证券研究报告 | 2026年02月01日 小核酸突围，大服务赋能 --CXO行业系列专题报告（3） 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 请务必阅读正文之后的免责声明及其项下所有内容 n CXO行业系列专题报告（2）：《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？ 1 报告摘要 请务必阅读正文之后的免责声明及其项下所有内容 2 n 小核酸药物正迎来全球范围内的蓬勃发展期，已从技术验证阶段迈入临床兑现与商业化加速阶段。全球层面，2019-2023年，全球小核酸市 场规模从27亿美元增长至46亿美元（CAGR为14.25%)；预计2033年市场规模将攀升至457亿美元(CAGR高达26.08%)。全球累计获批上市药物 已达23款，覆盖siRNA、ASO、适配体等多个技术方向。国内虽暂未实现产品上市，但研 ...

关于部分董事减持股份计划公告 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： 董事持股的基本情况 截至本公告发布日，奥锐特药业股份有限公司（以下简称"公司"）的股份 总数为 406,183,234 股，董事褚义舟先生（以下简称"减持主体"）持有公司股 票 112,294,800 股，占公司总股本的 27.65%。上述股份均来源于公司首次公开 发行股票前取得的股份。 减持计划的主要内容 证券代码：605116 证券简称：奥锐特 公告编号：2026-005 债券代码：111021 债券简称：奥锐转债 奥锐特药业股份有限公司 因个人资金需求，上述减持主体计划自本公告发布之日起 15 个交易日后的 3 个月内（窗口期不减持），拟通过集中竞价方式减持其所持有的公司股份，上 述减持主体拟减持的股份数量不超过 400 万股，不超过公司总股本的 0.98%。 根据上海证券交易所发布的《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、高级管理人员减持股份（2025 年 3 月修订）》的规定，上述 减持主体 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The report highlights that the pharmaceutical sector is showing resilience, with a focus on capturing opportunities from companies that can deliver on their growth potential. The report suggests that investors should continue to allocate to pharmaceutical bottom assets as fund holdings have returned to a low level [3][10] - The report indicates that the A-share funds' top ten holdings in the pharmaceutical sector account for 9.15%, a decrease of 1.93 percentage points from the previous period. Excluding pharmaceutical funds, the allocation drops to 3.43%, down 1.39 percentage points [3][10] - The report emphasizes the strong performance of certain pharmaceutical companies, particularly in innovative drugs and upstream life sciences, with notable profit growth forecasts for companies like Zhaoyan New Drug and Kangchen Pharmaceutical [3][10] Summary by Sections Market Dynamics - The pharmaceutical sector has outperformed the broader market, with a return of 6.66% compared to the CSI 300's 1.57% since the beginning of 2026, indicating a 5.10 percentage point advantage [14] - Recent performance shows a mixed trend, with pharmaceutical commercial, traditional Chinese medicine, and medical devices showing positive growth, while chemical pharmaceuticals and medical services have declined [10][14] Valuation Metrics - The current valuation of the pharmaceutical sector is at 23.3 times PE based on 2026 earnings forecasts, which is a premium of 11.3% compared to the overall A-share market (excluding financials) at approximately 21.0 times PE [17] - Using the TTM valuation method, the pharmaceutical sector is valued at 30.3 times PE, which is below its historical average of 34.9 times PE, indicating a relative premium of 11.2% over the broader market [17] Recommended Stocks - Key recommended stocks include WuXi Biologics, Sangfor Technologies, Tigermed, and others, with an average increase of 13.41% in January, outperforming the pharmaceutical sector by 6.74 percentage points [26][27] - The report notes that the top ten pharmaceutical stocks held by public funds include companies like Hengrui Medicine and WuXi AppTec, with a strong preference for innovative drugs and leading players in niche markets [3][10]

证券日报网讯 1月21日，奥锐特发布公告称，截至2026年1月20日，公司已完成回购计划，累计回购2， 778，338股，占总股本0.68%，成交区间18.83元/股至33.00元/股，使用资金60，028，504.68元，全部股 份将用于转换可转债。 （编辑 丛可心） ...

格隆汇1月21日丨奥锐特(605116.SH)公布，截至本公告披露日，公司完成本次回购，已累计回购股份 277.83万股，占公司总股本的比例为0.68%，成交最高价为33.00元/股，成交最低价为18.83元/股，回购 均价为21.61元/股，已支付的资金总额约为人民币6002.85万元（不含交易费用）。 ...

格隆汇1月21日丨奥锐特(605116.SH)公布，截至本公告披露日，公司完成本次回购，已累计回购股份 277.83万股，占公司总股本的比例为0.68%，成交最高价为33.00元/股，成交最低价为18.83元/股，回购 均价为21.61元/股，已支付的资金总额约为人民币6002.85万元（不含交易费用）。 ...

| | | 债券代码：111021 债券简称：奥锐转债 奥锐特药业股份有限公司 关于股份回购实施结果暨股份变动的公告 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： | 回购方案首次披露日 | 2025/1/22 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 日~2026 年 月 20 | 1 | 月 | 21 | 日 | 1 | | 预计回购金额 | 6,000万元~12,000万元 | | | | | | | 回购价格上限 | 35.00元/股 | | | | | | | 回购用途 | □减少注册资本 | | | | | | | | □用于员工持股计划或股权激励 | | | | | | | | √用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 实际回购股数 | 2,778,338股 | | | | | | | 实际回购股数占总股本比例 | 0. ...

奥锐特公告称，公司完成回购股份，回购期为2025年1月21日至2026年1月20日，实际回购277.83万股， 占总股本0.68%，支付总额约6002.85万元，价格18.83 - 33.00元/股。期间，高管赵珍平减持6.25万股， 占比0.02%；天台铂融减持217.66万股，占比0.54%；天台铂恩减持100万股，占比0.25%。本次回购股份 拟用于转换可转债，若未三年用完则注销。 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [2]. Core Insights - The report highlights the ongoing performance of the pharmaceutical sector, with a focus on the upcoming annual earnings forecasts and the potential for exceeding expectations. The sector has shown a return of 7.08% since the beginning of 2026, outperforming the CSI 300 index by 4.88% [8][12]. - Key catalysts in the industry include significant partnerships and acquisitions, such as AbbVie’s $6.5 billion upfront payment for RC148 and a $1 billion collaboration between Eli Lilly and NVIDIA to accelerate AI drug development [4][10]. - The report emphasizes the importance of innovative drug chains and the AI+ theme, suggesting that these areas will continue to attract investment and yield positive results [4][5]. Summary by Sections Industry Overview - The pharmaceutical sector's total market capitalization is approximately 74,744.70 billion yuan, with a circulating market value of 68,522.64 billion yuan [2]. - The report notes that the pharmaceutical sector is currently valued at 23.4 times PE based on 2026 earnings forecasts, which is a premium of 13.7% compared to the overall A-share market [15]. Market Dynamics - The report indicates that the pharmaceutical sector has experienced a mixed performance, with medical services up by 3.29% while other segments like medical devices and traditional Chinese medicine have seen declines [8][12]. - The report also mentions that the market is transitioning to a more rational and steady growth phase, moving away from the initial volatility seen at the start of the year [4]. Key Company Performances - Notable companies such as WuXi Biologics, Sangamo Therapeutics, and Tigermed have been highlighted for their strong performance, with WuXi Biologics showing a significant increase of 26.53% in January [24]. - The report suggests continued monitoring of companies involved in AI and small nucleic acid technologies, as they are expected to lead future growth in the sector [5][9]. Investment Recommendations - The report recommends focusing on companies that are well-positioned within the innovative drug chain and AI+ sectors, as these are anticipated to provide substantial returns [4][5]. - Specific stocks recommended include WuXi Biologics, Sangamo Therapeutics, and Tigermed, which have shown promising growth trajectories [24].

Group 1 - The core point of the news is that Aorite's stock has seen a significant increase, rising 5.02% to 34.10 CNY per share, with a total market capitalization of 13.851 billion CNY and a cumulative increase of 26.74% over the past seven days [1] - Aorite Pharmaceutical Co., Ltd. is located in Tiantai County, Zhejiang Province, and was established on March 5, 1998. It was listed on September 21, 2020, focusing on the research, production, and sales of specialty APIs and pharmaceutical intermediates [1] - The company's main business revenue composition includes 85.12% from API and intermediate sales, 11.64% from finished drug sales, 2.74% from import and export trade, and 0.50% from other sources [1] Group 2 - From the perspective of major fund holdings, the Guoshou Anbao Fund has a significant position in Aorite, with its Guoshou Anbao Health Science Mixed A Fund holding 210,000 shares, representing 9.07% of the fund's net value [2] - The fund has generated a floating profit of approximately 342,300 CNY today and a total of 1,438,500 CNY during the seven-day increase [2] - The Guoshou Anbao Health Science Mixed A Fund was established on November 1, 2017, with a latest scale of 5.3363 million CNY and has achieved a year-to-date return of 6.63% [2]