医药投资需前瞻布局 回归需求为本的核心逻辑 姒亭佑表示，医疗行业的发展是一个持续演变的过程，并不存在所谓的"最好机遇"。当下市场上的生物医药BD交易，其布局往往始于七八年前，这意味着 行业发展具有极强的前瞻性，若在风口显现后再盲目入局，极易陷入同质化竞争的困局。 回顾行业发展历程，姒亭佑谈到，二十年前国内医药市场以仿制药为主，这与当时缺医少药的市场需求高度契合。随着行业发展进入快速跟随阶段，政策导 向曾推动企业聚焦"中美双报"和"一致性评价"，但政策的动态调整让部分跟风布局的企业遭遇发展瓶颈。"这也印证了医药投资不能单纯追逐政策热点，更 要回归核心——是否真正解决市场未被满足的需求。"姒亭佑强调。 在姒亭佑看来，科技创新并非医药投资的唯一考量标准，市场需求的体量同样关键。不少创业项目虽拥有先进技术，但因瞄准的市场空间狭窄，最终难以实 现规模化发展。基于此，项目立项阶段的研判尤为重要，从立项方向便能窥见企业的成立时间与行业风口的关联度。 对于医药行业的下一阶段发展方向，姒亭佑给出了明确的方向指引。他认为，抗药性药物研发、提升药物有效性、增强用药安全性以及提高患者用药依从 性，将成为行业未来的核心发力点。他强调， ...

该报告通过构建智力资本信息披露指数，对福建省上市公司的智力资本信息披露水平进行测度评价，指 出2022—2024年，福建省A股上市公司的总体智力资本以及人力资本、结构资本的信息披露水平有所提 高，但不同公司间的披露水平差异呈扩大趋势。 登录新浪财经APP 搜索【信披】查看更多考评等级 转自：新华财经 2025年12月25日上午，《福建省上市公司智力资本信息披露评价报告（2025）》发布会在福州大学召 开。来自福建省上市公司协会，以及省内高校、券商、基金公司、上市公司的代表参加了本次发布会。 《福建省上市公司智力资本信息披露评价报告（2025）》是福州大学智力资本蓝皮书课题的重要研究成 果，由福州大学智力资本课题组完成，科学出版社出版，是国内外第一本智力资本蓝皮书。 该报告根据上市公司智力资本信息披露指数得分对上市公司进行评级，其中，2024年入围智力资本信息 披露指数评级榜的上市公司共123家，获评A+级、A级、B+级、B级、C+级与C级的上市公司分别有9 家、9家、19家、15家、33家、38家。获得A+级的公司为三钢闽光、恺英网络、昇兴股份、吉宏股份、 青松股份、宁德时代、片仔癀、龙高股份、特宝生物。此外 ...

Market Review - The Shanghai Composite Index recorded a seven-day winning streak, indicating improved visibility for the year-end market, with a rebalancing of capital allocation [1] - The non-ferrous metals sector continues to show strong performance, driven by the "commercial aerospace" concept, while power equipment stocks are boosted by rising lithium battery material prices [1] - Domestic CSP manufacturers are increasing capital expenditure plans, with reports indicating a leading internet company plans to raise its AI capital expenditure from 150 billion yuan in 2025 to nearly 160 billion yuan in 2026, focusing on AI infrastructure and semiconductor chip procurement [1] - The demand for liquid cooling solutions is rising due to significant power consumption increases from NV chips, providing opportunities for domestic manufacturers amid rapid technological iterations [1] - A lithium battery materials company has announced a price adjustment for lithium carbonate, driven by supply contraction pushing prices back to reasonable levels [1] Overseas Macro - U.S. GDP for Q3 2025 grew at an annualized rate of 4.3%, exceeding market expectations, primarily driven by private consumption and investments in AI-related equipment [2] - Traditional sectors like construction and real estate continue to show weak investment, leading to increased economic internal differentiation [2] - The recent GDP data has somewhat suppressed expectations for interest rate cuts, suggesting the Federal Reserve may maintain current rates in the short term, with potential delays in future rate cuts [2] - Gold prices have surpassed previous highs, supported by the Fed's recent rate cuts and ongoing fiscal deficits, which have raised concerns about debt risks and the independence of the Fed [2] Commodity Market - The recent escalation of U.S. sanctions on Venezuelan oil exports and ongoing geopolitical tensions have increased demand for safe-haven assets like gold [3] - Silver has seen significant price increases due to both its financial and industrial demand, with growth in sectors such as photovoltaics and electric vehicles tightening supply [3] Market Outlook - The year-end market phase is supported by policy backing and industrial catalysts, with expectations for increased fiscal measures during the 2026 Two Sessions [4] - The end of the year is a period when long-term funds, such as insurance capital, tend to increase allocations, potentially bringing new capital into the market [4] - Growth and cyclical sectors are expected to be key areas of focus, with themes likely to exhibit elasticity during this period [4] Investment Directions - Focus on large technology growth sectors and resource/manufacturing sectors benefiting from cyclical reversals and global economic recovery [4] - Specific areas of interest include AI applications, robotics, energy storage, and innovative pharmaceuticals, as well as resources and manufacturing sectors like non-ferrous metals and engineering machinery [4]

Group 1 - The report focuses on advanced data collection technologies to ensure the authenticity, timeliness, and comprehensiveness of sales information, aiming to extract valuable industry trends and consumer insights from vast data for stakeholders in the pharmaceutical industry [4][5] - The data covers over 135,000 pharmacies nationwide, creating a large sample database that represents various regions, types, and scales of pharmacies, providing a broad basis for analysis [4] - The report analyzes data from over 14 million prescription drug purchase orders, reflecting market dynamics and consumer demand [4] Group 2 - From January to November 2025, the order volume of prescription drugs in offline pharmacies showed a fluctuating upward trend, with the order index reaching 23.7 in November, indicating a strong growth momentum [5][14] - There are significant regional differences in order distribution, with provinces like Guangdong, Sichuan, and Shandong leading in order volume, while western provinces like Tibet and Qinghai have much lower shares, reflecting disparities in drug demand and healthcare resource allocation [5][20] Group 3 - In November 2025, the proportion of consumers aged 56 and above purchasing both Western and traditional Chinese medicine slightly increased, with female consumers also showing a slight rise [6][29] - The peak purchasing times for Western medicine are around 10 AM and 7 PM, while for traditional Chinese medicine, it peaks around 11 AM, indicating higher daytime purchasing activity [34] Group 4 - The report highlights that the proportion of consumers purchasing Western medicine for influenza significantly increased, particularly among the under-18 demographic, while traditional Chinese medicine consumers primarily presented with Yin deficiency syndromes [6][39] - The report identifies a rising trend in the use of specific Western medicines such as Oseltamivir and Amlodipine, with regional variations in popular products across provinces [7][20] Group 5 - The analysis of prescription drug consumers reveals that the proportion of consumers aged 56 and above has increased for both Western and traditional Chinese medicines, indicating a growing demand among older demographics [29][46] - The report provides insights into the disease patterns among different age groups, with influenza being the most prevalent among younger consumers, while chronic conditions like hypertension and diabetes are more common in older age groups [39][46] Group 6 - The report indicates that the disease composition among prescription drug consumers varies significantly by province and changes over time, with influenza and acute respiratory infections being common in regions like Chongqing and Guizhou, while hypertension is more prevalent in Sichuan [50][54] - The analysis of traditional Chinese medicine consumers shows that the most common syndromes include Yin deficiency and blood deficiency, reflecting diverse health concerns among consumers [57][71]

Core Insights - The investment landscape in the innovative pharmaceutical sector has significantly improved in 2025, with a notable resurgence in market activity and valuations, particularly in Hong Kong's stock market, where the biotech index surged over 100% [1][7] - The strategic decision by Qiming Venture Partners to continue investing in innovative drugs and medical devices during a downturn has proven to be a successful move, leading to substantial returns and a growing portfolio of successful investments [1][6] Investment Activity - Qiming Venture Partners invested in over 30 projects in the medical innovation sector in 2025, with total investments exceeding 30 billion yuan, including decisions made in the latter half of 2024 [2][6] - Notable investments include Cornerstone Robotics, a Hong Kong-based surgical robot company, which has raised over 30 billion yuan and is positioned to compete with imported brands [2][3] Market Trends - The IPO landscape for biotech companies has become increasingly vibrant, with nearly 10 companies submitting applications in November alone, and the number of successful biotech IPOs in Hong Kong doubling compared to the previous year [7][8] - International investors are shifting their focus back to Chinese innovative drug companies, recognizing their clinical data and potential for collaboration with global pharmaceutical leaders [7][9] Future Outlook - The global influence of Chinese medical innovation is on the rise, with projections indicating that approximately 40% of new drug projects licensed in by major global pharmaceutical companies will come from Chinese biotech firms by 2025 [9][10] - Qiming Venture Partners is committed to supporting the globalization of Chinese pharmaceutical companies, facilitating partnerships with international firms and helping navigate global regulatory environments [10]

26日，两市股指盘中震荡上扬，沪指连续8个交易日收阳，全A成交额重返2万亿元上方。 截至收盘，沪指涨0.1%报3963.68点，深证成指涨0.54%，创业板指涨0.14%，上证50指数涨0.41%，沪 深北三市合计成交21812亿元。 太平洋证券认为，此次跨年行情将以普涨的方式拉开帷幕，且考虑到各大股指期权的波动率仍处于极低 的位置，行情后续预计上涨的斜率将趋陡。板块选择上，科技仍是主线有望获得超额收益，弹性更大； 商品近期有大势转多的迹象，贵金属、有色、化工、钢铁、生猪养殖等预计将展开一轮期股联动上行的 行情；保险银行等大金融作为权重稳定器将继续震荡上行；大消费板块则随着政策定位的深化，有望成 为新的补涨标的。热门概念选择上，海南自贸区作为政策重要发力点，预计强势将延续。 （文章来源：证券时报网） 盘面上看，造纸、酿酒、半导体、银行、医药等板块走低，有色板块强势拉升，钢铁、券商、石油等板 块上扬，海南自贸、锂电、商业航天概念等活跃。 ...

Core Insights - The main focus of the article is on the growth potential of the ChiNext 50 Index, which is primarily composed of stocks in the technology and emerging industries, such as artificial intelligence, semiconductors, and new energy [1] Group 1: Industry Trends - The ChiNext 50 Index constituents are mainly distributed in technology growth sectors, including AI, semiconductors, and new energy, driven by the "14th Five-Year Plan" for technological advancement and the global AI industry wave [1] - The electronic industry is expected to see a revenue growth of 18.8% year-on-year and a net profit growth of 37% for the first three quarters of 2025, marking it as a strong theme throughout the year [1] - The integration of "AI+" into various industries is entering a deeper phase, with the potential for blockbuster applications in AI terminals [1] Group 2: Sector-Specific Developments - The semiconductor industry is accelerating domestic substitution, benefiting from a price increase cycle in memory chips [1] - The humanoid robot industry is transitioning from research exploration to engineering breakthroughs, with potential applications in manufacturing and logistics [1] Group 3: Investment Vehicle - The Guotai ChiNext 50 ETF (159375) tracks the ChiNext 50 Index (399673), which has a daily price fluctuation limit of 20% and selects 50 securities with good liquidity and large market capitalization from the ChiNext market [1] - The ChiNext 50 Index covers high-tech and emerging industries such as new energy, pharmaceuticals, and information technology, reflecting the characteristics of innovation-driven and industrial upgrading [1]

Market Overview - The market experienced a pattern of rising and then sharply declining on Friday morning, with the Shanghai Composite Index opening down 1 point at 3957 and the ChiNext Index down 6 points at 3232 [1] - A total of 1903 stocks rose while 2554 stocks fell, indicating a significant number of declining stocks compared to rising ones [1] - The market saw a peak at 3977 before facing resistance and ultimately closing down 7 points at 3952 for the Shanghai Composite and down 4 points at 3234 for the ChiNext [1] Stock Performance - Among the stocks, 1386 rose, with 77 stocks increasing over 9% and 307 stocks over 3%, while 3906 stocks fell, with 6 stocks decreasing over 9% and 234 stocks over 3% [1] - The data suggests a clear trend of more stocks declining than rising, with the number of declining stocks nearly three times that of rising stocks [1] Market Sentiment - The market's apparent rise in indices does not reflect the performance of most individual stocks, which are struggling [1] - The technology sector led the decline, followed by education, military, pharmaceuticals, insurance, liquor, and banking sectors [1] Technical Analysis - The analysis emphasized the importance of being cautious about short-term risks, particularly for stocks that have already seen significant gains [1] - Investors were advised to monitor the support level in the 3930-3950 range, with the lowest point during the morning session being 3945 [1] - A potential adjustment in the market is anticipated, with expectations that if the support level is broken, it may lead to further declines [1] Future Outlook - Investors are encouraged to wait for new short-term opportunities after the market stabilizes [1] - The commentary suggests that patience is key, particularly for stocks that have not yet adjusted, as they may present buying opportunities after a correction [1]

Group 1 - The People's Bank of China continues to inject liquidity into the market through Medium-term Lending Facility (MLF), with a net injection exceeding 1 trillion yuan for the year 2025 [1] - In December, the central bank conducted a 400 billion yuan MLF operation, resulting in a total net injection of 188.8 billion yuan [1] - The A-share market has seen significant activity in private placements, raising over 78.9 billion yuan this year, a year-on-year increase of 455.31% [1] Group 2 - The robot industry is experiencing a shift towards capital and ecosystem competition, with companies like UBTECH and others actively seeking to acquire listed platforms [2] - The ongoing acquisition activities are seen as a faster and more certain path compared to independent IPOs, providing companies with more space for future capital operations [2] - The storage product price surge continues, with DDR4 and DDR5 prices rising, although the rate of increase has slightly slowed [3] Group 3 - The global shortage of storage chips has led to a "scramble" among tech giants like Microsoft and Google to secure supply agreements with major manufacturers [3] - The introduction of L3-level autonomous driving vehicles marks a significant advancement in smart driving technology, shifting responsibility from human to machine [4] - The low-altitude economy is projected to grow rapidly, with significant investments in core technologies and commercial models expected to emerge by 2025 [4] Group 4 - Several innovative pharmaceutical companies are accelerating their research and development of Antibody-Drug Conjugates (ADC), with Chinese firms becoming key players in the global ADC innovation landscape [5] - Online travel platforms are criticized for using "lowest price" tactics to bundle additional services, leading to consumer confusion [6] - Shanghai Washba's executives received penalties for short-term trading violations, highlighting the importance of compliance in corporate governance [6][7]

在企业分享环节，广东合一云康医药有限公司负责人肖子雄重点介绍了儿童补锌专用品牌巨可生的发展 路径与生态共建思路。肖子雄表示，巨可生深耕儿童补锌领域，以"专业、安全、精准"为核心，打造了 以赖氨葡锌颗粒(无糖)为核心的明星产品，精准匹配儿童生长发育阶段的营养需求。为了让更多家庭受 2025年12月16日，以"童心'药'健康，科普伴成长"为主题的京东健康儿科生态大会在北京顺利举行。本 次大会汇聚了首都医科大学附属北京儿童医院、北京大学人民医院等国内顶级医疗机构的名医专家，以 及达因药业集团、广东合一云康医药等知名药企代表，围绕儿童健康领域的热点议题展开深度交流。作 为儿童补锌专用品牌的核心代表，巨可生受邀参与大会，并与小葵花、哈药、伊可新等二十余家知名健 康品牌共同加入京东健康儿科生态伙伴联盟，携手为儿童健康保驾护航。 大会现场，名医专家们针对儿童呼吸道疾病、癫痫诊疗、心理健康、婴幼儿成长等关键话题分享了专业 见解。 中国儿科神经病学专家、北京大学人民医院儿科教授秦炯指出，儿童健康保障需依托"医、药、险、 教、家"多方联动，破解行业痛点；首都医科大学附属北京回龙观医院精神医学研究中心主任谭淑平则 强调，儿童身心健 ...