文/瑞财经 曾树佳 元旦前夕，王哲宇向振东制药（SZ300158），递交了书面辞职报告。 他因工作岗位调动，申请辞去公司副总裁、董事会秘书职务，辞职后仍在公司担任其他职务。 王哲宇原定的任期，是到第六届董事会届满之日，即2027年9月10日止。如今为时尚早却提前卸任，看 来是计划有变。 2017年后的五年间，则是王哲宇深入接触资本的阶段。 他跳到更大的舞台——证券公司，投向天风证券，专注消费行业投资，在一年多的时间里，他对资本市 场的游戏规则，更为了解。 经过多年的经验积累，37岁的他，在医药投资领域长袖善舞，也熟悉资本的游戏规则，一步步成长为上 市公司的核心高管。 不过，王哲宇在振东制药任职的这几年，公司并不平静。 1 回归老本行 纵观王哲宇的职业轨迹，呈现出了从医药产业切入，到资本深耕，再到回归老本行的清晰逻辑。 2012-2017年，是他攒经验的阶段。 在亚宝药业，他先从医药行业的"内部视角"入门，以实习及投资经理的身份，学习怎么分析行业、怎么 参与项目投资、怎么进行项目谈判。 后来去了嵩山资本，王哲宇升级为"投资总监"，从跟着干变成领着干，专门负责找医药和消费行业的好 公司投资。 那时候，他不仅要会" ...

医药投资需前瞻布局 回归需求为本的核心逻辑 姒亭佑表示，医疗行业的发展是一个持续演变的过程，并不存在所谓的"最好机遇"。当下市场上的生物医药BD交易，其布局往往始于七八年前，这意味着 行业发展具有极强的前瞻性，若在风口显现后再盲目入局，极易陷入同质化竞争的困局。 回顾行业发展历程，姒亭佑谈到，二十年前国内医药市场以仿制药为主，这与当时缺医少药的市场需求高度契合。随着行业发展进入快速跟随阶段，政策导 向曾推动企业聚焦"中美双报"和"一致性评价"，但政策的动态调整让部分跟风布局的企业遭遇发展瓶颈。"这也印证了医药投资不能单纯追逐政策热点，更 要回归核心——是否真正解决市场未被满足的需求。"姒亭佑强调。 在姒亭佑看来，科技创新并非医药投资的唯一考量标准，市场需求的体量同样关键。不少创业项目虽拥有先进技术，但因瞄准的市场空间狭窄，最终难以实 现规模化发展。基于此，项目立项阶段的研判尤为重要，从立项方向便能窥见企业的成立时间与行业风口的关联度。 对于医药行业的下一阶段发展方向，姒亭佑给出了明确的方向指引。他认为，抗药性药物研发、提升药物有效性、增强用药安全性以及提高患者用药依从 性，将成为行业未来的核心发力点。他强调， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603456 证券简称：九洲药业 公告编号：2025-075 浙江九洲药业股份有限公司关于全资子公司参与投资嘉兴隆峰创业投资合伙企业（有限合伙）的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 投资标的名称：嘉兴隆峰创业投资合伙企业（有限合伙）（以下简称"合伙企业"） ● 投资金额：合伙企业认缴出资总额为人民币7,700万元（包含本次投资），浙江九洲药业股份有限公 司（以下简称"公司"）全资子公司浙江宏洲股权投资有限公司（以下简称"宏洲投资"）作为有限合伙人 以自有资金认缴出资额为人民币1,000万元，占合伙企业认缴出资总额的12.987%。 ● 投资方向：主要投资于新药研发、医疗器械研发项目等医药相关领域，主要包括优质的新兴医疗企 业，包括但不限于新药、创新药、医疗器械、医疗服务、诊断、生物技术、医药外包研发企业等。 ● 本次交易不构成关联交易，不构成重大资产重组。 ● 风险提示：合伙企业投资方式为股权投资，具有投资周期长、流动性低等特点， ...

主要投资于新药研发、医疗器械研发项目等医药相关领域，主要包括优质的新兴医疗企业，包括但不限 于新药、创新药、医疗器械、医疗服务、诊断、生物技术、医药外包研发企业等。 格隆汇12月22日丨九洲药业(603456.SH)公布，2025年12月22日，公司全资子公司宏洲投资与多方签署 《嘉兴隆峰创业投资合伙企业合伙协议》，共同参与投资嘉兴隆峰创业投资合伙企业（有限合伙）。合 伙企业认缴出资总额为人民币7,700万元（包含本次投资），宏洲投资将作为有限合伙人以自有资金认 缴出资额为人民币1,000万元，占合伙企业认缴出资总额的12.987%。 ...

一是创新引领主线。创新药及其产业链仍是医药板块中长期成长性的核心代表，其科技属性与市场整体 风险偏好密切相关，是进攻性配置的重要方向。 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典在上海圆满举行。本次大会 汇聚了逾300位权威学者、公私募基金负责人、上市公司董事长、顶级基金经理与首席分析师，共同就 中国资本市场的未来机遇展开深入探讨。 在备受关注的"金麒麟"评选环节，中泰证券祝嘉琦团队荣膺创新药行业"菁英分析师"称号。中泰证券医 药首席分析师祝嘉琦在大会期间接受独家专访，阐述了医药医疗板块当前的投资逻辑与对2026年的投资 展望。 祝嘉琦分析称，2025年医药板块呈现出显著的"两极走强"特征：一方面，龙头白马股凭借稳固的行业地 位与基本面韧性持续走强；另一方面，部分具备技术突破或经营改善等积极变化的小市值公司同样表现 突出。她预计，这一格局在2026年有望延续，并建议投资者采取"龙头打底、黑马增强"的配置策略：在 确定性强的优质赛道中坚守核心龙头，同时积极布局具备高成长潜力的中小市值标的，实现稳健与 ...

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 Insights - The 10th Pharmaceutical Innovation and Investment Conference has commenced in Nanjing, attracting nearly a thousand participants from academia, industry, and investment sectors, including leaders from renowned pharmaceutical companies [1][2] - The conference serves as a platform to explore global pharmaceutical innovation trends and has become a "barometer" for pharmaceutical innovation and investment in China since its inception in 2016 [1][2] Group 1: Conference Highlights - The conference features various sub-forums focusing on cutting-edge topics such as anti-tumor new drugs, gene and cell therapy, and AI in pharmaceutical research, along with discussions on commercial insurance and healthcare payment reforms [2] - A special session, "Nanjing Jiangbei New Area-Hong Kong Biopharmaceutical Industry Exchange Conference," facilitates in-depth discussions between Hong Kong representatives and local enterprises [2] Group 2: Industry Development - The Jiangbei New Area is emerging as a vibrant hub for the biopharmaceutical industry, with over 1,300 biopharmaceutical companies and a competitive ranking of 8th nationwide [3] - The area has seen significant achievements, including 402 listed drugs and 1,261 medical device products, with several innovative products being first in the world [3] - The local biopharmaceutical sector is attracting attention from the capital market, with multiple companies, including Yaojie Ankang and Weili Zhibo, recently listing on the Hong Kong Stock Exchange [3][4] Group 3: Future Opportunities - The choice of Jiangbei New Area as the conference venue reflects the growing number of projects and enterprises in the region, which is also home to the first national university technology transfer center for biomedicine [5] - The presence of industry leaders at the conference is expected to inject confidence and vitality into the local biopharmaceutical ecosystem, paving the way for new collaborations and projects [5]

Core Insights - The article discusses the unique opportunities in the pharmaceutical sector amidst market fluctuations, questioning whether innovative drugs have peaked and exploring hidden opportunities in Hong Kong stocks [1]. Event Overview - A closed-door salon focused on pharmaceutical investments will be held on October 30, 2025, in Shanghai, themed "Tide Rising in the East, Medicine Meets the Future," aimed at providing investment advisors with practical strategies for Q4 pharmaceutical investments [1][12]. Agenda Highlights - The event features a tight agenda addressing practical pain points for investment advisors: - **Top-Level Insights**: A session by Yang Song, covering a decade of China's innovative drug industry, helping attendees understand the investment value and current cycle position [3]. - **Tool Exploration**: Liu Jie will analyze investment opportunities in Hong Kong's innovative drug sector, discussing how to utilize ETFs for efficient exposure to the sector [4]. - **Practical Strategies**: Zhu Wei will share insights on transforming industry knowledge into tangible client returns, enhancing the professional value of investment advisors [5]. - **Interactive Discussion**: A group discussion will allow attendees to exchange experiences and address specific queries regarding opportunities in pharmaceutical stocks [6]. Value Proposition - The event aims to bridge the entire chain from industry research to investment strategy and client service [8]. - Attendees will interact with top experts from brokerage research, fund investment, and frontline advisory roles [9]. - Participants will gain specific investment insights for the pharmaceutical sector and Hong Kong market, along with networking opportunities with 100 outstanding peers in Shanghai [10].

Core Viewpoint - The Chinese asset market is experiencing a significant adjustment, with A-shares and Hong Kong stocks declining sharply, particularly in high-tech sectors, while the healthcare sector shows signs of resilience and potential investment opportunities [1][3][4]. A-shares and ETFs Performance - A-shares saw all three major indices decline, with the Shenzhen Component Index and the ChiNext Index both dropping over 3%, while the largest medical ETF (512170) fell by 2.39% but showed strong buying interest with a trading volume increase of 30% to 687 million yuan [1][3]. - The only drug ETF in the market (562050) outperformed the market with a decline of only 1.56%, indicating strong buying momentum as it traded at a premium throughout the day [3]. Hong Kong Stocks and Innovation Drugs - The Hong Kong innovation drug sector has faced volatility, with the Hong Kong Stock Connect Innovation Drug ETF (520880) dropping 2.53% after two consecutive days of gains, while 33 out of 37 covered companies saw declines [3][4]. - Despite the downturn, the Hong Kong innovation drug ETF has also been trading at a premium, with a net inflow of over 128 million yuan in the past five days, suggesting continued investor interest [3][4]. Market Trends and Investment Strategies - The market is shifting from high-tech assets to dividend-paying assets, with healthcare ETFs and innovation drug ETFs attracting significant capital inflows [3][4]. - Analysts predict a potential rebound for the innovation drug sector in the fourth quarter, driven by multiple catalysts such as industry conferences, favorable quarterly earnings, and upcoming national healthcare negotiations [4][5]. Investment Recommendations - Investment strategies focus on identifying companies with strong quarterly earnings, particularly in the CXO sector, and balancing portfolios between innovation drugs and other healthcare segments [4][5]. - The medical ETF (512170) is noted for its high cost-performance ratio, with a current PE valuation of 35.1 times, lower than 60% of the past decade, indicating a favorable entry point for investors [3][4].

Core Insights - In September, the A-share market continued to rise, particularly driven by technology stocks, with the ChiNext Index increasing by over 12% [1] - Among 1,038 ordinary equity funds, 815 funds achieved positive performance in September, representing 78% of the total [1] - The top five funds with gains exceeding 30% were all managed by Harvest Fund, highlighting strong performance in the new energy and clean energy sectors [1] Fund Performance - The top-performing funds included Harvest New Energy New Materials Stock A and C, Harvest Intelligent Automotive Stock, and Harvest Clean Energy Stock, with gains ranging from 30.20% to 31.28% [1] - The management team for Harvest New Energy New Materials Stock consists of experienced managers Yao Zhipeng and Xiong Yuzhou, who have been with Harvest Fund for several years [1] Top Holdings - The top ten holdings of Harvest New Energy New Materials Stock include major companies such as CATL, Putailai, and Yiwei Lithium Energy, most of which saw significant increases in September [2] - Harvest Intelligent Automotive Stock has a similar portfolio to Harvest New Energy New Materials Stock, indicating a focused investment strategy in lithium battery materials [3] - Other funds like Manulife New Energy Stock and Eimi Low Carbon Economy Stock also reported gains of over 25%, with a focus on new energy and semiconductor sectors [3] Sector Analysis - The clean energy sector, particularly companies involved in lithium battery materials, has shown strong performance, with funds like Harvest Clean Energy Stock and others heavily invested in this area [4] - The overall performance of ordinary equity funds was positive, with only 22 funds experiencing a decline of more than 5% in September [4] - Funds focused on the healthcare sector, such as Red Soil Innovation Medical Health Stock and Golden Eagle Medical Health Stock, faced declines, indicating sector-specific challenges [5]