Group 1: Military Industry ETF (512710.SH) - The "14th Five-Year Plan" emphasizes high-quality advancement of national defense and military modernization, with a projected defense budget of 1.81 trillion yuan for 2025, a 7.2% increase year-on-year, marking a historical high [3][4] - The defense budget as a percentage of GDP remains below 1.3%, significantly lower than the US (3.5%) and Russia (6.3%), indicating potential for future increases in defense spending [3] - The ETF tracks the China Securities Military Leading Index, focusing on leading companies in aerospace equipment, military electronics, missiles, and drones, which are expected to benefit from a new round of military procurement cycles [4] Group 2: Healthcare Industry ETF (159892.SZ) - Domestic policies are increasingly supportive of innovative drug development, including a multi-tiered payment system and improved commercialization mechanisms, facilitating the transition from generic to innovative drugs [6][7] - As of January 2025, China has 7,041 drug pipelines under research, accounting for 29.5% of the global total, with a year-on-year growth of 15.1%, outpacing the global average [7] - The ETF tracks the Hang Seng Biotechnology Index, focusing on 30 biotech companies listed in Hong Kong, which are well-positioned to capture opportunities in the rapid development and globalization of Chinese innovative drugs [7] Group 3: Automotive Industry ETF (520600.SH) - Recent policies such as vehicle purchase tax exemptions and subsidies for electric vehicles have effectively boosted domestic demand for new energy vehicles, with cumulative domestic sales reaching 10.929 million units by October 2025, a 25.7% increase year-on-year [11] - Exports of new energy vehicles have also surged, with 2.014 million units exported by October 2025, reflecting a 90.4% year-on-year growth [11] - The Ministry of Commerce has introduced measures to regulate the export of second-hand cars, aiming to promote healthy and orderly development of the automotive industry [11] Group 4: Gaming Industry ETF (159869.SZ) - In November 2025, a record number of 178 domestic online games and 6 imported games were approved, with a total of 1,624 game licenses issued from January to November, indicating a stable foundation for industry growth [13] - Chinese self-developed games generated actual sales revenue of $9.501 billion in overseas markets in the first half of 2025, reflecting an 11.07% year-on-year increase, showcasing strong international competitiveness [13] - The application of AI technology in game development is expected to lower costs and enhance efficiency, potentially leading to innovative gameplay [13]

2025年12月17日–近日，消费者健康领导企业科赴中国宣布与华润医药商业集团有限公司(以下简称华润 医商)、珠海亿胜医药有限公司(以下简称亿胜医药)启动战略新合作。科赴将借助华润医商、亿胜医药在 医疗健康市场的覆盖网络和销售能力，深入布局医疗专业渠道，助力科赴旗下的优质产品惠及更多中国 患者与消费者。 沈馥安指出，上述品牌是科赴在过敏、发热、感冒领域的经典产品，广受专业人士和患者的信任。这些 品牌和科赴旗下其它产品，包括达克宁、吗丁啉、息斯敏、大宝、李施德林、强生婴儿、艾惟诺一样， 都是公司在中国市场着重发力、驱动增长的核心动力。 目前，随着中国经济的稳步发展、以及大众健康意识的不断提升，医疗健康市场的增长空间持续扩大。 仅以过敏为例，在中国，过敏性鼻炎的患病率为8%~20%，并呈现逐年上升趋势[*1]。持续扩大的患者 群体需要高质量的健康产品，支持他们有效管理疾病。 科赴此前开展的一项全球消费者调研显示，医生是最受中国大众信任的信息来源之一。科赴多年来深耕 医疗专业渠道，通过支持权威机构发布专家共识、推动过敏、发热、感冒等常见轻微病症的医学研讨、 以及开展形式多样的医学教育，赋能广大专业人士群体，促进全社 ...

Core Viewpoint - The State Administration for Market Regulation (SAMR) has completed a three-year antitrust enforcement campaign in the livelihood sector, concluding 950 cases, with 3 conditionally approved and 1 prohibited, to maintain fair competition in key areas related to public welfare such as pharmaceuticals, utilities, and food [1][2]. Group 1: Antitrust Enforcement Results - SAMR has reviewed a number of significant merger cases in the livelihood sector, including the conditional approval of the acquisition of Tobi Pharmaceutical's equity by Xiansheng Pharmaceutical and the prohibition of Wuhan Yutong's acquisition of Shandong Huatai Pharmaceutical's equity [1]. - The enforcement actions have effectively maintained market competition and protected consumer interests [1]. Group 2: Market Competition Assessment - SAMR has conducted assessments of market competition in key livelihood sectors such as rail transit, pharmaceutical retail, medical devices, and new energy vehicles, dynamically monitoring the concentration of operators in the pharmaceutical industry [1]. - The assessments analyze industry characteristics and competition status, providing strong support for the review of operator concentrations in relevant livelihood sectors [1]. Group 3: Improvement of Review Processes - SAMR has enhanced the quality and efficiency of operator concentration reviews by optimizing the antitrust business system for operator concentration, enabling full online processing [2]. - The implementation of a delegated review system and various training methods, such as merger review classes, aims to improve the professional capabilities of reviewers at both central and local levels [2].

作为医疗类主题的权益基金，泰康医疗健康股票自然重仓医药股，从今年三季报中的前十大重仓股 看，该基金持有晶泰控股、康龙化成、方舟健客、三生制药、昭衍新药、九安医疗、奕瑞科技、羚锐制 药、百普赛斯、毕得医药。但从走势上看，尽管多数个股在三季度都随市场整体上涨而大涨，然而其 A/C份额在三季度里却仅上涨了5.43%和5.30%，不知道是不是多数重仓股已经被更换的原因。 如果仅以三季度的重仓股看，进入到四季度，这些个股大都出现回调，比如第一大重仓股晶泰控股 就在四季度以来下跌了近35%，方舟健客更是在10月份后大跌38%，还有多只个股跌幅都超过10%。而 唯一一只今年前三个季度始终出现在前十大重仓股中的羚锐制药，股价在2025年度内还处于小幅下跌状 态。 (责任编辑：康博) 来源：天天基金网 中国经济网北京12月17日讯 今日，新浪发布《牛市亏损！泰康基金："医疗健康A"年内净值下跌 12.54%，成立以来仍处于浮亏》一文。文中称，截至2025年12月15日，泰康医疗健康A年内净值下跌 12.54%，成立3年多该基金净值累计跌超8%。该基金部分三季度末重仓股自四季度以来股价下跌超过 30%，包括晶泰控股、方舟健客等。 ...

17日，两市主要股指午后全线走高，沪指涨超1%，深证成指涨逾2%，创业板指大涨超3%，全A超3600 股飘红。 华西证券近日指出，随着海外美联储议息会议和国内中央经济工作会议落地，后续多路增量资金入市可 以期待：一是保险和券商资金方面，近期监管层下调了保险资金股票投资风险因子，并提出将对优质证 券公司适度扩大资本空间及杠杆限制，有利于中长期资金流入和提升市场交易活跃度；二是美联储降息 叠加人民币汇率偏强运行，有利于外资增配中国资产。行业配置上，建议关注：1）受益产业政策支持 的成长方向，如国产替代、机器人、航空航天、创新药、储能等；2）受益于"反内卷"政策的周期方 向，如化工、能源金属、资源品等；3）促消费政策的深化或带来消费板块的阶段性催化机会。 截至收盘，沪指涨1.19%报3870.28点，深证成指涨2.4%，创业板指涨3.39%，科创50指数涨2.47%，沪 深北三市合计成交18345亿元。 从盘面上看，保险、券商板块拉升，半导体、有色、医药、锂矿等板块走强，CPO概念、苹果概念、固 态电池概念等活跃。 ...

[Table_Main] 产业经济周报 证券研究报告 | 产业经济周报 2025 年 12 月 17 日 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 陈梦洁 资格编号：S0120524030002 邮箱：chenmj3＠tebon.com.cn 周天昊 资格编号： S0120525040002 邮箱：zhouth＠tebon.com.cn 徐宇博 资格编号：S0120525090001 邮箱：xuyb5＠tebon.com.cn 徐梓煜 相关研究 关注挖掘机销售超预期和流感持续爆 发后的产业链机会 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 本周观点：本周（12/8-12/12）市场高位盘整。全周上证指数下跌 0.34%，深证成 指上涨 0.84%，创业板指上涨 2.74%，沪深 300 下跌 0.08%。本周市场日均成交 额 1.95 万亿，较上周交易量有所提升（上周 1.70 万亿）。美联储如期降息，A 股 市场延续震荡。 大消费观点：拉美电商崛起但尚未饱和，拉美目前互联网渗透率近 75%，电商渗 ...

Core Insights - The release of the first edition of the Commercial Health Insurance Innovative Drug Directory marks a new phase in China's innovative drug security system, transitioning to a complementary model of "basic medical insurance + commercial insurance" [1][3] - The directory includes 19 drugs, which are characterized by high innovation, significant clinical value, and high costs, addressing the financial burden on patients, especially those with cancer and rare diseases [2][3] Group 1: Directory Overview - The selection process for the Commercial Health Insurance Innovative Drug Directory was rigorous, with only 19 out of 141 submitted drugs making it into the final list, resulting in an overall acceptance rate of 13.5% [2] - Nearly half of the selected drugs represent original innovations in biomedicine, filling treatment gaps in critical areas such as oncology and rare diseases [2][3] Group 2: Implications for Patients and Companies - The directory aims to alleviate the financial burden of high-priced innovative drugs for patients, ensuring that eligible patients can access necessary medications through commercial insurance [4][6] - For pharmaceutical companies, particularly those focused on cutting-edge innovations, the directory opens up a dual payment structure of "medical insurance + commercial insurance," facilitating the commercialization of innovative drugs [4][5] Group 3: Market Structure and Future Projections - Historically, China's innovative drug market has relied on a binary payment structure of "medical insurance fund + patient out-of-pocket," with commercial health insurance's role being underutilized [6][7] - By 2035, the market for innovative drugs is projected to reach 1 trillion yuan, with commercial health insurance expected to cover a significantly larger share of costs, increasing from approximately 12.4 billion yuan to around 440 billion yuan [6][7] Group 4: Challenges and Considerations - The implementation of the directory is just the first step, with concerns about how effectively the listed drugs will be utilized by patients and the potential impact on insurance premiums [8][9] - The directory's limited number of drugs and the complexity of some innovative treatments may pose challenges for insurance companies in terms of risk management and pricing [9][11]

Group 1 - The stock of Sino Biopharmaceutical Limited (02591.HK) increased by over 3% during trading, reaching a rise of 3.43% at HKD 32 per share [1] - The trading volume amounted to HKD 20.7421 million [1]

Group 1 - The Hong Kong IPO market has significantly recovered this year, with approximately 99 companies raising over 250 billion HKD, making it the primary channel for Chinese companies' IPOs, accounting for 67% of total fundraising, the highest in nearly a decade [6][9]. - The average first-day loss rate for new stocks has increased since Q4, and historical data shows that the main profits from IPOs in Hong Kong often come from a small number of high-quality stocks with high odds [14][26]. - The estimated IPO fundraising scale for 2026 is around 330 billion HKD, reflecting a 20% increase compared to this year, driven by a rich pipeline of 314 companies currently in the listing process [13][9]. Group 2 - The relationship between primary market financing and secondary market performance is weakly positively correlated, suggesting that active IPO financing does not negatively impact the secondary market [2][31]. - Historical data from 2016 shows that large IPOs do not have a significant overall impact on the secondary market, but certain sectors like consumer discretionary and technology may experience positive effects [49][52]. - The performance of new stocks from listing to inclusion in the Stock Connect is generally a good window for profit, with median absolute and excess returns being positive during this period [55][48]. Group 3 - A quantitative model for selecting IPO projects is crucial due to the significant performance differentiation of new stocks in the Hong Kong market, which has a relatively loose listing mechanism and a highly market-driven pricing mechanism [64][65]. - The model incorporates five indicators, including market sentiment, company fundamentals, and issuance characteristics, to improve the selection of IPO projects and potentially increase returns by approximately 15% for those scoring above the median [64][88]. - The average first-day return for IPOs has shown a significant increase this year, with a notable rise in the number of projects achieving returns above 40% [68][66].

Economic Performance - Japan's GDP for Q3 has been revised to a contraction of 0.6% quarter-on-quarter, translating to an annualized decline of 2.3%, marking the first shrinkage in six quarters and indicating significant economic pressure [2] - The downward revision was primarily driven by a shift in corporate capital expenditure from a preliminary growth of 1.0% to a decline of 0.2%, reflecting corporate caution amid uncertainties from U.S. tariff policies [2] External Demand - External demand contributed negatively to economic growth by 0.2 percentage points, with the U.S. market accounting for approximately 20% of Japan's total exports [2] - The U.S. has imposed a 15% tariff on most goods imported from Japan, significantly higher than the previous 2% to 3% levels, leading to a continuous decline in Japan's exports to the U.S. for seven consecutive months, particularly affecting the automotive, semiconductor manufacturing equipment, and pharmaceuticals sectors [2] Internal Demand - Internal demand also negatively impacted Japan's economic growth by 0.4 percentage points, with personal consumption, which constitutes over half of the economy, only slightly increasing by 0.2% quarter-on-quarter, insufficient to support overall economic growth [3] - Despite nominal wage growth, real wages adjusted for inflation fell by 0.7% year-on-year in October, marking the tenth consecutive month of decline, as income growth has not kept pace with inflation [3] Monetary Policy Implications - The current economic data is unlikely to alter the Bank of Japan's interest rate hike trajectory, which could increase social funding costs, weaken corporate investment willingness, and further dampen economic vitality, leading to a less optimistic economic outlook for Japan [3]