[Table_Author] 分析师 张金洋 | 执业证书： S0590525120012 | | | --- | --- | | 邮箱： | zhangjinyang@glms.com.cn | | 分析师 | 胡偌碧 | | 执业证书： S0590525120011 | | | 邮箱： | huruobi@glms.com.cn | | 分析师 | 乐妍希 | | 执业证书： S0590525110075 | | | 邮箱： | yueyanxi@glms.com.cn | 相对走势 -10% 3% 17% 30% 2025/4 2025/9 2026/3 医药 沪深300 医药周报 20260329 创新药筑底反攻思路&兼论长护险 glmszqdatemark 医药行情回顾&分析&近期判断 2026 年 03 月 29 日 推荐 维持评级 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 1）行情回顾：当周（03.23-03.27）医药生物指数环比+1.56%，跑赢创业板指数和沪深 300 指数。在所 有行业中，当周（03.23-03.27）医药涨跌幅排在第 4 位 ...

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 ...

ab 17 March 2026 Global Research China Medtech Marketing book Equities China Healthcare Jun Deng Analyst jun.deng@ubs.com +852-3712 2103 Chen Chen, PhD Analyst S1460520100001 chen-zb.chen@ubs.com +86-10-5832 8201 Henry Liu, CFA Analyst S1460520110002 henry-za.liu@ubs.com +86-105-832 8509 Liz Han, CFA Analyst liz.han@ubs.com +852-2971 6106 David Guo, PhD Analyst S1460524040001 david-za.guo@ubs.com +86-10-5832 8010 Emma Ma, CFA Associate S1460124070003 emma-mc.ma@ubs.com +86-21-3866 8981 This report has been ...

S1130525060003 gantanhuan gjzq.com.cn 投资逻辑 受国际石油价格持续上涨及海外能源成本较高的影响，各类化工产品普遍迎来明显涨价，其中溶剂类产品由于其较难 囤货，市场报价持续走高，成为本轮化工品涨价中弹性最显著的品类之一，也直接带动医药中间体、原料药等下游行 业成本抬升。受到上游原材料成本提升影响，下游原料药产品或将迎来提价契机。从供给端看，由于原料药行业在 2020- 2022 年集中扩产，预计供给压力仍然存在，价格有望缓慢传导。从需求端看，下游客户自 23 年 4 月去库存，目前客 户库存水平已长时间处于较低位置。原料药价格已在低位运行较长时间，客户库存水平较低，一旦提价后预计会有较 好持续性，后续可关注价格提升带来的利润弹性。 药品：3 月 20 日，诺华宣布以 20 亿美元预付款及最高 10 亿美元里程碑付款，收购 Synnovation Therapeutics 旗下 泛突变选择性 PI3Kα抑制剂 SNV4818 及相关项目组合，强化 PI3Kα靶点差异化布局，聚焦突变选择性抑制剂在 HR+/HER2-乳腺癌领域的联用潜力，国内建议关注和黄医药 PI3K-ATTC ...

AI+医疗报告解读电话会 20260316 摘要 AI 医疗进入商业化兑现期，2025 年美股呈现分化，仅 CanopyGrowth 等具落地能力公司走强，Recursion 等纯概念股大幅回调。 支付方动力排序：药企（研发降本）>医院/险企（DRG 改革/控费）>C 端（习惯待培养）；美国靠 CPT 编码实现按次付费，中国倾向软硬捆绑 模式。 AI 制药模式对比：AI+CRO（如晶泰科技）凭借首付款+里程碑分成成 为最稳健主流；AI+Biotech 爆发力强但风险高；AI+SaaS 面临天花板 限制。 医学影像由辅助诊断迈向全流程赋能，肺结节筛查已成红海；联影智能 通过 AI 提速磁共振成像（20min->3min）切中医院翻台率刚需。 诊疗端呈现名医 IP 克隆与基层助手双路径；固生堂 2025 年发布 14 个 国医 AI 分身贡献千万级收入，验证了中医资源无限复制的可行性。 鱼跃医疗等器械龙头通过"AI 助手+可穿戴"打通数据闭环，2026Q1 将推血压手表等新品，利用 AI 分析报告提升耗材复购率与用户粘性。 Q&A AI 医疗商业化面临的主要博弈是什么？不同支付方的付费动力有何差异？ AI 医疗商 ...

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]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The National People's Congress has designated innovative drugs as a "new emerging pillar industry," indicating a strategic shift for the biopharmaceutical sector from a nurturing phase to a core engine of economic growth [16][17]. - As of March 6, 2026, the total value of business development (BD) contracts for Chinese innovative drugs has reached $56.8 billion, with an upfront payment of $3.3 billion, representing 41% of the total for 2025 and exceeding the total for 2024 [17][21]. - Despite significant stock price corrections from 2025 highs, the fundamentals of quality companies remain solid, and the long-term growth logic for innovative drug exports is still intact [21]. Summary by Sections Industry Trends - The A-share pharmaceutical index has seen a year-to-date decline of 2.42%, underperforming the CSI 300 by 1.02% [9]. - The Hang Seng Healthcare Index has outperformed the Hang Seng Technology Index by 0.97% year-to-date [9]. R&D Progress and Company Dynamics - Recent approvals include HSK31679 for non-alcoholic fatty liver disease and the GLP-1 receptor agonist Enogratide, marking significant advancements in innovative drug development [17]. - The report highlights specific companies to watch, including: - PD1 PLUS: Sangamo Therapeutics, CanSino Biologics, Innovent Biologics, and Zai Lab [12]. - ADC: I-Mab Biopharma, Kelun-Biotech, and Baiyue Tianheng [12]. - Small nucleic acids: Frontier Biotechnologies, Fuyuan Pharmaceutical, and Yuyuan Pharmaceutical [12]. Market Performance - The report notes that the pharmaceutical index's price-to-earnings ratio is currently at 36.18, which is 2.24 times lower than the historical average [9]. - The report identifies top-performing stocks for the week, including Yahu Pharmaceutical (+40.65%) and Duoyi Pharmaceutical (+30.81%), while highlighting significant declines in stocks like Haixiang Pharmaceutical (-15.06%) and Furu Medical (-13.07%) [9].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [1] Core Insights - The upcoming adjustment of the National Essential Medicines List (NEML) is expected to benefit traditional Chinese medicine (TCM) stocks, with a focus on companies like Zhaoli Pharmaceutical, Fangsheng Pharmaceutical, and Panlong Pharmaceutical [2][17][22] - The report ranks sub-sectors in the following order of preference: innovative drugs > research services > CXO > TCM > medical devices > pharmacies [2][11] - Historical data indicates that products included in the NEML tend to experience significant sales growth, as seen with Zhaoli Pharmaceutical's Wuling Capsule, which saw sales growth rates increase from -12.82% in 2017 to 32.52% in 2021 after being included in the NEML [19][22] Summary by Sections Investment Highlights - The report suggests focusing on TCM stocks due to the imminent NEML adjustments, recommending Zhaoli Pharmaceutical, Fangsheng Pharmaceutical, and Panlong Pharmaceutical [2][17] - The report emphasizes the importance of the NEML adjustments, which have not occurred in eight years, and the potential for TCM products to gain market share [22] R&D Progress and Company Dynamics - Recent approvals and submissions include Sanofi's Dupilumab for new indications and GSK's hepatitis B therapy application in Japan [5] - The report highlights various companies across different therapeutic areas, including innovative drugs, ADCs, and small nucleic acids, suggesting a diversified investment approach [13][22] Market Performance - The A-share pharmaceutical index has shown a year-to-date increase of 3.0%, with notable performances from specific stocks such as Aidi Te (+36.9%) and Wanze Shares (+27.5%) [10] - The report notes that the medical sector has seen varied performance, with biopharmaceuticals and medical devices showing positive trends, while chemical pharmaceuticals and medical services have faced declines [10]

Current Strategy Viewpoints - The capital market experienced fluctuations in early February but rebounded later in the month, primarily due to reduced trading activity before the Spring Festival and short-term policy guidance [1] - The market is expected to enter a phase of economic data and policy verification, with a seasonal increase in trading activity post-Spring Festival, laying a foundation for future market performance [1] - Upcoming economic and corporate profit data, along with the National People's Congress in March, will be crucial for setting the annual policy tone and economic targets, which are significant for the capital market [1] Sector Focus - Short-term focus on safe-haven assets and resource products due to tensions in the Middle East, including precious metals and oil sectors [2] - Long-term focus on growth and cyclical sectors, with particular attention to small-cap stocks that typically perform well in spring [2] - Key sectors to watch include humanoid robots, computing, and AI, benefiting from sustained industry enthusiasm and increased risk appetite among investors [2] Macro Overview - The upcoming National People's Congress will set the tone for the annual economy, with GDP growth targets expected to be set between 4.5% and 5% [8] - Fiscal policy is anticipated to include a deficit rate of 4.0% and new special bonds totaling 5 trillion yuan, indicating a significant increase in fiscal deficit compared to last year [8] Financial Engineering - The A-share market has seen a rise in industry crowding, particularly in media and resource sectors, with the media sector showing a crowding degree of 98.25% [12][14] - The resource sector continues to perform well, with price fluctuations leading to a decrease in crowding indicators, suggesting a potential for continued upward movement [13] Electronic Communication Industry - The upcoming GTC conference is expected to showcase new chip developments from NVIDIA, reinforcing AI as a core investment theme [24] - The demand for storage products is projected to rise significantly, driven by strong AI customer needs and price increases in the DRAM market [25] Computer Industry - The rapid iteration of domestic AI large models is expected to drive significant growth in computing power investments, with a focus on world model technology advancements [28] - The demand for AI-driven applications is anticipated to increase, leading to a surge in computing needs and infrastructure investments [29] New Energy Industry - Focus on hydrogen and ammonia projects, with government support for integrated energy bases expected to drive growth in this sector [32] - The electric power equipment sector is poised for growth due to ongoing global energy demands and potential easing of import restrictions in India [32] High-end Manufacturing Industry - The humanoid robot sector is entering a phase of mass production, with significant advancements showcased during the Spring Festival [35] - The North American AI supply chain remains robust, with ongoing demand for advanced equipment and materials expected to drive growth [36]