Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [29]. Core Insights - The report highlights that the national government will continue to support the renewal of medical equipment in 2026, which is expected to drive demand in the medical device sector. The focus is on high-end equipment and companies with significant performance improvements and international expansion, such as Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical [3]. - The report emphasizes the optimization of application conditions and review processes for equipment renewal projects, aiming to lower investment thresholds and enhance support for small and medium-sized enterprises [3]. - The ongoing policy for equipment renewal is anticipated to sustain a favorable bidding environment for medical devices, with a gradual improvement in performance as inventory clears [3]. Summary by Sections Industry Overview - The report discusses the government's announcement on December 30, 2025, regarding large-scale equipment renewal and the inclusion of various sectors, including healthcare, in the support framework for 2026 [3]. - It outlines the measures to improve the application process for equipment renewal, including stricter requirements for equipment depreciation and minimum usage periods [3]. Investment Opportunities - The report suggests focusing on companies that are expected to show significant performance improvements and have a leading international presence in the medical device sector [3]. - Specific companies recommended for investment include Mindray Medical, United Imaging, Aohua Endoscopy, and Kaili Medical, which are well-positioned to benefit from the anticipated demand for high-end medical equipment [3]. Market Performance - The medical sector has experienced a decline, with a reported drop of 2.06% in the last week, ranking 25th among 28 industries [8][18]. - The report notes that the medical device market is under pressure in the short term due to policy impacts, but improvements are expected as companies innovate and expand internationally [5].

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - Antibody-drug conjugates (ADCs) have become one of the most promising and fastest-growing treatment methods, combining the precise targeting characteristics of antibody drugs with the strong cytotoxicity of small molecule drugs. ADCs show better clinical trial results compared to traditional chemotherapy, which has high off-target toxicity and increased risk of infection. The ADC market is expected to enter an explosive growth phase, with projections indicating a global market size of $115.1 billion by 2032 [5][22][68]. Summary by Sections ADC Drug Development - ADCs are characterized by their core components: highly effective cytotoxic drugs, specific monoclonal antibodies, and linkers that connect the two. The development of ADCs has made significant progress, with the first ADC approved by the FDA in 2000. The market for ADCs has grown rapidly from $2 billion in 2018 to $10.4 billion in 2023, with a CAGR of 38.6% [15][22]. ADC Industry Outlook - The ADC industry is experiencing high demand for outsourcing services, with an outsourcing rate of approximately 70%, significantly higher than the 34% for traditional biopharmaceuticals. The global ADC CXO market is projected to reach $11 billion by 2030, with a CAGR of 28.4% from 2022 to 2030 [6][31][69]. Key Companies - **WuXi AppTec**: A leading global CRDMO company in bioconjugates, with rapid revenue growth from $0.096 billion in 2020 to $4.052 billion in 2024, and a projected capital expenditure exceeding 7 billion RMB by 2029 [7][39]. - **Hao Yuan Medicine**: Focused on ADC development for over a decade, with over 90 ADC projects and more than 1,200 clients. The company has established a comprehensive ADC CDMO platform and is expanding its production capacity [7][53]. - **Easton Pharmaceuticals**: Provides a full range of CDMO services for ADCs and has supported multiple projects, including the first dual-load ADC project approved for clinical trials [8][61]. - **Kelaiying**: A leading CDMO that has entered the biopharmaceutical sector, with significant growth in ADC-related business and ongoing expansion of production capacity [9][64].

Group 1: Core Insights - The report maintains a strong market rating for the pharmaceutical industry, indicating a clear upward trend driven by recovering demand and improved performance in the CXO sector [1][2] - The CXO sector has shown significant stock price increases, with some companies experiencing nearly 100% growth since the beginning of 2025, driven by the innovative drug market and a recovery in orders [3][6] Group 2: CXO Sector Analysis - The CXO sector's overall revenue increased by 11.8% year-on-year in the first three quarters of 2025, with a notable profit increase of 58.1% [13] - External demand for CXO services has rebounded, with significant order growth from leading CDMO companies, indicating a clear recovery trend [22][31] - Internal demand for CXO services has lagged behind external demand, but there are signs of strong growth in domestic innovative drug projects and increased investment in the domestic market [3][22] Group 3: Life Sciences Upstream - The life sciences upstream sector has seen a 37.7% increase in stock prices year-to-date, outperforming the pharmaceutical and biotechnology index by 18% [3] - Revenue for the upstream sector increased by 8.8% year-on-year in the first three quarters of 2025, with net profit rising by 27.7% [3] Group 4: Investment Recommendations - The report suggests a strategic investment focus on companies such as WuXi AppTec, WuXi Biologics, and Tigermed, while also highlighting more flexible investment options like Zhaoyan New Drug and Nossan [3]

Group 1 - The core investment theme for the pharmaceutical industry in 2025 is the overseas expansion of innovative drugs, which is expected to yield excess returns compared to the broader pharmaceutical sector and the CSI 300 index [2][21] - The innovative drug index has shown a significant increase, outperforming the pharmaceutical biological index by 37.48 percentage points, with a year-to-date increase of 65.99% [21] - Major transactions in the ADC and dual antibody fields are anticipated to continue, while there is a need to avoid repetitive competition in areas like small nucleic acids and focus on unmet clinical needs [3][4] Group 2 - The report emphasizes the importance of overseas markets for both innovative drugs and medical devices, suggesting that companies should seek growth opportunities beyond domestic market saturation [4][5] - The Chinese pharmaceutical industry is gradually becoming a global innovation center, with significant advancements in dual antibodies and ADCs, while also making strides in emerging fields like small nucleic acids and inhalation formulations [5][6] - The report highlights that the overseas authorization revenue has become a crucial funding source for innovative drug development, with a total upfront payment of $4.551 billion in the first three quarters of 2025 [29][32] Group 3 - The medical device sector is experiencing a shift towards overseas expansion, with a focus on high-value consumables and IVD products, as Chinese companies enhance their market share [7][55] - The export growth of high-value consumables is significant, with a recorded increase of 10.75% in the first half of 2025, particularly in the North American and European markets [57][66] - The report notes that the certification and market establishment processes for high-value consumables are long-term investments, requiring compliance with stringent regulations in the EU and the US [60][61] Group 4 - The recovery of financing in the domestic innovative drug sector has been robust, with a total of 324 financing events amounting to $5.51 billion in the first three quarters of 2025, marking a 67.6% increase year-on-year [70][72] - The CXO industry is experiencing varied recovery rhythms across different segments, with some areas like CDMO seeing order growth due to overseas financing recovery [74]

凯莱英（002821.SZ）12月31日在投资者互动平台表示，多肽项目进入中后期后对产能需求高，目前公 司在多肽减重领域共服务十几个分子，近半数处于临床Ⅱ和Ⅲ期，预计明年部分项目将进入PPQ阶段， 产能需求持续增加。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：贵司多肽产能不断扩建已经要达到4万升了，但是贵司 服务的核心多肽产品玛仕度肽订单被诺泰生物抢走了一些，贵司的多肽产能是否会面临着闲置的风险？ ...

Investment Rating - The report maintains an "Outperform" rating for several companies in the pharmaceutical sector, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with promising pipelines and performance growth in the Biopharma/Biotech sector, maintaining an "Outperform" rating for Innovent Biologics, WuXi XDC Cayman, and others [5][23]. - It highlights the performance of the A-Shares pharmaceutical sector, which underperformed the market, with the SW Pharma & Bio index falling by 0.2% while the SHCOMP rose by 1.9% [7][18]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is currently at a normal level of 66.7% as of December 26, 2025 [13][17]. Summary by Sections 1. Continued Recommendation for Innovative Drugs and Industry Chain - The report continues to recommend innovative drugs and the associated industry chain, highlighting the high demand and potential for revaluation in the pharmaceutical sector [5][23]. - Specific companies recommended include Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical, all rated as "Outperform" [5][6]. 2. A-Shares Pharmaceutical Sector Performance - In the fourth week of December 2025, the A-Shares pharmaceutical sector underperformed the broader market, with a decline of 0.2% compared to a 1.9% increase in the SHCOMP index [7][18]. - The best-performing sub-sectors included chemical raw materials (+2.0%) and medical equipment (+0.1%), while biological products saw a slight decline of -0.1% [9][18]. 3. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Biotechnology index down by 2.3% [18]. - In contrast, the U.S. pharmaceutical sector performed similarly to the market, with the S&P Healthcare Select Sector increasing by 1.0% [18].

《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？ 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 证券分析师：凌珑 021-60375401 linglong@guosen.com.cn S0980525070003 请务必阅读正文之后的免责声明及其项下所有内容 1 报告摘要 证券研究报告 | 2025年12月28日 n 靴子落地，美国《2026财年国防授权法案》夹带《生物安全法案》生效。 请务必阅读正文之后的免责声明及其项下所有内容 2 ü 《2026财年国防授权法案》夹带《生物安全法案》（主要指第851节《禁止与特定生物技术公司签订合同》）落地，标志着美国已将生物安全正式纳入国家防务与 安全战略框架统筹考量，同时彰显其在生物技术供应链自主可控的明确政策转向，本质是中美的科技竞争与产业安全博弈在生物领域的延 ...

CRO概念股承压走低，截至发稿，康龙化成（300759）(03759)跌4.32%，报21.24港元；昭衍新药 （603127）(06127)跌3.29%，报21.16港元；凯莱英（002821）(06821)跌2.31%，报78.15港元；维亚生物 (01873)跌1.98%，报1.98港元。 消息面上，北京时间12月18日凌晨，搭载修订版《生物安全法案》的美国2026财年《国防授权法案 (2026NDAA)》以77票赞成、20票反对的结果在参议院表决通过，至此已完成参、众两院的主要立法程 序即将送往白宫，由美国总统签署生效。信达证券（601059）指，过去两年《生物安全法案》是压制 CXO板块估值的重要原因，和最初版本相比，最终落地的版本没有点名具体企业，整体相对温和。虑 到美联储已经进入降息通道，全球生物医药投融资有望边际改善，随着法案落地，CXO板块有望迎来 业绩和估值的双重修复。 ...

（编辑 任世碧） 证券日报网讯 12月19日晚间，凯莱英发布公告称，公司第五届董事会第六次会议审议通过《关于调整 2025年A股限制性股票激励计划相关事项的议案》《关于回购注销2025年A股限制性股票激励计划部分 限制性股票的议案》《关于修订的议案》等多项议案。 ...

格隆汇12月19日丨凯莱英(06821.HK)公告，于2025年12月19日，公司董事会审议并通过《关于回购注销 2025年A股计划部分限制性股票的议案》，据此将购回及注销33,000股由(i)7名已离职合资格参与者根据 2025年A股计划首次授予，以及(ii)一名已离职合资格参与者根据2025年A股计划预留授予项下所持有的 已授出但尚未解禁的受限制A股股份(「购回及注销事项」)。 财经频道更多独家策划、专家专栏，免费查阅>>责任编辑：安东 ...