证券研究报告——晨会聚焦 2026 年 3 月 17 日 | 3 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 0119.HK | 保利置业集团 | | 000099.SZ | 中信海直 | | 601872.SH | 招商轮船 | | 600352.SH | 浙江龙盛 | | 002409.SZ | 雅克科技 | | 002709.SZ | 天赐材料 | | 300760.SZ | 迈瑞医疗 | | 605338.SH | 巴比食品 | | 1579.HK | 颐海国际 | | 601888.SH | 中国中免 | | 689009.SH | 九号公司-WD | | 688630.SH | 芯碁微装 | | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 4084.79 | (0.26) | | 深证成指 | 14307.58 | 0.19 | | 沪深 300 | 4671.56 | 0.05 | | 中小 100 | 8755.90 | 0.07 | | 创业板指 | 3357.02 | 1. ...

证券研究报告 | 2026年3月16日 ——医药生物行业2026年3月投资策略 关注创新药产业链及低估值板块 行业研究 · 行业投资策略 医药生物 投资评级：优于大市（维持评级） 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：马千里 010-88005445 maqianli@guosen.com.cn S0980521070001 证券分析师：张超 0755-81982940 zhangchao4@guosen.com.cn S0980522080001 证券分析师：彭思宇 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：陈益凌 021-60933167 chenyiling@guosen.com.cn S0980519010002 证券分析师：凌珑 021-60375401 linglong@guosen.com.cn S0980525070003 证券分析师：肖婧舒 0755-81982826 xiaojingshu@guosen.com.cn ...

行 业 研 究 2026 年 03 月 15 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-03 2025-07 2025-11 医药生物 沪深300 相关研究报告 《签单加速增长，继续推荐国内临床 前 CRO 板块—行业周报》-2026.3.8 《GSK 联手中国新锐，siRNA 赛道布 局再下一城—行业周报》-2026.3.1 《加速出海叠加商业化兑现，创新药 行业持续向上—行业周报》-2026.2.8 地缘政治催化，一次性手套行业迎来战略机遇期 ——行业周报 | 余汝意（分析师） | 陈峻（分析师） | 石启正（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | chenjun1@kysec.cn | shiqizheng@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790526030001 | 证书编号：S0790125020004 | 地缘政治催化，一次性手套行业迎来战略机遇期 受中东地区地缘政治紧张局势升级影响，国际能源市场波动加剧，上游原材料价 ...

行 业 研 究 2026 年 03 月 15 日 受中东地区地缘政治紧张局势升级影响，国际能源市场波动加剧，上游原材料价 格波动会通过三个层级，通过产业链传导效应引起手套产品价格波动。 根据 2026 年 3 月 13 日的丁二烯和丙烯腈单价，丁二烯、丙烯腈现货价分别较年 初上涨 84.43%、45.33%，根据测算丁腈手套的生产成本上涨约 28.9%，基于我 们对短期手套提价的模型计算，我们预计丁腈手套价格有望提价至 17.5 元/千只。 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-03 2025-07 2025-11 医药生物 沪深300 相关研究报告 《签单加速增长，继续推荐国内临床 前 CRO 板块—行业周报》-2026.3.8 《GSK 联手中国新锐，siRNA 赛道布 局再下一城—行业周报》-2026.3.1 《加速出海叠加商业化兑现，创新药 行业持续向上—行业周报》-2026.2.8 地缘政治催化，一次性手套行业迎来战略机遇期 ——行业周报 | 余汝意（分析师） | 陈峻（分析师） | 石启正（联系人） | | --- | -- ...

2026 年 3 月 15 日 行业研究 一次性手套行业有望迎来提价 2026 年年度投资策略：政策与产业共振，投资临床价值三段论。 随着国内外宏观和政策形势的变化，我们认为未来医药板块的投资应当越来越 着重于医药的临床价值本质逻辑，即解决医患的临床需求。无论是国内的医保 政策，还是出海的全球布局，均对于临床价值赋予越来越高的溢价。从临床价 值三段论出发，我们看好创新药产业链、创新医疗器械： 创新药产业链：1）BD 出海加速的创新药，重点推荐信达生物（H）、益方生 物-U、天士力；2）创新药上游的 CXO，重点推荐药明康德（A+H）、普蕊斯。 创新医疗器械：看好创新升级的高端医疗器械和高值耗材，重点推荐迈瑞医疗、 联影医疗、伟思医疗。 风险分析：控费政策超预期、研发失败风险、政策支持不及预期、商业健康险 推广进度低于预期的风险。 重点公司盈利预测与估值表 ——医药生物行业跨市场周报（20260315） 要点 行情回顾：上两周， A 股医药生物（申万，下同）指数下跌 2.99%，跑输沪深 300 指数 2.11pp，跑输创业板综指 0.62pp，在 31 个子行业中排名第 14。港 股恒生医疗健康指数上两周收跌 ...

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [4][25]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 2.64% from February 27, 2026, to March 12, 2026, which is approximately 1.81 percentage points lower than the index [11]. - Most sub-sectors within the industry recorded negative returns during the same period, with in vitro diagnostics and medical consumables showing positive growth of 3.49% and 1.71%, respectively, while medical R&D outsourcing and medical devices experienced declines of 4.85% and 4.25% [12]. - Approximately 31% of stocks in the industry recorded positive returns, while 69% experienced negative returns, with notable performers including Shengjitang, which saw a weekly increase of 38.81% [13][16]. - The overall industry valuation has decreased, with the SW pharmaceutical and biotechnology industry index's PE (TTM) at approximately 49.25 times, which is 3.63 times higher than the CSI 300 index [17][25]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 2.64% from February 27, 2026, to March 12, 2026 [11]. - Most sub-sectors recorded negative returns, with in vitro diagnostics and medical consumables performing better [12]. - About 31% of stocks in the industry had positive returns, with significant fluctuations in individual stock performances [16]. 2. Industry News - A new procurement regulation was issued by the Jiangxi Medical Insurance Bureau, aiming to unify the procurement of drugs and medical consumables within county-level medical communities, addressing issues of fragmented management and weak bargaining power [23]. - The Jiangsu Provincial Government released an action plan to promote the development of the brain-computer interface industry, targeting the establishment of several innovative products and companies by 2030 [22]. 3. Company Announcements - Huadong Medicine announced that its subsidiary received FDA approval for a new drug clinical trial, which is a significant milestone for the company [24]. 4. Industry Outlook - The report suggests that the investment risk-reward ratio is improving in the innovation drug sector, recommending attention to various segments including medical devices, pharmaceutical commerce, aesthetic medicine, scientific services, and traditional Chinese medicine [25][26].

证券研究报告 | 2026年03月12日 医药生物周报（26 年第 11 周） 优于大市 政府工作报告明确将生物医药打造为新兴支柱产业 本周医药板块表现弱于整体市场，医疗服务跌幅居前。本周全部 A 股下 跌 1.26%（总市值加权平均），沪深 300 下跌 1.07%，创业板指下跌 2.45%， 生物医药板块整体下跌 2.78%，生物医药板块表现弱于整体市场。分子 板块来看，化学制药下跌 1.98%，生物制品下跌 3.07%，医疗服务下跌 4.71%，医疗器械下跌 2.94%，医药商业下跌 1.93%，中药下跌 2.04%。 医药生物市盈率（TTM）36.18x，处于近 5 年历史估值的 78.6%分位数。 生物医药在政府工作报告中首次被定位为新兴支柱产业。在 2025 年工 作回顾总结中，政府工作报告提出"新质生产力稳步发展，科技创新成 果丰硕，人工智能、生物医药、机器人、量子科技等研发应用走在世界 前列"，肯定了中国生物医药产业在过往所取得的成绩，同时明确"十 五五"期间要实施产业创新工程，鼓励央企国企带头开放应用场景，"打 造生物医药等新兴支柱产业"，这是继"十四五"将生物医药列为战略 性新兴产业之后， ...

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]

证券代码：300760 证券简称：迈瑞医疗 公告编号：2026-001 深圳迈瑞生物医疗电子股份有限公司 关于控股股东部分股份质押的公告 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。 深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）于近日接到公司控股股东 Magnifice（HK）Limited（以下简称"Magnifice（HK）"）的通知，获悉其对所持有的公 司部分股份办理了质押业务，现将具体内容公告如下： 1、本次股份质押基本情况 注：本次质押股份不存在负担重大资产重组等业绩补偿义务。 2、股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股 | 持股 | 本次质 押前质 | 本次质 押后质 | 占其所 | 占公 司总 | 已质押 股份限 | 占已 | 未质押股 | 占未 | | 股东名称 | ...

Group 1: Macro Economic Insights - February CPI and PPI growth rates exceeded consensus expectations, with CPI influenced significantly by the Spring Festival consumption, leading to notable increases in food and service prices [2][7][9] - The government work report emphasizes the importance of domestic demand and consumer spending, suggesting that the consumption sector may recover as the macro economy stabilizes [3][11][13] Group 2: Food and Beverage Industry - The food and beverage sector is expected to benefit from policies aimed at stimulating consumption, with structural investment opportunities emerging as the economy recovers [3][11][14] - The report highlights the potential for growth in sub-sectors driven by demographic changes, such as the "silver economy" and "single economy," suggesting a shift in consumer preferences towards daily consumption needs [14] Group 3: Transportation Industry - The transportation sector is witnessing trends in new economic models, such as low-altitude economy and Robotaxi, which present investment opportunities [4][16][20] - JD Logistics is projected to achieve revenues exceeding 217.1 billion yuan by 2025, indicating strong growth in the logistics segment [16][20] - The report notes significant disruptions in international flight routes to the Middle East, affecting supply dynamics in the aviation sector [16][20] Group 4: Chemical Industry - The chemical sector is advised to focus on geopolitical events impacting oil and petrochemical prices, as well as on leading companies with low valuations [22][27] - Recent price increases in epoxy propane and MDI highlight the ongoing demand and supply dynamics within the chemical market [25][26] Group 5: Computer Industry - OpenClaw is leading the AI sector into a new era of practical agents, indicating a shift in user expectations towards more capable AI systems [30][31] - The government work report emphasizes quantum technology as a key area for future industrial transformation, with significant advancements expected in quantum computing and communication [32][33] Group 6: Social Services Industry - The social services sector is experiencing a downturn, but the government work report suggests that policies aimed at boosting domestic demand will benefit the tourism and cultural sectors [37][39] - The report indicates a strong performance in travel during the Spring Festival, with expectations for continued growth in the tourism sector due to favorable policies [38][39]