每经AI快讯，昭衍新药(06127.HK)涨超5%，截至发稿涨5.17%，报22.38港元，成交额1.16亿港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - The stock of Zhaoyan New Drug (06127) has risen over 5%, currently trading at 22.38 HKD with a transaction volume of 116 million HKD, driven by a recovery in demand for preclinical CRO clients and a tight supply of experimental monkeys [1] Group 1: Market Dynamics - Demand for preclinical CRO services is recovering, particularly for new technology platforms such as large molecules (multi-antibodies, ADC), small nucleic acids, peptides, and cell gene therapies, which require macaques for safety evaluation tests [1] - The price of experimental macaques has increased significantly, with 3-5 year old macaques now priced at 140,000 RMB each, indicating a supply-demand imbalance in the market [1] Group 2: Financial Implications - According to estimates from Founder Securities, if the average price of experimental macaques is accounted for at 84,900 RMB each in 2024 and increases to 140,000 RMB by Q4 2025, the estimated new fair value contribution for Zhaoyan New Drug in 2025 could be approximately 220 million RMB, based on a known supply of 23,200 macaques and an estimated output rate of 17% [1]

Core Viewpoint - The stock of Zhaoyan New Drug (603127) has increased by over 5%, currently trading at 22.38 HKD with a transaction volume of 116 million HKD, indicating a positive market response to recent developments in the preclinical CRO sector [1] Group 1: Market Demand and Supply Dynamics - There is a recovery in demand from preclinical CRO clients, while the supply of experimental monkeys is tight, leading to increased prices [1] - The price of the food crab monkey, essential for safety evaluation tests in drug development, has risen to 140,000 RMB per monkey, reflecting a supply-demand imbalance [1] Group 2: Impact on Drug Development - New technology platforms such as large molecules (multi-antibodies, ADC), small nucleic acids, peptides, and cell gene therapies require food crab monkeys for safety evaluation, highlighting the importance of this resource in innovative drug development [1] - The increase in monkey prices will directly contribute to profit through fair value changes, supporting the recovery of domestic innovative drug research and development [1] Group 3: Financial Projections - According to estimates from Founder Securities, if the average price of experimental monkeys is accounted for at 84,900 RMB in 2024 and increases to 140,000 RMB by Q4 2025, the estimated new fair value addition for Zhaoyan New Drug in 2025 could be approximately 220 million RMB, based on a known population of 23,200 monkeys [1]

本文源自：智通财经网 智通财经获悉，CRO概念股承压走低，截至发稿，康龙化成(03759)跌4.32%，报21.24港元；昭衍新药 (06127)跌3.29%，报21.16港元；凯莱英(06821)跌2.31%，报78.15港元；维亚生物(01873)跌1.98%，报 1.98港元。 消息面上，北京时间12月18日凌晨，搭载修订版《生物安全法案》的美国2026财年《国防授权法案 (2026NDAA)》以77票赞成、20票反对的结果在参议院表决通过，至此已完成参、众两院的主要立法程 序即将送往白宫，由美国总统签署生效。信达证券指，过去两年《生物安全法案》是压制CXO板块估 值的重要原因，和最初版本相比，最终落地的版本没有点名具体企业，整体相对温和。虑到美联储已经 进入降息通道，全球生物医药投融资有望边际改善，随着法案落地，CXO板块有望迎来业绩和估值的 双重修复。 ...

消息面上，北京时间12月18日凌晨，搭载修订版《生物安全法案》的美国2026财年《国防授权法案 (2026NDAA)》以77票赞成、20票反对的结果在参议院表决通过，至此已完成参、众两院的主要立法程 序即将送往白宫，由美国总统签署生效。信达证券指，过去两年《生物安全法案》是压制CXO板块估 值的重要原因，和最初版本相比，最终落地的版本没有点名具体企业，整体相对温和。虑到美联储已经 进入降息通道，全球生物医药投融资有望边际改善，随着法案落地，CXO板块有望迎来业绩和估值的 双重修复。 智通财经APP获悉，CRO概念股承压走低，截至发稿，康龙化成(03759)跌4.32%，报21.24港元；昭衍新 药(06127)跌3.29%，报21.16港元；凯莱英(06821)跌2.31%，报78.15港元；维亚生物(01873)跌1.98%，报 1.98港元。 ...

CRO概念股承压走低，截至发稿，康龙化成（300759）(03759)跌4.32%，报21.24港元；昭衍新药 （603127）(06127)跌3.29%，报21.16港元；凯莱英（002821）(06821)跌2.31%，报78.15港元；维亚生物 (01873)跌1.98%，报1.98港元。 消息面上，北京时间12月18日凌晨，搭载修订版《生物安全法案》的美国2026财年《国防授权法案 (2026NDAA)》以77票赞成、20票反对的结果在参议院表决通过，至此已完成参、众两院的主要立法程 序即将送往白宫，由美国总统签署生效。信达证券（601059）指，过去两年《生物安全法案》是压制 CXO板块估值的重要原因，和最初版本相比，最终落地的版本没有点名具体企业，整体相对温和。虑 到美联储已经进入降息通道，全球生物医药投融资有望边际改善，随着法案落地，CXO板块有望迎来 业绩和估值的双重修复。 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The biopharmaceutical investment and financing environment has shown significant recovery since the second half of 2025, with a total financing amount of USD 30.32 billion from July to November 2025, representing a year-on-year increase of 30.90% [4] - The number of new drug IND applications stabilized in 2025, with approximately 1,897 applications from January to November, reflecting a year-on-year growth of about 7.91% [4] - The demand for CRO services has shown a clear turning point, and the report continues to recommend opportunities in the innovative drug industry chain (CXO + research services) for 2026 [4] Summary by Sections Industry Performance - The biopharmaceutical sector experienced a decline of 0.14% in the third week of December 2025, outperforming the CSI 300 index by 0.14 percentage points, ranking 22nd among 31 sub-industries [7][14] - The offline pharmacy sector saw the highest increase, rising by 5.59%, while the chemical preparation sector had the largest decline at 2.1% [18][22] Investment Opportunities - The report highlights the strong performance of leading CXO and research service companies, with many exceeding earnings expectations. Companies like WuXi AppTec and Tigermed have raised their earnings guidance for 2025 [5] - The report recommends a valuation switch opportunity for leading CXO and research service companies, given the continuous improvement in demand [5] Clinical Research Organizations (CRO) - There has been a notable improvement in orders for preclinical and clinical CROs, with expectations for significant improvements in financial statements for 2026 [6] - The report anticipates that the market demand will continue to focus on leading companies as the capacity of clinical CROs is expected to be streamlined [6] Monthly and Weekly Recommendations - The report recommends a monthly investment portfolio including companies such as Sanofi, Innovent Biologics, and others, focusing on innovative drug opportunities and valuation switch [8]

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 19.04%, 17.09%, and 15.18% respectively [1][2] - The companies with the largest absolute increase in short positions are Zhaoyan New Drug (06127), Lens Technology (06613), and China Everbright Holdings (00165), with increases of 2.08%, 1.68%, and 1.46% respectively [1][2] - The companies with the largest absolute decrease in short positions are ZTE Corporation (00763), Nuo Cheng Jian Hua (09969), and Yi Mai Tong (02192), with decreases of -3.12%, -2.21%, and -1.70% respectively [1][2] Group 2 - The top ten companies with the highest short ratios include Vanke Enterprises (02202) at 19.04%, COSCO Shipping Holdings (01919) at 17.09%, and Heng Rui Medicine (01276) at 15.18% [2] - The companies with the most significant increase in short ratios include Zhaoyan New Drug (06127) from 3.50% to 5.57%, Lens Technology (06613) from 3.07% to 4.75%, and China Everbright Holdings (00165) from 2.04% to 3.51% [2] - The companies with the most significant decrease in short ratios include ZTE Corporation (00763) from 17.63% to 14.51%, Nuo Cheng Jian Hua (09969) from 5.19% to 2.97%, and Yi Mai Tong (02192) from 3.06% to 1.36% [2][3]

12月19日，昭衍新药盘中下跌2.02%，截至10:04，报34.98元/股，成交3.59亿元，换手率1.61%，总市值 262.17亿元。 资料显示，北京昭衍新药研究中心股份有限公司位于北京市经济技术开发区荣京东街甲5号,香港铜锣湾 希慎道33号利园1期19楼1920室，成立日期1998年2月25日，上市日期2017年8月25日，公司主营业务涉 及以药物非临床安全性评价服务为主的药物临床前研究服务和实验动物及附属产品的销售业务。主营业 务收入构成为：药物非临床研究服务95.59%，临床服务4.34%，实验模型供应0.07%。 昭衍新药所属申万行业为：医药生物-医疗服务-医疗研发外包。所属概念板块包括：专精特新、H股、 MSCI中国、中盘、基金重仓等。 截至9月30日，昭衍新药股东户数9.65万，较上期增加57.61%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，昭衍新药实现营业收入9.85亿元，同比减少26.23%；归母净利润8070.61万元，同比增 长214.79%。 分红方面，昭衍新药A股上市后累计派现7.03亿元。近三年，累计派现3.56亿元。 资金流向方面，主力资金净流入606. ...

智通财经APP获悉，根据2025年12月18日披露数据，狮腾控股（02562）、昊天国际建投（01341）、弘 业期货（03678）港股通持股占比增加值最大，分别增加2.82%、2.00%、1.47%；昭衍新药（06127）、 一脉阳光（02522）、南方港美科技（03442）港股通持股占比减少值最大，分别减 少-1.06%、-0.56%、-0.55%。 在最近有统计数据的5个交易日内，红星美凯龙（01528）、狮腾控股（02562）、招商恆生科技 （03423）港股通持股占比增加值最大，分别增加7.04%、4.79%、3.61%；长飞光纤光缆（06869）、招 商证券（06099）、中兴通讯（00763）港股通持股占比减少值最大，分别减 少-7.35%、-4.37%、-3.50%。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 狮腾控股(02562) | +2.82% | 38.88% | | 昊天国际建投(01341) | +2.00% | 63.13% | | 弘业期货 ...