智通财经APP获悉，香港联交所最新数据显示，7月29日，易方达基金管理有限公司增持泰格医药 (03347)118.16万股，每股作价55.9087港元，总金额约为6606.17万港元。增持后最新持股数目为1380.33 万股，持股比例为11.21%。 ...

Group 1 - A-shares experienced a low open and high close, indicating a potential sideways movement in the market [1] - The banking sector has shown signs of recovery after a period of decline, aligning with previous predictions [2] - The CRO sector has demonstrated a "three consecutive highs" pattern, suggesting a possible peak has been reached [2] Group 2 - The recent volatility in silicon materials and lithium ore futures is expected, with a likelihood of a downturn following a period of stagnation [3] - Emphasizing the importance of patience in stock trading, as impulsive actions can lead to losses [4]

证券之星消息，8月4日医疗服务板块较上一交易日下跌0.26%，昭衍新药领跌。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。医疗服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 688265 | 南模生物 | 43.73 | 20.01% | | 4.08万 | 1.66亿 | | 688621 | 阳光诺和 | 66.54 | 14.84% | | 12.60万 | 8.15亿 | | 301201 | 诚达药业 | 28.10 | 4.04% | | 10.58万 | 2.93亿 | | 688222 | 成都先导 | 24.74 | 3.82% | | 33.55万 | 7.91亿 | | 002172 | 澳洋健康 | 4.25 | 3.41% | | 70.07万 | 2.93亿 | | 688046 | 药康生物 | 16.41 | 3.01% | | 4.55万 | 7293.23万 | | ...

Group 1: Industry Overview - The domestic preclinical CRO, clinical CRO, and CDMO business prices have stabilized, with new orders gradually recovering, indicating a potential industry turnaround [1] - In the international CDMO sector, the pricing system remains reasonable, and the impact of high pandemic baselines has been absorbed [1] - Chinese companies possess comprehensive advantages in small molecule CRDMO due to talent dividends, chemical capabilities, compliant production capacity, and intellectual property protection [1] Group 2: Large Molecule CDMO - Major domestic companies include WuXi Biologics and WuXi AppTec, while international players include Lonza, Samsung Biologics, and Fujifilm [2] - Samsung Biologics is expected to have a revenue growth rate of 19-25% for 2024, surpassing WuXi Biologics' guidance of 12-15% [2] - The order growth for Samsung Biologics exceeds that of WuXi Biologics, indicating intense competition in the large molecule CDMO sector [2] Group 3: Small Molecule CDMO - Key domestic companies include WuXi AppTec, Kelun Pharmaceutical, and Boteng Pharmaceuticals, with over 70% of their business overseas [3] - WuXi AppTec's order backlog is expected to grow by 47% year-on-year by the end of 2024, ensuring mid-term performance [3] - Capital expenditure among domestic companies shows divergence, with some leaders like WuXi AppTec expected to increase spending [3] Group 4: Clinical/Preclinical CRO - Major domestic companies include Tigermed, Pruis, and Medpace, with a high proportion of domestic business [4] - Both domestic and international CROs are currently in an adjustment phase, with 2022-2023 funding challenges impacting 2024 performance [4] - Domestic order prices have bottomed out, with a growth trend in order volume and value since 2025 [5]

Investment Rating - The investment rating for the CXO industry is "Outperform the Market" [1] Core Insights - The CXO index has increased by over 50% in the past year due to the easing of geopolitical risks, recovery in investment, and the digestion of high pandemic baselines [2] - Chinese CXO companies are analyzed from short-term, medium-term, and long-term perspectives to understand their global competitiveness [2] - Major players in the large molecule CDMO sector include WuXi Biologics and WuXi AppTec, with over 70% of their revenue coming from overseas [2] - The small molecule CDMO sector shows strong recovery in domestic companies, with significant order growth and a favorable competitive landscape [2] - Clinical and preclinical CROs are currently in an adjustment phase, with domestic order prices stabilizing but showing no significant recovery [2] Summary by Sections Large Molecule CDMO - Short-term performance shows high growth with competition from Japan, South Korea, and Europe [2] - Medium-term order growth is led by South Korean companies like Samsung Biologics, indicating intense competition for Chinese firms [2] - Long-term capital expenditures remain high, reflecting confidence in future demand [2] Small Molecule CDMO - Domestic companies are recovering from pandemic-related performance dips, with overall growth expected in 2025 [2] - Order growth is robust, with WuXi AppTec's orders increasing by 47% year-on-year by the end of 2024 [2] - Long-term capital expenditures show divergence, with some leaders like WuXi AppTec expected to continue increasing investments [2] Clinical/Preclinical CRO - Both domestic and international CROs are in an adjustment period, with 2022-2023 investment cooling reflected in 2024 performance [2] - Medium-term order volumes and values are beginning to show growth, while international orders remain stable [2] - Long-term capital expenditures vary among companies, indicating potential supply-demand mismatches in the short term [2] Emerging Business Opportunities - Rapid development in new molecular businesses such as peptides and oligonucleotides is expected to open up growth opportunities in the CXO sector [3] - Generic drug CROs are actively pursuing innovative transformations to seek new growth points [3]

市场风格轮动下，资金正从高位板块向估值合理的赛道迁移，底部核心资产逐步反弹。医疗创新一键布 局CXO（药明康德/泰格医药）、器械（迈瑞）、医疗消费（爱尔眼科/爱美客）、疫苗（长春高新）等 超跌核心资产，前十大成分股中多只估值处于历史20%分位以下，安全边际凸显。美国经济/就业数据 弱化，反而将强化并加速美联储降息的节奏，这将强化全球流动性与科技股的趋势。对于踏空医药上半 场行情的投资者，可以借道医疗创新ETF(516820)提前卡位修复行情。 消息面上，美国就业市场明显降温，7月美国新增非农就业7.4万，不及预期的10.4万，5-6月累计下修 25.8万至1.9万、1.4万，显示就业市场在4月后明显降温。上周五美股整体下挫。 标普、纳指和道指分别 下跌 1.6%，2.2%， 1.2%。非农报告体现就业市场从稳健变为明显降温，年内降息预期升至60bp，7月 降息概率升温至九成。 8月4日早盘，创新药开盘下挫后拉升超1%。医疗创新ETF(516820.SH)现跌0.52%，成分股方面涨跌互 现，华润三九(000999)领涨2.54%，片仔癀(600436)上涨1.43%，兴齐眼药(300573)上涨0.65%；百 ...

晨会纪要（2025/08/04） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.08.04） 宏观及策略研究 维稳当下，谋篇布局——2025 年 8 月宏观经济月报 固定收益研究 把握阶段性修复行情——利率债 8 月投资策略展望 行业研究 恒瑞医药与 GSK 达成大额合作，关注创新产业链——医药生物行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 晨会纪要（2025/08/04） 宏观及策略研究 维稳当下，谋篇布局——2025 年 8 月宏观经济月报 周喜（证券分析师，SAC NO：S1150511010017） 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、海外经济及政策环境 美国方面，虽然二季度消费和投资分项偏弱，但总体经济仍在进口拖累减弱帮助下表现出韧性，通胀数据 ...

受美国非农数据不及预期冲击，港股关键指数集体调整，恒指、恒科、恒生国企集体下挫。但就业增长 放缓也强化了市场对美联储宽松政策的预期，美联储9月降息概率或将大幅上升。 1.创新药出海：海内外创新药重磅BD和并购交易持续推进，大额BD连续兑现，有望进一步催化创新药 行情。 2.上游CXO景气度复苏：当前正处于半年度业绩披露窗口期，CXO龙头发布强劲业绩表现，随着全球创 新药景气度逐步回暖，CXO或持续受益。 恒生医药ETF联接（A类：016970，C类：016971） 创新药相关概念今日领跌，恒生医药ETF（159892）一度跌超3%，康方生物、博安生物、泰格医药等 跌幅靠前；截至上周五收盘，恒生医药ETF跟踪的恒生生物科技指数近一年涨幅仍超100%。 展望后市，可关注两个方向： ...

Group 1 - The stock prices of several biotech companies have experienced declines, with 康方生物 (09926.HK) down 5.37%, 泰格医药 (03347.HK) down 3.34%, 药明康德 (02359.HK) down 3.15%, and 君实生物 (01877.HK) down 2.64% [1]

每经AI快讯，CRO概念股盘初震荡走低，奥翔药业跌超8%，海特生物跌超6%，美诺华、昭衍新药、泰 格医药跟跌。 ...