医药生物 2025 年 12 月 29 日 版 行业 《本周申万医药生物指数下跌 0.1%，关注 国内药企出海动态——医药行业周报 (2025/12/15-2025/12/19)》 2025/12/22 《本周申万医药生物指数下跌 1.0%，关注 创新药对外授权动态——医药行业周报 (2025/12/08-2025/12/12) 》 2025/12/14 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 申万宏源研究微信服务号 0.2%,关注对外授权及新品上 —— 医药行业周报（2025/12/22-2025/12/26） 本期投资后示 请务必仔细阅读正文之后的各项信息披露与声明 本 周 申 万 医 药 生 物 指 数 下 看好 相关研究 市场表现：本周申万医药生物指数下跌 0.2%，同期上证指数上涨 1.88%，万得全 A ● (除金融石油石化） 上涨 3.1%。本周医药生物指数在 31 ...

行 业 及 产 业 医药生物 2025 年 12 月 29 日 本 周 申 万 医 药 生 物 指 数 下 跌 行 业 研 究 / 行 业 点 评 证 券 研 究 报 《本周申万医药生物指数下跌 0.1%，关注 国内药企出海动态——医药行业周报 （2025/12/15-2025/12/19）》 2025/12/22 《本周申万医药生物指数下跌 1.0%，关注 创新药对外授权动态——医药行业周报 （2025/12/08-2025/12/12）》 2025/12/14 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 0.2%，关注对外授权及新品上市 看好 —— 医药行业周报（2025/12/22-2025/12/26） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 告 相关研究 ⚫ 市场表现：本周申万医药生物指数下跌 0.2%，同 ...

Core Viewpoint - The SMO (Site Management Organization) landscape is stable, and the industry is expected to enter a new growth cycle, driven by the increasing demand for clinical trials and the recovery of innovative drug development [13][20][31]. Market Review - The CITIC Pharmaceutical Index decreased by 0.19%, underperforming the CSI 300 Index by 2.14 percentage points, ranking 26th among 30 primary industries [6]. - The top ten stocks by growth this week included Hongyuan Pharmaceutical and Luyuan Pharmaceutical, with growth rates of 59.43% and 37.34% respectively [5][6]. Overall Viewpoint and Investment Themes - The innovative drug sector is transitioning from quantity to quality, emphasizing differentiated products and international pipelines, with a focus on companies that can deliver profits by 2025 [8]. - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, and home medical devices are benefiting from subsidy policies [8]. - The CXO and life sciences services sector is expected to see a rebound in investment, with a focus on high-growth potential companies as the industry recovers from previous downturns [8]. SMO Industry Insights - The number of clinical trials in China is steadily increasing, with a projected 4,900 new drug clinical trials in 2024, reflecting a 13.9% year-on-year growth [17]. - The SMO industry is expected to reach a market size of 35 billion yuan by 2030, driven by the rising complexity of clinical trials and the demand for high-quality services [17][20]. - The introduction of AI technology in SMO processes is anticipated to enhance efficiency and reduce costs, particularly in labor-intensive tasks [25]. Investment Recommendations - The medical device sector is recommended for investment, particularly in imaging equipment and home medical devices, which are expected to see significant growth due to policy support and market recovery [46]. - The low-value consumables market is also showing signs of improvement, with domestic manufacturers experiencing a rebound in orders as inventory levels normalize [47]. - The pharmaceutical retail sector is poised for growth due to the acceleration of prescription outflow and an improving competitive landscape, particularly for listed chain pharmacies [53]. Specific Company Insights - Companies like Pusens and Tianzhong have shown resilience and growth in their operational metrics, with Pusens improving its gross margin from 16.23% in Q1 2025 to 25.58% by Q3 2025 [22]. - The domestic SMO market is still in its early stages, with the top five players holding approximately 25-30% market share, indicating potential for consolidation and growth [27]. - The life sciences service sector is expected to benefit from increased domestic and international demand, with a focus on companies that can leverage their capabilities for growth [52].

www.hczq.com 证券研究报告 | 医药生物 | 2025年12月27日 华创医药投资观点&研究专题周周谈 · 第156期 SMO格局稳固，行业有望开启成长新周期 本周专题联系人：王宏雨 华创医药团队： | 首席分析师 郑辰 | | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | --- | --- | --- | | 联席首席分析师 | 刘浩 | | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 | | 李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 | 高初蕾 | | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 分析师 王宏雨 | | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 分析师 朱珂琛 | | | 执业编号：S0360524070007 | 邮箱：zhukec ...

2023 年 12 月，和誉医药与默克就匹米替尼订立独家许可协议。根据协议条款，默克获得匹米替尼在中 国内地、中国香港、中国澳门及中国台湾地区所有适应症进行商业化的独家授权，并拥有全球商业化权 利的独家选择权。 12月22日，国家药监局（NMPA）官网显示，盐酸匹米替尼胶囊通过 CDE 优先审评程序获批上市，用 于治疗手术切除可能会导致功能受限或出现较严重并发症的症状性腱鞘巨细胞瘤（TGCT）成年患者。 匹米替尼（Pimicotinib，研发代号：ABSK021）是由和誉医药独立研发的一种新型、口服、高选择性且 高效的小分子 CSF-1R 抑制剂。 ...