[Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn [Table_Industry] [Table_BaseData] 1) 区间回顾。2 月 9 日-2 月 27 日，医药生物板块跌 0.32%，跑输 Wind 全 A（3.89%）和沪深 300（1.44%）。 从细分板块来看，医疗耗材（3.64%）、其他生物制品 （2.78%）和原料药（0.68%）领涨，线下药店（-2.12%）、 化学制剂（-1.53%）和医药流通（-1.37%）领跌。从个 股来看，万泽股份（44.06%）、科源制药（34.82%）和 多瑞医药（20.77%）涨幅居前，国发股份（-10.19%）、 泽璟制药-U（-10.18%）和花园生物（-9.4%）跌幅居 前。 2) 测序仪龙头押注技术跃迁。2 月 23 日，华大智造公告 与瑞士 Swiss Rockets 达成战略交易，以 5000 万美元 对价出售美国子公司 CGI 股权并锁 ...

人民币加速升值，3 月如何布局 西部研究月度金股报告系列（2026 年 3 月） 核心结论 1、2026 中国有望回归 2019 "价值投资元年" （1）2018 年中国正式步入工业化成熟期，制造业强劲的对外出口能力，赚取大 量稳定的现金流。由此 A 股孕育出了 2019-22 年"价值投资"的土壤：大量拥 有稳定现金流的消费（茅指数）和制造（宁组合）得到系统性重估。 （2）《人民币升值是 2026 繁荣的契机》提示：美联储降息后人民币回归长 期升值趋势，正驱动跨境资本加速回流。中国的制造和消费行业将再次拥有 大量稳定的现金流，也将重获"价值投资者"的青睐。 2、巴菲特"价值投资"的基础，是稳定现金流的"大 DCF 资产" 1945 年开始美国正式进入工业化成熟期，制造业强劲的对外出口能力，赚取大 量稳定的现金流。由此美股孕育出了巴菲特"价值投资"的土壤：大量拥有稳定 现金流且 CAPEX 较低的"大 DCF 资产"。 策略月报 巴菲特"价值投资"的理念是以合理价格买入现金流充沛的优质公司。上世 纪 60 年代以来，巴菲特重仓的美国运通/华盛顿邮报/可口可乐/苹果等公司， 都是现金流充裕且 CAPEX 较低的 ...

格隆汇2月27日｜华纳药厂(688799.SH)公告称，公司全资子公司湖南华纳大药厂手性药物有限公司收到 巴西国家卫生监督局签发的药品生产质量管理规范（GMP）认证证书，认证范围为化学原料药：磷霉 素氨丁三醇，有效期至2028年1月19日。该认证为该产品成功进入巴西市场创造了条件，有利于提升公 司的国际竞争力。但医药产品的国际原料药业务易受国家政策、海外市场环境变化等因素影响，具有一 定的不确定性。 ...

拓新药业(301089.SZ)公告称，公司全资子公司新乡精泉生物技术有限公司近日取得河南省药品监督管 理局核发的《药品生产许可证》。许可证编号为豫20260007，生产地址和生产范围为河南省新乡市高新 区静泉东路266号：原料药(辅酶Q10)。此次取得许可证标志着公司辅酶Q10原料药相关产品已具备合规 生产的资质条件，对公司大健康业务板块的布局与长远发展具有积极推动作用。 ...

（来源：国药现代） 盐酸米那普仑原料药的获批上市，是公司深耕特色原料药领域的阶段性成果，进一步丰富了公司特色原料药产品线。也表明其质量、安全性与有效性已符 合国家相关药品注册技术要求，有助于公司推进相关产品的产业链一体化，优化公司资源配置和产业布局，提升公司产品的市场竞争力，为公司高质量发 展提供有力支持。 （来源：国药现代） 近日，孙公司国药江苏威奇达收到国家药品监督管理局核准签发的《化学原料药上市申请批准通知书》，批准盐酸米那普仑原料药上市申请。 盐酸米那普仑是一种口服选择性5-羟色胺和去甲肾上腺素再吸收抑制剂（SNRI），用于治疗重度抑郁症。 近日，孙公司国药江苏威奇达收到国家药品监督管理局核准签发的《化学原料药上市申请批准通知书》，批准盐酸米那普仑原料药上市申请。 盐酸米那普仑是一种口服选择性5-羟色胺和去甲肾上腺素再吸收抑制剂（SNRI），用于治疗重度抑郁症。 盐酸米那普仑原料药的获批上市，是公司深耕特色原料药领域的阶段性成果，进一步丰富了公司特色原料药产品线。也表明其质量、安全性与有效性已符 合国家相关药品注册技术要求，有助于公司推进相关产品的产业链一体化，优化公司资源配置和产业布局，提升公司产品 ...

Core Viewpoint - The article highlights the ongoing production activities across various industries in China during the Spring Festival, emphasizing the commitment of companies to maintain supply and meet market demands despite the holiday season [1][2][3][4][5]. Group 1: Production Continuity - Over 260 companies in Ningbo and more than 280 industrial enterprises in Luoyang continued production during the Spring Festival, with Luoyang seeing an increase of approximately 30 companies compared to 2025 [1]. - In Tianjin, around 90 key industrial enterprises maintained continuous production, with an expected overall resumption rate of 86.3% by February 24 [1]. - Sichuan Zhou Hei Ya Food Co., Ltd. implemented a shift system to ensure uninterrupted production of over 50,000 boxes of "modified atmosphere packaging" products daily [2]. Group 2: Market Opportunities - Zhejiang Hengcheng Hard Alloy Co., Ltd. reported a 230% year-on-year increase in production value in January, with over 100 employees working during the holiday to meet tight delivery schedules [3]. - Nanjing Huaxin Fiber Optic Co., Ltd. experienced a surge in demand for high-performance optical fibers, with orders extending into the second half of the year [3]. Group 3: Safety Measures - Companies like Guangxi Sun Paper Industry Co., Ltd. implemented rigorous safety protocols during the holiday, including frequent inspections and strict approval processes for hazardous operations [4]. - The State Council's Work Safety Committee emphasized the importance of safety production during the holiday, focusing on risk prevention in industries such as fireworks and hazardous chemicals [4]. Group 4: Service Support - In Gansu, the Lanzhou New Area Project Construction Center coordinated with various departments to ensure 24-hour service support for production needs, addressing issues related to raw material transportation and workforce during the holiday [5]. - Local governments established comprehensive support networks to facilitate continuous production, including special hotlines and logistical assistance [5].

Group 1 - Haisun Pharmaceutical's stock price dropped by 5.07% to 7.87 CNY per share, with a trading volume of 178 million CNY and a turnover rate of 1.36%, resulting in a total market capitalization of 12.739 billion CNY [1] - The company, established on May 7, 1998, and listed on December 26, 2006, is located in Taizhou, Zhejiang Province, and specializes in the production and sales of fine chemicals (intermediates for active pharmaceutical ingredients) and specialty active pharmaceutical ingredients, including antibiotics, antiviral drugs, cardiovascular drugs, antiparasitics, and antidiabetic drugs [1] - The revenue composition of Haisun Pharmaceutical includes 56.07% from active pharmaceutical ingredients and intermediates, 33.09% from dyes and dye intermediates, 9.34% from contract customization services, 1.02% from other sources, and 0.49% from formulations [1] Group 2 - Among the top circulating shareholders of Haisun Pharmaceutical, a fund under Southern Fund holds a significant position, with the Southern CSI 1000 ETF (512100) reducing its holdings by 170,300 shares in the third quarter, now holding 10.3583 million shares, which accounts for 0.64% of the circulating shares [2] - The estimated floating loss for the Southern CSI 1000 ETF today is approximately 4.3505 million CNY [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a current scale of 78.996 billion CNY, yielding a return of 9.47% this year, ranking 1524 out of 5569 in its category, and a one-year return of 34.09%, ranking 1864 out of 4295 [2]

Core Viewpoint - The company, Kangnibei, anticipates that its export business will account for approximately 8% of total revenue in 2024, focusing on regions such as India, the Middle East, Pakistan, and Europe [2] Group 1 - The export products primarily include active pharmaceutical ingredients such as Azithromycin, Amikacin Sulfate, Dexamethasone Hydrochloride, and Clarithromycin [2]

Group 1 - The core focus of the company is on business development and qualification certification, particularly in high-end respiratory active pharmaceutical ingredients [1] - The company has a strategy to adjust pricing based on market conditions to expand channels and increase market share [1] - The subsidiary, Sry Pharmaceutical, has received a high-tech enterprise certificate valid for three years, indicating the company's strengthening in innovation and technology capabilities [1] Group 2 - The stock price of the company has shown fluctuations over the past week, ranging from 14.81 yuan to 14.99 yuan, with a total change of 1.35% and a volatility of 3.72% [2] - Trading volume and turnover rate have remained active, with a single-day increase of 1.69% on February 9, followed by a decrease of 0.66% on February 11 [2] - The current stock price is close to the 20-day moving average, indicating some short-term pressure in the technical analysis [2] Group 3 - Institutional interest in the company is moderate, with a neutral sentiment prevailing in public opinion [3] - Two institutions have provided profit forecasts, expecting a net profit growth of 29.12% in 2025 and 17.67% in 2026, suggesting continued revenue expansion [3] - Institutional ratings are neutral with no clear target price, and the low proportion of institutional holdings reflects market caution regarding the company's short-term outlook [3]

Group 1: Industry Insights - The recent national centralized procurement involves 316 commonly used drugs, with a procurement period extending to the end of 2028, providing stable expectations for the pharmaceutical industry, which may impact the order environment for Jiuzhou Pharmaceutical as a raw material and CDMO enterprise [1] - The innovative drug sector shows a clear recovery trend, with a 13.34% year-on-year increase in IND applications in 2025, leading to heightened demand in the CRO/CDMO industry, where leading companies like Jiuzhou Pharmaceutical are expected to benefit from optimized order structures [1] Group 2: Company Developments - Jiuzhou Pharmaceutical expressed significant potential in its peptide CDMO business, particularly after the patent expiration of Semaglutide, indicating the company will actively seize market opportunities, although specific impacts were not quantified [1] - The stock price of Jiuzhou Pharmaceutical has shown fluctuations, with a range of 0.89% over the past week and a trading volume of 1.05 billion yuan on February 12, 2026, closing at 18.08 yuan, reflecting a daily increase of 0.61% [2] - On February 12, 2026, there was a net inflow of 707.68 million yuan in main funds, reversing the previous day's net outflow of 1,751.05 million yuan, indicating a shift in investor sentiment [2]