Group 1 - The core viewpoint of the news is the performance and holdings of the China Europe Medical Health Mixed A Fund, which has shown a recent net value increase and varying returns over different time frames [1] - As of May 21, 2025, the latest net value of the fund is 1.6359 yuan, reflecting a growth of 1.36% [1] - The fund's one-month return is 4.85%, ranking 1834 out of 4645 in its category, while the three-month return is 0.17%, ranking 1678 out of 4590 [1] - Year-to-date, the fund has achieved a return of 4.28%, with a ranking of 2331 out of 4544 [1] Group 2 - The top ten stock holdings of the China Europe Medical Health Mixed A Fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%) and WuXi AppTec (9.95%) [1] - The fund was established on September 29, 2016, and as of March 31, 2025, it has a total scale of 15.613 billion yuan [1] - The fund manager, Ge Lan, has a background in biomedical engineering and has held various positions in research and fund management since joining China Europe Fund Management in 2014 [2]

Group 1 - The core viewpoint of the news is the performance and holdings of the China Europe Medical Health Mixed Fund C, which has shown a recent net value increase and varying returns over different time frames [1] - As of May 20, 2025, the fund's latest net value is 1.5473 yuan, reflecting a growth of 2.76% [1] - The fund's one-month return is 5.29%, three-month return is 0.92%, and year-to-date return is 2.57%, with respective rankings of 3149 out of 4647, 1587 out of 4590, and 3094 out of 4546 [1] Group 2 - The top ten stock holdings of the fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%), WuXi AppTec (9.95%), and Kanglong Chemical (6.24%) [1] - The fund was established on September 29, 2016, and as of March 31, 2025, it has a total scale of 15.566 billion yuan [1] - The fund manager, Ge Lan, has a background in biomedical engineering and has held various positions in research and fund management since joining China Europe Fund Management in 2014 [2]

Group 1 - The pharmaceutical sector is experiencing significant activity, with notable stocks such as Sanofi and Yipinhong reaching their daily limit up of 19.99%, and others like Shutaishen rising over 9% [1] - Major pharmaceutical companies reported impressive Q1 earnings, with BeiGene achieving a revenue of 8.048 billion yuan, a 50.2% increase from the previous year, and a significant reduction in net losses [1] - Innovent Biologics reported a revenue of 381 million yuan for Q1, marking a 129.92% year-on-year growth, and a net profit of 18 million yuan, up 112.62% year-on-year, indicating a turnaround to profitability [1] Group 2 - Wanlian Securities forecasts a performance divergence in the pharmaceutical sub-sectors for Q1 2024 and 2025, with strong revenue and profit growth expected in medical R&D outsourcing, hospitals, and other biological products [2] - The chemical pharmaceutical sector is gaining market attention, focusing on innovation-driven growth, domestic production, and policy immunity [2] - China Galaxy notes that the pharmaceutical sector has undergone a long adjustment period, resulting in low valuations and underweight public holdings, with expectations for policy support and market demand recovery to drive growth [2]

Investment Rating - The industry investment rating is positive [1] Core Viewpoints - The report indicates that a turning point has been reached in the CXO sector, suggesting a positive outlook for investment [6][66] - The report highlights that the performance of domestic CXO companies has shown significant improvement, with major players like WuXi AppTec and Kintor Pharmaceutical demonstrating strong order growth [6][66] - The report emphasizes the recovery of revenue growth, with a year-over-year increase of 8.2% in Q1 2025 for CXO companies, indicating a positive trend in the sector [6][26] Financial Analysis - Domestic performance: The medical R&D outsourcing index increased by 0.82% from December 31, 2024, to April 30, 2025, outperforming the pharmaceutical and biotech index by 0.64 percentage points [5][13] - International performance: The report notes a divergence in performance among international CXO companies, with Lonza showing optimistic growth projections for its CDMO business, expecting nearly 20% growth in 2025 [5][18] - Profitability: The average gross margin for Q1 2025 was 30.9%, reflecting a year-over-year increase of 1.1 percentage points, with some companies like Medpace and Boteng showing significant improvements [6][31] - Operational efficiency: Inventory turnover rates have stabilized, with an average of 3.36 in 2024, indicating a positive trend in operational efficiency [6][36] Investment Strategy - The report suggests that the CXO sector is at a turning point, with strong growth potential in small and large molecule CDMO orders, as well as in clinical CRO opportunities driven by domestic innovation policies [6][66] - Recommended companies include WuXi AppTec and Kintor Pharmaceutical for clinical CRO, and WuXi Biologics and Kelun Pharmaceutical for CDMO [6][66] - The report highlights an increase in institutional holdings in CXO companies, indicating growing confidence in the sector [6][60]

板块涨幅居前的十大牛股分别是：阳光诺和（5.1%）、毕得医药（1.52%）、昭衍新药（0.88%）、药 康生物（0.85%）、诺泰生物（0.79%）、泓博医药（0.77%）、百诚医药（0.61%）、联化科技 （0.47%）、昊帆生物（0.45%）、泰格医药（0.4%）、美迪西（0.3%）、金凯生科（0.06%）、皓元医 药（0.05%）、迦南科技（0.0%）、睿智医药（0.0%）、太龙药业（-0.18%）、成都先导（-0.2%）、 义翘神州（-0.23%）、百花医药（-0.28%）、凯莱英（-0.33%） 本文源自：金融界 序代码股票名称现价涨跌幅主力资金净额主力资金净占比1300630普利退0.82-8.89-415.18 万-16.232301520万邦医药38.8-2.56-119.21万-1.503300759康龙化成22.41-2.52-2033.75万-4.674603739蔚 蓝生物13.6-1.73-655.01万-4.535603229奥翔药业8.13-1.69-488.23万-7.946000739普洛药业13.81- 1.642593.46万12.907688238和元生物5.71-1. ...

Group 1 - The major shareholder, Xincheng Kangcheng, plans to reduce its stake in Kanglong Chemical (300759) by up to 26.67 million shares, which represents 1.50% of the company's total share capital [1]

公司持股 5%以上股东深圳市信中康成投资合伙企业（有限合伙）及其一致行 动人深圳市信中龙成投资合伙企业（有限合伙）保证向本公司提供的信息内容真实、 准确和完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 康龙化成（北京）新药技术股份有限公司（以下简称"公司"）于近日收到 公司持股 5%以上股东深圳市信中康成投资合伙企业（有限合伙）（以下简称"信 中康成"）及其一致行动人深圳市信中龙成投资合伙企业（有限合伙）（以下简称 "信中龙成"）出具的《股份减持计划告知函》。信中康成持有公司股份 250,161,242 股，占公司总股本（即 1,778,195,525 股）的 14.07%。信中康成计划 自本公告披露之日起 15 个交易日（2025 年 6 月 10 日）后的 3 个月内以集中竞 价交易或大宗交易等深圳证券交易所认可的合法方式减持公司股份不超过 26,672,932 股（占公司总股本的 1.50%）。 证券代码：300759 证券简称：康龙化成 公告编号：2025-027 根据 2020 年 3 月 6 日中国证监会发布的《上市公司创 ...

中邮证券表示，受益于海外投融资市场的率先复苏，需求端逐步恢复，CXO&上游公司订单增速提升， 行业拐点已过。CXO板块收入端恢复良好增长态势，盈利能力持续修复，利润端改善趋势更为显著， 基本面已呈现向上趋势。优质、高效、低成本的产品及服务为核心壁垒，我国制药业优势持续巩固，有 望在全球市场占据更高市场份额。中国创新药经过数十年发展，正在进入收获期，叠加政策友好性和市 场流动性提升，国内创新药市场前景光明。建议重点关注肿瘤、自免、减重、阿尔兹海默症、NASH、 脱发、乙肝等领域。 甬兴证券表示，百济神州凭借泽布替尼在欧美市场份额的提升保持收入规模的增长、恒瑞医药也多次实 现创新药的对外授权，我们认为国产创新药的竞争力正在持续提升，看好国产创新药的出海前景。 （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。） 5月14日港股低开低走，医药生物板块逆市走强。热门ETF方面，港股创新药ETF（159567）盘中震荡 走高，截至发稿涨1.01%。换手率超7%，成交额快速突破1亿元，交投活跃。 成分股方面，三生制药涨超4%，康希诺生物、凯莱英涨超3%，晶泰控股、再鼎医药、科 ...

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates that the turning point for the CXO sector has emerged, suggesting a positive outlook for investment [6][70] - The report highlights that domestic performance, orders, and AI are the main themes driving growth [5] - The report emphasizes the recovery of revenue growth year-over-year (YOY) and the gradual improvement in profitability [5][29] Summary by Sections Price Review - The medical research outsourcing index increased by 0.82% from December 31, 2024, to April 30, 2025, outperforming the pharmaceutical and biotechnology index by 0.64 percentage points [5] Financial Analysis - Revenue growth is showing a positive trend, with the average YOY revenue growth for CXO companies reaching 8.2% in Q1 2025 [28] - The average gross margin for Q1 2025 is 30.9%, reflecting a YOY increase of 1.1 percentage points [34] - The average net profit margin excluding non-recurring items is 8.0%, up by 12.5 percentage points YOY [34] Growth Potential - The report notes that the global healthcare industry is seeing a stabilization in private equity and venture capital financing, which is expected to drive demand recovery [6] - The report mentions that the order growth for leading companies remains strong, with notable increases in new orders for companies like Kailaiying and Kanglonghua [61] Operational Efficiency - Inventory turnover rates have improved, with an average of 3.36 in 2024, indicating a stabilization in operational efficiency [39] - The report anticipates that operational efficiency will continue to improve as leading CXO companies execute orders and enhance capacity utilization [39] Investment Strategy - The report recommends actively allocating investments in the CXO sector, particularly in small molecule and large molecule CDMO opportunities, as well as clinical CROs supported by domestic innovation policies [72]

Core Viewpoint - The domestic pharmaceutical industry is experiencing a slowdown in investment and financing, leading to a gradual decline in market demand growth, which is impacting the CXO sector, resulting in intensified competition and challenges for development [1] Summary by Category Industry Overview - In Q1 2025, among 29 listed CXO companies, five, including WuXi AppTec and Kanglong Chemical, reported revenues exceeding 1 billion yuan, indicating a mixed performance across the sector [1][2] - 17 companies achieved year-on-year revenue growth, while 12 companies saw declines ranging from 0.6% to 40.32% [1] Financial Performance - WuXi AppTec led the sector with a net profit of 3.672 billion yuan, followed by Kailai Ying and Kanglong Chemical with approximately 300 million yuan each; however, eight companies, including Nanmo Bio and Boteng Co., reported losses [1][2] - Year-on-year, 18 companies saw net profit growth, while 11 experienced declines, with the largest drop reaching 431.11% [1] Market Dynamics - The international business is becoming a focal point for domestic CXO companies, with WuXi AppTec reporting 6.38 billion yuan in revenue from U.S. clients, a 28.4% increase, while revenue from Chinese clients decreased by 1.3% [3][4] - Kanglong Chemical's revenue from North American clients was 2.003 billion yuan, up 16.81%, indicating a strong focus on the North American market despite global trade uncertainties [4] Growth Opportunities - The CXO industry is expected to benefit from increased R&D investments and outsourcing penetration, with predictions indicating that by 2030, the scale of drug R&D and production outsourcing services in China could reach 482.3 billion yuan [5][6] - Companies like Kanglong Chemical reported a more than 10% increase in new order amounts in Q1 2025, reflecting a positive trend in order reserves [6] Competitive Landscape - The performance of leading companies is showing significant differentiation, with some like WuXi AppTec experiencing substantial order growth, while others like Tigermed are facing challenges [3][7] - Despite pressures, Tigermed reported a 20% increase in new contract amounts, indicating resilience in securing new business [7] Future Outlook - The CXO sector is transitioning from a focus on cost advantages to a dual barrier of technology and globalization, with companies expected to enhance their positions in the market as they convert order reserves into revenue [8]