国泰海通主要观点如下： 政策受益，科研制药上游是战略新兴产业自主可控的重要组成部分 智通财经获悉，国泰海通发布研报称，科研制药上游作为战略新兴产业自主可控的重要组成部分，正迎 来政策与市场的双重驱动。国家层面持续出台支持政策，包括《"十四五"生物经济发展规划》要求提升 产业链安全水平，科技部明确"高端产品研发自主化"目标，叠加进口品牌受关税成本上升影响，具备自 主创新能力的国产企业迎来替代窗口期。重点推荐泰坦科技(688133.SH)、阿拉丁(688179.SH)、纳微科 技(688690.SH)等核心标的。 风险提示：关税地缘政治风险、全球医药研发景气度风险、创新药鼓励扶持政策不达预期风险。 中国市场正以庞大的人口基数与快速增长的生物医药需求逐渐成为生命科学产业的新兴市场，未来几年 中国生命科学制品市场规模将快速增长，生命科学制品的高端市场长期由欧美企业主导，该行认为，国 产替代空间依然巨大。在国产替代的大趋势下，具备自主创新研发能力、能够提供性能与进口产品相 似、甚至优于进口产品的企业将在激烈的市场竞争中脱颖而出。 若进口品牌受关税影响成本上升，国产品牌性价比有望进一步凸显 根据默克、珀金埃尔默等进口品牌 ...

Group 1 - The core viewpoint is that the upstream pharmaceutical research and development sector is a crucial part of the strategic emerging industry, benefiting from both policy and market drivers [1][2] - The Chinese government has introduced a series of supportive policies for the biopharmaceutical industry, emphasizing the need for domestic substitution and enhancing the safety and stability of the supply chain [2][3] - The report highlights key recommended stocks such as Titan Technology (688133.SH), Aladdin (688179.SH), and Nawei Technology (688690.SH) as core targets for investment [1] Group 2 - The domestic innovation-driven substitution is expected to rapidly increase the domestic substitution rate in the biopharmaceutical market, which is becoming a new emerging market due to its large population and growing demand [3] - The high-end market for life science products has been dominated by European and American companies, but there is significant potential for domestic alternatives to emerge [3] - The cost pressure on imported brands due to tariffs is expected to create a favorable environment for domestic brands, enhancing their competitiveness [4]

Investment Rating - The report assigns an "Overweight" rating for the industry [2][10]. Core Insights - The upstream research and development pharmaceutical sector is a crucial part of China's key industrial chain, with a focus on domestic substitution accelerated by the impact of U.S. tariff events [4]. - The biopharmaceutical industry is recognized as a strategic emerging industry, with various supportive policies from the government aimed at increasing the domestic supply rate of high-end products [5]. - The domestic innovation-driven substitution is expected to enhance the domestic substitution rate rapidly, as the Chinese market is becoming a new emerging market for life science products due to its large population and growing demand [5]. - The cost pressure on imported brands due to tariffs is likely to highlight the cost-effectiveness of domestic brands, creating a favorable environment for domestic companies like Titan Technology, Aladdin, and Nanwei Technology [5]. Summary by Sections - **Policy Benefits**: The biopharmaceutical industry is classified as a strategic emerging industry, with government policies promoting domestic substitution and innovation [5]. - **Market Growth**: The life science products market in China is projected to grow rapidly, with significant opportunities for domestic companies to replace imported products [5]. - **Competitive Advantage**: Companies with strong R&D capabilities that can match or exceed the performance of imported products are expected to thrive in the competitive landscape [5].