证券研究报告 | 2026年03月12日 医药生物周报（26 年第 11 周） 优于大市 政府工作报告明确将生物医药打造为新兴支柱产业 本周医药板块表现弱于整体市场，医疗服务跌幅居前。本周全部 A 股下 跌 1.26%（总市值加权平均），沪深 300 下跌 1.07%，创业板指下跌 2.45%， 生物医药板块整体下跌 2.78%，生物医药板块表现弱于整体市场。分子 板块来看，化学制药下跌 1.98%，生物制品下跌 3.07%，医疗服务下跌 4.71%，医疗器械下跌 2.94%，医药商业下跌 1.93%，中药下跌 2.04%。 医药生物市盈率（TTM）36.18x，处于近 5 年历史估值的 78.6%分位数。 生物医药在政府工作报告中首次被定位为新兴支柱产业。在 2025 年工 作回顾总结中，政府工作报告提出"新质生产力稳步发展，科技创新成 果丰硕，人工智能、生物医药、机器人、量子科技等研发应用走在世界 前列"，肯定了中国生物医药产业在过往所取得的成绩，同时明确"十 五五"期间要实施产业创新工程，鼓励央企国企带头开放应用场景，"打 造生物医药等新兴支柱产业"，这是继"十四五"将生物医药列为战略 性新兴产业之后， ...

证券研究报告 | 2026年03月12日 医药生物周报（26 年第 11 周） 优于大市 政府工作报告明确将生物医药打造为新兴支柱产业 本周医药板块表现弱于整体市场，医疗服务跌幅居前。本周全部 A 股下 跌 1.26%（总市值加权平均），沪深 300 下跌 1.07%，创业板指下跌 2.45%， 生物医药板块整体下跌 2.78%，生物医药板块表现弱于整体市场。分子 板块来看，化学制药下跌 1.98%，生物制品下跌 3.07%，医疗服务下跌 4.71%，医疗器械下跌 2.94%，医药商业下跌 1.93%，中药下跌 2.04%。 医药生物市盈率（TTM）36.18x，处于近 5 年历史估值的 78.6%分位数。 生物医药在政府工作报告中首次被定位为新兴支柱产业。在 2025 年工 作回顾总结中，政府工作报告提出"新质生产力稳步发展，科技创新成 果丰硕，人工智能、生物医药、机器人、量子科技等研发应用走在世界 前列"，肯定了中国生物医药产业在过往所取得的成绩，同时明确"十 五五"期间要实施产业创新工程，鼓励央企国企带头开放应用场景，"打 造生物医药等新兴支柱产业"，这是继"十四五"将生物医药列为战略 性新兴产业之后， ...

Group 1 - The core point of the article highlights that Zhendemedical (603301) has seen a significant increase in its stock price, closing at 86.13 yuan, which is a 17.42% rise from the previous week's closing price of 73.35 yuan [1] - The stock reached a peak price of 94.5 yuan on February 12 and a low of 74.52 yuan on February 9, indicating volatility within the week [1] - Zhendemedical's current total market capitalization is 22.896 billion yuan, ranking 10th out of 129 in the medical device sector and 934th out of 5189 in the overall A-share market [1] Group 2 - The trading information summary indicates that Zhendemedical was listed on the "Dragon and Tiger List" due to its stock price deviation exceeding 20% over three consecutive trading days [2] - This marks the first time Zhendemedical has appeared on the Dragon and Tiger List in the last five trading days [3]

Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

经济观察网振德医疗（603301）在2026年2月11日发布的股票交易异常波动公告中，已对近期股价异动 情况进行了说明。根据公告内容，公司并非"避谈"，而是通过正式渠道回应了市场关切。 股票近期走势 行业板块情况 此次股价异动前，市场曾关注2025年9月孙纪木受让公司5%股权的事件，以及公司2025年前三季度净利 润同比下滑33.91%但第三季度扣非净利润同比增长2.0%等基本面信息。然而，公司在最新公告中强 调，这些均为已披露信息，并非本次异常波动的未披露原因。振德医疗的公告内容符合监管要求，对异 常波动的核查情况进行了披露。 公司股票在2026年2月6日、2月9日和2月10日连续三个交易日内收盘价格涨幅偏离值累计超过20%，触 发了上海证券交易所的股票交易异常波动情形。截至2026年2月11日最新数据，该股当日收盘价为92.20 元，单日涨幅3.88%，连续两个交易日涨停后继续上涨。 以上内容基于公开资料整理，不构成投资建议。 公司状况 振德医疗在公告中明确表示：生产经营正常：经公司自查，目前生产经营活动正常，外部经营环境和行 业政策未发生重大变化。披露事项明确：近期唯一需披露的重大事项是回购股份用途变更 ...

Core Viewpoint - Zhendemedical (603301) has shown significant stock performance with a 10% increase and consecutive trading limit ups, indicating strong market interest and potential investor confidence [1] Financial Performance - For the first three quarters of 2025, Zhendemedical reported a main revenue of 3.184 billion yuan, a year-on-year increase of 1.88% [1] - The net profit attributable to shareholders was 203 million yuan, reflecting a year-on-year decline of 33.91% [1] - The third quarter alone saw a main revenue of 1.084 billion yuan, a slight increase of 0.1% year-on-year, while the net profit for the quarter was 75.42 million yuan, down 48.47% year-on-year [1] - The company’s gross profit margin stands at 33.93% [1] Market Activity - As of February 10, 2026, Zhendemedical's stock closed at 88.76 yuan with a trading volume of 68,000 hands and a total transaction amount of 594 million yuan [1] - The net inflow of main funds was 48.1 million yuan, accounting for 8.1% of the total transaction amount, while retail investors saw a net outflow of 14.32 million yuan [1] - The financing data indicates a net purchase of 84.66 million yuan, ranking 11th in the market [1] Institutional Ratings - In the last 90 days, two institutions have rated Zhendemedical with a buy rating, and the average target price set by these institutions is 101 yuan [2]

Group 1 - The core point of the article is that Zhendemedical (603301) experienced a significant price increase, closing at 88.76 yuan with a 10.0% rise and hitting the limit up for two consecutive days [1] - On February 10, Zhendemedical's stock reached a trading volume of 68,000 hands and a transaction amount of 594 million yuan, indicating strong market interest [1] - The stock was listed on the "Dragon and Tiger List" due to a cumulative price deviation of 20% over three consecutive trading days, marking its first appearance on the list in the last five trading days [3] Group 2 - On February 10, the net inflow of main funds into Zhendemedical was 48.1 million yuan, accounting for 8.1% of the total transaction amount, suggesting a clear indication of institutional buying [2][4] - Retail investors showed a net outflow of 14.3 million yuan, which is 2.41% of the total transaction amount, indicating a shift in investor sentiment [2] - The stock's limit up was reached at 9:58 AM, with a single instance of the limit being opened before closing with a final order amount of 48.47 million yuan, representing 0.21% of its market capitalization [1][4]

证券代码：603301 证券简称：振德医疗 公告编号：2026-013 振德医疗用品股份有限公司 股票交易异常波动公告 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。 重要内容提示： 1、振德医疗用品股份有限公司(以下简称:"公司"、"本公司") 股票于 2026 年 2 月 6 日、2 月 9 日、2 月 10 日连续 3 个交易日内收 盘价格涨幅偏离值累计超过 20%,根据《上海证券交易所交易规则》 的有关规定,属于股票交易异常波动情形。 2、经公司自查,并书面发函询问控股股东及实际控制人,截至本 公告披露日,确认不存在应披露而未披露的重大事项或重要信息。 3、敬请广大投资者注意投资风险。 一、股票交易异常波动的具体情况 公司股票于 2026 年 2 月 6 日、2 月 9 日、2 月 10 日连续 3 个交 易日内收盘价格涨幅偏离值累计超过 20%,根据《上海证券交易所交 易规则》的有关规定,属于股票交易异常波动情形。 （一）生产经营情况 经公司自查，公司目前生产经营正常,近期外部经营环境和行业 政策没有发生重大变化。 ...

关于《振德医疗用品股份有限公司股票交易异常波动 间询函》的回函 振德医疗用品股份有限公司: 本公司于 2026 年 2 月 10 日收到贵公司发来的《振德医疗用品股 份有限公司股票交易异常波动问询函》,经自查核实,回复如下: 本公司作为振德医疗用品股份有限公司控股股东,截止目前,不 存在影响贵公司股票交易异常波动的重大事项,不存在应披露而未披 露的重大信息，包括但不限于重大资产重组、发行股份、上市公司收 购、债务重组、业务重组、资产剥离、资产注入、股份回购、股权激 励、破产重整、重大业务合作、引进战略投资者等重大事项。 沈振芳 鲁建国 2026 年 2 月 10 日 关于《振德医疗用品股份有限公司股票交易异常波动 间询函》的回函 振德医疗用品股份有限公司: 本人于 2026 年 2 月 10 日收到贵公司发来的《振德医疗用品股份 有限公司股票交易异常波动问询函》,经自查核实,回复如下: 本人作为振德医疗用品股份有限公司实际控制人,截止目前,不 存在影响贵公司股票交易异常波动的重大事项,不存在应披露而未披 露的重大信息,包括但不限于重大资产重组、发行股份、上市公司收 购、债务重组、业务重组、资产剥离、资产注入、 ...

Core Viewpoint - Zhendemedical has experienced a consecutive two-day trading limit increase, indicating strong market interest and potential investor confidence [1] Group 1: Stock Performance - Zhendemedical's stock reached a trading limit at 9:58 AM with a transaction volume of 453 million yuan and a turnover rate of 1.96% [1] Group 2: Corporate Governance and Strategy - The company is optimizing its corporate governance structure by introducing a stock ownership plan for core employees and establishing a mechanism for repurchasing and canceling unblocked shares, which is expected to enhance team stability [1] - Zhendemedical is also engaging in hedging activities to mitigate risks associated with raw material price fluctuations, ensuring stable production costs [1] Group 3: Industry Context - Other companies within the pharmaceutical sector are showing positive performance due to improved governance and stable business operations, contributing to a sector-wide synergy effect [1]