加快建设健康中国(学习贯彻党的二十届四中全会精神) 雷海潮 人民健康是社会主义现代化的重要标志，也是广大人民群众的共同追求。党的二十届四中全会通过的 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》(以下简称《建议》)，作出"加快 建设健康中国"的重大决策部署，对增进人民健康福祉、推进中国式现代化将产生深远影响，要深刻领 会精神实质，准确把握原则要求，认真落实各项任务。 (三)牢牢把握夯实基础、全面发力的阶段要求。从现在到2035年建成健康中国还有10年时间。要抓住卫 生健康服务发展不平衡不充分的主要矛盾，坚持有效市场和有为政府相结合，坚持尽力而为、量力而 行，坚持先立后破、不立不破，不断夯实中国特色基本医疗卫生制度基础，在缩小城乡间、区域间、人 群间服务差距上全面发力，在健全维护公益性的医疗卫生服务体系及其运行保障、监督管理机制上下功 夫，筑牢全方位全周期保障人民生命健康防线。 一、深刻认识加快建设健康中国的重大战略意义 党的十八大以来，习近平总书记就建设健康中国作出一系列重要论述和重要指示批示，为推进健康中国 建设指明了方向，提供了根本遵循。以习近平同志为核心的党中央作出实施健康中国战略部署， ...

Core Viewpoint - Japan's exports in November increased by 6.1% year-on-year, surpassing market expectations, with exports to the U.S. turning positive for the first time in eight months, indicating a recovery from the impact of U.S. tariffs [1] Group 1: Export Performance - Japan's exports to the U.S. grew by 8.8% year-on-year in November, reversing a previous downward trend [1] - The recovery in exports was driven primarily by a rebound in automotive and pharmaceutical shipments, with automotive exports to the U.S. increasing by 1.5% and pharmaceutical exports more than doubling compared to the same month last year [3] - Japan recorded a trade surplus of 322.2 billion yen (approximately 2.08 billion USD) in November, significantly exceeding the market expectation of 71.2 billion yen, marking the first trade surplus in five months [1] Group 2: Economic Implications - The improvement in export performance has strengthened market expectations for monetary policy tightening, with predictions that the Bank of Japan may raise the short-term policy interest rate from 0.5% to 0.75% [1] - The decline in tariff rates and a weaker yen have enhanced the price competitiveness of Japanese automakers, contributing to a faster-than-expected recovery in automotive exports [2] Group 3: Regional Export Trends - Japan's overall export growth of 6.1% in November continued from October's 3.6% increase and was significantly higher than the 4.8% market forecast [3] - Exports to Asia grew by 4.5%, while exports to Europe surged by 19.6%, indicating strong demand outside the U.S. market [3]

Group 1 - The Hong Kong stock market experienced a rebound in the afternoon, with significant gains in the AI industry chain and new consumption stocks, as evidenced by various indices rising, including the CSI Hong Kong Stock Connect Consumption Theme Index by 1.3% and the CSI Hong Kong Stock Connect Internet Index by 1.2% [1] - Since December, the total inflow into ETFs related to the Hang Seng Technology Index has exceeded 8 billion yuan, with the E Fund Hang Seng Technology ETF (513010) alone attracting over 2 billion yuan, ranking among the top in its category [1] Group 2 - The Hang Seng New Economy ETF (513320) tracks the Hang Seng Stock Connect New Economy Index, which consists of the 50 largest stocks in the "new economy" sector, primarily including information technology, consumer discretionary, and healthcare, with a rolling P/E ratio of 24.3 times and a valuation percentile of 51.2% since its inception in 2018 [2] - The E Fund Hang Seng Technology ETF (513010) tracks the Hang Seng Technology Index, composed of the 30 largest stocks highly related to technology themes, with over 90% of its composition from information technology and consumer discretionary sectors, showing a rolling P/E ratio of 22.7 times and a valuation percentile of 28.4% since its launch in 2020 [2] - The Hong Kong Stock Connect Medical ETF (513200) tracks the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index, consisting of 50 liquid and large-cap stocks in the healthcare sector, which accounts for over 90% of the index, with a rolling P/E ratio of 31.6 times and a valuation percentile of 49.9% since its inception in 2017 [2] - The Hong Kong Stock Connect Internet ETF (513040) tracks the CSI Hong Kong Stock Connect Internet Index, made up of 30 leading internet companies, primarily in information technology and consumer discretionary, with a rolling P/E ratio of 24.5 times and a valuation percentile of 25.2% since its launch in 2021 [2] Group 3 - The E Fund Hong Kong Consumption ETF (513070) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, which includes 50 liquid and large-cap consumption stocks, with nearly 60% in consumer discretionary, showing a rise of 1.3% and a rolling P/E ratio of 17.2 times since its launch in 2020 [3]

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。 ...

Market Performance - Major stock indices in the two markets rose significantly, with the Shanghai Composite Index increasing by 1.19% to 3870.28 points, the Shenzhen Component Index rising by 2.4%, and the ChiNext Index surging by 3.39% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.8345 trillion yuan [1] Sector Performance - The insurance and brokerage sectors saw notable gains, while semiconductor, non-ferrous metals, pharmaceuticals, and lithium mining sectors also performed strongly [1] - Active concepts included CPO, Apple-related, and solid-state battery sectors [1] Investment Outlook - Huaxi Securities indicated that with the recent Federal Reserve meeting and the domestic Central Economic Work Conference, an influx of incremental funds into the market is expected [1] - Regulatory adjustments have lowered the investment risk factors for insurance funds and proposed expanding capital space and leverage limits for quality securities firms, which is beneficial for medium to long-term capital inflow and market activity [1] - The combination of potential Federal Reserve interest rate cuts and a strong renminbi is favorable for foreign capital allocation towards Chinese assets [1] Sector Recommendations - Suggested focus on growth sectors benefiting from industrial policy support, such as domestic substitution, robotics, aerospace, innovative pharmaceuticals, and energy storage [1] - Attention should also be given to cyclical sectors benefiting from "anti-involution" policies, including chemicals, energy metals, and resource products [1] - Deepening consumption policies may provide short-term catalytic opportunities in the consumer sector [1]

Market Overview - During the week of December 8-12, the Shanghai Composite Index fell by 0.34%, while the Shenzhen Component Index rose by 0.84% and the ChiNext Index increased by 2.74%[6] - The average daily trading volume in the market was 1.95 trillion yuan, up from 1.70 trillion yuan the previous week[6] E-commerce in Latin America - Latin America's e-commerce market is experiencing rapid growth, with a total transaction volume of $507 billion in 2023, reflecting a year-on-year growth rate of 27%[16] - The e-commerce penetration rate in Latin America is currently between 12-15%, which is higher than Southeast Asia's 10-13% but significantly lower than China's approximately 45%[16] Health Sector Insights - The percentage of flu-like illness (ILI) cases in southern provinces reached 11.1%, up from 10.3% the previous week and significantly higher than the 2022-2024 average of 3.9%[28] - The demand for flu vaccines and antiviral medications is expected to rise, with sales of oseltamivir increasing by 237% in the last week of November[33] Hard Technology Sector - The panel industry reported a cumulative net profit of 6.035 billion yuan in Q3 2025, a year-on-year increase of 161%[38] - The depreciation costs for panel manufacturers are expected to decline as production lines built during the 2018-2020 expansion phase reach the end of their depreciation periods[38] High-end Manufacturing - In November 2025, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales up by 9.11% and exports up by 18.8%[45] - The demand for excavators is driven by infrastructure projects and equipment upgrades, supported by the Belt and Road Initiative[46]

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]