Investment Rating - The report maintains a neutral rating for the pharmaceutical industry, with specific sub-industry ratings indicating a neutral stance for biopharmaceuticals and other pharmaceutical sectors [4]. Core Insights - The industry is showing signs of stabilization and is expected to continue its recovery, with the CXO sector experiencing a revenue decline in 2024 but a rebound in Q1 2025 [5][14]. - The report highlights a decrease in per capita productivity and fixed asset turnover in 2024, indicating operational challenges [6][31]. - Demand is stabilizing with a slight recovery in orders, while capacity construction is slowing down [7][41]. - The onset of a rate-cutting cycle by the Federal Reserve is expected to improve liquidity and boost investment in the sector [7][49]. Summary by Sections 1. 2024 & 2025 Q1 Review - The CXO sector's revenue for 2024 was 897.20 billion, a 3.86% decline year-on-year, with a net profit of 137.56 billion, down 23.05% [14]. - In Q1 2025, the sector's revenue reached 223.46 billion, a 12.48% increase year-on-year, with a net profit of 50.69 billion, up 74.67% [14]. 2. Operational Efficiency - In 2024, per capita revenue was 746,000, down 3.97%, and per capita profit was 114,400, down 23.14% [6][31]. - Fixed asset turnover decreased to 1.91 times, a 13.24% decline year-on-year, reflecting reduced operational efficiency [6][36]. 3. Demand and Orders - Contract liabilities and advance payments for 2024 and Q1 2025 were 68.91 billion and 72.62 billion, respectively, showing a year-on-year increase of 3.10% and 9.54% [6][37]. 4. Capacity and Workforce - The construction of new capacity is slowing, with ongoing projects valued at 144.20 billion in 2024, a 6.01% decrease year-on-year [41]. - The total number of employees in the sector was 120,261 in 2024, a slight increase of 0.12% [41][47]. 5. Investment Outlook - The report suggests a medium to long-term positive outlook for the CXO sector, driven by improving domestic and international demand [7][65]. - Key areas of focus include the impact of Federal Reserve policies, changes in investment trends, and the recovery of overseas demand [7][65]. 6. Company Recommendations - Companies to watch include: - **泓博医药**: Specializes in small molecule drug design, with a strong focus on AI-assisted drug development [68]. - **皓元医药**: Offers integrated services in drug development and production, with increasing overseas revenue [72]. - **阳光诺和**: Focuses on generic CRO services while expanding into innovative drug development [76]. - **诺思格**: Provides comprehensive clinical CRO services, benefiting from the expanding clinical trial market [81].

5月27日，创新药ETF天弘（517380）盘中翻红，截至发稿涨0.83%，溢折率0.23%，盘中频现溢价交 易。 成分股中，常山药业涨超15%，贝达药业、君实生物-U、先声药业、联邦制药等跟涨。 资金面上，Wind金融终端数据显示，创新药ETF天弘（517380）昨日获360万元资金净流入。 创新药ETF天弘（517380.SH）为天弘基金在2021年发行的ETF，基准指数为"恒生沪深港创新药精选 50"，代码HSSSHID。该指数可以看作是"创新药行业SmartBeta"指数，以单个指数实现了A股+港股全 面覆盖、创新药+CXO全面覆盖。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 天弘的场内外基金为布局该指数的全市场唯一产品。其中，ETF在上交所上市，代码为517380.SH，简 称为"创新药ETF天弘"，截至5月26日，其规模为3.89亿元。而在场外，联接基金成立也已超3年（A类 014564，C类014565）。 据证券时报5月25日报道，今年以来，以创新药为代表的医药板块股价修复明显，医药行业也成为近期 券商调研的"香饽饽"，券商本月合计调研 ...

Core Viewpoint - Sunshine Nuohuo has announced a significant asset restructuring plan to acquire 100% equity of Jiangsu Langyan Life Science Technology Co., Ltd, aiming to enhance its capabilities in the pharmaceutical industry through resource integration and strengthen its full-chain layout for sustainable development [1][2]. Group 1: Acquisition Details - The acquisition will be executed through the issuance of shares and convertible bonds, focusing on integrating high-difficulty generic drug and innovative drug research, production, and sales [1]. - Langyan Life is a comprehensive pharmaceutical enterprise with established production capacity and channel resources in high-end chemical drugs and raw materials, covering critical clinical areas such as cardiovascular and anti-infection [1]. Group 2: Strategic Synergy - The collaboration between Sunshine Nuohuo's R&D strengths and Langyan Life's production capabilities is expected to create a synergistic effect, accelerating the technological upgrade of existing production capacity and providing a conversion platform for self-researched pipelines [2]. - Sunshine Nuohuo's innovative drug projects can quickly transition from laboratory to market using Langyan Life's production lines, while Langyan Life's mature products can benefit from Sunshine Nuohuo's R&D resources for process optimization and new indication development [2]. Group 3: Industry Context - The acquisition is positioned as a response to increasing policy changes in the pharmaceutical industry, which have heightened the need for industry chain division and integration [2]. - By pursuing vertical integration, Sunshine Nuohuo aims to enhance cost control across R&D, production, and sales, reducing reliance on external capacity and improving risk resilience amid the normalization of centralized procurement [2]. Group 4: Strategic Upgrade - This acquisition is a key move in Sunshine Nuohuo's strategic upgrade, reinforcing its "CRO + innovative R&D + pharmaceutical industry" layout, maintaining the professionalism of R&D services while enhancing the effectiveness of industrial transformation [3]. - The ongoing integration is expected to become a crucial support for optimizing the company's revenue structure [3].

2025 年 05 月 25 日 行业周报 看好/维持 医药 医药 创新药 BD 推升行业景气度，关注后续会议持续催化（附 CLDN18.2 靶点研究）(2025.05.19-2025.05.25) 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/5/27 24/8/7 24/10/18 24/12/29 25/3/11 25/5/22 医药 沪深300 子行业评级 推荐公司及评级 | 君实生物 | 买入 | | --- | --- | | 华领医药-B | 买入 | | 奥锐特 | 买入 | | 同和药业 | 买入 | | 阳光诺和 | 买入 | | 泓博医药 | 买入 | | 福元医药 | 买入 | | 三生制药 | 买入 | | 京新药业 | 买入 | | 共同药业 | 增持 | | 亿帆医药 | 买入 | | 诺诚健华 | 买入 | | 诺思格 | 买入 | | 奥翔药业 | 买入 | | 科伦药业 | 买入 | | 国邦医药 | 买入 | | 来凯医药-B | 买入 | | 百利天恒 | 买入 | | 益方生物 | 买入 | | 皓元医药 | 买入 | | 普洛药业 | 买入 ...

截至5月23日收盘，细胞免疫治疗概念上涨1.35%，位居概念板块涨幅第3，板块内，35股上涨，塞力医 疗涨停，阳光诺和、舒泰神、贝达药业等涨幅居前，分别上涨12.55%、11.77%、8.35%。跌幅居前的有 姚记科技、海南海药、近岸蛋白等，分别下跌4.24%、3.62%、3.19%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 可控核聚变 | 2.38 | 兵装重组概念 | -3.52 | | CRO概念 | 1.51 | 中韩自贸区 | -3.07 | | 细胞免疫治疗 | 1.35 | 快手概念 | -2.89 | | 仿制药一致性评价 | 1.31 | 小红书概念 | -2.60 | | 幽门螺杆菌概念 | 1.28 | 财税数字化 | -2.60 | | 减肥药 | 1.27 | 共享单车 | -2.52 | | 创新药 | 0.97 | 云游戏 | -2.52 | | 光刻胶 | 0.94 | 算力租赁 | -2.50 | | 肝炎概念 | 0.89 | 航运概念 | -2.49 | | 染料 ...

Group 1 - The stock of 阳光诺和 (688621) has a comprehensive score of 56.16, indicating a strong performance [1] - The main cost analysis shows that the current main cost is 50.59 yuan, with a 5-day main cost of 47.31 yuan, a 20-day main cost of 44.18 yuan, and a 60-day main cost of 45.12 yuan [1] - In the past year, the stock has experienced one limit-up and one limit-down [1] Group 2 - On May 23, 2025, the net inflow of main funds was 14,438.86 million yuan, accounting for 24% of the total transaction amount [2] - The stock price has broken through the short-term resistance level of 47.61 yuan, indicating potential short-term strength [2] - The stock is associated with sectors such as medical services (1.17%), CRO (2.08%), innovative drugs (1.17%), and AI pharmaceuticals (2.15%) [2]

智通财经5月23日电，信立泰、科伦药业双双创历史新高，阳光诺和冲击20CM涨停，众生药业此前涨 停，海辰药业、贝达药业、泓博医药涨超10%，舒泰神、海翔药业、泰格医药、华海药业等多股涨超 5%。 创新药概念股持续走高 信立泰、科伦药业双双创历史新高 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 05 23 年 月 日 朝闻国盛 锚定基准做超额收益——股票组合偏离度管理的几个方案 今日概览 ◼ 重磅研报 【金融工程】锚定基准做超额收益——股票组合偏离度管理的几个方案 ——20250522 【钢铁】重估中国-2025 年中期策略报告——20250522 【电子】纳芯微（688052.SH）-车规模拟芯片龙头，磁传感器加速成长 ——20250522 【医药生物】阳光诺和（688621.SH）-收购朗研加码创新，"研发服务+ 管线培育+新质产业链"三位一体——20250522 ◼ 研究视点 【商贸零售】4 月社零同比增长 5.1%，基本符合预期——20250522 【纺织服饰】滔搏（06110.HK）-FY2025 库存去化顺利推进，高分红回 馈投资者——20250522 【食品饮料】青岛啤酒（600600.SH）-跨界扩张，旺季发力——20250522 【食品饮料】三只松鼠（300783.SZ）-三生万物生态大会：打破边界，全 域拓展——20250522 作者 | 分析师 杨然 | | --- | | 执业证书编号：S068051805000 ...

证券代码：688621 证券简称：阳光诺和 公告编号：2025-046 北京阳光诺和药物研究股份有限公司 董事会薪酬与考核委员会 关于公司 2025 年限制性股票激励计划激励对象名单 的核查意见及公示情况说明 截至公示期满，公司董事会薪酬与考核委员会未收到任何员工对本次拟激励 对象提出的任何异议。 （二）核查方式 公司董事会薪酬与考核委员会核查了本次拟激励对象的名单、身份证件、拟 激励对象与公司（含子公司及孙公司）签订的劳动合同、拟激励对象在公司担任 的职务等文件。 二、董事会薪酬与考核委员会核查意见 公司董事会薪酬与考核委员会根据《管理办法》《北京阳光诺和药物研究股 份有限公司章程》（以下简称"《公司章程》"）、《激励计划（草案）》的相 关规定，对公司《激励对象名单》进行了核查，并发表核查意见如下： 民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》等法 律、法规和规范性文件规定的任职资格，符合《管理办法》等规定的激励对象条 件，符合公司《激励计划（草案）》及其摘要规定的激励对象范围。 级管理人员、核心技术人员及董事会认为需要激励的其他人员，其中包含 1 名外 籍激励对象。 本公司董事会及全 ...

Core Points - The company is holding its second extraordinary general meeting of shareholders in 2025 to discuss various proposals, including a restrictive stock incentive plan [2][9] - The proposed incentive plan aims to attract and retain talent, aligning the interests of shareholders, the company, and employees [9][10] - The plan includes the issuance of 2.721783 million restricted stocks, representing 2.43% of the company's total share capital [12][16] Proposal Summaries - **Proposal 1**: The company proposes a restrictive stock incentive plan draft to enhance its long-term incentive mechanism [9][10] - **Proposal 2**: The implementation assessment management measures for the restrictive stock incentive plan are to be discussed [2] - **Proposal 3**: The board is seeking authorization to manage the implementation of the restrictive stock incentive plan [2] - **Proposal 4**: The meeting will address the completion and changes in the use of raised funds for investment projects [2] Meeting Procedures - Shareholders and their representatives must sign in 30 minutes before the meeting and present identification [3][4] - The meeting will follow a structured agenda, including the announcement of attendees and their voting rights [8][9] - Voting will be conducted both on-site and online, with results published after the meeting [6][8] Stock Incentive Plan Details - The plan will grant 2.721783 million restricted stocks, with 2.177428 million stocks for initial grants and 0.544355 million stocks reserved [12][16] - The grant price for the restricted stocks is set at 22.78 yuan per share [20][22] - The plan includes specific performance targets for the years 2025 and 2026, focusing on revenue growth and clinical trial milestones [24][25]