2026 年 02 月 01 日 证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 降息等多因素支持科研上游持续复苏，重点 推荐皓元医药、奥浦迈等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 医药生物 沪深300 相关研究 《mRNA 疫苗龙头释放积极临床数据 信号，建议关注悦康药业、康希诺等》 2026-01-26 《JPM 2026 最前线观察：中国创新药 再次成为全球焦点！》 2026-01-18 东吴证券研究所 1 / 37 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为-3.31%、3.14%，相对沪深 300 的超额收益分别为-0.56%、2.51%；本周、年初至今恒生生物科技指数 涨跌幅分别为-3.24%、8.76%，相对于恒生科技指数跑赢-1.87%、5.09%； ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, with a focus on companies like Haoyuan Pharmaceutical and Aopumai [1]. Core Insights - The report highlights a recovery in the upstream research sector supported by interest rate cuts and other factors, indicating a renewed focus on early-stage research projects by pharmaceutical companies [4][16]. - The A-share pharmaceutical index has shown a year-to-date increase of 3.14%, outperforming the CSI 300 index by 2.51% [4]. - The report emphasizes the importance of innovation in drug development, particularly in early-stage projects, and suggests that the demand for life sciences services will increase as funding becomes more available [4][16]. Summary by Sections Industry Trends - The A-share pharmaceutical index has decreased by 3.31% this week, while the Hang Seng Biotechnology Index has decreased by 3.24% [4][9]. - The report notes that the pharmaceutical sector is experiencing a rebound in demand, driven by both domestic and international factors, including a resurgence in IPOs and funding opportunities [16][18]. Research and Development Progress - The report details significant advancements in innovative drugs and improved drugs, with several companies submitting applications for new drug approvals [20]. - Companies like Roche and Relay Therapeutics are making strides in clinical trials, with Roche submitting an application for Giredestrant for breast cancer treatment [4][20]. Recommended Stocks - The report suggests focusing on specific companies based on sub-industry strengths, including: - CXO and upstream research services: WuXi AppTec, Haoyuan Pharmaceutical, Aopumai, and King’s Ray Biotechnology [12]. - Traditional Chinese medicine: Jichuan Pharmaceutical, Zuoli Pharmaceutical, and Fangsheng Pharmaceutical [12]. - PD1 PLUS: 3SBio, Kangfang Biotech, and Innovent Biologics [12]. - ADC: InnoCare Pharma and Kelun-Biotech [12]. - AI drug development: Jingtaikong Holdings [12].