Core Viewpoint - The company is in the cultivation phase of its contact lens business, leveraging its leading position in ophthalmic surgery and myopia prevention to accelerate domestic substitution in response to national consumption promotion policies [1] Group 1: Business Performance - The contact lens business accounted for 30.06% of the company's total revenue as of the 2025 semi-annual report, showing significant revenue growth [1] - The company is facing short-term pricing pressure due to intensified market competition, which is impacting product pricing [1] Group 2: Strategic Initiatives - The company is advancing its own brand development and launching differentiated products to enhance value [1] - Future strategies include cost reduction and efficiency improvement, along with strengthening channels and brand building to gradually drive performance contributions from the contact lens business [1]

21世纪经济报道记者易妍君 2026年，A股旗开得胜，三大股指在首个交易日（即1月5日）悉数上涨。 这一天，上证指数重返4000点之上，日线更是迎来罕见的12连阳，为"春季躁动"预期下的A股市场再添"一把火"。 市场热点轮番活跃，脑机接口、保险、存储器等题材相对强势；CRO、模拟芯片、基因检测、虚拟人等概念也有不错的表现。 展望后市，前海开源基金首席经济学家、基金经理杨德龙判断，2026年科技牛行情有望延续。 亦有受访人士向21世纪经济报道记者指出，A股接下来的表现将紧密围绕几个核心变量展开，如宏观稳增长政策的具体力度、美联储货币政策的实际节奏 等。 对于2026年的投资，机构倾向于在科技成长、先进制造、顺周期与消费等方向挖掘机会。 | 内地股票 広 | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 科创综指 | | 4023.42 | 13828.63 | 1695.84 | | +54.58 +1.38% | +303.61 +2.24% | +59.14 +3.619 | | 万得全A | 创业板指 | 北证50 | | 65 ...

Industry Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Outperform the Market" and is maintained [1] Core Insights - The retail pharmacy industry is undergoing accelerated consolidation, with a significant reduction in the number of stores, leading to increased concentration benefiting leading players [4][15] - The number of retail pharmacies in China has decreased by nearly 20,000 since the fourth quarter of 2024, with a net reduction of 8,800 stores in the third quarter of 2025 alone [15][21] - Leading pharmacies are expected to see profit margins improve in 2026 due to operational optimizations and cost control measures [5][21] - The innovation drug sector is currently in a correction phase, but the maturation of clinical data is expected to drive future market performance [7][25] - The medical device sector is showing signs of recovery, with leading companies reporting improved performance in the third quarter of 2025 [29][30] Summary by Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 8084.61, with a 52-week high of 9323.49 and a low of 6764.34 [1] Recent Market Performance - The A-share pharmaceutical and biotechnology sector fell by 2.06% in the last week of December 2025, underperforming the CSI 300 index by 1.47 percentage points [6][22] - The retail pharmacy sector experienced a decline of 4.11% during the same period [22] Retail Pharmacy Insights - The retail pharmacy industry is seeing a rapid exit of smaller players, with a focus on consolidating market share among leading pharmacies [15][37] - The implementation of drug traceability codes is expected to further increase industry concentration by raising operational costs for smaller pharmacies [20] Innovation Drug Sector - The innovation drug sector is experiencing a correction, but the maturation of clinical data is anticipated to be a key driver for future performance [7][25] - Companies with stable business development (BD) expectations are recommended for investment, including Innovent Biologics and 3SBio [26] Medical Device Sector - The medical device industry is expected to benefit from improved procurement processes and a reduction in the pressure from centralized procurement [29][30] - Leading companies are showing signs of recovery, with Q3 performance improving compared to earlier in the year [29] Traditional Chinese Medicine - The traditional Chinese medicine sector is under pressure but is expected to benefit from policies favoring essential medicines and inventory clearance [34][36]

2026年第一个交易日，A股早盘高开高走，上证指数盘中重回4000点。 题材上，AI、保险、医药等多点开花。脑机接口板块早盘掀起涨停潮，倍益康30cm涨停，三博脑科、美好医疗、翔宇医疗20cm涨停。 开源证券策略研究团队在研报中表示，当前A股市场或已正式进入2026年"春季躁动"的预热与布局窗口。不过，与过往普涨行情不同，本轮躁动在宏观经济 数据尚待验证、增量资金稳步入场的背景下，呈现出鲜明的"结构先行、机会轮动"特征，包括商业航天、机器人、石油化工、有色等。 | | | Wind热门概念指数 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 脑机接口 | 医疗器械 | 存储器 | 保险 | CRO | 保险 | 医疗保健 | | 9.95% | 6.83% | 6.77% | 6.72% | 5.39% | 6.20% | 5.46% | | 医疗服务 | 摩尔线程 | 模拟芯片 | 基因检测 | 虚拟人 | 电脑硬件 | 化肥农药 | | 5.28% | 5.23% | 4.93% | 4.89% | 4.77% | 3.75% | 3.42% ...

Core Viewpoint - The company has recently obtained a "Drug Manufacturing License" from the Anhui Provincial Drug Administration, marking its first acquisition of such a license, which is expected to positively influence the company's long-term development [1] Group 1 - The acquisition of the "Drug Manufacturing License" will help optimize the company's product structure [1] - The company still needs to complete regulatory procedures, including product registration application, on-site verification, and compliance checks with GMP, before obtaining the "Drug Registration Certificate" for commercial production and sales [1] - The short-term impact of the "Drug Manufacturing License" on the company's operating performance is expected to be minimal [1]

招股书显示，汉诺医疗是一家具有全球竞争潜力的高端创新医疗器械企业，专注于体外生命支持 （ECLS）领域的技术创新，致力以前瞻性的医学工程技术向全世界提供稳定、可靠的循环支持与氧合 技术产品。公司科创板IPO于2025年12月23日获得受理。 此次科创板IPO，汉诺医疗拟募集资金10.62亿元，投向汉诺医疗研发中心建设项目、汉诺医疗生产基地 建设项目等4个项目。 北京商报讯（记者 丁宁）1月5日，中国证券业协会官网发布"2026年第一批首发企业现场检查抽查名 单"，深圳汉诺医疗科技股份有限公司（以下简称"汉诺医疗"）被抽中现场检查。 ...

Group 1 - The A-share market opened positively on Monday, with the Shanghai Composite Index achieving a 12-day consecutive rise, marking the longest streak in 33 years [1] - The Shanghai Composite Index increased by 1.38% to 4023.42 points, while the Shenzhen Component rose by 2.24%, the ChiNext Index by 2.85%, the CSI 300 by 1.9%, and the STAR 50 by 4.41% [1] - A total of 3959 stocks rose, 1111 fell, and 112 remained unchanged, with a total trading volume of 2.55 trillion yuan, an increase of approximately 501.08 billion yuan compared to the previous trading day [1] Group 2 - The net inflow of main funds into the market was 4.078 billion yuan, with the semiconductor sector leading at a net inflow of 5.448 billion yuan [7] - Other sectors such as electronic components, batteries, internet services, and medical devices also experienced net inflows, while aerospace saw the largest net outflow [7] - The human brain engineering sector saw a significant increase of 13.36%, with 20 stocks hitting the daily limit, while sectors like Hainan Free Trade, stablecoin concepts, and duty-free concepts faced declines [7] Group 3 - Expert Xu Xiaoming noted that the market's strong opening and closing with a solid bullish candlestick ignited bullish sentiment among investors [7] - Despite the rapid rise in indices, the safety of the trend is increasing, suggesting that even if a small cycle shows a top structure, it will not threaten the overall trend [7] - Xu emphasized that the trend remains intact and there is currently no reason to short the market, although chasing after price increases is not recommended [7]

Market Performance - On January 5, 2026, A-shares opened strong, with all three major indices rising collectively, and the Shanghai Composite Index surpassing the 4000-point mark for the first time in over 30 trading days [1] - By the end of the trading day, the Shanghai Composite Index increased by 1.38% to 4023.42 points, marking a "12 consecutive days" rise; the Shenzhen Component Index and the ChiNext Index rose by 2.24% and 2.85%, closing at 13828.63 points and 3294.55 points respectively [1] - The STAR 50 Index performed notably well, rising by 4.4% to 1403.41 points [1] Sector Performance - The brain engineering sector led the market, with several stocks, including Sanbo Brain Science, Botao Biology, and Daoshi Technology, hitting the 20% daily limit [1] - The insurance sector was active throughout the day, with all major stocks in the sector showing gains [1] - Other sectors with significant gains included fourth-generation semiconductors, medical devices, and AI pharmaceuticals, while sectors such as Hainan, duty-free concepts, and tax refund stores experienced declines [1] Trading Volume - The trading volume for the Shanghai Stock Exchange reached approximately 10,673.34 billion yuan, while the Shenzhen Stock Exchange recorded about 14,790.13 billion yuan, leading to a total trading volume of around 25.5 trillion yuan across both exchanges [1]

Group 1 - The core viewpoint is that the pharmaceutical and biotechnology industry is entering a critical phase of innovation realization and global expansion, with a potential performance inflection point and valuation reshaping expected by 2026 [1] - The industry is focusing on next-generation innovative therapies represented by ADCs, bispecific/multispecific antibodies, cell and gene therapies, and small nucleic acids [1] - The impact of centralized procurement in the medical device sector is diminishing, and domestic high-end technology breakthroughs, along with rapid growth in international markets, are expected to lead to performance recovery for companies [1] Group 2 - In the chemical pharmaceutical sector, China's innovative drugs account for 30% of the global R&D pipeline, particularly leading in ADCs, bispecific antibodies, and cell therapies, with license-out transaction amounts exceeding $100 billion, indicating enhanced international competitiveness [1] - The overall valuation of the industry remains at historical lows, with innovation-driven and international expansion themes expected to dominate structural opportunities [1] - The ETF tracking the innovative pharmaceutical index focuses on innovative companies in biopharmaceuticals, chemical pharmaceuticals, and traditional Chinese medicine, aiming to reflect the overall performance of China's pharmaceutical industry's innovation development [1]

新药研发，如同在巨大迷宫中找到一条正确的路径，周期往往极为漫长。能否提升试错效率？AI被寄 予厚望。 日前，我国自主研发的开放式、普惠性AI制药平台——"AI孔明"正式发布。其在疟疾、结核病以及病毒 等全球健康挑战的相关数据库，向全球免费开放。 "该平台已经在数十条真实研发管线中完成系统验证，相较传统流程，候选分子命中率与优化效率实现 了数倍至数十倍的显著提升。"全球健康药物研发中心首席运营官陆漫春说。 研发团队领队、全球健康药物研发中心数据科学部负责人郭晋疆介绍，在"AI孔明"制药平台中，开发了 AI分子设计模型、高精度虚拟筛选、多任务ADMET评估模型等原创算法，覆盖"靶点结构分析、AI分 子生成与优化、活性筛选、成药性评估"全流程，压缩传统药物研发时间。 加速新药智能研发，正是"人工智能+"的一个重要方向。国家卫生健康委等部门2025年公布的《关于促 进和规范"人工智能+医疗卫生"应用发展的实施意见》中，明确提出要开发新药筛选模型。 新华社北京1月5日电 题：AI遇上医疗 健康守护如何注入新活力？ 新华社记者彭韵佳、刘祯 当AI与医学、工程技术相遇，将会碰撞出哪些火花？ 在人工智能发展浪潮下，从加速新药 ...