2025.11. 26 本文字数：3966，阅读时长大约6分钟 作者 | 第一财经 吴斯旻 中国创新药市场迎来"结构性拐点"，有望扭转医药行业的下行态势。 国内药品终端销售自2024年起出现负增长，今年上半年仍有超三成规上医药工业企业出现亏损。业界 观点认为，多个细分行业，尤其是仿制药行业集中度过低，产品屡屡陷入"价格内卷"，成为掣肘中国医 药行业发展的关键原因。 所幸，今年以来，中国医药创新成果大量涌现，创新药不仅用药占比快速提升，对外授权频传佳讯，从 已披露的A股上市公司半年报来看，医药工业类上市公司整体营收同比下降5.5%。但创新转型企业和一 些新兴创新药公司保持了较好增长和盈利，一些企业创新药收入创新高。在此背景下，业界期待创新药 商业化成为医药行业新的增长点。 在近日举办的"第十七届中国医药企业家科学家投资家大会"（下称"大会"）上，康桥资本首席执行官 傅唯表示，尽管中国在创新药领域的产能与效率方面快速提升，但整体仍处于产业链价值的中低端。即 便已出现首付款达10亿美元级别的交易，但与电动汽车行业相比，生物医药领域仍处于"卖轮胎、卖玻 璃"的阶段，要想分得更大的全球创新红利，真正打造出中国医药界的" ...

创新药及产业链 26 年展望 20251123 摘要 Q&A 2026 年创新药行业的医保政策有哪些重要变化？ 医保谈判持续深化，肿瘤药仍是重点，创新药获支持但降幅或较低。首 次设立商保创新药目录，为高价值创新药提供第二支付路径，利好 CAR-T、ADC 等高值创新药。 集采政策侧重稳临床、保质量，降幅趋稳，关注疗效而非仅低价。引入 锚点价和复活机制，提高 GMP 生产门槛，保障仿制药质量，生物类似 药集采或在 2026 年试点。 中国制药企业国际化进入 2.0 阶段，BD 交易活跃，总额同比增长 60%。企业需实现临床、研发和商业国际化，中美双报及国际多中心临 床成标配。 创新技术关注 ADC、I/O 及小核酸领域。ADC 方面，科伦博泰海外数据 及 BLA 递交受关注；I/O 领域，康方生物 AK112 及信达生物 PD-1/IL-2 数据值得期待；小核酸领域，诺华高血脂产品销售峰值预计可达 30 亿 美元。 GLP-1 市场前景广阔，礼来、罗氏、阿斯利康等公司将在心脑血管、糖 尿病及肥胖领域发布关键临床数据，推动行业发展。 2025 年的医保谈判已经完成，结果将在 12 月的第一个周末公布，并于 202 ...

Core Viewpoint - Huahai Pharmaceutical's stock has shown fluctuations in recent trading, with a year-to-date increase of 7.20% and a recent decline over the past 20 and 60 days [1][2]. Financial Performance - For the period from January to September 2025, Huahai Pharmaceutical reported a revenue of 6.409 billion yuan, a year-on-year decrease of 11.57%, and a net profit attributable to shareholders of 380 million yuan, down 63.12% year-on-year [2]. - The company has cumulatively distributed 2.989 billion yuan in dividends since its A-share listing, with 1.016 billion yuan distributed in the last three years [3]. Stock Market Activity - As of November 13, Huahai Pharmaceutical's stock price was 18.89 yuan per share, with a market capitalization of 28.283 billion yuan [1]. - The stock experienced a net inflow of 6.4475 million yuan from main funds, with significant buying and selling activity noted [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 68,400, with an average of 21,889 circulating shares per person [2]. - Notable changes in institutional holdings include a decrease in shares held by China Europe Medical Health Mixed A and an increase by Hong Kong Central Clearing Limited [3].

Group 1 - The core outcome of the recent US-China trade negotiations includes a reduction of overall tariffs on China from 57% to 47%, a halving of tariffs on fentanyl, and an extension of the tariff exemption period until 2026. China has also agreed to suspend export controls on rare earths and commit to purchasing at least 12 million tons of US soybeans this winter, with a minimum of 25 million tons annually for the next three years [1][3]. - India's dissatisfaction stems from the loss of its tariff advantage, as the reduction in China's tariffs has diminished its market share. Previously, India had a 25% tariff advantage over China, but now the difference is only 5%, leading to a halt in production relocation plans by 78% of companies, including Tesla [1][3]. - India's supply chain heavily relies on China, which has resulted in it becoming a "middleman." Despite India's ambitions to replace China as the world's factory, the reality shows a significant dependency on Chinese components for various industries, including smartphones and pharmaceuticals [1][4]. Group 2 - The recent US-China agreement has rendered India's ten-year defense framework agreement with the US ineffective, as the anticipated trade benefits have not materialized. This has left India feeling used as a pawn in the geopolitical landscape [3][4]. - In response to the situation, India is likely to increase pressure on the US for more trade benefits and may boost its agricultural imports from the US. Additionally, India plans to accelerate free trade negotiations with the EU and New Zealand to compensate for the lost US market [3][4]. - Long-term challenges for India include a manufacturing sector that constitutes only 16% of its GDP, high logistics costs compared to China, and a significant reliance on foreign components. The trend of foreign direct investment withdrawal is alarming, with net inflows dropping by 96.5% from $10 billion to $353 million [3][4].

Core Viewpoint - A new analysis reveals that Quallent Pharmaceuticals, a subsidiary of Cigna (CI.US), has higher drug prices compared to many competitors, raising questions about the company's role in drug pricing [1][2][3] Group 1: Pricing Analysis - Quallent Pharmaceuticals often prices its generic drugs higher than competitors, with prices sometimes being 33 times more than the cheapest alternatives [3] - The average price of Quallent's products exceeds the highest prices by 80%, indicating that they are not the lowest-priced options in the market [3] - The analysis by 46brooklyn Research highlights that Quallent's pricing strategy may contribute to higher costs for health plans and pharmacy benefit managers [5] Group 2: Company Operations - Quallent does not manufacture drugs but labels and prices products made by other companies, which raises concerns about transparency in pricing [2][4] - Cigna's Evernorth Health Services, which manages drug benefits, disputes the findings of 46brooklyn, claiming the analysis distorts the pricing and sales methods of generics [2] - Quallent's president argues that the company seeks high-quality, reasonably priced drugs, suggesting that lower-priced generics may compromise safety or quality [4] Group 3: Market Context - The analysis sheds light on the relationship between drug sales companies and pharmacy benefit managers, with major healthcare groups establishing their own drug sales companies [3] - The pricing of drugs is influenced by complex benchmarks, and higher average wholesale prices (AWP) can lead to increased costs for health plans [5] - Critics argue that self-branded drug companies can manipulate patient choices by prioritizing their own products on preferred drug lists [4]

Core Viewpoint - The article highlights the rise of Taizhou as a significant player in Jiangsu's economic landscape, aiming to break free from its "mid-tier" image and set a target of achieving a GDP of over 1 trillion yuan by the end of the 14th Five-Year Plan [6][10][15]. Economic Goals and Development Strategy - Taizhou has set an ambitious goal to join the "trillion-yuan club" by the end of the 14th Five-Year Plan, marking its first clear target for such an economic milestone [10][15]. - The city is actively seeking to redefine its identity and economic positioning, aiming to transition from a "stable mid-tier" to a "competitive upper-tier" city [14][15][26]. Comparison with Other Cities - In comparison to its peers, Taizhou's GDP for the previous year was 7020.95 billion yuan, which is lower than that of Yangzhou (7809.64 billion yuan) and Yancheng (7779.2 billion yuan) [16][18]. - The article notes that while Taizhou is currently behind in economic size, it has been gaining momentum and pushing Yangzhou to keep pace [18][22]. Industrial Development and Key Sectors - Taizhou has identified key industries for growth, including big health, marine engineering, new materials, and new intelligent manufacturing, under the banner of "Big Sea New Morning" [18][20]. - The city is recognized as the largest private shipbuilding base in China, with significant contributions to national shipbuilding metrics [18][19]. - The pharmaceutical industry in Taizhou has also seen substantial growth, with the establishment of the China Pharmaceutical City, which has attracted over 1300 pharmaceutical companies [20][22]. Recent Economic Performance - In the first three quarters of the year, Taizhou's industrial added value increased by 7.4%, outpacing the provincial average by 0.6 percentage points [24]. - However, the overall GDP growth rate for Taizhou slowed to 5.4%, falling short of the initial target of 6% for the year [25]. Future Prospects and Initiatives - Taizhou is focusing on new growth points, particularly in emerging industries such as robotics and artificial intelligence, to drive future economic development [26][28]. - The city aims to create a "Morning Light Industry" that targets future industries before they reach significant scale, reflecting a proactive approach to economic development [29].

Core Viewpoint - Zhendong Pharmaceutical's stock has shown significant volatility and growth this year, with a notable increase in trading activity and a mixed financial performance [1][2][3]. Group 1: Stock Performance - As of November 3, Zhendong Pharmaceutical's stock price increased by 2.01%, reaching 7.12 CNY per share, with a trading volume of 2.11 billion CNY and a market capitalization of 71.58 billion CNY [1]. - The stock has risen 64.81% year-to-date, with a 2.89% increase over the last five trading days and an 8.37% increase over the last 20 days, although it has decreased by 12.64% over the last 60 days [2]. Group 2: Trading Activity - The net inflow of main funds was 5.39 million CNY, with large orders accounting for 23.65% of total purchases and 20.53% of total sales [1]. - Zhendong Pharmaceutical has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 11, where it recorded a net purchase of 86.65 million CNY [2]. Group 3: Financial Performance - For the period from January to September 2025, Zhendong Pharmaceutical reported a revenue of 2.215 billion CNY, a year-on-year decrease of 2.42%, and a net profit attributable to shareholders of 20.36 million CNY, down 49.25% year-on-year [3]. - The company has not distributed any dividends in the last three years, with a total payout of 3.372 billion CNY since its A-share listing [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 48,400, with an average of 20,762 circulating shares per person, a decrease of 4.66% from the previous period [3]. - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 37.46 million shares, an increase of 29.49 million shares from the previous period [4].

Core Viewpoint - The article discusses the impact of the US-China trade tensions on India, highlighting how India has become a significant target of US tariffs, ultimately revealing its vulnerabilities in the global trade landscape [1][22]. Group 1: US Tariff Policy - The US initially imposed high tariffs on China, with rates reaching up to 145%, which led to retaliatory measures from China, causing significant economic strain in the US [5][6]. - The US faced severe economic consequences, including a $4 trillion loss in stock market value and a 21% bankruptcy rate among farmers due to the trade war [5][6]. - The US Treasury Secretary indicated that the threat of 100% tariffs was no longer viable, leading to a reduction of 91% in additional tariffs as the US sought to ease the economic burden [8] Group 2: India's Economic Challenges - India, initially hoping to benefit from the US-China trade conflict, found itself facing a 50% tariff on its exports to the US, the highest among all trade partners [10][12]. - The imposition of tariffs severely impacted India's key export sectors, particularly pharmaceuticals, textiles, and agriculture, leading to a 22% drop in exports in August and an 18% decline in September [17][19]. - The textile industry in Tamil Nadu saw over 200 factories shut down, resulting in mass unemployment, while the overall inflation rate in India surged to 6.8%, significantly above the central bank's target [19][20]. Group 3: Global Trade Dynamics - India's attempts to position itself as a key player in the global supply chain were undermined by its inadequate infrastructure and incomplete industrial chain, which were exposed during the tariff crisis [20][22]. - The article suggests that India's ambitions are not matched by its current capabilities, making it vulnerable to being used as a pawn in the broader geopolitical landscape [15][22]. - The situation illustrates the broader chaos in global trade, with India emerging as a "naked swimmer" in the face of US trade protectionism [22].

Core Viewpoint - The company, Anglikang (002940), announced on October 30 that its current R&D team is primarily focused on generic drug development, while it is in the process of establishing a clinical medicine team to enhance its capabilities in innovative drug development in the short term [1] Group 1 - The company is currently building its R&D team based on generic drug development [1] - A clinical medicine team is being initiated to support innovative drug development [1] - The company plans to continuously optimize its R&D team structure as investment in innovative drugs increases in the future [1]

Core Viewpoint - The company, Anglikang (002940), has indicated that after 2-3 years of intensive R&D investment, its planned generic drug projects are entering the output phase, with a gradual reduction in R&D spending on generics expected from 2026, shifting focus towards innovative drug projects [1] Group 1 - The company has been heavily investing in R&D for the past 2-3 years [1] - Generic drug projects are now starting to yield results [1] - From 2026, R&D investment in generics is expected to decrease [1] Group 2 - Future R&D efforts will increasingly concentrate on innovative drug projects [1]