凭借"敢为人先""爱拼会赢"的创新基因，"产业优"已成为福建经济高质量发展的引擎。过去一年，我省 关键业务环节全面数字化企业占比居全国第二，"金服云"服务实体融资1.58万亿元……会场内、驻地 里，代表委员们热议"GDP破6万亿元"背后的含金量。 今年政府工作报告提出，始终锚定产业优，着力构建现代化产业体系，夯实奋勇争先的物质技术基础。 代表委员们认为，福建始终把高质量发展作为首要任务，坚定扛起"经济大省挑大梁"的责任担当，正奋 力谱写"十五五"开局之年的产业新篇章。 产业兴，则百业昌盛；产业优，则经济稳固。 制造业转型升级是一项系统工程。代表委员们提到，中小制造企业是制造业的"毛细血管"，其数智化水 平关系到整个产业链、供应链的韧性与竞争力，要强化人工智能赋能新型工业化，以数智化转型满足新 需求、创造新供给、开拓新空间。 省政协委员、中仑科技集团董事长杨清金认为，在传统产业"智改数转"中，可通过"分级试点+分类改 造"模式，破解中小企业转型面临成本高、风险大的现实困境，"在制造业集中县域开展专项试点，深 化'低门槛起步、分阶段升级'普惠政策，通过政府补贴利息、引导服务商降费让利、扩大风险保障资金 覆盖范围等 ...

东阳光药战略合作公告要点解读核心要点 合作方： 东阳光药（06887）与深圳晶泰科技（晶泰控股02228全资子公司）于2026年1月26日签署战略 合作框架协议。 合作内容： 商业模式创新：共建AI超算平台，打造"模型即服务"（MaaS）商业模式 公司背景： 东阳光药拥有150款获批药物、100余款在研药物（含近50款一类创新药），2014-2023年专 利数量国内制药企业第一。 重要提示： 截至公告日尚未签订正式协议，合作存在不确定性。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况 或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。 成立合资公司：共建AI驱动药物研发平台，成立联合实验室，聚焦自身免疫性疾病创新药物开发 大模型开发：联合开发PB-PK预测大模型，推广东阳光自主开发的"HEC-SynAI药物合成大模 型"和"HEC-PharmAI制剂大模型" ...

Group 1 - The company, Tonghua Dongbao, has four innovative drugs in clinical trials, with two in the GLP-1 category and two for gout treatment [2]

Core Data - A total of 3,253 drugs will be included, with 1,857 Western medicines and 1,396 traditional Chinese medicines, effective from January 1, 2026. New additions include 114 drugs, while 29 drugs will be removed [1]. Key Content - The new list includes 50 innovative first-class drugs that address gaps in treatments for tumors, rare diseases, chronic diseases, and pediatric medications. Core products from domestic and international pharmaceutical companies such as AstraZeneca, Junshi Bioscience, and Kangfang Biotech are included [2].

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the pharmaceutical industry, particularly the dynamics of the healthcare insurance negotiations and the performance of innovative drugs in the market [1][2][3]. Core Insights and Arguments - **Medicare Negotiation Success Rate**: The success rate for Medicare negotiations in 2025 reached nearly 90%, indicating improved communication efficiency between the Medicare Bureau and companies. However, the elimination rate during comprehensive reviews was high, suggesting stricter audits [1][3]. - **Performance of Innovative Drugs**: The innovative drug sector has outperformed other pharmaceutical segments this year, with Hong Kong stocks showing better valuation advantages and mid-term development prospects compared to A-shares [1][5]. - **Commercial Health Insurance Directory**: The release of the commercial health insurance directory provides a benchmark for product design, despite the absence of regulatory leaders from financial oversight agencies. The Medicare Bureau's initiative to issue small cards to companies enhances their visibility [1][6][9]. - **Volume-Based Procurement Policy Changes**: The shift from comprehensive re-procurement to a pricing inquiry model allows traditional generic drug companies to secure 80% of the volume if their prices are below the benchmark, ensuring sustained performance for these companies [1][12]. - **Healthcare Fund Revenue and Expenditure**: From January to October 2025, the national healthcare fund revenue grew by 2%, while expenditures decreased by 1%. However, there is significant pressure on residents' health insurance revenue and expenditure [1][13]. Additional Important Insights - **Healthcare Visits and Trends**: In Q1 2025, the total number of visits to healthcare institutions decreased by 0.1% year-on-year, with private hospitals facing increased operational risks. Essential areas like blood and oncology are experiencing rapid growth, while ophthalmology and dentistry are growing at a slower pace [1][14]. - **Health Insurance Premiums**: Health insurance premium income remained flat at approximately 890 billion yuan, failing to meet the expected growth target of around 5% [1][15]. - **Investment Trends in the Pharmaceutical Industry**: The pharmaceutical and manufacturing sectors saw fixed asset investment growth of 11.3% from January to October 2025, indicating a marginally improving trend in the industry [1][17]. - **Flu and Medical Device Market Performance**: Despite a high flu infection rate, related companies underperformed in the secondary market. The medical device industry is experiencing slowed growth, with foreign companies facing increased competition from domestic firms [1][4][20]. Recommendations for Future Investments - **Focus on Innovative Drugs**: The investment logic for innovative drugs in 2026 will emphasize risk reduction, with a focus on clinical data, regulatory approvals, and financial partnerships. The expected return rate for recommended innovative and performance-driven stocks is projected to be between 20% and 30% [1][7][24]. - **Key Stock Picks**: Companies such as Ruimaite, Fenghuang Hanlin, and Hualing Pharmaceutical are highlighted for their growth potential and market capabilities. The focus will also be on companies with strong clinical trial data and innovative product pipelines [1][25][28]. Conclusion - The pharmaceutical industry is navigating a complex landscape with evolving Medicare policies, competitive pressures, and investment opportunities in innovative drugs. The insights from the conference call provide a comprehensive overview of the current state and future outlook of the industry, emphasizing the importance of strategic investment choices in a challenging environment [1][30].

Core Insights - Xiamen has focused on leveraging technological innovation to drive high-quality economic development over the past five years, implementing a series of initiatives to create a world-class innovation and entrepreneurship ecosystem [1] Group 1: Technological Innovation and Investment - During the "14th Five-Year Plan" period, Xiamen aims to deeply integrate technological and industrial innovation, achieving a systematic enhancement in comprehensive competitiveness [2] - The intensity of R&D expenditure in Xiamen increased from 3.08% in 2020 to 3.46% in 2024, surpassing the national average by 0.77 percentage points, with annual growth in corporate R&D spending exceeding 13% [2] - The number of high-value invention patents per 10,000 people reached 29.5, doubling compared to the end of the "13th Five-Year Plan" [2] Group 2: Innovation Ecosystem Development - Xiamen has established a comprehensive service system for innovation, including new R&D institutions, verification centers, and incubators, with over 2,500 new enterprises and R&D institutions added in core parks [2] - The Xiamen Torch High-tech Zone ranked 14th nationally in the first comprehensive evaluation by the Ministry of Industry and Information Technology [2] Group 3: Strategic Emerging Industries - The total scale of four major pillar industry clusters, including electronic information and machinery, exceeds 20 trillion yuan, while four strategic emerging industries, such as biomedicine and new energy, exceed 500 billion yuan [3] - The output value of strategic emerging industries accounts for over 40% of the total industrial output value, with high-tech manufacturing value-added growing by 18.7% year-on-year from January to August this year [3] Group 4: Policy and Institutional Reforms - Xiamen has deepened institutional reforms, promoting the integration of innovation, industry, finance, and talent, enhancing the vitality of various innovation entities [4] - The city has established a 5 billion yuan venture capital fund for technological innovation and expanded the technology innovation fund to 50 billion yuan, introducing innovative financial products to support enterprise development [4] Group 5: International Collaboration - Xiamen actively integrates into national and global innovation networks, establishing collaboration with 45 institutions from 11 countries, resulting in 138 cooperative projects [4] - The international scientific program on marine negative emissions has gathered 104 institutions from 35 countries, accelerating the aggregation of global innovation resources in Xiamen [4]

Group 1 - Wuxi City and the National Cancer Center signed a new cooperation agreement to enhance cancer prevention actions and explore early diagnosis and treatment models, aiming to reduce social medical costs and family economic burdens [1] - The launch of the "Yihui Xicheng" new product by Guolian Life Insurance includes innovative drug and device coverage, and the introduction of the "One-click e-compensation" feature to further alleviate medical expenses for the public [1] - The establishment of the Guolian Health Foundation in Wuxi, with an initial fundraising of 30 million yuan, aims to support research projects such as early screening for gastric cancer and the transformation of radiopharmaceuticals [1] Group 2 - Wuxi has been approved for 3 first-class innovative drugs and 8 second and third-class innovative medical devices, supporting 31 medical-engineering integration projects in the past three years [2] - The city has been recognized as one of the top 20 cities in China's biopharmaceutical industry development index for two consecutive years, with its biopharmaceutical cluster approved as a national advanced manufacturing cluster [2] - Wuxi is accelerating the development of the "Wuxi Biopharmaceutical Full Industry Chain Open Innovation Development Implementation Plan" and the "Wuxi High-tech Zone Biopharmaceutical Industry Development Plan (2025-2030)" [2]

Core Insights - The 7th China Pharmaceutical Industry Expo was held in Suzhou Industrial Park, showcasing the strength of domestic innovative pharmaceutical companies [1] - The "2025 China Innovative Pharmaceutical Company Ranking TOP101" list was released, highlighting 20 companies from the park, including Innovent Biologics, CStone Pharmaceuticals, and others [1] - The ranking evaluates companies based on market value, performance, R&D pipeline, commercialization, R&D investment, and incubation, reflecting the competitive landscape of China's innovative drug sector [1] Industry Overview - Since 2006, the Suzhou Industrial Park has focused on the biopharmaceutical and health industry, concentrating on innovative drugs, high-end medical devices, and health sectors [1] - The park has attracted over 2,000 related enterprises and achieved an output value of 165.5 billion yuan last year [1] - In the innovative drug sector, six first-class innovative drugs have been approved for market this year, accounting for approximately 20% of the national total for the same period, demonstrating the park's leading position in China's biopharmaceutical field [1] Future Plans - The park aims to foster a favorable environment for technological, industrial, and collaborative innovation, increasing support for the industry to promote the growth of more innovative companies [1] - The goal is to establish an internationally leading source of biopharmaceutical innovation and a world-class core area for the biopharmaceutical industry [1]