Group 1 - The A-share CRO sector experienced a decline, with major companies like WuXi AppTec and Tigermed dropping over 7% [1] - Kanglong Chemical fell by more than 5%, while other firms such as Zhaoyan New Drug, Mediso, and Hengrui Medicine also saw declines [1]

Investment Rating - The industry investment rating is optimistic [2] Core Views - The report indicates a recovery in the industry, marking a turning point for allocation strategies [6] - The financial data and order trends suggest that the CXO sector has reached a fundamental turning point and is in a phase of continuous recovery [63] Summary by Sections Stock Price Review - Domestic performance shows a significant increase in the medical research outsourcing index, which rose by 60.41% from December 31, 2024, to September 4, 2025, outperforming the pharmaceutical and biotechnology index by 36.15 percentage points [4] - Internationally, there is a general upward revision of performance forecasts, with signs of demand recovery. Medpace showed the largest upward adjustment in its 2025 guidance [4][17] Financial Analysis - Growth: The year-over-year (YOY) revenue trend is improving, with the average YOY revenue growth for CXO companies reaching 8.2% in Q1 2025 and 11.6% in Q2 2025 [26] - Profitability: The average gross margin in Q2 2025 was 32.45%, showing a slight increase of 0.18 percentage points YOY. Some companies like Medpace and Boten Co. saw significant improvements in their margins [33] - Operational Efficiency: Inventory turnover improved from 1.56 in H1 2024 to 1.81 in H1 2025, indicating enhanced operational efficiency driven by increased capacity utilization [35] Thoughts and Outlook - PE/VC financing in the healthcare sector has stabilized at a low point, with a slight decline in absolute values for Q2 2025 compared to previous quarters, but ongoing improvements in global IPOs and business development transactions are expected to drive demand recovery [47] - IPO financing in the A-share and US markets has stabilized, while Hong Kong's market has seen a significant rebound, with HK IPO amounts reaching 20.7 billion HKD in 2025 [52] - The construction of new projects remains high, indicating optimistic expectations for capacity expansion among CXO companies, with a focus on new business areas such as ADCs and oligonucleotides [56] Investment Strategy - The report recommends investing in CDMO opportunities driven by the continued realization of commercial orders for small and large molecules, as well as clinical CRO opportunities supported by domestic innovation drug policies [63] - Key companies to watch include WuXi AppTec, Kelun Pharmaceutical, and others in the small molecule and large molecule CDMO sectors [63]

Market Overview - The medical services sector increased by 1.22% on September 10, with Meidisi leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Gainers in Medical Services - Meidisi (688202) closed at 75.91, up 14.36% with a trading volume of 172,900 shares and a turnover of 1.262 billion yuan [1] - Zhaoyan New Drug (603127) closed at 35.44, up 9.99% with a trading volume of 710,100 shares and a turnover of 2.481 billion yuan [1] - Bid Medicine (688073) closed at 67.40, up 7.72% with a trading volume of 23,600 shares and a turnover of 156 million yuan [1] - Other notable gainers include Pusens (301257), Nuohezhiyuan (688315), and Haoyuan Medicine (688131) with respective increases of 7.07%, 6.12%, and 5.81% [1] Market Capital Flow - The medical services sector saw a net inflow of 523 million yuan from institutional investors, while retail investors experienced a net outflow of 179 million yuan [2] - The top stocks by net inflow from institutional investors include Zhaoyan New Drug with 481 million yuan and YaoMingKangDe with 106 million yuan [3] Notable Decliners - Nanmo Biology (688265) decreased by 4.09% to 54.64 with a trading volume of 13,800 shares and a turnover of 76.751 million yuan [2] - Zihua Medicine (600721) fell by 3.25% to 9.82 with a trading volume of 479,100 shares and a turnover of 476 million yuan [2] - Other decliners include Haitai Biology (300683) and Huada Muyin (300676) with respective declines of 2.50% and 2.17% [2]

9月10日早盘，医疗板块低开后快速回暖，CXO概念强劲反弹，昭衍新药涨停，康龙化成涨超5%，巨 头药明康德涨超2%。 消息面上，Grand View Research预测，全球CXO市场规模有望从2024年的1970亿美元增长至2030年的 2980亿美元，期间年复合增速为7%，略高于同期全球制药市场6%的年复合增速。 从估值来看，医疗ETF（512170）标的指数中证医疗最新PE估值约为36倍，仍低于近10年逾60%时间区 间，配置性价比相对突出。 牛市"高切低"，关注医疗估值洼地。配置工具认准A股最大医疗ETF（512170）及其联接基金 （012323）：聚焦"医疗器械（52%）+医疗服务（40%）"，与AI医疗高相关，覆盖6只CXO龙头股。截 至9月8日，医疗ETF（512170）规模275亿元，同类规模最大；年初以来日均成交6.45亿元，流动性优 秀。 风险提示：医疗 ETF 及其联接基金被动跟踪中证医疗指数，该指数基日为 2004.12.31 ，发布于 2014.10.31 。 中 证 医 疗 指 数 2020 年 至 2024 年 的 分 年 度 业 绩 分 别 为 79.67% 、 -14.7 ...

Core Viewpoint - The innovative drug concept stocks are experiencing significant activity, with notable gains in several companies, indicating a positive trend in the pharmaceutical sector [1] Company Summaries - Zhaoyan New Drug has reached its daily limit increase, reflecting strong investor interest and confidence in its growth potential [1] - MediXis, Kanglong Chemical, Haixiang Pharmaceutical, Kailaiying, and Jiuzhou Pharmaceutical have also seen upward movement in their stock prices, suggesting a broader rally in the innovative drug sector [1]

证券之星消息，9月9日医疗服务板块较上一交易日下跌2.94%，昭衍新药领跌。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。医疗服务板块个股涨跌见下表： 从资金流向上来看，当日医疗服务板块主力资金净流出17.25亿元，游资资金净流入4.63亿元，散户资金 净流入12.62亿元。医疗服务板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603127 | 昭衍新药 | 32.22 | -7.01% | 47.36万 | 15.66亿 | | 688222 | 成都先导 | 25.13 | -6.79% | 25.48万 | 6.60亿 | | 835670 | 数字人 | 17.97 | -6.60% | 9.56万 | 1.76亿 | | 002173 | 创新医疗 | 22.49 | -5.74% | ...

Core Viewpoint - Zhaoyan New Drug (603127) experienced a decline of over 7%, with a current price of 20.98 HKD and a trading volume of 147 million HKD [1] Group 1: Shareholder Reduction Plans - On September 8, Zhaoyan New Drug announced that several executives, including Vice General Manager Sun Yunxia and General Manager Gao Dapeng, plan to reduce their holdings between September 30, 2025, and November 28, 2025, through Shanghai Stock Exchange transactions, with a total reduction not exceeding 84,830 shares, representing 0.1132% of the company's total share capital [1] - Previously, on September 1, the company disclosed that former Vice Chairman Zuo Conglin planned to reduce his holdings from August 19, 2025, to August 29, 2025, with a maximum reduction of 3,524,500 shares, which was 0.4703% of the company's total share capital at that time [2] - As of August 29, 2025, Zuo Conglin had reduced his holdings by 2,264,900 shares through concentrated bidding, completing his reduction plan [2]

Core Viewpoint - Zhaoyan New Drug (06127) experienced a decline of over 7%, closing at HKD 20.98 with a trading volume of HKD 147 million due to insider selling announcements [1] Group 1: Insider Selling Announcements - On September 8, Zhaoyan New Drug announced that several executives, including Vice General Manager Sun Yunxia and General Manager Gao Dapeng, plan to reduce their holdings between September 30, 2025, and November 28, 2025, through block trades or centralized bidding on the Shanghai Stock Exchange, with a total reduction not exceeding 84,830 shares, representing 0.1132% of the company's total share capital [1] - The planned reductions include 674,700 shares from Sun Yunxia, 72,100 shares from Gao Dapeng, and 67,400 shares from Gu Jingliang, along with additional reductions from supervisor Li Ye and CFO Yu Aishui [1] Group 2: Previous Insider Selling - On September 1, Zhaoyan New Drug disclosed that former Vice Chairman Zuo Conglin had a reduction plan announced on August 14, 2025, intending to sell up to 3,524,500 shares between August 19, 2025, and August 29, 2025, which would account for 0.4703% of the company's total share capital at that time [2] - By August 29, 2025, Zuo Conglin had successfully reduced his holdings by 2,264,900 shares through centralized bidding [2]

Group 1 - Hanbang Technology received a decision from the National Intellectual Property Administration declaring the patent rights of Cytiva's "separation medium slurry tank" invalid, reflecting the principle of equal treatment in China's intellectual property protection system [1] - Zhaoyan New Drug announced that its directors and executives plan to reduce their holdings in the company due to personal financial needs, which may raise short-term stock price concerns among investors [2] - Zhixiang Jintai obtained approval for clinical trials of its GR2303 injection, a monoclonal antibody targeting TL1A for treating inflammatory bowel disease, indicating significant clinical development value [3] Group 2 - Lude Medical's actual controller plans to reduce his holdings by 2.48 million shares, accounting for 1.4212% of the total share capital, reflecting urgent personal financial needs [4] - Buchang Pharmaceutical's subsidiary is set to invest in a new company, Shaanxi Buchang Medical Data Pharmaceutical Co., Ltd., aiming to integrate pharmaceutical resources with digital capabilities, aligning with the trend of digital transformation in the pharmaceutical industry [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603127 证券简称：昭衍新药 公告编号：2025-039 北京昭衍新药研究中心股份有限公司 董事、监事及高管减持A股股份计划公告 一、减持主体的基本情况 ■ 注：其他方式是指股权激励及公司资本公积金转增股份等。 本公司董事会、全体董事及相关股东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。 重要内容提示： ● 董监高持股的基本情况 截至本公告披露日，北京昭衍新药研究中心股份有限公司（以下简称"公司"）董事、副总经理孙云霞持 有公司股票2,698,907股，占公司总股本0.3601%；董事、总经理、董事会秘书高大鹏持有公司股票 288,746股，占公司总股本0.0385%；董事、副总经理顾静良持有公司股票269,801股，占公司总股本 0.0360%；监事李叶持有公司股票102,481股，占公司总股本0.0137%；财务总监于爱水持有公司股票 34,104股，占公司总股本0.0046%。上述股份来源于首发前限售股份、股权激励股份及公司资本公积金 转增股份等。 ● 减持计划的主要内容 孙云 ...