2025年12月27日下午，由山东省卫生健康委员会、山东数字文化集团指导，齐鲁晚报·齐鲁壹点主办的 2025"责任耀齐鲁"山东医疗健康年度盛典暨融媒传播分享会在济南大众传媒大厦举行。现场揭晓了2025 年度"责任医院""责任科室""责任医者""责任企业"等多项荣誉名单，齐鲁制药凭借在药品研发创新、公 益健康帮扶、行业责任践行等领域的卓越表现与坚定担当，成功斩获2025"责任耀齐鲁"年度责任企业殊 荣。 在公益健康与社会责任践行领域，齐鲁制药始终牢记企业公民使命，以实际行动回馈社会。多年来，持 续开展"健康中国 齐鲁同行"系列公益行动，组建专业团队深入基层乡村、社区、偏远地区，开展免费 健康筛查、疾病科普宣讲、药品捐赠等活动。助力提升基层诊疗服务能力，让优质医药资源惠及更多偏 远地区群众。 值得关注的是，在推动医药产业创新升级与健康事业协同发展方面，齐鲁制药于2025年实现多项重要突 破：多款创新药进入临床试验关键阶段；建成国内领先的智能化制药生产基地，通过数字化、智能化改 造提升生产效率与质量管控水平，保障药品稳定供应；同时深化与国内顶尖医疗机构、科研院校的产学 研合作，共建创新研发平台，加速科技成果转化，助 ...

新华财经上海12月8日电（谷青竹）12月8日，苏州纳芯微电子股份有限公司（以下简称"纳芯微"）在港 交所主板正式挂牌，成为苏州在A股市场和港股市场两地上市的首家企业，实现了苏州"A+H"上市公 司"零"的突破。值得注意的是，苏州作为长三角产业高地，企业上市积极性尤为突出——东山精密、沪 电股份等8家苏州企业已开启"A+H"两地上市尝试，其中博瑞医药、罗博特科2家A股上市公司正筹划赴 港上市，与纳芯微同处苏州工业园区，形成了区域内的上市集聚效应。 在新全球化背景下，A股企业赴港实现"A+H"两地上市，已成为重要的战略选择。这种模式不仅为企业 扩大投资者基础、拓宽筹资渠道，更能提升国际投行与投资机构的研究覆盖率，借助香港资本平台便利 跨境资金运作，为开拓国际市场筑牢根基。对于长三角而言，纳芯微的上市案例为区域硬科技企业跨境 资本布局提供了新样本，折射出2025年以来该地区"A+H"上市热潮的蓬勃态势，更凸显出区域产业升级 与资本市场深度融合的"双引擎"效应。 作为长三角集成电路产业集群的代表性企业，纳芯微的"A+H"路径颇具典型意义：2022年4月，纳芯微 在上交所科创板首发上市，募集资金总额达58亿元；到202 ...

里昂发布研报称，京东健康(06618) 与阿里健康(00241)今年第三季度业绩强劲，并鉴于以旧换新政策的 基数效应，认为这两间公司第四季度业绩指引较为保守，但他们对明年的药品销售增长及利润率扩张均 持正面展望。里昂预测两家公司明年收入将实现双位数增长，其中京东健康增速更快; 并将阿里健康目 标价从6.5港元下调至6港元，以反映第三方商品交易总额及营收增长预期放缓;而京东健康目标价则为 71港元;两间公司均维持"跑赢大市"评级。 里昂预计，上述两家公司原研药销售从医院内渠道转向医院外渠道，以及药企营销预算向线上转移的趋 势预计将持续数年。里昂又预计，两间公司下季度的营收年增率均在15%左右;并预计在原研药销售持 续增长的支撑下，京东健康2026财年营收将实现接近20%的同比增长，阿里健康2027财年营收将实现接 低十位数(low teens)的同比增长。然而，由于以旧换新基数较高，医疗器械销售可能会放缓，阿里健康 在营养品、第三方商品交易总额(GMV)和营收方面可能面临更大的压力;两家公司的长期调整后净利润 率约为13%。 ...

里昂发布研报称，京东健康（06618） 与阿里健康（00241）今年第三季度业绩强劲，并鉴于以旧换新政策的基数效应，认为这两间公司第四 季度业绩指引较为保守，但他们对明年的药品销售增长及利润率扩张均持正面展望。里昂预测两家公司 明年收入将实现双位数增长，其中京东健康增速更快； 并将阿里健康目标价从6.5港元下调至6港元，以反映第三方商品交易总额及营收增长预期放缓；而京东 健康目标价则为71港元；两间公司均维持"跑赢大市"评级。 里昂预计，上述两家公司原研药销售从医院内渠道转向医院外渠道，以及药企营销预算向线上转移的趋 势预计将持续数年。里昂又预计，两间公司下季度的营收年增率均在15%左右；并预计在原研药销售持 续增长的支撑下，京东健康2026财年营收将实现接近20%的同比增长，阿里健康2027财年营收将实现接 低十位数（low teens）的同比增长。然而，由于以旧换新基数较高，医疗器械销售可能会放缓，阿里健康在营养品、 第三方商品交易总额（GMV）和营收方面可能面临更大的压力；两家公司的长期调整后净利润率约为 13%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 里昂发布研报称，京东健 ...

中国 证券研究 2025 年 12 月 2 日 0241.HK, 241 HK 目标价（2026 年 12 月）： 6.50 港元 证券研究报告 中国证券研究主管及亚洲 TMT 研究联 席主管 证券分析师: 姚橙 AC (86 21) 6106 6505 alex.yao@jpmorgan.com 登记编号: S1730523020001 证券分析师: 张致竑, CFA (86-21) 6106 6362 andre.ch.chang@jpmorgan.com 登记编号: S1730520080002 证券分析师: 刘雨禾 (86 21) 6106 6343 nancy.liu@jpmorgan.com 登记编号: S1730524090001 阿里健康 中性 原研药增长势头强劲，伴随闪购带来的初步协同效应 股价（2025 年 12 月 2 日）： 5.45 港元 阿里健康 26 财年上半年实现了 17%的强劲收入增长，主要受以下因素推 动：1）由于中国医药市场发生结构性变化，原研药增长势头强劲；2） 淘宝闪购带来协同效应。我们认为前者应将在可预见的未来继续驱动平 台销售，而闪购带来增量贡献的持久性与可持续性 ...

证券研究报告 | 2025年12月01日 | 晨会纪要 | | --- | | 数据日期:2025-11-28 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3888.59 | 12984.08 | 4526.66 | 13995.49 | 3781.37 | 1327.14 | | 涨跌幅度（%） | 0.34 | 0.84 | 0.24 | 1.02 | 0.95 | 1.25 | | 成交金额（亿元） | 6457.55 | 9400.40 | 3418.32 | 3098.26 | 4567.20 | 495.77 | $\frac{\pi\times0}{\pi\times0}$. (4) [ (4) 384938 1 宏观与策略 宏观专题:服务主导新周期 宏观专题:2026 年财政政策展望——"开门红"下的积极续力 宏观周报:宏观经济周报-服务业与制造业的共赢逻辑 宏观周报:多资产周报-回调后的债市 固 定 收 益 快 评 : 可 ...

Group 1 - The core change in the new drug procurement rules is the introduction of "anti-involution," which shifts the focus from merely the lowest price to a more balanced approach that requires the lowest bidders to justify their pricing and ensure it does not fall below cost [1] - The new rules aim to address the drawbacks of previous procurement practices that led to excessive price competition, which not only squeezed reasonable profit margins for companies but also raised quality concerns among the public [1] - The introduction of the "anti-involution" principle is seen as a timely correction to the previous "low-price only" approach, providing pharmaceutical companies with clearer policy expectations and a better development environment [1] Group 2 - The concept of "anti-involution" emphasizes the importance of value over price, encouraging competition to shift from price wars to value-driven innovation [2] - The new procurement rules have shortened the recovery period for innovative drug R&D investments by 3 to 5 years, indicating a more favorable environment for innovation [2] - The recent adjustments to the national medical insurance drug catalog, including the addition of commercial insurance for innovative drugs, signal a significant opportunity for the innovative drug industry [2] Group 3 - Pharmaceutical companies are encouraged to invest in original research drugs, first-generic drugs, high-end formulations, and innovative medical devices, rather than relying solely on imitation and market share expansion [3] - Building a healthier innovation and competition ecosystem is crucial, which includes strengthening intellectual property protection, reforming review and approval systems, and enhancing collaboration between clinical and research institutions [3] - The transition from price competition to innovation is seen as a challenging yet essential path for sustainable growth, requiring policy innovation, corporate innovation, and regulatory innovation to foster a supportive environment for innovation [3]

Core Viewpoint - Alibaba Health (00241) shares rose over 5%, reaching HKD 6.14, with a trading volume of HKD 14.52 billion, following an upgrade in revenue and profit growth guidance by Citi [1] Group 1: Financial Guidance - Citi raised Alibaba Health's revenue growth forecast for FY2026 to 10%-20% from the previous 5%-10% [1] - The adjusted net profit growth guidance was also increased to 20%-30% from 10%-20% [1] Group 2: Market Trends - The strong sales performance of original and innovative drugs, particularly GLP-1 medications, exceeded expectations [1] - The trend of prescription drug outflow is accelerating and appears sustainable, with Alibaba Health and JD Health being the primary beneficiaries [1] Group 3: Profit Forecast Adjustments - Based on the accelerated shift of original drugs from "in-hospital" to "out-of-hospital" markets, Citi adjusted Alibaba Health's net profit forecasts for FY2026 and FY2027 upwards by 8% and 12% respectively [1] - The target price for Alibaba Health was raised from HKD 4.8 to HKD 6.5, maintaining an "outperform" rating [1]

Core Insights - The current global trade environment is characterized by rising tariff barriers and a complex landscape for Chinese companies expanding overseas, leading to significant changes in export structures and logistics demands [1][2][5] Trade Environment and Export Structure - The fluctuation of global tariffs, particularly changes in U.S. trade policies, has notably impacted the export paths and logistics choices for Chinese enterprises, with varying effects across different industries [2][3] - The e-commerce sector has seen a marked decline in exports due to the U.S. cancellation of tax exemptions for small packages valued under $800, which previously fueled rapid growth in Chinese e-commerce exports [2][3] - In contrast, emerging industries such as new energy and biopharmaceuticals are becoming new growth drivers for exports, indicating a shift in China's export structure towards heavier and more specialized goods [1][3] Logistics Demand and Service Requirements - The demand for logistics services is evolving from a price-driven approach to a service-oriented model, as companies increasingly require integrated and resilient logistics solutions to navigate complex international environments [5][6] - Companies are now focusing on "brand export," necessitating higher standards for overseas operations and local delivery, while facing challenges such as policy risks and cultural differences in emerging markets [5][6] Technological Advancements in Logistics - The logistics industry is rapidly advancing towards automation and smart technologies, with innovations such as AI, robotics, and IoT playing a crucial role in enhancing operational efficiency and competitive advantage [6] - DHL is actively investing in technology to improve warehouse operations and last-mile delivery, utilizing automated guided vehicles and AI models to better predict market demand and optimize transportation arrangements [6]

Group 1 - The core viewpoint of the report is that Credit Lyonnais has raised the adjusted net profit forecasts for JD Health (06618) by 5% and 6% for 2025 and 2026 respectively, reflecting better cost control [1] - The target price for JD Health has been increased from HKD 45 to HKD 56, indicating a positive outlook for the company [1] - JD Health is identified as a major beneficiary of JD Group's investment strategy focused on increasing app user growth [1] Group 2 - JD Health's performance in the first half of 2025 is reported to be strong, with total revenue growing by 23% year-on-year, reaching RMB 34.8 billion [1] - The revenue growth is attributed to the successful 618 shopping festival, particularly in the sales of nutritional health products and medical devices [1] - The outflow of original research drugs from hospital channels continues to support the demand for pharmaceuticals [1] Group 3 - The adjusted EBITDA is expected to increase by 57% year-on-year, reaching RMB 2.5 billion, driven by improved gross margins and strict control over investments in immediate demand [1]