晨会纪要 核心结论 分析师 【食品饮料】2026 消费行业投资展望：底部，是走出来的 消费行业呈现底部特征，基本面触底修复构成股价催化剂。政策面（24 年 9 月）领先资金面（25 年 Q3），资金面领先基本面，基本面触底修复构成催 化剂。除了基本面积极的信息开始增多，催化剂也包括：越来越多的公司开 始注重分红和回购，竞争理性背景下格局有所改善，白酒等公司开始清理报 表包袱，企业沟通治理更加透明和国际化。 【保险Ⅱ】保险行业 2026 年度策略：风起之时：财富权益大迁徙下的寿险 价值重估 以估值、弹性、股息率作为筛选维度，建议关注存量成本较低、经营稳健的 【中国太保】，股息率高且欠配明显的【中国平安】，业绩优异、股息率具备 竞争力的【中国人寿 H】，估值低、投资改善幅度大的【中国太平】，推荐权 益投资能力强、弹性大且股息率高的【新华保险】。 【医药生物】百奥赛图（2315.HK）深度报告：技术驱动研发创新，致力于 成为全球新药发源地 盈利预测与评级：预计 2025-2027 年公司营收分别为 13.87/18.09/23.06 亿 元，同比增长 41.5%/30.4%/27.4%，归母净利润 1.47/3.3 ...

临床前产品和服务高速增长，全球化运营海外MNC 认证，已实现规模化动物模型销售。凭借SUPCE、 EGE、ESC/HR 三大基因编辑技术平台，公司积极研究新的动物模型和细胞测定模型，覆盖免疫肿瘤 学、肿瘤学、自身免疫/炎症、神经和代谢等更多疾病领域。利用模型进行药物评价被认为是验证临床 前药物药效的"金标准"，公司验证了自主开发的各类模型的有效性，并实现规模化对外销售。位于南 通、北京大兴、波士顿三大运营动物中心，生产全球顶尖的动物模型，供应链覆盖全球。得益于公司在 动物模型领域的前瞻性布局，模式动物销售额由2019 年的0.50 亿元增至2024 年的3.89亿元，2025 年上 半年实现收入2.74 亿元（同比+56.1%）。 全球新药早研竞争激烈，"千鼠万抗"货架模式提升开发效率，抗体授权推动业绩弹性。传统基于的药物 开发模式难度较高，现阶段药物涵盖的靶点高度集中，产品研发及商业化面临激烈的竞争。公司于2020 年3 月率先启动"千鼠万抗"计划，"抗体货架"模式，一方面节省了研发时间并降低了早期研发的不确定 性，另一方面通过源头平行比较多个靶点，有望协助药企提高研发效率及临床转化的成功率。公司抗体 业务 ...

Core Insights - The eighth China International Import Expo (CIIE) has reached a peak in the importation of exhibits, with a significant number of items arriving at the Shanghai Wusong Port on October 28 [1] Group 1: Import Details - A total of 12 batches and 4.7 tons of exhibits have been imported, including products such as wine, tea, and dried fruits from African countries, as well as juice, honey, and drinking water from New Zealand [1] - Additional items include animal models and decorations to set up an African-themed exhibition booth [1] Group 2: Customs and Logistics - Due to the diverse categories and limited quantities of some exhibited products, exhibitors prefer to use a shared container approach for customs clearance [1] - The Shanghai Wusong Customs has implemented several facilitation measures, including a dedicated area for CIIE goods and an online declaration system for efficient processing [1] - Customs officers are present before the arrival of exhibits to ensure seamless operations in unpacking, inspection, and removal processes, thereby minimizing delays [1]

Investment Rating - The report assigns a "Buy" rating for the stock of YaoKang Bio (688046) based on its performance and growth potential [11]. Core Insights - YaoKang Bio has shown a quarterly acceleration in performance, with a revenue of 576 million yuan for the first three quarters of 2025, representing a year-on-year growth of 12.92%. The net profit attributable to the parent company reached 110 million yuan, up 11.90% year-on-year, and the non-recurring net profit was 93 million yuan, reflecting a significant increase of 29.21% [1][2]. - The functional efficacy business is identified as a key driver of growth, with a revenue of 87.93 million yuan in the first half of 2025, marking a year-on-year increase of 23.69%. New orders have surged by over 40% year-on-year, indicating strong demand [2]. - The establishment of a wholly-owned subsidiary, NiuMai Bio, aims to cultivate a fully human antibody platform, which is expected to become a significant growth engine for the company. The subsidiary has completed comprehensive validation of various human antibody models and is actively engaged in innovative antibody research across multiple therapeutic areas [3]. Financial Performance Summary - For the fiscal years 2025 to 2027, the projected revenues are 790 million yuan, 950 million yuan, and 1.144 billion yuan, respectively, with corresponding net profits of 143 million yuan, 177 million yuan, and 221 million yuan. The earnings per share (EPS) are expected to be 0.35 yuan, 0.43 yuan, and 0.54 yuan, with price-to-earnings (P/E) ratios of 48.79, 39.49, and 31.57 [4][5].

Core Insights - The eighth China International Import Expo (CIIE) is set to open in seven days, with a peak in imported exhibits arriving via maritime distribution channels [1] - A total of 12 batches and 4.7 tons of exhibits, including products from Africa and New Zealand, have arrived at the Shanghai Waigaoqiao Container Terminal [1] - Compared to previous years, the peak arrival of maritime distributed imports has been delayed by about a week [1] Group 1 - The Shanghai Customs has implemented a series of measures to enhance the efficiency of customs clearance for exhibits, including setting up dedicated areas and personnel for the expo [2] - The use of shared container shipping for customs clearance is preferred by exhibitors due to the diverse categories and limited quantities of goods [2] - The customs clearance process has been streamlined with online booking and on-site processing, achieving "zero delay" in customs clearance for exhibits [2]