2026 年 3 月 31 日 证券研究报告 医药生物行业双周报 2026 年第 6 期总第 155 期 2026 年 AACR 年会即将举行 创新药板块迎来重要数据催化窗口 行业回顾 评级变动 维持评级 ◆诺华：拟在华投资超 33 亿元人民币 投资建议： 1/24 近期，医药生物板块催化因素持续累积，药械创新仍是当前的核心主 线。一方面，国内政策端继续释放积极信号，NMPA 将在全国范围内 组织实施为期三年的"医疗器械临床创新成果转化"春雨行动"，进 一步强化对创新器械成果转化和产业化落地的支持；另一方面，海外 公司地址：北京市丰台区凤凰嘴街 2 号院 1 号楼中国长城资产大厦 16 层 分析师 胡晨曦 本报告期医药生物行业指数跌幅为 1.26%，在申万 31 个一级行业中 位居第 4，跑赢沪深 300 指数（-3.57%）。从子行业来看，医疗研发 外包、化学制剂涨幅居前，涨幅分别为 2.78%、1.36%；医院、血液 制品跌幅居前，跌幅分别为 8.42%、6.69%。 行业走势： 估值方面，截至 2026 年 3 月 27 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 29.30x（上期末 30 ...

Group 1: Product Strategy and Market Expansion - The company launched a new brand for its product "Wuling" in early 2026, emphasizing a dual-channel strategy to enhance its influence in the C-end market [1] - Key initiatives include the introduction of a large packaging of 108 capsules, strengthening partnerships with major chain pharmacies, and expanding into e-commerce and O2O retail channels [1] - The company organized the first "Wuling Sleep King Challenge" during World Sleep Day 2026, promoting scientific sleep concepts through immersive experiences [2] Group 2: Financial Instruments and R&D Investment - The company has initiated the issuance of convertible bonds, which is currently under the first round of inquiry by the Shenzhen Stock Exchange [3] - R&D investments focus on innovative traditional Chinese medicine, particularly the Wuling series, aiming to develop a family of 10 products [4] - Additional R&D efforts include secondary development of Wuling capsules and expanding clinical applications [4] Group 3: Market Coverage and Sales Performance - Wuling capsules are currently available in six provinces, including Shanghai and Zhejiang, where prices are higher than in regions under centralized procurement, accounting for approximately one-third of total sales [5] - The product has reached about 16,000 medical institutions nationwide, with significant room for growth as there are over 1 million medical institutions in total [6]

Group 1: Industry Research Highlights - The most popular industries for institutional research from March 16 to March 20, 2026, ranked by total number of institutional surveys, are machinery equipment, basic chemicals, and electronics. The focus has shifted towards cyclical sectors, with basic chemicals becoming a new focal point following electronics, while power equipment remains widely monitored [8][11]. - Over the past 30 days, the top industries by institutional survey frequency are machinery equipment, electronics, basic chemicals, and power equipment, with electronics and machinery equipment receiving the most attention [11]. Group 2: Company Research Highlights - The companies with the highest number of institutional surveys in the past 5 days, with more than 10 ratings, include Zhaoli Pharmaceutical, Suzhou Bank, and Yinlun Co., Ltd. [15][17]. - In the past 30 days, the companies with the most institutional surveys and more than 10 ratings are Shunluo Electronics, Zhaoli Pharmaceutical, and Huarui Precision [19][21]. Group 3: Key Company Insights 1. **Zhaoli Pharmaceutical**: The company focuses on a dual-channel marketing strategy, with current sales split approximately 90% in-hospital and 10% out-of-hospital. It aims to deepen its penetration in county-level medical communities and expand its out-of-hospital sales through brand upgrades and internet sales [22][23]. 2. **Yinlun Co., Ltd.**: The company is positioned as a leading provider of thermal management systems, with a focus on power energy and digital energy sectors. The power energy segment is expected to be a significant growth driver, while the digital energy segment, particularly AI liquid cooling, is also anticipated to grow rapidly [26][27]. 3. **Suzhou Bank**: The bank reported a stable asset quality with a non-performing loan ratio of 0.83% and a capital adequacy ratio of 13.57%. It aims to optimize its credit policies and enhance capital efficiency to support sustainable growth [29][31].

Group 1: Product Pricing and Stability - The core products' pricing system remains stable, with no expected price drops for the Wuling series and Bailing series, which are key products in the national medical insurance system [1][2] - The Bailing tablets and capsules have been selected for the national Chinese medicine procurement alliance, with the procurement period lasting until the end of 2027, ensuring price stability during this time [2] Group 2: Sales Channels and Strategies - The sales distribution is approximately 90% from hospital channels and 10% from external channels, with a strategy to deepen hospital penetration and expand external sales [3] - The company aims to leverage its advantages in national basic medicine and procurement selections to enhance coverage in hospitals, particularly in county-level medical communities [3] Group 3: Market Position and Competition - The multi-micro asset group products are covered in over 20 provinces, with a strong market presence in pediatric and maternal-child hospitals, and the brand "Litianwei®" has gained recognition [4] - Wuling capsules hold the top market share in the traditional Chinese medicine neurological field in urban and county public hospitals, with main competitors including Bailemi capsules and Zao Ren An Shen granules [6] Group 4: Organizational Structure - The marketing headquarters includes various departments such as self-operated hospital divisions, OTC business, and government affairs, employing a combined sales model of self-operation and agency [7] Group 5: Industry Environment and Policy Impact - The year 2026 marks the beginning of the "14th Five-Year Plan," with ongoing policy benefits for the traditional Chinese medicine industry, creating structural opportunities in both hospital and external markets [8] - Recent government guidelines aim to enhance grassroots medical services, providing market opportunities for the company to expand its existing four basic medicine varieties [8]

近日，浙江佐力药业股份有限公司（以下简称"公司"）收到国家药品监督 管理局签发的聚卡波非钙颗粒《药品注册证书》，现将相关情况公告如下： 一、药品注册证书主要信息 药品名称：聚卡波非钙颗粒 主要成份：聚卡波非钙 剂型：颗粒剂 规格：1.0g 证券代码：300181 证券简称：佐力药业 公告编号：2026-006 浙江佐力药业股份有限公司 关于获得《药品注册证书》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 注册分类：化学药品 3 类 受理号：CYHS2403235 上市许可持有人地址：浙江省德清县阜溪街道志远北路 388 号 证书编号：2026S00703 药品有效期：18 个月 处方药/非处方药：处方药 药品批准文号：国药准字 H20263585 药品批准文号有效期：至 2031 年 3 月 9 日 上市许可持有人：浙江佐力药业股份有限公司 生产企业：浙江佐力药业股份有限公司 生产企业地址：浙江省德清县阜溪街道志远北路 388 号 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 符合药品注册的有关要求，批准注册，发给药品注册证书。 ...

Group 1: Sales Strategy and Market Expansion - The company is confident in the sales strategy for the Bailin series over the next three years, focusing on "strong development, building benchmarks, establishing brands, grassroots engagement, and all-channel promotion" [1] - The strategy includes accelerating hospital coverage through national procurement alliances, particularly targeting county-level markets, and enhancing community health service center development [1] - The goal is to establish the Bailin series as a 1 billion-level product in the future [1] Group 2: Competitive Landscape - The main competitors for the company's Pukapofen Calcium Tablets are lactulose and polyethylene glycol, both of which are osmotic laxatives [2] - The company’s Pukapofen Calcium Tablets are the first generic drugs in China to pass consistency evaluation, with rapid sales growth in 2025 [2] - The company is actively expanding indications for "diarrhea caused by irritable bowel syndrome" and researching new formulations to enhance competitive advantages [2] Group 3: Pricing and Procurement - The procurement for Wuling Capsules in various provinces will begin in the first half of 2025, with a two-year execution cycle [3] - There has been no occurrence of secondary price reductions in the ongoing provincial and inter-provincial procurement processes, with prices remaining stable [3] Group 4: Strategic Development and Innovation - The company is pursuing an "integrated two-wing" strategy, focusing on strengthening existing core products while advancing innovative drug development for the Wuling series [4] - Plans include entering the health consumption sector, collaborating with Zhejiang University to leverage AI technology for deep research on Wuling bacteria and its fermentation products [4] - The acquisition of Future Pharmaceuticals' multi-micro asset group in 2025 aims to establish a comprehensive health product and service chain covering all age groups [4] Group 5: Brand Development and Consumer Engagement - The launch of the new Wuling brand during the 30th anniversary celebration signifies a strategic shift towards a brand-driven approach [5] - New initiatives for consumer engagement include enhancing brand visibility through online media, strategic partnerships with chain pharmacies, and community health education programs [5] - Activities such as the "Wuling Sleep Health Management Master Competition" and the "3.2.1 Sleep! Wuling Sleep King Challenge" aim to promote national sleep health [5]

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]

6-1-1 | 文 | | --- | | | 页 次 | | --- | --- | | 、审计报告 | 1-6 | | 、财务报表 | 7-18 | | (一) 合并资产负债表 | 7-8 | | (二) 合并利润表 | 9 | | (三) 合并现金流量表 | 10 | | (四) 合并所有者权益变动表 | 11-12 | | (五) 母公司资产负债表 | 13-14 | | (六) 母公司利润表 | 15 | | (七) 母公司现金流量表 | 16 | | (八) 母公司所有者权益变动表 | 17-18 | 6-1-2 审计报告 中汇会审[2023]4547号 浙江佐力药业股份有限公司全体股东: 一、审计意见 我们审计了浙江佐力药业股份有限公司(以下简称佐力药业公司)财务报表, 包括2022年12月31日的合并及母公司资产负债表,2022年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及财务报表附 注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了佐力药业公司2022年12月31日的合并及母公司财务状况以及2022年度 的合并及母公司经 ...