证券研究报告 2026 年 03 月 22 日 湘财证券研究所 行业研究 医疗服务行业周报 扩大入境消费，打开高端医疗天花板 --医疗服务行业周报 3.16-3.20 相关研究： 核心要点： 本周医药生物下跌 2.77%，涨跌幅排名位列申万一级行业第 8 位 根据 Wind 数据，本周申万一级行业医药生物下跌 2.77%，涨幅排名位列申 万 31 个一级行业第 8 位。沪深 300 指数下跌 2.19%，医药跑输沪深 300 指 数 0.59 个百分点。申万医药生物二级子行业医疗服务 II 报收 6472.58 点， 下跌 4.32%；中药 II 报收 6238.43 点，下跌 1.16%；化学制药Ⅱ报收 12224.87 点，下跌 2.08%；生物制品Ⅱ报收 6071.10 点，下跌 1.79%；医药商业Ⅱ报 收 5266.66 点，下跌 4.01%；医疗器械 II 报收 6540.13 点，下跌 4.00%。 根据 Wind 数据，从医疗服务板块公司的表现来看，表现居前的公司有： 药明康德（+0.0%）、皓元医药（-0.8%）、百花医药（-1.4%）、百诚医药（-1.5%）、 爱尔眼科（-1.8%）；表现 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The report highlights that the domestic policy environment is continuously releasing positive signals, with the 2026 government work report explicitly listing biomedicine as a "new pillar industry" [6][7] - The report indicates that the pharmaceutical and biotechnology industry index declined by 2.99%, underperforming the CSI 300 index, with medical consumables and in vitro diagnostics showing positive growth [5][15] - The report emphasizes the importance of focusing on "independent innovation" and "policy benefits" as the main investment themes in the pharmaceutical and biotechnology sector [7] Industry Review - The pharmaceutical and biotechnology industry index experienced a decline of 2.99%, ranking 14th among 31 primary industries, and underperformed the CSI 300 index, which declined by 0.88% [5][15] - Medical consumables and in vitro diagnostics had the highest growth rates of 1.42% and 0.93%, respectively, while medical devices and medical research outsourcing saw declines of 6.57% and 6.54% [5][15] - As of March 13, 2026, the industry’s PE (TTM overall method, excluding negative values) was 30.34x, down from 31.06x, indicating a downward trend in valuation [20] Important Industry News - The 2026 government work report has been released, emphasizing biomedicine as a "new pillar industry" and proposing to expand pilot programs in biotechnology and accelerate the development of innovative drugs and medical devices [25][26] - The "14th Five-Year Plan" has been published, mentioning the pharmaceutical industry multiple times, reinforcing support for innovative drugs and related sectors [25][26] - Notable approvals include the global first cAMP biased GLP-1 receptor agonist "Elnoglutide Injection" by Hangzhou Xianweida Biotech and a $30 billion investment by Eli Lilly in China [6][34][43] Investment Recommendations - The report suggests focusing on high-quality pharmaceutical assets with differentiated innovation capabilities and sustainable potential, particularly those benefiting from policy support and high-quality development of innovative drugs [7] - The investment themes should concentrate on companies with strong clinical advancement capabilities and global cooperation potential, as well as those benefiting from the optimization of review and approval processes and payment systems [7]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The report highlights that the domestic policy environment is continuously releasing positive signals, with the 2026 government work report explicitly listing biomedicine as a "new pillar industry" [6][25] - The report indicates that the pharmaceutical and biotechnology industry index declined by 2.99%, underperforming the CSI 300 index, with medical consumables and in vitro diagnostics showing positive growth [5][15] - The report emphasizes the importance of focusing on "independent innovation" and "policy benefits" as the main investment themes in the pharmaceutical and biotechnology sector [7] Industry Review - The pharmaceutical and biotechnology industry index experienced a decline of 2.99%, ranking 14th among 31 primary industries, and underperformed the CSI 300 index, which declined by 0.88% [5][15] - The valuation of the pharmaceutical and biotechnology industry as of March 13, 2026, is 30.34x (TTM overall method, excluding negative values), down from 31.06x in the previous period, indicating a downward trend [20] - Among the sub-industries, the top three in terms of PE (TTM overall method, excluding negative values) are vaccines (54.84x), hospitals (41.28x), and medical consumables (39.52x), while the lowest is pharmaceutical circulation (14.66x) [20] Important Industry News - The 2026 government work report has been released, emphasizing biomedicine as a "new pillar industry" and proposing to further expand pilot programs in biotechnology and accelerate the development of innovative drugs and medical devices [6][25] - The "14th Five-Year Plan" outlines multiple references to the pharmaceutical industry, reinforcing support for innovative drugs and related sectors [25][26] - Notable approvals include the global first cAMP biased GLP-1 receptor agonist "Elnoglutide Injection" by Hangzhou Xianweida Biotech and a $30 billion investment by Eli Lilly in China [6][33][42] Investment Recommendations - The report suggests focusing on high-quality pharmaceutical assets with differentiated innovation capabilities and sustainable potential, particularly those benefiting from the high-quality development of innovative drugs and supportive policies [7] - It is recommended to pay attention to innovative drug companies with strong clinical advancement capabilities and global cooperation potential, as their valuation systems are expected to upgrade from single product logic to platform logic [7]

| 序号 | 姓名 | 国籍 | 职务 | 获授的限制 性股票数量 | 占本次激 励计划授 | 占本次激励计划 | | --- | --- | --- | --- | --- | --- | --- | | | | | | （万股） | 予总量的 比例 | 预留授予时公司 总股本的比例 | | 一、董事、高级管理人员、核心技术人员 | | | | | | | | 1 | 徐影 | 中国 | 职工代表董事 | 1.0000 | 0.33% | 0.0047% | | 2 | 李敏 | 中国 | 财务总监 | 2.5520 | 0.85% | 0.0120% | | 3 | 沈卫红 | 中国 | 董事会秘书 | 2.5520 | 0.85% | 0.0120% | | 4 | 张宪恕 | 中国 | 核心技术人员 | 1.3360 | 0.45% | 0.0063% | | 二、中层管理人员及董事会认为需要激励的其他 人员（190 | 人） | | | 52.5600 | 17.52% | 0.2478% | | 预留部分授予限制性股票数量合计（194 | | | 人） | 60.00 | 20.00% | 0.2 ...

授予预留部分限制性股票的公告 关于向 2025 年限制性股票激励计划激励对象 | 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2026-006 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 《上海皓元医药股份有限公司 2025 年限制性股票激励计划（草案）》（以下 简称"《激励计划（草案）》"）规定的 2025 年限制性股票激励计划（以下简称"本 激励计划"或"本次激励计划"）预留部分授予条件已经成就，根据上海皓元医 药股份有限公司（以下简称"公司"）2025 年第二次临时股东大会的授权，公司 于 2026 年 3 月 9 日召开了第四届董事会薪酬与考核委员会第六次会议、第四届 董事会第十六次会议，审议通过了《关于向 2025 年限制性股票激励计划激励对 象授予预留部分限制性股票的议案》，确定本次激励计划的预留授予日为 2026 年 3 月 9 日，以授予价格 ...

上海皓元医药股份有限公司 董事会薪酬与考核委员会关于 2025 年限制性股票激励计划 预留部分授予激励对象名单的核查意见（截至预留授予日） 上海皓元医药股份有限公司（以下简称"公司"）董事会薪酬与考核委员会 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称 "《管理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上 市规则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等 相关法律、法规及规范性文件和《上海皓元医药股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，对公司 2025 年限制性股票激励计划（以下简称 "本次激励计划"）预留授予部分的激励对象名单进行了审核，发表核查意见如 下： 1、本次激励计划预留部分授予的激励对象均不存在《管理办法》第八条规 定的不得成为激励对象的情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出 ...

德恒上海律师事务所 关于上海皓元医药股份有限公司 2025 年限制性股票激励计划预留授予事项的 法律意见书 | 皓元医药/公司 | 指 | 上海皓元医药股份有限公司 | | --- | --- | --- | | 本 激 励 计划 /本 | | | | 次激励计划 | 指 | 上海皓元医药股份有限公司 2025 年限制性股票激励计划 | | 本《法律意见书》 | 指 | 《德恒上海律师事务所关于上海皓元医药股份有限公司 | | | 2025 | 年限制性股票激励计划预留授予事项的法律意见书》 | | 《激励计划（草 | | 《上海皓元医药股份有限公司 2025 年限制性股票激励计划 | | | 指 | | | 案）》 | | （草案）》 | | 《考核办法》 | 指 | 《上海皓元医药股份有限公司 2025 年限制性股票激励计划 | | | | 实施考核管理办法》 | | 限制性股票 | 指 | 第二类限制性股票，即满足归属条件后，按本激励计划约定 | | | | 的归属安排，激励对象获得由公司定向发行的 A 股普通股 | | 本次预留授予 | 指 | 公司根据本激励计划向预留授予的激励对象授予预留部分 | ...

公司简称：皓元医药 证券代码：688131 广发证券股份有限公司 关于 上海皓元医药股份有限公司 2025年限制性股票激励计划 预留授予相关事项 之 独立财务顾问报告 $$\Xi{\bf{\hat{\bf{O}}}}\Xi{\bf{\hat{\bf{H}}}}\Xi{\bf{\hat{\bf{H}}}}$$ 一、释义 除非另有说明，本报告中下列简称具有如下特定含义： | 释义项 | | 释义内容 | | --- | --- | --- | | 公司、皓元医药 | 指 | 上海皓元医药股份有限公司 | | 限制性股票激励计划 | 指 | 上海皓元医药股份有限公司2025年限制性股票激励计划 | | 《激励计划（草案）》 | 指 | 《上海皓元医药股份有限公司2025年限制性股票激励计 | | | | 划（草案）》 | | 本报告、本独立财务顾问报告 | 指 | 《广发证券股份有限公司关于上海皓元医药股份有限公 司2025年限制性股票激励计划预留授予相关事项之独立 | | | | 财务顾问报告》 | | 独立财务顾问、广发证券 | 指 | 广发证券股份有限公司 | | 限制性股票 | | 指第二类限制性股票，符合 ...

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2026-005 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 第四届董事会第十六次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 上海皓元医药股份有限公司（以下简称"公司"）于 2026 年 3月 9日在上海市浦 东新区张衡路 1999 弄 3 号楼公司会议室以现场结合通讯方式召开了第四届董事会 第十六次会议。本次会议的通知于 2026 年 3 月 6 日以专人送达及电子邮件方式发 出。本次会议由公司董事长郑保富先生召集和主持，会议应出席董事 7 名，实际出 席董事 7 名。本次会议的召集和召开符合《中华人民共和国公司法》和《上海皓元 医药股份有限公司章程》的有关规定，会议决议合法、有效。 表决结果：6 名同意，占全体无关联关系董事人数的 100%；0 名弃权，0 名反 对。 关联董事徐影女士为本次激励计划的激励对象，进行回避表决。 1 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on companies with validated platforms and effective innovative drugs, indicating a positive outlook for the sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.78% from March 2 to March 6, underperforming compared to the Wind All A index (-2.3%) and the CSI 300 index (-1.07%). The only sub-sector that saw an increase was in vitro diagnostics (0.18%), while medical R&D outsourcing (-4.99%), medical devices (-4.62%), and vaccines (-3.81%) led the declines [2][7]. - Recent business development (BD) activities in the domestic innovative drug sector are vibrant, with significant deals announced, including China National Pharmaceutical Group's exclusive licensing agreement with Sanofi for the drug rovalpituzumab tesirine, valued at $1.53 billion, and a similar agreement between Deqi Pharmaceutical and UCB for ATG-201, valued at over $1.18 billion. These transactions reflect a strategic shift towards a multi-layered outbound strategy for Chinese pharmaceutical companies [2][10]. - The report emphasizes the competitive advantages of domestic innovative drugs in areas such as bispecific antibodies and antibody-drug conjugates (ADCs), suggesting that companies with validated platforms are likely to continue generating new pipeline candidates [2]. Market Weekly Review - The pharmaceutical and biotechnology sector followed the broader market trend and declined by 2.78% during the week of March 2 to March 6, with the in vitro diagnostics sector being the only one to gain [7][8]. - Notable stock performances included Yahu Pharmaceutical (up 38.1%), Zhejiang Pharmaceutical (up 12.8%), and Zhongyuan Xiehe (up 12.7%), while Tianzhihang-U (down 14.8%), Furui Medical (down 13.1%), and Haoyuan Pharmaceutical (down 12.3%) faced significant losses [10].