据悉，华大智造成立于2016年，致力于以基因测序技术为核心的多组学技术推动科研方向的突破以及临 床应用转化，协同生命科学与生物技术行业上下游构建开放、合作、共赢的产业生态。截至2025年6月 30日，业务布局遍布六大洲110多个国家和地区，在全球已建立9大研发中心、7大生产基地以及13个客 户体验中心，服务累计超过3,560用户。 作为生命科技核心工具的提供方，华大智造不仅实现了对"激发光""自发光""不发光"三种技术路径基因 测序产品的全方位战略布局，更是全球首个同时拥有大规模商业量产级短读长与长读长测序产品的企 业。 编辑：姜雨晴 文/郭怡琳 近日，有传闻称，"华大智造下场造车"。 10月23日晚间，华大智造方面澄清，"我们已经关注到了市场上关于华大智造'造车'的讨论，我们想澄 清一下：一是我们并非'造车'，而是'用车'作为移动平台。在过去数年，搭载华大智造核心设备的自动 化乳腺超声移动车、移动考古车、移动生态检测车、5G远程超声机器人移动车、移动核酸检测车等多 个移动平台，在义诊服务、推动优质医疗资源下沉、应对突发公共卫生事件上，均作出了可圈可点的贡 献；二是我们的业务方向始终聚焦且清晰，公司所有资源投 ...

Investment Rating - The industry investment rating is "Outperform the Market" [52] Core Views - The report emphasizes the ongoing disruptions caused by the US-China tariff policies and suggests focusing on opportunities in non-US markets and import substitution [4][9] - The report highlights that the adjustment of tariffs is expected to impact the trade of pharmaceutical products between China and the US, while companies primarily exporting to markets outside the US will be less affected [4][9] Summary by Sections Tariff Policy Overview - Since April 2, 2025, the US government has imposed a 34% "reciprocal tariff" on Chinese goods, with frequent adjustments to tariff rates and exemptions for certain pharmaceutical products [4][5] - As of April 11, 2025, the tariff rates for bilateral trade between China and the US have been adjusted to 125%, with China indicating it will not respond to further tariff increases from the US [5] Opportunities in the Biopharmaceutical Sector - The report identifies potential for domestic products to increase market share in the blood products sector due to tariff impacts, particularly for albumin, where US imports are significant [9] - It suggests monitoring companies such as Palin Bio, Tiantan Bio, and Huashan Bio for potential growth in market share as import costs rise [9] Medical Devices - The report notes that the tariff policies and anti-dumping investigations are likely to accelerate the domestic substitution process in medical devices, particularly in electrophysiology and imaging fields [10] - Companies like Yirui Technology and United Imaging are highlighted as making progress in domestic production capabilities [10] Investment Strategies - The report recommends focusing on "innovation," "overseas expansion," "equipment upgrades," and "consumption recovery" as key investment themes [12] - Specific companies to watch include BeiGene, Mindray, and Xiamen Innovax for their innovative products and overseas market potential [12] Key Companies to Watch - Notable companies include: - **Nocera Biopharma**: Expected to achieve significant revenue growth with its core product, demonstrating strong cash flow and reduced losses [13][14] - **Sino Biopharmaceutical**: Rapid revenue growth with a focus on innovative products and a strong pipeline [18] - **Kexing Biopharma**: Stable domestic business with promising overseas expansion [18] - **Wuxi Biologics**: Recognized for its strong technical capabilities and expanding overseas operations [22] Market Performance - The report notes a decline in the pharmaceutical sector, with a 5.61% drop in the past week, while the overall market saw a smaller decline [31][42] - The biopharmaceutical sector is highlighted as having the smallest decline among sub-sectors, indicating relative resilience [44]