点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 免责声明 查看完整报告 上周，A股医药生物指数下跌0.36%，跑输沪深300指数0.94pp，跑赢创业板综指0.17pp，在31个子行业中排名 第24，表现较差。港股恒生医疗健康指数上周收涨0.57%，跑输恒生国企指数0.66pp。 上市公司研发进度跟踪： 上周，百济神州的BGB-C354、恒瑞医药的SHR-4506注射液的临床申请新进承办；百济神州的BGB-21447片、 海思科的HSK45030分散片的IND申请新进承办。上周，石药集团的IBI3002、正大天晴的HRS-5817正在进行三 期临床；海思科的TQB3473正在进行二期临床、康方生物的CMS-D001正在进行一期临床。 本周观点：我国对美加征关税全面执行，建议关注医疗器械国 ...

报告摘要 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 风险分析： 控费政策超预期、研发失败风险、政策支持不及预期、板块估值下挫风险。 行情回顾： 发布日期： 2025-04-20 上周，A股医药生物指数下跌0.36%，跑输沪深300指数0.94pp，跑赢创业板综指0.17pp，在31个子行业中排名 第24，表现较差。港股恒生医疗健康指数上周收涨0.57%，跑输恒生国企指数0.66pp。 上市公司研发进度跟踪： 上周，百济神州的BGB-C354、恒瑞医药的SHR-4506注射液的临床申请新进承办；百济神州的BGB-21447片、 海思科的HSK45030分散片的IND申请新进承办。上周，石药集团的IBI3002、正大天晴的HRS-5817正在进行三 期临床；海思科的TQB3473正 ...

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, suggesting a potential for diverse investment opportunities by 2025 [11]. Core Insights - The pharmaceutical sector is currently undervalued, with public funds showing low allocation to this sector. Positive macroeconomic factors, such as the recovery of U.S. Treasury rates, are expected to drive growth in the industry [11]. - The report emphasizes a shift from quantity to quality in the domestic innovative drug sector, highlighting the importance of product differentiation and internationalization [11]. - The medical device market is experiencing a rebound in bidding volumes, particularly in imaging equipment, and there is a growing focus on home medical devices [11]. - The report identifies a recovery in the innovative chain (CXO + life sciences services) and anticipates a return to high growth for the sector by 2025 [11]. - The traditional Chinese medicine sector is expected to benefit from the introduction of new essential drug directories and state-owned enterprise reforms [13]. - The report highlights the potential for the pharmacy sector to thrive due to prescription outflow and market optimization [13]. - The blood products industry is projected to grow significantly during the 14th Five-Year Plan period, with increased approval for plasma stations [13]. Summary by Sections Market Review - The report notes that the CITIC pharmaceutical index rose by 1.15%, outperforming the CSI 300 index by 2.52 percentage points, ranking third among 30 primary industries [8]. - The top ten stocks by growth include Duorui Pharmaceutical, Oukang Pharmaceutical, and Weisi Medical, while the bottom ten include Dongfang Biological and Nengte Technology [8]. Overall View and Investment Themes - The report suggests that the pharmaceutical industry is at a low valuation, with public fund allocations also low, indicating a potential for growth driven by macroeconomic factors [11]. - It highlights the importance of focusing on differentiated products and internationalization in the innovative drug sector, recommending companies like Hengrui, BeiGene, and others [11]. - The medical device sector is seeing a recovery in bidding volumes, particularly in imaging and home medical devices, with a focus on domestic companies [11]. - The innovative chain is expected to see a rebound in investment, with CXO and life sciences services poised for growth [11]. - The report emphasizes the potential for traditional Chinese medicine and pharmacies to benefit from regulatory changes and market dynamics [13]. Company-Specific Insights - Yuan Dong Biological has maintained a high R&D investment intensity, with 22% of its revenue allocated to R&D in 2023, indicating a strong focus on innovative drug development [17]. - The company has a robust pipeline of high-end generic drugs and is exploring innovative drug candidates, particularly in the area of small molecules and monoclonal antibodies [17][20]. - Yuan Dong's internationalization strategy is focused on the U.S. opioid detoxification market, with several products expected to contribute to revenue by 2025 [23]. - The company is also developing a range of innovative drugs, including NGF monoclonal antibodies and TL1A monoclonal antibodies, which are in various stages of clinical development [32][38].

证券研究报告|医药生物|2025年4月5日 www.hczq.com 华创医药投资观点&研究专题周周谈·第120期 苑东生物研发管线更新 联系人:朱珂琛 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号: S0360520110002 邮箱: zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 李焯娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 万梦蝶 | 执业编号: S0360523080008 邮箱: wanmengdie@hcyjs.com | | 分析师 王宏雨 | 执业编号: S0360523080006 邮箱: wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号: S0360524070007 邮箱: zhukechen ...