Investment Rating - The industry rating is maintained as "Buy" [6][10]. Core Views - The recent geopolitical tensions between China and the US have led to a pullback in the medical services sector, but the long-term positive trend remains unchanged due to the strengthening of domestic companies' capabilities in the innovative drug industry [10][64]. - The report emphasizes the importance of company capabilities in driving industry development, suggesting a focus on high-growth areas such as ADC CDMO and peptide CDMO, as well as companies like WuXi AppTec and Haoyuan Pharmaceutical [10][64]. Summary by Sections Industry Performance - The pharmaceutical and biological sector fell by 1.20%, ranking 25th among 31 primary industries [2][12]. - The medical services sub-sector reported a decline of 3.37%, closing at 7156.07 points, which is a significant drop compared to other sub-sectors [24][25]. Company Performance - Notable performers in the medical services sector include Sanbo Brain Science (+3.5%), Meinian Health (+2.8%), and Aier Eye Hospital (+2.6%), while underperformers include Medicy (-8.8%) and Kanglong Chemical (-7.5%) [3][31]. - The report highlights a significant pullback in CXO-related companies [3][31]. Valuation Metrics - The current PE ratio for the medical services sector is 36.92X, with a PB ratio of 3.77X, showing a decrease from the previous week [4][32]. - The PE ratio has fluctuated between a maximum of 41.13X and a minimum of 28.46X over the past year [4][32]. Investment Recommendations - The report suggests focusing on high-growth companies in the medical outsourcing services and those with expected improvements in profitability, particularly in third-party testing laboratories and consumer healthcare sectors like ophthalmology and dentistry [10][64].

9月4日晚间，美迪西（688202.SH，股价64.38元，市值86.50亿元）公告称，其全资子公司美迪西普亚医药科技（上海）有限公司（以下简称"美迪西普亚"） 作为被告，卷入一起技术服务合同纠纷案件。截至目前，该案件已立案，尚未开庭审理。 公告显示，该技术服务合同纠纷案的原告方为鸿绪生物医药科技（北京）有限公司（以下简称"鸿绪生物"），涉及诉讼金额约1.59亿元。 美迪西表示，诉讼金额仅为鸿绪生物单方提起诉讼主张的请求金额，案件尚未开庭审理，涉案金额并非法院的判决结果，最终的判决结果尚未确定。预计本 次诉讼案件不会对公司及子公司日常生产经营产生重大影响。 根据美迪西日前披露的2025年半年度报告，公司上半年实现营业收入约5.4亿元，同比增加3.64%；归母净利润亏损约1290万元，较上年同期亏损收窄 5733.19万元。净亏损收窄的原因主要系公司营收增加的同时，严格控制各项成本费用，营业成本同比减少。 图片来源：美迪西公告 涉及诉讼金额高达1.59亿元 公开资料显示，美迪西是一家专业的生物医药临床前综合研发服务CRO（医药外包）企业，其服务涵盖医药临床前新药研究的全过程，主要包括药物发 现、药学研究及临床前 ...

相关ETF方面，恒生医疗ETF（513060）高开高走，盘中大涨超5%，成交额放量突破6亿元，换手率超 5%，交投活跃。成分股中多数上涨，药明合联大涨超15%；三生制药涨超10%；科伦博泰生物涨超 9%；药明生物、方舟健客、药明康德跟涨，涨幅均超8%。 湘财证券指出，近期中美互加关税对医药行业扰动较大，但中国医药行业出口额相对较小且主要集中于 原料药、医疗设备、低值耗材等领域。而与医疗服务领域实验室研发外包相关公司有较多涉及到美国市 场业务，因此医药外包产业短期受互加关税影响情绪面或有扰动。但从产业链来看，国内医药外包服务 公司已成为全球医药产业链重要一环，对美国大药企提升研发效率将更多精力聚焦于后端药品研发制 造，实现医药工业生产及价值创造提供了支撑。因此，我们认为关税对CXO行业的基本面的影响预计 将可控，建议把握板块下跌带来的配置机会。 近期在国家鼓励创新大背景下创新药产业链表现活跃，虽然医药工业复苏仍有待验证，行业受医保控费 压力仍在，但多层次的支付体系正在建立，医疗需求的刚性将共同推动行业企稳回升，建议关注高成长 及预期改善两大方向，具体而言：（1）高成长：医药外包服务中的ADCCDMO、减肥药产业 ...