[Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn [Table_Industry] [Table_BaseData] 1) 区间回顾。2 月 9 日-2 月 27 日，医药生物板块跌 0.32%，跑输 Wind 全 A（3.89%）和沪深 300（1.44%）。 从细分板块来看，医疗耗材（3.64%）、其他生物制品 （2.78%）和原料药（0.68%）领涨，线下药店（-2.12%）、 化学制剂（-1.53%）和医药流通（-1.37%）领跌。从个 股来看，万泽股份（44.06%）、科源制药（34.82%）和 多瑞医药（20.77%）涨幅居前，国发股份（-10.19%）、 泽璟制药-U（-10.18%）和花园生物（-9.4%）跌幅居 前。 2) 测序仪龙头押注技术跃迁。2 月 23 日，华大智造公告 与瑞士 Swiss Rockets 达成战略交易，以 5000 万美元 对价出售美国子公司 CGI 股权并锁 ...

2026 年 02 月 26 日 亿帆医药(002019.SZ) 创新药主业稳健发展，泛酸钙价格处周 期底部 创新管线持续丰富且核心产品稳定放量，公司主业稳健发展： 公司坚定执行"创新、国际化"中长期发展规划，持续强化公司创新 管线布局，推动主业稳健发展。创新生物药亿立舒已取得阶段性成果， 在中国、美国、欧盟、巴西、阿曼和挪威等多个国家获准上市销售， 2025 年国内外累计发货量超 50 万支，同比增长超 80%。此外，公司 从尚德药缘引入拟用于治疗小细胞肺癌脑转移的 1 类创新药 ACT001， ACT001 是与放化疗及免疫治疗有协同作用的新一代免疫调节剂，通 过抑制癌症病灶组织微环境中相关细胞的 NF-κB 和 STAT3 信号通路， 降低肿瘤细胞 DNA 修复能力，以及对放化疗和免疫治疗的双重协同 作用，达到局部肿瘤控制和生存期延长的效果。 泛酸钙价格处于历史底部区间，后续价格改善值得期待 公司核心原料药产品为维生素 B5（泛酸钙），需求端得益于动物营养 和食品添加剂方面需求的稳定增长，泛酸钙全球市场规模稳步增长。 供给端格局较为集中，供给厂家主要包括亿帆医药、新发药业、帝斯 曼、巴斯夫、兄弟科技等。 ...

分红方面，恒瑞医药A股上市后累计派现93.03亿元。近三年，累计派现35.68亿元。 机构持仓方面，截止2025年9月30日，恒瑞医药十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股4.87亿股，相比上期减少4817.92万股。中国证券金融股份有限公司位居第八大流通股东， 持股9539.98万股，持股数量较上期不变。华夏上证50ETF（510050）位居第九大流通股东，持股 8529.34万股，相比上期减少232.27万股。华泰柏瑞沪深300ETF（510300）位居第十大流通股东，持股 7607.23万股，相比上期减少342.72万股。 恒瑞医药今年以来股价跌4.82%，近5个交易日跌3.74%，近20日跌5.66%，近60日跌6.53%。 资料显示，江苏恒瑞医药股份有限公司位于江苏连云港市经济技术开发区昆仑山路7号,中国香港铜锣湾 希慎道33号利园1期19楼1920室，成立日期1997年4月28日，上市日期2000年10月18日，公司主营业务涉 及江苏恒瑞医药股份有限公司是一家主要从事药品的研发、生产和销售的中国公司。该公司专注于肿瘤 领域,覆盖激酶抑制剂、抗体偶联药物(ADC)、肿瘤免疫、 ...

Group 1 - The core viewpoint of the news is that BeiGene's stock has experienced fluctuations, with a recent decline of 2.00% and a current price of 281.50 CNY per share, while the company has a total market capitalization of 433.70 billion CNY [1] - As of February 12, 2023, BeiGene's stock has increased by 4.80% year-to-date, but has seen a decline of 8.31% over the past 20 days [1] - The company primarily generates revenue from drug sales, accounting for 99.10% of its total revenue, with the remaining 0.90% coming from collaboration arrangements [1] Group 2 - As of September 30, 2025, the number of BeiGene's shareholders has increased by 55.33% to 36,200, while the average number of circulating shares per person has decreased by 35.79% to 3,195 shares [2] - For the period from January to September 2025, BeiGene reported a revenue of 27.60 billion CNY, representing a year-on-year growth of 44.21%, and a net profit attributable to shareholders of 1.14 billion CNY, which is a 130.88% increase compared to the previous year [2] - Among the top ten circulating shareholders, notable changes include a decrease in holdings by some shareholders and the entry of new shareholders, indicating a shift in institutional ownership [2]

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry, indicating a positive outlook based on ongoing technological innovation and demand growth [5][6]. Core Insights - The total market value of pharmaceutical stocks held by public funds decreased from 397.7 billion to 316.1 billion yuan, reflecting a decline of 2.58% from Q3 2025 to Q4 2025. The proportion of pharmaceutical stocks in all public fund holdings fell to 7.95%, down 2.58 percentage points from the previous quarter [6][9]. - The highest proportion of holdings in the pharmaceutical sector is in chemical preparations, other biological products, and medical research outsourcing, which accounted for 37.5%, 20.9%, and 16.4% of the total holdings, respectively [6][13]. - The top five pharmaceutical stocks by market value held by public funds in Q4 2025 were: Heng Rui Medicine (32 billion), WuXi AppTec (30.6 billion), Innovent Biologics (16.7 billion), Mindray Medical (15.2 billion), and CanSino Biologics (10.8 billion) [6][24]. Summary by Sections 1. Pharmaceutical Holdings Proportion - The proportion of pharmaceutical stocks held by public funds decreased to 7.95% in Q4 2025, down from Q3 2025, with a notable decline in non-pharmaceutical public fund holdings [9][10]. 2. Market Value of Pharmaceutical Sub-sectors - In Q4 2025, the market value of pharmaceutical sub-sectors held by public funds was as follows: 1. Chemical preparations: 118.6 billion yuan (37.5%) 2. Other biological products: 66 billion yuan (20.1%) 3. Medical research outsourcing: 51.7 billion yuan (16.4%) 4. Medical devices: 33.3 billion yuan (10.5%) 5. Medical consumables: 9.8 billion yuan (3.1%) [13][12]. 3. Public Fund Heavy Holdings - The number of public funds holding the top five pharmaceutical stocks in Q4 2025 was as follows: Heng Rui Medicine (507 funds), WuXi AppTec (448 funds), Mindray Medical (204 funds), Innovent Biologics (202 funds), and BeiGene (162 funds) [17][21]. - The market value growth of public fund heavy holdings in Q4 2025 saw significant increases for Heng Rui Medicine (+20.1 billion), WuXi AppTec (+5.7 billion), China National Pharmaceutical Group (+5 billion), Yingke Medical (+2.2 billion), and Yuyue Medical (+1.8 billion) [28].

来源：新浪证券-红岸工作室 2月4日，海普瑞涨1.33%，成交额5135.06万元，换手率0.34%，总市值179.01亿元。 异动分析 创新药+生物疫苗+CRO概念+人民币贬值受益 1、2024年年报，海普瑞于 1998 年成立于深圳，是拥有 A+H 双融资平台的领先跨国制药企业，主要业 务覆盖肝素产业链、生物大分子 CDMO 和创新药物的投资、开发及商业化，致力于为全球患者带去高 质量的安全有效药物和服务，护佑健康。 2、赛湾生物具备向客户提供mRNA疫苗开发及生产CDMO服务的能力。赛湾生物凭借优秀的工艺开 发、准时交付以及成功的运营能力，继续推进mRNA疫苗供应链的工作，支持全球多个已商业化的 mRNA疫苗的生产。 3、深圳市海普瑞药业集团股份有限公司的主营业务是肝素产业链，生物大分子CDMO和创新药物的投 资，开发及商业化。 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额1918.43万，占总成交额的6.25%。 技术面：筹码平均交易成本为11.66元 该股筹码平均交易成本为11.66元，近期该股有吸筹现象，但吸筹力度不强；目前股价靠近压力位 12.37，谨防压力位处回调，若突破压力位则可能会 ...

Group 1 - The core viewpoint of the news is that 恒瑞医药's stock has experienced a decline, with a 2.00% drop on February 4, 2023, and a year-to-date decrease of 5.46% [1] - As of February 4, 2023, 恒瑞医药's stock price was reported at 56.32 yuan per share, with a total market capitalization of 373.07 billion yuan [1] - The company has seen a net outflow of 1.57 billion yuan in principal funds, with significant selling pressure observed [1] Group 2 - 恒瑞医药, established on April 28, 1997, and listed on October 18, 2000, is primarily engaged in the research, production, and sales of pharmaceuticals, focusing on oncology [2] - The company's revenue composition includes 86.88% from product sales, 12.63% from licensing income, and 0.49% from other sources [2] - As of September 30, 2025, 恒瑞医药 reported a total of 397,300 shareholders, with an average of 16,058 circulating shares per shareholder [3] Group 3 - For the period from January to September 2025, 恒瑞医药 achieved a revenue of 23.188 billion yuan, representing a year-on-year growth of 14.85%, and a net profit of 5.751 billion yuan, up 24.50% year-on-year [3] - The company has distributed a total of 9.303 billion yuan in dividends since its A-share listing, with 3.568 billion yuan distributed in the last three years [4] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and China Securities Finance Corporation, with notable changes in shareholding [4]

来源：新浪证券-红岸工作室 2、根据2024年年报，公司海外营收占比为62.85%，受益于人民币贬值。 创新药+人民币贬值受益 1、2025年6月13日互动易：公司是一家全球领先的肿瘤创新治疗公司，为全世界癌症患者研发创新抗肿 瘤药物，提升药物可及性和可负担性。 区间今日近3日近5日近10日近20日主力净流入-1725.95万-1.06亿-1.01亿-2.03亿-4.70亿 主力持仓 2月3日，百济神州涨1.64%，成交额6.51亿元，换手率2.08%，总市值4212.21亿元。 异动分析 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-1725.95万，占比0.03%，行业排名145/158，连续3日被主力资金减仓；所属行业主力净 流入1.41亿，当前无连续增减仓现象，主力趋势不明显。 该股筹码平均交易成本为290.91元，近期筹码减仓，但减仓程度减缓；目前股价靠近压力位273.67，谨 防压力位处回调，若突破压力位则可能会开启一波上涨行情。 公司简介 资料显示，百济神州有限公司位于北京市昌平区中关村生命科学园科学园路30号，成立日期2010年10 ...

Core Viewpoint - Yipinhong's stock price has shown a slight increase of 0.18% year-to-date, but has experienced significant declines over various time frames, indicating potential volatility in the stock performance [2]. Group 1: Stock Performance - On February 3, Yipinhong's stock rose by 2.00%, reaching a price of 33.61 CNY per share, with a trading volume of 1.24 billion CNY and a turnover rate of 0.89%, resulting in a total market capitalization of 15.181 billion CNY [1]. - The stock has decreased by 5.03% over the last five trading days, 6.35% over the last 20 days, and 31.24% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Yipinhong reported a revenue of 814 million CNY, reflecting a year-on-year decrease of 34.35%, while the net profit attributable to shareholders was -136 million CNY, showing a year-on-year increase of 44.80% [2]. - Since its A-share listing, Yipinhong has distributed a total of 335 million CNY in dividends, with 151 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of January 31, the number of Yipinhong's shareholders reached 30,500, an increase of 14.93% from the previous period, with an average of 13,705 circulating shares per shareholder, a decrease of 12.99% [2]. - Notable new shareholders include Hong Kong Central Clearing Limited, holding 4.1496 million shares, and several mutual funds entering the top ten circulating shareholders [3].

Core Insights - The report emphasizes the continuous growth potential in the innovative pharmaceutical sector, particularly focusing on CXO, innovative drugs, and high-value consumables as key investment areas for 2025 [5][10][11] Performance Forecast - As of February 1, 2025, 261 pharmaceutical companies listed on A-shares have released performance forecasts, with 129 companies expected to be profitable. Among these, 85 companies anticipate profit growth, while 44 expect declines, and 25 are projected to turn losses into profits [6][7] - The report predicts the following profit growth rates for 28 pharmaceutical companies in 2025: - 2 companies with growth rates of 40% or more: SaiFen Technology and JiuZhou Pharmaceutical - 8 companies with growth rates between 20% and 40%: ZuoLi Pharmaceutical, AoRuiTe, HaoYuan Pharmaceutical, BiDe Pharmaceutical, DaSanLin, WoWu Biological, TeBao Biological, and HengRui Pharmaceutical - 10 companies with growth rates between 10% and 20%: BaiYunShan, LingRui Pharmaceutical, KaiLaiYing, PuRuiSi, YaoKang Biological, XiangSheng Medical, KeFu Medical, YiFeng Pharmacy, XinLiTai, and LanXiao Technology - 7 companies with growth rates between 0% and 10%: YunNan BaiYao, WeiEr Pharmaceutical, TongCe Medical, DongFuLong, JingXin Pharmaceutical, EnHua Pharmaceutical, and HuaDong Pharmaceutical - 1 company expected to turn losses into profits: BeiJi ShenZhou-U [7][8] Sector Analysis - The report highlights significant growth in the CXO, innovative drug, and high-value consumables sectors for 2025, driven by favorable conditions in the global innovative drug industry, increased order signing, and rising investment sentiment in both domestic and international pharmaceutical markets [10][11] - The high-value consumables sector benefits from the recovery of domestic surgical demand and improved profit margins following stabilized procurement prices. Some traditional Chinese medicine companies have also exceeded market expectations [10][11] - In contrast, sectors such as IVD, raw materials, vaccines, and blood products are facing performance pressures [10][11] Investment Recommendations - The report continues to recommend focusing on the innovative drug and CXO sectors, with specific companies highlighted for attention: - CXO sector: WuXi AppTec, Kanglong Chemical, KaiLaiYing, HaoYuan Pharmaceutical, BaiAoSaiTu, Tigermed, NuoSiGe, ZhaoYan Pharmaceutical, YiNuoSi, and PuRuiSi - Innovative drug sector: HengRui Pharmaceutical, BeiJi ShenZhou-U, NuoCheng JianHua, AiDi Pharmaceutical, and WeiXing Biological [5][10]