证券研究报告：医药生物|点评报告 发布时间：2026-01-05 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 8084.61 | | --- | --- | --- | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6764.34 | 行业相对指数表现（相对值） 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 近期研究报告 《国内创新药研发景气回暖，关注非临 床安评行业投资机会》 - 2025.12.29 病理价格精细化政策落地，利好数字化医疗新基建 点评：此次《指南》的颁布标志着我国病理医疗服务进入标准化、 规范化、数字化协同发展的新阶段。作为疾病诊断的"金标准"，病理 诊断的精准度与效率直接影响临床决策质量和患者预后，此次政策的 出台更彰显了国家提升病理服务可及性、推动医疗资源优化配置的决 心，也为深耕病理领域的企业提供了明确的发展方向与实践路径。 政策特别强调了数字化技术在病理诊断中的应用价值，为数字化 切片、远程诊断、智能分析等新型服务模式的推广提供了政策支撑， 有望加速病 ...

来源：科技日报 在质量体系构建方面，研究推动了《人血清中C-反应蛋白测量参考方法》等多项国家计量技术规范立 项。这些基于同位素稀释质谱法的参考方法，首次在国内建立对炎症、心血管风险及代谢关键标志物进 行测量的最高计量学溯源路径，为国产试剂从研发到临床应用的全链条质量评价提供权威技术依据。有 效提升了检测结果的准确性与实验室间可比性，为促进临床结果互认、推动国产诊断体系实现高质量替 代与国际化发展提供了坚实支撑。 目前，这些成果已实现产业化应用，自主研发的系列质控品与校准品共计20余项已获批上市，有效填补 了相关领域的国产空白。 12月23日，记者从市场监管总局获悉，长期以来，我国在肿瘤、心血管、代谢性疾病等重要领域的诊断 标准物质依赖进口，且量值不统一，成为制约行业发展的"卡脖子"难题。为此，市场监管总局组织开展 专项研究，成功攻克多项高阶标准物质研制关键技术，构建起覆盖研发、生产、质控到临床应用的全链 条国产试剂质量评价与技术支撑体系，为实现精准诊断奠定了坚实基础。 研究团队瞄准国家重大战略需求，实现了多项核心技术的自主创新。在肿瘤领域，成功研制了甲胎蛋 白、前列腺特异性抗原等肿瘤标志物血清基体标准物质。在 ...

Core Insights - Hummingbird Ventures, a London-based venture capital firm, focuses on supporting "outlier" founders, which has led to the recognition of its partners Barend Van den Brande and Firat Ileri in Forbes' Midas List Europe [2][3] - The firm successfully led a $15 million Series A funding round for BillionToOne, a medical diagnostics startup, which later went public with a market valuation reaching $4.4 billion [2][3] - Hummingbird's investment strategy emphasizes identifying founders with unique backgrounds and resilience, particularly those who have faced significant challenges in their lives [4][5] Investment Strategy - Hummingbird seeks "outlier" founders who possess a strong desire to succeed despite their unconventional backgrounds [4][5] - The firm has invested in various sectors, including biotechnology, cryptocurrency, artificial intelligence, and gaming, based on the shared traits of resilience among founders [3][4] - Hummingbird's approach diverges from traditional venture capital by focusing on fewer investments, often concentrating a significant portion of their funds into a single startup [9][12] Performance Metrics - Hummingbird's second fund, raised in 2012, has achieved a distribution to paid-in (DPI) ratio of 10x and an internal rate of return (IRR) of 46%, outperforming many peers [11][12] - The firm’s early funds rank among the top 10% of venture capital funds established since 2012, showcasing exceptional performance compared to industry averages [12] - Hummingbird's investment philosophy aligns with the pursuit of "cognitive arbitrage," similar to that of notable investors like Peter Thiel, but with a more aggressive and early-stage investment style [12][13] Team and Operations - Hummingbird's team consists of 14 members who actively search for promising founders globally, with a flexible approach to exploring opportunities in various regions [9][13] - The firm has established a talent team to assist founders in recruiting key management personnel, marking a rare alignment with traditional venture capital practices [11] - Hummingbird's headquarters in London is strategically located near other prominent venture capital firms, enhancing its networking and investment opportunities [13]

站在"十四五"收官之际回望，五年前，浙江出口总值还排在全国第三。2023年，浙江实现突破进位，以 3.57万亿元的出口总值超越江苏，跃居全国第二；2025年，浙江出口有望突破4万亿元大关，再次实现 新跨越。在国际经贸环境日益复杂多变的背景下，浙江何以绘就"上扬曲线"？答案或许就在新布局、新 角色、新打法之中。 练好内功多元布局 书写全球化新叙事 中新网杭州12月18日电(奚金燕)外贸大省历来被视为观察中国对外开放的重要窗口。将目光聚焦至浙 江，今年1月至11月，该省进出口总值5.06万亿元，同比增长5.3%，其中出口3.83万亿元，规模稳居全 国第二。 宁波舟山港年集装箱吞吐量首次突破4000万标准箱。浙江省海港集团 供图 这一年，对于浙江金蝉布艺股份有限公司总经理杨卫来说，是最难忘的一年。 金蝉布艺是一家典型的外贸企业，创办于20世纪80年代，背靠全球规模最大的纺织品集散中心——柯桥 中国轻纺城。作为行业内的隐形冠军，金蝉布艺年销售窗帘达1000万套，其中美国市场占据绝对份额， 每10户美国家庭就有一户用的是"金蝉"的窗帘。 然而今年4月，美国关税政策突变，金蝉布艺整个美国市场业务瞬间陷于停滞。杨卫坦言，" ...

( 图片来源：《澳华财经在线》) 鑫海快步布局澳交所金矿板块：Ariana Resources(ASX:AA2)获山东鑫海矿业重磅投资 冲刺Dokwe黄金项目最终可行 性研究 今年预计将是1979年以来黄金表现最佳的一年。 进入12月，金价徘徊于每盎司4200美元高位，年初至今已上涨超60%。 在澳交所，黄金生产商率先上涨，但黄金开发商板块的表现很快开始超越那些大市值的金矿股。 业内人士表示，ASX黄金板块目前"流动性巨大，收益丰厚"，不仅体现在大型公司的现金生成能力上，也体现在小 公司获取股权融资的能力上。 具有大规模生产潜力的金矿开发商尤其不断受到发掘——这些公司有望非常迅速地推进开发，在短期内成为"下一 个"突然崛起、即将进入市场的黄金生产商。 这是一场时间与资金的赛跑，更是一场实力投资者与优秀黄金开发公司基于商业嗅觉和战略契合的双向奔赴。 Ariana (ASX:AA2)喜迎战略投资者 在非洲和欧洲拥有高潜力黄金项目的Ariana Resources Plc (ASX股票代码:AA2)周二宣布获得来自香港鑫海矿业服务 有限公司（山东鑫海矿业技术装备股份有限公司旗下公司）重大战略投资承诺。 根据双方签署 ...

Core Viewpoint - Abbott announced the acquisition of Exact Sciences for approximately $23 billion to enter the growing multi-cancer early detection market [3][4] Group 1: Acquisition Details - The cash purchase price per share is $105, with an estimated enterprise value of $23 billion, considering Exact Sciences' $1.8 billion debt [3] - The acquisition will be funded through available cash and debt financing, with expected annual synergies of about $100 million post-transaction completion in Q2 2026 [3][4] - This transaction marks Abbott's largest acquisition since the $25 billion purchase of St. Jude Medical in 2017 [3] Group 2: Market Potential - The acquisition opens a new business area for Abbott, potentially doubling the market size of its diagnostics business to over $120 billion [3][4] - Approximately 20 million people are diagnosed with cancer globally each year, including 2 million in the U.S., making cancer one of the largest and fastest-growing healthcare markets [3][4] Group 3: Exact Sciences Overview - Exact Sciences offers cancer screening and diagnostic products, including Cologuard and Oncotype DX, and is a leader in developing blood tests for early detection of multiple cancer types [4][5] - The company recently launched Cologuard Plus, enhancing accuracy with new genetic biomarkers, and Cancerguard, which detects over 50 cancer types from a single blood sample [4][5] - Exact Sciences is expected to generate over $3 billion in revenue this year, conducting over 5 million tests, with a high double-digit organic growth rate [6][7] Group 4: Leadership Statements - Abbott's CEO Robert Ford emphasized the vision to create a leading global cancer diagnostics company, highlighting the complementary strengths of both companies [6] - Exact Sciences' CEO Kevin Conroy stated that the partnership will enhance patient access to early detection and expand global reach, while he will remain as an advisor post-transaction [7]

Group 1 - The eighth China International Import Expo (CIIE) is being held from November 5 to 10 at the National Exhibition and Convention Center in Shanghai, with over 500 participants from the Jiading District's investment promotion team engaging in targeted招商活动 [1] - As of November 7, the Jiading District team has connected with 377 enterprises, establishing deep ties with quality companies such as Polylactide Technology, AOS (China), and Medtronic [1] - The Zhejiang trading group signed 24 import procurement agreements with suppliers from 14 countries, covering advanced equipment, energy resources, and agricultural products, with a total contract value of approximately 14.5 billion yuan [1] Group 2 - Dian Diagnostics, a participant in the Zhejiang trading group, signed a procurement contract with Roche Diagnostics for laboratory reagent consumables and is focusing on AI-assisted diagnostic fields [2] - The Jiangsu provincial state-owned enterprise Suhao Holdings signed a strategic cooperation agreement with Mitsubishi Heavy Industries for central air conditioning products, with a procurement amount of 50 million USD [2][3] - The Yangpu trading group in Shanghai signed contracts covering consumer goods, food, art, new materials, and medical devices, with a significant increase in intended transaction amounts [3] Group 3 - The "China-Central Asia Trade Smooth Cooperation Platform Promotion Conference" was held, where Kazakhstan's Akmolinsk region signed an investment development center agreement with Jiangsu Province [5] - The Jiading District's investment promotion event showcased its automotive industry, reporting a total automotive output exceeding 490 billion yuan and over 1,240 industry chain enterprises [6] - The Pudong New Area's Lin-gang New Area signed a strategic cooperation agreement with Beijing's Changping District, focusing on cross-border and international resource integration [6][7] Group 4 - Ningbo City in Zhejiang Province hosted a roundtable for multinational corporate executives, resulting in four investment cooperation intentions in AI, health care, and biomedicine [7]

Group 1 - The eighth China International Import Expo (CIIE) is being held in Shanghai from November 5 to 10, attracting 43 trading groups and over 700 sub-groups, with Zhejiang's "buyer group" signing procurement contracts worth 14.5 billion yuan, signaling openness [1] - The consumer goods exhibition area remains a highlight, featuring brands like the Bulgarian skincare brand "Bafushi," which has gained popularity and established a presence at the expo thanks to the efforts of local entrepreneurs [2] - The expo showcases a mix of high-tech innovations and artisanal products, with brands like Temeike leveraging the event's "premiere effect" to launch new products and enhance brand visibility [3] Group 2 - The expo has introduced a "cross-border e-commerce preferred platform" and service area, with Tmall International providing one-on-one support for international brands, facilitating their entry into the Chinese market [6] - Companies like Dian Diagnostics have participated in the expo for eight consecutive years, using it as a platform to introduce advanced technologies and promote innovation, while also expanding their export business [7] - Zhejiang enterprises are increasingly becoming participants and co-builders in the global innovation ecosystem, with companies like Yigao Group showcasing cutting-edge technologies and fostering international collaboration [8]

Core Viewpoint - Exact Sciences is experiencing an improving outlook with innovative products leading to a stock rebound, having increased by 41% over the past six months [1] Group 1: Company Performance - Exact Sciences is known for Cologuard, a stool-based test for early colorectal cancer detection, which has been used in over 20 million screenings since its launch in 2014 [2][3] - The company reported a 16% year-over-year revenue increase in Q2, reaching $811 million, with $628 million from screening revenue and $183 million from precision oncology [4] - Despite not being profitable, the company is showing improvement, with a net loss per share of $0.01 in Q2, better than the $0.09 loss per share in Q2 2024 [5] Group 2: Growth Opportunities - Exact Sciences launched Cologuard Plus in March, which is more accurate than its predecessor, and acquired rights to a blood-based CRC test from Freenome for $75 million [6] - There are over 55 million eligible patients in the U.S. aged 45 to 85 who have not been screened for CRC, indicating significant market potential [7] - The company also launched Oncodetect in April for testing recurrence across multiple cancers, and Cancerguard, a blood-based multicancer screening test, in September [8] Group 3: Market Potential - Exact Sciences estimates a total addressable market of nearly $60 billion across its services, with trailing-12-month revenue of $2.94 billion indicating room for growth [10] - The company has been growing revenue while reducing marketing costs as a percentage of sales, suggesting a strengthening reputation in the healthcare sector [11] - Cologuard Plus is 5% cheaper to manufacture, which could further enhance profitability [13]

Core Viewpoint - Shengxiang Bio reported a revenue of 1.244 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 20.49%, while net profit remained stable compared to the previous year [1] Group 1: Financial Performance - The company achieved a revenue of 1.244 billion yuan from January to September, marking a 20.49% increase year-on-year [1] - The net profit attributable to shareholders was 191 million yuan, with a non-recurring net profit of 157 million yuan, both remaining roughly unchanged from the same period last year [1] Group 2: Strategic Initiatives - Shengxiang Bio is implementing a "diagnosis and treatment integration" strategy, focusing on both external acquisitions and internal innovations to enhance product matrix and technical platform synergies [2] - The company has seen a rise in demand for respiratory products as the flu season approaches, with increased shipments and adequate preparations for testing needs [2] Group 3: Product Development - Multiple small joint detection products in the respiratory field have been approved this year, enriching the "6/3+X respiratory infection nucleic acid rapid detection scheme" [2] - The launch of the SUREXEVO 16A molecular POCT device in September aims to improve the efficiency and experience of respiratory pathogen detection [2] Group 4: Equipment and Automation - Shengxiang Bio has installed over 200 integrated machines this year, enhancing automation in the testing process [3] - The respiratory integrated machines have seen an addition of over 40 units, catering to the market demand during the flu season [3] Group 5: Expansion and Investment - The company is building a full-chain service capability, having acquired 100% of Zhongshan Haiji, which complements its pediatric infection diagnosis business [4] - Shengxiang Bio plans to establish a fund with partners to invest in AI medical applications and innovative medical technologies, with a target fundraising scale of 1 billion yuan [5] - The company intends to contribute 370 million yuan to the fund, representing a 37% stake, while other partners include state-owned entities [5]