Market Overview - The pharmaceutical and biotechnology index increased by 1.50% over the past two weeks, underperforming the CSI 300 index by 0.06 percentage points and the ChiNext index by 2.80 percentage points, ranking 16th among 31 sub-industries, indicating average performance [3] - The Hong Kong Hang Seng Healthcare Index decreased by 1.48%, underperforming the Hang Seng China Enterprises Index by 4.31 percentage points [3] Company R&D Progress Tracking - Recent clinical application advancements include: - BeiGene's BG-C9074 and East China Pharmaceutical's HDM2005 are in the new application stage - BeiGene's BGB-45035 tablet has a new IND application - Enhua Pharmaceutical's NH600001 and Baillie Tianheng's BL-M07D1 are in Phase III clinical trials - Yifang Biotech's D-2570 is in Phase II clinical trials - Haosen Pharmaceutical's HS-20118 is in Phase I clinical trials [4] Investment Outlook - The company is optimistic about the domestic substitution of high-end reagents in the upstream life sciences sector, driven by multiple factors including: - Strong product quality as a foundation for domestic substitution - Emerging downstream demands such as anti-tumor and CAR-T therapies providing opportunities for domestic and foreign competition - Policy support facilitating domestic substitution - The increasing emphasis on supply chain security amid rising de-globalization trends acting as a catalyst for domestic substitution [5] 2025 Annual Investment Strategy - The company emphasizes the need to reshape underlying logic and identify investment opportunities from a payment perspective, considering complex trends in population structure, policy frameworks, and economic environments - The core contradiction lies in the willingness to pay versus the ability to pay, leading to a structured selection of investment opportunities [6][7] Payment Channels Analysis - The company identifies three main payment channels within the pharmaceutical industry: - Hospital payments supported by policies (innovative drugs and devices) - Out-of-pocket payments driven by expanding public demand (blood products, home medical devices, weight loss drug supply chain) - Increasing overseas payment cycles (heparin, respiratory joint inspections) [7]

2025 年 5 月 12 日 行业研究 看好生命科学上游高端试剂国产替代 ——医药生物行业跨市场周报（20250512） 要点 行情回顾：上两周，医药生物指数上涨 1.50%，跑输沪深 300 指数 0.06pp，跑 输创业板综指 2.80pp，在 31 个子行业中排名第 16，表现一般。港股恒生医疗 健康指数上两周收跌 1.48%，跑输恒生国企指数 4.31pp。 上市公司研发进度跟踪：上两周，百济神州的注射用 BG-C9074、华东医药的注 射用 HDM2005 的临床申请新进承办；百济神州的 BGB-45035 片的 IND 申请新 进承办。恩华药业的 NH600001、百利天恒的 BL-M07D1 正在进行三期临床； 益方生物的 D-2570 正在进行二期临床；豪森药业的 HS-20118 正在进行一期临 床。 本周观点：看好生命科学上游高端试剂国产替代。 近日，默克生命科学发文称：因全球关税政策变动，自 5 月 12 日起对中国区产 品订单实施临时附加费，以应对成本上升并维持运营稳定性，同时承诺将根据政 策变化灵活调整费用。正如我们在 2023 年 7 月 4 日发布的报告《科研服务：千 亿市场空 ...