如何看待本轮猴价上涨行情 20251215 摘要 国内 DL 公司对实验猴需求强烈，订单充足，但因猴源紧缺面临接单困 境，市场以零散订单为主，养殖企业不再依赖大客户锁定，猴子价格因 此上涨。 国内猴群数量稳定但质量下降，出栏量和质量均受影响。进口方面，柬 埔寨已于 2023 年开始向中国出口实验猴，越南预计 2025 年，印尼有 望在 2026 年实现出口，主要以引种名义进口，部分达标猴可作商品猴。 实验猴出栏成本增加，包括生理生化检测和干扰素测试，每只增加约七 八百元成本。预计 2026-2028 年商用猴供给缺口持续存在， 2026、2027 年尤为严峻，2029 年有望缓解。 美国实验猴价格高于国内，对国内需求产生影响。2025 年国内价格低 于 10 万元时，美国约为 14-15 万元，是国内的 1.5 倍。国内价格涨至 12-13 万元仍有盈利空间，涨至 14-15 万元也属合理范围。 2025 年实验猴出栏量增加，但因出售非标准猴（病毒阳性、老年猴 等），收入未显著增长。行业平均报价约 11-12 万元，公司报价基本持 平，母猴紧缺，年底基本停止接受新客户报价。 Q&A 最近猴价上涨的主要原因是什 ...

Group 1 - The price of experimental monkeys has surged, with the cost for 3-5 year old crab-eating macaques reaching 140,000 yuan each as of December 9, indicating a supply-demand imbalance in the market [1] - The price of experimental monkeys had previously experienced significant fluctuations, peaking at nearly 200,000 yuan each around 2023 before dropping to as low as 50,000 yuan [1] - The current increase in monkey prices is linked to the upward cycle of innovative drugs and the recovery of orders in the CRO (Contract Research Organization) industry [1] Group 2 - Several CRO companies, including Zhaoyan New Drug and Yinos, have made significant investments in experimental monkeys, indicating a strategic focus on this resource [1] - Since 2018, leading companies such as WuXi AppTec and Kanglong Chemical have been acquiring monkey breeding facilities, reflecting a trend of stockpiling monkeys in anticipation of price increases [1] - A substantial rise in monkey prices could positively impact the fair value changes of companies' biological assets [1]