IVD(体外诊断)

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IVD出海行业专题
2025-10-19 15:58
Q&A 今年医药行业的整体表现如何?未来有哪些值得关注的板块和趋势? 今年以来,医药行业在 31 个一级行业中涨幅排名第 11 位,涨幅为 18.85%。 尽管上周表现较为一般,在 31 个一级行业中涨跌幅排名第 16 位,下跌了 2%,但值得注意的是,一些前期炒作的创新药小票在经历了长达 3 个月、超 过 40%的调整后开始反弹,这是一个积极信号。我们认为,医药行业经过这段 时间的调整后,创新药等板块有望随时启动。具体方向包括创新药及其产业链、 器械耗材出口、医疗设备招采持续改善、原料药价格触底及产能利用率提升, 以及部分中药企业的创新药布局。 创新药板块近期表现如何?未来投资机会如何? 创新药板块近期经历了一波整体调整,并受到中美贸易战风险影响进一步回调。 目前头部公司的调整幅度普遍在 20%至 30%,而中小市值公司许多已经调整 普洛药业原料药业务稳定增长,CDMO 业务快速发展,制剂与原料业务 回归长期成长轨道,有望开启新一轮成长周期。CDMO 研发人员扩充, API 项目储备充足,提供持续增量。 中国 IVD 产品注册量快速增长,国产替代加速。生化诊断、POCT 等领 域国产化率较高。中国 IVD ...
医药一季报和基金持仓告诉了我们哪些信息?
2025-05-08 15:31
Summary of Key Points from the Conference Call Industry Overview - The pharmaceutical industry faced revenue pressure in Q1 2025, with varied performance across segments. Biologics grew by 12% driven by overseas business, hospitals increased by 6.7%, and medical consumables rose by 1.8% [1][3][4]. Core Insights and Arguments - **CXO and IVD Focus**: Public fund holdings indicate that CXO (Contract Research Organization) and IVD (In Vitro Diagnostics) are key market focuses. Companies like WuXi AppTec and Kelun are benefiting from overseas business, with high capacity utilization [1][4]. - **CXO Characteristics**: The CXO sector in Q1 2025 showed strong overseas-driven growth, with improved domestic new orders but overall performance lagging behind international results. Leading companies exhibit strong stability, while smaller firms are relatively weaker [5][6]. - **IVD Sector Decline**: The IVD industry experienced negative growth in Q1 2025, with reagent consumption declining year-on-year. The chemiluminescence sector performed better due to import substitution, while companies like Mindray faced challenges from mature business impacts [1][9]. - **Policy Impact on IVD**: Domestic policies such as DRG 2.0 and medical service price adjustments significantly affected the IVD sector, leading to decreased testing prices and reduced profitability for channels, impacting overall testing volumes [10]. Additional Important Insights - **Medical Equipment Recovery**: The medical equipment sector showed signs of recovery, with a more than 60% year-on-year increase in procurement in Q1 2025, particularly in tertiary hospitals. Expectations for better performance in the second half of the year are optimistic [1][16]. - **Investment Opportunities**: Areas with potential for high growth include innovative drugs, CXO, biologics, and hospital services, driven by new product launches and increased international market demand [7][21]. - **Market Trends**: The medical device sector is expected to improve in the second half of 2025, with procurement demand recovering after a significant decline in 2024 [14][16]. - **International Market Influence**: Chinese medical device companies are seeing significant contributions from international markets, with notable growth rates in overseas business for companies like Mindray and United Imaging [17]. Fund Holdings and Market Sentiment - **Biopharmaceutical Fund Allocation**: In Q1 2025, biopharmaceuticals accounted for 9.2% of the top ten fund holdings, indicating a positive sentiment towards the sector despite a historical trend of under-allocation since 2021 [18][19]. - **Hospital Sector Holdings**: The hospital sector saw a drastic reduction in fund allocation from nearly 18% to just 1%, reflecting uncertainty about sustainable growth in the near term [20]. Conclusion - The pharmaceutical and medical sectors are experiencing a mixed landscape, with certain areas like CXO and innovative drugs showing promise for growth, while IVD faces challenges from policy changes and market dynamics. The overall sentiment remains cautiously optimistic, with potential investment opportunities in recovering sectors.