执业证书编号：S0740519040001 Email：zhujq@zts.com.cn Email：liuzq04@zts.com.cn | 上市公司数 | 504 | | --- | --- | | 行业总市值(亿元) | 67,613.55 | | 行业流通市值(亿元) | 61,920.43 | 医保基金运行平稳向好、NVIDIA GTC 勾勒 AI+蓝图；波动下关 注个股α与防御板块配置机会 医药生物 证券研究报告/行业定期报告 2026 年 03 月 22 日 1、《重视涨价逻辑演绎；"十五五" AI+机遇》2026-03-15 志物检测列项》2026-03-13 评级： 增持（维持） 分析师：祝嘉琦 联系人：刘照芊 基本状况 行业-市场走势对比 重点公司基本状况 简称 股价 EPS PE 评级 （元） 2023A 2024A 2025E 2026E 2027E 2023A 2024A 2025E 2026E 2027E 药明生物 33.82 0.82 0.81 0.96 1.17 1.47 41.16 41.69 35.31 28.90 23.06 买入 三生国健 70.03 0.48 1.14 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of March 16, 2026 [1] Core Insights - The report emphasizes the importance of products with price leadership amid rising costs in the supply chain due to geopolitical tensions and policy changes affecting raw material prices [2] - The report highlights the significant price increases in pharmaceutical raw materials, particularly vitamins and amino acids, which have seen price increases of 40.54% and 84.66% respectively since the beginning of the year [2] - The report notes the approval of China's first invasive brain-machine interface, marking a significant milestone in the medical device sector [5] - The report indicates a strong trend in China's innovative pharmaceuticals going global, with a notable increase in licensing-out transactions [6] Summary by Sections 1. Supply Chain Dynamics - The report discusses the impact of rising prices in upstream chemical products on pharmaceutical raw materials, stressing that the ability to pass on these costs is crucial for maintaining profitability [2] - It mentions that 90% of monitored products have seen price increases, with the chemical product price index rising by 28.52% since the beginning of the year [2] 2. Market Trends in Disposable Gloves - The report details the price increases in disposable nitrile gloves and PVC gloves due to rising costs of raw materials like butadiene and acrylonitrile, which have increased by 84.43% and 47.30% respectively [3] - It notes that the domestic utilization rate for nitrile gloves has improved, and export prices have been rising since late 2025 [3] 3. Regulatory Environment - The report highlights the impact of dual-use item management on the pricing of key materials, creating significant price disparities between domestic and international markets [4] - It suggests that stricter controls on resources like rare earths could enhance the competitive advantage of domestic medical products [4] 4. Innovations in Medical Devices - The report discusses the approval of the brain-machine interface by the National Medical Products Administration, which is expected to open new market opportunities [5] - It outlines the potential for significant market growth in this area, given the high number of spinal cord injury patients in China [5] 5. International Expansion of Chinese Pharmaceuticals - The report notes that there have been 39 licensing-out transactions in the innovative drug sector, with upfront payments totaling approximately $2.953 billion [6] - It emphasizes that the trend of Chinese pharmaceuticals going global continues to strengthen, with a focus on small nucleic acid drugs and dual antibodies [7] 6. Stock Recommendations - The report recommends focusing on raw material suppliers with price leadership, such as Zhejiang Medicine and Chuan Ning Biological, and highlights companies like Inco Medical and Blue Sail Medical in the disposable glove sector [8] - It also suggests monitoring companies involved in the invasive brain-machine interface and small nucleic acid drugs, indicating potential for growth in these areas [8]

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Insights - The pharmaceutical sector is experiencing a divergence in performance, with price increase logic and structural opportunities during the earnings window being noteworthy [7][11] - The report highlights the strong performance of the medical device sector, particularly in brain-computer interface policies and price increases for gloves, which are catalyzing market activity [11] - The "14th Five-Year Plan" has been released, clarifying the direction for the medical industry and system construction, emphasizing innovation in biomedicine and the integration of AI technologies [11][12] Summary by Sections Industry Overview - The pharmaceutical industry comprises 504 listed companies with a total market value of 69,254.89 billion [2] - The circulating market value stands at 63,426.67 billion [2] Market Dynamics - The Shanghai Composite Index rose by 0.19%, while the pharmaceutical sector fell by 0.22%, ranking 13th among 31 sub-industries [11] - The report notes a mixed performance across various segments, with medical devices and biological products showing positive trends [11] Key Recommendations - The report recommends focusing on sectors likely to see price increases, such as gloves and raw materials, as well as innovative drugs and AI applications [11] - Specific companies to watch include Innovent Biologics, Mindray Medical, and others in the innovative drug and medical device sectors [8][12] Policy and Regulatory Developments - The report discusses the approval of the first invasive brain-computer interface medical device, marking a significant milestone in the industry [16] - The "14th Five-Year Plan" outlines key technological advancements and legislative support for emerging industries, including biomedicine and AI [11][13]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry in China [6] Core Viewpoints - The report emphasizes that semi-invasive brain-machine interfaces (BMIs) demonstrate significant safety advantages over invasive methods, making them more suitable for consumer applications [9][10] - The potential for semi-invasive BMIs to address safety concerns during implantation, long-term use, and removal is highlighted, suggesting a greater development potential [9][10] - The report identifies that the market for BMIs is expected to grow significantly, particularly in the treatment of neurological diseases, which will pave the way for future consumer-level applications [19][21] Summary by Sections 1. Semi-Invasive Surgery: Smaller Incisions and Shallow Implantation - Semi-invasive techniques are less invasive, reducing surgical risks compared to invasive methods [9][10] - The report notes that semi-invasive BMIs can achieve shallower implantation depths, minimizing damage to brain tissue [9][10] - The potential for algorithm advancements to further enhance implantation techniques is discussed [49] 2. Long-Term Safety and Higher Channel Limits - Semi-invasive BMIs do not form scar tissue, maintaining neuron integrity, which is crucial for long-term stability [51][57] - The report indicates that semi-invasive designs can avoid electrode displacement, which is a significant risk in invasive methods [61][67] - The ability of semi-invasive BMIs to manage thermal limits effectively is emphasized, allowing for higher channel counts without compromising safety [69][73] 3. Safer Removal and Greater Consumer Potential - The report highlights that removing semi-invasive electrodes poses less risk of damaging blood vessels compared to invasive electrodes [11][14] - The increasing frequency of hardware upgrades in BMIs necessitates safer removal methods, which semi-invasive designs can provide [11][14] - The report suggests that as the market for BMIs expands, semi-invasive methods will better meet consumer demands for easy replacement and upgrades [11][14] 4. Investment Recommendations and Targets - The report recommends focusing on semi-invasive BMI solutions with clear clinical progress and government support [14] - It suggests exploring companies within the semi-invasive BMI supply chain that show potential breakthroughs in the medical field and can extend into consumer markets [14]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][8]. 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 [1][21]. - The TTM price-to-earnings 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 [1][26]. Summary by Sections Government Positioning - The government has upgraded the status of the biotechnology and pharmaceutical industry, highlighting its role in driving new productivity and technological innovation [2][11]. - Key development opportunities during the 14th Five-Year Plan include innovation, elderly care, openness, and strengthening basic healthcare services [13]. Market Performance - The overall A-share market saw a decline of 1.26%, with the biotechnology sector declining by 2.78% [1][21]. - Specific sub-sectors such as medical services and medical devices experienced significant declines, with medical services down 4.71% [1][21]. Valuation Metrics - The TTM price-to-earnings 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 (300760.SZ): Strong in R&D and international expansion [30]. - United Imaging Healthcare (688271.SH): Focused on high-performance medical imaging and digital solutions [30]. - WuXi AppTec (603259.SH): A leading open-access drug development service platform [30]. - Aier Eye Hospital (300015.SZ): The largest eye care institution in China [30]. - Yuyue Medical (002223.SZ): A leading provider of medical devices and solutions [31].

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]

根据《深圳证券交易所创业板股票上市规则》等相关规定，公司董事会将尽 快聘任符合任职资格的人员担任公司证券事务代表，协助公司董事会秘书开展工 作。 特此公告。 深圳市美好创亿医疗科技股份有限公司董事会 关于证券事务代表辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市美好创亿医疗科技股份有限公司（以下简称"公司"）董事会于近日 收到公司证券事务代表曹家齐先生提交的书面辞职报告。曹家齐先生因个人原因 申请辞去公司证券事务代表职务，上述辞职申请自送达公司董事会之日起生效。 曹家齐先生辞职后将不在公司及控股子公司担任任何职务，其负责的工作已 完成交接，其辞职不会影响公司相关工作的正常开展。截至本公告披露日，曹家 齐先生未持有公司股份。曹家齐先生不存在应当履行而未履行的承诺事项。公司 及董事会对曹家齐先生在任职期间为公司所做出的贡献表示感谢。 证券代码：301363 证券简称：美好医疗 公告编号：2026-005 深圳市美好创亿医疗科技股份有限公司 2026 年 3 月 10 日 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [6] Core Insights - The pharmaceutical sector is experiencing volatility and differentiation, with structural opportunities arising from policy catalysts and performance windows. The Shanghai Composite Index fell by 1.07%, while the pharmaceutical sector dropped by 2.78%, ranking 17th among 31 sub-industries. Notably, the market showed a rebound after initial geopolitical concerns, driven by positive mentions of pharmaceuticals in the government work report [8][14] - The report emphasizes the importance of the upcoming Q1 earnings reports, which are expected to provide positive catalysts, particularly for companies like Ailis, which anticipates a 41% revenue increase and a 44% rise in net profit [8][14] - The government work report highlights the development of emerging industries, including biomedicine, and reiterates the focus on innovative drugs and medical devices. This marks the third consecutive year that "innovative drugs" have been included in the report, indicating a sustained commitment to this sector [8][14] Summary by Sections Market Dynamics - The pharmaceutical sector's performance is influenced by both policy changes and market conditions, with a notable decline in various sub-sectors such as medical services and traditional Chinese medicine [8][14] - The report indicates that the pharmaceutical sector's valuation is currently at 22.4 times PE based on 2026 earnings forecasts, which is a premium of 8.4% compared to the overall A-share market [23] Investment Recommendations - The report suggests focusing on three main investment lines: 1. Leading biotech and biopharma companies that are expected to benefit from improved payment environments and global competitiveness, such as Kangfang Biotech and BeiGene [8][14] 2. Upstream and CXO sectors supported by "patient capital," with companies like WuXi Biologics and Tigermed highlighted as potential beneficiaries [8][14] 3. Cutting-edge fields such as brain-computer interfaces and AI in healthcare, with specific companies recommended for investment [8][14] Company Performance - The report notes that companies in the innovative drug sector have shown strong performance, particularly those with ongoing product developments. Conversely, stocks that previously experienced significant gains are now facing corrections [29]

Investment Rating - The report maintains a "Buy" rating for several companies including WuXi Biologics, Tigermed, and others, indicating a positive outlook for the sector [3][12][17]. Core Insights - The report emphasizes the importance of focusing on Q1 performance expectations and actively seizing thematic opportunities, particularly in areas like brain-computer interfaces, surgical robots, and AI healthcare [6][15]. - The surgical robot market in China is projected to grow rapidly, with a potential market size exceeding 100 billion yuan by 2033, driven by policy support and increasing clinical demand [10][30]. - The report highlights a strategic focus on the raw material drug sector, which is expected to see a turnaround due to rising prices and the introduction of new business lines such as small nucleic acids and ADCs [7][15]. Summary by Sections Market Performance - In February 2026, the pharmaceutical sector experienced a slight decline of 0.2%, underperforming compared to the Shanghai Composite Index, which rose by 0.1% [6][11]. - The report notes that various sub-sectors within pharmaceuticals, such as traditional Chinese medicine and medical devices, showed positive performance, with increases of 1.49% and 0.93% respectively [6][15]. Surgical Robots - The surgical robot market is on track to reach a scale of 1020.19 billion yuan by 2033, with a compound annual growth rate (CAGR) of 34.3% from 2024 to 2033 [10][23]. - The report discusses the establishment of a unified pricing framework for surgical robots, which is expected to enhance procurement willingness among hospitals [30][31]. Thematic Opportunities - The report suggests focusing on thematic opportunities in brain-computer interfaces, surgical robots, and AI healthcare, particularly as catalysts are expected to materialize soon [6][15]. - Companies such as Innovent Biologics and others are highlighted as key players in the biotech and biopharma sectors, with potential for significant growth [9][16]. Raw Material Drugs - The raw material drug sector is identified as being at a turning point, with expectations of price improvements following several years of decline [7][15]. - Companies like Pro Pharma and others are recommended for their strong business fundamentals and potential for growth in this sector [7][15].

证券日报网讯2月27日，美好医疗（301363）在互动平台回答投资者提问时表示，截至2026年2月10日， 公司股东总户数为28329户。 ...