全国药品监督管理工作会议1月6日至7日在北京召开。会议提出积极支持医药产业发展提质增效。全面 深化药品监管改革，落实对重点品种实行"提前介入、一企一策、全程指导、研审联动"的要求，支持医 药研发创新，推动中药守正创新发展，支持医疗器械高水平自立自强，促进美丽经济发展壮大。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 渤海证券分析师侯雅楠表示，2025年我国创新药对外授权交易总金额超过1300亿美元，授权交易数量超 过150笔，创历史新高；我国在研新药管线约占全球30%，位列全球第二。我国创新药产业趋势延续， 坚定看好我国创新药产业链长期发展空间。另外，2026年JPM医疗健康大会将于1月12-15日在美国旧金 山举行，建议关注相关企业的战略布局进展，建议把握创新药、CXO及生命科学上游等相关产业链投 资机遇。 ...

证券研究报告：医药生物|行业周报 发布时间：2025-12-15 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 8280.55 | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6764.34 | 行业相对指数表现 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 21% 2024-12 2025-02 2025-05 2025-07 2025-09 2025-12 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:徐智敏 SAC 登记编号:S1340525100003 Email: xuzhimin@cnpsec.com KT-621（抑或说 STAT6 PROTAC）的成药目标是成为"口服的 Dupi"。 因此对于 STAT6 PROTAC 赛道的投资核心判断在于：现有的数据有效 性和安全性是否足以支撑媲美 Dupi 的潜力。从 KT- ...

创新药ETF国泰（517110）跟踪的是SHS创新药指数（931409），该指数覆盖A股和港股通中涉及化学 药、生物药等领域的研发及生产企业的证券，聚焦具有高成长性和研发驱动性的创新药产业。指数成分 股横跨沪、深、港三地市场，旨在反映创新药相关上市公司证券的整体表现。 信达证券指出，南北方省份流感活动持续上升，主要流行株为甲型H3N2，南方省份哨点医院报告的 ILI%为7.8%，北方省份为8.6%，均高于前一周及2022年、2024年同期水平。短期建议关注流感疫苗、 流感用药、呼吸道检测及用药终端等细分方向；长期建议回归创新主线，布局高端医疗器械、CXO及 生命科学上游产业链、创新药等领域。化学制药板块本周表现突出，收益率达4.19%。此外，美国医保 谈判结果公布，15款重磅药物降价幅度最高达85%，预计2027年生效后将节省120亿美元。 （文章来源：每日经济新闻） ...

来源：视频滚动新闻 12月3日，港股创新药板块延续调整，龙头股集体下跌，港股通创新药ETF（520880）跌逾1%，连续4 日下跌，但场内宽幅溢价，买盘资金相对强势。12月2日中国药品价格登记系统上线，利于创新药全球 市场发展。分析认为2026年创新药产业趋势不变，调整后释放弹性空间。投创新药可首选港股通创新药 ETF（520880）及其场外联接基金（025221），其标的指数有三大优势。截至11月30日，该ETF规模 21.42亿元，上市以来日均成交4.58亿元。同时提示投资风险。(AI生成) ...

Group 1 - The Chinese innovative pharmaceutical industry has developed global competitiveness over the past decade, with collaborations from overseas MNCs validating the R&D capabilities of domestic companies, indicating a positive long-term industry trend [1] - There is a significant supply-demand mismatch in the self-medication drug sector, with only 9% market share for oral drugs for psoriasis in 2023, while 75% of patients have a demand for transitioning to oral therapies; it is expected that the share of oral drugs will increase to 33% by 2034 [1] - New molecular entities (NME) such as Tyk2 inhibitors are noteworthy due to their superior efficacy and safety [1] Group 2 - The medical device sector is showing signs of a turning point due to improved anti-corruption measures, optimized centralized procurement policies, and the availability of funding for equipment purchases, presenting opportunities for high-growth segments and companies in distress [1] - The CXO industry is benefiting from the overseas interest rate reduction cycle and the recovery of domestic innovative drugs, establishing a trend of bottom recovery with impressive profit performance [1] Group 3 - The Guotai Healthcare ETF (159377) tracks the innovative pharmaceutical index (399275), which saw a daily fluctuation of 20%; this index selects listed companies involved in biomedicine, medical devices, and related services from the ChiNext market to reflect the overall performance of the healthcare industry [1] - The innovative pharmaceutical index covers areas such as innovative drug R&D, biotechnology, and medical device manufacturing, highlighting the high growth potential and innovation capability of the healthcare industry in China [1]

Group 1 - The Hong Kong stock market's pharmaceutical sector has seen significant investment interest this year, particularly in the innovative drug segment, with the Hong Kong Stock Connect Innovative Drug ETF (Southern, 159297) showing remarkable performance [1] - As of November 11, the scale of the Hong Kong Stock Connect Innovative Drug ETF (Southern, 159297) increased from 335 million to 1.355 billion, reflecting a growth rate exceeding 300%, indicating strong market recognition of the long-term value of the innovative drug sector [1] - The ETF closely tracks the National Index of Hong Kong Stock Connect Innovative Drugs, which includes leading companies like BeiGene, Innovent Biologics, and CanSino Biologics, enhancing its representation of the innovative drug industry [1] Group 2 - The innovative drug industry is crucial for advancing medical progress and improving human health, with companies categorized into two types: pure Biotech firms and BioPharma companies [2] - As of mid-2025, over 70% of Biotech companies are expected to achieve positive revenue growth, with approximately 66% surpassing 100 million in revenue, and nearly 15% exceeding 1 billion [2] - China's BioPharma sector is transitioning from single R&D to full industry chain integration, becoming a significant player in the global biopharmaceutical field, with a notable increase in overseas licensing amounts exceeding 92 billion in the first three quarters of 2025 [2] Group 3 - Looking ahead, the innovative drug sector is expected to maintain its momentum despite recent sentiment fluctuations, with ongoing business development (BD) activities supporting sustained industry vitality [3] - The trend of "innovation + internationalization" in the innovative drug industry remains unchanged, with improved fundamentals observed in the industry chain, including positive trends in financing data, orders, and performance [3]

Group 1 - The core viewpoint indicates that the innovative drug sector is experiencing fluctuations, with the Medical Innovation ETF (516820.SH) down by 1.05% in early trading on November 11. Some constituent stocks showed mixed performance, with Haikang (002653) leading gains at 0.84% and Kanglong Chemical (300759) leading losses at 2.36% [1] - The Medical Innovation ETF has seen continuous net inflows over the past six days, with a maximum single-day net inflow of 44.28 million yuan, totaling 74.16 million yuan, and an average daily net inflow of 12.36 million yuan [1] - The negotiation for the 2025 National Basic Medical Insurance Drug Catalog and the price negotiation for commercial insurance innovative drug catalog has been completed, with 120 domestic and foreign companies participating, including 127 off-catalog drugs in the basic medical insurance drug catalog negotiations and 24 drugs in the commercial insurance innovative drug catalog price negotiations [1] Group 2 - Recent developments in innovative drug business development (BD) have led to rapid advancement in overseas Phase III clinical trials, with a recovery in sentiment within the innovative drug sector. The industry trend remains unchanged, and after a short-term adjustment, the sector's elasticity has further increased [2] - There is a positive trend observed in investment and financing data, orders, and performance within the innovative drug industry chain, indicating a recovery in the sector [2] - The expectation of interest rate cuts in the U.S. is likely to enhance global liquidity and the trend of technology stocks, providing an opportunity for investors who missed the initial rally in the pharmaceutical sector to invest in core pharmaceutical assets through the Medical Innovation ETF (516820) [2]

Core Viewpoint - The innovative drug sector continues to experience a downward trend, with the Sci-Tech Innovation Drug ETF (589720) declining nearly 15% over the past two months, despite recent capital inflows indicating potential buying opportunities [1]. Group 1: Market Performance - The Sci-Tech Innovation Drug ETF has seen a net inflow of over 260 million yuan in the last five days and over 350 million yuan in the last ten days, suggesting investor interest during the pullback [1]. - The recent sentiment in the innovative drug sector has declined, but the ongoing business development (BD) activities indicate that the sector's overall health remains sustainable [1]. Group 2: Industry Trends - The trend of "innovation + internationalization" in the innovative drug industry remains unchanged, with expectations for increased elasticity in the sector following the short-term adjustments [1]. - The Sci-Tech Innovation Drug ETF focuses on innovative drug companies listed on the Sci-Tech Innovation Board, tracking a representative index of 30 high-quality companies, primarily in the high-growth biotech sector [1].

Overall Situation - The pharmaceutical sector experienced a revenue decline of 2% and a net profit drop of 1% in the first three quarters of 2025, with a further decline in net profit of 3% in Q3 2025 [1][2] - The innovative drug segment showed strong revenue growth in Q3 2025, particularly in Bio-Pharma, CXO, and upstream sectors, while overall revenue growth has remained flat or slightly declining since Q1 2023 [1][3] Performance by Sub-Sectors - **Pharma**: Revenue decreased by 1% YoY in Q3 2025, with a significant drop in net profit by 13% [2] - **Bio-Tech**: Revenue surged by 61% YoY in Q3 2025, indicating strong performance despite a net profit decline of 32% [2] - **Bio-Pharma**: Revenue growth of 18% YoY in Q3 2025, with net profit increasing by 151% [2] - **CXO**: Revenue growth of 10% YoY in Q3 2025, with net profit up by 51% [2] - **Upstream**: Revenue increased by 13% YoY in Q3 2025, with net profit rising by 49% [2] - **Medical Devices**: Revenue grew by 11% YoY in Q3 2025, while net profit increased by 8% [2] - **IVD**: Revenue declined by 11% YoY in Q3 2025, with a net profit drop of 17% [2] - **High-value Consumables**: Revenue growth of 8% YoY in Q3 2025, with net profit up by 3% [2] - **Low-value Consumables**: Revenue decreased by 6% YoY in Q3 2025, with a net profit decline of 19% [2] Future Outlook - **Innovative Drugs**: Q3 2025 is expected to be the most challenging quarter for many Pharma companies, but upcoming clinical data releases and new drug approvals in 2026 are anticipated to drive revenue and profit growth [3] - **CXO**: The sector is expected to recover, with external demand for CDMO services improving and domestic CRO demand stabilizing [5] - **Upstream Research Services**: Revenue growth is expected to continue as industry demand accelerates [6][7] - **Medical Devices**: The sector is projected to see continued improvement in Q4 2025, with inventory levels returning to normal and potential growth in high-value products [8] Investment Insights - The focus is shifting back to the fundamentals of the innovative drug industry, with a need for tangible actions from multinational corporations (MNCs) to validate their partnerships [4] - Investment opportunities may arise from companies with strong collaborations with MNCs, as their clinical pipelines gain recognition and valuation [4] - A diversified index-based approach is recommended for participating in the pharmaceutical sector, with specific ETFs focusing on innovative drugs and medical devices [9][10]

Core Viewpoint - Wang Guobin, the general manager and founder of Quan Guo Fund Management Co., Ltd., has passed away, and the chairman, Ren Li, will take over his responsibilities [1][4]. Group 1: Company Overview - Quan Guo Fund was established in 2022, and as of November 3, 2025, it has a fund management scale of 23.787 billion yuan, with six funds under management and five fund managers [5]. - Wang Guobin held a 35% stake in Quan Guo Fund and was also a representative of the Shanghai Municipal People's Congress [1][4]. Group 2: Wang Guobin's Background - Wang Guobin previously worked at Dongfang Securities, where he served as the general manager of the securities investment business headquarters and vice president [3]. - In 2005, he founded Dongfang Hong Asset Management, which became the first broker-based asset management company in China to obtain a public fund license in 2010 [4]. Group 3: Industry Insights - Wang Guobin highlighted that China has become one of the fastest-growing economies in terms of innovation over the past decade, driven by the maturation of the post-80s and post-90s generations [4][5]. - He emphasized the advantages of China's large population and engineering talent, with nearly 20 million graduates annually, predominantly engineers, which supports potential innovation [5].