1月13日，港股恒生指数显著上扬，医药生物、传媒板块涨幅靠前。截至10点15分，恒生生物科技ETF 南方(159615.SZ)涨3.40%，药明康德涨8.48%。 AI医药方面，当前人工智能在医药领域的应用正从广泛的实验性试点，转向聚焦于核心业务价值创造 的关键阶段。行业共识在于，2026年的差异化竞争力将不再局限于算法本身，而在于企业如何系统性重 构其人员、流程和数据基础，以释放AI在药物研发和商业化全链条的潜力。具体而言，嵌入合规平台 的行业特定AI代理（Agentic AI）将成为协调商业活动的关键，它们通过无缝访问数据与流程，能够为 团队提供实时洞察并优化客户互动策略。在研发端，智能实验室助手将连接高度规范环境下的特定任 务，通过主动的风险管理和趋势分析，显著提升质量控制实验室的效率和批次周期。同时，临床试验中 数据流的革新，结合电子源数据工具与电子健康记录的更高效整合，有望大幅加快患者招募速度并改善 试验体验。总体来看，AI正迅速成为贯穿整个研发与商业生态的连接组织，那些能够围绕高价值应用 场景进行战略性部署、并构建起互联互通运营基础的企业，将引领下一阶段的创新并创造显著的效率优 势。 恒生生物科技 ...

格隆汇1月13日｜药明康德A股一度涨近8%报106.5元，股价创去年10月底以来新高；H股一度涨近10% 报121.5港元，股价创去年10月初以来新高。 责任编辑：栎树 消息面上，公司昨晚发布公告，预计2025年实现营业收入454.56亿元，同比增长15.84%；经调整归母净 利润149.57亿元，同比增长41.33%；归属于股东的净利润191.51亿元，同比增长102.65%。公告称，业 绩预增主要由于公司持续聚焦独特的"一体化、端到端"CRDMO业务模式，以及出售联营公司部分股权 和剥离部分业务所获得的投资收益。 港股频道更多独家策划、专家专栏，免费查阅>> ...

Core Viewpoint - The report from Citi Research indicates that WuXi AppTec (02359.HK) is expected to achieve a 9% revenue growth and a 36% increase in adjusted net profit for Q4 2025, surpassing market expectations by 2% and 3% respectively, driven by its strong integrated CRDMO model and robust growth in its WuXi TIDES business, along with China's competitive advantage in the global small molecule supply chain [1] Group 1 - The strong performance of WuXi AppTec is attributed to its comprehensive CRDMO model and the significant growth of its WuXi TIDES business [1] - The company is expected to outperform the market, with adjusted net profit growth projected to be in the high double digits (approximately 16% to 19%) for 2026, exceeding the market expectation of 15% [1] - Citi Research maintains its forecasts for 2025 to 2027 and has set a target price of HKD 143.4 for WuXi AppTec, designating it as a preferred stock in the Chinese CRO/CDMO sector [1]

Core Viewpoint - WuXi AppTec's stock prices surged, with A-shares rising nearly 8% to 106.5 yuan and H-shares increasing nearly 10% to 121.5 HKD, reaching new highs since October of the previous year, following the announcement of expected revenue and profit growth for 2025 [1] Financial Performance - The company anticipates achieving operating revenue of 45.456 billion yuan in 2025, representing a year-on-year increase of 15.84% [1] - Adjusted net profit attributable to shareholders is projected to be 14.957 billion yuan, reflecting a year-on-year growth of 41.33% [1] - Net profit attributable to shareholders is expected to reach 19.151 billion yuan, marking a significant year-on-year increase of 102.65% [1] Business Strategy - The anticipated performance improvement is primarily attributed to the company's focus on its unique "integrated, end-to-end" CRDMO business model [1] - Additional revenue is expected from the sale of stakes in joint ventures and the divestiture of certain business segments, contributing to investment gains [1]

（文章来源：每日经济新闻） 每经AI快讯，1月13日，药明康德A股上涨7.9%，创5个月来最大涨幅；药明康德H股上涨9.7%，创2025 年2月以来最大涨幅。 ...

每经AI快讯，港股CRO概念股涨幅居前。截至发稿，药明康德(02359.HK)涨8.48%，报120.2港元；凯莱 英(06821.HK)涨7.4%，报91.4港元；康龙化成(03759.HK)涨7.13%，报24.64港元；泰格医药(03347.HK) 涨7.16%，报53港元；药明生物(02269.HK)涨5%，报39.46港元。 ...

Group 1 - The CRO concept stocks have shown significant gains, with WuXi AppTec rising by 8.48% to HKD 120.2, and other companies like Kelun Pharmaceutical and Tigermed also experiencing notable increases [1] - WuXi AppTec announced an expected annual revenue of CNY 45.456 billion, representing a year-on-year growth of 15.84%, with a notable increase in adjusted net profit by approximately 41.33% to CNY 14.957 billion [1] - The company has revised its full-year performance guidance twice within a year, increasing its revenue forecast from CNY 42.5-43.5 billion to CNY 43.5-44 billion, indicating strong business momentum [1] Group 2 - Zhongtai Securities predicts that the CRO and CDMO sectors will see a gradual recovery in demand due to multiple factors, including the onset of overseas interest rate cuts in Q4 2024 and significant policy developments in 2025 [2] - The firm suggests that the sector is poised for a "Davis Double Play," where both profitability and valuation are expected to improve, recommending investment opportunities in this area [2] - Industrial trends indicate an upward price movement for clinical project costs and sustained customer demand, with expectations for CRO performance to enter a recovery cycle by 2026 [2]

Group 1 - The CRO sector has seen significant stock price increases, with WuXi AppTec rising by 8.48% to HKD 120.2, and other companies like Kelun Pharmaceutical and Tigermed also showing strong gains [1] - WuXi AppTec announced an expected annual revenue of RMB 45.456 billion, representing a year-on-year growth of 15.84%, with a notable increase in adjusted net profit by approximately 41.33% to RMB 14.957 billion [1] - The company has revised its full-year performance guidance twice within a year, increasing its revenue forecast from RMB 42.5-43.5 billion to RMB 43.5-44 billion, indicating strong business momentum [1] Group 2 - Zhongtai Securities predicts a recovery in the CRO and CDMO sectors starting from Q4 2024, driven by factors such as overseas interest rate cuts and improved geopolitical negotiations [2] - The demand side is expected to gradually recover, supported by a continuous supply-side clearing over the past three years, leading to potential profit and valuation increases in the sector [2] - Industrial trends indicate rising prices for clinical project quotes and sustained customer demand, suggesting that CRO performance may enter an improvement cycle by 2026 [2]

Summary of WuXi AppTec Conference Call Company Overview - **Company**: WuXi AppTec (603259.SS) - **Industry**: Contract Research Organization (CRO) and Contract Development and Manufacturing Organization (CDMO) Key Financial Highlights - **FY25 Revenue**: Estimated at Rmb45.5 billion, representing a **16% year-over-year (yoy)** increase, surpassing management guidance of Rmb43.5-44.0 billion (10-12% yoy) and consensus estimates [1] - **Revenue Growth**: Continued business revenue grew by **21.4% yoy** in 2025, exceeding management's guidance of 17-18% yoy [1] - **FY25 Net Profit**: Estimated at Rmb19.2 billion, a **103% yoy** increase, compared to Rmb16.8 billion (78% yoy) by consensus and Rmb18.5 billion (96% yoy) by Citi estimates [1] - **Adjusted Non-IFRS Net Profit**: Expected to reach Rmb15.0 billion, up **41% yoy**, aligning with higher non-IFRS net margin guidance [1] - **Excluding One-off Items**: FY25 net profit is projected at Rmb13.2 billion, reflecting a **33% yoy** increase, impacted by foreign exchange changes [1] Management Insights - **Gains from Asset Sales**: Management anticipates a net gain of Rmb4.2 billion from the sale of WuXi XDC shares and Rmb1.4 billion from the sale of the clinical business in 2025 [1] Valuation and Target Price - **Target Price**: Rmb130, based on a Net Present Value (NPV) analysis using a Weighted Average Cost of Capital (WACC) of 9.2% and a terminal growth rate of 3% [4] - **Segment Valuation Breakdown**: - WuXi Chemistry: Rmb103.9/share - WuXi Testing: Rmb8.3/share - WuXi Biology: Rmb3.7/share - Investment Income: Rmb5.0/share - Other Services and Net Cash: Rmb9.2/share [4] Risks and Challenges - **Customer Demand**: Potential reduction in customer spending on outsourced services could negatively impact revenue [5] - **Talent Retention**: Challenges in attracting and retaining skilled scientists and technicians may affect operational efficiency [5] - **Regulatory Compliance**: Non-compliance with regulations could harm the company's reputation and financial condition [5] - **Geographic Expansion**: Difficulties in expanding into new markets may limit growth opportunities [5] - **Labor Costs**: Rising labor costs could pressure profit margins [5] - **Geopolitical Risks**: US sanctions and geopolitical tensions may impact business operations [5] Market Position and Competitiveness - **Market Capitalization**: Rmb294.7 billion (approximately US$42.2 billion) [2] - **Expected Total Return**: 34.1%, with an expected dividend yield of 2.3% [2] Conclusion WuXi AppTec is positioned for strong growth in FY25, with significant revenue and profit increases driven by robust demand for its services. However, the company faces several risks that could impact its performance, including regulatory challenges and market competition. The target price reflects a positive outlook based on solid financial fundamentals and growth potential in the CRO/CDMO sector.

资金流向方面，Wind数据显示，该ETF近5个交易日连续获资金净流入，累计"吸金"近9亿元。 创新药ETF（159992）紧密跟踪中证创新药产业指数。该指数选取主营业务涉及创新药研发的上市公司 作为待选样本，按照市值排序选取不超过50家最具代表性公司作为样本股，以反映创新药产业上市公司 的整体表现，为投资者提供新的投资标的。 1月13日，A股创新药板块盘初持续走强。 热门ETF中，创新药ETF（159992）持续拉升，截至发稿涨超2%，成交额超2亿元，交投活跃。 成分股中，荣昌生物涨超16%，泰格医药涨超6%，药明康德涨超5%，安科生物、康龙化成、昭衍新 药、三生国健等股涨幅居前。 此外，1月12日，药明康德(603259.SH)发布2025年度业绩预告，预计归属于上市公司股东的净利润为 191.51亿元，同比增长约102.65%。 国信证券表示，关注JPM年会及创新药在海外的临床进展。中国创新药产业已经体现出长期向好的发展 趋势，并在近年集中体现在BD交易的爆发式增长。值得注意的是，对于大部分国产创新药，对外授权 通常只是全球开发的起点，合作伙伴在海外的开发进度，以及后续全球临床数据的读出可以进一步加强 产 ...