（文章来源：每日经济新闻） 每经AI快讯，1月7日，CRO指数震荡走高，成分股呈现普涨态势。成都先导涨逾10%，益诺思涨 7.70%，昭衍新药涨4.94%，美迪西涨2.82%，阳光诺和涨2.72%。 ...

智通财经APP获悉，1月5日，中国证监会公布《境外发行上市备案补充材料要求(2025年12月29日— 2026年1月4日)》。其中，中国证监会要求鼎泰药研补充说明关于股权变动等事项。据港交所2025年10 月31日披露，江苏鼎泰药物研究(集团)股份有限公司(简称：鼎泰药研)向港交所主板提交上市申请书， 花旗、海通国际为联席保荐人。 中国证监会请鼎泰药研补充说明以下事项，请律师核查并出具明确的法律意见： 一、关于股权变动：(1)请说明你公司历次增资及股权转让定价依据，是否实缴出资，是否存在未履行 出资义务、出资方式存在瑕疵的情形，并就你公司设立及历次股权变动是否合法合规出具明确结论性意 见;(2)请说明你公司设立香港鼎泰涉及的境外投资手续的办理进展，以及投资Xellar Ltd.相关ODI手续的 办理进展;(3)请按照《监管规则适用指引——境外发行上市类第2号》的要求，对你公司历史沿革中存在 的股份代持情形进行核查;(4)请按照《监管规则适用指引——境外发行上市类第2号》的要求，对你公司 外部顾问参与员工持股计划进行核查，并就是否存在利益输送、是否合法合规出具明确结论性意见。 二、关于股东情况：(1)请说明最近 ...

昭衍新药 20251229 摘要 昭衍生物凭借自有猴场在实验猴供给受限的市场中占据战略优势，尤其 在 F2 代猴子培育周期长、供给有限的情况下，确保了稳定的实验猴供 应。 昭衍生物通过生物资产增值和服务费提升，实现了归母净利润的增长， 具备估值提升潜力。从临床前到临床阶段的过渡，性价比高，能显著提 高公司估值。 昭衍生物深耕安评行业 30 年，是国内龙头企业之一，拥有中国 NMPA、美国 FDA、OECD 等多地 GLP 资质，能够满足全球同步报批 IND 需求，质量管理体系符合国际规范。 安评行业准入门槛高，GLP 实验室建设成本高且周期长，外包率高。昭 衍生物凭借其资质和经验，在市场竞争中处于有利地位。 昭衍生物利用国内实验猴资源和人力承接海外高价订单，加强美国 BD 团队建设，离岸外包订单同比增长 60%，有望进一步扩大市场份额。 当前安评行业面临供需错配，实验猴供给因中美价差和培养周期等原因 下降，老龄化导致生育率下降，而创新药研发、港股 IPO 加速推进增加 了对实验猴和安评服务的需求。 未来，创新药研发投入增加、实验猴资源紧张持续以及离岸外包市场拓 展将是安评行业的主要发展趋势，掌握优质实验猴资源 ...

Core Viewpoint - The strong growth of WuXi AppTec's performance is attributed to its accelerating globalization strategy, which is becoming a key differentiator for long-term competitiveness in the pharmaceutical industry [1] Group 1: Company Performance - For the first three quarters of 2025, WuXi AppTec achieved revenue of 32.86 billion yuan, a year-on-year increase of 18.6%, and a net profit attributable to shareholders of 12.076 billion yuan, significantly up by 84.8% [1] - The company's performance is not merely a result of cyclical rebound but reflects the amplification of its globalization capabilities in a complex environment [1] Group 2: Globalization Strategy - WuXi AppTec's globalization is a systematic project involving the establishment of global production capacity, expansion of cross-regional R&D networks, and further internationalization of its customer base [1] - The company is evolving into a platform enterprise that plays a foundational role in the global innovative drug ecosystem [1] Group 3: Marginal Effects of Globalization - The marginal effects of global production capacity are becoming evident, with significant improvements in service capabilities in advanced technology areas such as complex molecules, TIDES, and peptides [2] - TIDES business revenue grew by 121.1% year-on-year in the first three quarters of 2025, driven by the synergy of production capacity, technology, and global delivery systems [2] Group 4: Order Quality and Market Position - As of September 30, 2025, the company's backlog of orders reached 59.88 billion yuan, a year-on-year increase of 41.2%, indicating a strong order quality that is expected to provide stable future revenue [2] - The quality of orders reflects the genuine recognition of the company's capabilities by the global innovative drug industry, independent of market fluctuations [2] Group 5: Industry Outlook - The global pharmaceutical R&D outsourcing market is on a structurally growing trajectory, with increasing outsourcing penetration due to rising R&D costs and compressed innovation cycles [3] - WuXi AppTec's strategic accumulation in global layout, technical depth, talent systems, and operational efficiency positions it well to capture the growth dividends of global innovative drugs [3] Group 6: Future Growth Confidence - The company has raised its revenue growth forecast for 2025 to 17-18%, reflecting confidence derived from its globalization framework, continuous capacity release, deepening customer ties, and strong order backlog [3] - This growth is seen as a natural outcome of deepening globalization rather than a temporary rebound driven by industry cycles [3]

Macro Overview - In November, the US added 64,000 non-farm jobs, exceeding Bloomberg's consensus estimate of 50,000, while October saw a decline of 105,000 [2] - The unemployment rate rose by 0.2 percentage points to 4.6% compared to September, with the labor participation rate increasing by 0.1 percentage points to 62.5% [2] - Hourly wage growth slowed to 0.1% month-on-month, down from an expected 0.3% [2] - The market has slightly increased the expectation of cumulative interest rate cuts in 2026 to 60 basis points [2] Automotive Industry - The Ministry of Industry and Information Technology granted conditional approval for the first L3 vehicles from Changan and BAIC Blue Valley, marking a significant step towards the practical application of L3 autonomous driving technology [3] - The approval is expected to accelerate the restructuring of the smart driving industry chain, with significant investment opportunities in smart vehicles, control chassis, domain control chips, and lidar [3] Construction and Building Materials - From January to November 2025, infrastructure investment (excluding power, heat, gas, and water supply) decreased by 1.1%, real estate by 15.9%, and manufacturing by 1.9% year-on-year, indicating pressure on investment demand [4] - The central political bureau emphasized the need to stabilize investment and expand domestic demand, suggesting that infrastructure investment may see a rebound [4] - Recommended stocks include Yaxiang Integrated, Meiyu Technology, Sichuan Road and Bridge, China National Materials, China Jushi, Huaxin Cement, Dongfang Yuhong, and Tubao [4] Real Estate Market - The report discusses the urgency of revitalizing the US real estate market under the Trump administration, focusing on improving housing affordability and mortgage liquidity as primary goals [5] - The report anticipates that short-term policies may focus on lowering mortgage rates and easing credit access, which could have expansionary effects on the economy but may exacerbate long-term structural issues [5] CXO Industry - The CXO industry is experiencing marginal improvements due to external factors, with expectations of a new high-growth cycle driven by overseas interest rate cuts and domestic recovery [10] - The report highlights the core competitiveness of Chinese CXO firms in efficiency, cost, quality, and rapid expansion capabilities, with a recommendation for leading firms such as WuXi AppTec and Kelaiying [10] Internet Sector - The local life market in Q3 2025 showed signs of optimization in the ride-hailing sector and expansion in the food delivery sector, with significant regional growth disparities [11] - The report indicates that the overall profit margin in the industry is on an upward trajectory, with expectations for annual profit margin expansion in the ride-hailing and food delivery segments [11] - Recommended companies include Meituan, Dash, Grab, and Uber [11]

智通财经获悉，昭衍新药(06127)涨超4%，本月股价已累涨超三成。截至发稿，涨4.04%，报22.14港 元，成交额2.08亿港元。 本文源自：智通财经网 据方正证券测算，以昭衍新药为例，假设按照2024年实验猴均价计入公允价值8.49万/只，2025Q4价格 提升至14万/只，假设猴场出栏率为17%，按照已知23200只猴测算，毛估计（不考虑新补进猴子及未成 年&老龄猴的影响）2025年新增公允价值约2.2亿。 消息面上，根据北京商报，12月9日实验猴价格呈加速上涨趋势，大约14万元/只。方正证券指出，实验 猴作为临床前安评的刚性资源，随着临床前CRO订单稳步回暖，需求提升；且供给侧短期扩产难度较 大，部分猴场表示产能已预定至2026年一季度，预计供需偏紧状态或将维持，短期价格有望进一步上 行。 ...

消息面上，12月上旬，食蟹猴单价悄然跃过10万元大关。据红星资本局调查，从广东、广西、云南等地 多家实验猴养殖企业了解到，食蟹猴出现了供应短缺的现象，身价已涨至12、13万元。部分猴场表示， 明年上半年的猴子都已经订出去了。华泰证券此前研报指出，伴随后续供需缺口拉大，猴价或逐渐进入 新一轮上升周期（22年时高达15-20万元/只）。 华泰证券认为，昭衍新药是国内非临床安全性评价领域龙头，以过硬的服务能力持续提升海内外市场影 响力。公司在历经18-22年的业绩高增，23-25年的订单量价承压调整后，利空逐渐出清，26年起有望凭 借国内复苏（BD出海热潮、IND数量上升）+海外离岸外包双轮驱动进入新一轮增长通道。实验猴价格 上升、新签订单回暖等或为后续主要催化。方正证券则建议关注业绩企稳且订单改善，明年有望迎来板 块拐点的安评CRO。 智通财经APP获悉，昭衍新药(06127)再涨超11%，截至发稿，涨11.42%，报19.8港元，成交额1.29亿港 元。 ...

Core Viewpoint - The pharmaceutical and biotechnology sector has demonstrated resilience and growth potential in 2023, driven by policy support and industry transformation, leading to a high-quality development phase characterized by innovation and cost control [1][4]. Industry Performance - As of December 8, 2023, the pharmaceutical and biotechnology sector has shown a weighted average increase of 30.64% in market capitalization, ranking 14th among 31 primary industries, but underperforming the CSI 300 index by 3.82 percentage points [2]. - The sector has exhibited significant internal differentiation, with innovation-driven segments outperforming others; for instance, other biological products, chemical preparations, and medical R&D outsourcing saw increases of 57.07%, 54.68%, and 51.87% respectively, while traditional Chinese medicine, vaccines, and blood products lagged with increases of only 3.89%, -0.73%, and -10.85% [2]. Factors Influencing Growth - The strong performance of the innovative drug industry chain is attributed to four key factors: exceeding expectations in earnings from leading companies like BeiGene and WuXi AppTec, ongoing supportive policies for innovative drugs and devices, increased activity in domestic innovative drug business development (BD) transactions, and substantial clinical data disclosures at major global conferences [2]. Recent Adjustments - Since September 2023, the sector has experienced a pullback due to prior significant gains, unmet expectations in some BD transactions, and geopolitical disturbances, with a maximum drawdown of 12.72% from September 1 to November 21 [3]. Valuation Insights - As of December 8, 2023, the sector's price-to-earnings (P/E) ratio stands at 51.75, ranking 10th among primary industries, with a premium of 267.54% over the CSI 300 index and 63.87% over all A-shares (excluding banks), indicating a relatively high valuation level historically [3]. Policy Impact - The policy environment has significantly upgraded support for the pharmaceutical and biotechnology industry, with the "14th Five-Year Plan" emphasizing the development of innovative drugs and medical devices, and the "15th Five-Year Plan" extending support to the entire value chain [6]. - The focus on key technological breakthroughs in areas such as dual antibodies, ADCs, and mRNA is expected to drive further differentiation within the industry [6]. Investment Opportunities - Three main investment themes are highlighted: 1. The innovative drug sector, which is expected to thrive due to policy support and strong performance from leading companies [7]. 2. The CXO sector, benefiting from increased demand for innovative drug development and showing significant performance improvements [7]. 3. Consumer healthcare companies, which are anticipated to recover as consumer demand increases, presenting dual potential for valuation recovery and earnings growth [7]. Technological Integration - The integration of AI technologies into the biopharmaceutical industry is expected to enhance research efficiency and product development, with AI applications improving diagnostic processes and overall healthcare delivery [8].

Core Viewpoint - Morgan Stanley's report indicates a significant rebound in the stock prices of China's CXO (Contract Research Organization) industry, including WuXi AppTec, WuXi AppTec Holding, and WuXi Biologics, following a period of weak performance due to market concerns over a potentially lenient version of the "Biological Safety Act" being passed alongside the ongoing revisions of the "2026 National Defense Authorization Act" in the U.S. Congress [1] Group 1 - The stock prices of WuXi AppTec, WuXi AppTec Holding, and WuXi Biologics have recently rebounded significantly [1] - Earlier weak performance of these stocks was attributed to market fears regarding the legislative changes in the U.S. [1] - The recent price rebound may reflect a alleviation of these concerns, although there has been no update on the National Defense Authorization Act [1] Group 2 - Morgan Stanley believes that the geopolitical tensions between China and the U.S. will continue to ease, which is favorable for the development of China's CXO industry [1] - The target prices set by Morgan Stanley are as follows: WuXi AppTec at HKD 74, WuXi AppTec Holding at HKD 142, and WuXi Biologics at HKD 37, all rated as "Overweight" [1]

Group 1 - CRO concept stocks experienced a rapid increase in afternoon trading, with WuXi Biologics (02269) rising by 4.94% to HKD 32.28, Kintor Pharmaceutical (01548) up by 3.8% to HKD 15.01, WuXi AppTec (603259) (02359) increasing by 2.62% to HKD 99.95, and Tigermed (300347) (03347) gaining 1.22% to HKD 38.04 [1] - WuXi Biologics announced a strategic cooperation memorandum with Qatar Free Zones Authority (QFZ) on December 2, aiming to expand its global service network and professional capabilities into the Middle East, establishing its first integrated CRDMO center in the Qatar Free Zone [1] - According to a report from CMB International, the overall orders and performance of the CXO sector are expected to recover significantly by 2025, driven by marginal improvements in downstream financing and an export boom, with the sector likely to maintain rapid performance growth in 2026 [1] Group 2 - The report highlights that despite the positive outlook, the industry may face challenges due to tightening drug-related regulations in the U.S. and increasing difficulties in new drug development, suggesting that industry consolidation may just be beginning [1] - The report emphasizes that leading players in high-growth sectors have a higher long-term certainty, as the industry continues to eliminate outdated capacity and companies [1]