原料药行业月报：肝素行业复苏提振财报表现

Investment Rating - The industry investment rating is "Overweight" (maintained) [3] Core Insights - The heparin industry is experiencing a mild recovery, positively impacting financial reports. The demand side continues to improve, suggesting a potential continuation of the recovery trend [5][7] - The prices of major raw materials have shown a stable trend, with heparin prices increasing by 2% month-on-month. However, prices for some vitamins and caffeine have decreased [5][10] - The vitamin sector shows a mixed price trend, with some products remaining stable while others have seen declines. Iodine prices remained flat, and caffeine prices have dropped by 1.1% [6][10] Summary by Sections 1. Major Raw Material Price Trends - Heparin raw material prices have increased by 2% month-on-month, indicating a mild recovery in the global heparin industry. The supply-demand relationship is showing signs of moderate recovery [5][10] - Vitamin prices are mixed, with some maintaining stability while others, such as Vitamin A and B2, have decreased [5][10] - Iodine prices have remained stable, while caffeine prices have decreased significantly, reaching a near ten-year low [6][10] 2. Investment Recommendations - The raw material drug sector is showing a recovery trend, with inventory depletion nearing its end and a replenishment cycle beginning. The vitamin and steroid sectors are leading the price increases [7][42] - Long-term prospects for raw material drug companies are positive, with ongoing technological upgrades and business model improvements. The industry is entering a phase of high-quality development, warranting an "Overweight" rating [7][42]