↑点击上面图片 加雪球核心交流群 ↑ 2 ） 学习成本较高 ： 需要熟悉所有不同疾病领域 ， 例如肿瘤 、 自免等大类疾病下面还有若干细分 ， 均需要深入学习 3 ） 行业变化快 ： 可能一个月不跟踪就会有新的变化 ， 包括相关药物的进展发生变化 ， 新的数据披露等等 二 、 在不那么深入研究的情况下 ， 要如何投资创新药 ， 我觉得首先需要搞清楚创新药投资的阶段 ， 那么创新药投资不同阶段如何划分呢 ？ 关于这个问题 ， 首先需要明确一个观点 ， 就是在国内医药市场医保长期控费的大背景下 ， 创新药板块大的增量空间主要还是来自于出海 ， 大 多数创新药公司市值的增长主要由出海驱动 。 而当前出海最主流的形式就是海外授权BD ， 而以海外授权BD作为核心关注点 ， 我认为创新药投 资阶段主要可以划分成 ： 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 野生创新药研究猿 来源：雪球 从事创新药行业研究以来 ， 接触的客户形形色色 ， 但是绝大部分人都没有创新药的专业背景 ， 而且很多人也没有精力再去深入研究这个领域 ， 因此我被问得最多便是 ： 创新药作为高风险的 ...

在具体的调研标的中，百济神州、汇川技术与立讯精密成为"顶流"，均获得超过20家险资的扎堆调研。百济神州作为创新药龙头，其研发管线与商业化前景 备受关注；汇川技术作为工业自动化领域的领军者，契合了高端制造业升级的大趋势；立讯精密则是消费电子与汽车电子领域的核心供应商。这三家公司的 共同点在于，它们都在各自赛道具备强大的竞争壁垒和成长潜力，符合险资"长期投资、价值投资"的理念。此外，天合光能、德科立等新能源与通信设备领 域的公司也获得了超过10家险资的调研。 【环球网财经综合报道】进入四季度，保险资金的动向再次成为市场关注的焦点。11月以来，尽管调研总次数同比有所下降，但险资（保险公司与保险资管 公司）依旧保持高涨的调研热情，共计调研上市公司348次，超过126只个股获得关注。在低利率环境与长期资金属性的双重驱动下，险资正积极优化资产配 置结构，一方面加大对高股息股票的配置以抵御利率下行挑战，另一方面则将目光精准投向符合国家战略的新质生产力、高端制造、生物医药等前沿领域， 百济神州、汇川技术与立讯精密等公司成为最受追捧的"香饽饽"。 从调研的机构层面看，头部保险资管公司无疑是调研的主力军。Wind数据显示，泰康资 ...

Core Insights - The Chinese economy is undergoing a significant structural transformation, transitioning from an export-driven model to a more balanced focus on domestic demand [1] - The future of high-quality development should not solely rely on replacing old industries but rather on the collaboration of new and old driving forces [1] - A fundamental reform of the social security system is essential to unlock true domestic consumption potential [3] Group 1: Economic Transition - The transition period is characterized by a notable rise in China's position within the value chain, providing strong support for the economy [1] - Emerging industries, particularly in artificial intelligence and automotive sectors, are showing unexpected performance, with China becoming the largest producer and exporter of vehicles [1][2] - The shipbuilding industry secured 75% of global orders last year, and over 50% of robots globally are now produced in China [2] Group 2: Importance of Traditional Industries - There is a need to avoid the misconception that only new economies matter, as traditional sectors remain crucial for economic stability [2] - Real estate plays a vital role in household wealth, accounting for over 50% of many families' assets, which is significantly higher than the stock market [2] - The urbanization rate in China is approximately 68%, indicating substantial unmet demand in housing and transportation [2] Group 3: Consumer Spending and Policy - Consumer spending is seen as a key variable in the "14th Five-Year Plan," with the government implementing substantial consumption policies [3] - Long-term reforms in the social security system are deemed more effective than short-term cash incentives for stimulating consumer spending [3] Group 4: Capital Market Development - The capital market is expected to play a more significant role in the national economy, with a focus on enhancing the financial weight of Chinese assets [4] - Key directions include promoting the internationalization of the RMB, nurturing truly global enterprises, and protecting investors to ensure healthy industrial development [4] - Achieving these goals will require patience and sustained efforts in the right direction [4]

受隔夜纳指再次大跌超2%等利空因素影响，今日A股情绪较弱，呈现冲高回落走势。截止收盘，上证 指数缩量收阴，报3990.49点，下跌-0.97%，深证成指跌-1.93%，创业板指跌-2.82%。两市跌多涨少，不 足2000家上涨，3300余家下跌。成交方面，沪深两市成交额不足2万亿，交投较为冷清。 板块层面，仅石油石化、房地产、银行、医药等较为抗跌，其余板块尽墨。其中，海外映射较强、前期 表现强势的AI、通信、芯片等板块跌幅居前。 近期，外围市场走势多有波折。美股三大股指本周略有分化，传统行业较多的标普指数、道琼斯工业指 数较为抗跌，道指周三甚至刷新历史新高。而科技股扎堆的纳指则表现疲弱，周初短暂反弹后再次调头 向下。受此影响，国内市场情绪有所波动，今日甚至收长上影阴线，看跌氛围浓厚。很多投资者不禁疑 惑，外围疲弱，A股要跟跌吗？ 我们的观点是，外围涨跌影响的主要是短期风险偏好和交投情绪，而"打铁重在自身硬"，国内市场存在 自身的估值逻辑，东升西落的投资远景已经逐渐清晰，如果回调或构成较好的买入良机。 短期来看，外围的波动会导致国内资本阶段性的避险情绪，从而降低市场风险偏好。这在市场的多次潮 起潮落中有所验证。 ...

在全球市场普遍下跌的背景下，A股展现出惊人韧性，沪指盘中翻红续创十年新高，银行股与区域性板块轮番表现，凸显中国市场独特吸引力。 11月14日，A股早间弱势整理，上证指数午盘微跌0.16%，盘中一度翻红续创10年新高，深成指、创业板指均跌超1%。算力硬件产业链领跌，存 储芯片、HBM、CPO方向跌幅居前，有色金属回调，SPD强势上涨。 具体来看，海南自贸区板块逆势大涨，海马汽车、海南海药（维权）等多股涨停。医药商业股拉升，漱玉平民、开开实业等封板。福建本地股反 复活跃，海峡环保、平潭发展等十余股涨停。银行股延续强势，工行、农行股价再创新高。下跌方面，存储芯片板块下挫，佰维存储跌超10%。 A股市场内部则呈现明显的结构性特征，个股涨多跌少，沪深京三市超2800股飘红，半天成交额达1.25万亿元。以下是核心指数情况： 上证指数早盘收报4022.89点，跌0.16%。 深证成指早盘收报13327.91点，跌1.10%。 创业板指早盘收报3146.01点，跌1.74%。 沪深300早盘收报4666.68点，跌0.75%。 科创50早盘收报1378.27点，跌1.50%。 中证500早盘收报7296.48点，跌0.80% ...

人民财讯11月14日电，11月14日，在中泰证券举办的财富管理与ETF生态高质量发展高峰论坛上，中泰 国际首席经济学家李迅雷解读了"十五五"规划下的产业投资机会，聚焦三大亮点：一是加速"科技自立 自强"，构建以先进制造业为骨干的现代化产业体系，重点投向未来制造、未来信息、未来材料、未来 能源、未来空间、未来健康等六大领域。二是大力度促消费，加大民生投入，应对人口老龄化，银发经 济、创新药、服务消费成为新增长点。三是加快构建全国统一大市场，通过"反内卷"打破地域与行业壁 垒，通过价格机制改革、并购重组提升ROE，解决上市公司盈利能力偏低的问题。 （原标题：李迅雷：关注"十五五"规划三大亮点——科技自立、消费提振与构建全国统一大市场） ...

人民财讯11月14日电，恩威医药（301331）11月14日公告，近日，公司与上海磐霖鸿裕企业管理合伙企 业(有限合伙)、唐山金坤化工有限公司、李姣姣等共同签署《嘉兴磐霖嘉颐创业投资合伙企业(有限合 伙)合伙协议》，约定公司作为有限合伙人以2000万元出资认购投资基金份额，出资占9.95%。合伙企业 重点投资于早期及成长期的企业，投资方向包括医疗(创新药、创新医疗（002173）器械)及科技(企业级 服务、硬科技)等。 ...

Group 1 - The report highlights the focus on innovative drugs and the opportunities within the pharmaceutical industry chain, indicating a positive outlook for the Hong Kong pharmaceutical sector by 2026 [1][3] - Multiple policies are supporting the development of the innovative drug industry, with record highs in both transaction amounts and numbers for domestic innovative drugs going overseas [3][6] - The report notes a rebound in valuations for the sector, with leading companies achieving profitability through increased commercialization and licensing revenues [3][6] Group 2 - Key companies such as BeiGene and Innovent Biologics are experiencing significant sales growth, with BeiGene's global sales exceeding $1 billion in Q3 2025, marking a 51% year-on-year increase [3][4] - Innovent Biologics is expanding its pipeline and is expected to achieve positive non-IFRS net profit and EBITDA in 2024, with continued growth projected for 2025 [3][4] - The report emphasizes the strong performance of the CXO sector, driven by a recovery in investment and demand for early-stage research, particularly in emerging fields like peptides and ADCs [3][6] Group 3 - The report provides a detailed earnings forecast and valuation for key companies, indicating significant revenue growth for companies like BeiGene and Innovent Biologics, with projected revenues of $5.1 billion and $2.7 billion respectively for 2025 [4][6] - The pharmaceutical sector is noted for its robust performance, with companies like Sihuan Pharmaceutical and Hengrui Medicine showing strong revenue contributions from innovative products [4][6] - The report also highlights the increasing competitiveness of domestic innovative drugs on a global scale, with successful international collaborations and licensing agreements [3][6] Group 4 - The report indicates that the Hong Kong pharmaceutical market has shown impressive performance year-to-date, with the Hang Seng Healthcare Index significantly outperforming other markets, achieving an approximate 82% increase [15][16] - Valuations for Hong Kong pharmaceuticals are noted to be lower than those in A-shares and overseas markets, with a median PE of 17x for 2025 [15][16] - The report mentions a notable increase in the number of IPOs in the Hong Kong pharmaceutical sector, with over 20 new companies listed in 2025, raising substantial capital [40][41]

格隆汇11月14日丨恩威医药(301331.SZ)公布，近日，公司与上海磐霖鸿裕企业管理合伙企业（有限合 伙）（简称"磐霖鸿裕"）、唐山金坤化工有限公司、李姣姣等共同签署了《嘉兴磐霖嘉颐创业投资合伙 企业（有限合伙）合伙协议》，根据合伙协议约定，公司作为有限合伙人以自有资金人民币2,000万元 出资认购投资基金份额，出资占9.9502%。合伙企业重点投资于早期及成长期的企业，投资方向包括医 疗（创新药、创新医疗器械）及科技（企业级服务、硬科技）等。 ...

Market Overview - The A-share market exhibited a range-bound fluctuation with reduced volatility, indicating a stabilization in market sentiment. The major indices, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, experienced declines of 0.18%, 1.40%, and 3.01% respectively [1] - The trading volume in the Shanghai and Shenzhen markets fell below 2 trillion yuan on several days, reflecting a significant decrease in market activity and a growing sense of caution among investors [1] - The average decline of all ETFs was 0.62%, with commodity ETFs showing a notable increase of 2.95%, while cross-border ETFs also performed well with an average increase of 1.55% [1] ETF Performance - The innovative drug sector is showing signs of recovery, with nine out of the top ten performing ETFs related to innovative drugs, some exceeding a 7% increase. The overall revenue of the innovative drug sub-sector grew by 23.34%, and the CXO sector's net profit increased by 55.90% year-on-year, significantly outperforming the industry average [2][3] - The communication and AI-related ETFs continued to decline as the market adjusts to the valuations of previously high-performing sectors. However, this short-term adjustment may provide better long-term investment opportunities [4] Fund Trends - Despite market fluctuations, thematic ETFs remain the main attraction for capital, with a net inflow of 145.37 billion yuan during the period. Stock ETFs saw a net inflow of 46.20 billion yuan, indicating a preference for equity investments [5] - Gold and brokerage ETFs attracted significant capital inflows, with the gold ETF receiving over 2.5 billion yuan, highlighting a strong demand for safe-haven assets [7] ETF Issuance Market - Two new ETFs are set to launch next week, including the Huaxia CSI Photovoltaic Industry ETF, which tracks the performance of companies involved in the photovoltaic industry chain, reflecting China's strong position in the global photovoltaic market [9] - The Southern Hang Seng Technology ETF aims to track the Hang Seng Technology Index, which covers various sectors of the technology industry, indicating potential growth in the Hong Kong stock market [10]