2026 年 3 月 1 日 行情回顾：上周 A 股医药生物（申万，下同）指数上涨 0.50%，跑输沪深 300 指数 0.58pp，跑输创业板综指 1.82pp，在 31 个子行业中排名第 25。港股恒生 医疗健康指数上周收跌 6.07%，跑输恒生国企指数 4.96pp。 研发进展：上周，康哲药业的 CMS-D008 注射液、康辰药业的 KC1036 片的临 床申请新进承办；海思科的 HSK46575 片、百利天恒的注射用伦康依隆妥单抗 和注射用 BL-M11D1 的 IND 申请新进承办；恒瑞医药的 SHR-1905 注射液以及 SHR-1819 注射液申请临床。 上周，诺诚健华的 ICP-538 以及华润双鹤的 DC6001 正在进行一期临床；复宏 汉霖的 HLX43 和天境生物的普那利单抗进行二期临床；石药集团的 SYH2053 和 SYS6010 进行三期临床；禾元生物的重组人白蛋白（水稻）进行四期临床。 本周观点：坚定看好医药板块回暖，重申投资临床价值三段论 从临床价值三段论看投资主线：1）"0→1"技术突破：创新药领域，高端前沿 创新靶点，正在肿瘤、减重、自免等领域重塑药企研发格局；创新器械领域 ...

"我买了点医药ETF，从2025年年中慢慢加仓到现在差不多1万元，期待马年创新药还有一波春季行情"，90后小宇（化名）告诉 21世纪经济报道记者。 另一位95后投资者天天（化名）则告诉21世纪经济报道记者，相比传统的制药概念股，"我更看重有消费属性的医疗服务概念， 跟爱尔眼科看眼睛、通策医疗看牙齿是一个道理，毕竟这些刚需还在"。 在投资社区上，不乏网友分享投资医药股的心路历程，"恒瑞医药持有了三年，之前一直处于亏损状态，持有成本58元，漫长的 亏损期真的让人无比难受，但是买入以后没有做任何动作，（2025年）终于等到了盈利的一天"。 随着不少创新药、CXO、高端医疗器械等药企的确定性业绩，助推细分赛道获得市场追捧。 Wind数据显示，截至2026年1月31日，共有283只医药股披露了2025年业绩预告。按预告归母净利润上限看，有160只个股归母净 利润同比增长，占比超五成，释放积极信号，尤其是创新药、CXO、高端医疗器械等细分赛道各有亮点。 在核心产品商业化放量驱动下，不少创新药企从"投入期"步入"收获期"，业绩确定性逐步获得财报验证。 例如，老牌ADC药企荣昌生物预计2025年归母净利润约7.16亿元，而上 ...

近期，随着创新药企业陆续披露2025年报及业绩预告，多家企业展现出良好的经营改善态势，在报告期 内实现亏损收窄甚至业绩转正，释放出积极信号。在此背景下，创新药及相关板块再引关注。公告显 示，工银瑞信中证港股通医疗主题交易型开放式指数证券投资基金（简称：港股通医疗ETF工银；代 码：159167）将于2026年2月12日起在深交所上市交易。 公开资料显示，港股通医疗ETF工银（159167）紧密跟踪中证港股通医疗主题指数（代码： 932069.CSI），该指数锚定医疗创新，全面覆盖港股"CXO +互联网医疗+医疗器械+创新药"等医药各领 域核心龙头，并囊括脑机接口、AI医疗、高端医疗器械等热门主题；该指数弹性足，估值具有吸引 力。Wind数据显示，截至2026年2月10日，中证港股通医疗主题指数目前市盈率（TTM）为32.85倍， 处于发布以来48.16%分位，指数当前或未被高估，或仍具有吸引力。 国金证券指出，2025年中国新药License-out交易数量达158笔、总规模1357亿美元，创近十年新高；出 海BD繁荣不仅显著提振短期业绩预期，更推动国产新药国际化开发进程与远期价值提升。申万宏源研 究研报观点 ...

Investment Rating - The report indicates a positive outlook for the pharmaceutical industry, with a recommendation for investment based on favorable fundamentals [17]. Core Insights - The Hong Kong pharmaceutical sector outperformed the Hang Seng Index in January, with the Hang Seng Healthcare Index rising by 8.6%, exceeding the index by 1.7 percentage points. This was driven by several factors, including profit warnings from CXO sector companies, advancements in internet healthcare, and supportive policies from the National Healthcare Security Administration (NHSA) for high-quality surgical robots [1][7]. - The NHSA has issued guidelines to support the pricing of high-quality surgical robots, allowing for premium pricing based on their advanced capabilities and precision in complex surgeries [3][15]. - The State Drug Administration continues to back the development of high-quality innovative drugs, emphasizing clinical value and providing market exclusivity for certain medications, including those for rare diseases and pediatric use [2][14]. Summary by Sections Industry Performance - The pharmaceutical industry in Hong Kong showed strong performance in January, with significant contributions from the CXO sector and internet healthcare companies like JD Health and Ark Health, which reported positive earnings forecasts [1][7]. Policy Support - Recent revisions to the Drug Administration Law emphasize support for innovative drug development, including streamlined approval processes and enhanced regulatory oversight to ensure drug safety and quality [2][14]. - The NHSA's new pricing guidelines for surgical robots aim to incentivize the use of advanced medical technologies, potentially leading to increased revenue for companies involved in this sector [3][15]. Company Recommendations - China Biologic Products (1177 HK) is expected to see double-digit sales growth by 2025, bolstered by its acquisition of Haogiya Biotech, which specializes in small nucleic acid drugs [4][16]. - WuXi AppTec (2359 HK) and WuXi Biologics (2269 HK) have also shown promising earnings forecasts, indicating a recovery in demand within the CXO sector [4][16]. - The report highlights the potential of leading medical AI platform companies, such as Insilico Medicine (3696 HK), which has secured multiple overseas licensing deals, reflecting high industry recognition for its capabilities in enhancing pharmaceutical R&D efficiency [4][16].

转自：成都日报锦观 天府中药城进军医疗器械产业新领域 本报讯 （成都日报锦观新闻记者 袁弘） 记者昨日获悉，彭州经开区企业艾立本科技完成A+轮融资， 加速提高全国产超高效液相色谱三重四极杆质谱联用仪市占率。这也成为2026年彭州经开区抢滩万亿医 疗器械新版图的"首作"。 作为四川省专精特新企业、国家级高新技术企业，艾立本科技此次完成的数千万元人民币A+轮融资， 由四川产业基金川创投交子梧桐基金领投，老股东四川发展彭州全球生物医药基金跟投。本轮融资资金 将主要用于艾立本自主正向研制的超高效液相色谱三重四极杆质谱联用仪的产能提升、市场推广及产品 升级等方面工作。 "面对全国园区在生命科学领域的同质化竞争，单纯的规模扩张已经难以持续，彭州经开区正将深厚的 中医药产业底蕴转化为在高端医疗器械赛道上的独特竞争力。彭州经开区相关负责人表示，通过构 建"研发—制造—应用"闭环，深化"药+械+数"融合发展，园区目前已经形成了以"中医诊疗设备、中药 源性医疗器械、智慧健康服务"为特色的产业生态，走出了一条兼具中药基因、彭州特色的医疗器械产 业发展之路。 ...

Group 1 - The core viewpoint of the article highlights that Nanshan District in Shenzhen is projected to surpass a GDP of 1 trillion yuan by 2025, becoming China's third "trillion GDP district" after Shanghai's Pudong and Beijing's Haidian [1][2] - Since its establishment in 1990, Nanshan's GDP has grown from 7.8 billion yuan to over 1 trillion yuan, marking significant growth milestones, including crossing the 100 billion yuan mark in 2005 and the 1 trillion yuan mark in 2022 [1] - The economic structure of Nanshan is continuously optimizing, with strategic emerging industries such as artificial intelligence, robotics, and high-end medical devices accounting for 60% of its GDP [1] Group 2 - The government work report outlines that Nanshan will focus on innovation by implementing a policy system featuring "six ones" and "six vouchers" to attract resources towards future developments [2] - Nanshan is establishing the first artificial intelligence ecological community in the Greater Bay Area, known as "Moli Camp," which has attracted 199 AI startups for further development [2] - The district is also promoting its "Robot Valley" brand, with over 200 robotics companies congregating for growth, and has gained recognition for its "Unicorn Corridor," housing more than 80 high-growth enterprises [2]

Core Insights - The year 2025 marks the end of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan," focusing on industrial and corporate development in China, with an emphasis on emerging fields such as artificial intelligence, low-altitude economy, quantum technology, humanoid robots, and industrial mother machines [1] Artificial Intelligence - The fourth technological revolution is driven by artificial intelligence, with 29 provinces prioritizing "artificial intelligence" in their 2025 work plans, aiming for deep integration with traditional industries [2] Low-altitude Economy - The low-altitude economy is becoming a competitive arena globally, with 30 provinces including it in their 2025 government work reports, exploring differentiated development paths based on regional characteristics [3] Quantum Technology - Quantum technology is a key focus in the "15th Five-Year Plan," seen as essential for fostering new productive forces and high-quality development, with cities like Hefei, Beijing, and Shanghai leading the way [4] Humanoid Robots - Humanoid robots are recognized as one of the "Top Ten Engineering Achievements of 2025," representing a fusion of artificial intelligence and advanced manufacturing, with significant development in regions like Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta [5] Industrial Mother Machines - Industrial mother machines are crucial for manufacturing competitiveness, with the "15th Five-Year Plan" advocating for breakthroughs in key technologies, showing regional clustering in areas like the Yangtze River Delta and Pearl River Delta [6] AI Large Models - 2025 is a pivotal year for AI large models, with 611 generative AI services registered as of November 1, showcasing a pyramid distribution across provinces [7] Embodied Intelligence - Embodied intelligence is highlighted in the government work report for the first time, with various policies being introduced to accelerate its development, attracting global tech companies [8] Additive Manufacturing - Additive manufacturing is rapidly integrating into China's economy, with significant clustering in regions like Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta, alongside emerging hubs in central and western regions [9][10] Computing Power - Computing power is deemed essential in the digital economy, with regions actively developing resources to transform potential into high-quality growth, supported by the "East Data West Computing" initiative [11] High-end Medical Devices - The high-end medical device sector is experiencing rapid technological advancements and industrial upgrades, driven by geopolitical tensions and tariff escalations, with a focus on innovation and domestic substitution [12] Financial Services in Technology - The company has established technology finance service platforms in multiple provinces, supporting technology-based enterprises with significant loan disbursements, exemplified by nearly 80 billion yuan in loans in Hubei [14]

Core Insights - The article highlights the rise of domestic high-end medical devices in China, with a significant increase in innovation and production, supported by favorable policies and regulatory reforms [1][2][3] Industry Transformation - The high-end medical device industry in China is transitioning from reliance on imports to domestic production, with a focus on innovation and quality improvement [2][4] - The number of approved innovative medical devices reached 76 in 2025, maintaining a high level for three consecutive years, covering various advanced fields [1][2] Regulatory Support - The National Medical Products Administration (NMPA) has implemented reforms to streamline the approval process for innovative medical devices, enhancing efficiency and encouraging innovation [3][6] - Key measures include special reviews, priority approvals, and a focus on early-stage guidance for companies, which have significantly shortened the time from development to market [3][6] Breakthrough Innovations - Several notable products were approved in 2025, including a transcatheter aortic valve system and advanced imaging technologies, showcasing the capabilities of domestic companies to break import monopolies and achieve competitive technical standards [5][6] Market Integration - The improvement of the medical insurance system and procurement mechanisms has made high-end medical devices more accessible to grassroots hospitals, reducing costs and enhancing availability [6][7] - Since the 14th Five-Year Plan, 292 innovative medical devices have been approved, representing a 3.3-fold increase compared to the previous five-year period [6][7] Global Expansion - Chinese medical device exports accounted for approximately 8% of the global market in 2024, positioning China as the fourth-largest exporter [7] - Chinese companies are increasingly participating in international regulatory discussions and establishing overseas R&D centers, facilitating global market integration [7]

Core Insights - The article emphasizes the importance of emerging industries such as brain-computer interfaces, robotics, and AI applications in 2026, alongside the focus on state-owned enterprise reforms as outlined in the "14th Five-Year Plan" [1] - Long-term investment themes in healthcare are centered around innovation and international expansion, with a recommendation to focus on high-end medical devices and innovative pharmaceuticals [1] Industry Trends - In the high-end medical device sector, the increasing adoption of robotics, the recovery of in-hospital procurement, and the growth in demand for consumer medical devices are driving business growth [1] - The AI in healthcare sector encompasses various subfields including medical large models, imaging, medical testing, e-pharmacy, genetic sequencing, and pharmaceuticals [1] Investment Opportunities - Companies with global influence in the CXO and upstream life sciences sectors, as well as leading domestic clinical CROs and resource-oriented CXO firms, are highlighted as worthy of attention [1] - The Biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies involved in innovative drugs, medical devices, and healthcare services, reflecting the overall performance of the biotechnology and healthcare sectors [1] - The index focuses on companies with high growth potential and research capabilities, effectively representing the comprehensive development level of China's biopharmaceutical industry [1]

Group 1 - The core viewpoint of the news is that Baiyunshan (600332.SH) has approved a partnership to establish the Guangzhou Guangyao Guangkai Venture Capital Fund to expand investment scale, diversify investment risks, and enhance investment efficiency [1][2] - The Guangyao Guangkai Fund aims to have a target size of 300 million yuan, with an initial fundraising goal of 200 million yuan [1] - The Baiyao Phase II Fund will contribute 97.5 million yuan, accounting for 48.75% of the fund, while Guangyao Capital and Guangkai Fund will contribute 2.5 million yuan and 100 million yuan, accounting for 1.25% and 50.00% respectively [1] Group 2 - This investment aligns with the investment direction of the Baiyao Phase II Fund and is expected to strengthen the company's presence in innovative pharmaceuticals, modern traditional Chinese medicine, and high-end medical devices [2] - The strategy of "investing early, investing small, and investing in the future" aims to engage with quality enterprises at the source, fostering potential companies and accelerating technological upgrades and value chain extensions [2] - This initiative is part of the company's transition from a traditional business model to a technology-driven development model, laying a solid foundation for high-quality growth [2]