而市场对本次科技上涨的时间和空间缺乏历史对比维度的感知，且交易拥挤度高峰后市场分 歧刚刚展露苗头，一旦面临事件催化的减少和基本面验证的空窗期，科技行情短期便有调整风 险。 论据1：时间和空间对比历史经验，本轮已经表现充分 有别于大众的认识 市场普遍认为AI科技作为牛市主线具备持续上行的动量，但我们认为，连续的上涨需要更强 的边际催化和基本面验证。 1）2025年4月的调整过后，截至8月末科技指数已经上涨近100个交易日，涨幅近60%； 2）对比2018年10月-2021年成长板块（半导体、CXO、光伏、电池），以及2012年-2015年 TMT上涨阶段交易节奏，各自在第四波上涨的时间平均是70个交易日左右，涨幅平均60%左 右； 3）后续第五波启动前的调整平均耗时30-40个交易日、回踩前高的幅度在15%-30%不等。 核心结论 当前科技行情的第四波充分演绎后，提示拥挤风险，盘整后期待第五波行情。 2） 换手率： 8月TMT日均换手率6.3%，略低于年初7.5%左右水平，但接近2019和2020年初 曾达到的6.5%左右； 图表1： 科技指数2022年以来走势演绎 资料来源：Wind、iFind、申万宏源研究 ...

See page 5 for analyst certification and important disclosures, including non-US analyst disclosures. Asia Pacific Equity Research 03 September 2025 China Healthcare 1H25 results in a nutshell: Subsector financial divergence implies innovation is the ultimate driver YTD, the MSCI China Healthcare Index and Hang Seng Healthcare Index have Healthcare rallied 70%+/100%+ respectively. This significant outperformance naturally raises the question: "to chase or not to chase?" In our previous note published in Jul ...

今日（9.5），A股创新药强势反弹，生物药ETF（159839）一路走高收涨4.17%，全天成交额超4400万 元！资金面上，生物药ETF（159839）已连续2天获净流入超1500万元！ 长期角度来看，创新药产业链支持政策进一步完善，支付端和进院环节持续优化，创新药产业发展瓶颈 有望解决；同时全球主要央行利率呈降息趋势，利于创新药企业长期估值提升。 中国银河证券认为，医药板块估值经历较长时间调整，近期已呈现显著结构性修复趋势，但公募基金重 仓持仓水平仍低于历史均值，2025年在支持引导商保发展的政策背景下，支付端有望边际改善，创新药 械有望获益。1）持续看好医药创新：下半年创新药BD仍将持续，全球主要央行利率降息趋势有望推动 估值进一步提升。2）医药投融资有望复苏：二级市场行情回暖驱动一级市场投融资回升，CXO及上游 景气度持续向好。3）医疗器械触底回升：招投标数据已有好转，以旧换新积压需求逐步释放。 （来源：中国银河证券20250903《医药行业2025年中报总结》） 【机构评CXO：拐点显现，估值修复】 中信建投证券表示，国内CXO行业经历医药市场投融资遇冷以及新冠大订单带来的高基数影响，23-24 年 ...

Summary of the Conference Call on the Pharmaceutical Industry Industry Overview - The pharmaceutical industry experienced a profit decline in 2019 due to centralized procurement policies, but demand growth during the pandemic provided some relief. By the first half of 2025, segments such as innovative drugs, pharmaceutical commerce, and CXO showed positive growth, although overall profit levels continued to decline [1][2]. Key Insights and Arguments - **Centralized Procurement Impact**: The centralized procurement of medical consumables began in 2020, leading to negative revenue growth for two consecutive quarters by Q4 2023. However, Q1 2024 saw a return to positive revenue growth, indicating a stabilization in high-value consumables [3][4]. - **Sector Performance**: The chemical preparations sector saw significant revenue declines in Q3 and Q4 of 2023, directly linked to centralized procurement policies. The medical consumables sector has faced revenue and profit pressures since 2022, with in vitro diagnostics (IVD) expected to face challenges starting Q4 2024 [5][6]. - **Future Outlook**: The worst period for the pharmaceutical industry is believed to be over, with price issues being resolved. The price levels are relatively low compared to international markets, and a return to positive growth is anticipated in Q2 2025, potentially leading to an overall positive growth for the year [6][7]. Segment-Specific Insights - **CXO Sector**: The CXO sector is divided into demand-driven and supply-driven enterprises. The latter has benefited from the recovery of overseas markets, while domestic demand-driven companies are beginning to show signs of recovery, as evidenced by the performance of companies like Tigermed and Northstar [7][8]. - **IVD Sector**: The IVD sector is under significant pressure due to policy impacts, with a notable 20% decline in Roche's domestic luminescence business. The overall industry growth rate is approximately -15% [12][13]. - **Medical Equipment**: The medical equipment sector has faced continuous declines since Q4 2023, but signs of recovery were noted in the first half of 2025, with companies like United Imaging and Mindray showing varying degrees of recovery [17][18]. Additional Important Points - **High-Value Consumables**: The high-value consumables sector has undergone multiple rounds of centralized procurement, leading to stable or improved performance for many companies. The gross margin levels for high-value consumables have reached a bottom, with certain products like artificial crystals beginning to see the effects of procurement policies [19][20]. - **Internationalization of Domestic Companies**: Domestic high-value consumables companies are enhancing their international capabilities, with significant clinical data published and FDA certifications obtained for products aimed at the U.S. market [23]. - **Market Competition**: The competition in the luminescence industry is intense, particularly among companies outside the top three, which are resorting to price cuts to gain market share, resulting in significant declines in gross margins [13][14]. This summary encapsulates the key points discussed in the conference call regarding the pharmaceutical industry, highlighting the challenges and opportunities within various segments.

证券代码：300149 证券简称：睿智医药 睿智医药科技股份有限公司投资者关系活动记录表 编号：2025-04 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | ■现场参观 □其他 | | 参与单位名称及 | | | | 北京合易盈通资产管理、北京银行上海分行、长鸿资产、长江证券、东北证 券、东方证券、东方证券自营、方正证券、广东庆银投资发展、国金证券、 | | | 国盛证券、国泰海通证券、国投证券、国新证券、华安证券、华福证券、华 | | | 立科技、华泰证券、君宏投资、嘉信基金、开源证券、老鹰基金、南华基金、 | | | 鹏欣集团、平安银行上海分行、上海沣青扬资产管理有限公司、上海摩旗投 | | 人员姓名 | 资管理、上海旭诺资产、上海兆顺私募基金、深圳以林投资控股有限公司、 | | | 天风资管、西部证券、信达证券、银河基金、银河证券、永赢基金、月阑投 | | | 资、招商证券、浙商证券、中泰证券、中信建投、中信证券、重鼎资产、掌 | | | 赢投资等 | | 2025 时间 | ...

今年以来，创新药成为大热版块，备受市场关注。作为聚焦创新药投资标的的恒生创新药指数、恒生港 股通创新药指数，日前迎来新一轮调整，以"提纯"指数成分。 根据调整方案，恒生创新药指数剔除7家公司，成分股数目从36只减少至29只；恒生港股通创新药指数 则剔除5家公司，成分股数目从34只减少至29只。 市场普遍关注的是，此次调整剔除的公司主要为医药外包（CXO）公司，包括委托研究机构 （CRO）、委托生产机构（CMO）和委托研发生产机构（CDMO）。 其中恒生港股通创新药指数剔除的5家CXO公司，之前在指数中的权重合计约20%。但从二级市场表现 看，这5家公司的涨幅均不及指数的整体表现，业内观点认为，剔除之后更能体现创新药产业发展趋 势。 有券商分析师向21世纪经济报道记者表示，CXO公司核心业务是为制药企业与生物科技公司提供研 发、生产及商业化全链条外包服务。其业务模式决定了两点核心特征：一是不直接持有创新药的核心知 识产权，也不参与新药研发风险的承担；二是不涉及创新药专利研发环节，也不享有药品商业化成功后 产生的专利授权收益。 恒生指数指出，这次调整旨在令恒生创新药相关指数可以更准确地反映其指数目标：追踪业务与创 ...

证券研究报告 创新药先行，静待普涨 ——医药2025中报总结 板块投资评级：强大于市|维持 中邮证券研究所 医药团队 盛丽华（首席分析师） SAC编号：S1340525060001 龙永茂（分析师） SAC编号：S1340523110002 陈灿（分析师） SAC编号：S1340525070001 中邮证券 1 1 发布时间：2025-09-02 投资要点 ➢ 医药2025H1：创新药先行，各子板块有望迎来普涨 2025年上半年医药板块指数震荡上行，尤其4月份创新药BD行情带动板块整体快速上涨，在众多板块中排名前列，表现亮眼。医药板块估值溢价率为275.19%， 达到历史76.69%分位，高于历史平均溢价率235.14%，处于2010年以来的相对较高位置，但仍有望持续突破。公募基金医药持仓持续加码，创新药、医疗器械、 CXO受青睐。我们认为，我国基本医保基金收支稳健增长，在医药支付端提供稳定支撑。创新药受益于中国创新药资产储备丰富+临床研发效率高+产业链优势， 出海BD仍有望持续；器械板块招采明显回暖，有望迎来确定性机会。我们看好下半年核心资产的价值回归，建议重视： 1.创新药：长期产业趋势不容忽视。我们认为 ...

阳光诺和（ [Table_StockNameRptType] 688621） 公司点评 临床业务快速增长，创新资产储备丰富 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-09-02 | | [Table_BaseData] 收盘价（元） | 76.90 | | 近 12 个月最高/最低（元） | 86.50/28.90 | | 总股本（百万股） | 112 | | --- | --- | | 流通股本（百万股） | 112 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 86 | | 流通市值（亿元） | 86 | [公司价格与沪深 Table_Chart] 300 走势比较 -16% 32% 80% 128% 176% 9/24 12/24 3/25 6/25 阳光诺和 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：杨馥瑗 1）STC007 注射液：主要适应症为治疗术后疼痛及成人慢性肾脏疾病 相关的中至重度瘙痒。其 ...

Group 1 - The pharmaceutical sector is experiencing positive developments, with a joint initiative from the National Health Commission and other departments aiming to enhance ear and hearing health services by 2030, targeting a coverage of over 90% in prefecture-level cities [1] - The medical device industry is expected to benefit from policy support, particularly in AI and imaging/surgical applications, with significant potential for domestic equipment replacement [1] - The impact of centralized procurement on the medical consumables sector is gradually diminishing, leading to a potential recovery in high-value consumables [1] Group 2 - The innovative drug sector is showing positive performance driven by policy and funding, with expectations for overseas business development and clinical data to catalyze industry upgrades [1] - The Chinese herbal medicine sector is nearing the end of inventory clearance, with attention on beneficiaries of innovation-driven and centralized procurement policies [1] - The CXO sector is seeing improvements in fundamentals, with orders increasing quarterly as the industry enters an upward cycle [1] Group 3 - China's innovative drugs are entering a phase of realization of results, with numerous research and development advancements that are not affected by trade frictions, expected to remain a key investment theme in the pharmaceutical sector through 2025 [1] - The Guotai Innovation Drug ETF (589720) focuses on innovative drug companies in the Sci-Tech Innovation Board, tracking an index of 30 representative high-quality companies, primarily in high-growth biotech, with a 20% limit on daily price fluctuations to better align with sector volatility [1][2] Group 4 - Since the "924 market" rally last year, the Sci-Tech Innovation Drug Index has outperformed major Hong Kong innovation drug indices, with respective gains of 75%, 70%, and 70% during the market rebound from September 24, 2024, to June 30, 2025 [2] - The Sci-Tech Innovation Drug Index may help capture better returns when market risk appetite increases [2]

最近20多年，全球的药物研发模式经历了根本性的转变。生物医药企业曾经的"单打独斗"模式逐渐式 微，药物研发愈加依赖于合作。这一转变的背后，是传统模式难以回避的痛点。要在公司内部完成从药 物发现到生产的全流程，弊端显而易见——企业需要背负沉重的负担，尤其对于小型生物技术公司，研 发门槛大大提高；对于整个行业，各企业的重复性设施与技术建设利用率不高，也造成了大量资源浪 费。 在一个公开案例中，一家小型创新生物技术公司选择与药明康德合作，开发一款口服环肽减重疗法。面 对环肽复杂结构带来的研发挑战，得益于一体化CRDMO平台中多团队的高效协作，药明康德专注于多 肽、寡核苷酸疗法和相关化学偶联物的新分子平台WuXi TIDES与生物学平台紧密配合，快速完成了候 选化合物的生产规模放大；通过WuXi TIDES不同团队的配合与提前布局，实现了从药物发现阶段到后 续工艺优化环节的无缝衔接。最终，从候选化合物优化到GMP生产准备完成，项目用时不到12个月， 药明康德的一体化平台带来的无缝合作为客户抢下宝贵的时间。 全球布局：从一间实验室到世界舞台 在这样的背景下，CXO行业的兴起为新药研发按下了加速键。无论是大型药企还是初创 ...