行业周报：推荐科研服务板块国产替代的机会-20250413

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The escalation of tariffs between China and the US is accelerating domestic substitution in the research service sector, with a focus on opportunities in this area [3][15] - The increase in tariffs on US imports is expected to raise prices of certain research service products, enhancing the price advantage of domestic brands [3][15] - The overall market for scientific services in China is currently dominated by foreign brands, indicating a low domestic market penetration [15] Summary by Sections Tariff Escalation and Trade Conflict - The US has increased tariffs on all imports from China to 145% as of April 10, 2025, while China has raised tariffs on US imports to 84% [3][11] - The ongoing trade conflict is expected to lead to price increases for US-made research service products, which may benefit domestic alternatives [3][11] Market Performance - In the second week of April 2025, the pharmaceutical and biological sector declined by 5.61%, underperforming the CSI 300 index by 2.73 percentage points, ranking 22nd among 31 sub-industries [4][17] - The blood products sector saw the highest increase, rising by 4.06%, while the medical research outsourcing sector experienced the largest decline at 16.04% [4][21] Recommended and Benefiting Stocks - Recommended stocks include: - Pharmaceuticals and Biologics: Zai Lab, Innovent Biologics, Kelun-Biotech, and others [5] - Traditional Chinese Medicine: Dong-E E-Jiao, Zhaoke Pharmaceutical, and others [5] - Research Services: Aopumai, Aladdin, and others [5] - Raw Materials: Pro Pharma, Jianyou, and others [5] - Medical Devices: Aotai Bio, Anjiesi, and others [5] - CXO: WuXi AppTec, and others [5] - Medical Services: Aier Eye Hospital, and others [5] - Retail Pharmacies: Yifeng Pharmacy [5]