Market Review - The overall market sentiment for the pharmaceutical sector remains optimistic, with the CITIC Pharmaceutical Index rising by 1.54%, outperforming the CSI 300 Index by 1.80 percentage points, ranking third among CITIC's 30 primary industry indices [5][6]. - The top ten stocks by growth this week include Yiming Pharmaceutical, Saiseng Pharmaceutical, and Aoyang Health, while the biggest losers include Renmin Tongtai and Kanglao Weishi [4][5]. Sector Insights and Investment Strategy - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) showing low allocation to this sector. The recovery of macroeconomic factors, such as US Treasury yields, is expected to positively impact the industry, leading to a flourishing investment landscape by 2025 [9][10]. - The focus on innovative drugs is shifting from quantity to quality, emphasizing differentiated products and international pipelines. Companies that can deliver profitable products are expected to perform well [9][10]. - In the medical device sector, there is a notable recovery in bidding for imaging equipment, and home medical devices are benefiting from subsidy policies. The orthopedic market is also expected to see growth post-collection [9][10]. Company-Specific Developments - Angli Kang's innovation strategy is beginning to yield results, with significant investments in R&D. The company has established a pipeline of generic drugs and is transitioning towards improved new drugs and innovative drugs [11][12][14]. - The collaboration with Shanghai Qinhuli for the development of innovative oncology drugs is progressing, with several projects in various clinical stages [13][17]. - The company is also focusing on the development of combination therapies for chronic diseases, particularly in hypertension, with promising products nearing market entry [25][26]. Industry Trends - The medical device market is witnessing a shift towards domestic alternatives, with significant growth expected in the imaging and low-value consumables segments. The market for imaging devices is projected to improve significantly starting in Q4 2024 [36][37]. - The IVD sector is experiencing accelerated domestic substitution, particularly in the field of chemiluminescence, with a projected CAGR of 15-20% from 2021 to 2025 [34]. - The CXO and life sciences services sectors are showing signs of recovery, with increased investment activity and a positive outlook for the innovation chain [39][40].

Market Review - The overall market performance shows that the CITIC Pharmaceutical Index increased by 1.22%, outperforming the CSI 300 Index by 0.34 percentage points, ranking 16th among 30 CITIC first-level industries [5] - The top ten stocks by increase include Yiming Pharmaceutical, Wanbangde, and Aonlikang, while the top ten stocks by decrease include Longjin Tui, Huason Pharmaceutical, and Mypu Medical [4][5] Sector Insights and Investment Strategy - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) having low allocations to this sector. The outlook for the pharmaceutical industry remains optimistic for 2025, driven by macroeconomic factors and the growth of major products [9][10] - In the innovative drug sector, there is a shift from quantity to quality, emphasizing differentiated products and international pipelines. Companies that can deliver profitable products are expected to perform well [9] - The medical device sector is witnessing a recovery in bidding volumes, particularly in imaging equipment, and there is a push for home medical devices due to subsidy policies. The orthopedic market is also expected to grow post-collection [9][34] - The CXO and life sciences services sector is expected to see a rebound in investment, with a positive trend in overseas financing and a recovery in domestic investment. The demand for innovative drugs and related services is anticipated to increase [40][41] Industry and Company Events - The gout treatment market is highlighted as a significant opportunity, with a focus on new drug developments. The prevalence of hyperuricemia in China is approximately 13.3%, with a significant patient population for potential treatments [14][15] - The pipeline for URAT1 inhibitors is robust, with several companies, including Hengrui and Yipin Hong, making progress in clinical trials. The first domestic URAT1 inhibitor is expected to be submitted for NDA in early 2025 [23][24][32] - The market for gout medications is projected to reach approximately 1.821 billion yuan in 2024, with significant competition among existing and new products [17][18] - The medical device market is expected to grow significantly, particularly in high-value consumables and IVD (in vitro diagnostics), driven by policy support and increasing domestic demand [34][35]

Market Review - The CITIC Pharmaceutical Index increased by 2.21%, outperforming the CSI 300 Index by 3.30 percentage points, ranking third among CITIC's 30 primary industries [5] - The top ten stocks by increase this week included Shutaishen, Huason Pharmaceutical, Changshan Pharmaceutical, and others, while the top ten stocks by decrease included Haichen Pharmaceutical and Haisen Pharmaceutical [5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is low, with public funds (excluding pharmaceutical funds) having low allocation to this sector. The industry is expected to grow positively by 2025 due to macroeconomic factors and the pull effect of major products [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, emphasizing the importance of products that can generate profits. Companies with differentiated and internationalized pipelines are recommended for attention [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and policies are promoting the home medical device market. The orthopedic procurement is also showing good growth post-clearance [9] - The innovation chain (CXO + life science services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, leading to high profit elasticity for companies as they enter the return phase [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Focus on Procurement Optimization - The average price reduction for the tenth batch of national procurement is expected to reach 75%, causing significant market sentiment disturbances. This is attributed to the extended procurement cycle and increased competition among products [16] - The multi-level procurement model extends the risk exposure time for generic drugs, as products switch from national procurement to regional alliances, leading to potential loss of contracts and further price declines [21] - The ongoing price governance by the National Medical Insurance Bureau aims to eliminate price discrimination among similar drugs across provinces, which may further impact the market [27] Company-Specific Insights - Companies like Huadong Medicine are expected to see a significant recovery in performance due to the current optimization of procurement policies, which may reduce the risk exposure of their existing products [40] - The sales figures for several of Huadong Medicine's products are projected to stabilize as the procurement pressure diminishes, with total sales for five key products reaching approximately 58.07 billion yuan in 2024 [40]

Core Viewpoint - Aibo Medical is a leading innovator in the ophthalmic device sector, focusing on intraocular lenses, orthokeratology lenses, and contact lenses, with a stable revenue contribution of approximately 90% from these core products [3]. Group 1: Intraocular Lenses - Aibo Medical is recognized as a domestic leader in intraocular lenses, with a comprehensive product system and strong performance in national procurement [4]. - The company has introduced the first domestic toric intraocular lens for astigmatism correction and the first dual-focus intraocular lens, which is the only product meeting the "vision improvement" criteria in national procurement, enjoying a 20% premium [4]. - The company is advancing clinical projects for trifocal lenses and EDoF technology, which enhances imaging quality, with EDoF lenses already sold in Europe and progressing in domestic registration [4]. Group 2: Orthokeratology Lenses - The global prevalence of myopia among children and adolescents is rising, and orthokeratology lenses are effective in correcting or delaying myopia progression [5]. - Since 2018, orthokeratology lenses have been included in the "Myopia Prevention and Control Guidelines," accelerating the commercialization of this sector in China [5]. - Aibo Medical's orthokeratology lenses incorporate advanced design technologies and lead the industry in key performance indicators such as oxygen permeability and wettability [5]. Group 3: Contact Lenses - Aibo Medical's contact lens technology is robust, leveraging core technologies from its established ophthalmic medical devices [6]. - The company has expanded its contact lens business through acquisitions, enhancing production capacity and retail channels [6]. - Future strategies include targeting the high-end market with self-developed silicone hydrogel contact lenses and expanding into the consumer market with soft contact lenses [6].

Market Review - The overall market sentiment in the pharmaceutical sector remains low, with the CITIC Pharmaceutical Index rising by 1.92%, outperforming the CSI 300 Index by 2.10 percentage points, ranking second among CITIC's 30 primary industries [5] - The top ten stocks by increase include Sanofi, Haicheng Pharmaceutical, and Shutaishen, with gains of 99.96%, 51.56%, and 40.23% respectively [4][5] - The bottom ten stocks by decrease include Weigao Blood Products and Beiyikang, with declines of 12.31% and 12.31% respectively [4][5] Sector Insights and Investment Strategy - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) showing low allocation to this sector. The macroeconomic environment, including the recovery of US Treasury yields, is expected to positively impact the industry, leading to optimistic growth projections for 2025 [9] - In the innovative drug sector, there is a shift from quantity to quality, focusing on differentiated products and international pipelines. Companies that can deliver profitable products are expected to perform well [9] - The medical device market is witnessing a recovery in bidding volumes, particularly in imaging equipment, and there is a push for home medical devices supported by subsidy policies. The orthopedic market is also expected to grow significantly due to aging demographics and increased surgical volumes [9][41] - The CXO and life sciences services sector is anticipated to see a rebound, with domestic financing expected to recover from its bottom. The demand for life sciences services is recovering, and companies are expected to achieve high profit elasticity as they enter the return phase of investment [9][46] Retail Pharmacy Market Analysis - The retail pharmacy market continues to face challenges, with a cumulative scale of 1,406 billion yuan in Q1 2025, down 6.1% year-on-year. The market showed signs of recovery in March, but overall demand remains weak [15][22] - The market for traditional Chinese medicine (TCM) is also under pressure, with a cumulative scale of 95 billion yuan in Q1 2025, reflecting a year-on-year decline of 13.6% [29] - The medical device retail market saw a cumulative scale of 66 billion yuan in Q1 2025, down 4.3% year-on-year, but showed signs of recovery in March [29] - The health supplement market is experiencing significant declines, with a cumulative scale of 47 billion yuan in Q1 2025, down 24.2% year-on-year, indicating a shift in consumer behavior and demand [33] Chemical Drug Market Analysis - The top 20 chemical drug categories showed mixed performance, with some categories like antiviral drugs experiencing significant growth, while others like cough and cold medications faced substantial declines [34] - The market is expected to recover post-holiday, with a focus on structural opportunities as health management needs rise [34] Innovative Drug Development - Companies like Nocera Healthcare are expanding their product indications in the hematology field, with significant growth expected from their BTK inhibitor, which has recently gained approval for new indications [40] - The autoimmune disease market is emerging as a significant growth area, with Nocera Healthcare developing multiple differentiated small molecule drugs targeting various autoimmune conditions [40] Medical Device Market Trends - The medical device sector is seeing accelerated domestic replacement, particularly in high-value consumables, with a focus on orthopedic and neurological products [41][42] - The IVD market is also experiencing growth, with domestic brands increasing their market share and expanding into overseas markets [42][43]

Core Viewpoint - The company, Sital, is a leading enterprise in the highly scarce contrast agent industry chain, with over 20 years of experience and the largest scale and variety of iodine contrast agent raw materials in China. The company has maintained a compound annual growth rate (CAGR) of 17.6% in revenue from 2018 to 2024, indicating strong growth potential in the market [3]. Group 1: Industry Overview - The iodine contrast agent sector is characterized by a large market size, long-term growth potential, high entry barriers, and a limited number of global players, making it an excellent investment opportunity within the generic drug industry [3]. - The company has strengthened its competitive position through strategic capacity investments and has enhanced its technical capabilities, production layout, and certification systems in mainstream markets [3]. Group 2: Production Capacity and Upgrades - The company is set to release compliant production capacity gradually, marking the beginning of an industrial upgrade in the iodine contrast agent field. New production bases in Xianju, Haishen Pharmaceutical, and Jiangxi Sital are expected to contribute to revenue growth and improved gross margins [4]. - The scale of production capacity is seen as a long-term competitive advantage, while successful market certifications signify the official start of the company's industrial upgrade [4]. Group 3: Formulation and Global Strategy - The company is implementing a comprehensive strategy for all varieties of contrast agents and global expansion, which is expected to lead to sustained growth in both domestic and international markets [4]. - In the domestic market, the company is positioned to enter a profitable cycle due to successful bids for three major iodine contrast agent formulations, which are anticipated to replace imports and gain market share through centralized procurement [4]. - The company’s overseas strategy is bolstered by the successful certification of its Shanghai formulation plant, which is expected to leverage cost advantages and open up significant global market opportunities, contributing to revenue and profit growth [4].

Market Review - The CITIC Pharmaceutical Index increased by 1.37%, outperforming the CSI 300 Index by 0.26 percentage points, ranking 10th among CITIC's 30 primary industry indices [5] - The top ten stocks by increase this week include Tuoxin Pharmaceutical, Jiaotong University, Yong'an Pharmaceutical, Senxuan Pharmaceutical, Hasan Medical, Puli Pharmaceutical, Chuaning Biological, Xinganjiang, Haichen Pharmaceutical, and BGI [5] - The top ten stocks by decrease include ST Suwu, Jinkai Biotechnology, Zexing Pharmaceutical-U, Shengda Biological, Zhixiang Jintai-U, ST Chang Pharmaceutical, Kehua Biological, Yuekang Pharmaceutical, Taige Pharmaceutical, and ST Jingfeng [5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is low, with public funds (excluding pharmaceutical funds) having low allocation to this sector. Considering the positive recovery of macroeconomic factors such as US Treasury rates, the industry is expected to see optimistic growth by 2025 [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. Companies to watch include Baiji, Xinda, Kangfang, Hansoh, Kelun, Betta, Nuocheng Jianhua, Kexin, Kangnuo, Hehuang, Lepu, Gelai, Laikai, Rongchang, and Yiming Anke [9] - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, with ongoing updates in equipment. Companies to focus on include Mindray, United Imaging, and Aohua. The home medical device market is also benefiting from subsidy policies, with companies like Yiyue gaining attention [9] - The innovative chain (CXO + life science services) is expected to see a rebound in overseas financing and a bottoming out in domestic financing, indicating a positive trend for the industry [9] - The pharmaceutical industry is expected to enter a new growth cycle, with a focus on specialty raw materials and the gradual realization of formulation products. Companies to watch include Tonghe Pharmaceutical, Tianyu Co., and Huahai Pharmaceutical [9] TAVR Market Update - The TAVR implantation volume continues to grow rapidly, with 17,232 cases performed in 2024, a 14% increase from 2023. The penetration rate for TAVR in China has significant room for improvement [11] - The top ten provinces for commercial TAVR implantation include Shanghai, Sichuan, Beijing, and Guangdong, with the femoral artery approach being the most common [11] - The TAVR market is expected to benefit from the upcoming centralized procurement, which could lower sales costs and enhance market penetration [36] Innovative Drug Sector - Companies like Nuocheng Jianhua are expanding their product indications in the hematological malignancy field, with six products covering various indications. The approval of their BTK inhibitor, Abru, is expected to significantly boost sales [38] - The autoimmune disease market is becoming a new growth curve for companies, with a large patient population and several differentiated small molecule drugs in development [38] Medical Device Sector - The imaging equipment market is recovering, with significant growth expected in 2024 and 2025. Companies like Mindray and United Imaging are well-positioned to benefit from this trend [44] - The home medical device market is also expected to grow due to government subsidies, with companies like Yiyue leading the way [44] Low-Value Consumables - The low-value consumables market is seeing improvements in both domestic and overseas business, with companies like Weili Medical showing strong growth in export revenues [45]

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第 -部分 行情回顾 01 02 板块观点和投资组合 03 行业和个股事件 本周行情回顾 本周中信一级行业指数涨跌幅 本周涨幅排名前/后十名的股票 ST葫芦娃 锦好医疗 24.38% 永安药业 常山药业 23.59% -17.82% 海创药业-U 5% *ST苏昊 22.76% -15.31% ·ST双成 ST香쌈 19.64% 4% 热景生物 会凯生科 18.98% 396 一品红 *ST生物 16.46% 296 九芝堂 交大昂立 15.189 1% 荣昌生物 爱朋医疗 14.81% 伟思圆疗 河化股份 13.88% 8.43% the Light 座药 三友医疗 13.63% 科兴制药 -8.39% 10% 1 5% 20% -20% -15% -10% -5% 0% 5% 25% 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 未经许可,禁止转载 资料来源：Wind，华创证券 = 华创研究 co · 本周，中信医药指数上涨0.98%，跑输沪深300指数1.03个百分点，在中信30个一级行业中排名第26位。 · 本周涨幅前十名股票为锦好医疗、常山药业、海创药业-U、ST香雪、 ...

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订 阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 毕得医药成立于2007年，是一家为新药研发机构提供专业、高效的药物分子砌块及科学试剂产品及服务的企 业 。 长期以来，公司坚持"多、快、好、 省"的核心优势，采用"横向扩品种+纵向做深优势产品线"的模式，依靠自身建立的供应链管理能力，从药物靶点的发现、苗头化合物的筛选、先导化 合物的产生和优化、临床候选药物的选择等新药开发阶段，服务于新药研发产业链前端。 复盘Sigma-Aldrich成长带来的启示： 1）产品数量保持持续增长。 Sigma-Aldrich动态迭代产品组合，1993-2014年产品从7.1万种增至25万种，2014年8.4万种自产产品贡献60%业绩。 2）重视外延 并购 。 Sigma-Aldrich自成立起通过并购扩张，如收购Fluka、Supelco等，整合资源扩大产品线与市场，奠定科学产品龙头地位。 3 ...