最近20多年，全球的药物研发模式经历了根本性的转变。生物医药企业曾经的"单打独斗"模式逐渐式 微，药物研发愈加依赖于合作。这一转变的背后，是传统模式难以回避的痛点。要在公司内部完成从药 物发现到生产的全流程，弊端显而易见——企业需要背负沉重的负担，尤其对于小型生物技术公司，研 发门槛大大提高；对于整个行业，各企业的重复性设施与技术建设利用率不高，也造成了大量资源浪 费。 在一个公开案例中，一家小型创新生物技术公司选择与药明康德合作，开发一款口服环肽减重疗法。面 对环肽复杂结构带来的研发挑战，得益于一体化CRDMO平台中多团队的高效协作，药明康德专注于多 肽、寡核苷酸疗法和相关化学偶联物的新分子平台WuXi TIDES与生物学平台紧密配合，快速完成了候 选化合物的生产规模放大；通过WuXi TIDES不同团队的配合与提前布局，实现了从药物发现阶段到后 续工艺优化环节的无缝衔接。最终，从候选化合物优化到GMP生产准备完成，项目用时不到12个月， 药明康德的一体化平台带来的无缝合作为客户抢下宝贵的时间。 全球布局：从一间实验室到世界舞台 在这样的背景下，CXO行业的兴起为新药研发按下了加速键。无论是大型药企还是初创 ...

2025 年 9 月 2 日 星期二 每日大市点评 9 月 1 日，港股大盘取得良好开局，恒生指数在权重股阿里巴巴(9988 HK)带领下最终上涨 539 点或 2.2%，收报 25,617 点；恒生科指上升 2.2%，收报 5,798 点。大市成交金额达到 3,802 多亿港元，港股通也净流入 119.4 亿港元。值得注意 的是，尽管恒指大升，但港股市宽调整，资金明显集中于科技、生物医药及有色金属股份。受惠于阿里云增速回升及管 理层乐观预期，阿里巴巴单天大升 18.5%，是升幅最强的蓝等股，成交金额达到 549.2 亿港元，创上市以来最多。阿里二 季度增加对 AI 的资本开支投入，也刺激国产半导体股造好，中芯国际(981 HK)上升 4.9%。生物医药及有色金属股继续强 势，紫金(2899 HK)、招金(1818 HK)、洛阳钼业(3993 HK)分别上升 6.7%至 8.9%不等。中银香港(2388 HK)业绩后上升 6.7%，再创上市新高。新世界发展(17 HK)股价出现异动，股价上升 6.8%。 港股大盘情绪总体保持稳定，交投保持活跃，资金围绕绩优股交易，呈现结构性行情为主。基本面方面，8 月中国官方 ...

2025 年 9 月 2 日 星期二 每日大市点评 9 月 1 日，港股大盘取得良好开局，恒生指数在权重股阿里巴巴(9988 HK)带领下最终上涨 539 点或 2.2%，收报 25,617 点；恒生科指上升 2.2%，收报 5,798 点。大市成交金额达到 3,802 多亿港元，港股通也净流入 119.4 亿港元。值得注意 的是，尽管恒指大升，但港股市宽调整，资金明显集中于科技、生物医药及有色金属股份。受惠于阿里云增速回升及管 理层乐观预期，阿里巴巴单天大升 18.5%，是升幅最强的蓝等股，成交金额达到 549.2 亿港元，创上市以来最多。阿里二 季度增加对 AI 的资本开支投入，也刺激国产半导体股造好，中芯国际(981 HK)上升 4.9%。生物医药及有色金属股继续强 势，紫金(2899 HK)、招金(1818 HK)、洛阳钼业(3993 HK)分别上升 6.7%至 8.9%不等。中银香港(2388 HK)业绩后上升 6.7%，再创上市新高。新世界发展(17 HK)股价出现异动，股价上升 6.8%。 港股大盘情绪总体保持稳定，交投保持活跃，资金围绕绩优股交易，呈现结构性行情为主。基本面方面，8 月中国官方 ...

Core Viewpoint - The biopharmaceutical sector is experiencing significant growth, with the Biopharmaceutical ETF (159839) reaching new highs and individual stocks like Changchun High-tech (000661) and Rongchang Bio (688331) showing strong performance [1][4]. Group 1: ETF Performance - The Biopharmaceutical ETF (159839) increased by 3.18%, reaching a record high since its launch [1]. - Over the past week, the ETF has seen a cumulative increase of 0.99% [1]. - The ETF's trading volume was 5.11%, with a total transaction value of 31.17 million yuan [1]. Group 2: Fund Flows - The ETF experienced a net outflow of 12.21 million yuan recently, but over the last ten trading days, there were net inflows on seven days, totaling 22.71 million yuan [3]. - The ETF's scale grew by 3.96 million yuan in the past week, ranking it in the top third among comparable funds [3]. Group 3: Company Insights - Changchun High-tech reported a revenue of 6.603 billion yuan for the first half of 2025, a slight decrease of 0.54% year-on-year, with a net profit of 983 million yuan, down 42.85% [4]. - The company is shifting from a single product focus to a diversified strategy, with increased R&D investment of 1.335 billion yuan, up 17.32% year-on-year [4]. - The company is advancing multiple innovative projects in key therapeutic areas, including oncology and immunology [4]. Group 4: Industry Trends - The overall pharmaceutical industry is seeing a slowdown in revenue and profit growth, but the CXO and innovative drug sectors are performing well, with CXO revenue up 14.16% and net profit up 64.03% in the first half of 2025 [5]. - The innovative drug sector is experiencing high growth in product revenue and licensing deals, indicating a positive trend for the industry [5]. - There is a recommendation to focus on leading CXO companies and innovative drug firms with significant market potential [5].

Group 1 - The China Securities Hong Kong Stock Connect Medical Theme Index (932069) has risen by 2.99%, with notable increases in constituent stocks such as Chunli Medical (01858) up 10.49%, MicroPort Medical (00853) up 7.02%, and Crystal Technology Holdings (02228) up 6.89% [1] - The Hong Kong Medical ETF (159366) has also seen an increase of 2.44% [1] - The China Securities All Index Medical Device Index (H30217) has increased by 1.46%, with significant gains from Ji Min Health (603222) up 9.98%, Hualan Biological Engineering (301093) up 7.81%, and Huatai Medical (688617) up 6.93% [2][3] Group 2 - The FDA has accepted Vibration-Controlled Transient Elastography (VCTE) as an alternative endpoint for assessing liver fibrosis in patients with Metabolic Associated Steatotic Liver Disease (MASH), marking a significant breakthrough in non-invasive diagnostic technology [4] - This advancement is expected to enhance drug development efficiency for MASH and provide growth opportunities for domestic companies in the non-invasive companion diagnostics field [4] - The pharmaceutical and biotechnology sector showed marginal improvement in Q2 2025, with the innovative drug and CXO sectors performing particularly well, as the CXO industry rebounded with a 14% year-on-year revenue increase and a 54% increase in net profit [4] Group 3 - The domestic medical device industry is gradually recovering from an adjustment period, with market demand showing signs of recovery [5] - In Q2 2025, the medical equipment sector experienced a 5.26% year-on-year revenue growth, and the medical consumables sector maintained stable growth [5] - The Hong Kong Medical ETF (159366) focuses on rare medical segment leaders and has a high CXO content, while the Medical Device ETF (159883) is the largest in A-shares, covering various sub-sectors of the medical device industry [5]

01 主题：小菜园深度报告解读 时间： 9月1日（周一）10:00 主持 ： 王湛 社服分析师 参会密码：766493 02 主 题：Deepseek引领国产AI产业发展 时间： 9月1日（周一）20 : 00 主持 ： 曹佩 计算机首席分析师 参会密码：274707 03 主 题：优然牧业半年报解读 时间： 9月2日（周二）15 : 00 主讲： 程晓东 农业首席分析师 李忠华 农业分析师 参会密码：788176 06 主题： 盛业中报解读及投资价值分析 时间： 9月4日（周四）14 : 00 主讲：夏芈卬 金融首席分析师 参会密码：542726 04 主题： CXO中报及观点更新 时间： 9月3日（周三）15 : 00 主持： 周豫 医药首席分析师 张崴 医药分析师 参会密码： 310210 05 主题：食品饮料板块中报总结以及后续展望 时间： 9月3日（周三）16 : 00 主讲： 郭梦婕 食饮首席分析师 参会密码：494164 07 主题：新能源龙头的新机会 时间： 9月4日（周四）20 : 30 主讲： 刘强 院长助理&电新首席分析师 参会密码： 886057 H 漫 HPA 行业分析 Urb 识别 ...

证券研究报告 | 医药生物 | 2025年8月31日 www.hczq.com 华创医药投资观点&研究专题周周谈·第141期 医药行业2025年中报业绩综述 | 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.com | | 医疗器械组组长 李婵娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 王宏雨 | 执业编号: S0360523080006 邮箱: wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 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 an 载 R | 01 | 行情回顾 | | --- | - ...

Group 1 - The core focus of the article is on the performance of various leading companies in different sectors, highlighting their recent breakthroughs and market movements [1][2][3][4][5][6]. - The consumption sector is represented by companies like Wancheng and Ruoyu Chen, with Ruoyu Chen showing significant upward movement [1]. - The battery sector is led by CATL, which has broken through a critical high point, signaling positive momentum for the battery industry [2]. - The computing power sector is exemplified by Industrial Fulian, which has shown strong performance, indicating robust market interest [3]. - The CXO sector features WuXi AppTec, which is also experiencing notable gains, alongside BeiGene, which is making a subtle comeback in the innovative drug space [4]. - The military industry is represented by Great Wall and North Industries, which have shown signs of a potential third wave of growth [5]. - The rare earth sector is highlighted by Northern Rare Earth, with a mention of the broader rare earth market dynamics [6]. Group 2 - The article notes a lack of participation from the semiconductor sector, suggesting recent volatility may have led to a temporary withdrawal from the spotlight [6]. - There is a concern regarding the overall market volume, with suggestions that the market needs to increase trading volume to sustain momentum [6]. - The article discusses the potential for a market correction, particularly in the ChiNext index, which is showing signs of divergence and weakness [6]. - The expectation for the upcoming week is for a healthy adjustment in the market, with a focus on maintaining key support levels [7].

广发证券研究发现，A股各行业的基本面周期可分为下行期、出清初期、回升期、扩张期等七个明确阶段，认为当前光模块处于强扩张期，CXO 等行业处于出清末期。 8月29日，广发证券最新研报中称，基于构建的涵盖1300+公司的行业比较数据库，通过分析龙头公司盈利周期、产能周期、库存周期等财务数 据，将中国各行业的基本面周期可分为七个明确阶段，分别为： 下行期、出清初期、出清中期、出清末期、回升期、扩张期、筑顶期。 研报称，通过解析七个阶段的详细特征之后发现，当前光模块处于强扩张期，CXO、IGBT等行业处于出清末期。具体来看，广发证券认为， 当前处于强扩张期的行业主要集中在AI、出口、新消费相关领域，这些行业呈现收入利润高增、产能扩张、库存抬升的特征。处于出 清末期的品种以医药、汽车、军工、风电等上游供应链为主，这类行业供给出清、产能利用率底部企稳，盈利周期触底并首次改善。 产业经营周期的七个阶段 广发证券称，与传统行业研究侧重利润表不同，该研究更关注资产负债表、现金流量表与利润表的交叉分析，通过"供需"框架统一各行业位置判 断。 通过七个阶段的详细特征解析，广发证券认为下行期、出清初期等四个阶段的特征如下： 1. 下 ...

Group 1 - The medical sector is active, with the largest medical ETF in A-shares (512170) rising by 1% and trading over 4.9 billion yuan, maintaining a leading position with a latest scale of 27.535 billion yuan [1] - Major stocks in the ETF include Mindray, United Imaging, Aier Eye Hospital, Tigermed, and WuXi AppTec, with WuXi AppTec leading the gains at 4% [1] - The ETF passively tracks the CSI Medical Index, which has its top ten weighted stocks listed [1] Group 2 - The 15th China Medical Device Supervision International Conference emphasized support for high-end medical device R&D, with 52 innovative products approved this year [3] - United Imaging's self-developed photon counting CT has been approved for market, marking a significant milestone as the first commercialization of this technology in China [3] - The outlook for the medical sector remains positive, with expectations for growth in overseas markets and the clearing of centralized procurement impacting segments like insulin and orthopedics [3] Group 3 - The medical device sector is seeing increased concentration, with mergers and acquisitions expected to accelerate [3] - Policies are being introduced to enhance original innovation in biomedicine and promote AI in R&D and production [3] - The medical consumables sector is anticipated to stabilize as centralized procurement approaches its end, benefiting from government procurement policies [3]