医药生物行业简评报告：把握结构性机会，继续关注出海方向

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The export of disposable gloves to the US is under pressure due to increased tariffs, but there are opportunities for market expansion in other regions. The US plans to raise tariffs on medical rubber gloves imported from China from 7.5% to 25% in May 2024, with further increases planned by 2026. Despite this, the domestic nitrile glove industry has shown a trend of increasing volume and price since 2024, indicating a recovery in demand after a prolonged downturn. The reliance on the US market has decreased from 55.98% in 2017 to 38.33% in 2023, suggesting that domestic companies can compensate for lost orders by expanding into European and other non-US markets [2][4][5] - The long-term demand for pharmaceuticals remains strong, driven by the US government's ongoing efforts to control healthcare costs. The Inflation Reduction Act (IRA) passed in August 2022 includes provisions for price negotiations on certain long-standing innovative drugs, which will create a sustained demand for high-quality, cost-effective pharmaceuticals from domestic companies looking to expand internationally [2][7] - Investment recommendations include focusing on leading domestic disposable glove manufacturers such as Yingke Medical, Zhonghong Medical, and Lanfang Medical, as well as pharmaceutical companies like Kelun Pharmaceutical, Kangfang Biotech, Baotai, Tonghua Dongbao, and Ganli Pharmaceutical that are expanding overseas [2][6]