每日经济新闻 华鑫证券指出，2025年是中国创新药出海具有标志性意义的一年，全年交易总金额达1356.55亿美元， 首付款70亿美元，交易数量157起，均创历史新高。创新药出海不仅为企业提供研发资金，也重塑了行 业估值体系，2025年创新药指数涨幅35.31%，跑赢沪深300指数17.65%。小核酸药物领域取得突破，葛 兰素史克治疗慢性乙肝的Bepirovirsen完成III期研究，国内企业如悦康医药、瑞博生物在肝靶向药物研 发进展显著。口服自免药物方面，武田的TYK2抑制剂zasocitinib在银屑病III期研究中表现优异，国内企 业益方生物、诺诚健华等也推进相关临床。脑机接口技术进入产业化阶段，Neuralink计划2026年量产设 备，国内政策支持加速医疗应用落地。此外，ZAP-X放疗设备为脑肿瘤治疗带来新突破，国内市场需求 潜力达百亿规模。AI医疗商业化路径逐步清晰，病理收费改革明确人工智能辅助诊断定价机制，C端应 用加速发展。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of January 11, 2026 [3] Core Insights - 2025 marked a significant year for Chinese innovative drugs going overseas, with total transaction amounts reaching $135.655 billion, including $7 billion in upfront payments and 157 deals, setting historical highs [4] - The innovative drug index saw a 35.31% increase in 2025, outperforming the CSI 300 index by 17.65% [4] - The trend of Chinese innovative drugs going global is expected to strengthen in 2026, with significant deals such as the one between Yilian Biotech and Roche for the YL201 project, which includes a $570 million upfront payment [4] - The small nucleic acid drug sector is experiencing breakthroughs, with GSK's Bepirovirsen showing positive results in Phase III trials for chronic hepatitis B, potentially becoming the first drug to achieve functional cure [5] - The report highlights the importance of oral autoimmune drugs, with Takeda's TYK2 inhibitor showing promising results in treating moderate to severe plaque psoriasis [6] - The brain-computer interface technology is entering a critical industrialization phase, with companies like Neuralink set to produce devices in 2026, supported by favorable policies and clinical trials in China [8] - The ZAP-X radiotherapy device is expected to capture a significant market opportunity in China, with the non-invasive tumor radiotherapy market projected to grow from RMB 27.2 billion in 2018 to RMB 59.4 billion by 2024 [10] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry index underperformed the CSI 300 index by 2.13% over the past week, ranking 25th among 31 industry indices [28] - Over the past month, the pharmaceutical industry index also lagged behind the CSI 300 by 5.42%, ranking 27th [29] 2. Pharmaceutical Sector Trends and Valuation - The current PE (TTM) for the pharmaceutical industry index is 36.95, above the five-year historical average of 31.12 [52] 3. Recent Research Achievements - The report includes various deep-dive studies on topics such as the growth of biological agents and oral drugs, and the impact of policy support on the inhalation drug industry [55] 4. Important Industry Policies and News - Recent policies include the issuance of the fourth batch of encouraged generic drug directories by the National Medical Products Administration [57] - Significant news includes GSK's announcement of positive Phase III results for Bepirovirsen and Yilian Biotech's licensing agreement with Roche [58][59]