供需关系改善，有望驱动订单量价齐升 ——临床 CRO 行业深度跟踪 [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_ReportDate] 2026 年 03 月 09 日 [Table_Industry] 证券研究报告 行业研究 [Table_ReportType] 行业深度研究 [Table_StockAndRank] 医药生物 | 投资评级 看好 | | --- | | 上次评级 看好 | [Table_Title] 供需关系改善，有望驱动订单量价齐升 ——临床 CRO 行业深度跟踪 [Table_ReportDate] 2025 年 03 月 09 日 本期内容提要: [Table_S ➢ 需求：创新药融资显著回暖， ummary] IND ...

证券代码：301333 证券简称：诺思格 公告编号：2026-005 诺思格（北京）医药科技股份有限公司 关于持股 5%以上股东及特定股东减持股份 预披露公告 本公司股东宁波康运福股权投资有限公司、宁波瑞光创业投资 合伙企业（有限合伙）、宁波瑞明股权投资有限公司保证向本公司 提供的信息内容真实、准确、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： 持有诺思格（北京）医药科技股份有限公司（以下简称"公司"）股份11,520,000 股（剔除回购股份数量后，约占本公司股本比例的12.00%）的股东宁波康运福股 权投资有限公司（以下简称"康运福公司"），计划在本减持计划公告发布之日 起15个交易日后的3个月内通过大宗交易方式减持本公司股份不超过1,088,000股 （占本公司股本的比例为1.13%）。 持有公司股份6,840,000股（剔除回购股份数量后，约占本公司股本比例的 7.13%）的股东宁波瑞光创业投资合伙企业（有限合伙）（以下简称"瑞光合伙 企业"），计划在本减持计划公告发布之日起15个交易日后的3个月内通过大宗 交易方式减持 ...

Core Viewpoint - The AI medical sector experienced a decline of 0.66% on February 11, with QianYuan Pharmaceutical leading the drop. The Shanghai Composite Index rose by 0.09%, while the Shenzhen Component Index fell by 0.35% [1]. Group 1: Market Performance - The closing price of QianYuan Pharmaceutical was 11.44, down by 4.67%, with a trading volume of 209,800 shares and a transaction value of 243 million [2]. - The AI medical sector saw a net outflow of 1.345 billion from major funds, while retail investors contributed a net inflow of 1.14 billion [2][3]. Group 2: Individual Stock Performance - YoukeDe (688158) closed at 37.54, up by 5.12%, with a trading volume of 631,000 shares and a transaction value of 2.36 billion [1]. - AidiTe (301580) closed at 55.18, up by 4.63%, with a trading volume of 46,100 shares and a transaction value of 251 million [1]. - SanNuo Biology (300298) closed at 18.54, up by 2.71%, with a trading volume of 105,200 shares and a transaction value of 194 million [1]. - The top decliners included QianYuan Pharmaceutical (300254) and KaiPu Biology (300639), with declines of 4.67% and 4.23%, respectively [2].

Core Viewpoint - Norsig (301333) has shown a fluctuating upward trend in its stock price over the past seven trading days, indicating positive market sentiment and potential investment interest [1][2] Group 1: Stock Performance - As of February 10, the stock price closed at 80.48 yuan, up 4.79% from the closing price of 76.80 yuan on February 5, with a price fluctuation range of 9.94% [1] - On February 6, the stock price experienced an intraday drop of 2.07% but closed at 79.04 yuan, marking a daily increase of 2.92% [1] - The stock price fell to 78.10 yuan on February 9, reflecting a decline of 1.19%, before rebounding with a 3.05% increase on February 10, with trading volume reaching 204 million yuan [1] Group 2: Technical Indicators - Technical analysis shows that the MACD indicator remains positive, while the KDJ indicator is at a high level, suggesting bullish momentum [1] - Short-term moving averages are in a bullish arrangement, and the upper pressure level of the Bollinger Bands is approximately 85.09 yuan [1] Group 3: Financing and Market Activity - As of February 9, Norsig's financing balance was 108 million yuan, with a financing purchase amount of 18.84 million yuan, indicating active market participation [2] - There have been no significant company announcements or operational events recently, suggesting a stable operational environment [2]

Investment Rating - The report maintains a "Buy" rating for the medical services industry, suggesting a positive outlook for investment opportunities in this sector [10][64]. Core Insights - The medical services sector has shown resilience, with a recent increase in the sector's PE ratio to 34.43X and PB ratio to 3.49X, indicating a positive trend in valuation metrics [4][29]. - The approval of internet medical first diagnosis trials in Beijing marks a significant regulatory breakthrough, potentially accelerating the online medical service process and providing new market opportunities for private medical institutions [5][62][63]. - The report highlights the importance of digital regulation and standardization in enhancing service capabilities for private medical institutions, particularly in consumer healthcare sectors like pediatrics and dermatology [5][62]. Summary by Sections Industry Performance - The pharmaceutical and biological sector increased by 0.14%, ranking 15th among 31 primary industries, outperforming the Shanghai Composite Index by 1.47 percentage points [2][12]. - The medical services sub-sector reported a 1.31% increase, closing at 6827.17 points, with a year-to-date performance of 41.41% [24][27]. Company Performance - Top-performing companies in the medical services sector include Meidisi (+18.0%), Tongce Medical (+8.1%), and Nuosige (+5.7%), while underperformers include Haoyuan Pharmaceutical (-6.2%) and Baicheng Pharmaceutical (-4.5%) [3][27]. Valuation Metrics - The medical services sector's PE ratio has increased by 0.56X from the previous week, while the PB ratio has risen by 0.06X, indicating a strengthening in market confidence [4][29]. Investment Recommendations - The report suggests focusing on high-growth areas such as ADC CDMO and peptide CDMO in the pharmaceutical outsourcing sector, as well as companies like WuXi AppTec and Haoyuan Pharmaceutical [10][64]. - It also recommends monitoring private medical service providers with compliance experience, such as Aier Eye Hospital, as they are expected to benefit from the evolving regulatory landscape [5][64].

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3876.07 points on February 3, with a gain of 2.37% and a trading volume of 13.236 billion yuan, indicating positive market sentiment in the medical sector [1]. Group 1: Index Performance - The ChiNext Medical Index saw 49 constituent stocks rise, with NuoSiGe leading the gains at 8.76% [1]. - The index's turnover rate was 1.71%, reflecting moderate trading activity [1]. Group 2: Top Constituents - The top ten constituents of the ChiNext Medical Index include: - YuanEr Eye Hospital (sz300015) with a weight of 9.18% and a latest price of 11.04 yuan, up 1.28% [1]. - MaiRui Medical (sz300760) with a weight of 8.95% and a latest price of 188.15 yuan, up 0.56% [1]. - TaiGe Medical (sz300347) with a weight of 8.52% and a latest price of 63.20 yuan, up 4.97% [1]. - KangLong HuaCheng (sz300759) with a weight of 7.18% and a latest price of 29.61 yuan, up 2.10% [1]. - LePu Medical (sz300003) with a weight of 4.96% and a latest price of 17.83 yuan, up 1.89% [1]. - New Industry (sz300832) with a weight of 4.73% and a latest price of 54.50 yuan, up 2.60% [1]. - AiMeiKe (sz300896) with a weight of 4.49% and a latest price of 147.57 yuan, up 4.56% [1]. - YingKe Medical (sz300677) with a weight of 4.14% and a latest price of 40.55 yuan, up 1.38% [1]. - FuRui Medical (sz300049) with a weight of 3.55% and a latest price of 67.33 yuan, up 1.45% [1]. - HuaDa Gene (sz300676) with a weight of 3.15% and a latest price of 50.30 yuan, up 2.57% [1]. Group 3: Capital Flow - The net inflow of main funds into the ChiNext Medical Index constituents totaled 145 million yuan, while retail investors experienced a net outflow of 106 million yuan [1]. - The detailed capital flow indicates that TaiGe Medical had a main fund net inflow of 10.514 million yuan, while retail investors had a net outflow of 18.28% [2].

Market Performance - The medical services sector increased by 2.52% on February 3, with Norsig leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up by 1.29%, while the Shenzhen Component Index closed at 14127.1, up by 2.19% [1] Top Gainers in Medical Services - Norsig (301333) closed at 78.98, up by 8.76% with a trading volume of 43,200 shares and a transaction value of 332 million [1] - Yinos (688710) closed at 61.07, up by 7.52% with a trading volume of 17,400 shares and a transaction value of 10.4 million [1] - Dean Diagnostics (300244) closed at 24.73, up by 6.69% with a trading volume of 447,200 shares and a transaction value of 1.084 billion [1] Market Capital Flow - The medical services sector saw a net inflow of 506 million from institutional investors, while retail investors experienced a net outflow of 4.12 billion [2][3] - The top stocks with significant institutional inflows included Tiger Medical (300347) with 103 million and Meinian Health (002044) with 86 million [3] Stock Performance Overview - The stock performance of various companies in the medical services sector showed a mix of gains and losses, with notable declines in stocks like Haocen Medical (002622) down by 1.97% [2] - The trading volume and transaction values varied significantly across different companies, indicating diverse investor interest [2]

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Core Viewpoint - On February 2, a total of 7 listed companies had their restricted shares unlocked, with a total market value of approximately 43.65 billion yuan [1] Group 1: Company Specifics - Yunding Technology (Stock Code: 000409) had 4.0062 million shares released from equity incentive restrictions [1] - Jinling Pharmaceutical (Stock Code: 000919) had 220,800 shares released from equity incentive restrictions [1] - Dongfang Chuangye (Stock Code: 600278) had 531,600 shares released from equity incentive restrictions [1] - Xinda Securities (Stock Code: 601059) had 2.551 billion shares released from pre-issue share restrictions [1] - Nuo Si Ge (Stock Code: 301333) had 3.9288 million shares with extended lock-up periods released [1] - Jianghan New Materials (Stock Code: 603281) had 12.2 million shares released from pre-issue share restrictions [1] - Fu Er Jia (Stock Code: 301371) had 250,000 shares with extended lock-up periods released [1]

中国国际金融股份有限公司 关于诺思格（北京）医药科技股份有限公司 首次公开发行前已发行股份解除限售并上市流通的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为诺思格 （北京）医药科技股份有限公司（以下简称"诺思格"或"公司"）的保荐机构，根据 《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深圳证 券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易 所上市公司自律监管指引第 13 号——保荐业务》等有关法律、行政法规、部门规章及 业务规则的要求，对诺思格本次首次公开发行前已发行股份解除限售并上市流通进行了 认真、审慎核查，具体情况如下： 一、首次公开发行股票情况 （一）首次公开发行股票情况 经中国证券监督管理委员会《关于同意诺思格（北京）医药科技股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]1185 号）同意注册，公司首次公开发行人 民币普通股（A 股）股票 1,500 万股，并于 2022 年 8 月 2 日在深圳证券交易所创业板 上市交易。公司首次公开发行前总股本为 45,000,000 股，首次公开发行后总 ...