573 lines
38 KiB
HTML
573 lines
38 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="night">
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<head>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>医药概念深度解析</title>
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<script src="https://cdn.tailwindcss.com"></script>
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<link href="https://cdn.jsdelivr.net/npm/daisyui@4.10.1/dist/full.min.css" rel="stylesheet" type="text/css" />
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<script defer src="https://cdn.jsdelivr.net/npm/alpinejs@3.13.10/dist/cdn.min.js"></script>
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<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
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<style>
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@import url('https://fonts.googleapis.com/css2?family=Poppins:wght@300;400;500;600;700&display=swap');
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body {
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font-family: 'Poppins', sans-serif;
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background-color: #0d0c22;
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overflow-x: hidden;
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position: relative;
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}
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.glass {
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background: rgba(22, 21, 54, 0.4);
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-webkit-backdrop-filter: blur(10px);
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backdrop-filter: blur(10px);
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border: 1px solid rgba(119, 118, 182, 0.1);
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transition: all 0.3s ease;
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}
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.glass:hover {
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background: rgba(22, 21, 54, 0.6);
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border: 1px solid rgba(119, 118, 182, 0.2);
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}
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.glow-bg {
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position: fixed;
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top: 50%;
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left: 50%;
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width: 1200px;
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height: 1200px;
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transform: translate(-50%, -50%);
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background-image: radial-gradient(circle, rgba(132, 94, 247, 0.15) 0%, rgba(132, 94, 247, 0) 60%);
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z-index: -1;
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pointer-events: none;
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animation: pulse 10s infinite ease-in-out;
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}
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.glow-bg-2 {
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position: fixed;
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top: 10%;
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left: 10%;
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width: 800px;
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height: 800px;
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transform: translate(-50%, -50%);
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background-image: radial-gradient(circle, rgba(94, 234, 212, 0.1) 0%, rgba(94, 234, 212, 0) 60%);
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z-index: -1;
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pointer-events: none;
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animation: pulse-reverse 12s infinite ease-in-out;
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@keyframes pulse {
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0%, 100% { transform: translate(-50%, -50%) scale(1); opacity: 1; }
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50% { transform: translate(-50%, -50%) scale(1.2); opacity: 0.7; }
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50% { transform: translate(-50%, -50%) scale(1); opacity: 1; }
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}
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.bento-grid {
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display: grid;
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grid-gap: 1.5rem;
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grid-template-columns: repeat(4, 1fr);
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grid-template-rows: auto;
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}
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.bento-item {
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border-radius: 1.5rem;
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padding: 1.5rem;
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}
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.col-span-1 { grid-column: span 1 / span 1; }
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.col-span-2 { grid-column: span 2 / span 2; }
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.col-span-4 { grid-column: span 4 / span 4; }
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.row-span-1 { grid-row: span 1 / span 1; }
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.row-span-2 { grid-row: span 2 / span 2; }
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.section-header {
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border-bottom: 1px solid rgba(119, 118, 182, 0.2);
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padding-bottom: 0.75rem;
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margin-bottom: 1.5rem;
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}
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.section-header h2 {
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font-size: 1.875rem;
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font-weight: 600;
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background: -webkit-linear-gradient(45deg, #a5b4fc, #5eead4);
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-webkit-background-clip: text;
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-webkit-text-fill-color: transparent;
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}
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.table th, .table td {
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border-color: rgba(119, 118, 182, 0.15);
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}
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.table th {
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color: #a5b4fc;
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}
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.timeline .timeline-middle {
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color: #5eead4;
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}
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.timeline .timeline-box {
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background-color: rgba(30, 29, 68, 0.5);
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border-color: rgba(119, 118, 182, 0.1);
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}
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.collapse-title {
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background-color: rgba(30, 29, 68, 0.7) !important;
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}
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</style>
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</head>
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<body class="text-gray-300 min-h-screen">
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<div class="glow-bg"></div>
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<div class="glow-bg-2"></div>
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<div class="container mx-auto p-4 md:p-8" x-data="{}">
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<!-- Header -->
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<header class="text-center mb-12">
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<h1 class="text-5xl md:text-6xl font-bold bg-clip-text text-transparent bg-gradient-to-r from-purple-400 via-teal-300 to-indigo-400 mb-2">
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医药概念 深度解析
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</h1>
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<p class="text-lg text-gray-400">北京价值前沿科技有限公司 AI投研agent：“价小前投研”</p>
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</header>
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<!-- Bento Grid -->
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<div class="bento-grid mb-12">
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<!-- 核心观点摘要 -->
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<div class="bento-item glass col-span-4 lg:col-span-2 row-span-1">
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<h3 class="text-xl font-semibold text-teal-300 mb-3">核心观点摘要</h3>
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<p class="text-gray-300">
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医药概念正处于一轮深刻的<strong class="text-purple-300">困境反转与结构性牛市的起点</strong>。其核心驱动力已从过去的仿制药逻辑，彻底转向由<strong class="text-teal-300">“创新全球化（BD出海）”</strong>和<strong class="text-indigo-300">“AI技术赋能”</strong>双轮驱动的科技成长逻辑。当前市场正从对政策压制的悲观预期修复，转向对中国医药创新价值的重估阶段，未来潜力在于龙头企业在全球市场的份额扩张和AI技术带来的颠覆性效率提升。
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</p>
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</div>
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<!-- 市场情绪 -->
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<div class="bento-item glass col-span-4 sm:col-span-2 lg:col-span-1 row-span-1 flex flex-col items-center justify-center">
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<h3 class="text-xl font-semibold text-teal-300 mb-3">市场情绪</h3>
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<div class="text-center">
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<div class="radial-progress text-purple-400" style="--value:90; --size:8rem; --thickness: 0.8rem;" role="progressbar">
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<span class="text-2xl font-bold text-white">90%</span>
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</div>
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<p class="mt-2 text-lg font-semibold">极度乐观</p>
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<p class="text-sm text-gray-400">券商共识强烈，但存结构分歧</p>
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</div>
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</div>
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<!-- 核心驱动力 -->
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<div class="bento-item glass col-span-4 sm:col-span-2 lg:col-span-1 row-span-1 flex flex-col justify-around">
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<h3 class="text-xl font-semibold text-teal-300 mb-3">核心驱动力</h3>
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<div class="space-y-2">
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<div class="flex items-center space-x-2">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-purple-400" viewBox="0 0 20 20" fill="currentColor"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zM4.332 8.027a6.012 6.012 0 011.912-2.706C6.512 5.73 6.974 6 7.5 6A1.5 1.5 0 019 7.5V8a2 2 0 004 0 2 2 0 011.52-1.937c.364-.116.796.028 1.013.388a6.01 6.01 0 01-1.415 2.135L13.5 8.5h-3v2h3l.5.5a6.01 6.01 0 01-2.135 1.415c-.36.217-.77.072-1.013-.388A2 2 0 0110 12a2 2 0 00-4 0 1.5 1.5 0 01-1.5 1.5c-.526 0-.988-.27-1.256-.553a6.012 6.012 0 01-2.706-1.912 1.5 1.5 0 01.18-2.005z" clip-rule="evenodd" /></svg>
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<span class="font-medium">创新价值兑现 (BD)</span>
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</div>
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<div class="flex items-center space-x-2">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-teal-300" viewBox="0 0 20 20" fill="currentColor"><path d="M9 4.804A7.968 7.968 0 005.5 4c-1.255 0-2.443.29-3.5.804v10A7.969 7.969 0 005.5 16c1.255 0 2.443-.29 3.5-.804V4.804zM14.5 4c-1.255 0-2.443.29-3.5.804v10A7.969 7.969 0 0014.5 16c1.255 0 2.443-.29 3.5-.804v-10A7.968 7.968 0 0014.5 4z" /></svg>
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<span class="font-medium">政策环境优化</span>
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</div>
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<div class="flex items-center space-x-2">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-indigo-400" viewBox="0 0 20 20" fill="currentColor"><path fill-rule="evenodd" d="M11.3 1.046A1 1 0 0112 2v5h4a1 1 0 01.82 1.573l-7 10A1 1 0 018 18v-5H4a1 1 0 01-.82-1.573l7-10a1 1 0 011.12-.38z" clip-rule="evenodd" /></svg>
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<span class="font-medium">AI技术赋能</span>
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</div>
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<div class="flex items-center space-x-2">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-5 w-5 text-gray-500" viewBox="0 0 20 20" fill="currentColor"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.707-8.707l-3-3a1 1 0 00-1.414 0l-3 3a1 1 0 001.414 1.414L9 9.414V13a1 1 0 102 0V9.414l1.293 1.293a1 1 0 001.414-1.414z" clip-rule="evenodd" /></svg>
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<span class="font-medium">行业周期触底</span>
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</div>
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</div>
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</div>
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<!-- 概念事件 -->
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<div class="bento-item glass col-span-4 lg:col-span-3 row-span-1">
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<h3 class="text-xl font-semibold text-teal-300 mb-4">概念事件：从触底到反转</h3>
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<ul class="timeline timeline-vertical lg:timeline-horizontal">
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<li>
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<div class="timeline-start text-xs lg:text-sm">2020-2024</div>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-end timeline-box text-xs lg:text-sm">四年深度调整，估值、业绩、资金面均至历史底部。</div>
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<hr class="bg-teal-400"/>
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</li>
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<li>
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<hr class="bg-teal-400"/>
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<div class="timeline-start text-xs lg:text-sm">2024.Q3 - Q4</div>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-end timeline-box text-xs lg:text-sm">政策转向：医保局支持商保，险资举牌，创新药出海BD爆发 (年交易额~600亿美元)。</div>
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<hr class="bg-teal-400"/>
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</li>
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<li>
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<hr class="bg-teal-400"/>
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<div class="timeline-start text-xs lg:text-sm">2025.Q1</div>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-end timeline-box text-xs lg:text-sm">市场情绪引爆：两会拔高创新药战略地位，券商全面看多，ETF申购明显。</div>
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<hr class="bg-teal-400"/>
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</li>
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<li>
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<hr class="bg-teal-400"/>
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<div class="timeline-start text-xs lg:text-sm">2025至今</div>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="w-5 h-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-end timeline-box text-xs lg:text-sm">持续催化：AI赋能预期升温、CXO行业复苏、监管支持高端器械。</div>
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</li>
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</ul>
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</div>
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<!-- 基金持仓 -->
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<div class="bento-item glass col-span-4 lg:col-span-1 row-span-1">
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<h3 class="text-xl font-semibold text-teal-300 mb-3">基金持仓&预期差</h3>
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<div id="fund-chart" class="w-full h-40"></div>
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<ul class="text-xs space-y-1 mt-2 text-gray-400 list-disc list-inside">
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<li><strong class="text-purple-300">预期差1:</strong> 市场可能高估短期业绩反转速度，终端支付仍有压力。</li>
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<li><strong class="text-teal-300">预期差2:</strong> 市场可能低估中国创新药BD管线的深度和广度。</li>
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</ul>
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</div>
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</div>
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<!-- 详细解析 -->
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<div class="space-y-12">
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<!-- 核心逻辑与市场认知 -->
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<section class="p-8 glass rounded-3xl">
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<div class="section-header">
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<h2>核心逻辑与市场认知</h2>
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</div>
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<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-3 gap-6">
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<!-- 核心驱动力 -->
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<div class="space-y-4 p-4 bg-black bg-opacity-20 rounded-2xl">
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<h4 class="text-lg font-semibold text-purple-300">1. 创新价值兑现 (全球化BD)</h4>
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<p class="text-sm">最硬核逻辑。国内药企在ADC、双抗等领域技术积累深厚。2023年license-out交易总金额达 <strong class="text-teal-300">408亿美元</strong>，数量首次超越license-in。恒瑞医药超10亿美元BD交易是标志性事件，证明了“卖技术”能力，改变了“只投入不产出”的刻板印象。</p>
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</div>
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<!-- 政策环境优化 -->
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<div class="space-y-4 p-4 bg-black bg-opacity-20 rounded-2xl">
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<h4 class="text-lg font-semibold text-purple-300">2. 政策环境优化</h4>
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<p class="text-sm">政策从“控费降价”转向“鼓励创新与多元支付”并重。支付端支持商保发展，“丙类目录”打开创新药天花板；审评端将生物制造列为“未来产业”，加速上市；集采端规则趋于温和，稳定存量资产盈利。</p>
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</div>
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<!-- AI技术赋能 -->
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<div class="space-y-4 p-4 bg-black bg-opacity-20 rounded-2xl">
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<h4 class="text-lg font-semibold text-purple-300">3. AI技术赋能</h4>
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<p class="text-sm">AI重塑医药研发全链条，在靶点发现、分子生成、临床试验设计等方面显著提效降本。NVIDIA、华为等科技巨头深度介入，为行业带来全新叙事逻辑和估值提升空间，尤其利好CRO/CDMO企业。</p>
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</div>
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<!-- 行业周期触底 -->
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<div class="space-y-4 p-4 bg-black bg-opacity-20 rounded-2xl md:col-span-2 lg:col-span-3">
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<h4 class="text-lg font-semibold text-purple-300">4. 行业周期触底 & 市场情绪</h4>
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<p class="text-sm">医药板块经历连续四年调整，估值、公募基金持仓比例（非医药公募持仓仅<strong class="text-teal-300">4.79%</strong>）均处历史低位，具备“均值回归”需求。“一季报是最后利空”成市场共识。当前市场情绪极度乐观，但分歧点在于乐观情绪主要集中在<strong class="text-teal-300">创新药、AI+医药、CXO</strong>等科技主线，对传统领域相对谨慎。</p>
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</div>
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</div>
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</section>
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<!-- 产业链与核心公司 -->
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<section class="p-8 glass rounded-3xl">
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<div class="section-header">
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<h2>产业链与核心公司剖析</h2>
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</div>
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<!-- 产业链图谱 -->
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<div class="mb-8">
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<h3 class="text-lg font-semibold text-purple-300 mb-4">产业链图谱</h3>
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<ul class="steps steps-vertical lg:steps-horizontal w-full">
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<li class="step step-primary">
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<div class="text-left p-2">
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<p class="font-bold">上游</p>
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<p class="text-xs">研发与生产外包 (CXO) & 原料试剂</p>
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<p class="text-xs mt-1 text-gray-400"><strong>核心:</strong> 药明康德, 泰格医药, 皓元医药, 毕得医药</p>
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</div>
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</li>
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<li class="step step-primary">
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<div class="text-left p-2">
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<p class="font-bold">中游</p>
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<p class="text-xs">药品与器械制造</p>
|
||
<p class="text-xs mt-1 text-gray-400"><strong>核心:</strong> 恒瑞医药, 华东医药, 康方生物, 迈瑞医疗, 联影医疗</p>
|
||
</div>
|
||
</li>
|
||
<li class="step">
|
||
<div class="text-left p-2">
|
||
<p class="font-bold">下游</p>
|
||
<p class="text-xs">流通与服务</p>
|
||
<p class="text-xs mt-1 text-gray-400"><strong>核心:</strong> 上海医药, 九州通, 百洋医药, 爱尔眼科, 益丰药房</p>
|
||
</div>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
<!-- 核心玩家对比 -->
|
||
<div>
|
||
<h3 class="text-lg font-semibold text-purple-300 mb-4">核心玩家对比</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-4 gap-4">
|
||
<div class="p-4 bg-black bg-opacity-20 rounded-2xl border-l-4 border-purple-400">
|
||
<h5 class="font-bold">恒瑞医药 (领导者)</h5>
|
||
<p class="text-xs mt-1"><strong>优势:</strong> 管线最深厚，内生研发强，BD出海成效显著。中国版大型Pharma。<br><strong>风险:</strong> 仿制药受集采影响，体量大增速相对较低。</p>
|
||
</div>
|
||
<div class="p-4 bg-black bg-opacity-20 rounded-2xl border-l-4 border-teal-400">
|
||
<h5 class="font-bold">华东医药 (追赶者)</h5>
|
||
<p class="text-xs mt-1"><strong>优势:</strong> 战略眼光独到，布局医美/GLP-1/ADC高景气赛道，BD能力强，弹性最大。<br><strong>风险:</strong> 所处赛道竞争激烈。</p>
|
||
</div>
|
||
<div class="p-4 bg-black bg-opacity-20 rounded-2xl border-l-4 border-indigo-400">
|
||
<h5 class="font-bold">皓元/毕得医药 (“卖铲人”)</h5>
|
||
<p class="text-xs mt-1"><strong>优势:</strong> 逻辑最纯粹，受益于全行业研发投入，海外业务高毛利、高增长。<br><strong>风险:</strong> 受全球生物医药投融资景气度影响。</p>
|
||
</div>
|
||
<div class="p-4 bg-black bg-opacity-20 rounded-2xl border-l-4 border-gray-500">
|
||
<h5 class="font-bold">百洋医药 (独特模式)</h5>
|
||
<p class="text-xs mt-1"><strong>优势:</strong> 聚焦CSO品牌运营，轻资产模式，快速切入高潜力品种商业化。<br><strong>风险:</strong> 业绩依赖BD能力和合作品种销售表现。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 催化剂与风险 -->
|
||
<section class="p-8 glass rounded-3xl">
|
||
<div class="section-header">
|
||
<h2>关键催化剂与潜在风险</h2>
|
||
</div>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-8">
|
||
<div>
|
||
<h3 class="text-lg font-semibold text-purple-300 mb-4">未来关键催化剂</h3>
|
||
<ul class="space-y-3">
|
||
<li>
|
||
<p class="font-semibold text-teal-300">1. 重磅临床数据披露 (未来3-6个月)</p>
|
||
<p class="text-sm pl-4">ASCO、ADA等国际会议上，中国药企将公布GLP-1、ADC等关键数据，可能引爆个股行情。</p>
|
||
</li>
|
||
<li>
|
||
<p class="font-semibold text-teal-300">2. 政策细则落地</p>
|
||
<p class="text-sm pl-4">创新药“丙类目录”政策、生物制品分段生产试点方案等发布，将构成实质性利好。</p>
|
||
</li>
|
||
<li>
|
||
<p class="font-semibold text-teal-300">3. 中报业绩验证</p>
|
||
<p class="text-sm pl-4">验证行业是否真正“见底回暖”的第一个关键窗口。</p>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
<div>
|
||
<h3 class="text-lg font-semibold text-red-400 mb-4">潜在风险与挑战</h3>
|
||
<ul class="space-y-3">
|
||
<li>
|
||
<p class="font-semibold text-red-300">1. 商业化风险：支付能力瓶颈</p>
|
||
<p class="text-sm pl-4">最显著矛盾点：宏观的“全面反转”论调 vs 微观路演揭示的“终端支付压力”现实。</p>
|
||
</li>
|
||
<li>
|
||
<p class="font-semibold text-red-300">2. 政策与竞争风险</p>
|
||
<p class="text-sm pl-4">美国《生物安全法案》等国际关系不确定性；热门靶点同质化竞争；集采政策长期压制。</p>
|
||
</li>
|
||
<li>
|
||
<p class="font-semibold text-red-300">3. 技术风险</p>
|
||
<p class="text-sm pl-4">创新药研发高失败率，AI制药仍处早期，转化效率待验证。</p>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 数据来源摘要 -->
|
||
<section class="p-8 glass rounded-3xl" x-data="{ tab: 'news' }">
|
||
<div class="section-header">
|
||
<h2>数据来源摘要</h2>
|
||
</div>
|
||
<div class="collapse collapse-plus bg-base-200/50 mb-4">
|
||
<input type="radio" name="my-accordion-3" checked="checked" />
|
||
<div class="collapse-title text-xl font-medium text-teal-300">
|
||
新闻数据精要
|
||
</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc pl-5 space-y-2 text-sm">
|
||
<li><strong>市场观点：</strong>全面看多（招商）、见底回暖（光大）、反转将至（国金）。医药指数YTD排名居前，ETF现明显申购。</li>
|
||
<li><strong>核心逻辑：</strong>把握创新药（出海+放量）和左侧困境反转（器械/中药/CXO等）两大主线。</li>
|
||
<li><strong>创新药：</strong>政策空前支持，24年BD交易额约600亿美元。恒瑞DLL3 ADC、石药GLP-1等重磅BD交易频出。</li>
|
||
<li><strong>CXO/原料药：</strong>药明康德预计25年重回10-15%增长。资本开支期结束，产能利用率有望提升。</li>
|
||
<li><strong>政策环境：</strong>医保局支持商保发展，为创新药开辟增量支付空间。医保预付制度改善全产业链现金流。</li>
|
||
<li><strong>《生物安全法案》：</strong>市场普遍认为影响有限，参考以往案例大概率不了了之。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus bg-base-200/50 mb-4">
|
||
<input type="radio" name="my-accordion-3" />
|
||
<div class="collapse-title text-xl font-medium text-teal-300">
|
||
路演纪要精要
|
||
</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc pl-5 space-y-2 text-sm">
|
||
<li><strong>上海医药：</strong>明确指出“地方政府、医保资金紧张，导致医院采购端增速放缓”，揭示终端支付压力，期待2025年财政支持。工业端受集采影响，但创新管线明年有望获批驱动增长。</li>
|
||
<li><strong>恒瑞医药（国泰君安）：</strong>两会定调生物制造为“未来产业”。董事长孙飘扬建议避免同质化内卷，强化原始创新。至少40+管线有BD潜力，BD已成第二增长曲线。</li>
|
||
<li><strong>华东医药：</strong>ADC、GLP-1、自免三大领域布局深厚。ADC管线近10项，GLP-1双靶点药物低剂量高活性。利用AI辅助药物设计提升效率。</li>
|
||
<li><strong>皓元/毕得医药：</strong>分子砌块“卖铲人”逻辑。海外业务是增长核心，毛利率高达50%-60%（vs 国内30%），国产替代加速。</li>
|
||
<li><strong>百诚医药：</strong>仿制药CRO龙头，高壁垒（新3类）品种占比显著提升，CDMO业务加速贡献收入。</li>
|
||
<li><strong>百洋医药：</strong>CSO商业模式，聚焦品牌运营。大单品“迪巧”、“海露”增长稳健，核药、创新器械等增量品种商业化落地。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus bg-base-200/50">
|
||
<input type="radio" name="my-accordion-3" />
|
||
<div class="collapse-title text-xl font-medium text-teal-300">
|
||
研报精要
|
||
</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc pl-5 space-y-2 text-sm">
|
||
<li><strong>全球交易：</strong>驯鹿生物与信达深化CAR-T合作，康诺亚双抗成功出海，益普生引进昱言科技ADC。国外礼来、默沙东、GSK等MNC交易活跃，聚焦放射性药物、mRNA、蛋白降解等前沿技术。</li>
|
||
<li><strong>新药进展：</strong>Tarlatamab (DLL3双抗) 获FDA加速批准，用于小细胞肺癌。OTOF基因疗法、戈谢病治疗等领域取得积极临床进展。</li>
|
||
<li><strong>AI制药：</strong>产业逆势而上，在药物发现（分子生成、蛋白结构预测）、临床试验等全链条应用。NVIDIA跨界投资多家AI药企，国内赛诺菲与百图生科、华为与云南白药达成合作。</li>
|
||
<li><strong>仿制药：</strong>国谈显著加速新药商业化放量，皮肤、呼吸系统用药增速惊人。司美格鲁肽生物类似药临床指导原则出台。</li>
|
||
<li><strong>出海趋势：</strong>2023年license-out交易首次超越license-in。中国企业发起的注册性临床研究数量增加约1倍，非肿瘤领域增长约3倍，出海重心逐渐向非肿瘤领域转移。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 股票列表 -->
|
||
<section class="p-8 glass rounded-3xl">
|
||
<div class="section-header">
|
||
<h2>概念核心标的</h2>
|
||
</div>
|
||
<div class="overflow-x-auto">
|
||
<table class="table table-zebra w-full">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>核心逻辑</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr><td>宏景科技</td><td><a href="https://valuefrontier.cn/company?scode=301396" target="_blank" class="link link-hover text-teal-300">301396</a></td><td>智慧医疗</td></tr>
|
||
<tr><td>朗玛信息</td><td><a href="https://valuefrontier.cn/company?scode=300288" target="_blank" class="link link-hover text-teal-300">300288</a></td><td>智慧医疗</td></tr>
|
||
<tr><td>泓博医药</td><td><a href="https://valuefrontier.cn/company?scode=301230" target="_blank" class="link link-hover text-teal-300">301230</a></td><td>AI制药</td></tr>
|
||
<tr><td>成都先导</td><td><a href="https://valuefrontier.cn/company?scode=688222" target="_blank" class="link link-hover text-teal-300">688222</a></td><td>AI制药</td></tr>
|
||
<tr><td>华东医药</td><td><a href="https://valuefrontier.cn/company?scode=000963" target="_blank" class="link link-hover text-teal-300">000963</a></td><td>AI制药 / GLP-1 / ADC</td></tr>
|
||
<tr><td>康缘药业</td><td><a href="https://valuefrontier.cn/company?scode=600557" target="_blank" class="link link-hover text-teal-300">600557</a></td><td>中药</td></tr>
|
||
<tr><td>精华制药</td><td><a href="https://valuefrontier.cn/company?scode=002349" target="_blank" class="link link-hover text-teal-300">002349</a></td><td>中药</td></tr>
|
||
<tr><td>硕世生物</td><td><a href="https://valuefrontier.cn/company?scode=688399" target="_blank" class="link link-hover text-teal-300">688399</a></td><td>体外诊断</td></tr>
|
||
<tr><td>合富中国</td><td><a href="https://valuefrontier.cn/company?scode=603122" target="_blank" class="link link-hover text-teal-300">603122</a></td><td>SPD管理</td></tr>
|
||
<tr><td>理邦仪器</td><td><a href="https://valuefrontier.cn/company?scode=300206" target="_blank" class="link link-hover text-teal-300">300206</a></td><td>医疗器械</td></tr>
|
||
<tr><td>微电生理</td><td><a href="https://valuefrontier.cn/company?scode=688351" target="_blank" class="link link-hover text-teal-300">688351</a></td><td>医疗器械</td></tr>
|
||
<tr><td>迪安诊断</td><td><a href="https://valuefrontier.cn/company?scode=300244" target="_blank" class="link link-hover text-teal-300">300244</a></td><td>基因检测</td></tr>
|
||
<tr><td>博济医药</td><td><a href="https://valuefrontier.cn/company?scode=300404" target="_blank" class="link link-hover text-teal-300">300404</a></td><td>减肥药 / CRO</td></tr>
|
||
<tr><td>博瑞医药</td><td><a href="https://valuefrontier.cn/company?scode=688166" target="_blank" class="link link-hover text-teal-300">688166</a></td><td>减肥药 / 原料药</td></tr>
|
||
<tr><td>一品红</td><td><a href="https://valuefrontier.cn/company?scode=300723" target="_blank" class="link link-hover text-teal-300">300723</a></td><td>化学制药 / 创新药</td></tr>
|
||
<tr><td>京新药业</td><td><a href="https://valuefrontier.cn/company?scode=002020" target="_blank" class="link link-hover text-teal-300">002020</a></td><td>化学制药</td></tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 涨幅分析补充 -->
|
||
<section class="p-8 glass rounded-3xl">
|
||
<div class="section-header">
|
||
<h2>近期异动个股深度分析</h2>
|
||
</div>
|
||
<div class="space-y-4">
|
||
<div class="collapse collapse-arrow bg-base-200/50">
|
||
<input type="checkbox" />
|
||
<div class="collapse-title text-lg font-medium">
|
||
<span class="text-purple-300">毕得医药 (688073)</span> - <span class="text-success">+6.40%</span> on 2025-12-03
|
||
</div>
|
||
<div class="collapse-content">
|
||
<p class="text-sm prose max-w-none text-gray-300"><strong>核心结论：</strong> 股价上涨核心驱动力源于整个医药创新板块的集体性利好所引发的强烈板块共振。作为创新药研发产业链上游的“卖铲人”，下游药企（亚虹医药、热景生物等）公布重磅临床利好，直接提升了市场对上游供应商的需求预期。本次上涨是教科书式的由板块情绪驱动下的“卖铲人”逻辑演绎。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="collapse collapse-arrow bg-base-200/50">
|
||
<input type="checkbox" />
|
||
<div class="collapse-title text-lg font-medium">
|
||
<span class="text-purple-300">万邦医药 (301520)</span> - <span class="text-success">+8.99%</span> on 2025-06-09
|
||
</div>
|
||
<div class="collapse-content">
|
||
<p class="text-sm prose max-w-none text-gray-300"><strong>核心结论：</strong> 上涨主要受多重因素共同作用：1) CRO与创新药概念板块整体走强；2) 中办、国办印发民生保障政策，利好医药行业；3) ADA、ASCO等重要行业会议预期提振；4) 券商研报集中推荐。上涨更多是短期市场情绪和板块轮动所致。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="collapse collapse-arrow bg-base-200/50">
|
||
<input type="checkbox" />
|
||
<div class="collapse-title text-lg font-medium">
|
||
<span class="text-purple-300">恒瑞医药 (600276)</span> - <span class="text-success">+7.10%</span> on 2025-07-09
|
||
</div>
|
||
<div class="collapse-content">
|
||
<p class="text-sm prose max-w-none text-gray-300"><strong>核心结论：</strong> 多重因素共振：1) 核心催化剂是两款重要新药（SHR-2173、HRS-9821）获批临床，特别是COPD药物因对标海外重磅交易而价值重估；2) BD业务成为第二增长曲线的预期被市场广泛认可；3) 创新药业务驱动业绩预期向好；4) 赴港上市加快国际化。是基本面驱动的价值重估。</p>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-arrow bg-base-200/50">
|
||
<input type="checkbox" />
|
||
<div class="collapse-title text-lg font-medium">
|
||
<span class="text-purple-300">福元医药 (601089)</span> - <span class="text-success">+5.42%</span> on 2025-11-27
|
||
</div>
|
||
<div class="collapse-content">
|
||
<p class="text-sm prose max-w-none text-gray-300"><strong>核心结论：</strong> 直接催化剂是“酮洛芬凝胶贴膏”获批临床，但背后是市场对其切入“高壁垒、高增长”蓝海赛道的深度解读。该产品市场正处爆发式增长阶段，公司有望成为国内“第二家”上市企业，具备高赔率。叠加港股医药板块情绪共振，是一次“好公司、好赛道、好时机”三者共振下的价值重估。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
</div>
|
||
|
||
<!-- Footer -->
|
||
<footer class="text-center mt-16 py-4 border-t border-gray-800">
|
||
<p class="text-xs text-gray-500">
|
||
本报告由北京价值前沿科技有限公司 AI投研agent：“价小前投研” 合成。所有内容基于公开信息分析，不构成任何投资建议。
|
||
</p>
|
||
<p class="text-xs text-gray-500">
|
||
投资有风险，入市需谨慎。
|
||
</p>
|
||
</footer>
|
||
</div>
|
||
|
||
<script>
|
||
document.addEventListener('alpine:init', () => {
|
||
// Chart for fund positioning
|
||
const fundChartDom = document.getElementById('fund-chart');
|
||
if(fundChartDom) {
|
||
const fundChart = echarts.init(fundChartDom, 'dark');
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const option = {
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backgroundColor: 'transparent',
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tooltip: {
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trigger: 'axis',
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axisPointer: {
|
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type: 'shadow'
|
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}
|
||
},
|
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grid: {
|
||
left: '3%',
|
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right: '4%',
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bottom: '3%',
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containLabel: true
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},
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xAxis: {
|
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type: 'value',
|
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boundaryGap: [0, 0.01],
|
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axisLabel: { color: '#a5b4fc', formatter: '{value}%' }
|
||
},
|
||
yAxis: {
|
||
type: 'category',
|
||
data: ['非医药公募', '全部公募'],
|
||
axisLabel: { color: '#a5b4fc' }
|
||
},
|
||
series: [
|
||
{
|
||
name: '持仓比例',
|
||
type: 'bar',
|
||
data: [4.79, 8.49],
|
||
itemStyle: {
|
||
color: new echarts.graphic.LinearGradient(1, 0, 0, 0, [
|
||
{ offset: 0, color: '#8b5cf6' },
|
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{ offset: 1, color: '#2dd4bf' }
|
||
])
|
||
},
|
||
label: {
|
||
show: true,
|
||
position: 'right',
|
||
formatter: '{c}%',
|
||
color: '#fff'
|
||
}
|
||
}
|
||
]
|
||
};
|
||
fundChart.setOption(option);
|
||
window.addEventListener('resize', () => {
|
||
fundChart.resize();
|
||
});
|
||
}
|
||
});
|
||
</script>
|
||
</body>
|
||
</html> |