一、当周（10.13-10.17）回顾与周专题： 药、海正药业、丽珠集团、海思科、华东医药、恒瑞医药、康哲药业、信立泰、华海药业、远大医药。 E、国内超卖： 华领医药、云顶新耀、兴齐眼药、艾迪药业、贝达药业、艾力斯。 当周（10.13-10.17）申万医药指数环比-2.48%，跑赢创业板指数，跑输沪深300 指数。本周周报，我们 探讨了广生堂GST-HG131 和GST-HG141 两药未来潜力。 二、近期复盘： 1、当周表现：本周市场整体宽幅波动震荡，银行煤炭领涨，医药和市场走势类似。医药看结构，A 股 调整幅度较大的辨识度创新药标的反弹幅度不错；其他表现好的基本上都是个股逻辑，有业绩、ESMO 数据等催化。 2、原因分析：本周因地缘担忧市场进入宽幅震荡期，风格有所切换。医药中A 股调整幅度较大的辨识 度创新药标的反弹幅度不错。我们认为主要原因是产业逻辑没有任何变化，在消化了部分交易层面问题 后，随时会回到产业逻辑演绎上，这段时间市场因地缘担忧和调整需求整体失去明确主线和方向，这样 调整比较多的并且产业逻辑顺畅的A 股创新药就成了承接方向，表现不错。近期，我们感受到了市场很 多非理性的认知和悲观，筹码结构在 ...

Group 1: Market Overview - A-shares experienced slight fluctuations with major indices including Shanghai Composite, Shenzhen Component, ChiNext, and Sci-Tech 50 showing minor gains [2] - Sectors such as insurance, coal, communication equipment, and pharmaceutical biology led the gains, while wind power equipment, aerospace equipment, new metal materials, and diversified finance faced declines [2] Group 2: Coal Sector - The coal sector saw a collective surge, with the index initially rising nearly 3%, reaching a new high for the year [3] - Major companies like Daqo Energy and Baotailong hit their daily price limits, with significant gains also seen in Antai Group and Yanzhou Coal [3] - A strong cold front has led to a temperature drop exceeding 10°C in northern regions, prompting heating supply activation and coal stockpiling [5] - The annual long-term contract prices for various coal grades have increased by 2 CNY per ton compared to the previous month [5] - In September 2025, China imported 46.03 million tons of coal, marking a year-to-date high [5] - Guosen Securities noted that post-holiday coal prices rebounded, indicating tightening supply expectations and potential profit improvements for coal companies [5] Group 3: Pharmaceutical Sector - The pharmaceutical sector continued to strengthen, with sub-sectors like chemical pharmaceuticals, biological products, innovative drugs, and immunotherapy showing significant gains [6] - Hong Kong's pharmaceutical stocks also surged, with major indices related to pharmaceuticals leading the gains [8] - The Hong Kong Stock Exchange has seen a wave of IPOs in the pharmaceutical sector, with 18 companies raising approximately $3 billion this year, the highest globally [8] - Upcoming major events such as the ESMO conference and the American Society of Hematology annual meeting are expected to generate excitement around innovative drug data and business development opportunities [8] - Guosheng Securities highlighted that the second wave of the innovative drug industry is just beginning, with a focus on "disruption" and potential opportunities in the fourth quarter [8]