2025至今医药板块震荡上行。2025Q2受关税影响深度调整，关税阴影解除后受创新药出海预期影响震荡上行。医药板块估值溢价率为268.64%，达到历史 74.00%分位，高于历史平均溢价率237.04%，处于2010年以来的相对中位，Q3有所回落。25Q3医药主题基金规模创新高，各板块行业龙头地位稳固。行业数据方面，我国基本医保基金收支稳健增长，在医药支付端提供稳定支撑。国内创新药资产全球认可度快速提升，BD交易量价齐升，Top MNC对国内创新药资产关注度持续上升；器械招采增速较Q2高位有所回落，但整体仍处于稳健增长姿态。

继续推荐创新药械及产业链。维持以下 A 股标的增持评级：恒瑞医药、科伦药业、华东医药、长春高新、恩华药业、药明康德、泰格医药、乐普医疗、联影医疗、惠泰医疗，相关标的：众生药业。并将上述标的纳入国泰海通医药 2025 年 11 月月度组合。维持以下 H 股标的增持评级：翰森制药、三生制药、科伦博泰生物、康方生物、 映恩生物，百济神州、相关标的：信达生物、药明康德。

老龄化、城镇化、疾病谱的变化使得医药行业成为永恒的朝阳行业。全指医药在经历了2022-2024年三年回调后，2025年表现优异，主要得益于创新药板块供给需求双向奔赴，以及医疗器械板块内需逐步复苏、外需强劲增长。未来，需求和供给仍将是医药行业研究的主要逻辑。

医药上市公司已完成2025年三季度业绩披露。整体看，2025年前三季度，医药行业整体营收及扣非净利润分别同比下滑1.98%和11.60%，仍然承压，但降幅较上半年有所收窄。分子行业看，生物制药上游、医疗信息化、CRO/CMO、科研试剂等板块的扣非净利润增速排序靠前；生物制药上游、CRO/CMO、医疗设备和家用器械板块呈现收入和扣非归母净利润的双重增长。

集采负面影响基本出清，龙头企业长期前景可期。目前脊柱类、创伤 和关节类器械等骨科植入物已经被陆续纳入集采范围之中。2024 年人工关节进行了集采续约，整体价格体系基本稳定，膝关节产品意向采购量显著增长，新一代含陶瓷材质髋关节产品占比提升，体现出集采降价后，临床终端实现了以价换量和产品的升级换代。长期看，骨科 疾病发病率与年龄相关度较高，随着我国老龄化趋势延续，预计骨科手术量和骨科植入物的需求量持续稳健增长。骨科植入物行业具有较高的进入壁垒，我们认为行业竞争格局整体较为稳定，龙头企业有望 长期保持领先地位。

睡眠健康行业致力于改善和维护个体睡眠质量，满足消费者对优质睡眠的追求。随着睡眠问题日益严峻，政策持续优化，消费者注重效果与安全，对智能化、个性化产品接受度高。行业规模持续扩大，科技创新推动从单一产品制造向智能化解决方案转变。未来，消费者对睡眠质量的重视、科技的深度融入、防病理念的普及、银发经济的崛起以及线上线下融合的销售模式，将进一步推动睡眠健康行业市场规模的攀升。

The global AI in learning and development market encompasses the spectrum of technologies, platforms, and services that utilize artificial intelligence to transform corporate training and employee upskilling.

The global AI in infrastructure and platforms as a service market encompasses the integration of artificial intelligence and machine learning technologies directly into the foundational layers of cloud computing. This market is not primarily focused on providing tools for end users to build their own AI models; rather, it concerns the use of AI by cloud service providers to enhance the core functionality, efficiency, and security of their IaaS and PaaS offerings

The global AI in ESG and sustainability market represents the critical intersection of advanced computational intelligence and the growing imperative for sustainable and ethical business practices. This market encompasses the technologies, platforms, and services that leverage artificial intelligence, particularly machine learning, natural language processing, and computer vision, to help organizations measure, manage, improve, and report on their environmental, social, and governance (ESG) performance.

AI in electronics and sensors encompasses the design, development, and integration of artificial intelligence capabilities directly within electronic components and sensor systems. This involves embedding machine learning algorithms into hardware like microcontrollers and system-on-chips, enabling on-device data processing, pattern recognition, and real time decision making a concept known as edge AI.