Core Viewpoint - The price of non-human primates, particularly the crab-eating macaque, has surged significantly, with prices rising from over 90,000 yuan to 120,000 yuan in just two months, indicating a budget shortfall of over 1 million yuan for companies seeking to purchase these animals for drug safety evaluations [2][4][6]. Price Trends - The price of crab-eating macaques has experienced a dramatic increase, with a 30% rise recently, following a previous peak of over 200,000 yuan in 2022, and a subsequent drop to a low of 65,000 yuan [2][4]. - Industry experts predict that the price will fluctuate between 70,000 yuan and 150,000 yuan over the next two to three years [2][4]. Supply and Demand Dynamics - There is a notable shortage of available macaques, with many companies struggling to find suitable sources despite the rising prices [4][17]. - The demand for crab-eating macaques has surged, with usage in domestic laboratories increasing from 18,140 in 2017 to 28,026 in 2019, a growth of 54.5% [11]. - The annual supply-demand gap for crab-eating macaques in China is estimated to be around 10,000 animals, with a significant focus on maintaining a balanced ratio of male to female macaques for breeding purposes [17]. Industry Structure and Challenges - The breeding cycle for crab-eating macaques is lengthy, taking approximately six to seven years from birth to maturity, which complicates the ability to meet rising demand [12][14]. - The concentration of resources among leading Contract Research Organizations (CROs) has further limited the availability of macaques, as these companies have acquired a significant portion of the existing supply [16][17]. - The current market dynamics have led to a stagnation in the breeding of macaques, with many companies opting to sell available macaques rather than invest in breeding programs [14][16]. Regulatory and Ethical Considerations - Recent developments in the U.S., where the CDC plans to halt all internal research involving monkeys, have sparked discussions about the future of animal testing in biomedical research [21][22]. - The reliance on non-human primates for critical research underscores the ethical dilemmas faced by the industry, as the demand for innovative therapies continues to grow [21][23].

Core Insights - The pharmaceutical industry has seen a significant increase in merger and acquisition (M&A) activities since 2025, with 64 disclosed M&A events in A-shares, totaling approximately 110.38 billion yuan [1] - The trend indicates a dual-driven strategy of M&A and business development (BD) collaborations, focusing on enhancing innovation and filling gaps in capabilities [1][3] - The primary focus of M&A activities is on innovative drug research and development, medical services, and medical devices, reflecting a shift towards high-value sectors [1][2] M&A Trends - Pharmaceutical companies are increasingly acquiring near-commercial or mature technology platforms as a shortcut to catch up with technological advancements and address R&D shortcomings [2] - Notable M&A examples include Shijiazhuang Pharmaceutical's acquisition of a 29% stake in a biotech firm for 1.1 billion yuan and China Biologic's planned acquisition of 95.09% of a Shanghai-based company for 951 million USD [2] BD Collaborations - BD collaborations are also crucial for supplementing innovative drug pipelines, as seen in Changchun High-tech's partnership with ALK for allergy immunotherapy products [3] - Experts indicate that the current M&A and BD collaboration landscape is reshaping the industry, with a focus on building barriers in cutting-edge technologies like dual antibodies and ADCs [3] Industry Integration - The pharmaceutical industry is undergoing deeper integration, aiming to create a comprehensive closed-loop system encompassing R&D, production, and sales [4] - External collaborative M&A is a key pathway to achieving this closed-loop, as demonstrated by Chengdu Kanghua's acquisition aimed at enhancing its vaccine ecosystem [4] Capital Dynamics - The M&A landscape in 2025 is characterized by a multi-faceted capital structure, with leading companies taking the lead, supported by industry funds and flexible participation from social capital [6] - Leading firms are playing a stabilizing role, as seen in Beijing Tiantan's acquisition to enhance its plasma collection capabilities [6] Investment Strategies - Industry funds are exploring a "capital + BD" light asset model, with companies like Shanghai Fosun investing in innovative drug and medical device sectors [7] - Social capital is adopting a structured investment approach to empower innovation, focusing on AI medical applications and innovative drugs [7] Future Outlook - There is an expectation of continued capital investment in gene therapy, ADCs, and dual antibody platforms, indicating a sustained focus on high-value innovation areas [8]

Core Insights - The price of the crab-eating macaque has surged above 100,000 yuan, marking a significant increase of over 30% from previous levels, leading to a budget shortfall of more than 1 million yuan for companies [1][3] - The supply of macaques is critically low, with many companies struggling to find suitable sources despite the rising prices, indicating a "monkey price upcycle" [1][3] - The demand for macaques is expected to remain high, with estimates suggesting prices will fluctuate between 70,000 and 150,000 yuan over the next two to three years [2][4] Price Trends - The price of crab-eating macaques has seen a dramatic increase, with historical data showing a 14-fold rise over the past seven years, particularly after 2017 when prices began to escalate [3][4] - The peak price reached 200,000 yuan in 2022, but has since stabilized around 100,000 yuan, still significantly impacting the budgets of pharmaceutical companies [4][10] Supply and Demand Dynamics - The current supply of macaques is insufficient to meet the growing demand, with an estimated annual shortfall of about 10,000 macaques in China [12] - The breeding cycle for crab-eating macaques is lengthy, taking approximately six to seven years from birth to maturity, which complicates the ability to quickly respond to market demands [10][12] - Major Contract Research Organizations (CROs) have begun acquiring macaque breeding facilities, further constraining the available supply for smaller companies [12] Industry Implications - The rising prices and supply shortages are creating a challenging environment for pharmaceutical companies, which rely on macaques for critical preclinical safety evaluations [4][10] - The ongoing demand for innovative drug development, particularly in areas like antibody drugs and gene therapy, underscores the importance of macaques in the research process [10][12] - The situation is exacerbated by the recent news of the CDC in the U.S. halting internal research involving monkeys, raising concerns about the future of animal research and its implications for drug development [13][14]

生物科技ETF价值凸显，但慎防短期溢价风险。 作者 | RAYYYY 编辑 | 小白 | 证券代码 | 证券名称 | 跟踪指数名称 | 基金规模合并值(亿元) 11月涨跌幅(%) | | | --- | --- | --- | --- | --- | | 159502. SZ | 标普生物科技ETF | 标普生物科技精选行业指数 | 22. 08 | 14. 03 | | 513290. SH | 纳指生物科技ETF | 纳斯达克生物科技指数 | 15. 37 | 12. 83 | | 513350. SH | 标普油气ETF | S&P Oil & Gas Exploration & Production Select Industry | 6. 19 | 4. 30 | | 159121. SZ | 恒生汽车ETF | 恒生港股通汽车主题指数 | 2. 04 | 4.21 | | 159518. SZ | 标普油气ETF | S&P Oil & Gas Exploration & Production Select Industry | 12. 84 | 4. 18 | | 159108. SZ | 工业 ...

2025年12月1日，众生药业（股票代码：002317）在公司会议室接待了机构调研，国泰海通证券股份有 限公司、上海睿郡资产管理有限公司分析师及研究员参与了现场交流。公司董事会秘书杨威、证券事务 代表陈子敏就核心产品进展、临床研发及商业化战略等问题与机构进行了深入沟通。 核心产品进展：昂拉地韦片全球首款优势显著，商业化路径清晰 研发战略升级：加码众生睿创持股，强化创新布局 调研中，公司明确表示将持续聚焦呼吸系统、代谢性疾病领域，通过增持控股子公司众生睿创股权强化 研发协同。众生睿创作为公司创新转型的核心平台，专注于上述领域创新药研发与商业化，此次持股比 例提升后，公司将进一步整合资金、资源与管理优势，加速推进在研项目落地。 早研管线方面，公司已布局多个差异化项目：呼吸系统领域，针对呼吸道合胞病毒（RSV）的小分子药 物已确定临床前候选化合物（PCC），国内尚无同类药物获批；代谢领域，超长效GLP-1/GIP/GCG三受 体激动剂RAY0221已进入临床前研究，同时探索Amylin类多肽、口服GLP-1RA小分子等前沿赛道，持 续丰富管线梯队。 公司强调，本次调研未涉及应披露重大信息，未来将继续以"高质量、加速 ...

证券代码：002317 编号：2025-014 广东众生药业股份有限公司投资者关系活动记录表 | | √ □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | □其他（ ） | | 参与单位及人员 | 国泰海通证券股份有限公司、上海睿郡资产管理有限公司分 | | | 析师、研究员 | | 时间 | 2025 年 12 月 1 日 9:30～10:30 | | 地点 | 公司会议室 | | 形式 | 现场交流 | | 上市公司 | 1、公司董事会秘书 杨威 | | 接待人员 | 2、公司证券事务代表 陈子敏 | | | 1、公司昂拉地韦片有什么特色？ 答：昂拉地韦片是全球首款 RNA 聚合酶 PB2 靶点的甲型 流感口服药物，具有快速、强效、低耐药的特点，能够快速缓 | | | 解全身流感症状、强效抗击流感病毒，兼具低耐药性。 | | | 临床前研究结果表明，对包括奥司他韦耐药株、高致病性 | | 交流内容及具体 | 禽流感病毒株和玛巴洛沙韦耐药株等在内的多种不 ...

集团自主研发的国家1类创新药TRD208在中国开展的I期临床试验已顺利完成首例患者入组。TRD208是 一款全球首创的非阿片类多靶点多模式镇痛创新药，有望成为急性疼痛领域的重磅药物。 临床前数据表明，TRD208在术后痛模型中表现出快速起效、强效镇痛、时间持久的优势。作为具有多 靶点协同作用的非阿片类药物，TRD208有望首次实现单一药物达到多模式镇痛的效果，进而替代目前 临床主流的联合用药方案，满足镇痛全过程的临床需求，具有简化治疗方案、提升患者用药依从性、规 避阿片类药物成瘾与依赖风险的核心优势。 智通财经APP讯，中国生物制药(01177)公布，该集团自主研发的国家1类创新药TRD208在中国开展的I 期临床试验已顺利完成首例患者入组。TRD208是一款全球首创的非阿片类多靶点多模式镇痛创新药， 有望成为急性疼痛领域的重磅药物。 ...

中国生物制药(01177)公布，该集团自主研发的国家1类创新药TRD208在中国开展的I期临床试验已顺利 完成首例患者入组。TRD208是一款全球首创的非阿片类多靶点多模式镇痛创新药，有望成为急性疼痛 领域的重磅药物。 集团自主研发的国家1类创新药TRD208在中国开展的I期临床试验已顺利完成首例患者入组。TRD208是 一款全球首创的非阿片类多靶点多模式镇痛创新药，有望成为急性疼痛领域的重磅药物。 临床前数据表明，TRD208在术后痛模型中表现出快速起效、强效镇痛、时间持久的优势。作为具有多 靶点协同作用的非阿片类药物，TRD208有望首次实现单一药物达到多模式镇痛的效果，进而替代目前 临床主流的联合用药方案，满足镇痛全过程的临床需求，具有简化治疗方案、提升患者用药依从性、规 避阿片类药物成瘾与依赖风险的核心优势。 ...

生物科技ETF价值凸显，但慎防短期溢价风险。 作者 | RAYYYY 编辑 | 小白 刚刚过去的11月，生物科技ETF成为市场最大赢家。 Choice数据显示，纳指生物科技ETF（513290.SH）和标普生物科技ETF（159502.SZ）分别以显著涨 幅位居全市场ETF月度涨幅排名第一、第二位，这一强劲表现凸显了生物科技板块在当前市场环境下 的投资价值。 | | | 11月ETF涨幅榜TOP10(规模大于1亿) | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 跟踪指数名称 | 基金规模合并值(亿元) 11月涨跌幅(%) | | | 159502. SZ | 标普生物科技ETF | 标普生物科技精选行业指数 | 22. 08 | 14. 03 | | 513290. SH | 纳指生物科技ETF | 纳斯达克生物科技指数 | 15. 37 | 12. 83 | | 513350. SH | 标普油气ETF | S&P Oil & Gas Exploration & Production Select Industry | 6. 19 | 4. 30 ...

Core Insights - The company is focusing on maintaining stable growth in its traditional business while expanding into innovative drug development, particularly in the field of growth hormones and fertility treatments [6][7]. Group 1: Sales Strategy and Market Positioning - The company plans to leverage its established marketing team and extensive hospital coverage to ensure steady sales growth in growth hormones, despite a decline in newborn numbers [2]. - The collaboration with Weisheng Pharmaceutical for the long-acting growth hormone, Longpei, is positioned as a high-quality product with a unique market advantage due to its clinical validation [3]. - The company is actively promoting its long-acting follicle-stimulating hormone, Shengnuowa, through various sales channels, including private hospitals, which are not restricted by regulatory hurdles [4]. Group 2: Research and Development Progress - The company is advancing its dual-target Her2 and PD-L1*4-1BB dual antibody drugs, with plans for non-clinical research and IND application in the coming years [5]. - The establishment of the Anke Biological Innovation Research Institute aims to attract top talent and enhance R&D capabilities to overcome current research bottlenecks [6][7]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 1.963 billion yuan, a year-on-year increase of 2.15%, while net profit decreased by 6.48% to 551 million yuan [8]. - The third quarter alone saw a revenue of 670 million yuan, reflecting a 7.7% year-on-year increase, with net profit rising by 6.56% to 185 million yuan [8].