2026 年 3 月 1 日 行情回顾：上周 A 股医药生物（申万，下同）指数上涨 0.50%，跑输沪深 300 指数 0.58pp，跑输创业板综指 1.82pp，在 31 个子行业中排名第 25。港股恒生 医疗健康指数上周收跌 6.07%，跑输恒生国企指数 4.96pp。 研发进展：上周，康哲药业的 CMS-D008 注射液、康辰药业的 KC1036 片的临 床申请新进承办；海思科的 HSK46575 片、百利天恒的注射用伦康依隆妥单抗 和注射用 BL-M11D1 的 IND 申请新进承办；恒瑞医药的 SHR-1905 注射液以及 SHR-1819 注射液申请临床。 上周，诺诚健华的 ICP-538 以及华润双鹤的 DC6001 正在进行一期临床；复宏 汉霖的 HLX43 和天境生物的普那利单抗进行二期临床；石药集团的 SYH2053 和 SYS6010 进行三期临床；禾元生物的重组人白蛋白（水稻）进行四期临床。 本周观点：坚定看好医药板块回暖，重申投资临床价值三段论 从临床价值三段论看投资主线：1）"0→1"技术突破：创新药领域，高端前沿 创新靶点，正在肿瘤、减重、自免等领域重塑药企研发格局；创新器械领域 ...

证券研究报告 2026 年 02 月 27 日 湘财证券研究所 行业研究 中药行业周报 中药板块表现居中，静待基药与创新催化 相关研究： 1. 《行业未来五年有望迎来快 速转型发展期》 20260208 2. 《基药目录管理办法发布，中 药行业将进入循证驱动新周期》 20260215 行业评级：增持（维持） 近十二个月行业表现 -10 0 10 20 30 25/02 25/05 25/08 25/11 沪深300_累计 中药_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -1 | -6 | -18 | | 绝对收益 | 0 | -2 | 3 | | | | 注：相对收益与沪深 300 相比 | | 分析师：许雯 证书编号：S0500517110001 Tel：(8621) 50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 市场表现：上周中药Ⅱ上涨 0.73%，在医药二级子板块中表现居中 根据 wind 数据，上周（2026.02.22-2 ...

Core Viewpoint - The pharmaceutical and biotechnology sector is expected to experience valuation recovery driven by policy and industry resonance in 2025, with the sector's PE (TTM) rising from 31x as of September 30, 2025, indicating a positive investment outlook [1][35]. Group 1: Market Review - The pharmaceutical sector's PE (TTM) has fluctuated between 21x and 53x since 2015, with an average of 33x, and has shown signs of recovery since Q1 2025 after hitting a low in September 2022 [1][11][45]. - The market capitalization of pharmaceutical stocks held by equity funds was 12.2% in Q2 2025, reflecting a 1.8 percentage point increase and indicating a recovery trend [12][49]. Group 2: Global Economic Context - The return to a rate-cutting environment globally, particularly with the Federal Reserve's rate cut in September 2025, is favorable for innovative assets, while global aging trends are driving increased healthcare spending [2][36][56]. - China's pharmaceutical innovation is gaining momentum, with expectations of capturing a larger share of the global pharmaceutical market, thus enhancing the competitiveness of the domestic industry [2][36]. Group 3: Investment Thesis - The investment strategy is framed around a three-stage clinical value model: 1. "0→1" technological breakthroughs in innovative drugs and devices, enhancing domestic capabilities [2][36]. 2. "1→10" clinical validation with high-quality domestic drugs accelerating overseas licensing [2][36]. 3. "10→100" efficiency in the Chinese pharmaceutical supply chain, with CXO companies achieving stable growth through cost advantages [2][36]. Group 4: Recommended Companies - Key companies recommended for investment include Innovent Biologics (H), Eifang Biologics (U), Tianshili, WuXi AppTec (A+H), Prasis, Mindray Medical, United Imaging Healthcare, and Weisi Medical [3][37].

一句话趋势：科技与制造、医疗健康双核心格局进一步巩固，两大领域包揽本周绝大多数融资案例。亿元级及以上大额融资密集落地，具身智能、新药研 发、高端制造等细分赛道成为资本布局重点，头部投资机构持续加码硬科技与医疗创新领域。 过去两周，科技与制造领域以多笔亿元级大额交易持续领跑市场，稳居融资核心地位：具身智能技术研发与应用的高科技企业具微科技获得超亿元A+轮融 资；微电机制造企业克瑞科技完成过亿元B轮融资。 此外，北微传感、ELITEAL、青昀新材等细分赛道企业均获投资机构加码，项目覆盖具身智能、高端制造等多个硬科技领域，资本与产业链对技术研发与 产业化落地的关注度持续提升，同时核心技术自主可控成为企业融资后重点布局方向。 医疗健康领域迎来融资热潮，大额交易密集落地，AI赋能医疗、创新生物疗法成为布局重点：创新型医疗器械公司北京智冉医疗科技有限公司完成3亿人民 币新一轮融资；面向结构性心脏病、电生理市场的冰晶智能获数千万元A+轮融资。 21创投不完全统计，2026年2月9日—2月23日，国内一级市场共披露融资事件23起，覆盖科技与制造、医疗健康、消费服务三大领域。其中有16笔融资披露 了融资金额和币种信息，披露融资 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：投资有道杂志 2025年3月，华润三九以59.9亿元现金收购天士力控制权，新增商誉19.21亿元。近日，天津证监局公示 四张内幕交易罚单，种种细节显示，内幕信息正与上述重大资产重组有关。 来源：摄图网 四张内幕交易罚单齐发，私募基金投资人、知情人亲戚踩红线 2026年2月24日，天津证监局向4名自然人出具《行政处罚决定书》，这4张罚单都与内幕交易有关。 罚单公布的内幕信息情况显示，2024年7月31日、8月4日，相关公司分别发布《关于控股股东筹划控制 权变更事项的停牌公告》《关于控股股东及其一致行动人签署〈股份转让协议〉暨控制权变更的提示性 公告》《2024年第十五次董事会会议决议公告》等公告，交易完成后，相关公司的控股股东、实控人将 发生变更。该并购事项属于《证券法》规定的重大事件，在公开前为内幕信息。相关内幕信息形成于 2024年5月4日，公开于7月31日、8月4日。 通过检索上市公司公告不难发现，2024年7月31日，天士力（600535.SH）发布《关于控股股东筹划控 制权变更事项的停牌公告》，8月4日发布《关于控股股东及 ...

证券日报网讯2月13日，天士力（600535）在互动平台回答投资者提问时表示，公司目前经营正常，未 来公司将持续加强研发方面和销售方面的工作，努力提升企业价值。 ...

（文章来源：证券日报） 证券日报网讯 2月13日，天士力在互动平台回答投资者提问时表示，根据公司2025年度业绩快报，公司 归母净利润11亿元，同比增长15.68%。 ...

证券日报网讯 2月13日，天士力在互动平台回答投资者提问时表示，公司日常关联交易是公司生产经营 需要发生的日常经营性业务往来所需，以市场价格为基础协商定价，对公司持续经营能力、盈利能力等 不会产生不利影响。未来公司将持续加强研发和销售工作，努力提升公司价值。 （文章来源：证券日报） ...

证券日报网讯2月13日，天士力（600535）在互动平台回答投资者提问时表示，公司目前经营一切正 常，未来公司将持续加强研发工作以及销售工作，努力提升公司实际价值。 ...

Core Viewpoint - Recently, the company Tian Shi Li announced the termination of its cooperation agreement with the US company Arbor, halting the joint plan for the compound Danshen dripping pill (T89) in the US market. Although the company stated it would recover related rights and receive $7.5 million, and that this would not have a significant impact on its production and operations, the event reflects the multifaceted risks and challenges faced by Tian Shi Li in the internationalization of traditional Chinese medicine, research and development progress, and corporate operations [1][4]. Group 1: Internationalization Strategy Challenges - The compound Danshen dripping pill has been under FDA clinical application in the US since 1998, making it a landmark project for the internationalization of traditional Chinese medicine. However, the termination of the partnership with Arbor signifies a setback in the strategy of leveraging local partners for market entry [5][6]. - Despite the company emphasizing its accumulated international clinical experience and that the application process is not entirely dependent on Arbor, the exit of the partner undoubtedly increases the uncertainty of its independent advancement. Currently, the two indications for the drug—chronic stable angina and acute altitude sickness—are still in phase III clinical trials, with no clear timeline for final approval [6]. Group 2: Research and Development Progress and Regulatory Risks - The approval process for the compound Danshen dripping pill in the US has been fraught with difficulties. In 2017, the FDA required the company to complete a second confirmatory clinical trial in addition to an already completed phase III trial, with both trials needing to achieve statistical significance (p<0.05). The first trial took about four years, and the second trial, which started in 2018, has exceeded four years without results [2][6]. - This prolonged and high-investment clinical process not only brings financial pressure but also reflects the stringent challenges faced by traditional Chinese medicine formulations under Western regulatory systems. If the results of the second clinical trial do not meet the standards, years of effort may be wasted. The company's "lone battle" in the internationalization of traditional Chinese medicine—where only a few traditional Chinese medicine products have attempted to navigate the FDA—also makes it difficult to learn from peers, leading to high trial-and-error costs [2][6]. Group 3: Operational Difficulties and Transformation Challenges - The journey of the compound Danshen dripping pill abroad mirrors the development trajectory of Tian Shi Li in recent years. The company's revenue approached 19 billion yuan between 2016 and 2019, but has since been under pressure due to the sale of its marketing subsidiary and the impact of medical insurance cost control and centralized procurement policies. In 2025, the company's revenue was 8.236 billion yuan, a year-on-year decline of 3.08%, while the net profit excluding non-recurring items was 786 million yuan, down 24.06% year-on-year, indicating a continued lack of growth momentum [2][7]. - Additionally, the company officially integrated into the China Resources Sanjiu system in 2025, which may provide resource support but also means that its original development strategy will face adjustments. In the context of weak growth in its main business and slow internationalization progress, how Tian Shi Li repositions its core competitive path will be a key question for its future development [7]. Conclusion - The "American dream" of the compound Danshen dripping pill remains unfulfilled, while Tian Shi Li has entered a new development cycle. From self-research challenges to setbacks in cooperation, and from peak performance to integration and transformation, the case of this leading traditional Chinese medicine enterprise illustrates that the internationalization of traditional Chinese medicine involves not only technical compliance and clinical data but also a multifaceted test of corporate strategic determination, financial endurance, and market adaptability. The company still needs to find a feasible path to bridge traditional Chinese medicine and modern pharmaceutical systems [3][8].