医药：景气延续，持续重点推荐创新药械产业链 20260106 摘要 创新药和创新器械领域龙头企业如药明康德、泰格医药、联影医疗、乐 普医疗等值得关注，同时关注国产化率较低、出海空间较大的板块，受 益于中国产业升级和全球研发格局变化。 消费医疗公司在经历价格触底后，有望在 2026 年恢复正增长，一季度 可能逐步体现部分公司的弱复苏，超跌的口腔及眼科龙头值得关注。 脑机接口产业正处于技术突破、临床验证和商业落地的关键转折期，政 策支持和技术突破将推动产业发展，Neuralink 量产计划引发投资热情， 是重要的主题投资机会。 减肥代谢领域创新药催化剂众多，长效注射制剂和口服脂质体潜力标的 值得关注，如恒瑞正在研发月注射和周口服制剂，博瑞具备超长效 Amily 潜力。 自免疫领域关注口服药物和超长效双抗，亿方、海思科、和美、康诺亚 和全性生物值得关注，全性生物与罗氏和 Windward 达成合作，康诺亚 的 TSL PL 13 抗体具有超长效特性。 Q&A 过去几年通缩环境下部分消费医疗公司价格已经触底，通过销售渠道调整或战 略方法重新制定，有望在 2026 年恢复正增长。一季度可能逐步体现部分公司 的弱复苏，如 ...

投资要点： [Table_Invest] 本报告导读： 继续推荐创新药械及产业链。 景气延续，持续重点推荐创新药械产业链 [Table_Industry] 医药 ——HTI 医药 2026 年 1 月月报 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 月 报 证 告 股票研究 /[Table_Date] 2026.01.04 [Table_Report] [table_Authors] 2026-01-05 [Table_Summary] 继续推荐创新药械及产业链。维持以下 A 股标的优于大市评级：恒 瑞医药、科伦药业、华东医药、恩华药业、特宝生物、京新药业、 益方生物、药明康德、泰格医药、乐普医疗、联影医疗、微电生理， 并将上述标的纳入 HTI 医药 2026 年 1 月月度组合。维持以下 H 股 标的优于大市评级：翰森制药、三生制药、科伦博泰生物、康方生 物、映恩生物，百济神州、相关标的：信达生物、药明康德。 2025 年 12 月医药板块表现弱于大盘。2025 年 12 月上证综指上涨 2.1%，SW 医药生物下跌 4.1%，涨跌幅在申万一级行业中排名第 26 位。生物医药板块中表现相对较好 ...

Investment Rating - The report maintains an "Outperform" rating for several companies in the pharmaceutical sector, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with promising pipelines and performance growth in the Biopharma/Biotech sector, maintaining an "Outperform" rating for Innovent Biologics, WuXi XDC Cayman, and others [5][23]. - It highlights the performance of the A-Shares pharmaceutical sector, which underperformed the market, with the SW Pharma & Bio index falling by 0.2% while the SHCOMP rose by 1.9% [7][18]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is currently at a normal level of 66.7% as of December 26, 2025 [13][17]. Summary by Sections 1. Continued Recommendation for Innovative Drugs and Industry Chain - The report continues to recommend innovative drugs and the associated industry chain, highlighting the high demand and potential for revaluation in the pharmaceutical sector [5][23]. - Specific companies recommended include Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical, all rated as "Outperform" [5][6]. 2. A-Shares Pharmaceutical Sector Performance - In the fourth week of December 2025, the A-Shares pharmaceutical sector underperformed the broader market, with a decline of 0.2% compared to a 1.9% increase in the SHCOMP index [7][18]. - The best-performing sub-sectors included chemical raw materials (+2.0%) and medical equipment (+0.1%), while biological products saw a slight decline of -0.1% [9][18]. 3. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Biotechnology index down by 2.3% [18]. - In contrast, the U.S. pharmaceutical sector performed similarly to the market, with the S&P Healthcare Select Sector increasing by 1.0% [18].

Financial Engineering Research - The Q4 style rotation model indicates signals for small-cap and growth stocks, with recommended sectors including power equipment and renewable energy [2][4] - The dual-driven rotation strategy for Q4 yields a composite score of -1, predicting a preference for small-cap stocks [4] - The value-growth rotation strategy for Q4 shows a composite score of -3, indicating a preference for growth stocks [4] Biopharmaceutical Research - Continuous recommendation for innovative drugs and medical devices along the industry chain [5][6] - Maintain "overweight" ratings for A-share stocks such as Heng Rui Medicine, Ke Lun Pharmaceutical, and others, included in the December monthly portfolio [6][7] - The biopharmaceutical sector underperformed the broader market in November, with a decline of 3.6% compared to a 1.7% drop in the Shanghai Composite Index [7][8] Industry Rotation Insights - In November, the composite factor strategy yielded an excess return of -0.58%, while the single-factor strategy showed an excess return of -0.83% [4] - For December, recommended sectors for the single-factor strategy include banking, construction, non-bank financials, and power equipment [4] - The composite factor strategy recommends sectors such as telecommunications, comprehensive finance, and public utilities [4] Consumer Electronics - The launch of the AI phone assistant by Doubao signifies the upcoming era of AI smartphones, enhancing the hardware ecosystem [20][21] - Doubao's AI assistant can execute complex commands and integrate deeply with operating systems, providing a seamless user experience [21][22] - The assistant's capabilities include cross-application tasks, enhancing user interaction with various platforms [21][22] Medical Commercial Sector - The report maintains an "overweight" rating for leading chain pharmacies, anticipating recovery driven by supply-side clearing and demand-side recovery [15][16] - The retail scale of China's physical pharmacies is projected to reach 611.9 billion yuan in 2024, despite a decline of 1.8% year-on-year [16][17] - The report highlights a recovery trend in drug sales, particularly in essential medicines, amidst a challenging consumer environment [17][18] New Materials Sector - The company achieved a revenue growth of 2.31% year-on-year in the first three quarters of 2025, driven by new materials [27][28] - The company is actively expanding its new materials business, with significant projects underway [28] - The controlling shareholder plans to increase its stake in the company, reflecting confidence in future growth prospects [27][28]

探索"新优药械"从研发到使用的高效对接机制，优化临床急危重症抢救不可替代新药的入院流程，逐步 实现由30个工作日缩减至15个工作日。 为持续鼓励创新药品、医疗器械产品的实际应用，上海的政策支持不断升级。 日前，上海印发《上海市全面深化药品医疗器械监管改革促进医药产业高质量发展的若干措施》（下称 《若干措施》），提出六个方面共22项内容，通过监管制度的改革，来助推药械产业发展。这也是继 2024年7月上海出台《关于支持生物医药产业全链条创新发展的若干意见》（下称《若干意见》）后， 又一次大力度的政策指引。 加快创新产品应用 创新药械产品如何在审批、应用阶段提速是企业重点关切。为此，《若干措施》提出"加快创新产品应 用"，即"持续优化完善我市新上市药品挂网服务，积极申请成为新上市药品首发挂网省份""探索'新优 药械'从研发到使用的高效对接机制，优化临床急危重症抢救不可替代新药的入院流程，逐步实现由30 个工作日缩减至15个工作日""对符合规定的'新优药械'产品，及时研究纳入医保支付范围，鼓励商业健 康险产品覆盖更多'新优药械'"等。 第一财经了解到，与《若干意见》相协同的《上海市生物医药"新优药械"产品目录》今年 ...

Core Insights - The Chinese market has become increasingly attractive to foreign investment institutions, as evidenced by Fidelity Fund's recent capital increase from $1.82 billion to $2 billion, marking a nearly 10% increase [1] - Other foreign institutions, such as BlackRock and Invesco, have also increased their registered capital significantly, indicating a broader trend of foreign investment in China [2] - A consensus among foreign institutions is emerging regarding the investment value of Chinese assets, with over 96% of foreign-owned mutual fund products experiencing net value growth this year [2] Group 1: Fidelity Fund Developments - Fidelity Fund has increased its registered capital twice this year, first from $1.6 billion to $1.82 billion in February, and then to $2 billion recently [1] - As of November 12, Fidelity Fund manages a total of 10 fund products with a combined management scale of 3.571 billion yuan [1] - The company has launched three new funds this year, including Fidelity Renyuan Stable Three-Month Holding Mixed Fund [1] Group 2: Broader Foreign Investment Trends - BlackRock increased its registered capital from 1.25 billion yuan to 1.45 billion yuan, a 16% increase, while Invesco raised its capital from 300 million yuan to 500 million yuan, a 67% increase [2] - A total of 41 new funds have been established by nine foreign-owned mutual funds this year, reflecting active product development [2] - The long-term investment logic in the Chinese stock market is rooted in the evolution of the national economic growth model, focusing on innovation and capital efficiency [2] Group 3: Investment Focus Areas - Invesco recommends focusing on high-quality companies that offer both dividend and value attributes, which can provide protection against market volatility [3] - The technology and new consumption sectors are highlighted as areas with sustainable growth potential, benefiting from innovation-driven trends [3] - The Chinese innovative pharmaceutical and medical device industry is seen as promising, with leading companies transitioning from imitation to innovation [3] - The chemical industry is also viewed positively, with signs of capacity clearing and increased collaboration among leading companies [3]

Group 1 - The overall development of the biopharmaceutical industry is expected to continue its positive momentum, supported by the "14th Five-Year Plan" which emphasizes health, biotechnology, and innovation [1][2] - The "14th Five-Year Plan" aims to accelerate high-level technological self-reliance, strengthen original innovation, and promote deep integration of technological and industrial innovation [2] - Key sectors such as quantum technology, biomanufacturing, hydrogen energy, and medical devices are identified as new economic growth points [2] Group 2 - In the context of U.S. interest rate cuts, demand from overseas pharmaceutical companies is showing signs of recovery, with a positive trend in orders for external CDMO services [3] - Leading companies are experiencing a good growth trend in orders, with expectations for continued improvement in 2025 as overseas biotech companies become more active [3] - The domestic CRO sector is stabilizing, with a recovery in R&D demand driven by supportive policies for innovative drugs and active business development transactions [3] Group 3 - The industry is expected to return to endogenous growth by 2025, with ongoing policy support for innovative medical devices and potential increases in commercial insurance coverage for innovative drugs [3] - The optimization of centralized procurement policies is anticipated to enhance sector valuations, with proposals for provincial-level coordination of basic medical insurance and improved drug procurement policies [3]

Group 1 - The overall performance of the STAR Market indices showed a decline, with the STAR Composite Index down by 0.3%, STAR Growth Index down by 0.5%, STAR 50 Index down by 0.6%, and STAR 100 Index down by 0.7% [1] - The semiconductor sector exhibited localized strength, with notable stock performances including ShenGong Co. up by 20%, PuShen Co. up over 13%, JingYi Equipment up over 12%, and HuaHai ChengKe up over 8% [1] - The innovative pharmaceutical and medical device sectors were active, with JinDiKe reaching a 20% limit up [1] Group 2 - The STAR 50 ETF tracks the STAR 50 Index, which consists of 50 stocks with large market capitalization and good liquidity, prominently featuring "hard technology" companies, with over 65% in semiconductors and nearly 80% combined with medical devices, software development, and photovoltaic equipment [2] - The STAR 100 ETF follows the STAR 100 Index, which includes 100 stocks with medium market capitalization and good liquidity, focusing on mid-sized companies [2] - Small innovative enterprises in the sectors of electricity, medical devices, and computers account for over 80% of the index, with a high proportion in electronics and biopharmaceuticals [3] Group 3 - The STAR Composite Index ETF tracks the STAR Composite Index, which encompasses all securities in the STAR Market, covering large, medium, and small-cap styles, and focuses on core frontier industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals [5] - The STAR Growth 50 ETF tracks the STAR Growth Index, which consists of 50 stocks with high growth rates in revenue and net profit, prominently featuring high-growth industries with a significant representation from electronics and biopharmaceuticals [5]

Group 1 - The technology sector experienced a volatile adjustment today, with the robotics sector leading the decline, and both computing hardware and innovative pharmaceutical and medical device stocks collectively falling [1] - As of the market close, the STAR Market 50 Index dropped by 1.0%, the STAR Growth Index fell by 1.4%, the STAR Composite Index decreased by 1.6%, and the STAR 100 Index declined by 1.9% [1] - According to Wind data, the STAR Market 50 ETF (588080) has seen a net inflow of funds for four consecutive trading days, totaling over 500 million yuan [1] Group 2 - The STAR Market 50 ETF tracks the STAR Market 50 Index, which consists of 50 stocks with large market capitalization and good liquidity, prominently featuring "hard technology" companies, with over 65% in semiconductors and nearly 80% in total across medical devices, software development, and photovoltaic equipment [3] - The STAR 100 ETF focuses on 100 medium-cap stocks with good liquidity, with over 80% in electronics, pharmaceuticals, and electrical equipment, and a significant portion in the electronics and pharmaceuticals sectors [3] - The STAR Composite Index ETF covers all securities in the STAR Market, focusing on core frontier industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals, encompassing all 17 primary industries in the STAR Market [3]

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The report highlights significant development opportunities for the pharmaceutical industry, particularly in innovative drugs and medical devices, as outlined in the "14th Five-Year Plan" [1][3] - The government has introduced various supportive policies for innovative drugs, including expedited approval processes and inclusion in medical insurance, which are expected to enhance the growth of the sector [3][5] - The report emphasizes the importance of improving the medical insurance system and the potential for commercial insurance to supplement coverage for innovative drugs, which could create a positive feedback loop for drug payments [3][5] Summary by Relevant Sections Investment Suggestions - The report recommends focusing on opportunities related to innovative drugs and medical devices, specifically mentioning companies such as Heng Rui Medicine, Innovent Biologics, BeiGene, Mindray Medical, and United Imaging Healthcare [3] - In the vaccine sector, it suggests paying attention to Zhifei Biological Products, Kangtai Biological Products, and CanSino Biologics [3] - For medical services, it highlights potential investments in Aier Eye Hospital and Tongce Medical [3] Policy Support and Market Trends - The report notes that the government is committed to supporting the development of innovative drugs and medical devices, which are crucial for public health and the independence of the biopharmaceutical industry [5] - It mentions that the time from drug approval to inclusion in the medical insurance directory has significantly decreased, with approximately 80% of innovative drugs being included within two years of market launch [5] - The report also discusses the optimization of fertility support policies and the response to aging populations, indicating that these factors could benefit related industries, including vaccines and long-term care services [5]