丨 2026年1月9日星期五丨 1月8日，精锋医疗成功在港股上市。上市首日，精锋医疗早盘高开36.45%，收涨30.9%，报56.60港元/ 股。辉立交易平台显示，1月7日的暗盘交易中，精锋医疗也是高开高走。 点评：精锋医疗港股上市首日大涨超30%，凭借多孔+单孔手术机器人核心技术与全球化布局，获豪华 基石阵容认可，彰显市场对国产手术机器人赛道信心。 NO.1礼来12亿美元收购Ventyx，获NLRP3抑制剂管线 礼来公司宣布将以每股14美元的全现金交易，收购Ventyx Biosciences，获临床阶段NLRP3抑制剂管线， 总股权价值约12亿美元。此次收购溢价高达62%，预计将于2026年上半年完成。 点评：礼来12亿美元溢价62%收购Ventyx，补全炎症领域布局，有望与GLP-1产品形成协同，抢占代谢 与神经炎症治疗高地。 NO.2邦耀生物任命向宇为首席执行官 1月8日，邦耀生物正式官宣核心管理层任命，向宇自2026年1月1日起出任公司首席执行官（CEO），将 全面主导战略规划、资源配置及整体经营管理。公开资料显示，向宇拥有北京大学学士学位与美国耶鲁 大学博士学位，在制药及医疗健康领域深耕17年，具 ...

Investment Rating - The report assigns an "Outperform" rating to multiple stocks in the Hong Kong healthcare sector, including Hansoh Pharma, 3SBio, Kelun-Biotech, Innovent Biologics, Akeso, JD Health, WuXi AppTec, and BeiGene [1][4][37]. Core Insights - The rollout of the "dual formulary" system, which includes the National Reimbursement Drug List (NRDL) and the inaugural Commercial Innovation Drug List, is expected to significantly benefit the innovative drug value chain. The NRDL added 114 drugs with an 88% success rate, up from 76% in 2024, while the commercial list includes 19 innovative drugs [7][40]. - The report highlights three key features of the new drug lists: a focus on innovation, addressing the needs of the elderly and children, and reinforcing the distinction between basic and commercial insurance coverage [7][40]. - The report expresses a long-term positive outlook on the innovative drug value chain, driven by state support for novel drugs and the inclusion of high-innovation therapies in the commercial insurance list [7][40]. Summary by Sections Stock Recommendations - The report lists several top picks for January 2026, including Hansoh Pharma, 3SBio, Kelun-Biotech, Innovent Biologics, Akeso, JD Health, WuXi AppTec, and BeiGene, all rated as "Outperform" [1][4][37]. Market Performance - The December 2025 portfolio of Hong Kong "Golden Picks" saw an average decline of 12.4%, underperforming the Hang Seng Healthcare Index, which fell by 9.5% [5][38]. - Notable performers in December included WuXi AppTec, Akeso, and JD Health, which experienced smaller declines compared to the overall portfolio [5][38]. Industry Trends - The healthcare services sector is noted as undervalued, with companies like Hygeia and Jinxin Fertility showing strong performance due to ongoing market buy-backs [8][41]. - The report suggests monitoring the recovery opportunities in the consumer healthcare sector for 2026, particularly in light of low base effects [8][41]. Recent Developments - A series of business development (BD) deals in December 2025 indicates sustained interest from multinational corporations (MNCs) in the biotech and pharmaceutical sectors, with significant upfront payments and milestone agreements [10][43][44]. - The report emphasizes the attractiveness of the biotech sector following recent valuation resets, suggesting potential for pre-earnings catch-up trades [10][42].

2025年，是中国创新药在技术、市场、国际化领域破釜沉舟的一年，药企"走出去"迈出了关键一 步。对外授权交易（BD）爆发是最佳证明，全年对外授权总金额突破1000亿美元，首付款达81亿美 元，超九成跨国药企已经与中国药企达成合作，模式已不再局限于单纯技术转让，而是向"授权+联合 开发+商业化参与"多层次合作迈进。总体看，中国正加速从医药大国向医药强国转型。 "十四五"收官，我国生物医药市场规模稳居全球第二，在研创新药约占全球的30%，标志着我国医 药产业实现了从跟跑到并跑的关键跨越。"十四五"期间，我国共批准上市创新药220个、创新医疗器械 282个，分别达到"十三五"期间的6.2倍、3.1倍。批准415个儿童药品、155个罕见病药品上市，批准上市 中药创新药28个，新批准注册和备案公示化妆品新原料344件，医药产业创新发展活力不断增强。 国际化：从跟跑到领跑 医药行业国际化势头在2025年彻底爆发，一方面表现在BD交易激增，另一方面是"A+H"布局火 热。 数据显示，2025年中国创新药对外授权出海总金额已突破1000亿美元，较2024年同期飙升约75%， 从"卖产品"到"卖技术"，从"被动授权"到"主动布 ...

12月22日，阿里千问发布"2025十大AI提示词"，"股票"强势登顶。作为AI使用者，我深切感受到：如今的AI已成股民得力助手——高效整合市场信息，提 供初步分析，显著提升决策效率。但一方面AI输出仍需人工验证，警惕"幻觉"，另一方面就是要根据情况，给到更为准确和有效关键提示，才能善用其 力。 话不多说，来实操案例，更有说服力。就用最近比较火的千问来分析分析药企的重大业务拓展（BD）公告。 为什么选药企的重大业务拓展（BD）公告，尤其是对外授权交易。因为这种交易已成为影响其股价和市场预期的一个关键因素。它对股价的影响是立竿 见影，但会出现结果分化，而且公告本身因包含专业条款和复杂结构，确实存在一定理解门槛，尤其是隐藏的"预期差"，毕竟市场反应的核心是公告内容 vs. 市场此前预期，这个是非常考验AI理解能力和数据库的储备能力的。 为了能够让千问能够充分了解分析意图，我除了上传了一份翰森制药与Glenmark达成阿美替尼全球授权协议公告之外，特别进行了整体框架的设定，也就 是提示词的确定，共计设定了六个大类，同时根据自己的需求，对七大类进行了部分细化： 1.核心事项解析（交易关键要素、产品与合作方背景） 2. ...

型及 E 45 CE 7 2025 年 12 月 22 日 版 行业 《本周申万医药生物指数下跌 1.0%，关注 创新药对外授权动态 -- 医药行业周报 (2025/12/08-2025/12/12) 》 2025/12/14 《本周申万医药生物指数上涨 2.7%，关注 医保与创新药动态——医药行业周报 (2025/11/24-2025/11/28)》 2025/11/30 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 申万宏源研究微信服务号 本期投资后示 市场表现：本周申万医药生物指数下跌 0.1%，同期上证指数上涨 0.03%，万得全 A ● (除金融石油石化) 下跌 0.5%。本周医药生物指数在 31 个申万一级子行业中表现排 名第 22。各三级板块涨跌幅为：原料药（+0.5%）、化学制剂（-2.1%）、中药 （+0.2%）、血液制品（-0.3%）、疫苗（-0.9%）、其他生物制 ...

2025 年 12 月 22 日 本 周 申 万 医 药 生 物 指 数 下 跌 行 业 研 究 / 行 业 点 评 证 券 研 究 报 《本周申万医药生物指数下跌 1.0%，关注 创新药对外授权动态——医药行业周报 （2025/12/08-2025/12/12）》 2025/12/14 《本周申万医药生物指数上涨 2.7%，关注 医保与创新药动态——医药行业周报 （2025/11/24-2025/11/28）》 2025/11/30 行 业 及 产 业 医药生物 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 本期投资提示： ⚫ 市场表现：本周申万医药生物指数下跌 0.1%，同期上证指数上涨 0.03%，万得全 A （除金融石油石化）下跌 0.5%。本周医药生物指数在 31 个申万一级子行业中表现排 名第 22。各三级板块涨跌幅为：原料药（+0.5%）、化学制剂（-2.1%）、中药 （+0.2%） ...

报 海外地缘政治风险；产品研发失败的风险；集采进一步扩容，导致药品、器 械等降价压力提升的风险；行业竞争激烈导致价格下降的风险；原材料成本 大幅上涨的风险。 行 行业周报 业 全国医疗保障工作会议召开，部署 2026 年重点工作 | | | | | | ——医药生物行业周报 | | | | | 研 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SAC NO： | 分析师： | 侯雅楠 | S1150524120001 | 月 | 年 2025 | 12 | 21 | 日 | | 究 | | | 医药生物 | | | | | | | | | | | | | 投资要点： | | | | | | | | | | | 证券分析师 | 行业要闻 | | | | | | | | | | | |  | | | | | | | | | | 担当作为 | 侯雅楠 | （1）积极进取 | | 全力推进医保高质量发展——全国医疗保障工作会 | | | | | | | | | houyn@bhzq.com | 议在京召开； | | | ...

Group 1: Higher Education Sector - The higher education sector is expected to see a reversal of difficulties due to a combination of bottoming fundamentals and policy advancements, with a focus on improving educational quality and encouraging the expansion of high-quality private colleges [5][6] - The reintroduction of profit-oriented classification management in Hunan Province in 2025 may serve as a pilot for nationwide implementation, providing a stable policy environment for private colleges to expand and meet the growing demand for higher education [5][6] - Key indicators of educational quality, such as student-to-teacher ratios and per-student funding, have met standards after five years of increased investment, suggesting that the investment cycle is peaking and operational efficiency in higher education companies is likely to recover [5][6] - Companies to watch in this sector include Yuhua Education, Zhongjiao Holdings, New Higher Education, China Kepei, Neusoft Ruixin, Xijiao International Holdings, and Zhonghui Group [5][6] Group 2: Vocational Education Sector - The demand for vocational training is surging, driven by an increasing number of university graduates and high school students entering the labor market, leading to a projected market size of 80 billion yuan in 2025 with a penetration rate of only 5% [6][7] - The youth unemployment rate, particularly among those aged 16 to 24, is higher than the urban average, indicating a growing need for vocational skills training [6][7] - Companies to focus on in the vocational education sector include China Oriental Education and Fenbi [6][7] Group 3: Education Industry Trends - The education industry has undergone significant changes due to the "double reduction" policy, resulting in a 96% reduction in capacity in the academic training sector, with a limited number of operational licenses being redistributed [7] - The shift towards competency-based training is gaining momentum, with institutions leveraging their operational qualifications to expand their market share through non-academic training services [7] - The industry is moving towards a "franchise" model, which is expected to enhance revenue and profit growth for compliant institutions [7] Group 4: Investment Recommendations - The report recommends focusing on Hong Kong-listed vocational education companies, particularly China Oriental Education, which is adapting its operational strategy to cater to the needs of high school graduates [9] - In the higher education sector, the potential reintroduction of profit-oriented options is expected to enhance the revenue-sharing certainty for private colleges, with companies like Yuhua Education, Zhongjiao Holdings, and China Kepei being highlighted for their growth potential [9] - The report also suggests monitoring Chinese education companies listed in the US, such as New Oriental, TAL Education, and others, which are showing strong enrollment data [9]

Industry Rating - The report rates the pharmaceutical industry as "Leading" [1] Core Insights - The report highlights a concentrated trend of domestic innovative drug collaborations and transactions as the year ends, with expectations for value recovery in 2026 [1][4] - The overall market performance shows a decline, with the Hang Seng Index down 0.8% and the Hang Seng Healthcare Index down 4.3% during the week [4][7] - The report emphasizes the importance of stock selection logic returning to fundamentals and valuations, focusing on stocks that are currently undervalued with expected fundamental improvements [4] Valuation Summary - The report provides a detailed valuation overview of various companies, indicating target prices and earnings per share estimates for FY25E and FY26E, along with their respective price-to-earnings ratios [3] - Notable companies with "Buy" ratings include AstraZeneca, BeiGene, and Hansoh Pharmaceutical, with target prices significantly above current trading prices [3] Market Trends - The report notes a slight decrease in domestic institutional holdings through the Hong Kong Stock Connect, while foreign holdings remain stable [33] - The report identifies a trend of increasing positions in leading innovative pharmaceutical companies by domestic investors, particularly in companies like Heng Rui Medicine and Rongchang Bio [36] Investment Insights - The report mentions several significant business development (BD) transactions exceeding $1 billion, indicating a robust pipeline for innovative drugs [4][5] - It recommends focusing on specific segments such as innovative drugs and CXO companies that are expected to benefit from downstream recovery and high market demand [4]

12月16日，翰森制药集团有限公司(以下简称"翰森制药")宣布与Glenmark Specialty S.A.(以下简 称"Glenmark")就阿美替尼订立独家许可、合作及分销协议。 根据许可协议，翰森制药将授予Glenmark独占许可，允许其在授权区域(中东与非洲、东南亚与南亚、 澳大利亚、新西兰、俄罗斯与其他独联体国家，以及协议覆盖的部分特定加勒比国家)开发并商业化阿 美替尼。翰森制药将获得首付款和后续可能累计超过十亿美元的监管和商业里程碑付款，以及授权区域 内净销售额的分级特许权使用费。 阿美替尼是一款用于治疗非小细胞肺癌(NSCLC)的三代表皮生长因子受体-酪氨酸激酶抑制剂(EGFR- TKI)，是我国首个原研三代EGFR-TKI创新药。 ...