11月27日，"2025搜狐财经年度论坛"在北京举办。 在论坛中，创金合信基金基金经理毛丁丁带来了题为"看好美股生物科技板块的投资机会"的主题分享。 毛丁丁明确表示，美股生物科技板块正迎来重要的投资拐点，美股创新药板块超额收益的修复还没有结束，未来一段时间兼有beta和α机会。 他指出，尽管该板块在过去几年因高利率、政策不确定性及产业竞争等多重因素压制持续跑输大盘，估值一度跌至近三十年低位，但自2025年三季度起，随 着美联储降息落地、政策预期改善与技术迭代进入新阶段，板块已出现显著反弹。 搜狐财经的各位网友们，大家好，我是创金合信全球医药生物（QDII）基金经理毛丁丁，很高兴参加搜狐财经2025年度论坛。在这里我想跟大家分享一下 我们对创新药，特别是美股生物科技板块投资机会的最新观点。我想用一句概括的话来开始今天的分享，那就是：我们非常看好美股生物科技板块的投资机 会。 我们先来回顾一下美股生物科技板块的走势。从较长的历史看，美股生物科技板块长期跑赢大盘，但近几年却显著跑输，我们分析，这主要受到了多个因素 的影响。第一，宏观层面，美联储从2022年以来持续加息，持续数年的高利率严重影响了生物科技行业的创新活 ...

Core Viewpoint - The pharmaceutical sector continues its upward trend, achieving a "three consecutive days of gains" with various indices showing positive growth, indicating a robust market performance in the industry [1]. Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index rose by 1.7% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 1.2% [1]. - The CSI Innovative Drug Industry Index saw a rise of 1.1% [1]. - The CSI Biotechnology Theme Index and the CSI 300 Pharmaceutical and Health Index both grew by 0.6% [1]. Group 2: Industry Insights - CITIC Securities states that the Chinese pharmaceutical industry has entered a critical phase characterized by "innovation realization and global layout" [1]. - Key supports for the industry include population and domestic demand base, as well as comprehensive manufacturing capabilities across the entire industry chain [1]. - Companies are actively exploring diversified overseas paths [1]. - Looking ahead to 2026, opportunities are expected in innovative commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions [1].

天眼查App显示，近日，德宏宝虻生物科技有限责任公司成立，法定代表人为唐永培，注册资本50万人 民币，经营范围为许可项目：动物饲养；家禽饲养；牲畜饲养；水产养殖；城市生活垃圾经营性服务； 餐厨垃圾处理。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部 门批准文件或许可证件为准）一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术 推广；水产品零售；水产品批发；初级农产品收购；水产品收购；非食用农产品初加工；食用农产品初 加工；农副产品销售；肥料销售；化肥销售；信息技术咨询服务；互联网销售（除销售需要许可的商 品）；采购代理服务；畜牧机械销售；农业机械租赁；机械设备销售；普通货物仓储服务（不含危险化 学品等需许可审批的项目）；牲畜销售；畜禽收购；饲料原料销售。（除依法须经批准的项目外，凭营 业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，四川扶光天辰生物科技有限责任公司成立，法定代表人为李英，注册资本10万 人民币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；数 字技术服务；生物基材料销售；生物农药技术研发；互联网销售（除销售需要许可的商品）；信息咨询 服务（不含许可类信息咨询服务）；厨具卫具及日用杂品批发；日用化学产品销售；环保咨询服务；海 洋环境服务；自然生态系统保护管理；水环境污染防治服务；水利相关咨询服务；智能农机装备销售； 宠物销售；宠物服务（不含动物诊疗）；宠物食品及用品批发；宠物食品及用品零售；日用杂品销售； 牲畜销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Market Overview - The Hong Kong stock market saw all major indices rise, with the Hang Seng Index up 0.13% to 25,928.08 points, the Hang Seng Tech Index up 0.11% to 5,618.36 points, and the Hang Seng China Enterprises Index up 0.04% to 9,162.37 points, with a total market turnover of HKD 207.08 billion [1] - Among the Hang Seng Index constituents, 51 stocks rose while 32 fell, with Meituan leading the blue-chip stocks with a 5.65% increase [1] Individual Stock Performance - Alibaba's stock saw a turnover of HKD 17.256 billion, down 1.90%, primarily due to a 72% year-on-year decline in adjusted net profit for Q2 of the fiscal year 2026 [2] - Meituan's stock had a turnover of HKD 13.327 billion, rising 5.65%, while Tencent Holdings experienced a turnover of HKD 8.976 billion, down 0.88% [2] Sector Performance - The healthcare sector index rose by 1.04%, while the telecommunications sector index increased by 0.52% [2] - The materials sector index fell by 1.09%, and the information technology sector index decreased by 0.58% [2] Meituan's Stock Movement - Meituan's stock surged by as much as 7.07% on November 25, closing at HKD 103.80 per share, following Alibaba's announcement to scale back its investment in Taobao Flash Sales, which positively impacted the food delivery competition landscape [3] - Meituan is expected to report its Q3 earnings on November 28, with market speculation suggesting it may face its first quarterly loss in over three years due to "irrational competition" eroding most of its profits for the quarter [3] Biotechnology Sector - The biotechnology sector has seen a rebound for the third consecutive day, with the Hang Seng Biotechnology Index rising by 1.25% [4] - Notable performers in the biotechnology sector include Kangfang Biotech, which rose by 3.97%, and Sanofi Biotech, which increased by 3.75% [7] Investment Trends in Healthcare - According to a report by CICC (Hong Kong), the global healthcare capital market has shown a recovery trend, with total financing in October reaching approximately USD 112 billion, marking a new high for the year [8] - The report highlights significant mergers and acquisitions in the medical device sector in October, indicating a focus on strategic core business enhancements and high-growth potential niche markets [9]

恒生行业指数方面，医疗保健业指数上涨1.04%，综合企业指数上涨0.70%，电讯业指数上涨0.52%。跌幅方面，原材料业指数下跌 1.09%，资讯科技业指数下跌0.58%。 【导读】美团一度大涨超7%，生物科技股连续第三日反弹 中国基金报记者 郭玟君 11月26日，香港三大股指全线上涨，香港恒生指数涨0.13%，报25928.08点；恒生科技指数涨0.11%，报5618.36点；恒生中国企业指 数涨0.04%，报9162.37点。大市成交2070.78亿港元，南向资金净卖出39.52亿港元。 恒生指数成份股中51只上涨，32只下跌。美团上涨5.65%，中通快递涨4.24%，申洲国际涨3.20%，领涨蓝筹 股 。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 美团-W | 3690 | 103.800 c | 5.550 | 5.65% | 133.27亿 | -31.58% | | 2 | 中通快递-W | 2057 | 162.100 c | 6. ...

Core Viewpoint - The company, 亚辉龙 (688575.SH), currently does not have any certified products for influenza A testing, but it continues to focus on respiratory infection immunity, particularly in the areas of Mycoplasma pneumoniae and Epstein-Barr virus [1] Group 1: Company Overview - 亚辉龙 is the first domestic biotechnology company to apply chemiluminescence technology to serological testing for Mycoplasma pneumoniae [1] - The company is one of the few domestic IVD suppliers that can provide simultaneous testing for Mycoplasma pneumoniae, Chlamydia IgG, and IgM typing [1]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.15%, Shenzhen Component Index up 1.02%, and ChiNext Index up 2.14% [1] - Total trading volume in the Shanghai and Shenzhen markets reached 1.7833 trillion yuan [1] ETF Performance - Communication-related ETFs led the gains, with the top performers including Communication ETF up 5.61%, Communication Equipment ETF up 5.54%, and AI-related ETFs showing increases of over 5% [2] - The Aerospace ETF experienced the largest decline, down 2.62%, followed by other aerospace-related ETFs [4][5] Alibaba Financial Results - Alibaba reported a 34% year-on-year increase in cloud revenue for Q2 of fiscal year 2026, with AI-related product revenue growing for nine consecutive quarters [3] - Capital expenditure for the quarter was 31.5 billion yuan, with approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [3] - The investment in AI infrastructure is seen as a step towards the self-sufficiency of domestic computing power, indicating potential investment opportunities in this sector [3] ETF Market Activity - The Short-term Bond ETF had the highest trading volume at 23.5 billion yuan, followed by other ETFs such as Silver Hua Daily ETF and Convertible Bond ETF [6] - The Korean Semiconductor ETF had the highest turnover rate at 118% [6] Upcoming ETF Launches - Three new ETFs are set to launch, including A50 ETF, which tracks the CSI A50 Index, focusing on leading companies across various sectors [7] - Other ETFs launching include the China Hong Kong Stock Connect Dividend Low Volatility ETF, the Photovoltaic ETF, and the Hang Seng Biotechnology ETF, each targeting specific investment strategies and sectors [8]

天眼查App显示，近日，湘西臻源生物科技有限责任公司成立，法定代表人为向安全，注册资本50万人 民币，经营范围为许可项目：茶叶制品生产;食品互联网销售;食品销售;道路货物运输（网络货运）;道 路货物运输（不含危险货物）;中药饮片代煎服务;城市配送运输服务（不含危险货物）（依法须经批准 的项目，经相关部门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为准）一般项目： 茶叶种植;食用农产品批发;农副产品销售;中草药种植;中草药收购;中药提取物生产;食用农产品初加工;生 物饲料研发;生物质燃料加工;生物质成型燃料销售;生物有机肥料研发;生物基材料技术研发;生物化工产 品技术研发;生物基材料销售;新鲜蔬菜批发;新鲜蔬菜零售;农产品的生产、销售、加工、运输、贮藏及 其他相关服务;总质量4.5吨及以下普通货运车辆道路货物运输（除网络货运和危险货物）;包装服务（除 依法须经批准的项目外，自主开展法律法规未禁止、未限制的经营活动）。 ...

②11-12月是BD交易较为活跃的时点，2025年创新药医保国谈结果与首版商保创新药目录预计将于12月 上旬发布，ASH（美国血液学会）、SABCS（圣安东尼奥乳腺癌大会）等行业会议，也将于12月上旬 召开。 ③互联网股方面，阿里巴巴第二财季营收超预期，AI+云与消费两大核心业务实现强劲增长，同时称淘 宝闪购第一阶段规模扩张已结束。 ④创新药板块回调的时间、空间均得到充分调整，如恒生医药ETF9月4日-11月21日累计回调超15%，资 金选择越跌越买，10月10日至今累计净流入8.7亿元，近期更是连续9日获资金净申购。恒生科技指数 ETF连续19个交易日迎资金净申购，合计净流入54亿元。 相关产品，及截至发稿涨跌幅： 在美联储降息预期升温情况下，港股连续第三日上涨，流感药品销量暴涨刺激生物科技板块领涨，恒生 医药ETF涨1.5%，冲击三连阳，美团大涨近6%，恒生科技指数ETF涨1%。 消息面上： ①近期流感药品销量持续暴涨，以及11月28日恒生生物科技指数期货正式推出。 全球医药全产业链代表：恒生医药ETF(159892)，+1.53%，最新规模61.27亿元，同标的规模最大，前十 大权重股包括百济神州、药明 ...