太平洋证券指出，医药生物行业在2026年将迎来产业周期、政策周期与资本周期的共振，中国创新 药有望实现业绩拐点与估值重塑，重点关注以ADC、双/多特异性抗体、细胞与基因治疗、小核酸等为 代表的下一代创新疗法。医疗器械行业方面，政策影响日渐减弱，叠加国产企业在部分高端领域实现技 术突破，海外市场扩张保持快速增长，相关企业有望迎来业绩修复。建议关注集采落地后快速实现以价 换量的流水型产品，以及设备更新带动招采增长而进入高增长通道的医疗设备公司。血制品市场需求和 采浆量持续增长，浆站资源向头部集中趋势明显。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅限制为20%，该指数 聚焦于创新生物医药领域，选取从事生物技术、基因工程、新型疫苗与药物研发等业务的上市公司证券 作为指数样本，以反映具有高研发投入和技术壁垒的生物医药相关上市公 ...

Group 1 - The article discusses various ETFs tracking the Shanghai Stock Exchange Science and Technology Innovation Board indices, highlighting their focus on high-growth sectors such as semiconductors, medical devices, and software development [2][3] - The Science and Technology Innovation 50 ETF tracks the top 50 stocks with significant market capitalization and liquidity, with over 65% of its composition in the semiconductor sector [2] - The Science and Technology Innovation 100 ETF focuses on 100 mid-cap stocks, with over 75% in the electronics, power equipment, and pharmaceutical industries [2] - The comprehensive index ETF covers all market securities on the Science and Technology Innovation Board, focusing on core industries like artificial intelligence and new energy, with a rolling P/E ratio of 219.7 times [2][3] - The Growth Index tracks 50 stocks with high growth rates in revenue and net profit, with over 65% in the electronics and communication sectors, and a rolling P/E ratio of 197.6 times [3] Group 2 - The article mentions that the low fee rate for these ETFs is 0.15% per year for management fees and 0.05% per year for custody fees [4] - The indices mentioned have been published at different times, with the Science and Technology Innovation 50 Index launched on July 23, 2020, and the Science and Technology Innovation 100 Index on August 7, 2023 [4]

Group 1 - The core viewpoint of the news is that Aihuilong's stock price increased by 5.42% to 15.37 CNY per share, with a trading volume of 131 million CNY and a turnover rate of 1.54%, resulting in a total market capitalization of 8.782 billion CNY [1] - Aihuilong Biotechnology Co., Ltd. specializes in the research, production, and sales of in vitro diagnostic instruments and related reagents, primarily using chemiluminescent immunoassay methods [1] - The company's revenue composition includes: self-produced reagents (non-COVID products) 58.57%, self-produced consumables (non-COVID products) 12.60%, self-produced instruments (non-COVID products) 11.92%, agency reagents 11.02%, agency consumables 3.30%, other (supplementary) 1.89%, agency instruments 0.68%, and software services 0.04% [1] Group 2 - Among Aihuilong's top ten circulating shareholders, Huabao Fund's Huabao CSI Medical ETF (512170) reduced its holdings by 1.7669 million shares in the third quarter, holding a total of 9.6516 million shares, which represents 1.69% of the circulating shares [2] - The estimated floating profit for Huabao CSI Medical ETF today is approximately 7.6248 million CNY [2] - Huabao CSI Medical ETF was established on May 20, 2019, with a latest scale of 26.404 billion CNY, and has achieved a year-to-date return of 4.86%, ranking 207 out of 5490 in its category [2]

每经编辑｜何小桃 1月6日，沪指继续走高，截至10:20左右，沪指报4057点，突破2025年11月14日的阶段高点，刷新2015年7月底以来的新高。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 科创综指 | | 4057.01 | 13908.10 | 1707.09 | | +33.59 +0.83% +79.48 +0.57% +11.25 +0.66% | | | | 万得全A | 创业板指 | 北证50 | | 6597.27 | 3286.40 | 1476.46 | | +59.33 +0.91% | -8.15 -0.25% +10.04 +0.68% | | | 沪深300 | 中证500 | 中证A500 | | 4755.86 | 7745.83 | 5816.12 | | +38.12 +0.81% +94.64 +1.24% +52.82 +0.92% | | | | 中证1000 | 深证100 | 中证红利 | | 7812.13 | 5939.14 | 5558.74 | | +58.25 +0.75% | ...

Core Viewpoint - Shenzhen Hanno Medical Technology Co., Ltd. is the first domestic company to achieve the localization of Extracorporeal Membrane Oxygenation (ECMO) systems and is now under scrutiny for compliance and operational sustainability as it aims to become the "first domestic ECMO stock" [1] Group 1: Company Overview - Hanno Medical was established in May 2018 and focuses on high-end medical device development in the field of extracorporeal life support, having overcome key technologies in ECMO system monitoring, blood pumps, membranes, and tubing consumables [1] - The company’s core product, Lifemotion® ECMO system, received approval from the National Medical Products Administration in January 2023, marking it as the first domestically approved ECMO device and consumable package [1] - Hanno Medical has completed 10 rounds of financing since its inception, attracting notable investors such as Daotong Investment and Mindray Medical, indicating strong capital recognition of its technological barriers and industry prospects [2] Group 2: Financial Performance - The company has shown a typical "increasing revenue without increasing profit" pattern, with revenue of 0 in 2022 due to the core product not being commercially sold, followed by revenues of 29.83 million in 2023 and projected growth to 49.31 million in 2024 [2] - Net profits have been under pressure, with losses of 64.79 million, 341 million, and 183 million from 2022 to 2024, totaling significant cumulative losses [2] - The company’s asset-liability ratio increased from 31.96% in 2022 to 72.36% in the first half of 2025, significantly exceeding the industry average of approximately 23% [4] Group 3: Research and Development - Hanno Medical has invested over 380 million in R&D from 2022 to 2024, with nearly 52 million in the first half of 2025, reflecting the high R&D demands of the ECMO industry [3] - The company employs 194 staff, with over 30% being R&D personnel, which exceeds the minimum requirement of 10% for high-tech enterprises on the Sci-Tech Innovation Board [3] - The company’s revenue is heavily reliant on the ECMO system, with derivative products like ECPR and CPS still in the early stages of commercialization and not yet contributing to revenue [3] Group 4: Regulatory and Market Implications - The recent inclusion in the on-site inspection list by the China Securities Association indicates that Hanno Medical will face comprehensive scrutiny regarding financial data authenticity, internal control integrity, and operational sustainability [4] - Successful navigation of this inspection could provide a compliance model for similar unprofitable hard-tech companies on the Sci-Tech Innovation Board, drawing significant market attention [4]

来源：原点新财经 上证指数收报4023.42点，实现自去年12月17日以来的连续12个交易日上涨，全市场超4100只个股上涨，成交额激增超5000亿元。 2026年首个交易日，A股市场迎来"开门红"，上证指数上涨1.38%，收于4023.42点，重回4000点上方。这已是该指数自2025年12月17日以来连续第12个交易 日上涨，创下近33年来的最长连阳纪录。 与此同时，深证成指上涨2.24%，创业板指上涨2.85%，三大指数集体飘红。市场交易活跃，沪深北三市成交额达到25672亿元，较前一交易日放量5015亿 元。 市场普涨 新年首个交易日，A股市场呈现普涨格局。全市场超过4100只个股上涨，120余只个股涨停。 行业板块方面，保险、半导体、贵金属、医疗器械、游戏等板块领涨。尤为引人注目的是脑机接口概念股，博拓生物、三博脑科、伟思医疗等10余只个股涨 停。 这一行情爆发得到了外围市场的呼应。在元旦假期A股休市期间，香港股市已先行预热。 1月2日，香港恒生指数上涨707.93点，涨幅达2.76%。恒生科技指数表现更为强劲，涨幅一度超过4%。 国家统计局最新发布的数据显示，2025年12月份中国制造业采购经理指 ...

Core Viewpoint - The company is exploring the integration of AI technology with its core business, particularly in the fields of myopia prevention and vision care, despite its artificial lens products not currently involving AI applications [1] Group 1: AI Integration - The company has implemented the Puno Tong AI digital fitting system in the myopia prevention sector [1] - In the vision care sector, the company collaborates with partners to integrate embodied intelligent robot technology into health retail scenarios, creating a 24-hour smart store for contact lenses [1] - These applications provide technological support for the company's product production and services [1] Group 2: Ongoing Exploration - The company continues to monitor cutting-edge developments in the integration of AI and medical devices [1] - It aims to explore directions for intelligent upgrades based on its actual situation [1]

Group 1 - The core viewpoint is that brain-computer interfaces (BCIs) are becoming a key part of China's 14th Five-Year Plan, with strong policy support expected to accelerate industry implementation, presenting significant investment opportunities [1] - BCIs represent both medical and technological investments, with short-term applications focused on disease treatment and long-term potential to integrate with AI and robotics, potentially opening up a trillion-dollar market [1] - The report emphasizes the importance of identifying "true brain machines" that align with national policy support and real demand, highlighting China's relative global leadership in BCI technology research [1] Group 2 - From a global perspective, China's pharmaceutical industry is characterized by "innovation upgrades and supply chain resilience," with significant overseas licensing of innovative drugs expected to surpass last year's total by Q3 2025 [2] - The report outlines a focus on high-quality development in the domestic market, emphasizing policy initiatives such as procurement optimization and diversified payment systems, alongside the commercialization of innovative drugs and the safety of supply chains [3] - The report suggests that the Chinese pharmaceutical industry is gradually gaining global competitiveness, with a long-term outlook for the industry to produce large global companies, particularly in innovative drugs and medical devices [5] Group 3 - The investment outlook for 2026 remains positive, with expectations of improved global liquidity favoring the pricing of innovative assets and government policies encouraging industry innovation [5] - Key sectors to watch include innovative drugs and medical devices, with specific companies highlighted such as Heng Rui Medicine, Innovent Biologics, and Mindray Medical [5] - The report indicates a need for investors to be aware of the challenges associated with international expansion, emphasizing the importance of assessing the international competitiveness of companies' products and teams [5]

| 上证指数突破前期高点（4034.08点），刷新十年来新高。 | | --- | 盘面上，贵金属、非银金融、半导体等板块陆续发力，脑机接口、炒股软件、小金属等概念股火热；光模块、光通信等概念股回调。 | | | Wind热门概念指数 | | | --- | --- | --- | --- | | 炒股软件 5.12% | 脑机接口 4.58% | 钻矿 4.28% | 半导体设备 3.62% | | 镇矿 3.41% | 小受属 2.94% | 中芯国际产业链 2.93% | 稀有金属 2.88% | | 半导体材料 2.87% | 钢电池 2.79% | 玻璃纤维 -0.50% | 银行 -0.54% | | 高速铜连接 -0.55% | CRO -0.64% | 覆铜板 -0.76% | 光电路交换机(OCS -0.81% | | 央企银行 | 射频及天线 | 光通信 | 光模块(CPO) | | -0.86% | -1.35% | -1.62% | -1.87% | 来看详情—— 脑机接口概念股持续活跃 1月6日，A股三大指数开盘分化：沪指微涨0.06%，深成指涨0.01%，创业板指跌0.45%。随后 ...

数据宝统计，截至10:46，乐普医疗成交额34.70亿元，创上市以来新高。最新股价上涨2.74%，换手率 10.94%。上一交易日该股全天成交额为26.13亿元。（数据宝） （文章来源：证券时报网） ...