| 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3342.00 | (0.30) | | 深证成指 | 10126.83 | (0.69) | | 沪深 300 | 3846.16 | (0.17) | | 中小 100 | 6294.71 | (0.62) | | 创业板指 | 2011.77 | (0.87) | 证券研究报告——晨会聚焦 2025 年 5 月 12 日 | 5 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 1519.HK | 极兔速递-W | | 603181.SH | 皇马科技 | | 300014.SZ | 亿纬锂能 | | 688198.SH | 佰仁医疗 | | 000524.SZ | 岭南控股 | | 600519.SH | 贵州茅台 | | 9660.HK | 地平线机器人-W | | 688519.SH | 南亚新材 | | 301236.SZ | 软通动力 | 中银晨会聚焦-20250512 ■重点关注 【医药生物】 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2]. Core Insights - The report highlights a marginal easing of tariff policies, suggesting a potential recovery in consumption and export sectors within the industry [3][12]. - The pharmaceutical and biotechnology sector has shown a weekly return of 1.01%, ranking 26th among 31 primary sub-industry indices, with medical devices leading at 1.67% [3][27]. - Recent government policies, such as the establishment of geriatric medicine departments in hospitals and new regulations for drug wholesale management in the Beijing-Tianjin-Hebei region, are expected to positively impact the industry [3][47]. Summary by Sections 1. Industry Overview - The pharmaceutical and biotechnology sector's performance over the past month was a return of 4.77%, ranking 19th among 31 primary sub-industry indices [3][14]. - The sector's current PE (TTM) is 26.29 times, which is below the historical average of 31.15 times, indicating a relatively low valuation [20][21]. 2. Market Performance - The report notes that the recent three-month performance shows a decline of 1.88%, while the six-month performance indicates a drop of 7.71% [15][16]. - The report suggests that the easing of tariff impacts may lead to a valuation recovery in specific sub-sectors such as CXO, raw materials, and medical devices [3][12]. 3. Export Industry Chain - The report recommends focusing on the export industry chain, particularly in the CXO sector, with key companies including WuXi AppTec and others highlighted for potential investment [3][12]. - In the raw materials sector, companies like Junshi Biosciences and others are suggested for attention [3][12]. 4. Consumption Recovery - The report anticipates that monetary policies such as interest rate cuts and reserve requirement ratio reductions will enhance macroeconomic consumption [3][12]. - Specific sectors for investment include ophthalmology and dental care, medical aesthetics, traditional Chinese medicine, and retail pharmacy leaders [3][12]. 5. Industry Dynamics - Recent policy developments include the release of guidelines for geriatric medicine and new regulations for drug wholesale management, which are expected to foster healthy development in the pharmaceutical distribution sector [3][47]. - Notable industry news includes collaborations between major pharmaceutical companies and health platforms, as well as significant investments in local production facilities [47].

医药生物 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 TCE 实体瘤赛道更新，关注 Janux 和 Vir 积极进展 数据来源：聚源 -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 医药生物 沪深300 相关研究报告 《首选创新药，关注消费复苏—医药 行业 2025 年度中期投资策略 》 -2025.5.7 《关注左侧中药板块的结构性机会— 行业周报》-2025.4.27 《Orforglipron 产业链被低估，国内相 关公司有望长周期受益—行业点评报 告》-2025.4.26 TCE 实体瘤赛道更新，关注 Janux 和 Vir 积极进展 ——行业周报 | 余汝意（分析师） | 余克清（分析师） | 石启正（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | yukeqing@kysec.cn | shiqizheng@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790525010002 | 证书编号：S0790125020004 | Janux 和 Vir ...

医药生物 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 医药生物 沪深300 《首选创新药，关注消费复苏—医药 行业 2025 年度中期投资策略 》 -2025.5.7 《关注左侧中药板块的结构性机会— 行业周报》-2025.4.27 《Orforglipron 产业链被低估，国内相 关公司有望长周期受益—行业点评报 告》-2025.4.26 TCE 实体瘤赛道更新，关注 Janux 和 Vir 积极进展 ——行业周报 | 余汝意（分析师） | 余克清（分析师） | 石启正（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | yukeqing@kysec.cn | shiqizheng@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790525010002 | 证书编号：S0790125020004 | TCE 实体瘤赛道更新，关注 Janux 和 Vir 积极进展 Janux 和 Vir 更新了其 T ...

www.hczq.com 证券研究报告 | 医药生物 | 2025年5月9日 华创医药投资观点&研究专题周周谈 · 第125期 从招投标数据看医疗设备更新进展 本周专题联系人：李婵娟 陈俊威 华创医药团队： | 首席分析师 郑辰 | | --- | | 联席首席分析师 刘浩 | | 医疗器械组组长 李婵娟 | | 中药和流通组组长 高初蕾 | | 分析师 王宏雨 | | 分析师 朱珂琛 | 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com 执业编号：S0360524070007 邮箱：zhukechen@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 ...

关税事件的冲击最高峰已经过去，A 股将在波折中继续修复。4 月 7 日的极端下跌是对所谓"对等 关税"事件的一次性反映，4 月的反弹属于悲观情绪的修复，而 5 月随着降准降息落地，目前 A 股已经 进入实质性修复的新阶段。但修复过程并非一帆风顺，美国对全球范围加征所谓"对等关税"的后续变化 对中国和全球经济产生的影响目前仍存在较大不确定性，市场预期变化也存在反复。后市争议较大的仍 然是对海外业务依赖性较高的行业，如消费电子、CXO 等会受到"对等关税"多大程度的影响。确定性 较高的是内需消费和科技自主创新主线，预计会受益于未来的对冲政策。 盘面回顾：科技成长板块表现活跃，周期性行业表现较弱。周四市场依然延续了上行格局，且 4 月 表现落后的分类指数开始补涨，创业板指数领涨。全天成交金额接近 1.3 万亿，位于近期较高水平。周 四 31 个一级行业涨跌互现，领涨板块是通信、国防军工、电力设备、银行、机械设备等，多为科技成 长型行业。领跌板块是美容护理有色金属、钢铁、石油石化、交通运输等，多为周期性板块。 风险提示：关税冲击的后续影响，美联储降息延后，海外经济衰退超预期，国内经济复苏不及预 期，政策执行不及预期等 ...

医药板块 2024 年报及 2025 年一季报业绩总结：创新药 高景气，多个细分板块或迎来拐点 20250508 摘要 • 2025 年 Q1 医药行业整体归母净利润下滑，但创新药、CXO（康德带 动）、医疗耗材及医院相关业务表现突出，国泰海通重点推荐创新药、 CXO、器械国产替代及部分消费医疗领域公司，维持恒瑞医药等增持评级， 并推荐药明生物和康德等 CXO 公司。 • 2025 年上半年上游产业受国产替代趋势驱动，百普赛斯和纳微等公司经 营出现拐点。自主可控政策、关税及国产性能提升推动品牌力和高性能公 司提高市场份额，稳定价格与毛利率，科思创、阿拉丁等企业值得关注。 • 疫苗板块受反腐压力及消费降级影响承压，智飞生物及万泰生物业绩增速 放缓，需关注应收账款问题。未来增长依赖创新品种如带状疱疹疫苗，以 及中国儒意出海机会。生物制品行业预计下半年业绩回升，龙头公司量价 逻辑依然有效，博雅收购天坛等寡头集中趋势明显。 • 中药板块受反腐影响严重，院内企业业绩下滑，但阿胶、明锐制药和白云 山保持增长。2025 年预计稳定增长，关注零售药店龙头及国企改革相关 企业如太极集团、昆药集团和东阿阿胶，中药材成本回落亦有助 ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry [1] Core Insights - The pharmaceutical industry is experiencing continuous differentiation, with innovative drugs, raw materials, and CXO services performing well [3][4] - In 2024, 453 pharmaceutical companies achieved revenue of 2.46 trillion yuan, a year-on-year decline of 0.55%, and a net profit of 148.65 billion yuan, down 8.8% [3][71] - The first quarter of 2025 saw revenues of 601.7 billion yuan, a year-on-year decrease of 5.3%, and a net profit of 50.5 billion yuan, down 6.4% [3][71] Summary by Sections Innovative Drugs - In 2024, innovative drug companies generated revenue of 47.53 billion yuan, a year-on-year increase of 68.4, indicating strong momentum [3] - Domestic biotech companies are transitioning from R&D to commercialization, leading to significant revenue growth [3] Chemical Drugs - Chemical drug companies achieved revenue of 399.64 billion yuan in 2024, a year-on-year increase of 0.73%, with net profit rising by 13.25% [3] - The first quarter of 2025 saw revenues of 98.12 billion yuan, a year-on-year decline of 4.47% [3] Medical Devices - In 2024, the medical device sector generated revenue of 221.51 billion yuan, a year-on-year increase of 1.32%, but net profit fell by 13.22% [3] - The first quarter of 2025 reported revenues of 51.7 billion yuan, down 4.89% year-on-year [3] Biological Products - Blood products in 2024 generated revenue of 24.18 billion yuan, down 1.4%, while net profit increased by 14.47% [3] - Vaccine companies faced significant declines, with revenues dropping 45.3% in 2024 [3] Traditional Chinese Medicine - Traditional Chinese medicine saw revenues of 343.75 billion yuan in 2024, a decline of 4.1%, with net profit down 18.8% [3] Raw Materials - The raw materials sector achieved revenue of 122.58 billion yuan in 2024, a year-on-year increase of 7.9%, with net profit rising by 38.33% [3] Pharmaceutical Commerce - In 2024, pharmaceutical commerce companies generated revenue of 1.02531 trillion yuan, a year-on-year increase of 0.8%, but net profit fell by 13% [6] Medical Services - Medical service companies reported revenue of 77.66 billion yuan in 2024, down 2.0%, with net profit declining by 39.5% [6] CXO & Research Services - The CXO and research services sector generated revenue of 96.62 billion yuan in 2024, a year-on-year decrease of 3.92%, with net profit down 25.6% [6]

证券研究报告 2024年化学制剂和血制品板块业绩表现突出，2025Q1 CXO与医疗服务（医院）板块收入及利润端均正增长 2024化学制剂和血制品板块业绩表现突出， 2025Q1 CXO与医疗服务（医院）板块收入及利 润端均正增长 截至2025年4月30日，A股生物医药板块上市公司已披露2024年年报以及2025年一季报，剔除北交所上市公司以及B股公司，选取467家 公司作为样本，统计2024年年报以及2025年一季报情况。2024年年报，收入端看，有28家公司收入增速大于30%，50家公司收入增速大 于20%，113家公司收入增速大于10%，约有220家公司收入保持正增长，246家公司收入负增长；利润端看，约有102家公司利润增速大 于30%，132家公司利润增速大于20%，172家公司利润增速大于10%，218家公司保持利润正增长，249家公司利润负增长。 生物医药行业强于大市（维持） 2025年一季报，从收入端看，收入增速大于30%的有24家，大于20%的有52家，大于10%的有109家，收入保持正增长的有214家，收入 负增长的有251家；利润端增速大于30%的有100家，大于20%的有120家，大于 ...