特宝生物在长效蛋白质药物领域深耕多年，其核心竞争力在于能够驾驭高壁垒的生物工程技术，并将其 精准转化为直击用户痛点的临床获益。回顾企业的发展历程，从深耕乙肝临床治愈的"派格宾"，到如今 呵护儿童成长的"益佩生"，特宝生物始终在践行一种朴素的价值观：坚持做难而正确的事。 在乙肝领域，特宝生物支持的"珠峰项目"为无数患者带来了临床治愈的希望；在儿科领域，益佩生同样 承载着这样的使命——让更多矮小症患儿不仅能"用得起"长效生长激素，更能"用得好、用得安全"。 中证报中证网讯(王珞)12月7日，特宝生物自主研发的长效生长激素——怡培生长激素注射液(商品名： 益佩生)成功通过谈判纳入医保目录。 此次进入医保，对于特宝生物而言意义深远，不仅标志着产品获得国家级市场准入资格，更在医保谈 判"保基本"的大背景下，验证了一个核心商业命题：具备显著临床优势和更高安全性的差异化创新药， 才能获得认可与支持。 益佩生能够顺利入局，得益于其扎实的"品质硬实力"，尤其是其在分子设计层面的突破性创新和安全性 升级，为产品构建了难以复制的差异化优势。在儿科用药领域，能通过技术手段实现更高的"安全性"， 本身就是极具价值的创新，特宝生物通过研 ...

作为聚乙二醇蛋白质长效药物领域的龙头，特宝生物的业绩表现十分亮眼。2016-2024年间，公司营业 收入从2.8亿元增长至28亿元，营业利润从0.3亿元增长至9.7亿元。2025年前三季度公司营业收入同比增 长26.85%，营业利润同比增长16.11%，归母净利润同比提升20.21%。 文 | 财经思享汇，作者 | 王璇，编辑 | 管东生 2025年10月，派格宾新增"联合核苷（酸）类似物用于成人慢性乙型肝炎患者的HBsAg持续清除"适应 症，成为全球首个获批该适应症的药物，标志着乙肝临床治愈成为现实，实现这一突破的公司正是特宝 生物（688278.SH）。 图 公司营业总收入、营业利润、归母净利润情况 为股东创造财富的效率同样突出，自2019年以来，公司净资产收益率一直保持在10%以上，并呈现逐年 增长的趋势，而资产负债率并不高，截至2025年前三季度仅为20.52%。 公司业绩增长背后的核心动力是什么？这样的增长还能持续多久？ 大单品护城河 公司现有产品包含三个板块，分别为抗病毒用药（派格宾）、血液/肿瘤用药（珮金、特尔立、特尔 津、特尔康）、内分泌用药（益佩生）。其中，派格宾作为核心大单品，占到公司20 ...

医药板块 11 月表现弱于大盘，但医药商业、中药及原料药表现相对较 好。A 股新增金新药业、亿方生物和特保生物，港股重点配置翰森、三 生制药等。美股标普医疗保健精选行业上涨 9.1%，跑赢标普 500 指数。 金新药业因估值便宜且主业稳健被新增至组合，其 LPA 项目在中国排名 前二，有望成为催化剂。亿方生物股价已跌至低点，TIKTOO 产品预计 未来半年内有授权可能，武田同类产品数据也将成为催化剂。 特保生物主要品种派格宾乙肝适应症获批，新患数量增加，长效 PEG- IFNα2b 集采影响逐步消除，预计明年派格宾将继续高增长，长效生长 激素获批并参加医保谈判，有望放量。 恒瑞医药研发管线强大，集采情况良好，12 月 5 日研发日值得关注。医 疗器械龙头公司具有长期配置价值，竞争格局稳定，终端招标持续复苏， 三季报显示许多企业迎来收入拐点。 预计 2025 年 Q4 及 2026 年医疗器械行业业绩复苏趋势将持续，神经 介入、神经外科等板块表现良好，IVD 行业在 2025 年面临量价承压， 但预计 2026 年出现拐点。 Q&A 国投海融医药对 2026 年的策略观点是什么？ 国投海融医药认为，2025 年 ...

Group 1: Fund Research on Advanced Manufacturing - The report constructs a pool of actively managed advanced manufacturing theme funds, categorizing them into balanced and focused single-track funds, including themes like robotics, military, automotive, new energy, smart driving, and batteries [1][6][9] - Recommended funds in the robotics theme include Yongying Advanced Manufacturing Smart Selection, Penghua Carbon Neutral, Ping An Advanced Manufacturing, and AVIC Trend Navigation [1][6][9] - Recommended funds in the military theme include Changxin National Defense Military Industry, Huaxia Military Security, Yongying High-end Equipment Smart Selection, and others [1][6][10] Group 2: Securities Industry Strategy for 2026 - The report indicates a positive economic outlook, suggesting that the capital market's upward trend remains intact, with the brokerage sector being relatively undervalued and showing high year-on-year growth [2][12][14] - Recommended brokerage firms include Guotai Junan, Haitong Securities, Huatai Securities, Guosen Securities, and GF Securities, with a focus on companies benefiting from an active equity market [2][12][14] - The report anticipates a 23.5% year-on-year increase in net profit for the industry in 2026, driven by sustained inflows of incremental capital [2][14] Group 3: Communication Industry Report - The report highlights the rise of Scale-up network architecture, driven by the demand for high bandwidth and low latency in communication components [16][17] - The Scale-up switch market is projected to grow rapidly, with an estimated market size of nearly $6 billion by 2025 and a CAGR of 26% from 2025 to 2030 [16][17] - Key beneficiaries of the Scale-up network demand include high-end switching chips, integrated delivery of communication hardware, and short-distance high-speed copper connections [18][19] Group 4: Macroeconomic Data Analysis - The report notes a slowdown in industrial and service sector growth, with industrial value-added growth at 4.9% year-on-year in October, down from 6.5% in September [21][22] - Fixed asset investment saw a year-on-year decline of 12.2% in October, with significant drops in real estate development investment [22][23] - The government is increasing investment stabilization policies to achieve a 5% growth target for the year, including new policy financial tools and special bond quotas [23] Group 5: Solid-State Battery Industry Insights - The solid-state battery industry is expected to accelerate due to key policy drives, with significant funding allocated for research and development [29][30] - Major players like CATL and Zhongxin Innovation plan to achieve mass production of solid-state batteries by 2027, with safety improvements over liquid batteries [30][31] - Equipment manufacturers are likely to benefit first from the solid-state battery industry's growth, as they provide essential technology for production [31]

Core Viewpoint - The A-share market is experiencing a rebound with strong performance in sectors like consumer goods, food and beverage, and oil, while sectors such as communication and electronics are under pressure. The "20CM New Species" Sci-Tech Innovation Drug ETF Huatai (589120) has seen a significant inflow of funds, accumulating over 190 million yuan in nine consecutive days, with a total scale exceeding 500 million yuan [1][3]. Group 1: Market Performance - The A-share market is showing a mixed trend, with certain sectors like consumer goods and food and beverage performing strongly, while others like communication and electronics are facing challenges [1]. - The "20CM New Species" Sci-Tech Innovation Drug ETF Huatai (589120) has risen over 1% amid this market fluctuation, indicating investor interest in innovative drug sectors [1]. Group 2: Fund Inflows and Performance - The Sci-Tech Innovation Drug ETF Huatai (589120) has attracted over 190 million yuan in funds over the past nine days, reflecting strong investor confidence in the innovative drug sector [1]. - The ETF's latest scale has surpassed 500 million yuan, showcasing its growing popularity among investors [1]. Group 3: Company-Specific Developments - BeiGene reported a 41% year-on-year increase in third-quarter revenue, reaching 1.41 billion USD, primarily driven by strong sales of its drug, Zebrutinib [3]. - Several component stocks of the ETF, such as Teva Biopharma and Zai Lab, have shown positive performance, with Teva Biopharma rising over 4% [3][4]. Group 4: Policy and Market Dynamics - The National Medical Insurance Administration is conducting negotiations for the medical insurance drug catalog, with 120 companies participating, indicating a significant policy shift aimed at enhancing drug accessibility [5][6]. - The introduction of a dual catalog negotiation system allows pharmaceutical companies more strategic options, potentially leading to better market access for innovative drugs [6][7]. Group 5: Future Outlook - The innovative drug sector is expected to continue thriving, supported by favorable policies and increasing international collaboration, with projections indicating substantial market growth by 2030 [8]. - The focus on innovative drugs, particularly in the context of the upcoming medical insurance negotiations, is likely to enhance the market landscape for these products [8].

Group 1: Macro and Strategy - The report discusses the integration of AI in quantitative investment, highlighting the transition from Transformer models to Agent systems, which enhances decision-making processes in investment strategies [10][11][12] Group 2: Industry and Company Insights - The North Exchange's October report indicates a decrease in trading activity, with a total market value of 920.978 billion yuan and a circulation market value of 571.848 billion yuan, reflecting increases of 6.0% and 5.8% respectively [13][14] - The North Exchange's trading volume and amount for October were 154.58 billion shares and 365.334 billion yuan, showing a decrease of 40.6% and 40.7% respectively compared to the previous month [14] - The North Exchange's PE-TTM ratio is 49.53, placing it in the 95.25th percentile over the past two years, while the PB-MRQ is 10.27, in the 97.52nd percentile [14] - The report notes a rebound in the North Exchange indices, with the North 50 and North Specialized New Index rising by 3.54% and 2.28% respectively in October [15] - The report highlights the performance of various sectors, with significant gains in transportation, construction materials, household appliances, pharmaceutical biology, and machinery equipment [15] - The report on the public utility and environmental protection sector indicates a 4.47% increase in the public utility index and a 2.58% increase in the environmental protection index for October [21] - The report emphasizes the support from the Ministry of Commerce for green trade initiatives, particularly in promoting the use of renewable energy in international shipping [22] - The insurance sector report shows a 33.5% year-on-year increase in net profit for listed insurance companies, driven by a recovery in capital markets and strong performance in long-term interest rates [26][28] - The internet industry report notes a mixed performance among internet stocks, with significant capital expenditures and a focus on ROI as companies adapt to AI-driven changes [29][31] - The report on Oriental Electric indicates a 13% year-on-year increase in net profit for the first three quarters of 2025, with a total revenue of 55.52 billion yuan [32][34] - The report on Pinggao Electric highlights a 14.62% year-on-year increase in net profit for the first three quarters, with a focus on expanding market share and enhancing product capabilities [36][37] - The report on Gujia Home indicates a resilient performance with an 8.8% increase in revenue year-to-date, driven by both domestic and international trade [39][40]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15] Core Insights - The core product, Pegb interferon α-2b injection (brand name: Pegbin), has received approval for a new indication for functional cure of chronic hepatitis B, which is expected to enhance its market position [2][3] - The company reported a revenue of 2.48 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 26.9%, and a net profit of 666 million yuan, up 20.2% [1][8] - The approval of Pegbin is based on clinical trial results showing that 31.4% of patients achieved HBsAg seroclearance and sustained HBV DNA suppression after treatment [2][3] Financial Performance - For the first three quarters of 2025, the company achieved quarterly revenues of 673 million yuan, 837 million yuan, and 969 million yuan, with year-on-year growth rates of 23.5%, 29.9%, and 26.7% respectively [1][8] - The net profit for the same period was 182 million yuan, 246 million yuan, and 238 million yuan, with year-on-year growth rates of 41.4%, 40.0%, and -4.6% respectively [1][8] - The gross margin for the first three quarters of 2025 was 92.6%, with a net margin of 26.9% [9] Revenue and Profit Forecast - The company forecasts revenues of 3.77 billion yuan, 4.96 billion yuan, and 6.40 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.07 billion yuan, 1.54 billion yuan, and 2.17 billion yuan [4][18] - The projected PE ratios for 2025, 2026, and 2027 are 29x, 20x, and 14x respectively [3][15] Market Position and Product Development - Pegbin is currently the only long-acting interferon product in China, and the company is expected to benefit from the growing patient population with chronic hepatitis B [3][15] - The approval of long-acting growth hormone further enhances the company's product portfolio, which is anticipated to contribute to sales growth [3][15]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 92.05 CNY, based on a 35x PE valuation for 2025 [3][6]. Core Insights - The company's revenue continues to grow significantly, with a 26.9% year-on-year increase in the first three quarters of 2025, reaching 2.48 billion CNY, while the net profit attributable to the parent company increased by 20.2% to 670 million CNY [9]. - The approval of a new indication for the core product, Paigebin, is expected to enhance its market penetration, as it is now recognized as a key drug for achieving functional cure in chronic hepatitis B patients [9]. - The consolidation of Jiutian Cayman into the company's financials has led to a slight increase in R&D and sales expenses, impacting profitability in the short term [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 3.63 billion CNY, 4.88 billion CNY, and 6.23 billion CNY, respectively, with year-on-year growth rates of 29.0%, 34.3%, and 27.7% [5]. - The net profit attributable to the parent company is forecasted to be 1.07 billion CNY in 2025, with a growth rate of 29.6% [5]. - The company’s gross margin is expected to remain stable around 93.3% to 93.7% over the forecast period [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 92.05 CNY based on a 35x PE valuation for 2025 [3][6]. Core Insights - The company's revenue continues to grow significantly, driven by the clinical promotion of its core product, Paigebin, which has seen a 26.9% year-on-year increase in revenue for the first three quarters of 2025 [9]. - Paigebin has received approval for a new indication, which is expected to enhance its market penetration and accelerate growth [9]. - The integration of Jiutian Cayman into the company's financials has led to an increase in R&D and sales expenses, impacting profitability [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 3,633 million CNY, 4,878 million CNY, and 6,232 million CNY, respectively, with year-on-year growth rates of 29.0%, 34.3%, and 27.7% [5]. - The net profit attributable to the parent company is forecasted to be 1,072 million CNY in 2025, reflecting a 29.6% year-on-year growth [5]. - The company’s gross margin is expected to remain stable around 93.3% to 93.7% over the forecast period [5].

Group 1: Monetary Policy and Financial Management - The central bank is gradually implementing a moderately loose monetary policy, with macro-prudential management continuously improving, as evidenced by the recent financial forum where the central bank governor emphasized the importance of debt market operations [6][8] - The central bank's net purchase of 700 billion yuan in government bonds from October to December 2024 is aimed at alleviating supply-side pressures, indicating a mature timing for the resumption of bond trading [6][7] - The construction of a comprehensive macro-prudential management system is being accelerated to prevent and resolve financial risks, enhancing the ability to manage banking asset quality concerns [8] Group 2: Capital Market Reforms - The capital market is focusing on deepening investment and financing reforms while enhancing protections for small and medium investors, as highlighted in a recent speech by the chairman of the securities regulatory commission [11][12] - The multi-tiered capital market system is being reinforced, with specific reforms aimed at the growth board and the North Exchange to better serve emerging industries and technologies [13][14] - The introduction of a refinancing framework is expected to streamline the process for quality companies, allowing them to issue securities in a more flexible manner [15] Group 3: Company-Specific Insights - Huayang Group reported Q3 2025 revenue of 3.48 billion yuan, a year-on-year increase of 31%, driven by strong performance in automotive electronics and precision die-casting [19][20] - Hengli Hydraulic achieved a revenue of 7.79 billion yuan in the first three quarters of 2025, reflecting a 12.31% year-on-year growth, with a notable recovery in the excavator industry [23][24] - Hengli Petrochemical's Q3 net profit increased by 81.47% year-on-year, despite a revenue decline, due to effective cost management and improved gross margins [27][28] Group 4: Investment Recommendations - Investment recommendations for Huayang Group suggest a clear growth path driven by automotive electronics and precision die-casting, with adjusted profit forecasts for 2025-2027 [22] - Hengli Hydraulic is positioned as a leader in the hydraulic components market, with expected net profits of 2.796 billion yuan for 2025, reflecting a strong recovery in the excavator sector [25] - Hengli Petrochemical is expected to benefit from a new cycle in the refining industry, with a maintained "buy" rating based on its robust dividend policy and market position [29]