（来源：E药资本界） 2025年，中国医药健康产业正式迈入"创新深化+全球突围"双轮驱动的关键阶段。以小核酸、 PROTAC、CGT为代表的新兴疗法从临床验证加速迈向商业化兑现，ADC、双抗、TCE等前沿技术引领 创新药疗法升级；国产高端医疗设备与外周介入器械在中高端市场实现关键突破，国产替代进程持续提 速。 产业变革浪潮中，头部券商的深度研判成为穿透行业迷雾、把握核心机遇的重要指引。 2025年度中国券商十大医药技术研报汇聚来自华福证券、西南证券、国金证券、中信建投证券、国盛证 券、兴业证券、天风证券（维权）、平安证券、开源证券、东吴证券医药首席分析师精选的重磅报告， 覆盖技术迭代、产业趋势、全球化布局等核心议题。 这些报告不仅解码了技术突破的核心逻辑与商业化落地的关键节点，更精准捕捉了行业价值重构的新范 式，为产业从业者、投资者及行业观察者提供了兼具深度与前瞻性的权威参考。 接下来，让我们聚焦十大券商研报的核心精华，共探医药产业创新与增长的核心密码。 01 华福证券研究所副所长、医药首席分析师陈铁林 《小核酸行业深度：技术平台和适应症不断验证，迎来销售和临床密集兑现期》 ▲图为华福证券研究所副所长、医药首 ...

Core Viewpoint - The development of innovative medical devices is closely tied to the growth of the ecosystem, with Contract Development and Manufacturing Organizations (CDMO) playing a crucial role, particularly in high-value medical devices, which are currently underrepresented in China compared to the biopharmaceutical sector [3][5]. Summary by Sections Development of CDMO in Medical Devices - Since the implementation of the Medical Device Supervision and Administration Regulations in 2021, the contract manufacturing model has been promoted nationwide, yet no large-scale CDMO provider has emerged in the medical device sector akin to WuXi AppTec in biopharmaceuticals [3][5]. - The Shanghai government has launched an action plan aiming for significant growth in the high-end medical device industry by 2027, including the approval of over 500 new Class III medical device registrations domestically and over 100 products approved in overseas markets [3]. Comparison with Biopharmaceutical CDMO - Biopharmaceutical CDMO is likened to "heavy industry" due to its standardized processes and significant market value, while medical device CDMO resembles "precision handcrafting," characterized by non-standardized products and a fragmented market [5][6]. - The complexity and diversity of medical devices, which require extensive engineering and specialized knowledge, make it challenging to establish a comprehensive CDMO platform [8]. Market Dynamics and Trends - The current commercial opportunities for medical device CDMO face challenges, with a slowdown in industry growth compared to previous years [7]. - The medical device sector's reliance on proprietary technology and intellectual property complicates the outsourcing model, making it difficult to find a balance in the CDMO business model [8][9]. - The trend in the industry is moving towards specialization and division of labor, with larger companies outsourcing non-core functions to CDMO to focus on innovation and cost reduction [11][12]. Future Outlook - As the industry matures, the professional capabilities of domestic CDMO are expected to improve, leading to increased collaboration between companies and CDMO platforms [13]. - The establishment of a medical device registration system is seen as a positive trend, promoting orderly development and optimizing resource allocation within the industry [13]. - Experts predict that as China's production capabilities and quality management systems improve, the CDMO sector will experience greater opportunities for growth [13].

Group 1: Industry Development Goals - Shanghai has issued an action plan to promote the high-quality development of the high-end medical device industry, aiming to approve over 500 new domestic Class III medical device registrations and over 100 products in overseas markets by 2027 [1] - The plan also targets the cultivation of two leading enterprises with annual output exceeding 10 billion yuan and the establishment of three high-end medical device industrial clusters [1] Group 2: CDMO Landscape - The development of medical device CDMO (Contract Development and Manufacturing Organization) in China faces challenges compared to the biopharmaceutical sector, which is more standardized and conducive to large-scale operations [2][6] - Currently, there are few large-scale CDMO platforms for high-value medical devices in China, with most CDMO services limited to low-value consumables [1][2] Group 3: Market Dynamics and Trends - The medical device industry is characterized by a fragmented market and a high degree of customization, making it less conducive to the emergence of large CDMO players [2][6] - Some companies, like Waterwood Oriental and Paisen Technology, are providing one-stop CDMO services for high-value medical devices, indicating a shift towards integrated service offerings [2] Group 4: Outsourcing Preferences - Many established medical device companies prefer to build their own production lines to maintain control over core technologies and supply chains, while outsourcing is often driven by cost efficiency and the need for specialized capabilities [4][5] - The decision to use CDMO services often depends on the company's development stage, with early-stage companies more likely to outsource production [4][5] Group 5: Challenges in CDMO Commercialization - The commercialization of CDMO services in the medical device sector faces bottlenecks, with many platforms struggling to find a sustainable business model due to the complexity and variability of medical devices [6][9] - The need for significant investment and adherence to industry standards complicates the establishment of a comprehensive CDMO platform in China [6][9] Group 6: Future Outlook - The development of CDMO platforms is expected to help Chinese medical device companies expand into international markets, with some platforms already establishing R&D and manufacturing centers abroad [13][14] - As the industry matures, the specialization and professional capabilities of CDMO services are anticipated to improve, fostering a more collaborative ecosystem [12][13]

Core Viewpoint - The development of high-end medical device industry in Shanghai aims to enhance global competitiveness, with specific targets set for 2027, including over 500 new domestic third-class medical device registrations and over 100 products approved in overseas markets [1] Group 1: Industry Overview - The medical device CDMO (Contract Development and Manufacturing Organization) sector is compared to "precision handicrafts," indicating a more specialized and fragmented market compared to the "heavy industry" nature of biopharmaceutical CDMOs [3][5] - The market size of China's medical device industry is projected to reach 1.2 trillion yuan (approximately 1.2 trillion CNY) by 2024, highlighting significant growth potential [3] Group 2: CDMO Development and Challenges - Despite the growth potential, the medical device CDMO sector faces challenges, including a lack of large-scale providers akin to WuXi AppTec in biopharmaceuticals, and a predominance of low-value consumables in the current CDMO offerings [1][3] - The complexity and non-standard nature of medical devices make it difficult to establish a mature CDMO ecosystem, as the industry requires significant investment and expertise across multiple disciplines [6][7] Group 3: Market Dynamics and Trends - Many medical device companies prefer to build their own production lines to maintain control over core technologies and supply chains, with outsourcing primarily driven by cost efficiency and access to specialized capabilities [5][10] - The trend towards self-built production systems is evident as companies progress to mass production stages, although initial stages may benefit from CDMO partnerships [5][10] Group 4: Future Outlook - The future of medical device CDMOs in China is expected to improve as companies focus on specialization and collaboration with academic and research institutions, enhancing the overall ecosystem [7][12] - The integration of CDMO platforms into global supply chains is crucial for the competitiveness of Chinese medical device companies, with some platforms already establishing international R&D and manufacturing centers [12][13]