出品｜搜狐财经 作者｜汪梦婷 编辑｜杨锦 2025年，A股总市值站上100万亿元的高峰，上证指数涨破4000点创下近十年新高。2026年A股市场又将如何演绎？哪些行业将孕育新的投资机遇？ 1月7日，创金合信全球医药生物（QDII）基金经理毛丁丁做客搜狐财经直播间，回顾了过去一年A股医药板块的结构性行情，并对2026年医药板块走势、投 资脉络进行了深度解析。 "2025年医药板块整体回暖，但结构性差异巨大。"毛丁丁分析指出，申万生物医药指数去年涨了约十个点，但仍跑输沪深300。创新药板块成为最大亮点， 而医疗器械、医疗服务等其他领域表现平平。 创新药板块的强势表现并非贯穿全年。毛丁丁指出，创新药主要在2025年3月至7月期间上涨，随后从9月开始持续回调至年底。这一调整主要由于二三季度 上涨过快、涨幅过大所致。 他分析道，恒生医疗保健、申万化学制药等代表性指数在去年8、9月份时，估值已超过历史估值中枢一倍标准差水平，需要时间消化前期涨幅。 搜狐财经《基金佳问》栏目特别推出"基遇2026"专题系列报道，复盘A股市场细分领域年内行情，展望及预测2026年各热门赛道的投资机遇，把握后市资产 配置的主逻辑，寻找具有投资潜 ...

12月31日，亿帆医药（002019）通过官方微信公众号披露核心经营数据，公司核心创新药亿立舒2025年 国内外累计发货量突破50万支，同比增幅超80%，放量趋势显著。其中，国内市场发货规模预计达到销 售里程碑条款的会计确认阈值，有望将对公司当期业绩形成实质性提振；海外市场方面，美国终端定价 达4600美元/支，发货量超4.6万支，国际化布局成效凸显。与此同时，公司另一款创新药易尼康同样表 现亮眼，2025年累计发货量实现同比超200%的高速增长，创新药管线多点开花的格局逐步成型。 2025年是中国创新药企全球化突围的关键之年，对外授权（BD）交易市场迎来爆发式增长，全年对外 授权总金额突破1000亿美元，首付款规模达81亿美元，印证中国创新药的全球临床价值与商业化潜力获 得国际市场高度认可，更成为中国医药产业从规模扩张的医药大国向创新驱动的医药强国加速转型的核 心注脚。 为统筹推进各事业部产品交易执行、跨境商务谈判、联盟生态管理及全球化与区域市场拓展等核心职 能，亿帆医药于2025年上半年正式组建全球BD中心。全球BD中心通过重塑BD业务定位、整合内外部 资源，强化战略合作纽带，旨在为亿帆医药持续引入高价值 ...

2025年11月，一则公告在资本市场激起波澜：信达生物被正式纳入恒生指数成份股。这不仅是市值的刻 度，更是一个标志性时刻——它成为港股18A制度实施以来，首家完成从Biotech（生物科技公司）向 Biopharma（生物制药公司）实质性跨越、并跻身蓝筹的中国创新药企。 这一跃迁，恰好为信达生物在财经网2025年度新消费·新经济评选中，荣获 "年度高质量发展上市企业" 称号，写下了最具说服力的注脚。 从"烧钱搞研发"到"以研发创造持续价值"，信达生物为中国创新药企证明了一条可持续的资本化路径。 与此同时，信达生物的营收和盈利增长也为公司可持续发展提供了坚实的基础。通过不断拓展创新产品 的市场空间，信达生物的收入从2019年的10亿元增长至2024年的94亿元，五年内增长了840%。预计 2025年，公司总收入将首次突破百亿元大关。 信达生物的十四年发展路径，生动诠释了本届评选"新潮涌动，价值共生"的主题在硬科技与资本市场的 交响："新潮"是前沿靶点与全球化合作模式的不断突破；"共生"则是企业成长与中国生物医药产业升 级、全球患者需求满足的深度绑定。 资本市场"加冕"：从"故事"到"资产"的价值重估 高质量发展 ...

2025年的中国创新药行业画卷，由一系列跃动的数字勾勒出其复苏的强劲脉搏：前三季度对外授权 （BD）交易总额已超920亿美元，全年17家医药医疗企业登陆港交所募资超250亿港元，活跃上市申请 中近60家来自该领域……经历数年资本寒冬与深度调整后，市场仿佛一夜之间"春暖花开"。 然而，这是否意味着周期调整的彻底终结？驱动此轮热潮的核心引擎是什么？进入2026年，趋势将如何 演进？热潮中又需警惕哪些"非理性繁荣"的暗流？ 同时，中国创新药企通过BD加速全球化，2024年完成94笔License-out（对外授权）交易，总金额达519 亿美元。而在2025年上半年交易额突破608亿美元，全年将刷新纪录。 其中包括恒瑞医药与GSK达成5 亿美元首付款+120亿美元潜在里程碑交易，百利天恒双抗ADC获BMS 8亿美元首付款，这显示出中国 创新药已经逐渐获得全球认可。 对此，德勤中国生命科学与医疗行业审计及鉴证主管合伙人母兰英在接受21世纪经济报道记者专访时表 示，当前回暖是行业价值理性回归与结构性能力提升的体现，但2026年的发展将更具"结构性"与"分化 性"。企业与投资者需穿透表象，抓住真正决定长期价值的"风向标"。 ...

这一跨越式发展的背后，是过去十年药监改革、创新创业生态培育与资本通道畅通的多重共振，更依托 于中国庞大的人口基数、高效的产业制造能力与突出的成本效益优势。 亮眼成绩之下，行业发展的挑战亦不容忽视。一方面，中国上市的生物科技企业（Biotech）总市值不 足美国同类企业的15%，授权预付款通常比全球同类交易低2/3，交易总金额约为全球平均水平的1/2； 另一方面，部分药企商业化能力薄弱，已成为制约其价值释放的重要因素。 2025年，中国创新药行业的成绩单已跃然纸上：生物医药市场规模居全球第二，在研创新药约占全球比 重达30%；创新资产的全球吸引力持续攀升，截至11月18日，国产创新药对外授权总金额突破千亿美 元，较2024年实现翻倍式增长。 权威期刊《经济学人》直言，中国创新药正处于全球化的临界点，"从中国临床试验到对外授权许可， 中国药企的全球占比都显著上升，过去一年中国生物科技企业的股价涨幅甚至远超美国同类企业，这都 说明过去一个世纪中全球生物医药创新的'西方主导'格局已经生变。" 在此背景下，价值重塑的序曲已然奏响，一批头部创新药企已率先蹚出进阶之路，向着全球价值链顶端 全速迈进。今年上半年迎来商业化进程 ...

21世纪经济报道记者 韩利明 2025年，中国创新药行业的成绩单已跃然纸上：生物医药市场规模居全球第二，在研创新药约占全球比 重达30%；创新资产的全球吸引力持续攀升，截至11月18日，国产创新药对外授权总金额突破千亿美 元，较2024年实现翻倍式增长。 权威期刊《经济学人》直言，中国创新药正处于全球化的临界点，"从中国临床试验到对外授权许可， 中国药企的全球占比都显著上升，过去一年中国生物科技企业的股价涨幅甚至远超美国同类企业，这都 说明过去一个世纪中全球生物医药创新的'西方主导'格局已经生变。" 这一跨越式发展的背后，是过去十年药监改革、创新创业生态培育与资本通道畅通的多重共振，更依托 于中国庞大的人口基数、高效的产业制造能力与突出的成本效益优势。 亮眼成绩之下，行业发展的挑战亦不容忽视。一方面，中国上市的生物科技企业（Biotech）总市值不 足美国同类企业的15%，授权预付款通常比全球同类交易低2/3，交易总金额约为全球平均水平的1/2； 另一方面，部分药企商业化能力薄弱，已成为制约其价值释放的重要因素。 在此背景下，价值重塑的序曲已然奏响，一批头部创新药企已率先蹚出进阶之路，向着全球价值链顶端 全速 ...

21世纪经济报道记者 闫硕 12月19日，石药集团（01093.HK）发布公告披露多个核心岗位人事调整，引发行业广泛关注。 公告显示，张翠龙因工作调动不再担任董事会副主席、首席执行官及授权代表，但仍将继续担任执行董 事。蔡磊获委任为副主席、执行董事、首席执行官及授权代表。魏青杰获委任为副主席、执行董事及首 席运营官。 石药集团于1994年在港交所上市，其母公司石药控股集团有限公司组建于1997年，产品涉及成药、原料 药、功能食品等三大板块。其中，成药板块聚焦肿瘤、精神神经、心血管、免疫和呼吸、代谢及抗感染 六大领域，在研创新药项目有200余个。 近些年受集采等因素影响，石药集团业绩持续承压。2025年前三季度，公司营收、净利延续去年的下滑 趋势。其中，营收实现198.91亿元，同比下降12.32%；扣非归母净利润为35.11亿元，同比下降7.06%。 值得注意的是，石药集团旗下石药创新（A股股票名称：新诺威）已于12月10日向港交所递交招股书。 在业绩承压与深度转型的关键节点，此次CEO换帅被业内视为公司应对行业变化、加速转型的重要举 措。 业绩持续下滑 对于业绩的下降，石药集团多次提及受集采等因素的影响。摩 ...

Core Insights - The year 2025 is viewed as the "globalization year" for China's biotech sector, with BD transaction volumes and values expected to significantly exceed those of 2024, prompting a reevaluation of innovative drug assets [1] Group 1: Industry Dynamics - Global recognition of asset quality: Multinational pharmaceutical companies are increasingly viewing China not just as a sales market but as a core source for R&D pipelines [1] - Reconstruction of cash flow models: Large upfront payments are improving the balance sheets of biotech companies, allowing them to maintain high R&D investments without relying on equity financing during capital downturns [1] - Establishment of differentiated competitive advantages: Chinese innovative pharmaceutical companies have formed a "group army" advantage in cutting-edge fields like bispecific antibodies and ADCs, demonstrating global Best-in-Class R&D capabilities [1] Group 2: Market Outlook - The understanding of BD transactions is shifting from "one-time income" to "long-term revenue sharing expectations," with industry valuation logic expected to transition from PS (Price-to-Sales) to PE (Price-to-Earnings) [1] - The current state of the innovative drug sector shows improving fundamentals due to the onset of the Fed's interest rate cut cycle, the confirmation of moderate domestic medical insurance negotiations, and the ongoing international expansion of innovative drugs [2] - Despite a significant rebound, the valuation of the innovative drug sector remains at historical low levels [3] Group 3: Future Catalysts - The market is expected to enter a stable upward channel characterized by dual increases in performance and valuation in 2026, with key catalytic phases identified [3] - The sentiment recovery phase (late December 2025 - January 2026) is anticipated to be marked by the J.P. Morgan Healthcare Conference, where numerous Chinese pharmaceutical companies are expected to disclose new clinical data and BD cooperation intentions [3] - The performance verification phase (Q1 - Q2 2026) will focus on two key indicators: whether BD upfront payments are recognized as revenue and the sales growth of core innovative drugs [3] - The valuation reshaping phase (second half of 2026) will see the first overseas Phase III clinical results from Chinese innovative drugs, potentially marking the emergence of China's first overseas marketed innovative drugs [4] Group 4: Investment Focus - The current adjustment in China's A-share and H-share innovative drug markets is nearly complete, with the industry at a historic turning point from "following innovation" to "global leadership" [4] - Future investment focus will be on leading innovative pharmaceutical companies with global intellectual property, differentiated clinical value, and strong cash flow, seizing historical opportunities for industrial upgrades and value reassessment [4]

Core Viewpoint - The establishment of the China Drug Price Registration System (China Drug Registration) aims to create a global drug pricing system, support the high-quality development of innovative drugs, and enhance the integration of China's pharmaceutical industry into international competition [1][4]. Group 1: Announcement and Implementation - The National Healthcare Security Administration (NHSA) and the Beijing Municipal Government jointly launched the China Drug Registration, providing a platform for drug price registration and inquiry services [3]. - The registration will initially focus on innovative drugs and gradually expand to other drugs, allowing pharmaceutical companies to self-declare prices while ensuring the authenticity of the information [3][5]. Group 2: Independence and Pricing Mechanism - China Drug Registration operates independently from provincial medical procurement platforms, ensuring that registered prices do not alter the pricing levels for insured and uninsured patients [5][6]. - The registration system allows for the disclosure of market prices, which can be used for international price comparisons, enhancing the competitiveness of Chinese pharmaceutical companies in the global market [6][7]. Group 3: Global Market Integration - The establishment of China Drug Registration facilitates the "going out" strategy for Chinese innovative drugs and attracts high-quality foreign drugs into the Chinese market [7][8]. - The system supports Chinese companies in gaining global market recognition and establishing international brand influence, which is crucial for their valuation and future research and development [7]. Group 4: Participation of Foreign Companies - The first batch of registered companies includes both domestic and foreign pharmaceutical firms, indicating a collaborative approach to enhance the availability of innovative drugs in China [8]. - The independent pricing mechanism of China Drug Registration is expected to attract multinational pharmaceutical companies to participate in national healthcare negotiations, thereby increasing the availability of innovative drugs in the Chinese market [8].

Core Points - The launch of the China Drug Price Registration System aims to facilitate the globalization of Chinese innovative drugs and attract high-quality foreign drugs to the Chinese market, benefiting patients in China [1][4] - The system operates under a "one location acceptance, nationwide sharing, global openness" service mechanism, allowing pharmaceutical companies to independently declare and register drug prices [1][4] - The establishment of this system fills a gap in the national-level drug pricing disclosure framework in China, enhancing the credibility of registered prices compared to provincial systems [5] Group 1: System Overview - The China Drug Price Registration System (China Drug Registration) was officially launched on December 2, providing a platform for drug price registration and inquiry [1] - The system is a collaboration between the National Healthcare Security Administration and the Beijing Municipal Government, operated by a state-owned enterprise under a socialized operation model [1][4] - The registration process allows drug market authorization holders to voluntarily declare prices and is open for public inquiry, ensuring transparency [5] Group 2: Industry Impact - The system is expected to significantly impact the high-quality development of the pharmaceutical industry in China, aligning with the country's goal of building a healthy China and supporting the development of innovative drugs and medical devices [3][4] - By providing a platform for global price registration, the system helps Chinese pharmaceutical companies establish a comprehensive global pricing framework, enhancing the modernization of drug price governance [4][5] - The system's independent operation from provincial procurement platforms allows for a clearer distinction between market prices and negotiated prices under healthcare insurance [4][5]