美伊冲突释放缓和信号，今日亚太股市集体反弹，生物医药板块再度大涨！同类0.15%最低档费率的恒生生物 科技ETF汇添富（513280）大涨近6%，盘中放量成交超2.2亿元！热门成分股多数大涨，三生制药涨超11%， 康方生物、信达生物、药明生物涨超6%，药明康德涨超5%（标的指数成分股仅做展示，不作为个股推介）。 A股方面，生物医药ETF汇添富（159839）大涨近4%强势冲击四连阳，近60日净流入超1.8亿元！热门成分股 多数飘红，百利天恒涨超11%，凯莱英二连板，荣昌生物、君实生物-U涨超9%（标的指数成分股仅做展示， 不作为个股推介）。 【盈利拐点+出海加速+学术会议，创新药催化密集！】 方正证券指出，创新药受"盈利拐点+出海加速+数据催化"密集，兼具战争免疫属性，继续强烈看好： 1）创新药进入盈利周期，头部创新药公司密集进入盈亏平衡点。龙头创新药公司百济神州、信达生物等率先 实现盈利。创新药回调超半年，向下空间有限，且基本面基本不受美伊战争和经贸关系影响，具备很强的避险 属性。且与2022年加息周期所处时期不同，创新药如今已进入盈利周期，具备自身造血能力，估值受降息预期 变化影响大幅减弱。 3） 数据催 ...

证券研究报告 康龙化成 (300759 CH/3759 HK) 2026 年 3 月 31 日│中国内地/中国香港 医疗服务 公司 25 年实现收入 140.95 亿元（yoy+14.8%）、经调整 non-IFRS 归母净 利 18.16 亿元（yoy+13.0%），符合业绩预告预期；其中 4Q25 收入/经调 整 non-IFRS 归母净利 yoy+15.9%/+18.0%，qoq+10.0%/+25.2%，公司整 体业绩积极提速。公司客户询单量持续向好，25 年新签订单金额同比增长 超 14%（较 1-3Q25 的超 13%进一步提速）。根据新签订单和业务趋势， 公司预计 26 年收入将同比增长 12%-18%。考虑下游行业需求持续回暖， 叠加公司实验室服务核心业务能力过硬且其它业务板块日趋成熟，看好公司 26 年实现向好发展。公司 A、H 股均维持"买入"。 毛利率持续提升，现金流积极向好 公司 25 年毛利率为 34.8%（yoy+0.6pct），实验室服务、CMC 等关键业务 经营向好，带动整体毛利率稳中有升。公司 25 年销售/管理/研发费用率分 别为 2.2%/12.3%/4.1%（yoy+0 ...

证券研究报告 昭衍新药 (603127 CH/6127 HK) 港股通 4Q25 新签订单金额显著提速 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 医疗服务 公司 25 年实现收入/归母净利 16.58/2.98 亿元（yoy-17.9%/+302.1%），符 合业绩预告预期；历史期国内行业竞争阶段性加剧的滞后影响下，公司 25 年收入有所下滑，但期内生物资产公允价值变动及资金管理收益助力公司利 润端明显改善。公司 4Q25 收入 6.73 亿元（yoy-1.5%），历史期低质订单 对于公司收入端的负面影响已边际明显减轻。公司 25 年整体在手订单金额 约 26 亿元（yoy+18.2%），新签订单金额约 26 亿元（yoy+41.3%），其 中 4Q25 新签订单金额 9.6 亿元（yoy+118.2%），国内行业下游需求持续 复苏背景下，公司新签订单金额边际显著提速。考虑国内行业需求积极回暖， 叠加公司海外业务持续拓展，看好公司业务中长期成长空间。公司 A、H 股 均维持"买入"评级。 毛利率短期下滑，现金流水平显著向好 盈利预测与估值 综合考虑公司在手订单、费用投入及生物资产 ...

证券研究报告 昭衍新药 (603127 CH/6127 HK) 港股通 4Q25 新签订单金额显著提速 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 医疗服务 公司 25 年实现收入/归母净利 16.58/2.98 亿元（yoy-17.9%/+302.1%），符 合业绩预告预期；历史期国内行业竞争阶段性加剧的滞后影响下，公司 25 年收入有所下滑，但期内生物资产公允价值变动及资金管理收益助力公司利 润端明显改善。公司 4Q25 收入 6.73 亿元（yoy-1.5%），历史期低质订单 对于公司收入端的负面影响已边际明显减轻。公司 25 年整体在手订单金额 约 26 亿元（yoy+18.2%），新签订单金额约 26 亿元（yoy+41.3%），其 中 4Q25 新签订单金额 9.6 亿元（yoy+118.2%），国内行业下游需求持续 复苏背景下，公司新签订单金额边际显著提速。考虑国内行业需求积极回暖， 叠加公司海外业务持续拓展，看好公司业务中长期成长空间。公司 A、H 股 均维持"买入"评级。 毛利率短期下滑，现金流水平显著向好 公司 25 年毛利率为 20.7%（yoy-7.7pct ...

Core Viewpoint - The healthcare sector, particularly the CXO industry, is experiencing a strong recovery driven by stable global outsourcing demand and the success of blockbuster drugs like GLP-1, with significant performance from leading companies in the sector [3]. Group 1: Market Performance - On March 31, the overall market faced adjustments, but the AH healthcare sector showed resilience, with representative healthcare ETFs (512170 and 159137) initially rising over 2% [1]. - The CXO concept stocks performed well against the market trend, with Kailaiying's A-shares hitting the daily limit and closing up 13.54% in Hong Kong [1]. - Zhaoyan New Drug's A-shares initially reached the daily limit, closing up 6.54%, while its Hong Kong shares surged over 15% before closing up 0.67% [1]. Group 2: Company Performance - Kailaiying reported a net profit of 1.132 billion yuan for 2025, reflecting a year-on-year increase of 19.35% [1]. - Zhaoyan New Drug achieved a net profit of 298 million yuan for 2025, a threefold increase year-on-year, despite a nearly 18% decline in revenue [1][2]. - Among the healthcare ETFs, 6 out of 8 A-share CXO leading companies have disclosed annual reports, with three companies (Zhaoyan New Drug, Tigermed, and WuXi AppTec) showing over 100% year-on-year net profit growth [2]. Group 3: Industry Trends - The Hong Kong healthcare ETF (159137) includes 9 leading CXO stocks, with 7 companies reporting double-digit net profit growth and 4 companies exceeding 100% growth [3]. - The CXO industry is undergoing a "leading companies leading the way, structural differentiation" recovery, with a trend of resources and orders concentrating towards larger leading firms [3]. - The industry is characterized by a preference for CDMO over CRO and larger enterprises over small and medium-sized companies [3].

Group 1 - CXO leading companies reported better-than-expected annual results, with Zhaoyan New Drug achieving a net profit of nearly 300 million yuan in 2025, a year-on-year increase of 300% [1][4] - Kailaiying reported revenue and net profit growth, with a net profit of 1.132 billion yuan, representing a year-on-year increase of 19.35% [1][4] - The AH medical sector saw a rise, with medical ETFs (512170) and Hong Kong Stock Connect medical ETF Huabao (159137) both increasing over 2% at one point, and A-shares hitting the limit up [1][4] Group 2 - The CXO content in medical ETFs (512170) and Hong Kong Stock Connect medical ETF Huabao (159137) is 25% and 42%, respectively [2][5] - The Zhejiang Merchants Pharmaceutical team analyzed that the CXO industry is undergoing a clearing process, and they are optimistic about domestic leading CDMO companies and CRO companies benefiting from the recovery of domestic demand [2][5] - The analysis indicates that the fundamental turning point for CXO has appeared and is expected to continue to recover [2][5]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Insights - The introduction of the long-term care insurance system marks a significant policy shift, aiming to establish a nationwide coverage system within approximately three years, which will enhance the market for rehabilitation medical devices and elder care services [2][19]. - The report emphasizes the importance of clinical value in pharmaceutical investments, suggesting a focus on innovative drug and medical device sectors, particularly those that address clinical needs [3][21]. Summary by Sections Market Review - The A-share pharmaceutical and biotechnology index fell by 1.26% over the past two weeks, outperforming the CSI 300 index by 2.31 percentage points but underperforming the ChiNext index by 2.00 percentage points [1][15]. - The Hong Kong Hang Seng Medical Health Index increased by 2.59%, surpassing the Hang Seng Index by 5.10 percentage points [1][15]. Policy Insights - The long-term care insurance system aims to cover all urban and rural residents, with a unified premium rate of approximately 0.3%. The funding mechanism will involve contributions from employers, individuals, and the government [2][19]. - The policy is expected to alleviate the financial burden on families with disabled members and stimulate demand for rehabilitation equipment and elder care services [20][19]. Company Recommendations - The report recommends focusing on companies in the rehabilitation medical device sector, specifically mentioning Xiangyu Medical, Weisi Medical, and Mailande as potential investment opportunities [2][20]. - For innovative drugs, it highlights Yifang Bio-U and Tianshili, while for innovative medical devices, it suggests investing in Mindray Medical, United Imaging, and Weisi Medical [3][21]. Financial Forecasts - The report includes earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, with Tianshili rated as "Buy" and Weisi Medical rated as "Accumulate" [4].

Investment Rating - The report maintains a positive investment rating for the pharmaceutical industry, emphasizing the importance of supply chain (CXO and upstream sectors) for 2026 [4]. Core Insights - The pharmaceutical industry is expected to enter a prosperous performance phase in 2026, driven by a combination of domestic and international demand recovery and innovation iterations [2]. - The report highlights the strong performance of leading companies in the CXO sector, which are expected to benefit from the recovery of both domestic and international markets [3]. - The report identifies specific investment opportunities in the supply chain, particularly in the CDMO sector, as well as in clinical CRO and safety evaluation sectors, which are anticipated to benefit from the domestic innovation wave [3]. Summary by Sections 1. Supply Chain Focus for 2026 - The CXO industry is in an upward trend, with leading companies demonstrating strong performance and the ability to secure large orders due to their integrated platforms and global presence [13]. - The report notes that the performance of clinical CRO and safety evaluation sectors has shown marginal improvement, with expectations for further performance validation in 2026 [14]. - The report emphasizes the potential for significant growth in the peptide therapy market, predicting a market size of approximately $79.6 billion by 2025, with a compound annual growth rate (CAGR) of nearly 15.8% from 2024 to 2030 [26][29]. 2. Market Review and Hotspot Tracking - The pharmaceutical index experienced a decline of 2.77% from March 16 to March 20, 2026, underperforming compared to the broader market indices [45]. - The report indicates that the pharmaceutical sector's transaction volume was approximately 409.68 billion yuan, accounting for 3.30% of the total market transaction volume [67]. - The report highlights the performance of specific stocks, with notable gains from companies like *ST Jingfeng and Sanofi, while others like Changyao and Xiangyu Medical faced significant declines [71]. 3. Investment Recommendations - The report suggests focusing on three lines in the upstream biotechnology sector: 1) companies benefiting from early-stage innovation trends, 2) companies experiencing recovery in new orders, and 3) leading clinical CRO companies that are expected to gain from the innovation wave [43]. - In the CDMO sector, the report recommends companies with a strong foothold in the peptide supply chain, as well as those positioned to benefit from ADC trends and small nucleic acid developments [43].

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating an expected performance in line with the market index over the next six months [5][30]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 5.06% from March 13 to March 26, 2026, which is approximately 0.6 percentage points lower than the index [4][15]. - All sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and in vitro diagnostics sectors experiencing the least decline at 1.97% and 2.84%, respectively. The hospital and blood products sectors had the largest declines at 7.71% and 6.95% [4][16]. - Approximately 17% of stocks in the industry recorded positive returns, while around 83% experienced negative returns during the reporting period [17][20]. - The overall price-to-earnings (P/E) ratio for the SW pharmaceutical and biotechnology industry was approximately 44.86 times as of March 26, 2026, which reflects a decrease in industry valuation [21][30]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 5.06% from March 13 to March 26, 2026 [15]. - All sub-sectors recorded negative returns, with the least affected being medical research outsourcing and in vitro diagnostics [16]. - About 17% of stocks in the industry had positive returns, with the highest gainers and losers identified [20]. 2. Industry News - A significant procurement event occurred on March 24, 2026, regarding the centralized procurement of coronary intervention balloon medical consumables, which attracted attention due to its innovative pricing strategy [28]. - The National Health Commission issued guidelines for evaluating the clinical application of medical technologies, emphasizing the importance of quality and safety in healthcare [25][27]. 3. Company Announcements - Zhejiang Jiuzhou Pharmaceutical Co., Ltd. announced receiving a CEP certificate for its sulfanilamide raw material, indicating compliance with European quality standards [29]. 4. Industry Outlook - The report suggests that the investment risk-reward ratio for the innovative drug sector is improving, with several companies expected to exceed performance expectations during the earnings disclosure period [30][32]. - Recommended stocks for investment include leading companies across various segments such as medical devices, pharmaceutical commerce, aesthetic medicine, and innovative drugs [32][33].

Investment Rating - The report indicates a positive outlook for the company, with management expecting revenue growth of 18%-22% in 2026 [1][17]. Core Insights - The company, WuXi AppTec, reported a revenue of 45.46 billion RMB in 2025, representing a year-on-year growth of 15.8%, with core business revenue reaching 43.42 billion RMB, up 21.4% [4][7]. - The net profit attributable to shareholders was 19.15 billion RMB, a significant increase of 102.6%, although this included investment gains from asset disposals [7]. - The adjusted net profit under Non-IFRS standards was 14.96 billion RMB, reflecting a 41.3% year-on-year increase, with an adjusted net profit margin of approximately 32.9%, up 5.9 percentage points [7][23]. Revenue Breakdown - The chemical business was the standout performer, generating 36.47 billion RMB, accounting for 80% of total revenue, and growing by 25.5% year-on-year [9]. - The TIDES business (oligonucleotides and peptides) saw a remarkable revenue increase of 96% to 11.37 billion RMB, driven by the rising demand for GLP-1 class drugs [10][12]. - The company had an order backlog of 58 billion RMB at the end of the year, marking a 28.8% increase [14]. Market Outlook - The global pharmaceutical R&D spending is projected to grow from 277.6 billion USD in 2024 to 373.1 billion USD by 2029, with the outsourcing ratio expected to rise [20]. - The global pharmaceutical R&D outsourcing market is anticipated to expand from 136.5 billion USD in 2024 to 239.5 billion USD by 2029, with a compound annual growth rate of approximately 11.9% [21]. Financial Performance - The company maintained a gross margin above 40% over the past three years, achieving a gross margin of 47.6% in 2025, an increase of 6.2 percentage points [23]. - Operating cash flow reached 17.2 billion RMB, and free cash flow was 11.7 billion RMB, both showing year-on-year growth of approximately 38.7% and 38.8% respectively [25]. - The company expects capital expenditures of 6.5 to 7.5 billion RMB in 2026, with adjusted free cash flow projected at 10.5 to 11.5 billion RMB [27].