《生物安全法案》复盘 --如何看待地缘政治对中国CXO企业的影响？ 行业研究 · 行业专题 医药生物 · 医疗研发外包 投资评级：优于大市（维持评级） 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：彭思宇 证券分析师：凌珑 021-60375401 linglong@guosen.com.cn S0980525070003 请务必阅读正文之后的免责声明及其项下所有内容 1 报告摘要 证券研究报告 | 2025年12月28日 n 靴子落地，美国《2026财年国防授权法案》夹带《生物安全法案》生效。 请务必阅读正文之后的免责声明及其项下所有内容 2 ü 《2026财年国防授权法案》夹带《生物安全法案》（主要指第851节《禁止与特定生物技术公司签订合同》）落地，标志着美国已将生物安全正式纳入国家防务与 安全战略框架统筹考量，同时彰显其在生物技术供应链自主可控的明确政策转向，本质是中美的科技竞争与产业安全博弈在生物领域的延 ...

Group 1 - The market rebound is primarily driven by enhanced logic of market winning rates both domestically and internationally [2] - Global liquidity concerns have significantly eased, particularly in the US, where the November core CPI rose by 2.6% year-on-year, the lowest since April 2021, boosting optimistic expectations for interest rate cuts [3] - Domestic market support stems from increased expectations for policy-driven liquidity easing and strengthened confidence in industrial development, with the central economic work conference setting clear policy goals for economic growth and price recovery [4] Group 2 - Technology assets are experiencing a contraction and differentiation, driven by "winning rate continuation" and "industrial explosion" logic, with telecommunications and defense industries leading the way [5] - In the cyclical sector, non-ferrous metals have performed well, benefiting from the transmission of technology industry chain prosperity and increased macro risk aversion [6] - The index is expected to show a strong upward trend, with the ChiNext index rising by 5.80% and the Shanghai Composite Index by 1.35% as of December 24 [7] Group 3 - The upcoming spring market is likely to focus on high-prosperity industries, with historical patterns indicating that strong economic conditions paired with strong industries lead to broad market gains [8] - Investment strategies should continue to focus on AI and less crowded technology sectors, global pricing resources, and consumer goods benefiting from moderate price recovery [8] - The January stock selection includes a diverse range of companies across various sectors, such as robotics, consumer goods, and advanced industries, indicating a strategic approach to capitalize on market trends [12][13]

Core Viewpoint - Brazil is set to launch a single-dose dengue vaccine by the end of January 2026, with an initial investment of 368 million reais and plans to provide 3.9 million doses through the public healthcare system [1][2]. Group 1: Vaccine Development and Efficacy - The Butantan-DV vaccine, developed by the Butantan Institute, is the only approved single-dose dengue vaccine globally, effective against all four types of dengue [1]. - Clinical studies indicate an overall efficacy of 74.7% against dengue cases, 91.6% against severe cases, and 100% efficacy for hospitalizations due to dengue [1]. Group 2: Vaccination Rollout and Collaboration - Initial vaccination efforts will focus on healthcare workers in specific cities, including Botucatu and Maranguape, with plans to expand to the general population as production capacity increases [2]. - The production of the vaccine is a collaboration between the Butantan Institute and China's WuXi Biologics, aiming to supply approximately 30 million doses by the second half of 2026 [2]. Group 3: Public Health Context - There was a significant increase in dengue cases in Brazil last year, with a reported 1,660,190 suspected cases as of December 26, 2025, despite a 75% decrease compared to the previous year [2]. - The Brazilian Ministry of Health emphasizes that vaccination will be part of a broader strategy that includes vector control, environmental management, and public health education [2].

Group 1 - The Hang Seng Index maintained a slight increase of 0.17% at the close, with sectors such as internet, technology, healthcare, and banking showing minor gains, while the consumer sector experienced a decline [1] - The Hang Seng Technology Index saw a narrow range of fluctuations, closing up 0.14%, with notable increases in stocks like SMIC (up 3.14%), BYD, Kuaishou, NetEase, and Tencent, while Alibaba and Baidu faced slight declines [3] - The Hang Seng Healthcare Index rebounded after a previous drop, closing up 0.13%, with stocks like JD Health, WuXi Biologics, and Innovent Biologics showing small gains, whereas companies like 3SBio, CSPC Pharmaceutical, and Hansoh Pharmaceutical remained weak [3] Group 2 - The consumer sector faced a downturn, closing down 0.3%, with significant declines in stocks such as WuXi AppTec (down 3.22%) and Lao Pu Gold (down 2.67%), while companies like China Resources Beer, Horizon Robotics, and Alibaba Health managed to rise against the trend [3]

Core Viewpoint - The pharmaceutical equipment industry is experiencing a recovery, with many listed companies showing a turning point in performance due to a resurgence in demand as the pharmaceutical sector enters an expansion phase [1][2][10]. Industry Recovery - The pharmaceutical equipment sector was previously in a downturn due to the global biopharmaceutical industry's cyclical decline, but by Q3 2025, most related companies have shown signs of recovery [2][12]. - The global capacity is entering an expansion phase, which is expected to significantly benefit the pharmaceutical equipment industry [1][15]. Company Performance - In Q3 2025, Chutian Technology reported revenues of 1.479 billion yuan and a net profit of 96.77 million yuan, with year-on-year growth of 10.17% in revenue and 192.50% in net profit [3][12]. - Dongfulong achieved revenues of 1.275 billion yuan and a net profit of 85.66 million yuan in Q3 2025, marking a significant improvement compared to the previous quarter [3][13]. - Despite a decline in revenue and net profit in the first half of 2025, Sensong International's new orders reached a historical high, driven by a surge in pharmaceutical contracts [4][14]. Contract Liabilities - Both Chutian Technology and Dongfulong have seen a continuous increase in contract liabilities, indicating a growing backlog of orders [4][13]. Capacity Expansion Plans - Major domestic companies like WuXi Biologics and Kangfang Biologics are set to initiate new capacity expansions in 2024, with significant increases in production capabilities [5][15]. - Internationally, multinational pharmaceutical companies are also advancing their global capacity layouts to enhance supply chain resilience, with substantial investments planned in the U.S. [5][16]. International Market Opportunities - The global pharmaceutical equipment market is projected to grow significantly, with domestic companies having substantial opportunities for international expansion [7][17]. - Domestic brands are increasingly competitive, with a notable shift towards local production capabilities, indicating a strong potential for import substitution [7][17]. Strategic Internationalization - Companies like Sensong International are leveraging their long-term technological expertise to enhance their international presence, aiming to capture new orders amid the ongoing industry transition [8][18]. - Dongfulong and Chutian Technology are actively expanding their overseas operations, with Dongfulong already achieving significant sales in international markets [9][19].

Core Insights - The article highlights the rapid development and innovation within the Shijiazhuang International Biopharmaceutical Park, showcasing the establishment of over 300 companies and a thriving ecosystem of large, medium, and small enterprises [3][6] - The park is focused on accelerating project construction and enhancing the quality of biopharmaceutical projects through effective collaboration between government and enterprises [4][8] Group 1: Project Development - The Green Leaf Jiaao Pharmaceutical Company has recently completed three batches of engineering products and plans to produce 3 million units annually after full production begins [3][4] - In 2023, the high-tech zone has introduced 59 biopharmaceutical projects, indicating a strong growth trajectory for the industry [6] Group 2: Innovation Ecosystem - The biopharmaceutical park features a complete industrial chain that includes research, incubation, industrialization, and sales services, facilitating efficient product development [8] - Public service platforms, such as the National Drug Administration's special drug inspection center, enhance the speed and convenience of testing and inspection for companies [8] Group 3: Collaborative Innovation - The park has established a shared laboratory that allows companies to access high-end equipment, significantly reducing costs and accelerating research and development timelines [9] - The shared laboratory model has proven beneficial for companies like Nuoao Biotechnology, which has expedited its HPV nucleic acid immunotherapy drug development by several months [9] Group 4: Overall Impact - The Shijiazhuang International Biopharmaceutical Park is positioned as a key driver of high-quality development in the biopharmaceutical industry, with ongoing projects and breakthroughs contributing to a robust industrial ecosystem [10]

恒生医疗高开低走后逆势大跌0.65%，其中三生制药下跌1.37%，石药集团下跌1.24%，翰森制药、药明 生物、康方生物等股均小幅收跌；京东健康、药明康德、信达生物等股逆势小跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 恒生科技冲高回落后全天维持在中轴上方盘整，截至收盘上涨0.14%。其中中芯国际大涨3.12%，比亚 迪股份、快手、网易、腾讯控股等股均小幅收涨；阿里巴巴、百度集团等股小幅收跌。 银行止跌企稳，截至收盘小涨0.09%，其中汇丰控股上涨1.23%，郑州银行、重庆农村商业银行、邮储 银行、大新银行、渣打银行等股均小幅收涨；青岛银行、光大银行、中信银行等股逆势收跌。 恒生指数全天维持在中轴上方窄幅盘整，截至收盘小涨0.17%。恒生科技和银行小幅收涨；大消费、恒 生医疗、互联网等逆势收跌。 ...

Market Overview - The A-share market experienced narrow fluctuations on the morning of December 24, with major indices showing mixed results but limited volatility [1][3] - The defense and military industry sector saw significant gains, with the sector's intraday increase exceeding 2% [3] Defense and Military Sector - Notable stocks in the defense sector included Xin Jing Gang, which hit the daily limit with a 20.02% increase, and Huo Lai Wo, which rose by over 12% [3][4] - Other stocks such as Xing Wang Yu Da, Bo Yun Xin Cai, and He Zhong Si Zhuang also reached their daily limits, with multiple stocks increasing by over 5% [3] GPU Sector - Two leading domestic GPU stocks, Mo Er Tui Xian and Mu Xi Co., saw declines, with both experiencing drops exceeding 7% [1][5] - Mu Xi Co. reached a new low since its listing, down over 20% from its initial closing price [5] New Listings - A new stock, Jian Xin Chao Dao, was listed on December 24, with its price surging by over 290% during the morning session [7] - The company focuses on the research, production, and sales of core components for MRI equipment, aiming to make MRI accessible for the general public [7][8] Other Market Movements - The coal, agriculture, forestry, animal husbandry, and media sectors were among the biggest decliners [5] - In the Hong Kong market, the Hang Seng Index showed slight increases, with notable gains in stocks like SMIC and Xinyi Solar [10] - Bai Ao Sai Tu - B saw a significant rise of over 24% due to its inclusion in the Hong Kong Stock Connect program [10]

Core Insights - WuXi Biologics has been recognized for its excellence in ESG disclosure by being included in the "Outstanding ESG Disclosure List" of the 2025 Hong Kong ESG Reporting Awards (HERA), marking a significant milestone in its commitment to transparency and responsible governance [1] - The company has received multiple accolades for its ESG efforts, including the "ESG Reporting Exemplary Award" in 2024, demonstrating its ongoing progress in sustainable development [1] - WuXi Biologics emphasizes the importance of transparent ESG disclosure as a competitive advantage in the current business environment, aiming to build trust with global clients, investors, and regulatory bodies [1] ESG Achievements - The CEO and Chairman of the ESG Committee, Dr. Chen Zhisheng, stated that transparency is the foundation of trust, and the company is committed to sharing its ESG journey to create long-term social and environmental value [2] - WuXi Biologics is a member of the UN Global Compact and the Pharmaceutical Supply Chain Initiative, actively promoting sustainable development strategies and receiving widespread industry recognition [2] - The company has achieved the highest AAA ESG rating from MSCI, a "Platinum" rating from EcoVadis, and inclusion in the Dow Jones Sustainability Index (DJSI), among other accolades, showcasing its outstanding performance in sustainability [2] Company Overview - WuXi Biologics (stock code: 2269.HK) is a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) that provides comprehensive end-to-end services to help partners discover, develop, and manufacture biologics [3] - The company employs over 12,000 staff across China, the US, Ireland, Germany, and Singapore, offering efficient and cost-effective biologics solutions through its professional service teams and advanced technologies [3] - As of June 30, 2025, WuXi Biologics has supported clients in developing and producing a total of 864 projects, including 24 commercial production projects, highlighting its significant role in accelerating global biologics R&D [3]

另外，两大国产GPU龙头股摩尔线程和沐曦股份股价走低，跌幅均一度超过7%。 A股国防军工概念大涨 A股市场今天（12月24日）上午整体窄幅波动。国防军工板块大幅上涨，成为上午市场主线之一。 新股健信超导盘中一度大涨超过290% 今天（12月24日）A股市场有一只新股上市，为健信超导，上午盘中该股涨幅一度超过290%。 招股资料显示，健信超导主要从事医用磁共振成像（MRI）设备核心部件的研发、生产和销售，主要产 品包括超导磁体、永磁体和梯度线圈，占 MRI 设备核心部件成本的比例在 50%左右。公司以"让磁共振 成为老百姓用得起的日常诊查手段"为使命，通过自主研发和持续创新推动磁共振的迭代进步及推广普 及。公司在超导磁体、永磁体和梯度线圈上突破核心技术并实现规模化制造，保障了国产磁共振产业核 心部件自主可控，支撑并推动了国产超导磁共振产业的快速发展，降低医院磁共振检查的价格，有效改 善老百姓"看病难看病贵"民生问题。 招股资料称， 在超导领域，公司已形成包括 1.5T 零挥发超导磁体、1.5T 无液氦超导磁体、3.0T 零挥发 超导磁体和开放式零挥发超导磁体在内的丰富产品矩阵，成为全球磁共振行业内排名第一的超导 ...