12月12月，昭衍新药港股股价高开高走，盘中最大涨幅达到21.22%，盘中最高价来到21.54港元，让昭衍新药股价时隔一个月重返20港元大关。 但实际上，昭衍新药此次股价新高之路并不平坦。就在6月17日冲高拉出条长上影线之后，昭衍新药股价却走出了三连跌的"断头铡"行情，并于6月20日盘中 最低触及13.89港元，较17日高点跌去28.73%。但6月23日，昭衍新药迅速止跌，股价转头向上，在7个交易日内收复大量"失地"。 与此同时，恒生医疗保健指数同样在"五连阴"后止跌回弹，6月20日至今，指数最大回弹幅度已达9.45%，港股医药板块显示出继续上攻的势头。在这一背景 下，昭衍新药在7月一路猛攻，最终站上28.70港元高点。 随后，指数继续缓慢爬高至9月上旬，而昭衍新药则在7月29日触高后便开始震荡下跌。 从技术面来看，昭衍新药股价在触高后，股价迅速向BOLL线中轨作技术性回归，并围绕中轨震荡了一个月，直到8月28日才首次触及BOLL线下轨，而从均 线角度来看，此次则是昭衍新药股价自今年6月以来首次回归60日均线。此后到10月3日，公司股价基本沿60日均线波动。 但在10月4日收盘价跌破60日线后，昭衍新药之后股 ...

Core Viewpoint - Zhaoyan New Drug (603127) has seen a significant stock price increase of 9.23%, reaching HKD 24.62, with a trading volume of HKD 391 million, indicating positive market sentiment towards the company [1] Company Analysis - Huatai Securities reports that after experiencing high growth from 2018 to 2022, Zhaoyan New Drug is expected to face order volume and price pressures from 2023 to 2025, but these negative factors are gradually being resolved. Starting in 2026, the company is anticipated to enter a new growth phase driven by domestic recovery and offshore outsourcing [1] - The price of experimental monkeys, a key indicator of supply and demand in the safety evaluation industry, is currently stable at RMB 80,000 to 100,000 per monkey, with a slight upward trend expected as supply-demand dynamics tighten [1] - The report suggests that as the supply-demand gap widens, monkey prices may enter a new upward cycle, having previously reached RMB 150,000 to 200,000 per monkey in 2022 [1] Industry Outlook - Contrary to market concerns regarding the impact of new FDA regulations and the growth potential of overseas business, Huatai Securities believes that the new regulations are primarily focused on the monoclonal antibody sector and have not yet been adopted domestically. In the short term, animal testing will remain the dominant method in global drug safety evaluation for the next 3 to 5 years [1] - Long-term prospects for new methodologies, such as AI and organoids, remain uncertain and will require careful evaluation of transitional results and technological maturity [1] - The report expresses optimism about the collaborative evolution of animal testing and new methodologies, which could drive overall industry development, and highlights the company's proactive positioning in adopting new methodologies to enhance its comprehensive capabilities [1]