2026 年 01 月 12 日 策 略 研 究 策 长寿医学行业把握：老龄化进程与健康跨度需求 共振，主动健康理念驱动医疗模式重构与产业加 速演进（2026.1.5—2026.1.9） 投资要点： 近期观点 1、医药指数本周关注的 6 个子行业有 6 个录得正收益，表现良好。 略 定 期 报 告 2、长寿医学以"主动健康、防病于未然"为核心理念，聚焦在临 床症状出现之前通过系统性干预延缓衰老进程、延长健康跨度，是应 对人口老龄化与"病态延年"问题的重要医学范式转型。随着中国快 速步入中度老龄化阶段，高龄人口规模持续扩大、慢性病与功能退化 风险显著上升，传统以疾病治疗为中心的医疗体系在可持续性与服务 效率方面面临结构性压力。在此背景下，围绕衰老管理、早期预防和 全周期健康优化的长寿医学需求加速释放，推动医疗服务从单一项目 式干预向数据驱动、连续管理模式演进。当前，中国长寿医学产业仍 处于初步成型阶段，呈现公立机构夯实科研基础、私立机构探索服务 与商业模式的双轨格局，行业竞争的关键逐步转向对长期健康管理能 力、数据整合能力与价值主张的构建。总体而言，长寿医学不仅有助 于降低慢性病负担、缓解医疗资源压力，也通过延 ...

Core Insights - The article discusses the introduction of Restorin, an oral aging inhibitor developed by a joint venture between China National Pharmaceutical Group (Sinopharm) and Seragon, which has gained significant attention from consumers, particularly high-net-worth individuals [1][2]. Group 1: Product Overview - Restorin is sold in units of 120 capsules at approximately 2000 yuan, with a monthly cost of 2000-3000 yuan based on a recommended dosage of 4 to 6 capsules per day [1]. - The product has achieved cumulative sales of over 10,000 units on Tmall, indicating a strong demand for scientifically-backed health and longevity products [1]. Group 2: Research and Development - The technology behind Restorin originates from SRN-901, a candidate drug developed in collaboration with Harvard University and the Mayo Clinic, which has shown a record lifespan extension of 33.02% in experimental animals [1][3]. - Seragon, established in 2009, initially focused on hormone-related cancer drug development and has since expanded its research to include aging-related molecular mechanisms [3]. Group 3: Scientific Basis - SRN-901 integrates advanced aging intervention technologies, including mTOR pathway inhibition and cellular autophagy activation, which have been scientifically validated to have lifespan-extending effects [4][5]. - The mTOR pathway's activity increases with age, and its regulation has been shown to effectively delay aging in animal models [5]. Group 4: Challenges in Longevity Research - Longevity research often halts at animal studies due to the long lifespan of primates and the ethical and practical challenges of conducting long-term human trials [6][7]. - Mouse models are commonly used in aging research due to their genetic similarity to humans, but the costs and duration of such studies can be substantial, often exceeding millions of dollars [8]. Group 5: Market Perception - Despite advancements in aging intervention technologies, skepticism remains among the public, largely due to past experiences with misleading health products [9]. - The article emphasizes that those who embrace emerging longevity technologies may gain significant advantages in the future [10].

Core Insights - Nanjing Pharmaceutical (600713) has signed a strategic investment agreement with Guangzhou Baiyunshan Pharmaceutical Group and Guangzhou Guangyao Phase II Fund, marking a significant collaboration in capital, distribution channels, and traditional Chinese medicine [1] - The agreement involves the transfer of 11.04% of shares from Alliance Healthcare Asia Pacific Limited (AHAPL) to the Guangyao Phase II Fund at a price of 5.18 yuan per share, totaling approximately 750 million yuan, which is a 6.15% premium over the closing price prior to the agreement [1] Group 1: Nanjing Pharmaceutical's Growth - Since AHAPL's investment in 2014, Nanjing Pharmaceutical has seen substantial growth, with revenue increasing from 18.7 billion yuan in 2013 to 53.7 billion yuan in 2024, nearly tripling [3] - The net profit attributable to shareholders rose from 39 million yuan to 570 million yuan, representing an increase of over 14 times [3] - The growth is attributed to the management's efforts and support from AHAPL in terms of international experience and resources [3] Group 2: Walgreens Boots Alliance's Strategic Shift - AHAPL is a wholly-owned subsidiary of Walgreens Boots Alliance (WBA), which ranks 52nd on the Fortune Global 500 list with annual sales exceeding 1 trillion yuan [2] - WBA has been focusing on retail and health services while divesting from wholesale operations, including the sale of Alliance Healthcare to a leading North American drug distributor [2] - The recent share transfer aligns with WBA's global strategy to concentrate on its core retail and healthcare business [3] Group 3: Future Prospects and Investments - WBA has established a QFLP fund in Guangzhou with an initial capital of 1 billion yuan, focusing on the health, elderly care, and medical industries, indicating ongoing investment in emerging health sectors [4] - The company maintains a broad presence in the Asia-Pacific retail pharmacy and consumer business, including partnerships in China [4] - WBA's leadership has expressed optimism about the long-term prospects of the health and wellness industry, highlighting opportunities in artificial intelligence and retail pharmacy [4]

Core Insights - The article discusses the opening of a longevity clinic by Yao Ying Medical in Shanghai, guided by the international healthcare organization, Mayo Clinic. The clinic aims to promote not just longer life but healthier living through a comprehensive medical approach to longevity [1] Group 1: Clinic Overview - Yao Ying Medical has launched a longevity clinic after over a year of preparation, integrating various medical specialties including cardiovascular, endocrinology, neurology, sports medicine, nutrition, sleep medicine, psychology, general practice, and traditional Chinese medicine [1] - The clinic's approach combines molecular and proteomic studies, biomarkers, advanced imaging, and digital platforms to provide evidence-based lifestyle medicine [1] Group 2: Medical Philosophy - The longevity clinic embodies Mayo Clinic's evidence-based longevity medical philosophy and advanced chronic disease and anti-aging management models, tailored for the Chinese market [1]