分析师： 张林晚 SAC编号：S0870523010001 证券研究报告 2025年11月28日 行业：医药生物 增持 （维持） 多元支付启新程，掘金广阔蓝海 ——医药生物行业2026年度策略报告 目录 SECTION C o n t e n t 一、投资摘要 二、板块行情回顾 三、创新药：政策助力全链条高质量发展，大额授权合作彰显实力 四、商保市场有待扩容，"双目录"机制协同赋能创新 五、医疗器械： 招投标市场回暖，关注医疗器械创新、出海等方向。 六、脑机接口：未来产业前景广阔，国家战略到地方规划助力腾飞 七、 AI+医疗蓝海市场，国内AI制药行业高速发展 八、中药板块：新消费、AI焕发生机，流感、慢病等领域凸显价值 九、医药新消费：政策+AI驱动，药店、医疗服务板块带来新机遇 十、风险提示 一、投资摘要 1. 主要观点 创新药械赛道：创新药板块迎商业化收获期，2025年前三季度业绩显著改善；2025Q3医疗设备招投标整体呈现大幅增长趋势；集采规则优化等。 出海及授权交易：国产创新药获得跨国药企认可，License-out数量、金额瞩目； 医药新消费崛起：居民健康意识明显增强，健康消费潜力巨大，市场规模快速 ...

时间追溯到2015年，那是药品审评审批制度改革之年，也是中国创新药的起点。如今10年过去了，中国 创新药正经历着前所未有的"史诗级逆袭"。 2025年被称为创新药的"爆发元年"，年初至今，港股通创新药ETF（159570）已录得超86%的累计涨 幅，规模更是快速增长至242亿元上方。从前8个月的猛攻到近期的震荡，中国创新药依然行走在"冰火 淬炼"的蜕变之路上。（数据截至2025/11/27） 图：2025行情回顾：部分创新药企股价走势及其主要BD事件 【最表层：创新药企集体扭亏为盈】 业绩面看，创新药营收迅速增长，利润端扭亏为盈。2025年前三季度，创新药板块上市公司实现营业收 入488.3亿元（+22%），归母净利润-4.6亿元（+71%）。2025Q3实现营业收入192亿元（+51%），归母 净利润11亿元（+147%）。 港股方面，百济神州三季度业绩点燃市场热度。百济神州2025Q3实现营收100.77亿元，同比增长 41.1%；净利润6.89亿元，同比扭亏为盈。前三季度营收275.95亿元，同比增长44.2%；净利润11.39亿 元，同比扭亏为盈。具体来看，2025Q3百济神州的拳头产品泽布替尼全球销 ...

Core Viewpoint - The leading medical information technology company, Chuangye Huikang, is set to change ownership as Hangzhou Genghao Investment Management Partnership has initiated a share transfer process, marking a significant shift in control amidst declining performance for both companies [1][8]. Group 1: Ownership Change - Hangzhou Genghao has paid approximately 158 million yuan as the first installment for the share transfer [1]. - The agreement involves Hangzhou Genghao acquiring 9,652,509 shares from the largest shareholder, Ge Hang, representing 6.23% of the total share capital, at a price of 5.18 yuan per share, totaling 500 million yuan [3][4]. - Following the transfer, Hangzhou Genghao's voting rights will increase from 0% to 12.64%, making it the largest shareholder of Chuangye Huikang [4]. Group 2: Financial Performance - Chuangye Huikang has experienced three consecutive years of declining performance, with a reported net loss of 173 million yuan in 2024, marking its first loss since going public [9]. - For the first three quarters of 2025, the company reported a revenue of 862 million yuan, a decrease of 26.26% year-on-year, and a net loss of 122 million yuan, a staggering decline of 331.69% [10]. - Hangzhou Genghao's parent company, Huajian Medical, also reported a decline in performance, with a revenue of 1.27 billion yuan in the first half of 2025, down 6.2%, and a net profit of 38.32 million yuan, down 70% [7][8]. Group 3: Strategic Intent - The acquisition aims to position Chuangye Huikang as a leader in the AI healthcare sector, with plans for board restructuring and potential capital increases to enhance control [5][8]. - Chuangye Huikang, founded in 1997, focuses on medical information services and has seen its market value drop significantly from over 20 billion yuan at its peak [8][10].

此外，医疗器械产业生态的"骨架"也正在搭建。《措施》强调支持建设医疗器械高品质产业承载空间， 同时，围绕产业链关键零部件、原材料发榜出题，鼓励企业、联合体揭榜攻关、联合创新，按照不超过 项目审定攻关投资的30%给予不超过3000万元资金支持，以上下游企业协作，提升产业链韧性。 11月24日，北京市经济和信息化局等六部门联合印发《北京市促进医疗器械产业高质量发展若干措施》 （以下简称《措施》），从研发注册、成果落地、生态集聚、数字赋能、开放合作五大维度推出15条具 体政策，几乎贯穿了医疗器械产业发展的全链条，让北京的医疗器械产业既能"创新突破"，又能"落地 生根"，以打造出有国际影响力的高端产业高地。该政策自2025年11月24日起实施，有效期至2028年12 月31日。其中，《措施》为"AI+医疗"按下了"加速键"。鼓励医疗机构参考已有人工智能医疗服务价格 项目将新型人工智能辅助诊疗技术纳入使用。 对医疗器械企业来说，最头疼的问题往往是"研发难、上市慢、推广愁"。本次出台的《措施》精准瞄准 了这些痛点，从源头到终端为企业搭建了一套"全链条"的支持体系。《措施》鼓励企业、科研机构与医 疗机构组建医工交叉创新联合 ...

证券之星 刘凤茹 近日，创业慧康(300451.SZ)控制权变更方案浮出水面：创始人葛航通过"协议转让+表决权委托"方式向 杭州更好智投管理咨询合伙企业(有限合伙)(以下简称"杭州更好")出让第一大股东的位置，后者试图进 一步"改组董事会"拿下实控权。 这笔明码标价5亿元的买卖背后，双方各有盘算。葛航面临所持创业慧康股票全部质押与超七成被司法 冻结的压力。此次卖股之前，葛航因"偿还债务"今年已多次减持。杭州更好作为港股华检医疗 (01931.HK)新设的投资平台，通过并购创业慧康押注"AI+医疗"。 证券之星注意到，作为医疗信息化龙头，创业慧康虽手握多个千万级订单、推进云化转型，却难掩收入 锐减、利润为负与巨额应收账款压顶之困。此次控制权更迭，能否成为创业慧康突围业绩泥潭、实现产 业协同的转折点，仍待时间检验。 控制权转让"三步走" | 序号 | 持有人 | 质押数量(股) | 质权人名称 | | --- | --- | --- | --- | | 1 | 葛航 | 11,000,000 | 叶建 | | 2 | 葛航 | 11,000,000 | 陈东 | | ਤੇ | 葛航 | 40,000,000 | ...

新华社长沙11月22日电（记者常竣斐）在算力快速发展的背景下，众多机器人产品、大模型技术正 加速布局，有望帮助解决更多康养、医疗问题。 "机器人的滑轮车底座就是一个本地化算力盒子，不仅能用于机器人，还能接入其他智能设备，可 以说是属于家庭的微型智算中心。"博极生命科技有限公司总经理冯武说。在11月20日至21日于湖南长 沙举办的2025世界计算大会上，该公司发布了最新情绪陪伴机器人"笑熵01"。 "自兴AI自主研发的医学影像AI平台，以及全新一代人工智能硬件赋能染色体核型分析，已经应用 于全国300多家三甲医院。"自兴人工智能集团工作人员李曦晖在展台上说，公司研发团队由中南大学教 授蔡自兴领衔，与国内多家科研及医疗机构建立了长期战略合作关系。 在大会专题活动"超算驱动科学研究新范式"上，湖南大学党委常委、副校长李肯立介绍了胎儿超声 大模型的实践。这一大模型的训练发挥了国家超级计算长沙中心的算力优势，整合多家医院数据。 "大模型终端化部署，拓展端侧计算万亿级市场新空间"是本届大会发布的全球计算创新成就之 一。"笑熵01"正是博极生命科技通过大模型终端化部署打造的产品。这一机器人体形小巧但充满"智 慧"，具有情绪 ...

在大会专题活动"超算驱动科学研究新范式"上，湖南大学党委常委、副校长李肯立介绍了胎儿超声大模型的实践。这一大模型的训练发挥了国家 超级计算长沙中心的算力优势，整合多家医院数据。 "做一个产前超声检查要多个步骤，我们想依靠大模型技术一步完成，自动生成检查报告，希望未来在家中就能做检查，发现问题再去医院。"李 肯立说。 "算力的发展，有望让各种机器人深入生活场景。"湖南超能机器人技术有限公司董事长肖湘江说，"从本届大会可以感受到，具身智能等新技术进 入越来越多新场景，公众参与度也在提高。" 在博极生命科技展台上，"笑熵01"吸引了许多参会者的关注。（李恬名 摄） 长沙医疗资源丰富，且拥有国家超级计算长沙中心奠定的算力基础。高校科研机构、企业纷纷借助算力发展和人工智能技术，投向"AI+医疗"领 域，逐步形成产业集群。 "自兴AI自主研发的医学影像AI平台，以及全新一代人工智能硬件赋能染色体核型分析，已经应用于全国300多家三甲医院。"自兴人工智能集团工 作人员李曦晖在展台上说，公司研发团队由中南大学教授蔡自兴领衔，与国内多家科研及医疗机构建立了长期战略合作关系。 新华社长沙11月22日电（记者常竣斐）在算力快速发展 ...

"大模型终端化部署，拓展端侧计算万亿级市场新空间"是本届大会发布的全球计算创新成就之一。"笑 熵01"正是博极生命科技通过大模型终端化部署打造的产品。这一机器人体形小巧但充满"智慧"，具有 情绪识别、交流陪伴等功能。"传统低算力平台难以支持机器人进行快速交互，但我们现在采用国产华 为昇腾架构，应答速度更快、成本更低，产品和用户数据也更安全可控。"冯武介绍。 老龄化趋势下，机器人一方面可应用于家庭，另一方面可以应用在医疗尤其是康复领域。 新华社长沙11月22日电（记者常竣斐）在算力快速发展的背景下，众多机器人产品、大模型技术正加速 布局，有望帮助解决更多康养、医疗问题。 "机器人的滑轮车底座就是一个本地化算力盒子，不仅能用于机器人，还能接入其他智能设备，可以说 是属于家庭的微型智算中心。"博极生命科技有限公司总经理冯武说。在11月20日至21日于湖南长沙举 办的2025世界计算大会上，该公司发布了最新情绪陪伴机器人"笑熵01"。 "算力的发展，有望让各种机器人深入生活场景。"湖南超能机器人技术有限公司董事长肖湘江说，"从 本届大会可以感受到，具身智能等新技术进入越来越多新场景，公众参与度也在提高。" "自兴AI ...

Core Viewpoint - Yuyue Medical is facing significant challenges in achieving its ambitious five-year targets of 10 billion in revenue and 100 billion in market value, as evidenced by its latest financial report showing a decline in net profit despite revenue growth [1] Group 1: Financial Performance - In the first three quarters of 2025, Yuyue Medical reported revenue of 6.545 billion, an increase of 8.58% year-on-year, but net profit decreased by 4.28% to 1.466 billion [1] - The third quarter saw a dramatic 36% year-on-year drop in net profit, indicating a "revenue without profit" situation [1] Group 2: Expansion Aftermath - Since its listing in 2008, Yuyue Medical has engaged in numerous acquisitions, resulting in a significant increase in goodwill from 806 million in 2020 to 1.107 billion in 2023, with a slight decrease expected in 2024 [2] - The company has faced nearly 100 million in goodwill and credit impairment losses in 2023 and 2024 [2] - Sales expenses surged to 1.233 billion in the first three quarters of 2025, a 33.15% increase year-on-year, significantly outpacing revenue growth [2] Group 3: Industry Competition and Trust Issues - The home medical device sector is experiencing intensified price competition, with foreign brands penetrating the mid-to-low-end market and domestic companies accelerating technological advancements [3] - Yuyue Medical has faced compliance issues, including a 2.7 million fine for price gouging during the pandemic and the loss of a military procurement pre-bid qualification due to violations [3] - Customer complaints regarding product quality and service have exceeded 500, damaging the brand's reputation [3] Group 4: Transformation Efforts - To address growth challenges, Yuyue Medical is focusing on transformation by increasing investment in new products and integrating AI into its offerings [4] - Despite these efforts, the company's net profit excluding non-recurring items fell by 8.21% year-on-year in the first three quarters of 2025, indicating ongoing weakness in core business profitability [4] - Government subsidies and investment income have become crucial for supporting profits, highlighting the sluggish growth of the main business [4] Conclusion - Yuyue Medical's ambitious targets appear increasingly distant due to accumulated goodwill risks, rising sales expenses, fierce industry competition, and frequent compliance disputes [5] - The success of AI and new products as potential solutions will depend on the company's ability to balance profitability, product trust, and strategic execution [5]

Group 1 - The core viewpoint of the article is that the recently issued policy document on "Promoting and Regulating the Application Development of 'Artificial Intelligence + Healthcare'" serves as a roadmap for the AI healthcare industry, outlining eight key application areas and setting clear development goals for 2027 and 2030 [1][2] - The policy marks a shift from encouraging exploration to implementation, providing clear directions and timelines for the AI healthcare sector [1][2] - The document emphasizes the establishment of high-quality data sets and trustworthy data spaces, which will enhance the value of data assets and address the "data island" issue that has hindered AI healthcare development [1][2] Group 2 - The policy prioritizes "grassroots applications," reflecting the current focus on improving quality and efficiency while balancing resource distribution [2] - AI-enabled solutions for grassroots healthcare institutions are expected to benefit from the policy, particularly companies providing integrated diagnostic solutions that enhance the capabilities of general practitioners [2] - Companies specializing in cloud-based SaaS services for AI healthcare are likely to thrive, as grassroots hospitals may find it challenging to afford expensive local deployments [2] - The policy also favors enterprises involved in the intelligentization of diagnostic equipment, such as portable and smart ultrasound and ECG devices, which have significant market potential in grassroots settings [2]