截至本周，已有25地发布2025年版医保及商保目录执行文件、22地明确召开药事会时间。该行建议持续 关注医保新纳入品种/适应症后续销售放量情况，以及商保的实际执行及支付情况。新年伊始，港股医 药板块表现亮眼，下周JPM行业大会召开在即，有望进一步催化板块行情。 该行认为，2026年板块稳中向好态势延续，后续选股逻辑或将重回基本面和估值，关注存在基本面预期 差、当前仍被低估、安全边际较大的头部个股。 智通财经APP获悉，交银国际发布研报称，2025年10月至今，内资通过港股通持有医药股的比例在小幅 下降后逐渐企稳，外资持仓整体平稳，内外资加大创新药布局的大方向不变。 ...

Market Overview - The A-share market experienced a slight increase on Wednesday, with the Shanghai Composite Index rising by 0.05% to close at 4085.77 points, and the Shenzhen Component Index increasing by 0.06% [1][7] - The total trading volume in the Shanghai and Shenzhen markets reached 2.85 trillion yuan [1][7] - In terms of industry performance, coal, electronics, and telecommunications sectors led the gains, while oil and petrochemicals, non-bank financials, and beauty care sectors lagged [1][7] - Concept sectors such as photoresists, newly listed technology stocks, and storage chips saw increases, while DRG, internet insurance, and brain-computer interface sectors declined [1][7] - The Hong Kong market saw the Hang Seng Index drop by 0.94% to 26458.95 points, and the Hang Seng Tech Index fell by 1.49% [1][7] Important News - The Ministry of Industry and Information Technology and eight other departments issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'", aiming for key AI technologies to achieve reliable supply by 2027, with a focus on high-level intelligent computing infrastructure [2][8] - The State Administration for Market Regulation and the National Internet Information Office jointly released the "Supervision and Management Measures for Live E-commerce", targeting issues such as false marketing and counterfeit products in the live e-commerce sector [2][8] Industry Insights - In 2025, the FDA approved 46 new drugs, marking a decline in the number of approvals compared to 2024 and 2023, but the types of approved drugs were diverse and highly innovative [9][10] - The majority of the new drugs approved by the FDA in 2025 were focused on oncology, covering various solid tumors and hematological malignancies, with 34 new drugs undergoing special review processes [10] - Major multinational pharmaceutical companies led in new drug approvals, with notable approvals from Merck, Eli Lilly, Boehringer Ingelheim, and GlaxoSmithKline, while domestic companies like Zhongshan Kanfang Biopharmaceutical and Jiangsu Dize Pharmaceutical also received FDA approvals [10] - Investment recommendations suggest focusing on cutting-edge technology platforms, particularly those with ADC, siRNA, and cell gene therapy capabilities, and companies with global competitive research pipelines [10][12]

Core Insights - The modernization of industry is identified as the most crucial foundation and core of a modern industrial system, with a focus on strengthening the real economy and promoting technological innovation and digital transformation across various regions [1] Group 1: Industrial Development and Innovation - The Ministry of Industry and Information Technology (MIIT) has been advancing new industrialization since the 14th Five-Year Plan, enhancing the overall strength, quality, efficiency, innovation, competitiveness, and risk resistance of the industry [1] - Significant achievements have been made in various sectors, including integrated circuits, biomedicine, and AI-driven manufacturing, with a focus on creating a modern industrial system centered around advanced manufacturing [2] - The number of specialized and innovative small and medium-sized enterprises has increased from less than 40,000 to over 140,000 during the 14th Five-Year Plan, while "little giant" enterprises have grown from over 5,000 to 17,600 [3] Group 2: Industrial Clusters and Ecosystems - Industrial clusters are essential for high-quality development and transformation of manufacturing enterprises, with efforts to create specialized parks and ecosystems to enhance resource allocation and innovation collaboration [4] - The Hunan Medical Device Industrial Park serves as a successful example of rapid growth in the medical device sector, achieving explosive growth in just four years by attracting various upstream and downstream enterprises [4] Group 3: Digital Transformation - Traditional industries such as steel and machinery are accelerating their digital transformation, with companies like Shandong Haihua Group leveraging AI to enhance operational efficiency and safety [7] - The MIIT is implementing a digital transformation action plan for the manufacturing sector, establishing 62 digital transformation promotion centers and over 230 exemplary smart factories [9] - The next steps include further advancing the construction of a modern industrial system centered on advanced manufacturing and promoting industrial upgrades [9]

Core Insights - Beijing Economic-Technological Development Area (BDA) is launching a global opportunity list for 2026, focusing on strategic emerging industries and future industries, with 25 innovative application scenarios and 83 high-energy innovation spaces [1] Group 1: Innovation Spaces - BDA will open 83 high-energy innovation spaces covering biotechnology, health, robotics, new-generation information technology, and modern services, with a total area of approximately 5 million square meters [2] - The International Pharmaceutical Innovation Park is being developed as a national-level platform to facilitate efficient links from R&D to industrialization [2] - The first commercial aerospace research and production base in China, located on Rocket Street, will focus on the entire commercial aerospace industry chain [2] Group 2: Application Scenarios - BDA plans to open high-value application scenarios in six fields: information technology, biomedicine, robotics, new energy, digital economy, and smart cities, with a total of 25 innovative application scenarios [3] - In biomedicine, BDA encourages collaboration among top universities, medical institutions, and leading enterprises to build a world-class application base for life and health [3] - In robotics, BDA supports the development of smart hotels and elderly care stations that utilize robots in real environments [3] Group 3: Funding Support - BDA has established a fund ecosystem that includes a government investment guidance fund with a total scale of 20 billion yuan, focusing on new-generation information technology and future industries [4] - The fund ecosystem aims to cover the entire lifecycle of enterprises, having already influenced over 100 projects to attract more social capital [4] - BDA is collaborating with various financial institutions to create a total of 310 billion yuan in AIC funds to encourage early and small investments in technology [4]

重大事项： 赛目科技(02571)拟为浙江赛目科技引入战投1200.98万元 构建全链条汽车电子仿真业务能力 毛戈平(01318)与路威凯腾签订战略合作框架协议 天工国际(00826)：镇江乾元拟代价1.8亿元将其持有的1.76%天工工具股权转让给天工新材 恒瑞医药(01276)：瑞拉芙普α注射液获得药品注册批准 正通汽车(01728)：启富集团拟8.03亿元出售深圳汇安启全部股权 聚焦汽车主业转型 同源康医药-B(02410)：甲磺酸艾多替尼片(TY-9591片)拟纳入优先审评 景联集团(01751)附属就苏尼特右旗新蒙新材料有限公司工业废气发电专案二期工程订立工程承包协定 经营业绩： 极兔速递-W(01519)2025年包裹量合计301.287亿件，同比增长22.2% 和黄医药(00013)宣布索乐匹尼布用于治疗温抗体型自身免疫性溶血性贫血的 ESLIM-02中国研究的III期 阶段取得阳性顶线结果 中国碳中和(01372)与中国铁塔及中国再生资源签署三方战略合作协议 联合打造锂电循环经济生态圈 丽珠医药(01513)：莱康奇塔单抗注射液被纳入优先审评审批程序 秦港股份(03369)：2025年度吞吐量总 ...

Core Viewpoint - The market is currently rated at 3.9 stars, indicating a stable but cautious investment environment, with a notable decrease in the proportion of undervalued stocks [1][8]. Market Performance - The Shanghai and Shenzhen 300 index experienced a slight decline, while small and mid-cap stocks showed minor gains [2]. - The ChiNext and STAR Market, representing growth styles, also saw slight increases [5]. - After a significant rise in previous days, Hong Kong stocks faced a downturn, although the Hang Seng Technology index remains at a normal valuation [6][7]. Valuation Insights - The valuation table shows a significant reduction in the green (undervalued) stocks, with the last instance of no green stocks occurring in early 2021 [3][9]. - The current market conditions suggest that if the market continues to rise, the proportion of red (overvalued) stocks will increase [11]. - Historically, during periods of 5-star ratings, the proportion of undervalued stocks was high, indicating a favorable investment environment [12]. Investment Strategies by Star Rating - At 5-star ratings, it is a phase of significant undervaluation, where various indices are typically undervalued, making it a good time for asset allocation and dollar-cost averaging [17][22][23]. - At 4-star ratings, while undervalued stocks decrease, some still remain, allowing for continued asset allocation but with a recommendation to limit stock exposure based on age [24][26]. - At 3-star ratings, the number of undervalued stocks significantly drops, and overvalued stocks begin to increase, making it less suitable for large investments in stock funds [27][28]. - Ratings of 2 to 1 star indicate late-stage bull markets, with 1-star ratings being rare and typically associated with extreme market conditions [34][36][39]. Future Outlook - The potential for future 5-star opportunities exists, with historical patterns suggesting that such opportunities may arise every 3-5 years across various asset classes [41][44]. - Long-term investment strategies should focus on maintaining a presence in the market, as opportunities for undervalued investments will continue to emerge [49].

Core Insights - The Ministry of Industry and Information Technology has issued the "Action Plan for the Integration of Industrial Internet and Artificial Intelligence" to enhance the integration of AI and industrial internet by 2028 [1][5] - By 2025, over 340 influential industrial internet platforms are expected to connect more than 100 million devices and serve nearly 4 million enterprises, covering all 41 major industrial categories [1][2] Infrastructure - The new industrial network will expand to meet the high throughput, low latency, high reliability, and low jitter communication needs of AI applications, with plans to upgrade at least 50,000 enterprises [2][5] - The action plan emphasizes the need for intelligent upgrades of industrial networks and the development of a "model pool" for industrial AI applications [5][6] Data Support - A comprehensive system for industrial data aggregation, governance, circulation, and sharing will be established, focusing on 20 key industries to create high-quality data sets [2][6] - The plan encourages collaboration among industrial internet companies and data service providers to enhance data management and create high-quality industry data sets [6][8] Application Integration - The action plan aims to promote the transformation of application models, encouraging enterprises to leverage industrial internet for data flow between consumption and production, and to adopt intelligent analysis based on AI [6][7] - A focus on cultivating intelligent solution providers for key industry chain segments and typical scenarios is outlined to facilitate collaborative upgrades among enterprises of all sizes [2][6] Industry Ecosystem - The plan includes actions to strengthen the cultivation of key enterprises and encourage the development of intelligent system integration capabilities among industrial internet and AI companies [8] - It promotes innovation in technology products, including industrial communication chips and sensors, and aims to enhance public service capabilities for industry data sets and industrial model evaluations [8]

Core Viewpoint - Minsheng Health (301507.SZ) has repurchased a total of 996,900 shares, representing 0.28% of the company's total share capital, as of December 31, 2025 [1] Summary by Relevant Categories Share Repurchase - The company has conducted share repurchases through a dedicated securities account using centralized bidding transactions [1] - The highest transaction price for the repurchased shares was 15.67 yuan per share, while the lowest was 14.39 yuan per share [1] - The total amount paid for the repurchased shares was 14,999,327.00 yuan, excluding transaction fees [1]

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.94% to 26,458.95 points, the Hang Seng Tech Index down by 1.49% to 5,738.52 points, and the National Enterprises Index decreasing by 1.14% to 9,138.75 points [1] - Major technology stocks dragged the market down, with Alibaba dropping by 3.25%, Tencent by 1.26%, and JD.com by 1.3% [1] - The brokerage sector showed weakness, with Guotai Junan International falling over 5% and both China Merchants Securities and Everbright Securities down over 2% [1] - Oil stocks also declined, with CNOOC dropping over 3% [1] - The automotive sector saw significant declines, particularly for BYD, NIO, and Xpeng [1] - Conversely, the paper industry led gains, with Nine Dragons Paper rising by 12% to reach a new high [1] - The pharmaceutical sector saw late gains, with Rongchang Bio up over 12%, and 3SBio up over 7% [1] - Other sectors such as solar, coal, and dining stocks also experienced increases [1] Company Updates - Yadea Holdings (01585.HK) expects a net profit of no less than RMB 2.9 billion for 2025, up from RMB 1.27 billion in the previous year, driven by increased sales of electric two-wheelers and optimized product structure [2] - Poly Real Estate Group (00119.HK) anticipates a cumulative contract sales amount of approximately RMB 50.2 billion for 2025, a decrease of 7.38% year-on-year [3] - Sunac China (01918.HK) projects a cumulative contract sales amount of about RMB 36.84 billion for 2025, down 21.85% year-on-year [4] - Gemdale Corporation (00535.HK) expects a cumulative contract sales total of approximately RMB 10.696 billion for 2025, a decrease of 47.33% year-on-year [5] - Greentown Management Holdings (09979.HK) estimates new project management fees for 2025 to be RMB 9.35 billion, a year-on-year increase of about 0.4% [6] - Yuexiu Property (00123.HK) has acquired a land parcel in Shanghai's Pudong New Area for RMB 2.561 billion [7] - Jiufang Zhitu Holdings (09636.HK) has completed the acquisition of 100% of JF Financial and its core information systems [8] - Weimob Group (02013.HK) is collaborating with Taobao Flash Sale to create an integrated local retail solution [8] - Dali Pu Holdings (01921.HK) has officially become a qualified supplier for Saudi Aramco [9] - Xiehe New Energy (00182.HK) successfully completed a secondary listing on the Singapore Stock Exchange [10] - Bokan Vision Cloud-B (02592.HK) submitted a clinical trial application for the new drug CBT-009 [11] - Yingtong Holdings (06883.HK) has established a partnership with the Italian high-end fragrance brand CULTI to strengthen its distribution network in China [11] Institutional Insights - CITIC Securities suggests that Hong Kong stocks may see a second round of valuation recovery and performance revival in 2026, recommending focus on technology, healthcare, resource products, consumer staples, paper, and aviation sectors [12] - Everbright Securities indicates that domestic policy initiatives combined with a weaker US dollar may lead to continued upward movement in Hong Kong stocks [12] - Dongwu Securities believes that Hong Kong stocks are entering a period of upward fluctuation, emphasizing the importance of dividend stocks as a base [12] - Industrial Securities recommends a bullish stance on Hong Kong stocks, anticipating a spring rally led by the Hang Seng Tech Index [13]

Market Performance - The Hong Kong stock market opened lower and continued to decline, with the Hang Seng Index closing down 0.94% at 26,458.95 points [1] - The Hang Seng Technology Index fell by 1.49% to 5,738.52 points, while the National Enterprises Index decreased by 1.14% to 9,138.75 points [1] - Major technology stocks experienced declines, with Alibaba down 3.25%, Tencent down 1.26%, and JD.com down 1.3% [1] - The pharmaceutical sector saw gains, with Rongchang Bio rising over 12% and 3SBio increasing over 7% [1] - Brokerage stocks were weak, with Guotai Junan International dropping over 5% [1] - Oil stocks led the declines, with CNOOC down 3% [1] - Automotive stocks also weakened, with NIO falling over 3% [1] Company Updates - Yadea Holdings (01585.HK) expects a net profit of no less than RMB 2.9 billion for 2025, up from RMB 1.27 billion in the previous year, driven by increased sales of electric two-wheelers and optimized product structure [2] - Poly Property Group (00119.HK) anticipates a cumulative contract sales amount of approximately RMB 50.2 billion for 2025, a decrease of 7.38% year-on-year [3] - Sunac China (01918.HK) projects a cumulative contract sales amount of about RMB 36.84 billion for 2025, down 21.85% year-on-year [4] - Gemdale Corporation (00535.HK) expects a cumulative contract sales total of approximately RMB 10.696 billion for 2025, a decrease of 47.33% year-on-year [5] - Greentown Management Holdings (09979.HK) estimates new construction project management fees for 2025 to be RMB 9.35 billion, a year-on-year increase of about 0.4% [6] - Yuexiu Property (00123.HK) has acquired a land parcel in Shanghai's Pudong New Area for RMB 2.561 billion [7] - Jiufang Zhitu Holdings (09636.HK) has completed the acquisition of 100% of JF Financial and its core information systems [8] - Weimob Group (02013.HK) is collaborating with Taobao Flash Sale to create an integrated local retail solution [8] - Dali Pu Holdings (01921.HK) has officially become a qualified supplier for Saudi Aramco [9] - Xiehe New Energy (00182.HK) has successfully completed a secondary listing on the Singapore Stock Exchange [10] - Bokan Vision Cloud-B (02592.HK) has submitted a clinical trial application for the new drug CBT-009 [11] - Yingtong Holdings (06883.HK) has established a partnership with the Italian high-end fragrance brand CULTI to strengthen its distribution network in China [11] Institutional Insights - CITIC Securities suggests that Hong Kong stocks may experience a second round of valuation recovery and performance revival in 2026, recommending focus on technology, healthcare, resource products, consumer staples, paper, and aviation sectors [12] - Everbright Securities indicates that domestic policy initiatives and a weaker US dollar may lead to continued upward movement in Hong Kong stocks [12] - Dongwu Securities believes that Hong Kong stocks are entering a period of upward fluctuation, emphasizing the importance of dividends as a foundation [12] - Industrial Securities recommends actively buying, anticipating a spring rally led by the Hang Seng Technology Index, with a bullish outlook for the Hong Kong market in 2026 [12]