Core Viewpoint - The recent Central Economic Work Conference in Beijing has set the direction for China's economy, aiming to provide stability and opportunities for the global economy amidst uncertainties [1][2]. Economic Outlook - The conference highlighted that the main economic and social development goals for 2025 will be successfully completed, marking a strong start for the new "15th Five-Year Plan" [2]. - International organizations have raised China's economic growth forecasts for 2025 by 0.4, 0.2, 0.1, and 0.1 percentage points respectively, reflecting growing confidence in China's economic resilience [3]. Policy Focus - The conference emphasized the need to fully tap into economic potential, combining policy support with reform and innovation, and focusing on both material and human investment [3]. - Key tasks for the upcoming year include innovation-driven development, expanding domestic demand, and enhancing the quality of life for citizens [4][9]. New Growth Drivers - The conference underscored the importance of innovation and the establishment of international technology innovation centers in major regions like Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area [7]. - A strong domestic market is identified as a strategic foundation for modernization, with specific actions to boost consumption and stabilize investment [9]. Global Cooperation - The launch of the Hainan Free Trade Port is a significant step towards high-level opening up and promoting an open world economy [10]. - The conference outlined eight key tasks for the next year, with a strong emphasis on expanding international cooperation and optimizing free trade zones [10][11]. Market Potential - China's expanding market access in various sectors, including finance, automotive, and digital services, is creating a more predictable and transparent environment for foreign investment [11]. - The growth of e-commerce and logistics in China is facilitating easier access for international products, enhancing opportunities for global businesses [11][12].

Group 1 - The new stock sector is experiencing increased trading willingness due to localized popularity, but the overall active cycle may still require observation [1][12] - The average increase of new stocks listed since 2024 is approximately 1.5%, with about 54.2% of stocks achieving positive returns [1][12] - The recent performance of specific new stocks, such as Moer Thread, has significantly boosted trading activity, indicating a potential rise in investor interest [1][12] Group 2 - The average issuance price-earnings ratio for new stocks in December has slightly increased, with the main board's average at 27.1X, up from 24.3X the previous month [13][19] - The first-day average closing price-earnings ratio for new stocks on the main board in December is 102.8X, significantly higher than the previous month's average of 63.1X [16][19] - The first-day trading enthusiasm for new stocks has cooled, with an average first-day increase of only 146.6%, compared to 350% in the previous week [24][25] Group 3 - Upcoming new stocks include Angrui Micro and Muxi Co., with average issuance price-earnings ratios of 33.7X for the new stocks expected to be listed [3][31] - The new stocks set to be issued this week include 7 stocks across various boards, maintaining a good subscription profit effect [31][32] - Specific companies like Jianxin Superconducting and Shuangxin Environmental Protection are highlighted for their potential, with significant expected revenue growth [32][35]

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The National Medical Security Work Conference emphasizes the continuation of optimizing centralized procurement policies in 2026, promoting the development of maternity insurance and long-term care insurance, and leveraging strategic purchasing to support the innovative drug industry [3] - The report highlights the importance of commercial health insurance in complementing basic medical insurance and encourages investment in innovative drug development [5] Summary by Sections National Medical Security Work Conference - The conference held on December 13, 2025, summarized the work during the "14th Five-Year Plan" period and outlined the tasks for 2026, including support for commercial health insurance and the establishment of a multi-tiered medical security system [5] - The National Medical Security Bureau will promote the inclusion of flexible employment workers and migrant workers in maternity insurance coverage, aiming for "no out-of-pocket" expenses for childbirth within policy limits [5] Support for Innovative Drug Development - The report discusses the strategic role of medical insurance in fostering healthy competition and differentiated innovation within the pharmaceutical industry [5] - It mentions the implementation of new rounds of national centralized procurement for drugs and high-value medical consumables, aiming to enhance the efficiency of company receivables [5]

来源：浙商证券股份有限公司 核心观点 本周市场明显分化、呈现"沪弱深强"格局，多数宽基指数冲高回落。展望后市，由于以上证为代表的权 重指数勉强站上5 周均线，但还未收复前期上升趋势线；而在算力链"强势吸金"的背后，市场出现明显 分化格局。我们预计，在"权重不够强、行业大分化"的局面下，市场或继续维持区间震荡格局。配置方 面，基于"市场分化震荡继续，多看少动守株待兔"的判断：择时方面，建议持仓等待，切勿追涨杀跌、 垫高自身成本，同时根据不同宽基指数的"左脚"分类设定目标，伺机出击、分批介入。行业配置，建议 关注明显滞涨且份额扩张的券商板块、走势顺畅且历史上在12 月胜率较高的家电，以及近期利好频出 的机械设备。个股方面，留意医药、消费、AI 应用板块中相对低位的标的，同时关注年线上方低位滞 涨个股。 本周（2025-12-08 至2025-12-12）行情概况（1）主要指数：市场呈现"沪弱深强"格局，多数宽基指数冲 高回落。（2）板块观察：算力携硬科技领涨，大周期和消费走弱。（3）市场情绪：沪深成交环比上 升，IC 股指期货合约升水。（4）资金流向：两融余额小幅上升，有色金属ETF 净流入最多。（5）量 化"黑 ...

Core Viewpoint - The establishment of the Beijing International Chamber of Commerce's Pharmaceutical and Health Professional Committee marks a significant step in promoting the internationalization of the pharmaceutical and health industry in Beijing [1] Group 1: Event Overview - The "京品出海" (Beijing Quality Going Global) event was organized by the Beijing Trade Promotion Council and the Beijing International Chamber of Commerce, attracting representatives from over 150 domestic and international companies [1] - The event highlights the active innovation landscape within the pharmaceutical and health industry amid a global technological revolution and industrial transformation [1] Group 2: Committee Formation and Objectives - The newly formed Pharmaceutical and Health Professional Committee consists of 25 well-known domestic and international companies, including Merck, Sanofi, AstraZeneca, and Johnson & Johnson, aimed at addressing common needs for international development in the industry [1] - The committee will provide comprehensive services such as policy interpretation, market connection, and compliance guidance to support the internationalization of the industry [1] Group 3: Market Development and Projections - The Beijing Trade Promotion Council's Secretary and President of the Beijing International Chamber of Commerce, Zhang Jianwei, emphasized the importance of creating an efficient platform for companies to expand into overseas markets [1] - The sub-center has been included in the city's multi-point advantage layout for the pharmaceutical and health industry, with the Kuangxian Town cluster attracting numerous innovative entities, including four listed companies, and is projected to achieve an output value of 6 billion yuan this year, with a target of exceeding 10 billion yuan next year [1]

Core Viewpoint - The national medical insurance work conference emphasizes the strategic purchasing role of medical insurance to support the innovative development of the pharmaceutical industry [1] Group 1: Support for Pharmaceutical Industry - The conference aims to guide healthy competition and differentiated innovation within the pharmaceutical industry [1] - Implementation of measures to support the high-quality development of innovative drugs will be prioritized, enhancing the multi-payment capability for innovative drugs [1] Group 2: Drug Procurement and Pricing - New rounds of national drug procurement and high-value medical consumables procurement will be conducted [1] - Continued promotion of national alliance procurement for traditional Chinese medicine and Chinese herbal pieces is planned [1] - The goal is to achieve direct settlement for selected drugs and consumables from national procurement, with a focus on improving enterprise cash flow efficiency [1] Group 3: Price Registration and International Expansion - The Chinese drug price registration system will be utilized to enhance multi-price discovery functions [1] - Efforts will be made to assist the Chinese pharmaceutical industry in expanding internationally [1]

Core Insights - The National Medical Insurance Administration held a meeting on December 13, focusing on optimizing the medical insurance payment mechanism during the 14th Five-Year Plan period to promote the development of healthcare and the pharmaceutical industry [1] Group 1: Medical Insurance Policy Changes - A total of 949 new drugs have been added to the medical insurance catalog, bringing the total number of drugs in the catalog to 3,253 [1] - The issuance of measures to support the high-quality development of innovative drugs includes the establishment of a commercial health insurance catalog for innovative drugs, which includes 19 drugs with significant clinical value and high innovation levels [1] Group 2: Payment Mechanism Enhancements - The implementation of disease-based payment has started from pilot programs and is now set for comprehensive coverage, with the introduction of version 2.0 of the disease-based payment scheme [1] - Five supporting mechanisms, including special case negotiations, have been established to alleviate concerns for medical institutions regarding the treatment of critically ill patients and the use of new drugs and technologies [1] Group 3: Financial Relief for Medical Institutions - All coordinated regions across the country will implement immediate settlement, effectively relieving the financial pressure on medical institutions regarding upfront costs [1]

凤凰网《风暴眼》出品 爆料邮箱： all_cj@ifeng.com 三个老校友，酿成了一场地方医疗腐败大戏。一个吞下巨额财物，一个不费吹灰之力入主上市公司，一个急流勇退美美隐身 ……1 2 月 1 0 日晚间 信邦制药的一则公告，再一次将这场陈年公案推向公众视野。 信邦制药公告 显示： 确认公司自身因涉嫌单位行贿罪，已正式被检察机关起诉，标志着案件已由监察机关调查完毕，进入了司法程序的关键阶段。 这起诉讼早有征兆。今年 3月4日，信邦制药曾发布公告，披露其控股子公司贵州科开医药有限公司 （下称 " 科开医药 "） 已因单位行贿罪被开阳县 人民法院立案。如今，火苗从子公司蔓延至上市公司本身，显示出问题的严重性可能远超外界想象。 与此同时， 信邦制药 原 董事长、实际控制人安怀略 的 人生轨迹 也面临 失控 ——从 呼风唤雨的 资本操盘手， 最终站上了被告席 。 信邦制药 的品牌声誉 一落千丈， 资本市场反应剧烈，公告当日股价一度闪崩，跌幅超过 9%，这与前一日莫名涨停的行情形成了极具戏剧性的反 差。 01 事涉王小林贪腐案 这一惊动医药圈 的 案件 ， 源头 直指信邦制药的核心控股子公司 ——科开医药。 而涉事 ...

Core Insights - The event held from December 11 to 13 in Haikou focused on the policy paths and global opportunities under the new customs closure of Hainan Free Trade Port, gathering elites from government, enterprises, and research sectors [1] - Professor Zhao Ping from Tsinghua University presented the "2025 China Listed Companies Brand Value Blue Book," emphasizing the importance of brand value in empowering high-quality development of listed companies [1][4] Summary by Category Brand Value Overview - The 2025 Blue Book evaluated 3,000 listed companies, with a total brand value of 332,416 billion yuan, reflecting an 8.8% increase from 2024 [5][7] - The top three industries by brand value are retail (40,874 billion yuan), finance (39,864 billion yuan), and internet (37,232 billion yuan) [5][8] - The leading regions in brand value are Beijing (93,418 billion yuan), Guangdong (69,089 billion yuan), and Zhejiang (37,713 billion yuan) [10] Company Performance - Among the 3,000 listed companies, 1,246 are from Shenzhen Stock Exchange, 1,214 from Shanghai Stock Exchange, 461 from Hong Kong Stock Exchange, 20 from Beijing Stock Exchange, and 59 from overseas [5] - The brand value threshold for inclusion in the Blue Book is 6.1 million yuan, which decreased by 0.2 million yuan compared to 2024 [5] Concentration and Changes - The top 100 companies account for 61.6% of the total brand value, an increase of 3.3 percentage points from 2024 [7] - There were 237 new entrants to the total ranking, representing 7.9% of the companies, while 1,371 companies saw an increase in brand value, and 1,626 experienced a decline [7] Industry Insights - Out of 37 industries, 25 experienced growth in brand value, with the fastest-growing sectors being catering (49%), retail (36%), and education (31%) [8] - The most represented industries in terms of the number of companies are equipment, electronics, and pharmaceuticals, with 417, 260, and 258 companies respectively [8] Regional Performance - Brand value increased in 21 regions compared to 2024, with Shanghai, Guangdong, and Zhejiang showing the highest growth rates of 25%, 20%, and 14% respectively [13] - The regions with the most companies listed are Guangdong (494), Zhejiang (370), and Beijing (329) [13] Long-term Trends - From 2020 to 2025, the total brand value of the top 3,000 companies grew from 212,998 billion yuan to 332,416 billion yuan, reflecting a nominal compound annual growth rate of 9.3% [14] - Industrial sector leads in brand value at 53,687 billion yuan, with daily consumer goods, utilities, information services, and healthcare also showing significant growth rates exceeding 12.5% [17]

格隆汇12月12日丨创美药业(02289.HK)宣布，天健已获委任为公司截至2025年12月31日止年度的核数 师，自临时股东会结束起生效，任期至公司下届年度股东会结束为止。信永中和会计师事务所(「信永 中和」)于临时股东会结束后将不再担任公司核数师。 ...