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 ...

格隆汇1月29日丨根据联交所最新权益披露资料显示，2026年1月28日，凯莱英(06821.HK)获Norges Bank在场内以每股均价80.6683港元增持9.97万股，涉资 约804.26万港元。 增持后，Norges Bank最新持股数目为423.53万股，持股比例由14.86%上升至15.22%。 | 股份代號: | 06821 | | --- | --- | | 上市法國名稱: | 凱萊英醫藥集團(天津)股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 29/12/2025 - 29/01/2026 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | it | 原因 | 股份數目 | | (請參閱上述 * 註 有投票權股 期 (日 / 月 / 權益 | | | | | | | | 服务) | 份自分比 KE | | and the first to the s ...

2026 年 01 月 30 日 其 他 研 究 开源晨会 0130 ——晨会纪要 开 源 证 券 证 券 研 究 报 告 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 电子 | -3.563 | | 国防军工 | -1.793 | | 电力设备 | -1.783 | | 机械设备 | -1.764 | | 综合 | -1.658 | 数据来源：聚源 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2025-02 2025-06 2025-10 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 食品饮料 | 6.574 | | 传媒 | 3.528 | | 房地产 | 2.654 | | 非银金融 | 2.277 | | 石油石化 | 2.226 | | 数据来源：聚源 | | 总量视角 【宏观经济】美联储独立性和新主席换届是市场更关注的点——1 月 FOMC 会议 点评-20260129 ...

智通财经APP获悉，香港联交所最新资料显示，1月28日，Norges Bank增持凯莱英(06821)9.97万股，每 股作价80.6683港元，总金额约为804.26万港元。增持后最新持股数目为423.53万股，最新持股比例为 15.22%。 ...

香港联交所最新资料显示，1月28日，Norges Bank增持凯莱英（002821）(06821)9.97万股，每股作价 80.6683港元，总金额约为804.26万港元。增持后最新持股数目为423.53万股，最新持股比例为15.22%。 ...

医药生物/医疗服务 凯莱英（002821.SZ） 2026 年 01 月 28 日 投资评级：买入（首次） | 日期 | 2026/1/27 | | --- | --- | | 当前股价(元) | 99.98 | | 一年最高最低(元) | 125.50/59.90 | | 总市值(亿元) | 360.80 | | 流通市值(亿元) | 316.94 | | 总股本(亿股) | 3.61 | | 流通股本(亿股) | 3.17 | | 近 3 个月换手率(%) | 87.67 | 股价走势图 -30% 0% 30% 60% 90% 2025-02 2025-06 2025-10 凯莱英 沪深300 数据来源：聚源 小分子 CDMO 龙头，多肽与小核酸共筑新增长极 ——公司首次覆盖报告 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 小分子基石稳固，常规业务韧性凸显，签单企稳回升 凯莱英是全球领先的小分子 CDMO 企业，深耕行业二十五年，正处于从单一小 分子业务向"小分子+新兴业务"双轮驱动转型的关键期。随着公司新兴业务快速 放量，业绩韧性凸显。短期看，大订单高基数影 ...

Group 1 - The core viewpoint is that innovative drugs are expected to show significant excess returns in 2025, driven by continuous BD overseas expansion, excellent clinical data, and policy support [1] - The CXO sector is anticipated to experience substantial growth due to the recovery in demand and improved investment environment in the global pharmaceutical industry [1] - The report emphasizes the importance of focusing on new technologies, particularly bispecific antibodies, small nucleic acid drugs, AI healthcare, and brain-computer interface innovations [3] Group 2 - Domestic supply and demand are relatively stable, with national health expenditure showing a year-on-year growth of 4.7% from January to November 2025, marking a positive turnaround after two years of decline [2] - The medical insurance fund's income and expenditure growth rates continue to decline, with total income of 2.63 trillion yuan (+2.9%) and expenditure of 2.11 trillion yuan (+0.5%) from January to November [2] - The report suggests that the commercialization of new drug forms is entering a critical phase, with significant clinical data supporting the application of B-cell depletion therapies in autoimmune diseases [3] Group 3 - Investment recommendations include focusing on innovative overseas expansion and new technology directions, with suggested stocks such as Mindray Medical, WuXi AppTec, and others [4] - The report highlights the potential for explosive growth in the global market for brain-computer interfaces, supported by policy incentives and technological breakthroughs [3]

Core Insights - The report emphasizes the importance of innovation in the pharmaceutical and biotechnology industry, particularly focusing on the overseas expansion of innovative drugs and the adoption of new technologies [1][4]. - The investment rating for the sector is maintained at "outperform the market" [2]. Group 1: Market Overview and Trends - The overseas market for innovative drugs and the CXO industry is expected to perform exceptionally well in 2025, driven by continuous business development (BD) activities, strong clinical data, and supportive policies [4]. - The domestic supply and demand remain stable, with a shift in payment systems favoring innovation. National health expenditure increased by 4.7% year-on-year in the first 11 months of 2025, marking a recovery after two years of decline [4]. - The report highlights the significant growth potential in new drug forms such as dual antibodies and small nucleic acid drugs, as well as innovations in AI healthcare and brain-machine interfaces [4]. Group 2: Investment Recommendations - The report recommends focusing on companies with global competitiveness and differentiated innovation capabilities, as well as domestic CXO leaders with high barriers in cost control, technology accumulation, and production capacity [4]. - Recommended stocks include Mindray Medical, WuXi AppTec, Kelaiying, Aier Eye Hospital, and several others, with specific mention of H-shares like Kelun-Bio and CanSino Biologics [4][5]. Group 3: Financial Performance and Projections - The report provides a detailed strategy portfolio for 2026, listing companies along with their projected net profits and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [5]. - The pharmaceutical sector's overall performance in 2025 was strong, with significant gains in sub-sectors such as medical services and chemical pharmaceuticals, driven by BD collaborations and clinical data releases [12][23]. Group 4: Fund Holdings and Market Sentiment - As of Q4 2025, the net asset value of pharmaceutical funds decreased by 9.0%, with a notable shift where passive funds surpassed active funds for the first time since 2019 [25][32]. - The report indicates a decline in the proportion of pharmaceutical holdings in both active and non-pharmaceutical funds, with a concentration in chemical preparations and other biological products [32][40].

智通财经APP讯，凯莱英(06821)发布公告，该公司于2026年1月26日根据H股限制性股票计划向受托人 发行并配发股份28.13万股。 ...

凯莱英（002821）(06821)发布公告，该公司于2026年1月26日根据H股限制性股票计划向受托人发行并 配发股份28.13万股。 ...