2025 年 7 月 14 日 行业研究 25H1 多家 CXO 企业业绩预期同比改善，建议关注相关投资机会 ——医药生物行业跨市场周报（20250713） 要点 行情回顾：上周， A 股医药生物指数上涨 1.82%，跑赢沪深 300 指数 1.00pp， 跑输创业板综指 0.39pp，在 31 个子行业中排名第 16，表现一般。港股恒生医 疗健康指数上周收涨 0.05%，跑输恒生国企指数 0.96pp。 上市公司研发进度跟踪：上周，百奥泰的 BAT4406F 注射液的临床申请新进承 办。上周，中国生物的 TDI01、华东医药的 HDM1002 正在进行三期临床；翰森 制药的 HS-10383、海思科的 HSK44459 正在进行二期临床；康方生物的 AK146D1 正在进行一期临床。 本周观点：25H1 多家 CXO 企业业绩预期同比改善，建议关注相关投资机会 CXO 行业龙头药明康德于 7 月 11 日披露业绩预告，公司预计 2025 年半年度实 现营业收入约 207.99 亿元，同比增长约 20.64%，其中持续经营业务收入同比 增长约 24.24%。公司预计 2025 年上半年实现经调整归母净利润约 ...

Market Overview - Yale University is selling up to $6 billion of its private equity portfolio, marking its first large-scale divestment from private holdings, with a reported 15% discount on the assets to prioritize liquidity [2] - The National Financial Regulatory Administration issued a notice regarding significant equity investments in unlisted companies by insurance funds, emphasizing compliance with specific regulations for investment platforms and private equity funds [2] - Beijing's healthcare authorities and nine departments released measures to support high-quality development in innovative pharmaceuticals, including the establishment of a 50 billion yuan healthcare industry fund and a 10 billion yuan pharmaceutical merger fund [3] - Two funds in Shunyi District, Beijing, were established with a total of 10 billion yuan, focusing on advanced sectors such as new energy vehicles and artificial intelligence [5] - A national artificial intelligence fund with a total scale of 60.6 billion yuan was established to promote high-quality development in the AI industry, covering the entire AI value chain [5] - The second AIC fund in Haidian District, Beijing, was successfully established with a registered capital of 100.5 million yuan, co-funded by market institutions [6] - The first "city-district-town" collaborative equity investment fund in Shunyi District was launched with a subscribed scale of 525 million yuan, focusing on new energy vehicles and aerospace [6]