www.hczq.com 证券研究报告 | 医药生物 | 2026年1月10日 华创医药投资观点&研究专题周周谈 · 第158期 海外脑机接口代表企业布局情况 本周专题联系人：李婵娟 陈俊威 华创医药团队： | 首席分析师 郑辰 | | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | --- | --- | --- | | 联席首席分析师 | | 刘浩 | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 | | 李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 | | 高初蕾 | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 分析师 | 王宏雨 | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 分析师 朱珂琛 | | | 执业编号：S0360524070007 | 邮箱：zhukeche ...

Mark Cuban isn't letting up on his criticism of the U.S. healthcare system. The billionaire entrepreneur and founder of online pharmacy Cost Plus Drugs slammed high-deductible insurance plans and the companies that profit from them. His message is that everyday Americans are getting squeezed while executives cash in. Deductibles Are Draining Patients “This is your reminder that all those people who had to switch to lower premium, higher deductible plans, will now be paying full retail price on their bran ...

证券日报网讯1月7日，益丰药房（603939）发布公告称，公司本次为控股子公司石家庄新兴新增担保 58，500万元，累计对其担保余额升至95，000万元；截至公告日，公司及其控股子公司对外担保总额为 256，000万元，占最近一期经审计净资产23.87%，无逾期担保。 ...

其三，持续推进"适老化"建设，在部分门店内外设置无障碍通道，配备放大镜，提供放大版说明书和说 明书放大打印服务，设置老年人专属药事咨询服务台、专属座椅，安排专业药师专门服务老年人，针对 行动不便的顾客提供免费送药上门服务等。 其四，向银发群体提供便民服务，帮助老年顾客使用智能手机打车、缴纳话费、协助医院挂号等，提供 贴心关怀。 1月5日，老百姓大药房发布机构投资者交流活动会议纪要。 在纪要中，老百姓大药房表示，银发群体是公司重要的服务对象，公司重视老年人在健康方面多层次多 样化需求，重点关注老年人疾病监测、慢病管理、便捷用药和情感需求等，致力于打造社区居家养老的 健康生活驿站。 其一，公司商品品规涵盖老年人健康的方方面面，包括药品、医疗器械、健康养生，充分满足银发群体 的健康商品需求。 其二，公司在全国万家门店铺设了血糖、血压、尿酸、幽门螺旋杆菌、血氧饱和度等慢病免费自测蓝牙 智能设备，大力培养慢病专家，利用自研开发的数智化工具，帮助银发慢病顾客更好地进行慢病自测、 慢病用药指导等全病程管理。 ...

Investment Rating - The report maintains a positive outlook on the insomnia treatment market, highlighting the potential for new drug sales performance in this sector [20][32]. Core Insights - The insomnia treatment market in China is characterized by a significant unmet need, with over 200 million individuals estimated to suffer from insomnia symptoms, representing a large consumer market potential [16][24]. - The report emphasizes the shift towards innovative insomnia medications, particularly focusing on new types of benzodiazepine receptor agonists (BZRAs) and dual orexin receptor antagonists (DORAs) as key areas for development [25][38]. - The introduction of new drugs like JY-202 (地达西尼) and DORA medications is expected to reshape the market dynamics, with a forecasted rapid increase in market share and sales [34][39]. Market Overview - The insomnia drug market in China has seen stagnant growth due to a lack of new effective treatments, with the market size in 2023 estimated at 31.62 billion yuan [24]. - The report outlines the historical sales performance of major insomnia medications, indicating a long gap since the last new product launch in 2007, which has contributed to the current market stagnation [24][25]. - The report projects a significant increase in the market size and sales for innovative insomnia drugs, particularly with the anticipated approval and market entry of new products [34][39]. Drug Development Trends - The report identifies two main directions for insomnia drug innovation: improvements on existing BZRAs and the development of DORAs, which are expected to have lower addiction risks and better patient compliance [25][38]. - The new drug JY-202 is highlighted for its selective action on the GABAA receptor, which may reduce side effects associated with traditional insomnia medications [34]. - The report also notes the successful clinical trial results for DORAs, which have shown significant improvements in sleep quality without the risk of addiction, making them suitable for broader consumer use [38][39]. Key Players and Recommendations - The report suggests focusing on companies like 京新药业 (JY-202) and 先声药业 (DORA medications) as they are positioned to capitalize on the emerging market opportunities in insomnia treatment [34][39]. - It recommends monitoring the sales performance of these new drugs as they enter the market, particularly in the context of changing consumer behavior and increasing awareness of sleep health [20][32].

智通财经APP获悉，招商证券发布研报称，2026年医药板块在创新出海持续兑现、医疗内需分化的产业 趋势下，有望出现结构行情。创新药产业链仍是主线，除观察二代IO、减重、ADC板块的临床数据 外，尤其关注小核酸技术方向的加速发展；同时关注CXO、上游、原料药中具备景气度与业绩兑现的 公司。此外，院内外医疗需求有望温和复苏，关注医疗器械板块的业绩改善与海外放量，及服务、药 房、中药的个股机会。 招商证券主要观点如下： 药品板块：创新药是主线，BD是线索，重点关注小核酸等技术方向 创新及药品产业链 院内外医疗消费 医疗服务：2025年整体承压，观察2026年基数与DRGs政策稳定后刚需医疗的温和复苏、消费型医疗服 务与产品需求恢复与竞争格局优化，关注药企转型医美产品的机会，关注：爱尔眼科、通策医疗、固生 堂、海吉亚医疗等。中药：展望2026年企稳向上，看好中药OTC恢复和中药处方药创新转型，关注华润 三九、羚锐制药、众生药业、方盛制药、康缘药业等。血制品:供需关系短期波动、价格影响有望在基 数端逐步消化。药房：行业规范化整治加速集中度提升，持续探索新零售业态，关注业绩改善节奏：益 丰药房、大参林等。 风险提示：研发 ...

Group 1 - The local government in Laixi City is implementing a unified regulatory model to reduce the burden on enterprises by conducting comprehensive inspections in a single visit, addressing issues of multiple inspections by different departments [1] - The initiative involves collaboration among 20 functional departments to streamline administrative enforcement and improve the business environment [1] - A monitoring network has been established to address issues such as corruption, arbitrary enforcement, and illegal fees, with over 10,000 pieces of enterprise data collected and 52 enterprise demands identified [1] Group 2 - The local government is focusing on rectifying prominent issues in administrative enforcement related to enterprises, ensuring that policy formulation, project approval, and administrative enforcement are all subject to oversight [2] - A fast-track mechanism has been established for serious market disruption cases, prioritizing quick resolution and accountability for non-compliance [2] - The government is promoting systemic reforms by publicly reporting typical cases that harm the business environment and enhancing the sharing of administrative penalty and licensing information among departments [2]

证券日报网讯12月8日，第一医药（600833）在互动平台回答投资者提问时表示，截至2025年6月30日， 公司拥有门店208家(含加盟店42家)。自公司首家"宠物友好药房"开业以来，公司持续聚焦业务拓展与 品牌宣传推广，门店整体运营态势稳步向好。现阶段，消费者携带宠物进店咨询、购药已逐步成为门店 常态。 ...

Core Insights - The company reported a revenue of 17.286 billion with a year-on-year growth of 0.39% for the first nine months of 2025, and a net profit attributable to shareholders of 1.225 billion, reflecting a growth of 10.27% [1] - For the third quarter of 2025, the company achieved a revenue of 5.564 billion, which is a 1.97% increase year-on-year, and a net profit of 0.345 billion, marking a 10.14% growth [1] Group 1 - The company will focus on core strategies such as "professional services, digitalization, supply chain, new retail, operational systems, and talent and culture" to innovate business models centered around customer value [1] - The company aims to enhance its core competitiveness through brand image improvement, professional service capability enhancement, differentiated product category extension, intelligent supply chain construction, and digital technology innovation [1] - The company plans to reconstruct a new service model for health management across the entire lifecycle, contributing to public health and becoming a trusted pharmacy for customers [1] Group 2 - The company adheres to a strategy of "regional focus and steady expansion," utilizing a combination of "new openings, acquisitions, and franchising" to enhance market share and concentration [2] - The company employs a tailored approach for each city in its expansion strategy, ensuring efficient and reasonable store network layout [2]

Core Viewpoint - The article discusses the blood purification device industry, highlighting the increasing prevalence of End-Stage Renal Disease (ESRD) and the growth potential of blood purification technologies in response to this global health challenge [18][21]. Market Overview - The global ESRD patient population is projected to grow from 91.33 million in 2019 to 148.51 million by 2030, with a CAGR of 4.2% [18][19]. - In China, the ESRD patient population is expected to increase from 3.025 million in 2019 to 6.132 million by 2030, with a CAGR of 5.8% [20][18]. Treatment Methods - Blood purification is the most widely used treatment for ESRD, offering higher survival rates compared to kidney transplantation and conservative treatment [21]. - The number of patients receiving blood purification treatment in China rose from 736,000 in 2019 to 1.069 million in 2023, with a CAGR of 9.8%, and is expected to reach 3.791 million by 2030, with a CAGR of 19.8% [21][23]. Blood Purification Technologies - The main blood purification methods include hemodialysis, peritoneal dialysis, blood perfusion, and blood filtration, with hemodialysis being the most mature and widely applied [29]. - Hemodialysis effectively removes harmful substances and excess fluid from the blood, making it suitable for patients at various disease stages [29]. Market Size and Growth - The Chinese blood dialysis device market is projected to grow from CNY 11.63 billion in 2019 to CNY 51.52 billion by 2030, with a CAGR of 19.9% from 2023 to 2030 [30][28]. - The market share of blood dialysis devices in China is expected to see significant growth, with specific segments like blood dialysis machines and consumables also experiencing robust growth rates [30]. Competitive Landscape - Domestic companies are rapidly catching up with international competitors in the blood purification consumables sector, achieving nearly 50% market share in dialysis filters [31]. - The competitive landscape for blood dialysis machines is evolving, with domestic manufacturers improving their technology and performance to match imported products [37][33]. Policy and Market Dynamics - The article notes that the Chinese government has been implementing centralized procurement policies, leading to significant price reductions and accelerating the domestic replacement process in the blood purification market [36][35].