Q&A 本次专题报告为什么选择在当前时点发布，核心研究框架与结论是什么？ 本次专题在前期市场已广泛关注实验用猴与临床前 CRO 的基础上，重点补足了 对"实验用猴供需关系及其周期性"的系统分析。研究框架围绕三点展开：第 一，重新梳理实验用猴供需缺口的形成机制与未来演化；第二，结合猴价从 "几千元/只"上行至"20 万出头/只"、再回落至"5 万~6 万/只"并于当前 回到"十几万/只"的周期波动，判断 2026 年猴价存在创新高的可能性；第三， 在下游需求复苏与早研需求景气度提升背景下，临床前 CRO 被判断为 2026 年 CRO 板块中最具确定性与弹性的细分方向，覆盖药明康德、康龙化成、美迪西、 昭衍新药、益诺思等公司。 实验猴供需缺口大，持续看好临床前 CRO20260302 摘要 全球实验用猴供需持续紧张，2024 年中国和美国分别存在近万只和 2-3 万只的缺口。中国曾是主要出口国，但疫情后暂停进出口，加剧国内供 需矛盾，猴价经历大幅波动。 国内实验猴种群老龄化严重，2023 年繁殖母猴中 8 岁以上占比高达 80%，直接压制繁育产能。2019-2022 年高猴价导致种猴大量流失， 且食蟹猴繁育周期 ...

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Zhaoyan New Drug (06127), which rose by 7.1% to HKD 18.56, with a trading volume of HKD 42.5682 million [1] - The price of experimental monkeys has surged, with the cost for 3-5 year old macaques reaching HKD 140,000 each, indicating a supply-demand imbalance in the market [1] - Zhaoyan New Drug is identified as the largest supplier of experimental monkeys globally, positioning the company favorably in a market experiencing increased demand due to a resurgence in new drug development [1] Group 2 - According to estimates from Founder Securities, the supply of experimental monkeys is projected to be around 49,000 to 52,400 annually from 2025 to 2027, while the demand is expected to be between 51,300 and 62,600 annually [1] - The short-term outlook suggests that the demand for experimental monkeys will increase due to the recovery in new drug research and development, while improvements on the supply side are expected to be challenging [1] - The ongoing supply-demand gap in the experimental monkey market is likely to widen in the near term, driven by the factors mentioned above [1]