2026 年 1 月 17 日 行业研究 "AI+"赋能化工研发制造，26 年小核酸药物迎快速增长期 ——基础化工行业周报（20260112-20260116） 要点 国家层面政策持续推进"人工智能 +"转型落地。国务院发布的《关于深入实施 "人工智能+"行动的意见》及工信部等八部门联合出台的《"人工智能+制造" 专项行动实施意见》，从战略目标、时间节点和行业指引等多个维度，对人工智 能与制造业深度融合提出系统性要求。对于石化化工行业，政策重点聚焦"提质 增效"，通过大模型、数字孪生等技术与油气勘探、炼化工艺、设备运维和安全 生产等场景深度融合，推动生产优化、预测性维护和风险预警；对于新材料行业， 则强调人工智能与研发环节的深度融合，依托高质量数据集和行业大模型，提升 材料分子设计、工艺优化和"成分—结构—性能"反向设计能力，加速新材料研 发效率与成果转化，推动行业由"数字化"向"智能化"跃迁。 在政策引导下，化工企业正通过三条路径推动"AI+制造"落地。一是以中国石 油、中国石化、中国海油为代表的龙头企业，通过自研行业大模型和人工智能中 台，深度嵌入油气勘探、炼化生产、设备管理和经营决策等核心业务场景，构建 ...

中新社北京1月17日电 (记者 李纯)"在全球化发展的赛道上，跨国平台可以起到帮助医药企业挺直腰 杆、擦亮招牌、架桥铺路的作用。"中国国家医疗保障局医药价格和招标采购司司长王小宁如是形容搭 建平台对助力中国药械"走出去"的重要性。 中国药登负责人李克斌介绍说，截至1月16日，中国药登已有60家申请注册企业，登记药品22个，涵盖 中成药、化药、生物制药等类型。中国药登还将搭建国际互认机制，增强全球公信力，提高药械准入手 续的办理效率。 不只是中国药登，当前，中国已建成中国—东盟区域医药交易(集采)平台、中国(新疆)—中亚"中心药 房"等多个药械(集采)交易与价格平台，助力中国质优价宜的药品、医疗器械进入国际市场。 其中，2025年1月9日，中国—东盟区域医药交易(集采)平台启动仪式在广西举行。广西医保局副局长赖 永东表示，如今，该平台建设运行已取得初步成效，药械交易金额突破1000万元(人民币)，药品涉及多 家医药企业的多项产品，覆盖东南亚多国。 此外，中国还有多个药械(集采)交易与价格平台正处于建设阶段。据天津医保局二级巡视员吴刚介绍， 中国国际医疗设备与器械交易(集采)平台预计将于今年2月上旬正式揭牌上线。 ...

昨天（16日），国家医保局与79家医院签约，开展真实世界医保综合价值评价试点。医保信息平台将采 集医疗机构的检查检验、用药用械、手术记录等数据，对上市后的医药产品的有效性、安全性、经济性 等进行全面评估，为医保目录调整、支付标准确定等决策提供依据，让百姓获得质优价宜的医药服务。 福建医科大学附属协和医院院长 陈椿：对于医保基金的优化配置的效率使用会起促进作用。比如说一 个靶向治疗药，申请的厂家有200多种，从真实世界中筛选有用的数据来甄别，把高价低效的药剔除出 去，这是非常有必要的。 北京大学肿瘤医院党委书记 马少华：病人的一般资料，包括诊疗方案、临床愈后、远期生存这些数 据，包括临床药品的副作用的数据都要收集。 真实世界医保综合价值评价，不仅仅依赖药品上市前的临床试验数据，而是基于药物在临床使用中的真 实表现进行评估，填补实验室与临床一线之间的差距，让医保基金花在刀刃上，也让患者享受到更贴合 需求的医疗服务。 福建医科大学附属协和医院院长 陈椿：因为真实世界还有很多的复杂性和不确定性，比如说有些糖尿 病的药物，通过了临床研究，发现它引起低血糖只有5%的可能性，但是真实世界里面可能到了12%。 这些研究可以用 ...

Group 1 - The State Council, led by Premier Li Qiang, is focusing on measures to boost consumption and support service consumption growth, including clearing overdue payments to enterprises and ensuring wage payments to migrant workers [3] - The U.S. stock market saw a collective decline, with the Nasdaq down 0.06%, the Dow Jones down 0.17%, and the S&P 500 down 0.06%. However, semiconductor stocks rose, with the Philadelphia Semiconductor Index up 1.15% [3] - International oil prices experienced slight increases, with WTI crude oil rising by 0.24% to $59.22 per barrel and Brent crude oil increasing by 0.41% to $64.02 per barrel [3] Group 2 - European stock indices closed lower, with Germany's DAX down 0.22%, France's CAC40 down 0.65%, and the UK's FTSE 100 down 0.04% [4] - The tax authority in China is urging taxpayers to self-check their overseas income for the past three years, emphasizing compliance with tax regulations to prevent tax evasion [5] - The Ministry of Finance and the State Taxation Administration announced the continuation of tax incentives for public rental housing to support its construction and operation [6] Group 3 - Eight departments in China released the "Anti-Money Laundering Special Preventive Measures Management Measures," effective from February 16, 2026, to enhance anti-money laundering efforts [7] - The State Administration for Market Regulation published regulations for live-streaming e-commerce operators to ensure food safety and prevent misleading advertising, effective from March 20, 2026 [8] - The China Securities Regulatory Commission is soliciting opinions on the "Derivatives Trading Supervision Management Measures (Trial) (Draft for Comments)" to improve the regulatory framework for derivatives trading [9] Group 4 - The China Securities Regulatory Commission announced the initiation of reforms for the Growth Enterprise Market and continued reforms for the Science and Technology Innovation Board to enhance financing flexibility [9] - The Shanghai Futures Exchange announced adjustments to trading limits for silver and nickel futures contracts, effective January 20, 2026 [10] - The U.S. President Trump indicated a temporary halt to military action against Iran, influenced by discussions with Middle Eastern leaders [11] Group 5 - The market regulator in China approved the acquisition of Delphi Technologies by American Axle Manufacturing under certain conditions to ensure fair competition in the automotive parts market [16] - Apple has included brands like Huawei and Xiaomi in its trade-in program, allowing customers to exchange old devices for discounts on new iPhones [17] - Huawei reported a cumulative R&D investment of 50 billion yuan in its autonomous driving solutions, with plans to equip 1.4 million vehicles by the end of 2025 [19] Group 6 - Companies under the State Grid saw stock price increases following the announcement of a 4 trillion yuan investment plan over the next five years, indicating positive industry sentiment [20] - Tencent Cloud has reportedly become the only major public cloud provider in China to achieve profitability, marking a significant milestone in the cloud computing market [21] - Kweichow Moutai clarified that its recent sales of premium liquor are limited to existing group purchase clients, not open to new customers [22]

优化挂网措施，推进创新药械销售提速。为支持医药产品挂网销售，我省于2021年就建立了挂网绿色通 道，对创新产品实施绿色通道挂网，目前已将挂网审核频次由每月1次压缩至每周1次，并简化挂网申报 材料，涉及产品批件等信息以数据共享的方式直接获取。"十四五"以来，已累计有420个我省企业药品 通过绿色通道挂网。下一步，我们将持续优化绿色挂网通道机制，对创新药品、医用耗材等，实行随时 受理、限时办结，提升创新产品挂网时效。同时，积极推进全国医药产品挂网联审通办试点成效，企业 一次提交挂网申请，只需经一省审核，核验信息即可全国共享，切实减轻企业挂网申请负担。 完善支付机制，支持创新药临床使用。通过谈判纳入国家医保药品目录，是创新药商业化最有效的途径 之一。"十四五"期间，全省共有49种药品新增纳入国家医保药品目录。下一步，我们将持续加大支持力 度，力争更多山东创新药通过谈判纳入国家医保目录。同时持续抓好国家医保目录落地，对高价值谈判 创新药费用可不纳入当年按病种付费范围，对医疗机构合理使用的创新药费用，可通过特例单议等配套 措施给予单独补偿，支持创新药临床使用。并根据国家医保局部署，将谈判创新药纳入定点医疗机构和 定点零 ...

Core Viewpoint - The Hong Kong stock market continues to adjust, with the pharmaceutical sector declining alongside the market, particularly affected by a short-term cooling of AI medical concepts [1][12]. Group 1: Market Performance - The Hong Kong Medical ETF Huabao (159137) fell by 0.93%, marking two consecutive days of decline, while the Hong Kong Innovation Drug ETF (520880) dropped by 1.08% [1][12]. - The medical sector saw 13 stocks rise and 37 fall, with Ark Health, a hot stock in AI medical concepts, leading the decline at 6.98%, and Alibaba Health also falling by 5.16% [2][13]. - The Hong Kong Medical Theme Index achieved a record nine consecutive days of gains before experiencing a pullback, with the Medical ETF Huabao having a cumulative increase of 6.9% in its first week, outperforming the Hang Seng Index [3][14]. Group 2: Sector Analysis - The Hong Kong Medical ETF Huabao covers 50 leading stocks across various medical fields, including CXO, AI medical, medical devices, and innovative drugs, indicating a comprehensive approach to capturing market trends [5][16]. - The medical sector has shown significant recovery since 2026, driven by hot themes like brain-computer interfaces and AI medical, with increasing investment value [6][17]. - The CXO sector is expected to see a "Davis Double Play" with both profit and valuation improvements, as demand gradually recovers and supply has been cleared over the past three years [18]. Group 3: Future Outlook - Analysts predict that by 2026, key areas of growth will include innovative overseas expansion and hard technology sectors such as AI medical and brain-computer interfaces, with a focus on monitoring the expansion of medical insurance and essential drug directories [18]. - The Medical ETF Huabao is positioned as a high-elasticity tool for capturing new opportunities in the medical field, particularly in AI medical, brain-computer interfaces, and innovative drug supply chains [18]. - The total scale of the medical ETF fund reached 27 billion yuan, making it the largest in the market for medical-related ETFs [19].

Group 1: Gold Jewelry Prices - Several gold jewelry brands in China have shown price discrepancies, with some maintaining prices while others have adjusted them down to around 1435 CNY per gram [1] - Specific prices include: Liufu Jewelry at 1434 CNY/gram, Chow Tai Fook and Xie Rui Lin at 1436 CNY/gram, and Chow Sang Sang at 1431 CNY/gram, which decreased by 5 CNY from the previous day [1] Group 2: Battery Industry Growth - In 2025, China's cumulative sales of power and energy storage batteries are projected to reach 1700.5 GWh, marking a year-on-year increase of 63.6% [1] - Power batteries account for 1200.9 GWh, representing 70.6% of total sales, with a year-on-year growth of 51.8%, while energy storage batteries are at 499.6 GWh, showing a 101.3% increase [1] Group 3: Passive Components Price Increase - Yageo Corporation announced a price increase of 15%-20% on certain resistor products due to significant cost rises in chip product lines, particularly for precious metals [2] Group 4: Smartphone Manufacturers Adjusting Forecasts - Major smartphone manufacturers including Xiaomi and OPPO have reduced their annual shipment forecasts by over 20% due to rising storage costs in the supply chain [2] - Vivo has lowered its forecast by nearly 15%, while Transsion has adjusted its target to below 70 million units [2] Group 5: Semiconductor Industry Performance - The semiconductor industry showed resilience with significant stock price increases, particularly in companies like Longji Technology, which reached a five-year high [20] - The storage chip sector also saw historical highs for companies like Baiwei Storage and Jiangbo Long [20] Group 6: New Product Developments - Samsung Display has commenced mass production of its 8.6-generation OLED panel line, indicating advancements in display technology [2] - Apple is expected to launch its AI glasses in the second quarter of this year, with design advantages over existing products [3] Group 7: Regulatory Actions - The China Securities Regulatory Commission has approved the IPO registration of Fuen Co., Ltd. on the Shenzhen Stock Exchange [7] - Several companies, including Haizheng Pharmaceutical and Mengguli, received warnings from regulatory bodies for financial discrepancies in their disclosures [8][9][10]

Core Viewpoint - China is transitioning from a "disease-centered" approach to a "people's health-centered" model, aiming to improve public health and reduce illness [1][3]. Group 1: Health System Reform - The Chinese government is implementing systematic reforms in the healthcare service system, focusing on integrated management of rural healthcare institutions [3]. - The payment system is being reformed, with health insurance funds being allocated to "health communities," linking hospital and physician income to residents' health levels [3]. - The "health community" model, known as the "Sanming Model," is being promoted nationwide, with a goal of achieving full coverage within four years [3]. Group 2: New Development Opportunities - The health sector in China faces challenges such as an aging population but also presents new development opportunities [4]. - The country is entering a "health+" development phase, integrating various industries such as healthcare, pharmaceuticals, green food, wellness, and smart health to create a new health industry covering the entire life cycle [4]. - The demand for this new health industry is continuous and substantial, serving both domestic needs and potential global markets [4]. Group 3: Innovation and Technology - China is leveraging the integration of agriculture, industry, commerce, and information technology to drive innovation in the health sector [4]. - With the empowerment of artificial intelligence and new production capabilities, the country aims to achieve comprehensive health management through platforms like personal health codes and health information networks [4]. - The integration of systematic, informational, and intelligent approaches is expected to create a high-quality, low-cost, and scalable health system [4].

Group 1 - The core viewpoint of the news is the launch of the ICBC Credit Suisse Hong Kong Stock Connect Medical Theme ETF, which aims to capitalize on the growing demand for medical services driven by an aging population in China [1][2] - The Hong Kong Stock Connect Medical Theme Index, which the ETF tracks, covers key sectors such as CXO, internet healthcare, medical devices, and innovative drugs, indicating a comprehensive approach to the medical industry [2] - The index currently has a price-to-earnings ratio (TTM) of 34.56, which is within the 52.11% percentile since its inception, suggesting that it may not be overvalued and could still present an attractive investment opportunity [2] Group 2 - The aging population in China has entered a deep aging society as of 2021, leading to significant growth potential in the pharmaceutical services sector, which is a crucial part of the "silver economy" [1] - The development of AI in the medical industry is seen as a key driver for innovation, with expectations that AI applications will enhance the efficiency and capabilities of medical services [2] - The fund manager for the ETF, Zhao Xu, has extensive experience in securities and investment management, which may contribute to the effective tracking of the index and capturing investment opportunities in the Hong Kong medical sector [3]

近5日机构合计调研165家公司，翔宇医疗、海天瑞声、爱朋医疗等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（1月9日至1月15日）约165家公司被机构调研，调研机构类型显 示，证券公司共对143家公司进行调研，即86.67%的上市公司调研活动有证券公司参与；基金公司调研 123家，位列其后；阳光私募机构调研59家，排名第三。 近5日机构调研股一览 | 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 688626 | 翔宇医疗 | 1 | 208 | 77.77 | -8.24 | 医药生物 | | 688787 | 海天瑞声 | 1 | 204 | 164.70 | 31.12 | 计算机 | | 300753 | 爱朋医疗 | 1 | 142 | 36.75 | -13.77 | 医药生物 | | 300792 | 壹网壹创 | 1 | 93 | 43.97 | 33.24 | 商贸零售 | | 000039 | 中集集团 | 1 | 61 ...