A股三大股指1月5日集体高开。早盘高开高走放量上涨，沪指重返4000点之上。午后两市继续放量上攻，涨幅进一步扩大。 从盘面上看，脑机接口、AI应用、商业航天、存储器、创新药概念股掀涨停潮，保险股表现抢眼。海南自贸区、稳定币题材出现调整。 至收盘，上证综指涨1.38%，报4023.42点；科创50指数涨4.41%，报1403.41点；深证成指涨2.24%，报13828.63点；创业板指涨2.85%，报3294.55 点。 银行股逆市下挫，浦发银行（600000）跌超4%，中信银行（601998）、工商银行（601398）、农业银行（601288）、瑞丰银行（601528）、南京 银行（601009）等跌幅靠前。 据大智慧VIP，两市及北交所共有185只股票涨幅在9%以上，17只股票跌幅在9%以上。 医药生物大幅走高，银行股逆市下挫 在板块方面，医药生物大幅走高，三博脑科（301293）、博拓生物（688767）、冠昊生物（300238）、翔宇医疗（688626）、乐普医疗 （300003）等近40股涨停或涨超10%。 开源证券指出，受益于行业需求回暖，签单及业绩超预期增长，医药研发外包服务板块在2025年迎来戴 ...

《瑞博生物通过港交所 IPO 聆讯，上 市在即—行业周报》-2025.12.28 《推荐 CXO+科研服务板块的估值切 换机会—行业周报》-2025.12.21 《2025 国谈结果公布，关注相关公司 投资机会—行业周报》-2025.12.14 医药生物 医药生物 2026 年 01 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 医药生物 沪深300 创新驱动下，2025 年医药各细分赛道牛股频出 ——行业周报 相关研究报告 | 余汝意（分析师） | 聂媛媛（联系人） | | --- | --- | | yuruyi@kysec.cn | nieyuanyuan@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790124050002 | nieyuanyuan@kysec.cn 证书编号：S0790124050002 创新驱动下，2025 年医药各细分赛道牛股频出 回顾 2025 年医药细分赛道表现情况看，各个板块均涌现了多个翻倍以上的牛股。 其中，整体表现 ...

格隆汇12月22日丨泓博医药(301230.SZ)在互动平台表示，公司是一家专注于新药研发服务的CRO企 业，与互联网企业面向C端的医疗健康服务在业务模式上存在显著差异。基于此，我司目前未与阿里巴 巴或其他互联网平台开展C端健康医疗类项目合作。 ...

智通财经APP获悉，昭衍新药(06127)回落逾5%，月内累计涨幅仍超24%。截至发稿，跌5.53%，报20.5 港元，成交额1.51亿港元。 消息面上，根据北京商报，2025年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。 该行指出，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(考虑新补进猴子及未成年&老龄猴 的影响)025年新增公允价值约2.2亿。 ...

公开资料显示，昭衍新药是中国最早从事药物非临床评价的民营CRO企业之一，可向客户提供非临床 药理毒理学研究及评价，特别是非临床安全性评价，临床试验及药物警戒等一站式服务；还可以提供兽 药、农药评价及医疗器械评价等服务项目。 12月6日，昭衍新药公告披露称，公司预计2026年向关联方舒泰神（北京）生物制药股份有限公司及其 子公司提供医药研发外包等服务，交易金额不超过4700万元，占同类业务比例预计不超过10%。根据历 史数据，2024年，公司与舒泰神实际发生关联交易金额为2197万元；2025年初至10月31日，累计发生额 为1220万元。公司表示，上述交易系日常经营所需，定价公允，不会对公司的独立性构成影响。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 何昕怡）12月9日，昭衍新药开盘后表现强劲，封住涨停，报30.77元/股。 消息面上，12月7日，国家医保局、人力资源社会保障部公布了《国家基本医疗保险、生育保险和工伤 保险药品目录（2025年）》，该目录将于2026年1月1日起执行。 ...

Summary of Key Points from the Conference Call on Small Nucleic Acid CDMO Industry Overview - The discussion focuses on the small nucleic acid industry, particularly the Contract Development and Manufacturing Organization (CDMO) sector, which is experiencing growth and transformation due to technological advancements and market dynamics [1][10]. Core Insights and Arguments - **Cost Structure of Small Nucleic Acids**: The raw material cost for small nucleic acid APIs constitutes about 10% of the total drug cost, with total production costs around 20% when including formulation costs. Future advancements in technology and economies of scale are expected to further reduce these costs over the next three to five years [1][3]. - **Raw Material Price Trends**: The prices of key raw materials have significantly decreased, with monomer prices dropping to 1/10 to 1/15 of their previous levels five years ago. The industry has seen a shift from reliance on imported carriers to domestic production [3][4]. - **Impact of Technology on Costs**: Enzymatic synthesis is noted to save 10%-20% in production costs compared to solid-phase synthesis due to higher yields and simpler purification processes. Continuous optimization of these technologies is anticipated to further lower overall costs [6][10]. - **Pricing Discrepancies Among CDMO Firms**: There is a notable price difference between leading CDMO firms like WuXi AppTec and new entrants, with the latter often engaging in low-price competition to gain experience. For instance, quotes for clinical phase I RGP submissions can vary from 6 million to 15 million yuan depending on the company [8][9]. - **Market Capacity and Risks**: The small nucleic acid market faces potential overcapacity risks, primarily due to limited therapeutic targets outside of liver-targeted applications. New entrants may struggle to find demand in the next three years [10][12]. - **Order Stickiness and Market Concentration**: The collaboration between small nucleic acid companies and CDMO firms is characterized by high order stickiness, making it difficult for clients to switch suppliers. Leading firms are expected to maintain a high market concentration due to their experience and process development capabilities [10][11]. Additional Important Insights - **Geopolitical Influences**: The tension in US-China relations may lead to shifts in order allocations, as seen with Novartis moving orders to South Korean firms. Improved relations could allow Chinese companies to regain opportunities, contingent on diplomatic developments [2][14]. - **Future Market Potential**: Several small nucleic acid products in development, such as GSK836 for hepatitis B, are projected to have significant market potential, with expected launches in the coming years [14]. - **Technological Advancements in Delivery Systems**: Innovations in delivery systems are likely to influence production processes within the small nucleic acid CDMO sector, although the core synthesis methods remain largely unchanged [22]. - **Competitive Landscape**: The competitive landscape is evolving, with established players like Alnylam relying on external CDMO partnerships for large-scale production while maintaining some in-house capabilities for process development [18]. - **Regulatory Compliance**: Compliance with regulations is a primary consideration for multinational corporations when selecting CDMO partners, emphasizing the importance of adhering to industry standards [7]. This summary encapsulates the critical aspects of the small nucleic acid CDMO industry as discussed in the conference call, highlighting the interplay of cost structures, technological advancements, market dynamics, and geopolitical factors.

Group 1 - Medisi announced that shareholder Lin Changqing holds approximately 4.11 million shares, accounting for 3.06% of the total share capital [1] - After the release of the pledge, Lin Changqing has pledged a total of 2.4 million shares, which is 58.34% of his total holdings and 1.79% of the company's total share capital [1] - For the year 2024, Medisi's revenue composition is projected to be 99.96% from preclinical CRO business and 0.04% from other businesses [1] Group 2 - As of the report, Medisi's market capitalization is 9.3 billion yuan [1]

Core Viewpoint - Wanbang Medicine (301520.SZ) is identified as a CRO (Contract Research Organization) that specializes in providing professional pharmaceutical research outsourcing services to pharmaceutical companies and research institutions, specifically in clinical trial research services for cancer patients' medications [1] Company Overview - The company does not engage in the independent development of anti-cancer drugs, focusing solely on providing outsourced research services [1]

Core Viewpoint - Via Biotechnology (01873) has seen a significant stock price increase of 10.45%, reaching HKD 3.17, driven by recent global AI pharmaceutical contracts and a growing trend in AI-related orders [1] Group 1: Company Performance - Via Biotechnology's AI-related orders now account for 12% of new contracts, indicating a positive growth trend [1] - The company's CRO (Contract Research Organization) business primarily supports early-stage drug discovery, which is a critical application area for AI, enhancing drug development efficiency and success rates [1] Group 2: AI Integration and Projects - The company has launched an AI-integrated drug development platform called AIDD, which has participated in the development of 175 projects by mid-2025 [1] - AI-enabled CRO business contributes 10% to the total revenue of Via Biotechnology, showcasing the financial impact of AI integration [1]

Core Insights - Fonda Holdings and GCCL signed a strategic memorandum of understanding (MOU) to enhance their influence in the global clinical trial market [1][3] - The collaboration aims to leverage both companies' service and laboratory network advantages to improve competitiveness in the US and Asia-Pacific regions [1][3] Company Overview - GCCL is a leading clinical trial sample analysis provider in South Korea, offering integrated "one-stop solutions" including central laboratories and bioanalytical laboratories [4] - Fonda Holdings is a comprehensive pharmaceutical R&D CRO with established centers in China, North America, and Europe, providing a wide range of outsourced R&D services [5] Strategic Collaboration - The partnership will explore joint clinical trial services, co-marketing, project support plans, and the development of new business opportunities [3] - Both companies will combine their regional expertise and global networks to execute clinical trial projects more efficiently and effectively [3] Leadership Statements - Fonda Holdings' Senior Vice President, Dr. Zhang Nan, emphasized the importance of this strategic cooperation in enhancing their influence in the Asia-Pacific market and providing faster, more efficient support for global clinical trials [3] - GCCL's CEO, KwanGoo Cho, highlighted the goal of creating new growth opportunities in the global clinical trial market by combining GCCL's strengths in bioanalysis and central laboratory services with Fonda's global capabilities [3]