Core Viewpoint - China is significantly advancing its traditional Chinese medicine (TCM) service system, establishing the world's largest traditional medicine service framework, with substantial growth in healthcare institutions and patient visits by the end of 2024 [1]. Group 1: Growth Metrics - By the end of 2024, the number of TCM healthcare institutions, hospitals, and total patient visits will have increased by 43.3%, 16.7%, and 58.9% respectively compared to the end of the 13th Five-Year Plan [1]. - The TCM service system is expanding in both capacity and quality, enhancing the supply of high-quality TCM services [1]. Group 2: Project Initiatives - In 2025, China will support 450 county-level TCM hospitals to develop the "two specialties and one center" project, further solidifying and expanding grassroots TCM services [1]. - An additional 90 national TCM specialty areas will be established, including mental health, pediatrics, and gynecology, along with the launch of 57 suitable TCM disease categories for payment by disease type [1]. Group 3: Collaborative Development - The establishment of flagship hospitals and departments for collaborative TCM and Western medicine will focus on major difficult diseases, with 212 clinical collaboration projects planned [1]. - In 2025, the first national artificial intelligence application pilot base for TCM diagnosis and treatment services will be built, alongside 12 pilot projects for "smart TCM" [1].

2026 年 2 月 2 日 投资要点 ➢ 近期观点 1、医药指数本周关注 6 个子行业录得负收益。 2、中国生物医药产业正从"快速扩张"的 1.0 时代，迈入以"价值与 全球竞争力"为核心的 2.0 时代。其标志是：中国已成为全球第二 大新药首发市场，2025 年 1-8 月对外许可交易额突破 500 亿美元， 并在靶向蛋白质降解等颠覆性技术领域确立全球领导地位。支持 性的"全链条"政策与理性回归的资本市场，共同推动行业转向以 扎实临床数据、可持续商业模式和系统化能力为根基的高质量发 展阶段。这标志着中国正从全球创新的跟随者，转变为不可忽视 的引领力量。 团队成员 医疗与消费周报——价值深耕，全球突破：中国 生物医药创新观察（2026.1.26-2026.1.30） 1、市场状态高频数据库——1 月第 3 周—— 2026.01.26 2、地缘扰动、"抛售美债"与金银——2026.01.26 3、海外科技和商品是对美元债务的避险，中国定 价 资 产 有 望 成 为 长 期 主 线 — — 周 观 点 — — 2026.01.25 ➢ 风险提示 内卷风险；支付挑战；国际化短板 证 券 研 究 报 告 诚信专业 ...

本报北京1月29日电（记者王美华）增补90个神志病、儿科、妇科等领域国家中医优势专科，推进中医 康复中心和中医医院康复科建设；开展中医优势病种按病种付费试点并发布57个适宜按病种付费的中医 优势病种目录；新遴选15个城市开展第二批中医药传承创新发展示范项目建设……记者从2026年全国中 医药局长会议上获悉，过去一年，中国中医药服务体系持续扩容提质，高质量服务供给显著增强。 2026年是"十五五"开局之年。据了解，2026年，我国将编制印发中医药振兴发展"十五五"规划等一批专 项规划；实施医疗卫生强基工程中医药行动方案，推动县级中医医院牵头组建紧密型县域医共体；实施 综合医院中西医协同能力提升行动，探索重大疑难疾病中西医结合临床中心建设。 同时，中医药人才队伍更加壮大。2025年，我国建设73家中医规培实践技能考核基地，2.2万余人通过 中医规培结业考试；遴选54名岐黄学者培养项目人选、500名全国中医临床优秀人才研修项目人选、104 名青年岐黄学者培养项目人选。 国家中医药管理局局长余艳红在会上表示，"十四五"时期，中国高水平实施中医药振兴发展重大工程， 建成了世界上最大的传统医药服务体系，中医类医疗卫生机构 ...

智通财经APP获悉，据港交所1月27日披露，杭州甘之草科技股份有限公司(简称：甘之草)向港交所主板递交上市申请书，中信建投国际、申万宏源香港为其 联席保荐人。 | 編纂 項下的 編纂]總數 | :[編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | | 香港[編纂]數目 .. [编纂]股H股(可予[编纂]) | | | 國際[編纂]數目 יי | [編纂]股H股(可予[編纂]及視乎[編纂] | | 行使與否而定) | | | [编纂] : | 每股[編纂]港元,另加1.0%經紀佣金、0.0027% | | 證 監 會 交 易 徵 費 · 0.00565% 聯 交 所交易 費 | | | 及0.00015%會財局交易徵費(須於 | | | [編纂]時以港元繳足,多繳款項可予退還) | | | 面值 " 每股H股人民幣0.10元 | | | [编纂] : ● | | | [聯席保薦人·[編纂]·[編纂]· | | 公司简介 据招股书，该公司是一家以数智化驱动的中国领先的线上中医药综合服务提供商。该公司以线上中医诊疗服务为核心，发展成为涵盖中医诊疗服务、中医医 疗机构服务及中医药大健康产品在内 ...

据港交所1月27日披露，杭州甘之草科技股份有限公司(简称：甘之草)向港交所主板递交上市申请书， 中信建投国际、申万宏源香港为其联席保荐人。据弗若斯特沙利文报告，按2024年收入计算，中国前五 大线上中医药综合服务提供商合计市场份额为10.7%，其中该公司以4.9%的市场份额位居第一，是其中 规模最大的提供商。按2024年收入计算，该公司亦在中国线上中医诊疗服务市场(线上中医综合服务市 场的主要细分市场)以16.7%的市场份额位居第一。 据招股书，该公司是一家以数智化驱动的中国领先的线上中医药综合服务提供商。该公司以线上中医诊 疗服务为核心，发展成为涵盖中医诊疗服务、中医医疗机构服务及中医药大健康产品在内的数智中医药 全产业链服务提供商。 ...

Core Viewpoint - The implementation of the "Zhengzhou Traditional Chinese Medicine Development Promotion Regulations" marks a significant step towards the legalization and standardization of traditional Chinese medicine (TCM) in Zhengzhou, effective from March 1, 2026, addressing public health needs and development challenges in the TCM sector [1][2]. Group 1: Legislative Framework - The new regulations aim to transform policy deployment into legal frameworks, providing legal guarantees for the establishment of a national TCM innovation development pilot zone and enhancing the Zhengzhou Qihuang cultural brand [2][3]. - The regulations address core issues such as service systems, industry development, and talent cultivation, establishing specific chapters for regulation [3]. Group 2: Industry Development - The regulations support the establishment of TCM research platforms and the transformation of TCM achievements into industrial applications, including the construction of regional TCM preparation centers and standardized preparation rooms in medical institutions [3][4]. - The integration of TCM with other industries such as food, culture, tourism, and health is encouraged to create a new ecological model for TCM industry in Zhengzhou [3]. Group 3: Talent and Technology Empowerment - A multi-level talent system is being developed, focusing on high-end, mid-level, and grassroots talent cultivation, with the introduction of high-end talent teams [5]. - The integration of artificial intelligence with TCM services, research, and regulation is highlighted as a new focus area, aiming to create a smart TCM ecosystem [5][6]. Group 4: Quality and Safety Measures - The regulations mandate the establishment of a quality traceability system for TCM materials, ensuring safety and quality throughout the supply chain [4][8]. - Measures to combat counterfeit products and promote international TCM cultural exchange are included to enhance Zhengzhou's global influence in TCM [4]. Group 5: Infrastructure and Investment - The government plans to clarify departmental responsibilities and promote collaboration among various departments to strengthen the grassroots TCM service foundation [8]. - Investment in infrastructure, talent, and research is prioritized, along with the optimization of medical insurance payment policies to reflect the value of TCM [8].

Core Viewpoint - The Chinese traditional medicine industry is undergoing unprecedented transformation, necessitating a shift towards digitalization to enhance supply capabilities and lead the industry into a new application era [1] Industry Development - The 2025 China Traditional Medicine 50-Person Summit was held on September 13 during the 2025 China International Service Trade Fair, marking its third consecutive year at the event [1] - The National Administration of Traditional Chinese Medicine, in collaboration with the National Data Bureau, released guidelines in 2024 to promote the development of digital traditional medicine, establishing "digital traditional medicine" as a national strategic goal [1] Forum Objectives - The forum focused on industry development needs and cutting-edge advancements, themed "Digital Technology and the Future of Traditional Medicine," aiming to facilitate deep integration between traditional medicine and digital technology [1] - The goal is to accelerate the digital transformation of the traditional medicine industry, fostering new momentum and advantages for its development [1] Strategic Collaborations - The Beijing Shouchuang Traditional Medicine Development Foundation, Beijing Traditional Medicine Association, China Medicinal Cuisine Research Association, and Guangzhou Pharmaceutical Group signed a framework agreement for strategic cooperation in areas such as food-medicine integration and special medical foods [1] - These organizations will leverage their strengths to promote the development of public welfare in traditional medicine through collaborative construction and research platform initiatives [1] - A project was signed between the Xiyuan Hospital of the China Academy of Chinese Medical Sciences and Tianjin Baoheng Biotechnology Co., focusing on a fermented beverage to alleviate visual fatigue, exemplifying successful transformation in food-medicine integration projects [1]

Group 1 - The 2025 China Traditional Chinese Medicine (TCM) 50-Person Summit was held on September 13 during the 2025 China International Fair for Trade in Services, marking its third consecutive year at the event [1] - The TCM industry is undergoing an unprecedented transformation, necessitating a shift towards digital intelligence to enhance supply capabilities and lead TCM into a new application era [1] - The National Administration of Traditional Chinese Medicine, in collaboration with the National Data Bureau, released opinions in 2024 to promote the development of digital TCM, establishing the creation of a "Digital Intelligent TCM" system as a national strategic goal [1] Group 2 - A framework agreement was signed among Beijing Shouchuang TCM Development Foundation, Beijing TCM Association, China Medicinal Food Research Association, and Guangzhou Pharmaceutical Group to collaborate in the fields of food-medicine integration and special medical foods [2] - The collaboration aims to leverage each party's strengths to advance the construction and research platform in the food-medicine integration and special medical food sectors, promoting the development of TCM public welfare [2] - A signing project was completed between the China Academy of Chinese Medical Sciences Xiyuan Hospital and Tianjin Baoheng Biotechnology Co., focusing on a fermented beverage to assist in alleviating visual fatigue, representing a successful transformation of food-medicine integration projects [2]

Core Viewpoint - The "Yuan Cheng Chan Yuan" integrated development plan aims to enhance the traditional Chinese medicine (TCM) industry in Henan Province by establishing a comprehensive research and innovation system by 2027, including 20 research institutes and a TCM industry park [1][2] Group 1: Policy and Strategic Framework - The Zhengzhou Airport Economic Comprehensive Experimental Zone has issued a work plan to promote high-quality development of the TCM industry, focusing on transforming TCM resource advantages into industrial and economic advantages [1] - The plan emphasizes the integration of TCM research resources and aims to establish a global first for a TCM and Western medicine combined medical science city [1][2] Group 2: Industry Development Focus - The work plan highlights key tasks and major projects to lead the construction of a strong TCM province, with a focus on TCM innovation, "TCM+" health consumption upgrades, and specific sub-industries such as TCM new drug development and deep processing of medicinal materials [1][2] - The plan aims to create a one-stop public service system centered around the TCM industry park, addressing key challenges in the TCM industry chain, including resource development and quality enhancement [2] Group 3: Innovation and Ecosystem Building - The initiative will focus on four main areas: advancing TCM technology innovation, upgrading the TCM industry, enhancing ecological empowerment, and implementing pilot projects for TCM [2] - The Central Plains Medical Science City TCM industry park is designed to be a hub for TCM scientific innovation and industry aggregation, leveraging Henan's cultural and medicinal resource advantages [2]