行业周报：原料药行业价格更新

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The pharmaceutical and biotechnology sector is expected to experience a cyclical recovery in raw material prices for animal health products in 2026, following a prolonged decline due to oversupply and weak downstream demand [5][49] - Heparin and iodine contrast agent raw materials are currently at the bottom of their price cycles, with heparin prices declining sharply in Q4 2023 due to market pressures, while iodine prices have seen a recent recovery driven by strong demand from other industries [6][51] Summary by Sections Industry Trends - The pharmaceutical and biotechnology sector saw a decline of 0.39% in the third week of January 2026, outperforming the CSI 300 index by 0.23 percentage points, ranking 27th among 31 sub-industries [7][58] - The offline pharmacy segment experienced the highest increase, rising by 9.66%, while the medical research outsourcing segment faced the largest decline, dropping by 3.96% [7][61] Price Trends - The average price of florfenicol has decreased from the range of 400-700 RMB/kg to a recent range of 100-200 RMB/kg, indicating a significant drop to historical lows [5][47] - Heparin API prices are stabilizing, while iodine raw material prices are expected to rise in 2025 due to previous supply constraints [51][55] Recommended Stocks - Monthly recommended stocks include WuXi AppTec, 3SBio, and CSPC Pharmaceutical Group, among others [8] - Weekly recommended stocks include Kanglong Chemical, WuXi AppTec, and Aopumai [8]