医药生物行业周报 国际首例侵入式 BCI 进入临床应用， DRG/DIP 3.0 将于 2027 年 1 月实施 2026 年 03 月 24 日 【行情回顾】 【本周观点】 【风险提示】 ◆ 医药行业政策风险；研发进展不及预期风险；业绩不及预期风险 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：何玮 证书编号：S1160517110001 证券分析师：崔晓倩 证书编号：S1160525080001 相对指数表现 -10% -2% 6% 14% 22% 30% 2025/3 2025/9 2026/3 医药生物 沪深300 《"小而美"药辅行业迎来产业升级》 2026.02.24 《ADC 商业化进程提速，本土创新药企多 路径布局产能》 2026.02.09 《《药品管理法实施条例》全面修订，推动 医药产业创新与监管升级》 2026.02.03 《医药零售高质量发展政策发布，行业有 望加速整合利好龙头》 2026.01.27 相关研究 ◆ 本周(2026/03/16-2026/03/20，下同）医药生物指数下跌 2.77%，跑输 沪深 300 指数 0.59 个百分点，行业涨跌幅排名第 ...

医药生物行业周报 国际首例侵入式 BCI 进入临床应用， DRG/DIP 3.0 将于 2027 年 1 月实施 2026 年 03 月 24 日 【行情回顾】 【本周观点】 【风险提示】 ◆ 医药行业政策风险；研发进展不及预期风险；业绩不及预期风险 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：何玮 证书编号：S1160517110001 证券分析师：崔晓倩 证书编号：S1160525080001 相对指数表现 -10% -2% 6% 14% 22% 30% 2025/3 2025/9 2026/3 医药生物 沪深300 相关研究 《"小而美"药辅行业迎来产业升级》 2026.02.24 《ADC 商业化进程提速，本土创新药企多 路径布局产能》 2026.02.09 《《药品管理法实施条例》全面修订，推动 医药产业创新与监管升级》 2026.02.03 《医药零售高质量发展政策发布，行业有 望加速整合利好龙头》 2026.01.27 《J.P. Morgan 健康大会召开，中国创新药 企扬帆出海》 2026.01.20 行 业 研 究 / 医 药 生 物 / 证 券 研 究 报 告 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The computer sector experienced a pullback after a recent surge, with an overall decline of 1.55%, ranking 22nd among primary industries in the Yangtze River region. The sector accounted for 7.84% of total trading volume, with active interest in cybersecurity concepts [2][4] - The report highlights the explosive growth of OpenClaw and the demand driven by Token/MaaS revenue, indicating a potential revaluation of the sector. There is an anticipated turning point in domestic computing power demand, which may alleviate supply constraints and accelerate realization [6][49] - The report suggests focusing on high-value, high-barrier, and high-realization products in applications such as taxation and industrial scenarios [6][49] Summary by Sections Market Performance - The computer sector's performance was characterized by a high followed by a decline, with the Shanghai Composite Index closing at 4095.45 points, down 0.70% [4][14] - The cybersecurity concept stocks were notably active, with several companies showing significant gains [16] Key Recommendations - The report recommends attention to the following areas: 1. Model side: The explosive revenue from Token/MaaS is expected to trigger a revaluation 2. Domestic computing power: A turning point in demand may lead to alleviated supply and accelerated realization 3. Cloud + IDC 4. Applications: Identifying high-value, high-barrier, and high-realization products in taxation and industrial scenarios [6][49] Emerging Trends - OpenClaw has gained significant traction, with multiple internet and model manufacturers launching various versions. Policies related to OpenClaw are being introduced, indicating a growing interest in the "shrimp farming" concept [6][37] - The report notes that the AI industry is transitioning from dialogue models to intelligent agents, with OpenClaw's capabilities leading to increased demand for computational power and cloud services [20][46] Cybersecurity Insights - The report emphasizes the importance of cybersecurity, particularly in light of the risks associated with OpenClaw, which has been flagged for significant security vulnerabilities. The global active OpenClaw internet assets have exceeded 200,000, with approximately 23,000 in China [20][23] - The cybersecurity market in China is projected to reach 150 billion yuan by 2026, with a compound annual growth rate of 18%-20% expected [25][23] Brain-Computer Interface Developments - The report highlights the approval of the first implantable brain-computer interface product in China, marking a significant milestone for the domestic brain-computer interface industry. This product is expected to accelerate the commercialization of brain-computer interfaces [27][36] - The report suggests that the brain-computer interface industry is entering a phase of rapid development, supported by government policies and a growing number of innovative companies [34][30]

晨 会 纪 要 [2026]第 049 号 整理记录：聂孟依 研究所今日晨会要点如下: 一、行业与公司 1、医疗耗材行业（聂孟依） 3 月 13 日，博睿康医疗科技（上海）股份有限公司的植入式脑机接口手部运动功能代偿 系统（NEO）获得三类医疗器械注册证，成为全球首个获批上市的侵入式脑机接口医疗器械。 NEO 适用于 18 至 60 周岁因颈段脊髓损伤导致四肢瘫痪、手指无法完成抓握动作的患者。通 过植入硬币大小的微创装置，系统能够实时采集并解析患者脑电信号，使患者能够凭大脑意 念控制气动手套，完成抓握、取物、喝水等动作。术后一个月患者即可居家自主操作。截至 目前，NEO 已完成 36 例临床试验手术。试验数据显示，受试患者的抓握功能均得到不同程 度改善，部分患者出现神经重塑迹象，额外恢复了部分神经功能。（来源：搜狐健康） 现阶段脑机接口成为医疗科技领域最受瞩目的方向，由顶层政策+核心技术突破+支付保 障三重因素共同驱动，行业正从实验室走向产业化临界点，尤其是针对瘫痪、卒中、渐冻症 等需求领域，脑机接口应用方向明确，利好植入式系统相关耗材的需求前景放大。医疗耗材 行业，介入器械、神经外科植入物等高端植入类耗材有 ...

26年3月9日-3月15日 药渡每周渡选 药渡数据 药渡数据 药渡数据 药渡数据 药渡数据 药渡数据 药渡团队 药渡经纬信息科技（北京）有限公司 https://data.pharmacodia.com/ 药渡数据 药渡数据 药渡数据 药渡数据 药渡数据 目录 全 球生 物 医药 行业 动 态 全 球生 物 医药 行业 重大事件 全 球创 新 药 重 要 临 床 进 展/ 结果 全 球 创 新 药重要 投融资与交易事 件 药渡数据 全球 医药监 管 动 态 （ 批 准 上 市 / I N D / 特殊审评） 01全球生物医药行业动态 资本市场方面：产业合作与融资并购密集落地：元羿生物引进Rapport公司CNS新药RAP-219大中华区权益，最高获3.28亿美元；GSK将linerixibat全 球权益出售予Alfasigma，最高获6.9亿美元；默克终止与恒瑞医药HRS-1167全球授权合作，原交易潜在总金额达14亿欧元；康诺亚CMG901获阿斯利 康4500万美元里程碑付款；华润医药商业与罗氏制药达成战略合作，共同推动T-DM1商业化运营；正大天晴与梯瓦医药达成战略合作，推进存达®中 国大陆商业化；潘普洛 ...

Investment Rating - The report maintains a "Buy" rating for the industry, focusing on companies involved in brain-computer interfaces and innovative pharmaceuticals [1]. Core Insights - The report highlights significant advancements in the brain-computer interface sector, particularly the approval of the world's first invasive brain-computer interface by BoRuiKang, marking a pivotal moment for commercialization in this field [18][24]. - The report emphasizes a favorable outlook for innovative drugs, particularly in the small nucleic acid segment, and suggests a diversified investment strategy across various sub-sectors within the pharmaceutical industry [3][11]. Summary by Sections Industry Performance - The A-share pharmaceutical index has shown a slight decline of -0.22% this week and -0.13% year-to-date, underperforming the CSI 300 index by -0.41% and -0.97% respectively [11]. - The report notes that the medical device sector has seen a positive performance, with raw materials and medical devices increasing by 1.32% and 0.60% respectively [11]. Brain-Computer Interface Developments - BoRuiKang's invasive brain-computer interface, NEO, has received approval from the National Medical Products Administration, representing a breakthrough in the commercialization of brain-computer interfaces [18][20]. - The product is designed for patients with cervical spinal cord injuries, utilizing a minimally invasive implantation technique that reduces risks associated with traditional methods [20][24]. Investment Recommendations - The report ranks sub-sectors in the following order of attractiveness: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies [3][11]. - Specific companies to watch include: - PD1 PLUS: Sanofi Biopharma, Kangfang Biopharma, and others [14]. - ADC: YingEn Biopharma, Kelun Biotech, and others [14]. - Small nucleic acids: Frontier Biopharma, Fuyuan Biopharma, and others [14]. - CXO and research services: WuXi AppTec, Haoyuan Biopharma, and others [14]. - Medical devices: United Imaging Healthcare, Yuyue Medical, and others [14]. Regulatory and Market Insights - The report discusses the supportive regulatory environment for brain-computer interfaces, with policies aimed at facilitating research and commercialization [24]. - It also highlights the importance of technological breakthroughs in driving the industry forward, with BoRuiKang setting a benchmark for future product approvals [24].

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology industry, focusing on brain-machine interface technologies and companies like Microinvasive Brain Science, Xiangyu Medical, and Aipeng Medical [1]. Core Insights - The report highlights significant advancements in the brain-machine interface sector, particularly the approval of the first product, which marks a pivotal moment for the industry. This approval is expected to facilitate further commercialization and development within the sector [18][24]. - The report ranks sub-industries in the following order of attractiveness: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies. It emphasizes high elasticity in innovative drugs, especially in small nucleic acid therapies, and high dividend yields in traditional Chinese medicine and pharmacies [3][11]. Summary by Sections Industry Trends - The A-share pharmaceutical index has shown a slight decline of -0.22% this week and -0.13% year-to-date, underperforming the CSI 300 index by -0.41% and -0.97% respectively. The Hang Seng Biotechnology Index has also decreased by -4.00% this week [11]. - Notable stock performances include Yingke Medical (+35.18%), Zhonghong Medical (+25.26%), and *ST Jingfeng (+15.64%) for gains, while Yifang Biological (-11.59%) and Huakang Clean (-10.79%) faced significant losses [11]. R&D Progress and Company Dynamics - The report details the approval of several innovative drugs, including HSK31679 for non-alcoholic fatty liver disease and the GLP-1 receptor agonist Enoglutide, which has received approval in China [2][3]. - Companies to watch include: - From the PD1 PLUS perspective: Sanofi Biopharma, Kangfang Biopharma, and others - From the ADC perspective: Ying'en Biopharma and others - From the small nucleic acid perspective: Frontier Biopharma and others - From the CXO and upstream research services perspective: WuXi AppTec and others [3][14]. Brain-Machine Interface Developments - The report emphasizes the approval of the NEO brain-machine interface by the National Medical Products Administration, which is the first of its kind globally. This product is designed for patients with cervical spinal cord injuries and offers a minimally invasive solution with high signal quality and low tissue damage [18][20]. - The approval is seen as a breakthrough that sets a standard for future products in the brain-machine interface space, supported by government policies and funding initiatives aimed at fostering industry growth [24][25].