证券研究报告 | 2026年03月26日 医药生物周报（25 年第 13 周） 优于大市 炎症靶点在心血管领域进展梳理 本周医药板块表现强于整体市场，医疗服务降幅居前。本周全部 A 股下 跌 3.42%（总市值加权平均），沪深 300 下跌 2.19%，中小板指下跌 3.86%，创业板指上涨 1.26%，生物医药板块整体下跌 2.77%，生物医 药板块表现强于整体市场。分子板块来看，化学制药下跌 2.08%，生物 制品下跌 1.79%，医疗服务下跌 4.32%，医疗器械下跌 4.00%，医药商 业下跌 4.01%，中药下跌 1.16%。医药生物市盈率（TTM）35.19x，处 于近 5 年历史估值的 77.27%分位数。 炎症靶点在心血管领域进展梳理。心血管疾病是全球第一大死因，从风 险因子及药物开发角度，第一梯队仍为 apoB/LDL-C 为代表的动脉壁内 沉积导致动脉粥样硬化形成，目前基于他汀、依折麦布、PCSK9 抗体 /siRNA 以及即将上市的口服 PCSK9 抑制剂等药物已形成较为完善的治 疗范式；第二梯队为 Lp(a)所代表的遗传性残余风险，多个候选管线处 于临床后期阶段；第三梯队为以 NLRP ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The era of AI in healthcare is approaching, and learning from overseas development models is necessary [5] - AI products in healthcare face obstacles in data exchange, regulatory clarity, and payment systems, with the U.S. leading in data sharing and regulatory frameworks [6] - Investment opportunities in AI healthcare are centered around data resources, platforms, and clear C-end application scenarios [6] Summary by Sections Introduction - The rapid development of large model technologies, represented by Transformers, significantly impacts the healthcare industry, showing disruptive potential across various stakeholders [15] Overseas AI Healthcare Ecosystem Progress - The U.S. has established a smooth data exchange system and a regulatory framework for AI products, with a cautious approach to including AI products in insurance payment systems [6][27] - The report highlights the need for studying overseas data sharing mechanisms and regulatory policies to inform domestic AI healthcare companies [27] Investment Insights and Recommendations - Key investment lines include data asset foundations, data resource platforms, and C-end application companies with clear scenarios [6] - Notable companies to watch include: - Data asset foundations: Chuangshihui Kang, Weining Health, Wanda Information, Jiahe Meikang - Data resource platforms: Meinian Health, Jinyu Medical, Dian Diagnosis - C-end application companies: Yimaitong, Alibaba Health, JD Health [6] Regulatory and Payment Frameworks - The report discusses the evolving regulatory landscape for AI products, emphasizing the need for adaptive regulations that ensure patient safety while encouraging innovation [46] - In the U.S., over 1,400 AI products have received FDA approval, but only a few have been included in insurance reimbursement frameworks [48] - The report notes that domestic payment policies for AI products are still in exploration, with a focus on imaging products [55]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][8]. Core Insights - The government work report has positioned biotechnology and pharmaceuticals as a new pillar industry, emphasizing the importance of innovation and development in this sector [2][11]. - The pharmaceutical and biotechnology sector has underperformed the overall market recently, with a decline of 2.78% compared to a 1.26% drop in the A-share market [1][21]. - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector is 36.18x, which is at the 78.6th percentile of its historical valuation over the past five years [1][26]. Summary by Sections Government Positioning - The government has upgraded the status of the biotechnology and pharmaceutical industry, highlighting its role in driving new productivity and technological innovation [2][11]. - Key development opportunities during the 14th Five-Year Plan include innovation, elderly care, openness, and strengthening basic healthcare services [13]. Market Performance - The overall A-share market saw a decline of 1.26%, with the biotechnology sector declining by 2.78% [1][21]. - Specific sub-sectors such as medical services and medical devices experienced significant declines, with medical services down 4.71% [1][21]. Valuation Metrics - The TTM price-to-earnings ratios for various sub-sectors are as follows: chemical pharmaceuticals at 43.80x, biological products at 45.58x, medical services at 32.48x, and medical devices at 39.48x [26]. Recommended Stocks - Major companies recommended for investment include: - Mindray Medical (300760.SZ): Strong in R&D and international expansion [30]. - United Imaging Healthcare (688271.SH): Focused on high-performance medical imaging and digital solutions [30]. - WuXi AppTec (603259.SH): A leading open-access drug development service platform [30]. - Aier Eye Hospital (300015.SZ): The largest eye care institution in China [30]. - Yuyue Medical (002223.SZ): A leading provider of medical devices and solutions [31].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The government work report has positioned biotechnology and pharmaceuticals as a new pillar industry, emphasizing the importance of innovation and development in this sector [2][11] - The pharmaceutical and biotechnology sector has underperformed the overall market recently, with a decline of 2.78% compared to a 1.26% drop in the A-share market [21] - The current price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology sector is 36.18x, which is at the 78.6th percentile of its historical valuation over the past five years [26] Summary by Sections Government Work Report - The report highlights the establishment of biotechnology and pharmaceuticals as a new pillar industry, with a focus on innovation and the development of new technologies such as artificial intelligence and quantum technology [2][11] - Key development opportunities during the 14th Five-Year Plan include innovation, elderly care, openness, and strengthening basic medical services [13] Market Performance - The overall A-share market saw a decline of 1.26%, with the biotechnology sector declining by 2.78%, indicating weaker performance compared to the broader market [21] - Specific declines were noted in various sub-sectors, including medical services down 4.71% and medical devices down 2.94% [21] Valuation Metrics - The P/E ratios for various sub-sectors are as follows: chemical pharmaceuticals at 43.80x, biological products at 45.58x, medical services at 32.48x, and medical devices at 39.48x [26] Recommended Stocks - Major companies recommended for investment include: - Mindray Medical (迈瑞医疗): A leader in medical devices with strong R&D and international expansion [30] - United Imaging Healthcare (联影医疗): Focused on high-performance medical imaging and digital solutions [30] - WuXi AppTec (药明康德): A comprehensive drug development service platform benefiting from global outsourcing trends [30] - Aier Eye Hospital (爱尔眼科): The largest eye care institution in China, leveraging international technology and management [30]

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: ● 公司控股股东、实际控制人梁耀铭先生直接持有公司股份74,191,907股，占公司总股本的16.02%。本 次解除质押股份9,500,000股，占梁耀铭先生直接持有公司股份数的12.80%，占公司总股本的2.05%。 ● 本次股份解除质押后，公司控股股东、实际控制人梁耀铭先生及其一致行动人严婷女士、曾湛文先生 以及梁耀铭先生控制的圣域钫、鑫镘域、圣铂域及锐致累计质押31,580,000股，占其持有公司股份总数 的19.14%，占公司总股本的6.82%。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603882 证券简称：金域医学 公告编号：2026-013 广州金域医学检验集团股份有限公司 关于控股股东、实际控制人 部分股份解除质押的公告 一、上市公司股份解除质押 广州金域医学检验集团股份有限公司（以下简称"公司"）于2026年2月26日接到公司控股股东、实际控 制人梁耀铭先生通知，获悉其质押给中信证券股份有限公司的部分公司股份已办理解除质押手续 ...

每经头条（nbdtoutiao）——超10万人挤爆服务器，围观8家房企抢"马场"：9小时竞价243轮，236亿元 成交！广州楼面价新地王诞生：8.5万元/㎡ 每经AI快讯，金域医学2月26日晚间发布公告称，公司接到公司控股股东、实际控制人梁耀铭先生通 知，获悉其质押给中信证券股份有限公司的部分公司股份已办理解除质押手续，本次解除质押950万 股。 公司控股股东、实际控制人梁耀铭先生直接持有公司股份约7419万股，占公司总股本的16.02%。本次 股份解除质押后，公司控股股东、实际控制人梁耀铭先生及其一致行动人严婷女士、曾湛文先生以及梁 耀铭先生控制的圣域钫、鑫镘域、圣铂域及锐致累计质押3158万股，占其持有公司股份总数的 19.14%，占公司总股本的6.82%。 （记者 王晓波） ...

证券代码：603882 证券简称：金域医学 公告编号：2026-012 广州金域医学检验集团股份有限公司 关于控股股东、实际控制人部分股份质押的公告 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: 公司控股股东、实际控制人梁耀铭先生直接持有公司股份 74,191,907 股， 占公司总股本的 16.02%。本次质押股份 9,500,000 股，占梁耀铭先生直接持有 公司股份数的 12.80%，占公司总股本的 2.05%。 2、本次质押股份不涉及被用作重大资产重组业绩补偿等事项的担保或其他 保障用途的情形。 1 二、股东累计质押股份情况 截至 2026 年 2 月 24 日，公司控股股东、实际控制人梁耀铭先生及其一致行 动人严婷女士、曾湛文先生以及梁耀铭先生控制的广州市圣域钫投资咨询合伙企 业（有限合伙）（以下简称"圣域钫"）、广州市鑫镘域投资咨询合伙企业（有限 合伙）（以下简称"鑫镘域"）、广州市圣铂域投资咨询合伙企业（有限合伙）（以 下简称"圣铂域"）及广州市锐致投资咨询合伙企业（有限合伙）（以下简称"锐 致 ...

广州金域医学检验集团股份有限公司（以下简称"公司"）于 2026 年 1 月 21 日召开 2026 年第一次临时股东会审议通过了《关于变更经营范围暨修订<公 司章程>的议案》。具体内容详见公司于 2026 年 1 月 6 日及 2026 年 1 月 22 日在 上海证券交易所网站（www.sse.com.cn）和公司指定信息披露媒体《中国证券报》、 《上海证券报》、《证券时报》、《证券日报》上刊登的《广州金域医学检验集团股 份有限公司关于变更经营范围暨修订<公司章程>的公告》（公告编号：2026-005） 及《广州金域医学检验集团股份有限公司 2026 年第一次临时股东会决议公告》 （公告编号：2026-009）。 证券代码：603882 证券简称：金域医学 公告编号：2026-014 广州金域医学检验集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 公司住所：广州市国际生物岛螺旋三路 10 号 法定代表人：梁耀铭 注册资本：肆亿陆仟叁佰贰拾伍万捌仟贰佰柒拾伍元（人民 ...

证券代码：603882 证券简称：金域医学 公告编号：2026-013 广州金域医学检验集团股份有限公司 关于控股股东、实际控制人部分股份解除质押的公告 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: 公司控股股东、实际控制人梁耀铭先生直接持有公司股份 74,191,907 股，占公司总股本的 16.02%。本次解除质押股份 9,500,000 股，占梁耀铭先生 直接持有公司股份数的 12.80%，占公司总股本的 2.05%。 | 股东名称 | 梁耀铭 | | --- | --- | | 本次解除质押股份（股） | 9,500,000 | | 占其所持股份比例 | 12.80% | | 占公司总股本比例 | 2.05% | | 解除质押时间 | 2026 年 2 月 25 日 | | 持股数量（股） | 74,191,907 | | 持股比例 | 16.02% | | 剩余被质押股份数量（股） | 23,000,000 | 1 | 剩余被质押股份数量占其所持股份比例 | 31.00% | | --- | --- ...

每经AI快讯，2月26日，金域医学（603882）公告，公司控股股东、实际控制人梁耀铭先生将其质押给 中信证券股份有限公司的950.00万股股份于2026年2月25日办理解除质押手续。 ...