KAIYUAN SECURITIES·2026-03-08 10:25Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The clinical research organization (CRO) sector is experiencing a significant recovery, with new orders and backlog orders showing rapid growth. Notable companies like Medpace and Yino Science have reported substantial increases in new orders and revenue [4][14] - The price of experimental monkeys, a key material for preclinical research, has surged, indicating strong demand in the domestic innovative drug industry. The price has risen to over 130,000 yuan per monkey, up from approximately 90,000 yuan in mid-2025 [5][15] - The report emphasizes the continued recommendation of the domestic preclinical CRO sector, anticipating further acceleration in order growth [5][14] Summary by Sections Section 1: Order Growth in Preclinical CRO - Medpace signed new orders worth approximately 1.6 billion yuan in 2025, a year-on-year increase of about 45%, with revenue also growing by 12% [14][15] - Yino Science reported new orders of 1.135 billion yuan, up 38.62% year-on-year, with a backlog of 1.248 billion yuan, reflecting a 28.23% increase [14][15] - The backlog for Aopumai's subsidiary, Pengli Biology, reached 252 million yuan, a 37.68% increase year-on-year [14][15] Section 2: Market Performance - In the first week of March 2026, the pharmaceutical and biological sector fell by 2.78%, underperforming the CSI 300 index by 1.71 percentage points, ranking 17th among 31 sub-industries [6][17] - The in vitro diagnostics sector showed the highest increase, while the medical research outsourcing sector experienced the largest decline, down 4.99% [20][21] Section 3: Recommendations - The report maintains a positive outlook on the innovative drug and its supply chain, including CXO and research services, as well as emerging industries like AI and brain-machine interfaces [7] - Monthly recommendations include companies such as WuXi AppTec, CSPC Pharmaceutical Group, and Innovent Biologics, while weekly recommendations feature Aopumai, Medpace, and others [7]