证 券 研 究 报 告 行业周报 医药供给端变量增加 医药行业周报 投资评级： 报告日期： 推荐 （ 维持 ） 2026年03月01日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1.供给端变量增加，提价范围进一步扩大 受反内卷、两用物项管理、反倾销等一系列政策影响，医药供给端变量增加，促进价格周期的转变。首先原料药产业供给 端变化最为敏感，青霉素产业链已开始价格的反弹。2026年1月末，印度商工部外贸总局（DGFT）发布对青霉素工业盐、 6-APA和阿莫西林的进口限价，其中6-APA限价为3405 印度卢比/公斤，截止日期至 2027-01-28。按照印度的限价标准，6- APA折合人民币约260元/kg，高于目前出口报价，国内企业已开始逐步提高报价。2月25日起星湖伊品计划对赖氨酸、苏氨 酸及小品种氨基酸上调50-300元/吨，同日，象屿生化苏氨酸报价上调300元/吨。从产能供给来看，包括赖氨酸、苏氨酸和 蛋氨酸在内的饲用氨基酸添加剂供给都过剩，但2025年下半年以来价格普遍处于低位，行业开工率普遍不足，产量的 ...

2026 年 02 月 28 日 投资央山医疗，加速产业协同 买入(首次) 事件 | | | | 基本数据 | 2026-02-27 | | --- | --- | | 当前股价（元） | 87 | | 总市值（亿元） | 93 | | 总股本（百万股） | 107 | | 流通股本（百万股） | 72 | | 52 周价格范围（元） | 36.96-87 | | 日均成交额（百万元） | 98.48 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -20 0 20 40 60 80 100 120 (%) 爱迪特 沪深300 相关研究 —爱迪特（301580.SZ）公司事件点评报告 爱迪特于 2026 年 2 月 27 日官宣以产业战略投资人身份完成 对上海央山医疗科技有限公司（以下简称"央山医疗"） Pre-A+轮战略投资。 爱迪特于 2026 年 1 月 30 日发布新品 3DPro zir Ultra。 投资要点 ▌战略投资央山医疗，完善数字化齿科生态布局 公司战略投资央山医疗，有助于在口腔种植领域构建"材料+ 设备+服务"一体化的数字化诊疗生态。公司主营业务为氧化 锆瓷块等口腔修复材料，并于 ...

2月27日，《证券日报》记者从国内口腔数字化领域企业爱迪特（301580）获悉，该公司以产业战略投 资人身份完成对上海央山医疗科技有限公司(以下简称"央山医疗")Pre-A+轮战略投资。此次合作将联动 爱迪特的产业资本与渠道资源，以及央山医疗在齿科硬科技领域的研发能力，聚焦"材料+设备+服 务"全链条生态构建。 投资完成后，爱迪特将依托其深耕齿科领域近二十年的产业基础，从市场渠道、产业落地等方面为央山 医疗提供支持，推动双方资源融合，加快数字化齿科生态闭环落地。 作为投资方，爱迪特主营口腔修复材料及数字化解决方案，已形成完整的口腔材料与设备研发、生产、 销售体系，核心产品包括氧化锆瓷块、玻璃陶瓷等口腔修复材料，以及CAD/CAM等数字化设备，产品 覆盖全球120多个国家和地区，境外收入占比近70%。其在数字化种植修复领域的技术积累与全球化营 销网络，将为央山医疗的商业化推进提供支持。 被投资方央山医疗专注于齿科硬科技领域，聚焦机器人、人工智能及无源类创新医疗（002173）器械的 研发与产业化，主要为口腔及颌面外科手术提供全流程解决方案。该公司核心团队具有国际化背景，成 员来自国内外顶尖高校、科研机构及行业龙 ...

市场应该重点关注下游可传导价格的产品，比如氧化锆粉体、氧化锆瓷块，最利好的就是爱迪特（主产瓷块，参 股粉体公司）、国瓷材料（粉体瓷块一体化）。 价差80倍，东曹粉体的氧化钇成本已经超过了终端产品售价，涨价是100%的事情。 价差80倍，东曹粉体的氧化钇成本已经超过了终端产品售价，涨价是100%的事情。 氧化钇海内外价差80倍，历史罕见，短期中日对立基本无反转可能。 氧化钇海内外价差80倍，历史罕见，短期中日对立基本无反转可能。 市场应该重点关注下游可传导价格的产品，比如氧化锆粉体、氧化锆瓷块，最利好的就是爱迪特（主产瓷块，参 股粉体公司）、国瓷材料（粉体瓷块一体化）。 ...

Group 1: Capacity Expansion and Production Plans - The construction of the dental industry park is progressing as planned, expected to commence production in the second half of 2026, which will significantly enhance overall capacity [2] - The company plans to release new park capacity in phases, aligning with market demand and order forecasts to ensure efficient utilization of new capacity [2] Group 2: Market Positioning and Business Strategy - The company focuses on providing dental materials, equipment, and complete digital solutions to dental labs and clinics, without directly engaging in downstream operations [2] - Continuous technical output and capacity empowerment are employed to provide comprehensive digital solutions to downstream partners [2] Group 3: Overseas Market Growth Factors - The overseas market growth is driven by three main factors: enhanced product competitiveness, solid customer relationships in Europe and the US, and effective supply chain and service advantages [3] - The company has deepened cooperation with key clients, leading to increased customer coverage and penetration rates [3] Group 4: Investment in Raw Material Supply - The investment in Jingdezhen Wanwei Powder Co., Ltd. aims to stabilize the supply chain and enhance collaborative research and development for the specific requirements of zirconia ceramic block products [4] Group 5: Profitability in Overseas Markets - The higher gross margin in overseas markets compared to domestic markets is attributed to the product structure differences and benefits from export tax rebates, which lower overall export costs [5]

Group 1 - Aidi Te (Qinhuangdao) Technology Co., Ltd. experienced a stock price increase of 5.02%, reaching 46.42 CNY per share, with a trading volume of 52.22 million CNY and a turnover rate of 1.59%, resulting in a total market capitalization of 4.947 billion CNY [1] - The company, established on March 15, 2007, specializes in the research, production, and sales of internationally competitive zirconia ceramic blocks and other dental restoration materials, with its main business revenue composition being 73.74% from dental restoration materials, 19.80% from dental digital equipment, and 6.46% from other products and services [1] Group 2 - Galaxy Fund has a significant holding in Aidi Te, with the Galaxy Medical Mixed A Fund (011335) holding 650,600 shares, accounting for 5.66% of the fund's net value, making it the eighth largest holding [2] - The Galaxy Medical Mixed A Fund, established on June 17, 2021, has a current size of 503 million CNY and has achieved a year-to-date return of 13.29%, ranking 5344 out of 8155 in its category [2]

Core Viewpoint - The company is focused on managing foreign exchange risks and enhancing its product offerings in the dental restoration materials market, while also expanding its market presence both domestically and internationally [2][3]. Group 1: Financial Performance - As of December 26, 2025, the company's stock closed at 43.19 yuan, down 1.03%, with a turnover rate of 1.17% and a trading volume of 8,405 shares, amounting to a transaction value of 36.48 million yuan [1]. - On December 26, there was a net inflow of 179.15 million yuan from institutional investors, indicating a positive short-term sentiment towards the stock [4]. Group 2: Foreign Exchange Risk Management - The company acknowledges that exchange rate fluctuations can impact its foreign exchange gains and losses, particularly as a significant portion of its revenue comes from overseas markets [2]. - The company implements strict foreign exchange risk management policies, including adjusting settlement currencies and periods, and engaging in foreign exchange hedging to mitigate risks [2][3]. Group 3: Product Development and Market Strategy - The company has invested in a multi-dimensional funding system for zirconia blocks, with plans to increase R&D efforts in core areas to strengthen its technological barriers and market competitiveness [2]. - The company has developed a high-end product, 3DPro zir, which has received multiple international awards, and plans to continue optimizing R&D funding and expanding sales channels [3]. - The company employs a "scholarly-driven + channel deepening" marketing strategy, focusing on industry exhibitions and academic exchanges to promote its products and build brand recognition [3]. Group 4: Competitive Positioning - The company emphasizes that it does not follow a low-price strategy and has made significant investments in materials and technology to maintain a competitive edge in the zirconia dental restoration market [2]. - The company aims to enhance its product structure and increase the proportion of high-value-added products to maintain stable overall profitability [3].

Group 1 - The core viewpoint of the article highlights that Aidi Te (301580) has a leading market share in the domestic professional denture processing field for zirconia ceramic blocks [1] - The company employs a "academic-driven + channel deepening" precise promotion strategy for product marketing and brand building [1] - Marketing efforts are primarily conducted through industry exhibitions and academic exchange meetings, focusing on vertical promotion channels in the dental sector [1]

Group 1 - The company has established a multi-dimensional funding investment system for the raw materials, production, and product aspects of zirconia ceramic blocks [2] - The company plans to continue increasing its R&D efforts in core areas to strengthen its technological barriers and market competitiveness [2]

Core Viewpoint - Aidi Te, a leading domestic manufacturer of dental zirconia, is set to be listed on the Shenzhen Stock Exchange in June 2024, showcasing its competitive edge in the international market for dental restoration materials [1] Group 1: Business Performance - In Q3 2025, Aidi Te achieved a revenue of 747 million yuan, ranking 27th among 50 companies in the industry, while the industry leader, Yingke Medical, reported revenue of 7.425 billion yuan [2] - The net profit for the same period was 141 million yuan, placing Aidi Te 22nd in the industry, with the top performer, Lepu Medical, earning 999.6 million yuan [2] Group 2: Financial Health - Aidi Te's debt-to-asset ratio stood at 11.74% in Q3 2025, slightly up from 11.50% year-on-year, significantly lower than the industry average of 23.66%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 52.13%, down from 52.92% year-on-year, yet still above the industry average of 48.78%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-shares shareholders increased by 4.66% to 9,851, while the average number of circulating A-shares held per account decreased by 4.46% to 7,310.63 [5] - Future revenue projections for 2025 to 2027 are 1.034 billion yuan, 1.205 billion yuan, and 1.407 billion yuan, with year-on-year growth rates of 16.4%, 16.56%, and 16.73% respectively [5] Group 4: Business Highlights - Aidi Te's overseas business saw a strong growth of approximately 34% in H1 2025, with expectations for continued rapid growth in international revenue [5] - The core business of restoration materials experienced a revenue increase of 19.19% year-on-year, reaching 358 million yuan in H1 2025 [5] - The company is expanding its production capacity with the "Aidi Te Dental Industry Park" project, which aims to add 1.96 million zirconia blocks and 6.8 million glass-ceramic blocks by 2026 [5]