes eight goals, such as optimizing clinical services, establishing a cross-professional service system, and leading the development of TCM professionals [1][2] - Goals also focus on enhancing the quality of Chinese medicine, establishing international standards, driving research and innovation, promoting TCM culture, and facilitating the global outreach of TCM services [2] Group 2: Industry Outlook - CITIC Securities indicates that the short-term pressure on the Chinese medicine industry is expected to ease, with channel inventory clearing accelerating and demand expected to recover by year-end [1][3] - Huajin Securities emphasizes the importance of the "premium + innovation" strategy in the Chinese medicine sector, highlighting the strong brand effect and pricing power of premium Chinese medicine products [3] Group 3: Company Highlights - China Traditional Chinese Medicine (00570) reported a revenue of approximately 7.46 billion RMB for the first half of 2025, a year-on-year decrease of 11.0%, with a gross profit of about 3.63 billion RMB, down 10.5% [5] - Tong Ren Tang (03613) is a historic brand in the Chinese medicine industry, producing over 400 types of traditional Chinese medicine products [6] - Guo Sheng Tang (02273) is actively expanding its presence in Singapore through a strategy of mergers, partnerships, and self-built initiatives [6] - Baiyunshan (00874) reported a revenue of 61.606 billion RMB for the first three quarters of 2025, an increase of 4.31% year-on-year, with a net profit of 3.31 billion RMB, up 4.78% [6]

Core Viewpoint - The Hong Kong government has officially released the "Traditional Chinese Medicine Development Blueprint," aiming to promote comprehensive, high-quality, and high-level development of traditional Chinese medicine (TCM) in Hong Kong, encompassing five areas, eight goals, and twenty actions [1][2]. Group 1: Development Goals - The eight goals include optimizing clinical services, establishing a cross-professional service system, leading the development of TCM professions, enhancing the quality of TCM, building international standards for TCM, driving research and innovation in the industry, promoting TCM culture, and facilitating the global outreach of TCM [1][2]. - The government aims to enhance the quality of TCM services and integrate them into the healthcare system, thereby improving public health and establishing Hong Kong as a bridge for TCM to the world [2][3]. Group 2: Industry Outlook - CITIC Securities indicates that the short-term pressure on the TCM industry is expected to ease, with channel inventory clearing accelerating, and anticipates a demand rebound by year-end, along with opportunities for fundamental and valuation improvements [1][3]. - Huajin Securities emphasizes the importance of the "premium + innovation" strategy in the TCM sector, highlighting that premium TCM products possess significant medical value and consumer attributes, while innovative TCM is gradually entering a harvest period supported by favorable policies [3][4]. Group 3: Company Highlights - China Traditional Chinese Medicine (00570) reported a revenue of approximately 7.46 billion RMB for the first half of 2025, a year-on-year decrease of 11.0%, with a gross profit of about 3.63 billion RMB, down 10.5%, but with a gross margin of 48.7%, up 0.3 percentage points from the previous year [5]. - Tong Ren Tang (03613), a historic brand in the TCM industry, produces over 400 types of traditional Chinese medicine, covering various medical fields [5][6]. - Guo Sheng Tang (02273) is actively expanding its TCM services in Singapore through a strategy of mergers, partnerships, and self-built initiatives, including a recent joint venture with a digital healthcare platform [6]. - Baiyunshan (00874) reported a revenue of 61.606 billion RMB for the first three quarters of 2025, an increase of 4.31% year-on-year, with a net profit of 3.31 billion RMB, up 4.78% [6].

《蓝图》中指出中医药发展要以优化卓越临床服务为首要目标，确立中医药服务在医疗系统的明确定 位，其中要突出优势领域并规划服务开展策略，例如设立跨领域论坛，制定中医药具有显著疗效的优势 病种清单。 特区政府中医药发展专员钟志豪表示，香港将建立健全中医药服务跨专业协作体系，制定清晰的临床指 引与转诊流程，深化中医与西医、康复治疗师等专业人员的协作互动，实现不同医疗机构间的资源共享 与无缝对接，推动中医药全面融入医疗系统及跨机构协作，为患者提供整合性、多元化医疗服务。 《蓝图》着重强调加强中医药在基层医疗中的核心角色。未来香港将进一步完善基层中医药服务网络， 推动中医药深度融入基层医疗体系。钟志豪介绍，构建全面中医药服务体系是核心举措，目前已明确覆 盖中风康复、膝骨关节炎、慢性疼痛等23个中医药优势病种，未来将逐步扩展至35个，让市民在社区就 能便捷获取针对性中医药服务。 除了中医药的定位，《蓝图》还提出，要引领中医专业发展，提升中医专业能力标准，建设涵盖院校教 育、毕业后培训及继续教育的多层次中医人才培养体系，打造高素质中医队伍。香港将充分发挥"超级 联系人"优势，助力中医药"走出去"，在全球推广香港中医药服务模式 ...

中医药赛道迎来重磅利好政策。 今日，香港特区政府正式发布《中医药发展蓝图》，其中涵盖5个领域、8个目标以及20个行动，推动香港中医 药全方位、高质量和高水平发展。特区政府医务卫生局局长卢宠茂表示，今天公布首份针对中医药的发展蓝 图，目标是利用中医药，令市民享受更优质、更全面的医疗服务，提升健康水平及享受更优质的服务，并建设 香港成为中医及中药走向世界的桥头堡。 有券商机构指出，中医药行业短期基数压力有望缓解，渠道库存加速出清，看好年底需求回暖，及后续基本面 和估值改善机会。 香港重磅发布 第二，建立跨专业服务体系。包括深化中医药服务跨专业协作机制，深度融入医疗系统与跨机构协作， 强化中医药在基层医疗的角色。 第三，引领中医专业发展。包括提升中医专业能力标准，建设更全面中医人才培养体系，赋能业界持续 推动中医药专业发展。 12月18日，香港特区政府发表《中医药发展蓝图》（以下简称《蓝图》），提出一个愿景，涵盖5个领域、8个 目标以及20个行动，其中五大领域分别为中医服务、中医专业、中药发展、传承文化及走向世界。八大目标包 括以下内容： 第一，优化卓越临床服务。包括确立中医药服务于医疗系统的定位，提升中医药服务质 ...

Core Viewpoint - The company announced a board meeting on November 12, 2025, to approve a donation proposal aimed at promoting traditional Chinese medicine development through collaboration with Shanghai University of Traditional Chinese Medicine [1] Group 1: Donation Proposal - The company plans to establish a scholarship named "Dong'e Ejiao Scholarship" at Shanghai University of Traditional Chinese Medicine, with a total funding of 750,000 yuan over five years, providing 150,000 yuan annually [1] - The proposal does not require shareholder meeting approval and does not involve related party transactions or major asset restructuring [1] Group 2: Financial and Operational Impact - The donation and collaboration are not expected to have a significant impact on the company's financials and operations [1]

Core Points - Hong Kong's first Chinese medicine hospital and government Chinese medicine testing center will officially begin phased services on December 11, 2023 [1][3] - The Hong Kong government will release the "Chinese Medicine Development Blueprint" by the end of this year, marking the first comprehensive plan for the short, medium, and long-term development of Chinese medicine in Hong Kong [1][3] Group 1 - The Chinese medicine hospital is funded and constructed by the Hong Kong government, which will provide subsidized services and be directly regulated by the Food and Health Bureau [3] - The hospital will be operated by Hong Kong Baptist University, reflecting the government's commitment to promoting the development of Chinese medicine [3] - The hospital aims to provide diverse and high-quality Chinese medicine services, with outpatient and day inpatient services in its first year, and will eventually have 400 beds, serving approximately 400,000 outpatient visits annually [3] Group 2 - The establishment of the hospital will create new opportunities for the development of Chinese medicine in Hong Kong, collaborating with three local universities that have Chinese medicine programs, the Hospital Authority, and 18 district Chinese medicine clinics and research centers [3] - The hospital will also support the national initiative to promote Chinese medicine globally, having already established strategic partnerships with hospitals and academic institutions in mainland China, Germany, and Australia [3]