更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 2025 年度医药业绩前瞻 20260104 摘要 Q&A 2024 年医药行业的整体表现如何? 2024年,医药行业在 31个一级行业中涨幅排名第 18 位,上涨 11.94%。尽管整 体表现一般,但创新药板块走出了过去四年的熊市态势。然而,上周医药行业表 现较为平淡,在 31个一级行业中排名第 28位,下跌 2%。上涨的股票没有明显 规律性,但脑机接口相关概念股涨幅相对突出。 医药行业 2025年整体表现平淡,但创新药板块持续改善,其他板块逐渐 ● 摆脱控费等负面影响。2026年,创新药及其产业链、医疗器械、中药等 领域存在投资机会,国内外市场对创新需求依然迫切。 创新药市场情绪低迷,但产业利好不断,如泽璟制药 CD3DL3 三抗产品授 ● 权艾伯维,首付款1亿美元。信达生物、中国生物制药、乐普生物等公司 产品端临床数据或授权端均无风险,是现价可布局的优质标的。 医疗器械公司去库存接近尾声,2026年季度业绩有望改善,招投标量增 ● 长显著。关注奥华、开利、迈瑞、联影等头部企业。高值耗材如电生理(微 电和惠泰）、神经外科(迈普）、骨科(春立)等赛道 ...

Core Viewpoint - Longling County Chengchen Trading Co., Ltd. has been established with a registered capital of 100,000 RMB, focusing on various business activities including jewelry retail, wholesale, and manufacturing [1] Group 1: Company Overview - The legal representative of the company is Yue Zhengrun [1] - The registered capital of the company is 100,000 RMB [1] Group 2: Business Scope - The company engages in general projects such as jewelry retail, wholesale, manufacturing, and repair services [1] - It also provides appraisal services for artworks and collectibles, personal internet live streaming services, and internet sales (excluding items requiring permits) [1] - Additional activities include the manufacturing and sales of arts and crafts, traditional Chinese medicine planting and purchasing, and import-export services [1] - The company is involved in the sale of metal ores and mineral selection, excluding rare earths and radioactive minerals [1]

Company Overview - Maoming Tongzhou Agarwood Technology Co., Ltd. has recently been established with a registered capital of 100,000 RMB [1] - The company is involved in a wide range of activities including technology services, traditional fragrance products, and various agricultural practices [1] Business Scope - The business scope includes technology development, consulting, and transfer, as well as the cultivation and sale of traditional Chinese medicinal herbs and various agricultural products such as vegetables and fruits [1] - The company also engages in the manufacturing and sales of daily chemical products, wood processing, and the production and sale of arts and crafts [1] Operational Activities - The company is authorized to conduct business activities autonomously based on its business license, excluding projects that require approval [1] - It offers services in enterprise management, consulting, and digital technology, along with domestic trade agency and internet sales [1]