《生物安全法案》复盘 --如何看待地缘政治对中国CXO企业的影响？ 行业研究 · 行业专题 医药生物 · 医疗研发外包 投资评级：优于大市（维持评级） 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：彭思宇 证券分析师：凌珑 021-60375401 linglong@guosen.com.cn S0980525070003 请务必阅读正文之后的免责声明及其项下所有内容 1 报告摘要 证券研究报告 | 2025年12月28日 n 靴子落地，美国《2026财年国防授权法案》夹带《生物安全法案》生效。 请务必阅读正文之后的免责声明及其项下所有内容 2 ü 《2026财年国防授权法案》夹带《生物安全法案》（主要指第851节《禁止与特定生物技术公司签订合同》）落地，标志着美国已将生物安全正式纳入国家防务与 安全战略框架统筹考量，同时彰显其在生物技术供应链自主可控的明确政策转向，本质是中美的科技竞争与产业安全博弈在生物领域的延 ...

Market Overview - The medical services sector increased by 1.03% on December 25, with Baihua Medicine leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Top Gainers in Medical Services - Baihua Medicine (600721) closed at 11.56, up 6.54% with a trading volume of 396,400 shares and a transaction value of 449 million [1] - Zhaoyan New Drug (603127) closed at 37.38, up 4.24% with a trading volume of 254,500 shares and a transaction value of 266.56 million [1] - Aoyang Health (002172) closed at 4.18, up 3.98% with a trading volume of 330,500 shares and a transaction value of 137 million [1] Top Losers in Medical Services - Yinos (688710) closed at 44.60, down 1.87% with a trading volume of 16,000 shares and a transaction value of 71.19 million [2] - Baiao Saitou (688796) closed at 51.80, down 1.52% with a trading volume of 35,500 shares and a transaction value of 184 million [2] - Yangguang Nuohuo (688621) closed at 68.01, down 1.29% with a trading volume of 32,700 shares and a transaction value of 223 million [2] Capital Flow Analysis - The medical services sector experienced a net outflow of 148 million from institutional investors and 126 million from retail investors, while retail investors saw a net inflow of 275 million [2] - Zhaoyan New Drug had a net inflow of 164 million from institutional investors, while Baihua Medicine saw a net inflow of 45.83 million [3] - The overall capital flow indicates a mixed sentiment among different investor categories within the medical services sector [3]

Core Viewpoint - The stock price of Zhaoyan New Drug (06127) increased by 5.17%, currently trading at HKD 22.38, with a transaction volume of HKD 121 million, indicating a recovery in demand for preclinical CRO clients and a tight supply of experimental monkeys [5]. Group 1: Market Dynamics - There is a resurgence in demand for preclinical CRO services, particularly for new technology platforms such as large molecules (monoclonal antibodies, ADCs), small nucleic acids, peptides, and cell gene therapies, which require the use of macaques for safety evaluation tests [5]. - The price of 3-5 year old macaques has risen to HKD 140,000 each, reflecting a supply-demand imbalance in the market, which further supports the recovery of domestic innovative drug research and development [5]. Group 2: Financial Implications - According to estimates from Founder Securities, if Zhaoyan New Drug accounts for an average fair value of HKD 84,900 per monkey in 2024, and the price increases to HKD 140,000 by Q4 2025, the estimated new fair value addition for 2025 could be approximately HKD 220 million, based on a known population of 23,200 monkeys and an output rate of 17% [5].

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]

Group 1 - The CRO sector is under pressure, with notable declines in stock prices: Kanglong Chemical down 4.32% to HKD 21.24, Zhaoyan New Drug down 3.29% to HKD 21.16, Kylin Pharmaceutical down 2.31% to HKD 78.15, and Weiya Bio down 1.98% to HKD 1.98 [1] - The revised U.S. Biodefense Act was passed in the Senate with a vote of 77 to 20 and is set to be signed into law by the President, marking a significant legislative step [1] - The Biodefense Act has been a key factor in suppressing the valuation of the CXO sector over the past two years, but the final version is considered relatively moderate compared to the initial draft, as it does not specifically name companies [1] Group 2 - With the Federal Reserve entering a rate-cutting phase, there is potential for marginal improvement in global biopharmaceutical investment and financing [1] - The implementation of the Biodefense Act is expected to lead to a dual recovery in both performance and valuation for the CXO sector [1]

Group 1 - The CRO sector is under pressure, with notable declines in stock prices: Kanglong Chemical down 4.32% to HKD 21.24, Zhaoyan New Drug down 3.29% to HKD 21.16, Kylin Pharmaceutical down 2.31% to HKD 78.15, and Weiya Bio down 1.98% to HKD 1.98 [1][1][1] - The revised U.S. Biodefense Law, part of the 2026 National Defense Authorization Act (NDAA), has passed the Senate with a vote of 77 to 20 and is expected to be signed by the President, completing the legislative process [1][1][1] - According to Cinda Securities, the Biodefense Law has been a significant factor in suppressing the valuation of the CXO sector over the past two years, but the final version is relatively moderate compared to the initial draft, as it does not specifically name companies [1][1][1] Group 2 - With the Federal Reserve entering a rate-cutting cycle, global biopharmaceutical investment and financing are expected to improve marginally [1][1][1] - The implementation of the Biodefense Law is anticipated to lead to a dual recovery in both performance and valuation for the CXO sector [1][1][1]

Group 1 - CRO concept stocks are under pressure, with notable declines in share prices: Kanglong Chemical down 4.32% to HKD 21.24, Zhaoyan New Drug down 3.29% to HKD 21.16, Kelaiying down 2.31% to HKD 78.15, and Weiya Bio down 1.98% to HKD 1.98 [1] - The revised U.S. Biodefense Law was passed in the Senate with a vote of 77 in favor and 20 against, completing the main legislative process and is set to be signed by the President [1] - According to Xinda Securities, the Biodefense Law has been a significant factor suppressing the valuation of the CXO sector over the past two years, but the final version is relatively mild compared to the initial draft, as it does not name specific companies [1] Group 2 - With the Federal Reserve entering a rate-cutting phase, global biopharmaceutical investment and financing are expected to improve marginally [1] - The implementation of the Biodefense Law is anticipated to lead to a dual recovery in performance and valuation for the CXO sector [1]

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]