Market Overview - The A-share market is experiencing a polarized trend, with main funds continuously pushing the Shanghai Composite Index higher, leading to a significant rebound over the past three weeks, even before favorable policies were introduced [2] - The current AI application sector is at a critical turning point, shifting from "valuation-driven" to "performance-driven," indicating a significant investment value [16] AI Sector Insights - The national strategy includes "Artificial Intelligence +" as a key focus, with policies supporting deep integration of AI across various industries, aiming to cultivate 2-3 globally influential ecological enterprises by 2027 [2] - AI programming concepts are gaining traction, with companies like Zhongcheng Technology and Zhuoyi Information seeing significant stock price increases, driven by advancements in AI capabilities [3] Investment Opportunities - The AI marketing, Sora concept, and digital media sectors are seeing substantial net inflows, while sectors like petrochemicals and components are experiencing net outflows [13] - The AI terminal market in China is projected to grow from 800 billion yuan to 2.8 trillion yuan between 2025 and 2030, with a compound annual growth rate of 32.7% [14] Performance Metrics - The Shanghai Composite Index has surpassed 4100 points, with over 200 stocks hitting the daily limit, indicating strong market momentum [8] - The number of companies forecasting positive earnings for 2025 is approximately 55.56%, reflecting a robust growth trend among listed companies [13] Sector Performance - The AI medical and pharmaceutical sectors are showing strength, with companies like Dean Diagnostics and Meian Health achieving consecutive stock price increases [4] - The commercial aerospace sector remains active, with multiple companies experiencing stock price surges following announcements related to satellite applications [3]

该行指出，市场对AI医药到AI4S的技术可迁移性，AI4S市场空间认知不充分。此外，市场对晶泰科技 的技术领先优势认知仍有预期差。公司干湿实验室形成闭环，有效提升研发效率，基于湿实验室长期形 成数据积累有助于公司更好的优化预测模型。 申万宏源发布研报称，晶泰控股从物理计算到早期药研智能自动化的全覆盖，核心技术包括物理计算 +AI+机器人。公司业务已实现从AI制药向更广阔的"AI4S"平台延伸，其底层技术不仅能加速创新药研 发各环节，也具备向新材料等领域迁移的潜力，展现出强大的技术广度与平台化价值。 晶泰控股(02228)盘中涨近8%，截至发稿，涨6.12%，报11.09港元，成交额12.6亿港元。 ...

来源：21世纪经济报道 作者：易妍君 编者按： A股"火热"开年 2026年A股首个交易日三大股指悉数上涨，上证指数重返4000点之上，日线更是迎来罕见的12连阳。市场热点轮番活跃，脑机接口、保险、存 储器等题材涨幅明显。与此同时，公募机构普遍对2026年A股市场持乐观态度，认为市场核心驱动力将从2025年的"估值修复"逐步过渡至2026 年的"盈利驱动"，整体有望呈现震荡上行、中枢抬升的格局。 2026年，A股旗开得胜，三大股指在首个交易日（即1月5日）悉数上涨。 这一天，上证指数重返4000点之上，日线更是迎来罕见的12连阳，为"春季躁动"预期下的A股市场再添"一把火"。 市场热点轮番活跃，脑机接口、保险、存储器等题材相对强势；CRO、模拟芯片、基因检测、虚拟人等概念也有不错的表现。 展望后市，前海开源基金首席经济学家、基金经理杨德龙判断，2026年科技牛行情有望延续。 亦有受访人士向21世纪经济报道记者指出，A股接下来的表现将紧密围绕几个核心变量展开，如宏观稳增长政策的具体力度、美联储货币政策 的实际节奏等。 对于2026年的投资，机构倾向于在科技成长、先进制造、顺周期与消费等方向挖掘机会。 多因素助推 ...

本周医药生物下跌 2.06%，涨跌幅排名位列申万一级行业第 28 位 证券研究报告 2026 年 01 月 03 日 湘财证券研究所 行业研究 医疗服务行业周报 英矽智能港股挂牌，AI 制药潜力大 --医疗服务行业周报 2025.12.29-2026.1.2 相关研究： 核心要点： 英矽智能港股挂牌，AI 制药潜力大 根据 Wind 资讯，12 月 30 日，AI 制药企业英矽智能在香港交易所正式挂 牌，募资总额 22.77 亿港元，成为 2025 年募集资金最高的港股生物医药上 市项目。这家以人工智能驱动新药研发的企业，正将"AI+Biotech"（人工 智能与生物科技融合）的创新模式，从上海推向全球市场。 从制药的流程看，AI 技术已经在多个环节找到了适合自己的应用场景， 并发挥出巨大潜力。从临床前药物发现阶段到药物研发后期临床试验阶段， AI 技术已经渗透到药物研发诸多环节。例如基准化合物设计、预测疾病 靶点、预测信号通路、预测成药靶点、确认新靶点、硅化合物库设计、预 测药物结构与活性的关系、预测 ADMET 性质、优化药物反应试验、选择 受试人群、药物警戒和转录组数据查询等。现阶段 AI 在药物研发需 ...

本报（chinatimes.net.cn）记者赵文娟 于娜 北京报道 2025年，港股依然是生物医药创新公司的"融资主场"。全年近300亿港元募资、26家企业上市，其中超 过一半是尚未盈利的Biotech。 市场的包容性，为前沿研发提供了宝贵的机会窗口。 | 开始: | 2025-01-01 网 | 截止: 2025-12-23 | 行业标准: | Wind二级行业(2024) | 仅看新经济行业 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | | | ■次招服募资(百万港元) | | | 首次招股家数 | | | | | 主板了 | 创业板了 | 合计了 | 主板 V | 创业板 了 | | | [HK]Wind医疗设备与服务 | | 3,784.90 | . | 3,784.90 | 8 | | | 2 | [HK]Wind医药生物 | | 25,480.19 | : | 25,480.19 | 18 | | | 总和 | | | 29,265.09 | ब | 29,265.09 | se | | | 最大 | | | 2 ...

文 |姑苏九歌 编辑 |姑苏九歌 2025年香港资本市场热闹得有点不真实，港交所数据显示，全年IPO数量冲到100家，集资额343亿美 元，这俩数放全球交易所里一摆，直接把纽约、纳斯达克甩在了身后。 要知道几年前还有人调侃这儿是"国际金融中心遗址"，现在看，这遗址怕是要改叫"复兴现场"了。 这100家IPO里，最让人意外的不是数量，是结构。 主板和创业板的分化特别明显，主板82家，创业板18家，前者几乎被新兴科技企业包场了。 以前港交所IPO名单里，不是地产就是金融，现在翻一翻，生物科技、AI、智能驾驶芯片的名字密密麻 麻。 有投行朋友开玩笑，现在路演材料里要是没个"硬科技"标签，都不好意思跟机构投资者打招呼。 本来想统计下传统行业占比，后来发现意义不大。 343亿美元集资额里，光3家特专科技企业就拿走了快120亿，14家未盈利生物科技企业加起来也有90多 亿。 这俩板块放2018年，全年集资额能有20亿就谢天谢地了。 有次跟一个排队企业的CFO吃饭，他吐槽说"以前是求着券商保荐，现在是券商追着我们签协议"。 这种反转，放在三年前想都不敢想。 这些排队企业里，科技和生物科技占了60%以上。 有个做AI制药的企 ...

12月14日晚间，维亚生物(01873)发布一则公告，宣布全球生物制药公司Swedish Orphan Biovitrum AB(简称"Sobi")已与维亚生物参与投资孵化的Arthrosi达成 收购协议。根据协议条款，本次收购Sobi将支付高达15亿美元的交易总对价，包括9.5亿美元的预付款(需进行惯常调整)以及高达5.5亿美元的监管和商业里程 碑付款。该交易预计于2026年上半年完成。 在该公告中，维亚生物提到，根据本次交易，其预计将获得最高约4000万美元的投资回报，具体金额将取决于后续监管审批及商业化进展等里程碑的达成情 况。而这也为维亚生物股价带来了一次"冲高"的机会。 智通财经APP观察到，12月15日，维亚生物早盘高开，开盘5分钟内公司股价冲到最高2.21港元，涨幅达到13.92%。只是如此高涨的市场情绪仅维持了约10 分钟，随后维亚生物股价涨幅一路收窄，早盘收盘前，公司股价甚至一度跌至"水下"，早盘股价振幅达到14.95%。 连跌2个月，市场更倾向"落袋为安"? 近两个月来，维亚生物股价持续回调。自今年10月8日盘中触及年内高点3.27港元后，维亚生物便开始了一轮长达2个月的回调行情，股价持续 ...

"莫道今年春将尽，明年春色倍还人"，在12月6日以"耐心资本·定投中国"为主题的21世纪基金业年会上，泉果基金公募投资部总 经理赵诣以这句充满诗意的标题概述了他对明年市场的积极态度。他认为，理解中国市场的投资价值，必须超越短期的波动与 噪音，回归到构成其独特竞争优势的根本性维度上。 21世纪经济报道记者 杨娜娜 广州报道 12月5日至6日，由南方财经全媒体集团主办，21世纪数字传媒承办，以"共识的力量——创新涌动与中国资产重估"为主题的南 方财经论坛2025年会，在广州南方财经大厦盛大召开。 中国经济如星辰大海，具有长久韧性与进化力 "中国经济是一片大海"，赵诣指出其核心在于中国已经形成的庞大生态系统和难以复制的规模经济，"这是理解中国经济韧性的 关键"。 他援引截至2024年末的数据指出，这种规模优势渗透于传统领域和新兴经济领域。我们有超14亿人口构成（其中有超过4亿的中 等收入群体）的消费市场，任何产品和服务在中国都可能找到一个"国家级"的市场容量；2024年中国货物贸易进出口总值达6.16 万亿美元，连续8年稳居全球第一；我们的新能源汽车产销量连续9年全球第一，风电、光伏装机容量均稳居世界第一；以及位 ...

Core Insights - The consensus in the medical industry is that AI will not replace doctors but will serve as an essential assistant, supported by a strong regulatory framework [2] - The AI medical sector is transitioning from conceptual hype to substantial development driven by policies and market forces, with a projected industry scale of 115.7 billion yuan by 2025 [3][4] - The integration of AI into various medical applications is deepening, with significant advancements in areas such as imaging analysis and drug development [4][10] Industry Growth and Projections - The AI medical industry in China is expected to reach 115.7 billion yuan by 2025, with a compound annual growth rate of 10.5% from 2022 to 2028 [3] - By 2028, the industry scale is projected to increase to 159.8 billion yuan [3] Application Maturity and Areas of Focus - AI applications have expanded from diagnostic tools to encompass drug development, decision support, and medical robotics, with imaging analysis being the most mature area [4][10] - AI in medical imaging is projected to exceed 15 billion yuan by 2025, with a significant increase to 23.57 billion yuan by 2026 [10] Data Infrastructure and Challenges - As of July 2025, 206 algorithmic medical products have been registered, with 160 companies providing AI services directly to patients through apps [6] - The quality and standardization of medical data remain significant challenges, with a large volume of data being poorly structured and difficult to utilize effectively [21][22] Payment and Commercialization Issues - The integration of AI into the payment system is still developing, with current regulations preventing additional charges for AI-assisted diagnoses [23] - The recognition of AI's clinical value is crucial for its inclusion in payment systems, with a focus on demonstrating its effectiveness in improving patient outcomes [23][24] Future Directions and Sustainable Development - The AI medical sector is exploring diverse commercialization paths, with a focus on creating clear clinical value to ensure sustainability [27][30] - The concept of "inclusive healthcare" is emerging as a key focus, aiming to balance service quality, accessibility, and cost [30]

Core Insights - The 25th China Private Equity Annual Conference will be held in Shenzhen from February 2-5, 2025, focusing on innovation in pharmaceuticals and life sciences [2] - The "Innovation Drugs and Life Science Summit" will discuss key advancements in biotechnology, including AI-driven drug development, cell and gene therapy, and medical device innovation [3] Group 1: Event Details - The conference is organized by Qingke Holdings, Investment界, and co-hosted by Huaitong Financial Holdings and Nanshan Zhanxin Investment [2] - A special summit on innovative drugs and life sciences will take place on December 4, featuring discussions on industry trends and investment opportunities [2][3] Group 2: Discussion Topics - Key topics include AI-driven models for next-generation drug development, the new era of innovative medical devices, and collaboration between CXOs and VCs to create a new ecosystem for innovative drugs [5] - Roundtable discussions will feature prominent figures from various sectors, including academia, industry, and investment, providing deep insights into the future of medical investments [7]