（原标题：在共识与非共识之间：操昭煦的医药选股逻辑与国际化布局） 就在这场跌宕起伏的行业变局中，泓德基金基金经理、医药组组长操昭煦，一位兼具科研背景与三轮牛 熊经验的"医药猎手"，正悄然布局。1月7日起发行且由他掌舵的泓德医药精选混合发起式基金，不仅是 对创新药未来空间的再次审视，更是对医药板块中那些"被遗忘的角落"与"低估的明天"的一次系统性发 掘。 在行业拐点若隐若现的今天，他的投资框架与产业洞察，或许能为仍在寻觅方向的投资者，提供一份不 一样的观察地图。 从科研界到投资界 操昭煦的毕业于北京大学生物科学专业，有五年的生命科学基础科研工作。这段经历，被他视为投资生 涯中"两端有用"的财富。 "科研背景在投研刚入行和多年后自身投资遇到瓶颈时这两端最有价值。"操昭煦在接受记者采访时坦 言。初入行时，对医药领域知识体系的系统性理解，帮助他迅速穿透专业壁垒。而随着投研经验的积 累，当信息看似平权、资料触手可及时，真正的前沿洞见却往往藏于产业深处、科学界内。"很多产业 内和科学前沿的东西，并不在网上，也不在投资圈内。" 他分享了一个典型案例：某国内细分领域龙头上市公司，在海外竞争对手专利到期、市场竞争格局看似 恶化 ...

Core Viewpoint - Changchun High-tech (000661) has seen a significant stock price increase following the announcement of a licensing agreement for the GenSci098 injection project, indicating a strategic move towards internationalization and diversification in its product offerings [1][2]. Group 1: Licensing Agreement Details - Changchun High-tech's subsidiary, Changchun Jinsai Pharmaceutical, has entered into an exclusive licensing agreement with Yarrow Bioscience, which includes an upfront payment of $120 million, with $70 million being non-refundable [1][2][3]. - The agreement allows Yarrow to develop and commercialize GenSci098 outside of China, while Changchun retains rights for development and commercialization within China [2][3]. Group 2: Financial Implications - The total potential milestone payments from the agreement could reach up to $1.365 billion, in addition to a sales commission exceeding 10% of net sales once the product is launched [3][4]. - The financial performance of Changchun High-tech has faced challenges, with a reported revenue decline of 7.55% and a net profit drop of 43.01% last year, primarily due to decreased sales of its short-acting growth hormone product [6][7]. Group 3: Strategic Focus and Market Position - Changchun High-tech is focusing on expanding its product lines beyond growth hormones, targeting areas such as pediatrics, women's health, and anti-aging [6][7]. - The company has increased its R&D investment by 17.32% year-on-year, indicating a commitment to innovation and product development [6][7]. - The company is also pursuing international market expansion, having submitted a listing application to the Hong Kong Stock Exchange to raise funds for global collaboration and development [7].

Core Insights - Fosun Pharma has successfully treated over 84 million severe malaria patients in Africa with its artemisinin-based products, showcasing its commitment to addressing unmet clinical needs [1] - The company has established a clear strategic focus for the 14th Five-Year Plan, emphasizing innovation, deep internationalization, and embracing AI as key pillars for high-quality development [1][7] - Fosun Pharma has achieved significant milestones in innovation, including the launch of 12 self-developed and licensed innovative drugs during the 14th Five-Year Plan [1][4] Innovation and Product Development - Fosun Pharma has developed several firsts in the industry, including China's first self-developed biosimilar drug Hanlikang and the first CAR-T cell therapy product Yikaida [2][3] - The company has built a comprehensive innovation system with four core technology platforms: small molecules, antibodies, ADCs, and cell therapy, enabling full-cycle innovation from R&D to commercialization [3] Financial Performance - In the first three quarters of 2025, Fosun Pharma's innovative drug revenue exceeded 6.7 billion yuan, reflecting an 18.09% year-on-year growth [4] - The company aims to continue optimizing its innovation pipeline value over the next five years, focusing on unmet clinical needs [4] Global Expansion Strategy - Fosun Pharma has actively expanded its global market presence, with its anti-tumor innovative drug approved in approximately 40 countries and regions during the 14th Five-Year Plan [5][6] - The company has established a marketing team of over 1,000 people and a network covering more than 110 countries, emphasizing localized strategies for different markets [6] Embracing AI in Development - Fosun Pharma is committed to integrating AI into its operations, viewing it as a tool for enhancing R&D efficiency and organizational evolution [7][8] - The company has launched its internally developed PharmAID decision-making platform, which is already being utilized in various stages of drug development [7][8]

本次获得越南卫生部传统药品管理局颁发的安宫牛黄丸药品注册证书后，该药品将由中一药业授权 TNHH NEWSEEN COAST公司在越南地区销售，有助于中一药业扩展越南市场业务，提升本公司产品 市场竞争力。本次获得安宫牛黄丸药品注册证书，对公司当期业绩无重大影响。 白云山(00874)公布，近日，公司全资子公司广州白云山中一药业有限公司(以下简称"中一药业")收到越 南卫生部传统药品管理局签发的安宫牛黄丸注册证书。 ...

Core Viewpoint - The company announced that its subsidiary, Tianyao Heping, has received registration certification from the Ministry of Health of the Republic of Panama for its injectable methylprednisolone sodium succinate (500mg freeze-dried powder injection), allowing for local production and sales [1] Group 1: Product Approval and Market Expansion - The approved drug is a corticosteroid used for anti-inflammatory treatments [1] - The registration application was submitted in 2024, and the certification was obtained in November 2025 [1] - The global sales figures for methylprednisolone injectable products are projected to be $526 million in 2023 and $521 million in 2024 [1] Group 2: Strategic Implications - This approval presents an opportunity for the company to expand its formulation business into the Panamanian market, enhancing its internationalization strategy [1] - However, there is uncertainty regarding the sales performance in this new market [1]

Core Viewpoint - The announcement highlights that Zhejiang Prolo Home Pharmaceutical Co., Ltd., a wholly-owned subsidiary of Prolo Pharmaceutical, has received the Certificate of Suitability (CEP) for Venlafaxine Hydrochloride from the European Medicines Agency, indicating the quality recognition of this active pharmaceutical ingredient in the European market [1] Group 1 - The CEP certificate for Venlafaxine Hydrochloride signifies the product's compliance with European pharmacopoeia standards [1] - Venlafaxine Hydrochloride is used for treating various types of depression, including anxiety-related depression and generalized anxiety disorder [1] - The certification allows the product to enter the EU market and other markets that recognize the CEP certificate, facilitating international market expansion for the company [1]

Core Viewpoint - Tonghua Dongbao has received approval from the Indonesian Food and Drug Authority for the registration of its Aspart Insulin Injection, marking a significant step in the company's international expansion and addressing the growing diabetes treatment needs in Indonesia [1][2]. Group 1: Product Approval and Market Expansion - The approval of Aspart Insulin Injection allows Tonghua Dongbao to sell this product in Indonesia, a major market, following its previous success in Myanmar [1]. - The company has been accelerating its internationalization efforts, achieving important milestones in markets such as Uzbekistan, Nicaragua, Myanmar, and Indonesia this year [2]. - The approval signifies a shift from a focus on raw human insulin to a more diverse product portfolio, including both raw materials and formulations, establishing a robust overseas product system [2]. Group 2: Market Demand and Patient Needs - Indonesia has a rising demand for medical services, with the International Diabetes Federation reporting that the number of diabetes patients aged 20-79 is expected to reach 20.43 million in 2024, with a prevalence rate of 11.0% [1]. - There is a significant gap in diabetes diagnosis and treatment in Indonesia, with 73.2% of diabetes patients undiagnosed, highlighting the urgent need for effective treatment options [1]. Group 3: Future Strategy and Goals - Tonghua Dongbao plans to leverage its production advantages to provide safe, effective, and affordable medical products for endocrine patients globally, aiming to expand its overseas sales [3]. - The company intends to continue registering its insulin products in more countries, starting from Indonesia and Myanmar, and is also focused on advancing the regulatory processes for its products in the U.S. and Europe [3].

Core Viewpoint - Rongchang Biopharma (688331.SH) has established a global exclusive licensing agreement with Seattle Genetics (now acquired by Pfizer Inc.) for the development and commercialization rights of RC48 outside of Japan and Singapore, with ongoing clinical trials being conducted by Pfizer as planned [1] Group 1 - The company is actively collaborating with Pfizer to support clinical development and regulatory submissions in overseas markets [1] - Key challenges in the internationalization process include regulatory differences across countries, complex market access policies, and dynamic competitive environments [1]

Core Viewpoint - Shandong Jincheng Pharmaceutical Group Co., Ltd. has made significant progress in expanding its overseas market, receiving key import licenses for its products in South Korea and Europe, indicating a rapid acceleration in its internationalization efforts [2][3]. Group 1: Product Approvals - Jincheng Tai'er Pharmaceutical Co., Ltd. received an import license for Progestin cream from the Korean Ministry of Food and Drug Safety (MFDS), marking its entry into the South Korean pharmaceutical market [2]. - The company also obtained a Certificate of Suitability (CEP) for Oseltamivir phosphate raw material from the European Medicines Agency, allowing it to sell in the European market [2][3]. - Additionally, the company received a DMF approval letter from the FDA for Posaconazole, which is crucial for entering the highly regulated U.S. raw material market [3]. Group 2: Market Potential - Progestin is the only marketed local estrogen with unique advantages, such as not stimulating endometrial proliferation and not increasing blood estrogen levels, with global sales projected to reach $104 million in 2024 [3]. - Oseltamivir, a leading antiviral drug, has a global sales figure exceeding $1 billion in 2024, with a raw material consumption of 92.31 tons, indicating a substantial market opportunity [3]. - The approval of Posaconazole is seen as a milestone for Jincheng Pharmaceutical to establish a presence in the U.S. and global antifungal raw material supply chain [3]. Group 3: Strategic Direction - The recent achievements in overseas market expansion reflect the company's transition from a focus on raw materials to a dual-driven model of "raw materials + formulations" [4]. - The company is actively exploring higher-level open cooperation and expanding into fields such as women's health technology and high-end anti-infection [4].

Core Viewpoint - The article highlights the significant achievements and innovations of Lunan Pharmaceutical, emphasizing its commitment to quality and technological advancement in the pharmaceutical industry, positioning it as a leading brand in Shandong and beyond [1][2][5]. Group 1: Company Achievements - Lunan Pharmaceutical has achieved a production capacity of 1,500 tons of clavulanate potassium annually, accounting for nearly one-third of global demand, making it the world's largest producer [2]. - The company has invested over 10 billion yuan in research and development over the past decade, resulting in numerous successful products and innovations [4]. - Lunan Pharmaceutical ranked 13th in the "2025 China Pharmaceutical R&D Comprehensive Strength Ranking" and has established multiple national and provincial-level innovation platforms [5]. Group 2: Product Development and Innovation - The company has seen a surge in new product launches, with an expected 40 to 50 products entering production this year, particularly in the innovative drug sector [5]. - Lunan Pharmaceutical's first antibody-based biopharmaceutical, Yilidali Rituximab Injection, was approved after 15 years of development, marking a significant milestone in its product portfolio [6][8]. - The company has optimized production processes, saving approximately 4 million yuan annually through continuous research breakthroughs [2]. Group 3: International Expansion - Lunan Pharmaceutical's international business has grown tenfold from 200 million yuan in 2014 to 2 billion yuan in 2024, with 72 formulation products approved in 129 countries and regions [10][12]. - The company has transitioned from exporting raw materials to exporting formulations, increasing profit margins by 5 to 7 times [11]. - Lunan Pharmaceutical has established partnerships with over 200 global companies and is actively expanding its presence in emerging markets across Asia, Africa, and Eastern Europe [12].