今年以来，以港股18A为代表的中国创新药企业迎来了一轮波澜壮阔的行情，中国创新药开始受到越来越 多的关注和认可。 券商中国记者专访了华福证券研究所副所长、大健康组长、医药首席分析师陈铁林。陈铁林是四川大学本硕 博，华西医院生物治疗国家重点实验室毕业，11年行业研究经验，曾先后任职于多家券商和上市公司，拥有金 融市场和实体产业复合经验。 陈铁林在采访中表示，本轮创新药行情背后是产业大趋势的支撑，中国创新药经过10多年政策和资本市场的支 持孵化，目前已进入收获期。中国创新药行业已经进入世界第一梯队。 展望市场行情，陈铁林认为，创新药行情未结束，持续性很强，坚定持有，如果过程中遇到波动，最好的方式 就是采取定投策略。 产业、市场共振，推升创新药行情 券商中国：今年以来医药行业整体表现亮眼，特别是以港股18A为代表的创新药整体涨幅显著，您认为本轮创 新药行业上涨的主要因素有哪些？ 陈铁林： 创新药这波上涨，最根本的底层因素还是产业趋势好。我们总结为"产业周期为因，BD（商务拓 展）交易为果"。 中国的创新药自2014年药审制度改革开始，经过港股18A和科创板的资本孵化，目前已进入收获期。 在全球新靶点、新赛道方面，中 ...

Core Insights - The article discusses the concept of "Sputnik Moment" in various sectors, particularly focusing on the need for a similar moment in Chinese consumer confidence, which has been lacking despite advancements in other industries [1][14]. Group 1: Biotechnology and Pharmaceuticals - CanSino Biologics' PD-1/VEGF dual antibody "Yivolumab" achieved a significant milestone by outperforming the global leader "K drug" in clinical trials, marking a leading position for China in the dual antibody sector [5]. - The proportion of large pharmaceutical companies engaging in significant transactions with Chinese biotech firms has surged from less than 5% before 2019 to 31% in 2024, indicating a growing recognition of China's biotech capabilities [6]. Group 2: Aerospace and Defense - China successfully conducted test flights of two sixth-generation fighter jets on December 26, 2024, marking a significant breakthrough in global aviation technology and establishing China as the first country to achieve this feat [7][8]. - The successful test flights signify a new phase in the competition for air combat dominance, with advanced features such as all-aspect stealth and AI integration [7][8]. Group 3: Artificial Intelligence - DeepSeek's R1 model achieved performance comparable to OpenAI's GPT-3 at a fraction of the training cost, leading to a significant drop in Nvidia's stock price and highlighting a pivotal moment in the AI sector [9]. - The advancements in AI technology from Chinese companies are prompting a reevaluation of strategies in the U.S. tech landscape, as noted by prominent venture capitalists [9]. Group 4: Automotive Industry - In 2024, China exported nearly 6 million vehicles, significantly outpacing Japan's 4 million, with BYD emerging as the largest brand for pure electric vehicles globally [10][11]. - The automotive sector is undergoing rapid changes, with Chinese brands like BYD and Geely ranking among the top ten global automotive brands, reflecting a shift in market dynamics [11]. Group 5: Consumer Confidence and Economic Challenges - Consumer confidence in China has been declining, with significant increases in household savings and deflationary pressures observed [3][14]. - The decline in consumer confidence can be traced back to several factors, including geopolitical tensions, the real estate crisis, and the impact of COVID-19 lockdowns [15][18][20]. - The article emphasizes the need for measures to stabilize the real estate market and enhance consumer confidence to stimulate domestic consumption [24][25].