在这样的大背景下，百奥赛图（02315.HK）凭借"双业务线"的布局脱颖而出，成为行业内极具代表性 的"高技术壁垒型产品公司"。 近年来，创新药已成为我国战略性新兴产业的重点发展方向。2025年8月20日，国务院总理李强在北京 调研生物医药产业发展，强调加大科技创新与政策支持，推动生物医药产业升级，并召开座谈会部署创 新药发展重点工作。 回看2024年政府工作报告首次将"创新药"纳入新兴产业重点领域，国务院又出台了《全链条支持创新药 发展实施方案》，明确在研发、临床、注册、支付等环节形成全链条支持体系。党的二十届三中全会更 是提出要健全创新药和医疗器械发展的长效机制，释放出坚定的政策信号。 这背后体现的，是国家从人民健康和产业自主出发的前瞻布局。健康中国战略要求更多满足肿瘤、自 免、罕见病等重大疾病的未被满足医疗需求，而在全球医药产业格局中，创新药也正在成为衡量一国综 合实力和国际竞争力的重要标志。 从"仿制跟随"到"自主创新"，短短十余年间，中国创新药产业经历了跨越式发展。在研发数量上，我国 在研新药数量已跃居全球第二；在产业规模上，一批本土企业通过自主平台和国际合作加速崛起，成为 全球新药版图中不可忽视的 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that the turning point has been reached, and there is optimism regarding the elasticity of the scientific services sector [3][6] - The sector has experienced significant adjustments in funding, and with the combination of fundamental turning points and policy support, a valuation reversal is expected [4] Summary by Sections 1. Funding Situation - As of Q1 2025, the total market value of institutional holdings in the scientific services sector is 3.286 billion, accounting for 0.11% of total fund holdings, indicating a low allocation by institutions [4][12] - From January 1, 2025, to May 7, 2025, the average increase in the scientific services sector was 9%, outperforming the pharmaceutical index by 7.7 percentage points [4][13] 2. Fundamentals - **Revenue**: The average year-on-year revenue growth for core scientific service targets in 2024 is 7.17%, with significant recovery in low-consumption categories [5][23] - **Gross Margin**: The average gross margin for core targets in 2024 is 47.99%, with a gradual recovery expected as cost control and capacity utilization improve [5][25] - **Capital Expenditure**: The total capital expenditure for the sector in 2024 is 4.643 billion, a decrease of 35% year-on-year, indicating a shift towards an investment harvest period [5][29] - **Inventory**: The average inventory turnover rate for core targets in 2024 is 3.7 times, showing an optimization trend [5][39] - **Net Profit Margin**: The average net profit margin for core targets in 2024 is 5.22%, with a slight increase to 5.47% in Q1 2025, indicating a recovery in profitability [5][50] 3. Investment Recommendations - The report recommends focusing on companies with strong growth certainty and clear trends in profitability improvement, highlighting Titan Technology, Haoyuan Pharmaceutical, Bid Medical, and Nanwei Technology as key recommendations [7][53]