◎记者 赵明超 2025年春，创新药板块"忽如一夜春风来"，各家药企BD交易"千树万树梨花开"，一场轰轰烈烈的创新 药行情随之展开，在三季度上演"秋收"行情，但随后又迎来震荡调整，处于"冬藏"状态。 走过2025年的"秋收冬藏"行情之后，2026年的创新药行情如何演绎？整个医药板块有哪些投资机会？上 海证券报记者邀请平安医药精选股票基金经理周思聪、长城医药产业基金经理梁福睿、融通健康产业基 金经理万民远，就上述问题分享看法。 未来向好 创新药重估进行时 上海证券报：站在当前时点，如何看创新药行业2026年的投资机会？ 周思聪：2025年，创新药全球BD交易爆发式增长，验证了中国国内研发的质量，市场对创新药企业进 行重估，创新药板块强劲反弹，但目前基本还没有演绎创新药行业的业绩主线。 2026年，市场叙事将从广泛的估值重估转向基本面落地，市场将更加严苛地审视公司的每一个临床数 据、每一份销售财报和每一次BD交易的质量。能否持续产出有价值的创新成果，以及能否将这些成果 高效地转化为商业收入，是决定未来公司价值的核心。未来的赢家将是那些能够将其科学创新成功地转 化为商业成果的公司。 梁福睿：2025年二、三季度创新 ...

Core Insights - The article highlights the rapid development and implementation of digital transformation projects in Feicheng, Shandong Province, focusing on the introduction of high-performance AI integrated machines and strategic partnerships with leading technology companies [1][2][3] Group 1: AI Integrated Machines - The first batch of domestically developed high-performance AI integrated machines, AT9508AI, is being produced with an annual output of approximately 70,000 units, driven by increasing demand for servers [1] - The AI integrated machine boasts over 30% performance improvement, more than 50% reduction in overall costs, and a 40% decrease in inference acceleration latency, making it suitable for 16 application scenarios including smart cities and finance [1] Group 2: Digital Economy Initiatives - Feicheng has implemented 222 digital transformation projects, nurturing 13 national-level digital transformation benchmarks and 3 provincial digital economy parks, indicating a growing digital industry ecosystem [3] - The city has established a governance system called "Digital Feicheng," which integrates public resources and data from 66 enterprises and over 2 billion data records, enhancing government service efficiency and public satisfaction [3] Group 3: Strategic Partnerships and Investments - The local government has adopted a model of "government-led, state-owned enterprises as the main drivers, and market promotion," with a total investment of 6 billion yuan in the "Taishan Smart Valley" digital economy industrial park [2] - A strategic cooperation agreement was signed with iFLYTEK, showcasing the rapid development of partnerships aimed at fostering innovation and digital transformation in the region [1][2]

Group 1 - The successful launch of the first domestically produced high-performance AT9508AI integrated machine by Huakun Zhenyu marks the full operation of the Feicheng base, filling the gap in large-scale production of domestic computing power equipment in northern China [1] - Feicheng has been actively seizing opportunities in the digital economy, implementing "digital empowerment" actions to cultivate new productive forces through digital transformation, leading to significant achievements in digital infrastructure and industrial digitalization [1][3] - The introduction of the Huakun Zhenyu project has created a strong magnetic effect, attracting numerous high-tech projects such as intelligent computing centers and iFLYTEK, resulting in a significant reduction in production costs and promoting collaborative innovation in new product development [1][2] Group 2 - The "Smart Education System" and AI-assisted diagnostic devices showcased at the iFLYTEK Artificial Intelligence Exhibition Center exemplify the practical applications of the "digital intelligence" industry chain, enhancing urban management and educational analysis [2] - The Taishan Zhigu Industrial Park is designed to foster industrial clusters through a strategy of "industry-led, aggregation, incubation, cultivation, and sharing," with a focus on big data, cloud computing, and artificial intelligence [2] - Feicheng has implemented 222 digital transformation projects in manufacturing, with 91.7% of large-scale enterprises completing their digital transformation, aiming for a coverage rate of over 94% by the end of the year [3]