高效把握医疗产业创新升级机遇，认准高弹性T+0"利器"——港股通医疗ETF华宝（159137），标的指 数（港股通医疗主题指数）锚定医疗创新，汇聚港股"医疗器械 + AI医疗 + CXO + 创新药"等医药各领 域核心龙头。 A股医疗投资工具关注——全市场规模最大医疗ETF（512170）及其场外联接基金（012323），聚焦医 疗器械和医疗服务两大领域，标的指数中证医疗覆盖12只AI医疗/脑机接口概念股，合计权重超36%。 数据来源于iFinD、沪深港交易所。截至2026.1.20，医疗ETF基金规模260亿元，在全市场医药医疗类 ETF中规模最大（1/73）。 1月21日，国家医保局新政发布，AH医疗器械股应声上涨！A股最大医疗ETF（512170）盘中上探 1.36%，全天频现溢价，显示买盘较强势，昨日超2.7亿元资金提前进场。 港股医疗弹性更高，汇聚医疗龙头的港股通医疗ETF华宝（159137）盘中摸高1.78%，收涨1.06%终结四 连跌。成份股方面，国产手术机器人龙头微创机器人-B暴涨17.3%，微创医疗、先健科技跟涨逾5%，权 重股阿里健康涨3%。 | | | 分时 3-E 1分 5分 15分 ...

风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 恒生生物科技指数聚焦创新药"皇冠明珠"，具备龙头汇聚 × 稀缺期货活水 × 高弹性&高夏普三大优势。 投资者若希望便捷参与创新药核心龙头 ，可关注恒生生物科技ETF国泰（520933），实现一键布局。 JPM大会值得关注，关注恒生生物科技ETF国泰（520933）投资价值 平安证券表示，1月12日，摩根大通医疗健康大会（JPM2026）于美国旧金山拉开帷幕。本届JPM大会 上，多达24家中国创新药企通过主会场演讲或亚太专场等形式展示实力。百济神州、再鼎医药、亚盛医 药、传奇生物等创新药公司，药明康德、药明生物、药明合联等三家CXO公司，进行主会场演讲分享 最新研发与商业化成果。生物医药领域并购交易活跃，2026年将持续该趋势。大会期间发布的《2026全 球并购年度展 ...

1月21日早盘，港股医疗板块盘初下探后持续走强。截至10:29，中证港股通医疗主题指数上涨1.4%，成 分股中，微创机器人-B涨超12%，微创医疗涨超4%，阿里健康涨超3%。 消息面上，在2026年1月举办的J.P. Morgan医疗健康大会上，全球药企密集披露前沿研发管线与大额BD 交易，为CXO行业带来明确订单预期。与此同时，AI医疗在C端的渗透正在加速，从智能问诊到慢病管 理的应用场景不断拓展，推动阿里健康、京东健康等港股互联网医疗平台价值重估。 有分析指出，当前医疗板块具备多重投资机会。CXO行业在海外订单回暖和国内产能出清的双重推动 下，景气度持续提升且估值仍具修复空间；医疗器械领域受益于国内设备更新政策支持与海外市场拓 展，脑机接口、AI影像等前沿方向催化不断；互联网医疗则在医保支付改革深化背景下，平台运营效 率持续优化，盈利增长曲线愈发清晰。 中证港股通医疗主题指数从港股通证券范围内选取50只业务涉及医疗器械、医疗商业与服务、制药与生 物科技服务等领域的股票作为指数样本，重点覆盖CXO与互联网医疗等港股特色标的。港股通医疗ETF 易方达（520850）跟踪该指数，可助力投资者精准把握医疗产业创新 ...

2026年1月21日 请务必阅读正文后免责条款 证券研究报告 JPM大会中国市场有6款顶级候选药物值得关注 生物医药行业强于大市（维持） 平安证券研究所生物医药团队 分析师： 叶寅投资咨询资格编号:S1060514100001邮箱：YEYIN757@PINGAN.COM.CN 倪亦道投资咨询资格编号:S1060518070001邮箱：NIYIDAO242@PINGAN.COM.CN 韩盟盟投资咨询资格编号:S1060519060002邮箱：HANMENGMENG005@PINGAN.COM.CN 裴晓鹏投资咨询资格编号:S1060523090002邮箱：PEIXIAOPENG719@PINGAN.COM.CN 何敏秀投资咨询资格编号:S1060524030001邮箱：HEMINXIU894@PINGAN.COM.CN 王钰畅投资咨询资格编号:S1060524090001邮箱：WANGYUCHANG804@PINGAN.COM.CN 曹艳凯投资咨询资格编号:S1060524120001邮箱：CAOYANKAI947@PINGAN.COM.CN 张梦鸽投资咨询资格编号:S1060525070003邮箱：ZHANG ...

临近春节，在要"长牛"不要"疯牛"的重要背景下，市场资金愈发谨慎，指数震荡、板块轮动快成了常态。尤其在强监管引导下，前期市场热点题材炒作彻 底降温，讲故事的标的更不再是资金首选。 不少投资者问，这最后窗口期，到底该躲去哪？答案很明确：业绩线才是真正的避风港。但千万别陷入"业绩超预期就闭眼买"的误区，这恰恰是最容易踩 坑的地方。 真正的安全机会，得综合看——业绩预告只是敲门砖，股价是否提前计价、估值处于什么分位、机构持仓是否健康、行业景气度能否延续，甚至2026年有 没有产业催化、行业格局是否优化，都得逐一验证。 01 先纠偏：业绩好≠能赚钱，这几点才是核心 去年有个典型案例，某CXO企业预告净利润大增40%，不少投资者追进去却被套。为啥？股价早在预告前就涨了80%，估值冲到历史90%分位，业绩利好 落地就是资金出货时机。 这提醒我们，选股要避开三个误区： 一是只看业绩增速，忽略股价计价； 二是盯着单一财报数据，不顾行业景气度； 三是迷信困境反转，却没确认利空是否真落地。 正确逻辑是：业绩边际改善+估值低位（分位低于30%）+机构筹码集中度+产业有进展行业有催化，再叠加十五五政策支持或格局优化，这样的标的才具 ...

Core Viewpoint - The article emphasizes the importance of focusing on performance metrics rather than speculative stories in the current cautious market environment, especially as the Chinese New Year approaches. It suggests that investors should look for stocks with solid earnings forecasts, but also consider valuation, institutional holdings, industry trends, and potential catalysts before making investment decisions [5][6]. Group 1: Investment Strategy - Investors should avoid the misconception that good performance guarantees profitability, as demonstrated by a case where a CXO company saw a 40% increase in net profit but had already experienced an 80% stock price increase prior to the announcement, leading to a sell-off [6][8]. - Key selection criteria for stocks include marginal performance improvement, low valuation (below the 30th percentile), concentrated institutional holdings, and industry catalysts, supported by favorable policies [8]. Group 2: Sector Analysis - **AI Power and Computing Infrastructure**: The demand for AI-related power and computing infrastructure is strong, with a projected 40% increase in investment from the State Grid during the 14th Five-Year Plan. Companies in this sector are expected to have stable earnings and low valuations [10]. - **Semiconductors and AI Applications**: The semiconductor market is expected to recover in 2025, with a projected global market size of $697 billion, driven by domestic substitution and AI infrastructure needs. Companies with solid order backlogs should be prioritized [13]. - **Robotics**: The robotics sector is gaining attention from institutional investors, with a focus on companies that have substantial orders and clean shareholding structures. The sector is expected to benefit from increased automation in manufacturing by 2026 [14]. - **Non-Ferrous Chemicals**: The non-ferrous sector is linked to the demand for new energy and AI infrastructure, with potential recovery in demand for industrial metals like copper and aluminum by 2025 [15]. - **Commercial Aerospace and Satellites**: Despite recent stock price corrections, the long-term outlook for the aerospace sector remains positive, with upcoming satellite launches and applications expected to drive performance [16]. - **Non-Bank Financials**: The brokerage sector is expected to benefit from increased market activity, with estimates of net profit for CITIC Securities reaching 30.05 billion yuan in 2025, a 38.46% increase [18]. - **CXO in Pharmaceuticals**: The pharmaceutical sector should focus on CXO companies with solid performance metrics, as the global biopharmaceutical investment is expected to reach $63.88 billion in 2025, a 10.13% increase [20]. - **Cash Flow and Dividend Stocks**: In a cautious market, stocks with stable cash flow and high dividend yields (over 4%) are recommended as defensive positions [23]. - **Overseas Expansion**: Companies with strong overseas channels and brand power are positioned to benefit from global market growth, particularly in manufacturing sectors [24]. Group 3: Portfolio Management - Investors are advised to diversify their portfolios, suggesting a mix of 50% growth stocks, 30% defensive value stocks, and 20% turnaround opportunities to mitigate risks in a volatile market [28].

交银国际发表研报指，药明合联发布2025年正面盈利预告，其中收入年增45%以上，得益于订单高速增 长及无锡DP3的投产；毛利大幅增长70%以上，产能利用率和生产效率的提升、有效的成本控制持续推 动利润率改善。订单表现同样亮眼，2025年内，公司共新签70个综合CMC项目，年末综合CMC项目数 达到252个，在全球XDC/XDCCRDMO赛道中位居第一。 根据公司去年业绩预告、更进取的产能扩张计划和管理层最新指引，该行上调公司今明两年净利润预测 2%至3%、提高2027年以后的盈利及资本开支预测。以现金流折现率计，该行上调对其目标价至91港 元，维持"买入"评级及CXO行业首推，看好高景气度赛道龙头的长期高成长确定性。 ...

Core Viewpoint - The recent share reduction by WuXi AppTec should be understood in the context of a long-term capital partnership spanning over a decade, reflecting the characteristics of typical long-term capital investment [1] Group 1: Share Reduction Context - The shares being reduced were acquired before WuXi AppTec's A-share IPO, with the involved institutions having supported the company for 11 years [1] - The reduction process was clear and executed swiftly, with well-known international investment institutions successfully taking over the shares, indicating a re-evaluation of the company's certainty in the market [1][2] Group 2: Market Reaction - The share reduction did not disturb the stock price due to the "certainty" of the transaction structure, with discussions shifting from "who is selling" to "who is buying" [2] - International capital's choice to acquire shares during a cautious asset allocation phase reflects recognition of WuXi AppTec's fundamental resilience and long-term competitiveness [2] Group 3: Financial Performance - WuXi AppTec's projected revenue for 2025 is expected to reach 45.5 billion yuan, a year-on-year increase of 15.84%, with the growth rate of ongoing business significantly outpacing overall revenue growth [2] - The company's net profit attributable to shareholders is expected to grow by over 100% year-on-year, with profit growth significantly outpacing revenue growth, maintaining a high net profit margin within the global CXO industry [2] Group 4: Business Model and Future Outlook - The quality of profitability is supported by WuXi AppTec's integrated CRDMO business model, which enhances customer stickiness and project stability during industry demand fluctuations [3] - Despite tightening global pharmaceutical investment conditions, the company continues to achieve record levels of order backlog, providing higher visibility for future performance and boosting long-term capital confidence in its cash flow and operational safety [3] - The share reduction has not weakened the long-term investment logic for WuXi AppTec; instead, it has clarified the company's operational resilience, profitability, and strategic determination in the market [3]

Investment Rating - The report maintains an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][7]. Core Insights - The annual J.P. Morgan Healthcare Conference concluded successfully, with positive information from global pharmaceutical companies, including new pipeline disclosures and major deals. The report highlights the high prosperity in the innovative drug sector and recommends continuous investment in innovative drugs and the industry chain [25][26]. - The A-Shares pharmaceutical sector underperformed the market in the third week of January 2026, with the Shanghai Composite Index falling by 0.4% and the SW Pharmaceutical and Biological sector declining by 0.7% [8][27]. - The Hong Kong stock pharmaceutical sector performed in line with the market, while the U.S. pharmaceutical sector underperformed. The Hang Seng Healthcare index increased by 2.4%, and the S&P 500 Healthcare Select Sector decreased by 1.1% [28]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the high prosperity of innovative drugs and maintains overweight ratings for key pharmaceutical companies. It also recommends Biopharma/Biotech companies with promising pipelines and volume increases, as well as CXO and upstream companies benefiting from innovation [6][25]. Section 2: A-Shares Pharmaceutical Sector Performance - In the third week of January 2026, the A-Shares pharmaceutical sector's performance was ranked 17th among Shenwan primary industries, with a decline of 0.7%. The medical service sub-sector showed a positive performance of +3.3% [8][12][27]. Section 3: Hong Kong and U.S. Pharmaceutical Sector Performance - The Hong Kong pharmaceutical sector performed similarly to the market, while the U.S. sector underperformed. Notable gainers in the U.S. included MODERNA (+22%) and QUEST DIAGNOSTICS (+9%), while major decliners included BIOGEN (-12%) and BOSTON SCIENTIFIC (-10%) [28].

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [69]. Core Insights - The report highlights a strong recovery in investment and financing activities in the CXO sector, with significant increases in both primary and secondary market financing in the biotech industry [4][18][23]. - The JPM conference revealed that many CXO companies expressed optimism for 2026, driven by project structure optimization, improved operational efficiency, and sustained customer demand [4][28]. - The report emphasizes the importance of technological innovation in the pharmaceutical sector for 2026, with a focus on innovative drugs and medical devices [5]. Summary by Sections Investment and Financing Trends - Since September 2025, overseas primary market financing has shown strong recovery, with a total of $8.72 billion in Q4 2025, a year-on-year decrease of 2.4% but a quarter-on-quarter increase of 21% [4][18]. - In January 2026, the total financing amount reached $3.34 billion, indicating a significant recovery compared to previous months [4][18]. - The secondary market for biotech also saw a robust recovery, with Q4 2025 financing totaling $19.28 billion, a year-on-year increase of 111% and a quarter-on-quarter increase of 149.5% [23][26]. Market Performance Review - During the week of January 12-16, 2026, the CITIC Pharmaceutical Index fell by 0.72%, underperforming the CSI 300 Index by 0.2 percentage points, ranking 16th among CITIC's primary industry classifications [3][32]. - The pharmaceutical sector has shown a year-to-date increase of 6.9% in 2026, outperforming the CSI 300 Index by 4.7 percentage points, ranking 7th among industry classifications [3][32]. - The top-performing stocks during this week included Baolait (up 48.8%), Hualan Biological (up 32.7%), and Tianzhihang (up 27.7%) [47]. Company Highlights from JPM Conference - WuXi AppTec reported a revenue of 45.5 billion yuan in 2025, a year-on-year increase of 21.4%, and a net profit of 15 billion yuan, up 41.3% [30]. - WuXi Biologics achieved significant growth with a revenue increase driven by its dual antibody business, which saw a year-on-year growth of 120% [30]. - Lonza expects a revenue growth of 20-21% in 2025, with a core EBITDA margin of 30-31% [30]. Investment Strategy - The report suggests focusing on innovative drugs, particularly those with revenue realization and unexpected business development outcomes, as well as cutting-edge technology platforms like gene therapy and CAR-T [5]. - In the medical device sector, attention should be given to equipment replenishment and bidding, particularly in surgical robots and endoscopes [5].