[Table_ReportDate] 2025 年 04 月 28 日 [Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 G 国产创新药闪耀 ASCO [Table_ReportType] 医药生物行业周报（4 月第 4 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（4 月 21 日-4 月 25 日）医药生物收 涨 1.16%，跑赢 wind 全 A（1.15%）和沪深 300（0.38%）。 从板块来看，医疗研发外包（6.34%）和原料药（4.72%） 部分个股一季报表现亮眼，涨幅居前，血液制品（- 3.26%）和疫苗（-6.38%）延续上周跌势。从个股来看， 永安药业（31.4%）、舒泰神（28.4%）和尔康制药（2 ...

以下文章来源于信风TradeWind ，作者郑敏芳 信风TradeWind . 关注资本市场的趋势与发展 恒河猴、小鼠等实验动物长期以来是新药研发的"无名英雄"，它们用自己的身体为人类药物安全保驾护航。 随着监管部门相关政策的出炉，这一切正在悄然发生变化。 4月24日，工业和信息化部等七部门关于印发《医药工业数智化转型实施方案（2025—2030年）》，提炼了41个关于技术创新发展的典型场景，为医药企业数 智化转型提供参考。 其中提到" 动物模型数据挖掘与虚拟动物实验 "，即针对动物替代需求高、与人体结果一致性有偏差等问题，可以运用数据挖掘、模拟技术，建立动物造模计算 机仿真模型。 更大变化则来自14天前的大洋彼岸。 4月10日，FDA发布《减少临床前安全性研究中动物实验的路线图》（下称"路线图"），指出 将逐步取消单克隆抗体（单抗）及其他药物的临床前安全性研究 中动物实验，转而采用类器官等更多新的替代技术。 这场变革，正在重塑中国医药行业的游戏规则。 为此，信风走访调研多家CXO、模式动物企业、AI制药企业、类器官相关企业后发现，此次动物实验冲击波或将带来多重变化： 一是短期内影响有限，长期则是行业发展方向 ...

业 及 产 业 医药生物 2025 年 04 月 27 日 本周医药上涨 1.2%，七部门印发 医药工业数智化转型实施方案，康 方依沃西联合化疗头对头战胜替雷 利珠单抗 看好 ——医药行业周报（2025/4/21-2025/4/25） 相关研究 《本周医药下跌 0.4%，人民时评要求保证 药企药店利润空间，礼来口服 GLP-1 治疗 糖尿病研发成功——医药行业周报 （2025/4/14-2025/4/18）》 2025/04/20 《本周医药下跌 5.6%，北深同日发布鼓励 医药创新政策，国内加强军队药品储备管 理——医药行业周报（2025/4/7- 2025/4/11）》 2025/04/13 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 研究支持 李敏杰 A0230523070006 limj2@swsresearch.com 联系人 李敏杰 (8621)23297818× limj2@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 行 行 ...

2 0 2 5年4月2 4日，工业和信息化部等七部门联合印发《医药工业数智化转型实施方案（2 0 2 5—2 0 3 0年）》，政策指引医药全产 业链数智创新，2 0 3 0年将构建全产业链数据体系与创新生态。此次《方案》设计站位高，覆盖范围广，支持力度大，医药工业 数智化落地效果可期。其中，政策引导整合释放医药数据要素价值，有望赋能医疗健康产业发展。同时我们认为，医药工业数 智化全链条传导，利好医药产业链中①医药工业研发和生产、②人工智能工具提供者、③医药行业信息化基础设施建设等环 节。建议持续关注医疗健康产业的投资机会。 文 ｜ 任杰 张斌斌 宋硕 陈竹 2 0 2 5年4月2 4日，工业和信息化部等七部门联合印发《医药工业数智化转型实施方案（2 0 2 5—2 0 3 0年）》（以下简称《方 案》），对未来五年医药工业领域数智化提出了总体要求，明确了重点任务，对于指导医药工业领域实现数智化转型具有深刻 的指导意义。 ▍ 政策指引全产业链数智创新，2 0 3 0年将构建全产业链数据体系与创新生态。 ▍ 事件： 3）利好医药行业信息化基础设施建设： 无论是医药数智产品的研发和应用，还是医药数据资产的开发和利 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the market over the next six months [6][10]. Core Insights - The report highlights the release of the "Implementation Plan for the Digital and Intelligent Transformation of the Pharmaceutical Industry (2025-2030)" by seven government departments, focusing on high-end, intelligent, green, and integrated development of the pharmaceutical industry through digital transformation [2][3]. - The plan sets phased goals for 2027 and 2030, emphasizing the establishment of a digital infrastructure and comprehensive coverage of the pharmaceutical industry's digital transformation [3]. - The integration of digital technologies is expected to enhance the competitiveness and quality management of the entire pharmaceutical supply chain, addressing issues such as low R&D efficiency and high costs [5]. Summary by Sections Implementation Plan Overview - The plan aims for coordinated development across the entire pharmaceutical industry chain, including R&D, production, distribution, and regulation, with a focus on digital technology to improve overall industry competitiveness [3]. Phased Goals - By 2027, the focus will be on foundational digital development, technology breakthroughs, and service system construction, while 2030 aims for full coverage of digital transformation among large pharmaceutical enterprises [3]. Applications of Digital Technology - The report outlines various applications of digital technology in the pharmaceutical sector, including intelligent drug design, production monitoring, and supply chain optimization [4]. Investment Recommendations - The report suggests that the digital transformation is crucial for overcoming existing challenges in the pharmaceutical industry and recommends focusing on sectors such as AI drug development, medical big data, and smart pharmaceutical supply chains [5].

| 申万期货品种策略日报——股指 | 2025/4/25 | 星期五 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | | | | | | | 一、股指期货市场 | IF当月 | IF下月 | IF下季 | IF隔季 | | | | | | | | 前两日收盘价 | 3765.20 | 3734.00 | 3677.00 | 3652.20 | 前日收盘价 | 3771.20 | 3736.80 | 3681.00 | 3657.20 | | | 涨跌 | 4.20 | 1.60 | 3.80 | 6.00 | 沪深300 | 涨跌幅 | 0.11 | 0 ...

方案具体提出了两个阶段的发展目标： 近日，工业和信息化部、商务部、国家卫生健康委、国家医保局、国家数据局、国家中医药局、国家药 监局七部门联合发布实施《医药工业数智化转型实施方案（2025—2030年）》，聚焦医药工业全链条数 智化转型，对人工智能技术深度应用、卓越企业培育等方向做了重点部署。 受此消息影响，A股市场中的医药数智化板块集体上涨，思创医惠（维权）涨超13%，创业慧康涨超 7%，朗玛信息、卫宁健康涨超5%，润达医疗、宝莱特、阳普医疗涨超4%。 | 代码 | 名称 | 涨跌幅 ▼ | 现价 | | --- | --- | --- | --- | | 300078 | 思创医惠 | 13.16% | 3.44 | | 300451 | 创业慧康 | 7.71% | 5.73 | | 300288 | 朗玛信息 | 5.99% | 13.80 | | 300253 | 卫宁健康 | 5.27% | 9.98 | | 603108 | 润达医疗 | 4.81% | 17.65 | | 300246 | 宝莱特 | 4.69% | 6.69 | | 300030 | 阳普医疗 | 4.08% | 5.61 ...

消息面上，医药板块再迎政策利好。4月24日，工业和信息化部等七部门关于印发《医药工业数智化转 型实施方案（2025—2030年）》的通知，方案提出两个阶段的发展目标：到2027年，医药工业数智化转 型取得重要进展，包括突破一批医药工业数智化关键技术，在智能制药设备、检测仪器和制药工业软件 等领域研发推广100款以上高性能产品，建成100个以上数智药械工厂，建设10个以上医药大模型创新平 台、数智技术应用验证与中试平台等。到2030年，规上医药工业企业基本实现数智化转型全覆盖，数智 技术融合创新能力大幅提升，医药工业全链条数据体系进一步完善，医药工业数智化转型生态体系进一 步健全。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 4月25日，港股早盘集体走强，恒生医疗保健指数开盘冲高后回落，相关ETF方面，恒生医疗指数 ETF(159557)截至发稿涨超1%，涨幅暂居同标的首位，溢折率0.61%，盘中溢价交易明显。成分股中， 心泰医疗上涨超6%，晶泰控股上涨超5%，讯飞医疗科技上涨超4%。 国联民生证券认为，2025年医药关注两条核心投资主线：1）高质量创新药 ...

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown strong performance, with significant increases in constituent stocks and a notable rise in the Hang Seng Healthcare ETF, reflecting positive market sentiment and growth potential in the healthcare sector [3][4]. Group 1: Market Performance - As of April 25, 2025, the HSHCI rose by 1.77%, with notable gains from stocks such as Yidu Tech (10.15%) and WeDoctor (7.05%) [3]. - The Hang Seng Healthcare ETF (513060) opened high and increased by 2.68%, marking its fifth consecutive rise, with a latest price of 0.50 yuan [3]. - Over the past week, the Hang Seng Healthcare ETF has accumulated an 8.50% increase [3]. Group 2: Liquidity and Trading Volume - The Hang Seng Healthcare ETF had a turnover rate of 1.57% during the trading session, with a transaction volume of 183 million yuan [3]. - The ETF's average daily trading volume over the past month was 2.072 billion yuan, ranking first among comparable funds [3]. Group 3: Policy and Industry Outlook - On April 24, 2025, the Ministry of Industry and Information Technology and six other departments issued a notice on the "Implementation Plan for the Digital Transformation of the Pharmaceutical Industry (2025-2030)," aimed at enhancing the integration of AI and new information technologies within the pharmaceutical industry [3]. Group 4: Fund Performance and Metrics - The Hang Seng Healthcare ETF has seen a net asset growth of 715 million yuan over the past year, ranking in the top third among comparable funds [4]. - As of April 24, 2025, the ETF's net value increased by 41.16% over the past year, with a maximum monthly return of 28.34% since inception [4]. - The ETF's Sharpe ratio was reported at 1.34, indicating strong risk-adjusted returns [5]. Group 5: Valuation and Holdings - The latest price-to-earnings ratio (PE-TTM) for the HSHCI is 25.11, which is below 92.78% of the historical data over the past year, indicating a low valuation [5]. - The top ten weighted stocks in the HSHCI account for 57.54% of the index, with companies like BeiGene and WuXi Biologics being significant contributors [5].

Group 1 - The core viewpoint of the article highlights the positive market response to the announcement of the "Pharmaceutical Industry Digital Transformation Implementation Plan (2025-2030)" by the Ministry of Industry and Information Technology and six other departments, which emphasizes the integration of artificial intelligence in the pharmaceutical sector [1] - Companies such as Yidu Tech (02158.HK), Jingtai Holdings (02228.HK), Yimai Tong (02192.HK), and MicroPort Scientific Corporation-B (02252.HK) experienced significant stock price increases, with Yidu Tech rising by 6.27%, Jingtai Holdings by 4.08%, Yimai Tong by 2.13%, and MicroPort by 1.86% following the news [1] - The plan encourages the establishment of innovative platforms for pharmaceutical large models, promoting collaborative research and development of technology products and regulatory science within the industry [1] Group 2 - The initiative aims to strengthen the construction of standards, norms, technological ethics, application safety, and risk management in the pharmaceutical industry [1] - The focus on artificial intelligence applications is expected to enhance the overall efficiency and innovation capacity of the pharmaceutical sector [1]