Core Insights - The global demand for pharmaceutical products continues to rise due to an aging population and increasing health awareness, despite external challenges such as tariff barriers and changing international dynamics [1] - WuXi AppTec's revenue and profit for Q1 2025 showed a strong recovery, with total revenue reaching 9.655 billion yuan, a year-on-year increase of 21.0%, and adjusted non-IFRS net profit growing by 40.0%, indicating a high-quality profit model [1][3] Group 1: Financial Performance - WuXi AppTec maintained its annual performance guidance, expecting a revenue growth of 10%-15% for 2025, with total revenue projected to reach 41.5-43 billion yuan [3] - The company reported a significant increase in backlog orders, amounting to 52.33 billion yuan, a year-on-year growth of 47.1%, indicating strong market demand [3][4] - Revenue growth in the U.S. exceeded 28.4% and in Europe over 26.2%, both reaching new highs compared to the previous year [4] Group 2: Business Model and Strategy - The unique "integrated, end-to-end" CRDMO business model of WuXi AppTec is a key driver of steady business growth, covering the entire drug development process from discovery to commercialization [7] - The company has over 460,000 molecules in the early R&D phase, with 203 new molecules added in Q1, including 75 that transitioned from R to D, showcasing a robust internal growth mechanism [9] - WuXi AppTec is focusing on high-growth areas, with the chemical business achieving revenue of 7.39 billion yuan in Q1, a year-on-year increase of 32.9%, and a non-IFRS gross margin of 47.5% [10] Group 3: Investment and Capacity Expansion - Strategic investments and capacity expansions are underway to better serve global clients and adapt to international changes, with ongoing projects in China, the U.S., Switzerland, and Singapore [4][10] - The company is concentrating resources on high-growth fields, with significant increases in orders and client numbers in the TIDES business, which focuses on oligonucleotides and peptides, showing a revenue growth of 187.6% in Q1 [10] - WuXi AppTec's operating cash flow increased by 41.8% year-on-year, allowing for substantial cash dividends to investors, including a special dividend of 1 billion yuan for 2025 [10]

Investment Rating - The report maintains a positive investment rating for the pharmaceutical industry, focusing on innovation and growth opportunities in various segments [4]. Core Insights - The pharmaceutical sector is experiencing a comprehensive recovery, with a focus on innovative drug development, particularly in oncology, autoimmune diseases, GLP-1, stem cell therapy, and gene therapy [1][2]. - The report highlights the importance of domestic innovation in pharmaceuticals, with significant attention on the upcoming AACR and ASCO conferences, where numerous Chinese companies are expected to present their research [2][13]. - The report emphasizes the potential for growth in the CXO sector due to recovering domestic demand and stable overseas demand, suggesting a valuation recovery for leading companies [8]. - The report identifies key companies to watch, including 恒瑞医药, 百济神州, and others across various segments such as innovative drugs, medical devices, and IVD [3]. Summary by Sections Innovative Drugs - The report notes the approval of 康方依沃西单抗 for first-line treatment of PD-L1 positive NSCLC, showing a 22.3% reduction in mortality risk [2]. - It highlights the upcoming AACR conference with over 120 Chinese pharmaceutical companies presenting nearly 300 new drug research results [13]. CXO Sector - The CXO sector is expected to benefit from supportive policies and a reduction in geopolitical risks, leading to a potential valuation uplift [8]. Traditional Chinese Medicine - The report suggests monitoring companies related to pediatric medications, such as 济川药业 and 葵花药业, due to their relevance to fertility subsidies [2]. Blood Products - The report emphasizes the growth potential in the immunoglobulin market over the next 3-5 years, driven by increased demand and pricing improvements [2][25]. Vaccines - The vaccine sector is under pressure, but there are opportunities in HPV vaccines and other high-value products [27]. Upstream Supply Chain - The report recommends focusing on companies with strong brand recognition and overseas growth potential in the chemical and biological reagent sectors [30]. IVD Sector - The report indicates that the IVD industry is poised for growth due to the implementation of centralized procurement policies and increasing domestic demand [33]. Medical Devices - The report highlights the potential for growth in the CGM market, particularly with the FDA approval of related products [38]. Medical Services - The report suggests focusing on eye and dental medical service companies, anticipating a boost from consumer stimulus policies [44]. Offline Pharmacies - The report notes that the pharmacy sector is stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [46]. Raw Materials - The report discusses the importance of quality and cost management in the raw materials sector, suggesting a focus on companies with strong product capabilities [50]. Innovative Devices - The report emphasizes the potential for AI applications in medical devices, particularly in surgical navigation and pathology screening [53]. Instrumentation - The report anticipates a recovery in the scientific instrumentation sector, driven by increased domestic demand and new product launches [57].

Investment Rating - The report maintains a positive investment rating for the pharmaceutical industry, highlighting a recovery and focus on innovation [4]. Core Views - The pharmaceutical sector is experiencing a sustained recovery in fundamentals, supported by favorable policies, with a focus on innovative drug growth, particularly in areas such as oncology, autoimmune diseases, GLP-1, stem cell therapy, and gene therapy [1][2]. - The report emphasizes the importance of domestic pharmaceutical substitution and the growth of medical consumption, especially in aesthetic medicine [1]. Summary by Sections Innovative Drugs - The AACR conference is ongoing, with significant participation from over 120 Chinese pharmaceutical companies presenting nearly 300 new drug research results [11]. - Key approvals include the domestic approval of 康方依沃西单抗 for PD-L1 positive NSCLC and the FDA approval of 派安普利单抗 for nasopharyngeal carcinoma [2][72]. CXO Sector - The CXO sector is expected to see valuation recovery due to supportive policies for innovative drug development and a reduction in geopolitical risks [6]. Traditional Chinese Medicine - The SW secondary index for traditional Chinese medicine has underperformed compared to the broader market, indicating challenges in this segment [19]. Blood Products - The report highlights the increasing demand for immunoglobulin products and the potential for price improvements in the blood products sector, particularly for companies like 天坛生物 and 派林生物 [23]. Vaccines - The vaccine sector is facing challenges due to low birth rates, but there is potential for growth in HPV vaccines and other areas [25]. Upstream Supply Chain - The report suggests focusing on companies with strong brand and operational capabilities in the chemical and biological reagent sectors [28]. IVD (In Vitro Diagnostics) - The IVD industry is expected to benefit from the implementation of centralized procurement policies, which may accelerate domestic substitution [31]. Medical Devices - The report recommends attention to the CGM market, particularly products from 三诺生物, as they align with the growth of GLP-1 drugs [36]. Medical Services - The report suggests focusing on eye and dental medical service companies, anticipating a boost from consumer stimulus policies [43]. Offline Pharmacies - The offline pharmacy sector is stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [45]. Raw Materials - The report emphasizes the importance of quality and cost management in the raw materials sector, suggesting a focus on companies like 华海药业 and 海正药业 [49]. Innovative Instruments - The report highlights the potential for AI applications in the medical device sector, particularly in surgical navigation and pathology screening [52]. Instrument Equipment - The scientific instrument sector is expected to recover as demand improves, with a focus on companies enhancing their market presence through new product launches [57]. Low-value Consumables - The report notes a potential recovery in the low-value consumables sector, particularly for companies like 采纳股份 and 美好医疗 [60].

Core Insights - The global and US innovative drug VC&PE financing amounts are expected to grow by 1.93% and 5.29% respectively in 2024, indicating a recovery in the innovative drug financing environment [1] - The demand for research and development in fields such as peptides and ADCs is strong, leading to an increase in outsourcing needs in these areas [1][2] Macro Perspective - The global innovative drug financing environment is recovering, with significant growth in the demand for innovative research in specific fields like peptides and ADCs, which is expected to enhance the CXO industry's outlook [1] - According to Crunchbase, the VC&PE financing for innovative drugs in 2024 shows positive growth, marking an improvement in the financing environment [1] Micro Perspective - CXO listed companies are seeing a recovery in new orders, with many companies like WuXi AppTec, WuXi Biologics, and others reporting a year-on-year increase of over 20% in new orders [3] - The production capacity of domestic CXO companies is mature, ensuring timely delivery of orders, which is expected to lead to double-digit revenue growth for several companies in 2025 [3] Target Companies - Recommended companies to watch include WuXi AppTec (603259.SH, 02359), WuXi Biologics (02269), WuXi AppTec (02268), Kelun Pharmaceutical (002821.SZ, 06821), and others [4]

CXO、维生素、电力等板块逆市走强。 今天上午A股市场整体窄幅震荡，电力、CXO、维生素等概念板块走强。 新股方面，今天A股市场有两只新股上市，悉数大幅上涨，其中新股江顺科技盘中涨幅一度超过120%。 港股市场盘中走低，不过仍有不少股票大涨，其中凯莱英港股盘中一度大涨超19%。 A股市场窄幅震荡 今天上午A股市场整体窄幅震荡走低。截至午间收盘，上证指数跌0.1%，深证成指跌0.66%，北证50指数跌2.8%，创业板 指跌0.68%。 主要行业板块和赛道方面，日用化工、煤炭、造纸、农林牧渔等板块涨幅居前。软件服务、互联网、矿物制品、IT设备 等板块跌幅居前。 电力板块走强，华银电力、西昌电力、郴电国际等多股涨停，另有多股大幅上涨。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 600744 | 华银电力 | 3.85 | 0.35 | 10.00% | | 600505 | 西昌电力 | 17.31 | 1.57 | 9.97% | | 600969 | 郴电国际 | 8.07 | 0.73 | 9.95% | | 000601 ...

本文作者：刘晨明/郑恺/杨泽蓁/毕露露 报告摘要 重要提示：报告中行业配置比例数据=前十大重仓股中该行业A股持股市值/前十大重仓股A股市值总和。 考虑港股配置比例大幅提升（18.9%），行业实际配置比例（相对于基金AH总持仓）可能会与报告显示结果略有差别。 （一）主要机构的持股规模"势均力敌" 截止各口径的最新数据，各类型资金的持股市值基本上"势均力敌", 约在2.5-3万亿左右，因此市场风格不再由单一资金偏好左右、风格动 态 均衡： 截至25Q1，主动 权益基金持股市值2.9万亿，股票型ETF持股市值2.8万亿。最新披露口径截止24Q4, 保险持股市值2.4万亿，外资持股市值2.9万亿。 （二）南下定价权创新高，港股的配置比例接近19% 一季度与外资重估中资股共振，公募基金也继续加大了南下配置。 港股配置继续创历史新高（配置比例18.9%），恒生科技显著抬升（配置比例10.5%），主要增持互联 网、创新药、新消费、电子、电动车等龙头。 加仓幅度最大的公司是港股"科技十雄"与新消费：阿里巴巴、腾讯、中芯国际、小米、快手、联通、泡泡玛特等。 （三）DeepSeek之下科技板块的配置变化 在此前的报告中，我们复盘 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 5.20% from March 28 to April 10, 2025, which is approximately 0.18 percentage points lower than the index [14][29]. - Most sub-sectors within the industry recorded negative returns during the same period, with blood products and offline pharmacy sectors showing gains of 7.36% and 1.41%, respectively, while medical R&D outsourcing and in vitro diagnostics faced declines of 21.38% and 10.62% [15][29]. - Approximately 17% of stocks in the industry recorded positive returns, while around 83% experienced negative returns during the reporting period [16][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry is approximately 38.81 times, which is 3.38 times relative to the CSI 300, indicating a decline in industry valuation and positioning at a relatively low level compared to recent years [20][29]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 5.20% from March 28 to April 10, 2025 [14]. - Most sub-sectors recorded negative returns, with blood products and offline pharmacies leading in gains [15]. - About 17% of stocks in the industry had positive returns, while 83% had negative returns [16]. 2. Industry News - The national Chinese medicine procurement alliance began centralized procurement and information maintenance for selected drugs starting April 9, 2025, involving 20 product groups and 95 products, with 174 drugs selected [26]. 3. Important Announcements from Listed Companies - Zai Lab received approval for clinical trials of its drug ZG005 for use in combination with chemotherapy for digestive tumors [27]. - Opcon Vision received a medical device registration certificate for its orthokeratology contact lenses [28]. 4. Industry Weekly Perspective - The report suggests focusing on investment opportunities in medical devices and innovative drugs, particularly those with import substitution potential [29]. - Recommended stocks include Mindray Medical, Yuyuan Pharmaceutical, and others across various segments such as medical aesthetics and innovative drugs [30].

一年前，施跃和他的团队做了一个国内基金圈少有人敢于尝试的事情。 2024年3月14日下午，和谐汇一的官方公众号发表文章，对即将开启百亿美金蓝海市场的NASH（非酒精性脂肪肝）赛道进行了详细介绍[1]。业内很多人都知道当 日晚间，FDA即将公布对首款NASH治疗药物Rezdiffra的评审，如果最终获批，将会创造该领域的历史性突破。 在 FDA 公告前，和谐汇一敢于对这项突破性技术做出前瞻预判，在小圈子里引起了很多赞叹。 事实上，这已经不是和谐汇一医药团队第一次做出这种判断。无论是港股上市的创新药出海龙头，还是因为获得了某款国产创新药海外授权而涨幅超十倍的美股 明星公司，和谐汇一的买入点常常都是市场还没有形成"一致性预期"的时候。 对于施跃和医药团队里的其他年轻研究员来说， 他们凭借对医药行业的深入研究和敏锐洞察，以及在投资实践中积累的经验，生动诠释 了"超额收益往往来自于 非共识的正确" 这一理念。 但从理论到实践，"非共识"往往需要一个投资团队投入专注的研究心力，并有果敢的魄力在该出手的时候，坚决出手。 放在整个行业维度，这种认知上的加持、信念上的加码也是一个医药投研团队在过去几年国内医药行业整体低迷的现实 ...

证券研究报告|医药生物|2025年3月29日 www.hczq.com 华创医药投资观点&研究专题周周谈·第119期 2025Q1医药业绩前瞻 本报告由华创证券有限责任公司编制 报告仅供华创证券有限责任公司的客户使用，本公司不会因按久收到本报告而预其为客户。华创证券的这些信息的准确性和完整性不作任何保证，报告中的内容和赏见仅体参考，并不构成本公司对所述证券买 卖的出价或狗价，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。 :请仔细阅读PPT后部分的分析师声明及免责声明。 ER | 01 | 行情回顾 | | --- | --- | | 02 | 板块观点和投资组合 | | 03 | 行业和个股事件 | 本周行情回顾 = 华创研究 本周中信一级行业指数涨跌幅 09 -1% -25 -3% -4% -5% -69 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号: S0360520110002 邮箱: zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.co ...

证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 未经许可，禁止转载 资料来源: Wind, 华创证券 ω · 本周，中信医药指数上涨1.04%，跑赢沪深300指数1.03个百分点，在中信30个一级行业中排名第1位。 · 本周涨幅前十名股票为怡和嘉业、润都股份、德源药业、智翔金泰-U、河化股份、荣昌生物、康弘药业、博腾股份、迈威生物-U、三元基因, • 本周跌幅前十名股票为ST香雪、创新医疗、爱朋医疗、*ST龙津、东方生物、恩威医药、*ST吉药、康惠制药、普瑞服科、翔宇医疗。 管 == $( +) 行情回顾 01 02 板块观点和投资组合 03 行业和个股事件 本周行情回顾 =半创研究 本周中信一级行业指数涨跌幅 本周涨幅排名前/后十名的股票 -40.829 ST香雪 怡和露业 40 200 22.7496 创新医疗 润都股份 | 21.83% 爱朋医疗 德源药业 19.07% 0% *ST龙津 智翔金泰-U 18.34% -1% 河化股份 东方生物 16.23% -29 圆威医药 美昌生物 15.38% -36 *ST吉药 康弘药业 15.3596 -11.54% -49 康惠制药 ...