医药生物行业 10% 医药生物 沪深300 标配（维持） 医药生物行业双周报（2026/2/13-2026/2/26） 静待板块回暖 -35% -30% -25% -20% -15% -35% -30% -35% -30% -25% -20% -40% -20% 0% 20% 医药生物 沪深300 -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 2026 年 2 月 27 日 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 医药生物（申万）指数走势 资料来源：iFind，东莞证券研究所 相关报告 ◼ SW医药生物行业跑输同期沪深300指数。2026年2月13日-2026年2月26 日，SW医药生物行业下跌0.95%，跑输同期沪深300指数约1.1个百分点。 SW医药生物行业三级细分板块中，多数细分板块均录得正收益，其中其 他生物制品和医院板块涨幅居前，分别上涨2.42%和1.80%，医疗研发外 包和线下药店板块跌幅居前，分别下跌3.80%和0.65%。 ...

10% 医药生物 沪深300 -5% 0% 5% 10% 医药生物 沪深300 标配（维持） 医药生物行业双周报（2026/2/13-2026/2/26） 静待板块回暖 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 -35% -35% -30% -20% 0% 20% 医药生物 沪深300 -15% -10% -5% 0% 5% 10% 医药生物 沪深300 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： -40% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 -30% -25% -20% xiexiongxiong@dgzq.com.cn -35% 资料来源：iFind，东莞证券研究所 相关报告 -30% -25% -20% -15% -10% 5% -25% -20% -15% -10% -5% 0% -35% 2026 年 2 月 27 日 医药生物（申万）指数走势 证 券 研 ...

近7天(2026年2月5日至11日)，优宁维股价区间涨跌幅为1.12%，最高价34.31元(2月10日)，最低价33.11 元(2月6日)。2月11日最新收盘价33.53元，当日下跌1.50%，成交额4235万元；2月10日主力资金净流出 16.48万元，股价上涨1.16%。技术面显示，股价近期处于多头行情，20日压力位33.93元，支撑位31.91 元。 机构观点 经济观察网优宁维（301166）于2026年2月5日召开第四届董事会第十一次会议，审议通过使用闲置资金 进行现金管理的议案，拟动用不超过14.8亿元资金(其中闲置募集资金不超过0.80亿元，自有资金不超过 14.00亿元)，投资于安全性高、流动性好的金融产品，以提升资金使用效率。该议案尚需提交2026年2 月26日临时股东会审议，若通过，资金使用期限为12个月。 股票近期走势 东莞证券在2026年2月6日发布的医药生物行业双周报中，将优宁维列为科学服务板块关注标的之一，报 告指出行业受第十一批国采落地影响整体回调，但脑机接口等未来产业获政策支持。机构预测2025年公 司净利润同比增长32.08%，营收同比增长19.79%。 以上内容基于公开资料整 ...

Investment Rating - The report maintains a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [4][26]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, with a decline of 0.75% from January 9 to January 22, 2026, lagging behind the index by approximately 0.46 percentage points [11]. - Most sub-sectors within the industry recorded positive returns during the same period, with offline pharmacies and raw materials leading the gains at 3.14% and 2.34%, respectively. In contrast, the pharmaceutical distribution and chemical preparation sectors experienced declines of 3.26% and 2.87% [12][13]. - Approximately 66% of stocks in the industry recorded positive returns, with the top performer, Baolait, showing a weekly increase of 60.88%. Conversely, Luyan Pharmaceutical had the largest decline at 39.07% [13][16]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry index showed a decline of 0.75%, underperforming the Shanghai and Shenzhen 300 index by 0.46 percentage points [11]. - Most sub-sectors achieved positive returns, particularly offline pharmacies and raw materials, while pharmaceutical distribution and chemical preparations faced declines [12]. 2. Industry News - Recent policy changes in Hebei Province have lifted restrictions on the quantity of drugs that hospitals can stock, allowing for more flexibility in drug procurement and usage [24]. 3. Company Announcements - Enhua Pharmaceutical announced the approval of its drug registration certificate for a new injection, which is expected to enhance its market position [25]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector, which is highlighted as a key area for future growth. Specific companies to watch include Mindray Medical, Yuyuan Medical, and others across various segments [26][28].

Group 1 - Titan Technology's stock rose by 9.83% to 28.16 CNY per share, with a trading volume of 15.98 million CNY and a turnover rate of 0.35%, resulting in a total market capitalization of 4.631 billion CNY [1] - The company, established on October 18, 2007, and listed on October 30, 2020, provides integrated technical solutions for scientific services, including research reagents, biological consumables, analytical consumables, laboratory instruments, smart lab equipment, research informatization, specialty chemicals, and related comprehensive technical services [1] - The revenue composition of Titan Technology includes 42.70% from research reagents, 28.42% from research instruments and consumables, 26.48% from specialty chemicals, 2.37% from laboratory construction and research informatization, and 0.02% from other sources [1] Group 2 - Nord Fund has a significant holding in Titan Technology, with the Nord Quantitative Core A fund (006267) owning 55,100 shares, representing 1.04% of the fund's net value, making it the seventh-largest holding [2] - The Nord Quantitative Core A fund was established on November 22, 2018, with a latest scale of 93.2332 million CNY, achieving a year-to-date return of 4.45% and a one-year return of 51.39% [2] - The fund manager, Wang Hengnan, has been in position for 7 years and 54 days, with total assets under management of 24.5 million CNY and a best fund return of 59.71% during his tenure [3]

Investment Rating - The report gives a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [26][32]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 3.61% from December 26, 2025, to January 8, 2026, exceeding the CSI 300 index by approximately 1.56 percentage points [12]. - Most sub-sectors within the industry recorded positive returns during the same period, with the hospital and medical R&D outsourcing sectors leading with increases of 10.62% and 7.39%, respectively [13]. - Approximately 82% of stocks in the industry achieved positive returns, with notable performers including Xiangyu Medical, which saw a weekly increase of 57.50% [14][17]. - The overall industry valuation has risen, with the SW pharmaceutical and biotechnology index's PE (TTM) at approximately 52.75 times, which is 3.78 times higher than the CSI 300 index [18][26]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 3.61% from December 26, 2025, to January 8, 2026 [12]. - Most sub-sectors recorded positive returns, particularly hospitals and medical R&D outsourcing, which increased by 10.62% and 7.39%, respectively [13]. - About 82% of stocks in the industry had positive returns, with significant gains from several companies [14]. 2. Industry News - The report highlights the acceleration of volume-based procurement in 2026, with various local and national initiatives underway to streamline drug procurement processes [24]. - A new batch of encouraged generic drugs has been announced, focusing on optimizing the drug supply system and enhancing the availability of essential medications [23]. 3. Company Announcements - Jiangsu Yahui Pharmaceutical announced the completion of the first patient enrollment in a Phase I clinical trial for its drug APL-2401, targeting advanced solid tumors [25]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector, particularly following announcements from Neuralink regarding large-scale production plans [26]. - Recommended stocks for attention include leading companies in medical devices, pharmaceutical retail, aesthetic medicine, and innovative drugs, among others [28][29].

Core Viewpoint - Titan Technology announced the approval of a proposal to acquire 100% equity of Apollo Scientific Ltd. from Central Glass, with the transaction completed on July 23, 2025 [1] Group 1: Acquisition Details - The acquisition will be financed through the company's own or raised funds [1] - The company has completed the necessary overseas investment filing and approval procedures, passing the UK's national security review [1] - A delivery confirmation agreement has been signed, and the full acquisition payment has been made [1] Group 2: Post-Acquisition Status - Following the completion of the transaction, Apollo Scientific will become a wholly-owned subsidiary of Titan Technology [1] Group 3: Risks Associated - The transaction carries risks such as foreign exchange losses and uncertainties regarding integration effectiveness [1]

Core Insights - Titan Technology is emerging as a key player in the domestic scientific services industry, breaking free from overseas technology monopolies and weak industrial foundations [1][6] - The company aims to enhance technological self-reliance and improve the overall efficiency of the innovation system during the 14th Five-Year Plan period [1][6] - Titan Technology has established a comprehensive manufacturing system covering three core categories: reagents, consumables, and instruments [2][5] Company Development - Titan Technology has evolved from a startup in 2007 to the first stock in the scientific services sector listed on the STAR Market in 2020 [1][6] - The company has built a full industrial chain manufacturing system and is expanding its production capacity with new bases in Shanghai, Hubei, and Anhui [2][5] - The Shanghai Songjiang base has achieved breakeven, while the Anhui base leads in ultra-pure solvent production in Asia [2][5] R&D and Innovation - In the first half of 2025, Titan Technology's R&D investment reached 80.36 million yuan, resulting in new products and 27 patents [2][5] - The company is focused on upgrading its manufacturing capabilities to meet high-end market demands, transitioning from "making bicycles" to "making airplanes" [2][5] Mergers and Acquisitions - Titan Technology has utilized mergers and acquisitions as a strategy to enhance its product capabilities, including the acquisition of Apollo Scientific Ltd. for approximately £5.75 million [5][6] - The company has successfully integrated acquired firms, leading to revenue growth in the first half of 2024 [5][6] Future Outlook - Titan Technology plans to enter a critical phase of results validation in the next 3 to 5 years, following significant investments in its production bases [3][7] - The company aims to compete globally by establishing a diversified brand matrix and leveraging its extensive customer base, which includes over 60,000 clients and more than 150 Fortune 500 companies [6][7]

Group 1 - Shanghai's "14th Five-Year Plan" outlines a strategic blueprint for high-quality development, emphasizing innovation and internationalization for local tech companies [1][2] - Companies like Titan Technology, Kasei Biotech, and Yingfang Software are leveraging Shanghai's supportive ecosystem to tackle key technological challenges and expand into global markets [1][2][19] - Kasei Biotech aims to become a pioneer in the global biomanufacturing industry, focusing on high-value utilization of biomass and synthetic biology technologies [4][11][12] Group 2 - Titan Technology has transitioned from a focus on basic manufacturing to a comprehensive production system covering reagents, consumables, and instruments, with significant investments in capacity expansion [19][20][21] - The company has established a full industrial chain and is actively pursuing mergers and acquisitions to enhance its product capabilities and market presence [22][23] - Titan Technology's goal during the "14th Five-Year Plan" is to break into the global market, supported by a strong customer base and ongoing product development [24][25] Group 3 - Yingfang Software has developed a robust disaster recovery system, addressing critical data management needs for various industries, including finance and healthcare [13][14][15] - The company has achieved significant market penetration, serving over 6,000 clients globally, and aims to increase its international revenue share [13][18] - Yingfang Software is focusing on AI integration and international expansion to enhance its competitive edge in the data resilience sector [17][18] Group 4 - Chuangyuan Xinke is advancing communication testing technologies, with a focus on 6G and satellite communication, and has invested heavily in R&D to maintain its competitive position [27][28][29] - The company is expanding its testing capabilities to cover low-altitude and satellite communication, aiming to provide comprehensive testing solutions across various domains [29][30] - Chuangyuan Xinke is also exploring opportunities in the robotics testing sector, recognizing its potential for long-term growth [34][35]

Core Insights - The core issue facing private enterprises in China is the challenge of succession, with over 80% of family businesses struggling to pass leadership to the next generation, and only 30% successfully transitioning to the second generation [1][2][3] Group 1: Current Challenges in Succession - More than 80% of second-generation heirs in private enterprises lack interest in taking over, leading to a situation where even those willing to take over often find themselves without real power [2][3] - The difficulties in succession are compounded by a cultural divide between the founding generation, who prioritize cash flow and personal relationships, and the second generation, who favor data-driven management and innovation [2][3] - The governance structure of many family businesses is inadequate, often relying too heavily on professional managers, which can lead to internal control issues and governance chaos [3][4] Group 2: Historical Context and Governance Solutions - The historical reliance on family governance models has created a situation where control and family assets are tightly bound, lacking modern governance tools like equity trusts and professional management systems [3][4] - The "14th Five-Year Plan" emphasizes the need to improve the modern enterprise system and promote entrepreneurial spirit, which can provide a framework for addressing succession challenges [4][8] Group 3: International Governance Models - Successful international companies like Danaher and Thermo Fisher have adopted governance structures that separate control from management, allowing for professional management to drive operations while maintaining strategic oversight [5][6] - The "financial group + professional manager" model has proven effective in addressing the challenges of trust, professional capability, and long-term orientation in succession planning [6][7] Group 4: Recommendations for Implementation - To promote the "financial group + professional manager" model, it is essential to cultivate financial groups that focus on long-term industry strategies and develop a robust market for professional managers [7][8] - Establishing a supportive regulatory environment, such as tax incentives for family trusts and deferred taxation for long-term incentives for professional managers, can enhance the governance ecosystem for private enterprises [8] Group 5: Long-term Implications - The modernization of governance structures in private enterprises is crucial for transitioning China's economy from high-speed growth to high-quality development, enhancing resilience and stability [8]