1、1.$%&()1.1.!#$%&()*+,-./0 900 1235 15%vXcBgh 2020 45678)*A 900 BJK 5-10 Q 15%;X2l9:AOBj470 260 B45678)*l 80%;l9:Aj 50 100 ;4)*pqj%t2t; XBX 80%BX.XM.Xlj 4:1;2 dXYOjB % 10%Bmt 12tttDE;sju.w; .Bt2t”.;U 1%lXY20%16%64%10%10%10%40%20%10%AB7C3:=C3B 4EB7F3: GIB7F3: JKLB7F3:=F3B1234567489:;2345674;2:?!#$%&)*

2、+,-./0Bt2d;lu j 430 :BTluj 80 : 14 :;2bOTuvB6ef5 M 330 :)s; QB2lQOPBlQO;2020 DOPHBMQR;U 2%2015-2020 4ZQ50%20152016201720182019202040%30%20%10%0%-10%-20%4B42?IdPe?fghi!#$%6MNOPQRS,-./0TU; W!XYZ!%U_* ; W!Z!abcQ56_6B6_6yB3 3.8 :;t 2l56_6j 1.3t1.1 0.8 :;6_6QO PB6_6Q?;U 3%2015-2020 4Z56_6Q12%201520162017

3、20182019202010%8%6%4%2%0%-2%-4%-6%4B42?IdPe?fghi!#$%6MNOPQRS,-./0gh4)*JK 5-10 Q3 15%;2015-2020 Bt2 CAGR 15%BTt CAGR 10%BpqQRKfibl QS;EFGt2lQR;U 4%2015-2020 4ZA CAGR 16%14%12%10%8%6%4%2%0%14%13%8%6%4%2%3%2%4B42?IdPe?fghi; W!jklWm*opjkl!#$%6MNOPQRS,-./0ghijEFG=+45678)*uv;gcl EFG2uQS;vtt :c Bgc 60 lEF

4、2000t2010t2020 43? 10.46%t13.26%t18.70%BC/NJH,;c8 uv#$XB XcEFG 2035 2050 3? 20.5% 37.3%B65 60歲!#$%6MNOPQRS,-./0cp?MT=|5678l|B=tl56 k;2021 5 cp5MFd”Zu_G5678BM“Ntt=qvl5678“U ”BNl5678;2022 5 c8eua_G5 ”- 2022 F8B“ 5678lq.;2+4”O(jiān)tOBC”T;B5678MTI J=H4)*;1.2.!#$67%&89:;)?ABCDE#2345 YZE; 2020 :c2+45fi Top100

5、fl7XB/01245 pYZ59Bjef5 ;ef5 l Top2/05 5 Br= 600 D45B” 15000 TB8 9 20 ;/05 t5 t55r= 300-400 D45B” 8000-10000 T;2+456filagMlB;Vfl75 l aBt/0tt 4 vV 100 fi5 Xl 40%BTtt Fttt/ 6 vV 100 fi5 Xl 30%;= 1-2 5 fl;234l_5sbcdef5 ;ghijw!l b2346-#l#.cdef5 lfl;#.B234l$,%t6;wfl5l4 &;”q;p=5 FqlGH;Ol62345l.NRtw0;1-42*?

6、3 4234l;p=Bq 10 l5;672y8q 5 B292*Iowjp5;1p5:H?=p)”El;pq 5 ;5 flBcdef5 *45l=;4 5X6uvPl4Bq5;?BABo+ IlD;cdef5 r=stlBr=lBr=llB5c def534lHbYZ5 ;vEFBfip5wj; pIl 5 Xq-42*Il 10-15 rB/S=OlHBG HI45JK9tfi$%l5 BBJ=L34yl5MBNOdP,9cdef5 ;56%45%47%34%U 6%124 2020 5=bPcU 7%45 5Pc60%50%40%30%20%10%0%!#$%q* rs,tu4vwxy

7、,-./0!#$%q* rs,-./0pQRSn-%YZ2345=pQT?_5;124r= lpQRSn-;aUVW 3 55+BYNp 6.3%B5Np sl5Np 1%BA 103 55/YN=;Np/012 4l5jp;0+ lpQRSOj$;5YNp3 17%;1.3.HIJ KL)MNOP# QRSTUVWXYZT/0124fi253pctbatbcd!Bje54f+45 ;” 85%;!124gbwRNlYZ45_g;!1245 b 2017 7 Z*Bb 2020 hW_6IAB;3 lABN5678)*XgbO;g 1%2019 /012!12u8vw/012!12567889

8、374005800w- 1220032%190033%ijw- 760020%150026%kw- 340010%140024%5678w- 2320062%480083%5678& 1420038%100017%!#$%tu4vwxy,-./0,z%| %Y ,p 2019 R!ab2019 /0125678&3 38%B!125678& 17%;/05678893 3.74 B!125689j 0.58 B89l;4mbAnB/012kw-_6qomtpqrtij_6b!12;2345678lEw-ijw-O;g 2%2019 /012!122Zvw/012!12s45D256300t 9

9、2112152”T3844482747889q:r14016789q:r3.92.374t 3677t u101445698%27%51263075vMq:r284162!#$%tu4vwxy,-./0s45Dwb!12lPcB/012l567889Kfibx l456Oly7;/0124563 98%Bj!12 27%l 3.6 z;y7j 3.9 :Bj!12 2.3 :l 1.7 z; l74vMj 140 : 16 :BVjIl 9 z;/012Z45filG 6;2. $%&,-.5 noQ,NJ;-.5 dq|:rGik 2.57%BN_ 300 G ik 1.78%B”g;K5

10、dq|:rGik 12.00%B N_ 300 Gik 10.86%B”g;JK5 noQ,L oNJ;U 8%d5fg14%12%10%8%6%4%2%5/305/316/016/026/036/046/056/066/076/086/096/106/116/126/136/146/156/166/176/186/196/206/216/226/236/246/256/266/276/286/296/307/010%-2%*O|!#$%-./0noQNJ)B5678=,;hoBK5678ikq-7.08%rBX jkq-16.68%rBhoik-15%;ZhoB”QNJ;U 9%h)* 20

11、22 ijk10%5%0%-5%-10%-15%-20%-25%-30%2022/01/042022/01/102022/01/162022/01/222022/01/282022/02/032022/02/092022/02/152022/02/212022/02/272022/03/052022/03/112022/03/172022/03/232022/03/292022/04/042022/04/102022/04/162022/04/222022/04/282022/05/042022/05/102022/05/162022/05/222022/05/282022/06/032022

12、/06/092022/06/152022/06/212022/06/27-35%7|:O7|:*7|:*7|:67|:*7|:!#$%-./0/lmNpQRcBMNstwRl.#;SQ B/lmNp A p9t4SNJQSB12.62% QS 2.78%;w5 dnolNJBJK/lm=NJ9;U 10%K/lm5 dnoNpPcq6/7-7/1r2,5002,0001,5001,00050002.80%2.75%2.70%2.65%2.60%2.55%2.50%2.45%6/076/086/096/106/116/126/136/146/156/166/176/186/196/206/216

13、/226/236/246/256/266/276/286/296/307/012.40%持股市值(億元)占總市值!#$%,-./0nost,B5678no=H;1hogKBkl5 678nost1 101X 53XBkld-1 49X 26XBIno,kw=;kl5678noH jBkVst.O;kno”stBw=H;U 11%)* PEqTTMr1201008060402002021-07 2021-08 2021-09 2021-10 2021-11 2021-12 2022-01 2022-02 2022-03 2022-04 2022-05 2022-067|:O7|:*7|:*7|:

14、67|:*7|:!#$%-./0U 12%5dG Band stf2500020000150001000050002015-01-092015-03-132015-05-152015-07-172015-09-182015-11-202016-01-222016-04-012016-06-032016-08-052016-10-142016-12-162017-02-172017-04-212017-06-232017-08-252017-11-032018-01-052018-03-092018-05-112018-07-132018-09-142018-11-232019-01-25201

15、9-04-042019-06-062019-08-092019-10-112019-12-132020-02-212020-04-242020-06-242020-08-282020-10-302020-12-312021-03-052021-05-072021-07-092021-09-102021-11-122022-01-142022-03-252022-05-270EPSPE-TTM22.85x30.94x39.03x47.13x55.22x!#$%-./0-.d-=iB5 *j;-.d-no=iBikj 5.31%;5 *nojBjkj-1.80%;-5 ZhogflBXd- 567

16、8no=;3.69%3.12%1.64%0.48%0.16%-1.80%U 13%h)*ikU 14%h)*.ik20.00%15.00%6.00%4.00%2.00%5.31%15.92%14.97%9.62%8.56%8.90%7.40%3.57%10.00%0.00%5.00%-2.00%-4.00%0.00%-6.00%!#$%-./0!#$%-./0/+ $%0123noH?zd-ij56785 X g 3%-.)*xyzg#$7 2 O 2022-23 R|)OL?KLXYp7 1 Op“”t5 18 UW,fiflp,m)Oab,#I*dPxvMgY!O CT PET/CT Mf

17、l!,“#$; 2567 1 *% CT,& MRIUSDR (=*)*+-./01Y 20,265.62 |29,416.84 |34,339.12 |T#$2/013./ 43.38% 25.27%23.22%T45I63h78GHMedTech9:;=?01Y-22,826.91 |-20,865.71 |-23,299.60 |,ABCg*DEF?JKG*LM“ 1200 |NOPQ,ROPQS.TU2V7 1 IvJKG*2,WOx-6XMYZ2,PQ=-p;_)abflqcdeXJKG*“_; 2021 R,!fUg3hiWstsjkOlmnoY$p,jq;Ivr6*wy6*A$z

18、awxK|“_,“&!77 1 *uvxKfl(6 30 *-6 30 OIPO6 30 Ox6 30 fiOOfl6 30 $ReCode*&=-,-Y6_2/0, Q Y 16.36 ,-p; _)#$UsQ,m-z27 ,O x7%O:v IPO =Q 12.5 p;#$( wxy,O-K$,R #,NUY-2021 R,O 82%-./S,Ng712 -12 : Ovwxy, ; 2016 R 10 v,“W2“,8F Ol,”“OQ”6c= xkQ% 2,000,000 x,x!3xRkQ% 0.4844%,CYRB 15 58 6 5gNMPA rs,M0W O/abfl,T0 1

19、232Q3,U4Mg.5TUpX.Q!6p789 ReCode Therapeutics LM“ 1.2 : B+OPQR*cB*c6 29 Therapeut icsPQOPQS Bayer 2Q;22022 R 6 29 ,?7) x7UA“?7)”:LM“ B+OPQ,S2QWB V2ROPQp;?7)CD#$U cGMP E_)!OPQ*c6 29 ?7)PQGenerian/SFG8HI2QwxV2?7)“_; 2010 R 6 ,!f JKKC#$O;JvY!KLk3* ,MN;OPA!QMY CDMO RGenerian Pharmaceuticals7A“Generian”:S

20、T#7Astellas:.Q W Mitobridge wxLM,=UI“!kXfV,pW $XR,$e?$X$ “*c6 29 MitobridgjkXe“”YZ0WV,$fwxz #_,gabc+#deY“,f0WXYg $ hT)Ov IPO ,wxy&hG)iY*c6 29 hT)IPO j 80W CDMO,lQ$bm%&n*6 29 Oo HPVpqo HPV rsOJctA6 29 O6 29 O46 29 O6 29 pOPQ26 29 *6 29 *bdpK6 29 fl#-_26 29 26)J6 29 *c%ufp wx!noax,56 u nono$ p, nocdV“

21、;$O$/,&MgvMg ACYW135 4k, V1 “,Y6M#. dPA /t,x:M- V,:M 32 :,3 1.05 C,lQ ;R VY:Mzbs-,SLiWflK BA.4 BA.5 $!O,&A:M:Me?tl6/o!,/SBA.4 BA.5 Mj?I3v3l 32.6%,Mg!“%o”,Mgfv2!v3Mg2!v 22.1%,Mgo,M!y*|6 29 &M2022 RMf8R*ei O deXc%, Mf*“_U#OMf* deX& s fl#LMH:MI“!83V,U 2.75 : -15 |C bebtelovimabBebtelovimab D 6j k Omicr

22、on flK7BA.2.12.1BA.2.12.1 BA. 4/BA.5) 3 V 2022 R cQY 2.75 :/ 0.08:x7V6; 2022 R 9 14 b 35 |C26p;“I)*”LM“ 4 W E OP QROPQScMQ”801 HRMg_26V!PQ“ )Jbsc%”;c%”,RR,J*s_tJ* T)JvoULk* ,!Rj 5%J K#lc 30%Uwindn*GHMedTech6Mn*stst$%*&s6 29 *6 29 *uvcA6 12,A6 29 6WfPQ*9,5)*92021 R,Hc.+,-_ e/e/0ekx,wQ13,917,431.19 (1

23、2);2020 RHc.34svnnokx,wQ 849,056.60 (12)5 “,6 E7b8V/9:,:; Eu5,;6M/0?12,AWfPQ12,AWfPQ=7UAW=:,&MW=” zW=”z1 40 Wf,6 2 vR,16 e/R, 3 M*D,19 QWfa68T8UVWfi6w6M ;a6*Y$zEuZ“_WeXu,Av33fl*a?“ B OPQb,ROPQS 2cQ Rd8kV2,O*8Z2ROQa!e Nfl*M!YZ B ,-p;Da#f$C $XUg.5kXfl*!f_g6Md.5hi#$,SO* jQWR; 2019 R_jq; B BrklVgD Eg$yz

24、,W ;“.5”“x P”gNO#$2022 R 6 27 ,mnvx IPO ,wxy& mnv“_; 2015 R,#$f SIRP-Fc Pk“, CD47/CD20 opCD47/HER2 opCD47/PD-L1 opCD47/CD24 opIL-8 zpPD-L1/VEGF opCTLA-4 zpCD70 zp(mnv“_U#IOPQ,2021 R C O28cm 8.3 :mnv xp,fl#qrY !x-,x 12.25%,svVtx 11.89%,uQRx 5.41%t$%*&s! _*cn*6 28 6 28 vwxy/PalleonDEMBiopharm alicence

25、 in/outPQ#$6 vwxyH Palleon Pharmaceuticals LMI“12kX,wx$ $opK-zPk“6,!Y Palleon $hiop HER2 pK-zPk“,|!8;vwxy Bp7TAA:YZ$pK)QozPk“V,Palleon -$C#_,ocwx.5$&0opvwxy|$6M76MhR:f,Palleon .5?kX$o ,vwxyHQp;a!$ YZ$XR CHoMP ,UI4jYHa9CHoMP R He?OgA#$2022 R 6 28 ,V,wx$BpK 9(iADC)kX0?p Astellas Sutro oc VP, iADC t5YZ

26、 $#_eXTSutro 5no Rfk,Astellas ab$O V,Sutro /,U0po)*c*c6 28 OPQ6 28 O6 28 O6 28 *M6 28 tMfA6 28 *SC“”6 28 6*6*$z”6 27 O2022 . Onox7A% O:LM“ C O 7Crossover O:PQ,2Q?O*8+O* 8 ?(!$QRDtO-2022 R 1 28 , O“ 1.2 B+OPQB+OPQSF8QRBt/QRQR(!12cwx2Q2021 R 8 , O“ 3.5 B OPQ,B OPQS_ MYV2,$f A+H * *12Z2 W4K 3 U,18 Uab9

27、V ,60 UuZ l lX 1 C/R, WHO l/,M 6.29 $ 64 Cvno=xC$zUCCCWN CNO )#_“”; av#w“!s*”“!*”fi0E7FzE:(UAfi0E)fi0E;, 2023 R,Nkv#7UA:15000 R,SsY11000 RU,!(lItcabP,W Ji6”I(abdc%j z,ER$O8,fi 3flMp?pO( Wabfi”&fi7:,p zia,“z!p a m)uJ+fl%uZ*Sd8,)uJMt f( Z_),O6*LkUC J5NO(SAHPRA)S.3A! ,Iv p p; 18 K 59 “RW,0$ ,J 14 K 28

28、N,J5NO; 2021 R 7 3 Iv!p=/,vS., 60 5Mf-,- 29 C*cIVD ! t$%*&sstsI6 27 OmRNA OvnLM,7NMPA:I6 27 *o!W)!WUr01+vX2X-*sX,Ib-3*O4b5kM2(!dsXx1&67s,/*oIHS.IvV E#8jLM“ B OPQROPQSO2V2,x-92QZ2,:QR-fE#8j_; 2015 R,;-Xf,E#8jIv$6 27 Jc%6 27 *uvMfAI#$vY!KI ) | 12 fIv !,-no)*,Iv*OW8UD RW=2022 N A-TECH =fi?“Z*,R A-TECH

29、=fi?&$M. A7 Speed ABC$+,c% HiOrtho 10.0 dPyMf |SD FG FHo IQJ2 I, FG 2023 R 6 23 “fi0, FHoIQJ$Mfl “fi0stst$%*&s6 27 6s!2021 RvIKLdPp ,01Y 2217 17 xHdPp j,xjk 152%TOP3 YMNSO,I 1032 71282%188.7%2.2%:CDE rs,6 1.1 IPQbR, YRU#A6“ 1 Jgs!,2021 R6MSfiKO6MsO6“kQT% 100 IPQ7p”“ 1 ”:YC.C!-#& p6gC,$?fl,VpJgs6 27

30、66;S?“WXY(b3PQJ, IPQ$ZlI 95.34%, & U6 1.1 IPQ; 2022 R 5 CDE *,p;$b3: /,$C_ab d e epeNfg(Jgsstsus6*6 27 6*t6M6*R#,hi;J.5 11 5Mf,MY yzR,lMYI1m,no6*p6*-h iMYIJC56l ISO I,6*I_)$z q!5urs,JC6lMYIV,sJC6* MY$z/E:TsXpS6M* v=(,6M* v=6* 0=-w, )#_ x6*kwyus+6*!AB 2021&$M ABDtR$MAB;,!d?A,6* bfiX“”Fu s6*zp#*|,&/kg

31、$zhi7.2 |”-f 6*DHABPQ,666*DI 4 |”,3K*D!UT%t0fl!*D#tW* ,l#t* *DI6M2022 R 6 25 )BMSBreyanziCAR-T9CD19!f$m8v$/$3BBI4zV2022 R 6 27 )IO?zpzpPD-1k7?+j=-:!f$4; Cv$3b) N3b jLV2022 R 6 27 )!twEnhertuADCHER2HER2 ILV2022 R 6 27 )&:0 &?zpzpPD-171:Ie 7CRT:.*o4 8? b ;Z e$T 72:k 1 Vp;Cb) N3Z!f$jV2022 R 6 25 )GSKbe

32、pirovirsen7GSK3228836 GSK836:O:iHBsAg3XIIb C6CJ T2022 R 6 27 )OGST-HG14cccDNAX/I CJT2022 R 6 28 )vwxyHLX26zpLAG3k PD-1 zpC/)N3fi KBI Cs2022 R 6 28 )IOIBI333Pk“opVEGF-A/VEF-CtEO27CNV:2022 R 6 28 )DifamilastPDE432022 R 6 28 )R-MolnupiravirRdRp2022 R 6 27 )?lenacapavirHIV $u HIV-1 2022 R 6 27 )SAR44382

33、00WRIPK1x*s 2 C2022 R 6 27 )*BLU-945 EGFR EGFR rfl5 R2022 R 6 27 )BlueprintMedicinesAR)N3pp3LIII CJT2022 R 6 27 )ST#AT84589AAV8$b?Z=,2022 R 6 27 )*HBM7008opB7H4x4-1BBpB2022 R 6 28 )Relay TherapeuticsRLY-4008zCFGFR2azT2022 R 6 28 )Kezar LifeSciencesZetomipzomibzC“g37LN:2 CJT2022 R 6 29 )cO?zpopPD- 1/

34、CTLA-41 $m v$b)N3Z2022 R 6 30 )i*ARB)N 3u3L=2022 R 6 28 )Priovant TherapeuticsbrepocitinibTYK2/JAK 1#_2022 R 6 28 )EndevicaTCMCB07MC4RZ6789;!pqO3x;3xazB2022.7.1)xxRfls; 2019 R3xHxCQ”?xC 2022 Ro|-bJxflsB2022.7.1&Tx-=6BND5=;.&TOvnx 2022Rox-=9Ey2022.7.1x-=2022 Rox-=,VB2022.7.1“*A”#;txx-;0 x+A”B2022.7.1

35、Mlm3x;3xazB2022.7.1uxQmfl;.QWfl&“eflB2022.7.1,IvxRfls3xx;0?3x3“B2022.6.30MNx-=2021 RRx-=,VB2022.6.30 x-=6B7.:D5=;MNx 2021 RRx-=9Ey2022.6.305x=Bk5=V,VB2022.6.30vnxxRfls2021 R3xQ”!59:C9:JxB2022.6.30 xj;x 5%Ux- Qx% 1%B2022.6.30A*5x=B_5%5=!=V5E2022.6.305xxP“fiB2022.6.30&LOxjx-xQ”B2022.6.30Xvfls5”flfi0B2022.6.305x=B5=B5=V,VB2022.6.306OAKouooR$tMxbW02022.6.30vnx5=; 2022 R3xQ”?”ziIE2022.6.30Ovx-=2021 Rx