医药板块受市场定价权资金增量影响，以下是布局创新药及相关产业链标的投资策略： 行业层面，我们建议关注：1、美联储利率政策的变化；2、投融资的边际变化；3、海外需求的逐步复苏；4、中美关 系及地缘政治；5、医保丙类目录、商业保险以及创新药全产业链支持政策细则等政策的出台。 核心观点 创新药——流动性和风险偏好提升，数据和 BD 催化或成全年主线。在港股流动性和风险偏好双升背景下，创新药 biotech 催化剂事件关注度大增。创新药 biotech 的 IPO 集中在 2019 - 2021 年，目前处于核心管线已验证、第二梯队管 线即将读出概念验证的窗口期。 原料药——①2025 - 2030 年，下游制剂专利到期影响销售额达 3900 亿美元，较 2019 - 2024 年增长 124%，未来 5 年 全球销售 TOP15 的小分子药物过半专利将到期，专利悬崖带来原料药增量需求。②2025 年 H1，规模以上工业企业原 料药产量 193.50 万吨，同比增 8.2%，Q1/Q2 分别同比增 8.9%/7.6%；2025 年 H1，印度从中国进口原料药及中间体金 额 16.52 亿美元，同比降 1.97%，进口 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 技源集团股份有限公司（以下简称"公司"）于2025年8月29日、2025年9月23日分别召开了第二届董事会 第五次会议、2025年第一次临时股东大会，审议通过了《关于变更公司注册资本、取消监事会并修订 〈公司章程〉的议案》。具体内容详见公司于2025年8月30日在上海证券交易所网站 住所：江苏江阴临港经济开发区锦绣路2号 （www.sse.com.cn）披露的《技源集团股份有限公司关于变更注册资本、取消监事会并修订〈公司章 程〉、制定、修订及废止公司部分治理制度的公告》（公告编号：2025-011）。 公司于近日完成上述事项的工商变更登记手续，并取得了无锡市市场监督管理局换发的《营业执照》， 相关登记信息如下： 名称：技源集团股份有限公司 统一社会信用代码：91320281741344724C 类型：股份有限公司（港澳台投资、上市） 法定代表人：龙玲 注册资本：40001万元人民币 成立日期：2002年9月17日 2025年11月28日 经营范围：生产硫酸软骨素、β--羟基--β ...

Overall Viewpoint - The core viewpoint of the report emphasizes that demand is the source of strength and innovation is the light that breaks the deadlock in the pharmaceutical industry. The continuous demand for pharmaceuticals and the increasing unmet needs drive pharmaceutical companies to invest in research and development, leading to explosive revenue and stock price growth [5][7][13]. Innovation Drugs - China has become a significant participant in global innovative drug research and development, with a high-quality growth rate of therapies in development far exceeding the global average. The domestic innovative drug sector is entering a revenue era driven by innovation, creating a positive dynamic between traditional pharmaceutical companies and emerging players [5][7][27]. - The number of domestic new drug overseas authorizations has surpassed $10 billion since 2021, indicating a sustained increase in overseas authorization activity, which continues to propel China's innovative drugs into the global market [5][7][27]. Pharmaceutical Industry - The report indicates that the innovative layout in the pharmaceutical industry is beginning to yield results, with performance expected to accelerate. Many companies are transitioning to a growth phase driven by innovation, suggesting that the current period is just the beginning of a more significant performance acceleration [5][7][27]. CXO Sector - Starting in the second half of 2024, global pharmaceutical research and development demand is expected to gradually recover, with strong demand for new molecular types such as peptides and ADCs driving growth in the CDMO segment. The value of leading CRO companies is anticipated to further highlight as the difficulty and barriers in drug development increase [5][7][27]. API Sector - The core business of API companies is primarily focused on non-U.S. exports (to Europe and India), with current demand remaining strong. Leading companies are achieving positive results in expanding into CDMO businesses, and many have integrated local market formulation businesses, which are expected to benefit from the easing of centralized procurement policies [5][7][27]. Medical Devices - The high-value consumables sector is experiencing a reduction in procurement pressure, with performance expected to return to a high growth trajectory. The report highlights that the bidding for medical devices is recovering, indicating an upcoming turning point for the sector, with optimism for domestic equipment technology upgrades and international expansion [5][7][27]. Traditional Chinese Medicine - The report expresses optimism for the recovery of the traditional Chinese medicine sector in 2026, with upward factors outweighing downward ones. The expected recovery sequence for sub-sectors includes hospital-based traditional Chinese medicine, four categories of drugs, OTC common drugs, and high-value consumer traditional Chinese medicine [5][7][27]. Medical Services - The report anticipates that with the introduction of several positive macro policies, consumer expectations are likely to recover. If favorable local fiscal policies are implemented, the bad debts and payment cycles for private hospitals will also see substantial relief, alleviating market concerns [5][7][27]. Pharmaceutical Retail - The pharmaceutical retail sector has faced continuous pressure since Q3 2024, primarily due to declining demand for four categories of drugs, consumption downgrading, intensified competition, and fluctuations in medical insurance policies. However, as high baselines are gradually digested, the revenue growth of leading chains is expected to stabilize and improve [5][7][27]. Blood Products - Despite short-term performance pressures, the essential nature of blood products indicates that supply and demand are expected to rebalance. The diversity of products among companies is rapidly increasing, with high-value new products like immunoglobulin expected to drive industry growth [5][7][27]. Life Sciences Services - The life sciences services sector is experiencing a demand recovery, coupled with deepening domestic substitution and ongoing overseas expansion, leading to a positive quarterly revenue growth starting from Q4 2024. The net profit margin of the sector has been gradually improving, indicating sustained profitability [5][7][27].

Core Insights - The pharmaceutical industry is expected to reach new highs globally due to persistent human demand and unmet needs, alongside increased R&D investments by pharmaceutical companies [1] - Continuous innovation and successful outcomes are essential for pharmaceutical companies to achieve explosive revenue and stock price growth [1] Group 1: Innovative Drugs - China has seen a high-quality growth in the number of innovative therapies in development, significantly outpacing the global average, establishing itself as a key player in global innovative drug R&D [2] - Since 2021, the total overseas licensing amount for domestic new drugs has exceeded $10 billion, with ongoing growth in overseas licensing driving China's share in the global market [2] - The industry is entering an "innovation-driven" revenue era, fostering a positive dynamic between traditional pharmaceutical companies and emerging players [2] Group 2: Pharmaceutical Industry - The industry is experiencing accelerated growth as companies reap the benefits of years of R&D, with many transitioning to innovation-driven growth phases [2] - The current period is seen as just the beginning of a harvest phase, with future performance expected to further accelerate [2] Group 3: CXO Sector - Starting in the second half of 2024, global pharmaceutical R&D demand is anticipated to recover, with leading CXO companies seeing a gradual increase in orders and revenue [2] - There is strong demand for new molecular types such as peptides, small nucleic acids, and ADCs, which is driving high prosperity in the CDMO segment [2] - As drug development becomes more challenging, the value of leading CRO companies is expected to become more pronounced [2] Group 4: API Sector - API companies primarily focus on non-U.S. exports (Europe/India), with strong current demand [3] - Leading companies are achieving positive results in expanding into CDMO businesses, leveraging their robust EHS and GMP systems [3] - Many companies are also integrating local market formulation businesses, poised to benefit from easing centralized procurement pressures [3] Group 5: Medical Devices - The high-value consumables sector is expected to return to a high growth trajectory as procurement pressures ease, with innovation driving ongoing development and value reassessment [3] - The medical equipment bidding process is recovering, indicating a turning point for the sector, with optimism for domestic equipment technology upgrades and international expansion [3] - The IVD industry is under pressure, but policy disruptions are gradually clearing, allowing leading domestic companies to increase market share [3] Group 6: Traditional Chinese Medicine - The traditional Chinese medicine sector is expected to recover significantly, driven by improved chip structure, favorable policies, and inventory reduction [3] - The anticipated recovery sequence for sub-sectors includes hospital-based Chinese medicine, four categories of drugs, OTC common drugs, and high-value consumer Chinese medicine [3] Group 7: Medical Services - Positive macro policies are expected to restore consumer confidence, alleviating concerns about private hospitals' bad debts and payment cycles [4] Group 8: Pharmaceutical Retail - The pharmaceutical retail sector has faced ongoing pressure since Q3 2024 due to declining demand for four categories of drugs, consumer downgrading, and intensified competition [4] - Drugstores are responding by closing locations and enhancing efficiency, with expectations for recovery as high baseline effects are gradually digested [4] Group 9: Blood Products - Despite short-term performance pressures, the essential nature of blood products suggests a return to supply-demand balance [4] - The variety of products is increasing rapidly, with high-value new products expected to drive industry growth [4] Group 10: Life Sciences Services - The sector is seeing a recovery in demand, supported by deepening domestic substitution and ongoing international expansion, with quarterly revenue expected to turn positive from Q4 2024 [4] - The net profit margin for the sector has been improving, indicating sustained profitability growth [4]

森萱医药 20251121 摘要 森萱医药是国内特色原料药龙头企业，专注于化学原料药和医药中间体， 尤其在抗肿瘤和抗癫痫类药物领域具有显著优势，并积极拓展锂电池和 新型材料中间体业务，实现多元化布局。 2025 年第三季度，森萱医药单季度归母净利润增长约 64%，主要受益 于海外市场放量和新原料药收入贡献。海外收入同比增长 13%，毛利率 提升至 48%以上，利托那韦原料药有望成为新的增长点。 森萱医药长期发展逻辑包括原料药出海与结构优化双轮驱动，通过开拓 欧美高端法规市场和调整产品结构提升毛利率；新产品管线研发，每年 上市一到两个新品种；以及一体化产业链和国资背景支持。 森萱医药的主要收入来源包括原料药（占比超 60%，毛利率约 57%）、医药中间体（占比 15%-20%，毛利率约 27%）和含氧杂环 类化工中间体（占比约 25%，毛利率约 33%）。 森萱医药客户群体广泛，前五大客户销售额占比 27%，客户集中度较低。 公司积极参加国际展会，布局海外产品注册，并通过资产重组整合上下 游产业链。 Q&A 请介绍一下"龙头集结号"系列的背景和目的。 "龙头集结号"系列是开源证券北交所研究中心推出的一个专注于北 ...

Q&A 多款口服环肽药物具重磅潜力，产业链有望充分受益 20251123 摘要 医药行业整体看好，创新药板块现底部反弹迹象，大市值公司跌幅超 30%，中小市值公司跌幅超 50%，是布局明年个股阿尔法的时机。关 注信达生物、中国生物制药等公司，以及歌礼制药和莱凯医药等中小市 值公司。 医疗器械板块三季度收入企稳，利润端承压，但年底至明年高值耗材、 医疗设备和体外诊断领域存在投资机会。高值耗材集采压力释放，创新 驱动价值重估；医疗设备招投标复苏，技术升级和国际化是驱动力；体 外诊断政策扰动出清，出海是主旋律。 中药板块机构关注度提升，中成指数筹码触底，基本面有望在三季度末 或四季度见底。院内中成药企业恢复速度预计快于 OTC 普及类产品。年 底至明年，中成药板块或迎来催化因素，以岭药业和华润三九值得关注。 原料药和 CRO 板块中，康龙化成临床前 CRO 业务受益于全球降息周期 下中小型生物科技公司的需求反弹。普洛药业原料药业务恢复增长， CDMO 业务快速发展，有望开启新一轮成长周期。 今年以来医药行业的整体表现如何？未来有哪些投资机会？ 今年年初至今，医药行业上涨了 13.69%，在 31 个一级行业中排名第 ...

立足于内：稳住国内根基，拥抱创新与整合。①政策展望：改革进入深水区，高质量增长成为常态。 2025年下半年我们重点关注的是药品和耗材集采政策优化、多元化支付及医疗服务价格改革。②制药产 业链：集采优化、积极创新转型，关注供应链安全。③器械：看好进口替代和并购整合机会，积极关注 AI和脑机接口等新技术方向。④关注中药、药店、流通、医疗服务及疫苗等行业经营触底回升节奏及 长期转型升级方向。 开拓于外：把握节奏与路径，积极开拓海外市场。①创新药：中国创新闪耀国际舞台，产业趋势持续强 化。②制药上游及生命科学：积极开拓海外市场，寻求第二增长曲线。③原料药：关税扰动短期有限， 关注行业转型机遇。④器械国际化：坚定看好出海趋势，关注部分创新器械自主销售和BD机会。⑤血 制品出海：静丙赋予血制品出海契机，血制品海外注册持续推进。⑥疫苗出海：模式趋于多元，进度有 望加速。 全球视角：外部挑战加剧，中国医药产业竞争力持续提升。从国际比较优势看，中国具备人口与内需优 势、制造与供应链优势，同时创新能力快速提升，中国资产出海数量也持续提升。美国在创新与早期研 发方面优势明显，同时具有高定价的内需市场。虽然外部挑战加大，但海外市场仍 ...

Group 1 - EVE Energy signed a procurement framework agreement with its affiliate, Smoore International, for continuous procurement of battery cells starting from January 1, 2026 [1] - Zhaoyi Information plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Fuke Environmental announced a change in its stock abbreviation to "Fuke Technology" effective November 26 [1] Group 2 - Dajia Weikang's shareholder and director terminated a share reduction plan ahead of schedule, having reduced 1% of total shares [2] - Aohong Electronics received approval from the China Securities Regulatory Commission for the issuance of convertible bonds [2] - Yingfeng Environment's controlling shareholder plans to issue exchangeable bonds not exceeding 1 billion yuan [2] Group 3 - Longshen Rongfa's subsidiary obtained a renewed drug production license covering various pharmaceutical products [4] - Xinhua News' subsidiary invested 15 million yuan in a fund with a total commitment of 221 million yuan [5] - Guang'an Aizhong appointed two new deputy general managers [6] Group 4 - Fosun Pharma's subsidiary's drug for gastric cancer treatment was included in the breakthrough therapy program by the National Medical Products Administration [7] - Nanjiao Foods reported a significant decline in October net profit due to rising raw material costs [8] - Nanfeng Co. won two nuclear power project bids totaling 928.7 million yuan [10] Group 5 - Puluo Pharmaceutical received a drug registration certificate for its Cefdinir capsules [11] - Liming Co.'s subsidiary received environmental approval for a new pesticide raw material project [12] - Longhua New Materials' expansion project for polyether polyols has commenced trial production [13] Group 6 - Pumen Technology's products received IVDR CE certification from TÜV Rheinland [15] - China Chemical reported new contracts worth 312.67 billion yuan from January to October [18] - China Nuclear Construction achieved new contracts totaling 123.84 billion yuan as of October [19] Group 7 - Changshu Bank's executives plan to purchase at least 550,000 shares of the bank [20] - Shandong Steel's subsidiary is applying for bankruptcy liquidation to focus on core business [21] - Huakang Clean is expected to win a bid for a purification system project worth 176 million yuan [23] Group 8 - Huawu Co. plans to internally transfer subsidiary equity [24] - Tianen Kang's subsidiary received clinical trial acceptance for a new drug [26] - Tianyi Medical's subsidiary obtained a medical device registration certificate for a blood dialysis product [27] Group 9 - Xuelang Environment is facing a pre-restructuring application from creditors [27] - Chitianhua's subsidiary resumed production after passing safety inspections [28] - Huaping Co.'s director plans to reduce 0.03% of company shares [30] Group 10 - Xizhuang Co. plans to establish a wholly-owned subsidiary in Singapore [31] - Ruisheng Intelligent's subsidiary won a 60.23 million yuan ICT project bid [32] - Junyi Digital plans to invest 120 million yuan in Guanghong Precision [33] Group 11 - Fuguang Co.'s controlling shareholder plans to increase holdings between 80 million to 150 million yuan [34] - Ganyue Express reported a 13.68% increase in logistics revenue in October [39] - Jiangsu Sop terminated its 2025 private placement plan [41] Group 12 - Langke Intelligent's shareholders plan to reduce a total of 1.68% of company shares [42] - Yuantong Express reported an 8.97% increase in express product revenue in October [45] - Jinbei Automotive plans to invest 158 million yuan to acquire 52% of Zhongtuo Technology [46]

成立于2003年的江苏森萱医药股份有限公司，是国内特色原料药细分领域的领军企业，也是全国首批在 全国中小企业股份转让系统精选层挂牌交易的企业，还是北京证券交易所首批上市的企业。"'聚天地精 华，制传世良药'是公司一直秉承的理念。"森萱医药董事长吴玉祥在接受新京报贝壳财经记者采访时表 示。 ...

本次金城生物获得谷胱甘肽原料药CEP证书，表明该原料药已符合欧洲药典标准，可在欧洲市场进行销 售。本次获得CEP证书有助于金城生物进一步扩展海外市场，提升公司在原料药市场的竞争力。 金城医药(300233.SZ)发布公告，公司之全资子公司山东金城生物药业有限公司(以下简称"金城生物")于 近日收到欧洲药品质量管理局(EDQM)核准签发的谷胱甘肽原料药欧洲药典适用性证书(以下简称"CEP 证书")。 ...