今日（9.5），A股创新药强势反弹，生物药ETF（159839）一路走高收涨4.17%，全天成交额超4400万 元！资金面上，生物药ETF（159839）已连续2天获净流入超1500万元！ 长期角度来看，创新药产业链支持政策进一步完善，支付端和进院环节持续优化，创新药产业发展瓶颈 有望解决；同时全球主要央行利率呈降息趋势，利于创新药企业长期估值提升。 中国银河证券认为，医药板块估值经历较长时间调整，近期已呈现显著结构性修复趋势，但公募基金重 仓持仓水平仍低于历史均值，2025年在支持引导商保发展的政策背景下，支付端有望边际改善，创新药 械有望获益。1）持续看好医药创新：下半年创新药BD仍将持续，全球主要央行利率降息趋势有望推动 估值进一步提升。2）医药投融资有望复苏：二级市场行情回暖驱动一级市场投融资回升，CXO及上游 景气度持续向好。3）医疗器械触底回升：招投标数据已有好转，以旧换新积压需求逐步释放。 （来源：中国银河证券20250903《医药行业2025年中报总结》） 【机构评CXO：拐点显现，估值修复】 中信建投证券表示，国内CXO行业经历医药市场投融资遇冷以及新冠大订单带来的高基数影响，23-24 年 ...

中信建投证券在研报中提到，国内医药领域投融资在下半年有望迎来复苏，内需外需共振下有望推动行 业持续估值修复。 未完成订单总额增至203.4亿美元 对于上半年的业绩表现，药明生物首席执行官陈智胜表示："上半年业绩稳健攀升，新增综合项目86 个，再创同期新高，实现营收同比增长16.1%。这一成绩的取得，充分印证了公司CRDMO（合同研 究、开发与生产）商业模式的价值。" 具体来看，新签项目中，双抗、多抗、ADC（抗体偶联药物）占比超过70%。目前，平台产品线包含 168个双/多抗、225个ADC、80个融合蛋白、25个疫苗和326个单抗。 药明生物称，受益于研发服务项目向开发阶段的发展和转化，今年上半年，临床前服务收益同比增长 35.2%。预计到2025年底，将有超过600个项目有权益收取潜在的细胞株提成。 每经记者｜陈星 每经编辑｜董兴生 随着CRO企业陆续发布2025年上半年业绩，多家券商研报认为，CRO（合同研究组织）行业调整基本 完成，有望进入新一轮发展阶段。 根据药明生物（02269.HK）披露的2025年半年报，报告期内，公司实现营业收入99.5亿元，同比增长 16.1%；实现净利润27.6亿元，同比 ...

Core Viewpoint - The pharmaceutical sector has undergone a significant structural recovery trend after a prolonged period of valuation adjustment, with public fund holdings still below historical averages, and the policy environment in 2025 is expected to improve payment conditions, benefiting innovative drugs and medical devices [1] Group 1: Pharmaceutical Innovation - Continued optimism for pharmaceutical innovation: The second half of the year is expected to see ongoing business development (BD) for innovative drugs, with domestic Class B catalog and commercial insurance policies likely to drive further valuation increases [1] Group 2: Investment and Financing in Pharmaceuticals - Pharmaceutical investment and financing are expected to recover: A prosperous secondary market is anticipated to lead to a rebound in primary market financing, with positive trends in CXO and upstream sectors [1] Group 3: Medical Devices - Medical devices are likely to reach a bottom and recover: Tendering data has begun to show signs of improvement, and pent-up demand from replacement needs is gradually being released [1]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [4]. Core Insights - In the first half of 2025, several CXO companies are expected to see year-on-year improvements in performance, suggesting potential investment opportunities [2][21]. - The pressure from the US interest rate hike cycle on new drug financing is gradually easing, leading to a recovery in overseas new drug development demand, which is beneficial for Chinese companies [2][21]. - The report highlights the resilience of gross margins for leading companies in the CXO sector, indicating a positive trend in external CDMO orders [2][21]. Summary by Sections Market Review - Last week, the A-share pharmaceutical and biotechnology index rose by 1.82%, outperforming the CSI 300 index by 1.00 percentage points but underperforming the ChiNext index by 0.39 percentage points, ranking 16th among 31 sub-industries [1][13]. - The Hong Kong Hang Seng Healthcare Index increased by 0.05%, lagging behind the Hang Seng China Enterprises Index by 0.96 percentage points [1][13]. Company Performance Expectations - WuXi AppTec, a leading CXO company, expects to achieve approximately CNY 20.799 billion in revenue for the first half of 2025, a year-on-year increase of about 20.64%, with adjusted net profit expected to be around CNY 6.315 billion, up 44.43% year-on-year [19][21]. - Other companies like Boteng Co. and Aopumai also forecast revenue growth of 15%-20% and 23.25% respectively for the same period [19][20]. Investment Strategy - The report suggests a focus on three payment channels within the pharmaceutical industry: hospital payments, out-of-pocket payments, and overseas payments, with recommendations for companies like Heng Rui Pharmaceutical, Mindray Medical, and Yuyue Medical [2][21]. R&D Progress - Recent updates indicate that several companies are advancing in their clinical trials, with notable progress from companies like Baiyao and Huadong Medicine [25][26]. Financial Metrics - The pharmaceutical manufacturing industry reported a cumulative revenue of CNY 994.79 billion from January to May 2025, reflecting a year-on-year decline of 1.40% [52].