2026 年 3 月 24 日 晨会速递 分析师点评 市场数据 行业研究 【房地产】供给节奏扰动，2026 开年宅地成交量价均处低位——土地市场月度跟踪 报告（2026 年 2 月）(增持) 2026 年 1-2 月，百城宅地供应建面同比-17%，成交建面同比-34%，成交楼面均价同 比-24%。1-2 月核心 30 城土拍溢价率超过 20%的成交宅地共 9 宗，占比 11.1%；零 溢价成交的宅地宗数为 68 宗，占比 84.0%，宅地成交量价均处低位。开年《求是》 集中刊文，明确改善和稳定房地产预期，随着前期一揽子政策持续落地，区域分化进 一步加深，推荐中国金茂、绿城服务等。 【房地产】【光大地产】核心城市楼市成交高频跟踪 20260323(增持) 截至 2026 年 3 月 22 日， 20 城新房：累计成交 11.4 万套(-28.8%)；北京 5452 套 (-31%)、上海 1.7 万套(-13%)、深圳 3193 套(-58%)； 10 城二手房：累计成交 20.0 万套(-7.3%)；北京 3.5 万套(-4%)、上海 5.6 万套(-0.2%)、深圳 1.1 万套(-14%)。 公司研究 【 ...

2026 年 3 月 23 日 公司研究 创新驱动长久发展，产能保持龙头地位 ——天坛生物（600161.SH）下属企业再获高新技术企业证书点评 要点 事件：公司于 2026 年 3 月 20 日发布公告，下属公司天坛上海近日收到《高新 技术企业证书》。天坛上海自本次获得高新技术企业认定连续三年内（2025 年、 2026 年、2027 年）继续享受国家关于高新技术企业的相关优惠政策，按应纳税 所得额 15%的税率缴纳企业所得税。 点评： 创新驱动公司长久发展，多项产品取得积极进展。除天坛上海外，公司下属的成 都蓉生、天坛武汉亦拥有《高新技术企业证书》。公司持续重视创新研发，多项 产品取得积极进展，截至 2025 年上半年末："蓉生"四代静丙获得《药品补充 申请批准通知书》；皮下注射人免疫球蛋白、注射用重组人凝血因子Ⅶa 处于药 品审评阶段；人凝血因子Ⅸ、第四代 10%浓度静注人免疫球蛋白，新增治疗慢 性炎性脱髓鞘性多发性神经根神经病适应症，在开展Ⅲ期临床试验；注射用重组 人凝血因子Ⅷ-Fc 融合蛋白完成Ⅰ期临床试验。公司在研管线丰富，随着产品矩 阵的不断扩展，有望进一步巩固公司在重组人凝血因子类和人免疫球蛋 ...

证券代码：600161 证券简称：天坛生物 公告编号：2026-006 北京天坛生物制品股份有限公司 关于下属企业再获《高新技术企业证书》的公告 北京天坛生物制品股份有限公司（以下简称"公司"）下属国药集团上海血液 制品有限公司（以下简称"天坛上海"） 近日收到由上海市科学技术委员会、上 海市财政局、国家税务总局上海市税务局联合颁发的《高新技术企业证书》，证书 编号为GR202531001631，发证时间：2025年12月19日，有效期三年。 本次天坛上海获得《高新技术企业证书》系对原证书期满后的重新认定。根据 《中华人民共和国企业所得税法》以及国家对高新技术企业的相关税收规定，天坛 上海自本次获得高新技术企业认定连续三年内（2025年、2026年、2027年）继续享 受国家关于高新技术企业的相关优惠政策，按应纳税所得额15%的税率缴纳企业所 得税。 特此公告。 北京天坛生物制品股份有限公司 2026 年 3 月 20 日 - 1 - 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ...

北京天坛生物制品股份有限公司 关于控股股东权益变动暨股份完成过户登记的公告 证券代码：600161 证券简称：天坛生物 公告编号：2026-005 近日，公司收到控股股东中国生物通知，中国生物已收到由中国证券登记结算 有限责任公司出具的《证券过户登记确认书》，本次无偿划转的股份过户登记手续 已办理完毕。 | 本次无偿划转前后，中国生物及其一致行动人所持公司股份变动情况如下： | | --- | | 公司名称 | 无偿划转前 | | 无偿划转完成后 | | | --- | --- | --- | --- | --- | | | 持股数量 | 持股比例 | 持股数量 | 持股比例 | | | （股） | （%） | （股） | （%） | | 中国生物技术股份有限公司 | 902,500,488 | 45.64 | 921,302,854 | 46.59 | | 成都生物制品研究所有限责任 | 69,817,435 | 3.53 | 69,817,435 | 3.53 | | 公司 | | | | | | 北京生物制品研究所有限责任 | 18,802,366 | 0.95 | 0 | 0 | | 公司 | | | ...

Investment Rating - The report maintains a positive outlook on the blood products industry, suggesting that the supply-demand relationship will gradually improve, leading to performance recovery for companies in this sector [10][34]. Core Insights - The blood products industry is characterized by a clear long-term growth trajectory, supported by a favorable regulatory environment for plasma collection and an expanding product range among companies [12][34]. - Short-term performance has been impacted by supply-demand mismatches, with a notable decline in profitability observed in 2025 due to excess supply and price reductions [19][36]. - The report highlights the importance of white albumin and immunoglobulin (IVIG) as core products, with a stable demand expected despite recent price pressures [33][34]. Summary by Sections Market Review - The report notes a decline of 0.85% in the medical index, underperforming the CSI 300 index by 1.22 percentage points, ranking 21st among 30 sectors [6]. - The top-performing stocks in the medical sector include Aidi Te, Zhendai Medical, and Olin Bio, while the worst performers include Beixin Life and Huayuan Bio [6]. Industry and Stock Events - The report emphasizes the recovery of plasma collection activities post-pandemic, which has led to increased supply and a shift in the market dynamics for blood products [19][26]. - The report identifies key companies to watch, including Tian Tan Biological and Bo Ya Biological, as they are expected to benefit from the industry's growth [12][34]. Overall Perspective and Investment Themes - The report suggests focusing on innovative drugs, medical devices, and the blood products sector, highlighting the potential for significant growth driven by domestic differentiation and international expansion [10][12]. - The report also discusses the ongoing consolidation in the industry, particularly among state-owned enterprises, which may enhance market concentration and operational efficiencies [46]. Supply and Demand Dynamics - The report indicates that the supply of blood products is expected to tighten in 2026 due to a slowdown in plasma collection growth and a decrease in imported white albumin supply [30][34]. - Demand for white albumin remains robust, with sales showing signs of stabilization despite recent challenges [33][34]. Future Outlook - The report anticipates a gradual return to a balanced supply-demand relationship in the blood products industry, which could lead to improved financial performance for key players [34][36]. - The potential for new product introductions and market expansions is highlighted as a significant driver for future growth in the sector [12][34].

Core Viewpoint - The blood products industry is expected to experience a recovery in performance in 2026 after a period of supply-demand imbalance in 2025, driven by a reduction in supply growth and stable demand for key products like albumin and immunoglobulin [14][36][31]. Market Review - The CITIC Pharmaceutical Index fell by 0.85%, underperforming the CSI 300 Index by 1.22 percentage points, ranking 21st among 30 primary industries [8]. - The top ten stocks by growth this week included Aidi Te, Zhend Medical, and Olin Bio, while the worst performers included Beixin Life and Huayuan Bio [8]. Overall View and Investment Themes - The innovative drug sector is transitioning from quantity to quality, emphasizing differentiated products and internationalization [10]. - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, and home medical devices are benefiting from subsidy policies [10]. - The innovation chain (CXO + life science services) is expected to see a rebound in overseas financing and a bottoming out in domestic financing, indicating a potential upturn in the industry [10]. - The pharmaceutical industry is anticipated to enter a new growth cycle, particularly in the specialty raw materials sector, with a focus on patent expirations and vertical expansion [10]. Blood Products Industry Insights - The blood products sector has faced a supply-demand mismatch leading to short-term performance pressure, with a significant decline in net profit growth rates in 2025 [14][17]. - The industry is characterized by a long-term growth trajectory due to regulatory support for plasma collection stations and an expanding product range [11][17]. - The average price of albumin and immunoglobulin has been affected by supply-demand dynamics, with prices reflecting inventory trends [22][31]. - The domestic plasma collection volume has seen rapid growth, but the supply may face adjustments in 2026 due to a slowdown in growth rates [23][30]. Supply and Demand Dynamics - The supply side is experiencing a tightening due to reduced growth in plasma collection and a decrease in the number of import approvals for albumin [30][24]. - The demand for albumin remains robust, with sales showing resilience despite pricing pressures, while immunoglobulin sales are expected to stabilize [31][27]. - The market structure for blood products in China differs significantly from global trends, with albumin dominating the market share [37]. Future Outlook - The blood products industry is projected to improve in 2026 as supply constraints and stable demand lead to a more balanced market [36][32]. - Companies in the sector are expected to benefit from improved performance metrics as the supply-demand relationship normalizes [36][32]. - The ongoing consolidation within the industry, particularly among state-owned enterprises, is likely to enhance market stability and growth potential [43][38].

Core Viewpoint - The company has announced a change in the project quality reviewer for its 2025 financial report audit, with Huang Jiacai replacing Wei Jun due to work arrangement adjustments [2][4]. Group 1: Announcement of Change - The company received a letter from Tianjian Accounting Firm regarding the change of the project quality reviewer [2]. - Wei Jun was originally appointed as the project quality reviewer for the 2025 financial report audit, but he has been replaced by Huang Jiacai [2]. Group 2: New Project Quality Reviewer's Background - Huang Jiacai has been a certified public accountant since July 2005 and has been practicing at Tianjian Accounting Firm since then [3]. - Huang Jiacai has not violated any independence requirements or faced any criminal or administrative penalties in the last three years [3]. Group 3: Impact of the Change - The transition of responsibilities during this change has been orderly, and it will not adversely affect the company's 2025 financial report audit and internal control audit [4].

Group 1 - The company TianTan Biological announced a change in the project quality reviewer for its 2025 financial statement audit [2] - TianJian Accounting Firm appointed Mr. Huang JiaCai to replace Mr. Wei Jun as the project quality reviewer due to Mr. Wei's work schedule adjustment [2] - The change pertains to the internal control audit of the financial report for the end of 2025 [2]

证券代码：600161 证券简称：天坛生物 公告编号：2026-004 一、本次变更项目质量复核人的情况 天健会计师事务所作为公司 2025 年度财务报表和 2025 年末财务报告内部控制审计 机构，原委派韦军先生作为公司 2025 年度财务报表审计报告和 2025 年末财务报告内部 控制审计报告的项目质量复核人。由于韦军先生工作安排调整，现委派黄加才先生接替 韦军先生作为项目质量复核人。变更后的项目质量复核人为黄加才先生。 二、新任项目质量复核人的基本情况 黄加才先生 2005 年 7 月成为中国注册会计师，自 2005 年 7 月开始在天健会计师事 务所执业。黄加才先生不存在违反《中国注册会计师独立性准则第 1 号——财务报表审 计和审阅业务对独立性的要求》和中国注册会计师职业道德守则有关独立性要求的情 形，最近三年未曾因执业行为受到过刑事处罚、行政处罚、监督管理措施和纪律处分。 三、本次变更对公司的影响 本次变更过程中相关工作安排已有序交接，变更事项不会对公司 2025 年度财务报 表审计和 2025 年末财务报告内部控制审计工作产生不利影响。 北京天坛生物制品股份有限公司 关于审计机构变更项目质量复核 ...

Market Overview - The biopharmaceutical sector experienced a decline of 1.3% on January 29, with Hualan Vaccine leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Individual Stock Performance - Weigao Bio (002880) saw a closing price of 30.07, with an increase of 4.59% and a trading volume of 88,100 shares, totaling a transaction value of 266 million yuan [1] - Changchun High-tech (000661) closed at 98.30, up 0.92%, with a trading volume of 64,700 shares and a transaction value of 629 million yuan [1] - Other notable performers include Boya Bio (300294) and Zhifei Biological (300122), both with a closing price increase of 0.92% and 0.73% respectively [1] Declining Stocks - Hualan Bio (301207) reported a significant decline of 9.05%, closing at 22.62, with a trading volume of 300,600 shares and a transaction value of 689 million yuan [2] - Junshi Biosciences (688180) fell by 6.02%, closing at 36.82, with a trading volume of 266,100 shares and a transaction value of 1 billion yuan [2] - Other stocks such as Jinkang (688670) and Bohui Innovation (300318) also experienced declines of 5.81% and 4.95% respectively [2] Capital Flow Analysis - The biopharmaceutical sector saw a net outflow of 866 million yuan from institutional investors, while retail investors contributed a net inflow of 682 million yuan [2] - Notable net inflows from retail investors were observed in stocks like Shanghai Laishi (002252) and Weigao Bio (002880) [3] - Conversely, stocks such as Zhixiang Quantai (688443) and Weigao Bio (002880) experienced significant net outflows from institutional and speculative investors [3]