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 ...

证券研究报告 | 2026年02月26日 2026年02月27日 策略月报 一页纸精读行业比较数据：2 月 投资链：2 月以来有色价格全面上升。25 年 12 月固定资产投资累计同比增 速下降至-3.80%，房地产开发投资累计同比降幅下降至-17.20%，制造业固 定资产投资累计同比增速下降至 0.60%，基础设施建设投资累计同比增速下 降至-1.48%。26 年 2 月以来铜、铝、锌、铅、锡、镍、黄金、白银价格上升； 26 年 2 月动力煤价格持平于 685 元/吨，焦煤价格持平；26 年 2 月普通水泥 平均价格下降；26 年 2 月以来钢材价格下降；26 年 2 月以来轻质纯碱价格 下降；26 年 1 月大型、轻型客车销量当月同比增速下降，中型客车当月同比 增速上升。 消费链：1 月汽车销量同比增速小幅回升。2025 年 12 月社消额当月名义同 比增速回落至 0.90%，累计名义同比增速回落 3.70%；25 年 12 月消费者信心 指数下降至 89.50；2025 年 12 月商品房销售面积累计同比增速降幅扩大， 增速下降至-9.53%；2026 年 1 月汽车销量当月同比增速上升至-3.18%；2 ...

Investment Chain - Non-ferrous metal prices have risen since February 2026, with fixed asset investment growth in December 2025 declining to -3.80%[1] - Real estate development investment in December 2025 saw a year-on-year decline of 17.20%[1] - Manufacturing fixed asset investment growth in December 2025 decreased to 0.60%[1] - Infrastructure investment growth in December 2025 fell to -1.48%[1] Consumption Chain - In December 2025, the nominal year-on-year growth rate of social consumption fell to 0.90%, with a cumulative decline of 3.70%[2] - The consumer confidence index in December 2025 dropped to 89.50[2] - In January 2026, automobile sales saw a year-on-year growth rate increase to -3.18%[2] - Home appliance retail sales in December 2025 experienced a year-on-year decline of 14.25%[2] Export Chain - In December 2025, exports to Japan and ASEAN saw a year-on-year growth increase, while exports to the US and EU declined[3] - The export growth rate for electronic products in December 2025 rose to 37.25%[3] - Textile export value in December 2025 decreased by 4.23% year-on-year[3] - Mechanical export value in December 2025 increased by 6.60% year-on-year[3] Price Chain - As of February 2026, the price of pork decreased to 12.75 yuan/kg[4] - WTI crude oil price increased to $65.63 per barrel on February 24, 2026[4] - PVC spot price rose to 4770 yuan/ton on February 24, 2026[4] - The average price of coal in Qinhuangdao increased in February 2026[4]

经济观察报 记者 刘晓诺 实习记者 田韫莘 杨斯涵 生病吃药，再自然不过。然而，吃药这件小事，并非对所有人都那么"一目了然"。 感冒后的程海凭记忆摸出一包粉剂，冲泡开，入口极咸。原来他喝的不是感冒灵颗粒，而是方便面调料。 程海今年25岁，因一场大病自幼双目失明，仅能感知到周遭有无光亮。回想那次经历，程海仍心有余悸："还好只是调料，如果是其他药，我可能会出问 题。" 中国绝大部分药盒包装都没有盲文等无障碍措施，盲人等视障人士以及视力衰退的老年人，几乎无法直接从包装上获取药名和用法用量等关键信息。 世界卫生组织援引的一项研究估测，2020年，中国有约890万名盲人。广义的视力障碍者则更多，据中国残疾人联合会数据，中国有1732万名视障人士。 2026年1月27日，新修订的《中华人民共和国药品管理法实施条例》正式公布，其中要求："药品上市许可持有人应当按照国务院药品监督管理部门的规定， 提供语音、大字、盲文或者电子等无障碍格式版本的药品标签、说明书，方便残疾人、老年人用药。" 陕西省人民医院副主任药师郭振军记得，西安有位盲人阿姨因自卑没有出席女儿婚礼，晚上八点多家人回家发现她躺在地上，手边散落着各种药盒，但人已 因 ...

Core Viewpoint - The report from Huachuang Securities indicates that while the industry is facing challenges due to increased competition, there is a stabilization and recovery in the prices of veterinary raw materials and vaccines, driven by innovation among successful companies [1] Vaccine Batch Release - In 2025, most vaccine varieties are expected to see year-on-year growth in batch releases, with new vaccines performing particularly well [1] - Specific growth rates for pig vaccines include: foot-and-mouth disease vaccine +6.4%, porcine circovirus vaccine +13.0%, pseudorabies vaccine +5.1%, swine fever vaccine +11.7%, and porcine enterovirus vaccine +21.3% [1] - For poultry vaccines, notable increases include avian influenza trivalent vaccine +22.8%, Newcastle disease vaccine +8.8%, and duck infectious serositis vaccine +17.3% [1] - The brucellosis vaccine for ruminants saw a significant increase of +61.6%, while the small ruminant plague vaccine decreased by -16.2% [1] - In the pet vaccine sector, domestic rabies vaccine and domestic cat trivalent vaccine increased by +22.1% and +32.3% respectively [1] Subspecies Analysis - In 2025, the economic product porcine circovirus vaccine and the mandatory immunization swine fever vaccine are expected to see faster growth due to increased farming profitability and pig output [2] - The rapid growth of the avian influenza trivalent vaccine and duck infectious serositis vaccine is attributed to heightened awareness of poultry diseases [2] - The brucellosis vaccine continues to maintain high growth rates due to the introduction of new products, while the small ruminant plague vaccine has seen a decline due to a high base from the previous year [2] Pet Vaccine Performance - The domestic cat trivalent vaccine, launched in early 2024, continues to show high growth in 2025 due to effective market promotion and consumer education [3] - Different types of vaccines for the same disease show varied performance, with the single foot-and-mouth disease vaccine decreasing by -0.7% and the multi-valent vaccine increasing by +8.9% [3] - The porcine foot-and-mouth disease OA bivalent vaccine saw a growth of +12.3%, while the porcine circovirus vaccine increased by +19.7% [3] Veterinary Raw Material Prices - In 2025, the Veterinary Product Index (VPI) is expected to rise by 7.2% year-on-year, with significant price increases in macrolide products [4] - Specific price increases include: tylosin +29.5%, tiamulin +11.4%, and tilmicosin +22.9% [4] - However, some products like florfenicol and amoxicillin have seen price declines of -5.9% and -21.0% respectively [4] - The market is anticipated to remain weak in the short term due to ongoing pressures in the farming sector and the traditional off-season for veterinary drugs [4]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of January 26, 2026 [1] Core Insights - The report emphasizes the importance of supply-side variables, particularly the operating rates of raw material drugs, and highlights the potential for price recovery in the antibiotic market due to changes in competition and supply dynamics [2] - Multi-departmental policy support is enhancing the value positioning of pharmacies, transforming them from mere sales points to comprehensive health service platforms [3] - The trend of Chinese innovative drugs going global is gaining momentum, with significant licensing deals and the need for continuous clinical data validation to support long-term investment confidence [4] - Major companies are increasingly investing in the small nucleic acid field, which is expected to accelerate the development of the supporting industrial chain [5] - A new pricing system for GLP-1 drugs is forming in China, with significant market potential anticipated for weight loss and diabetes treatments [6] - The report highlights the market value of oral autoimmune drugs, with promising clinical trial results for new treatments [7] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.23 percentage points in the last week, ranking 27th among 31 sectors [20] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector index increased by 4.98% over the past month, outperforming the CSI 300 index by 3.21 percentage points [37] - The current PE (TTM) for the pharmaceutical sector is 38.51, above the five-year historical average of 31.06 [43] 3. Recent Research Achievements - The report includes various deep-dive studies on topics such as the growth of the blood products industry and the potential of GLP-1 drugs [45] 4. Recent Industry Policies and News - Recent policies include the promotion of high-quality development in the pharmaceutical retail sector and the approval of numerous medical devices by the National Medical Products Administration [46][48]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of January 26, 2026 [1] Core Insights - The report emphasizes the importance of supply-side variables, particularly the operating rates of raw material drugs, and highlights the potential for price recovery in the antibiotic market due to changes in competition and supply dynamics [2] - Multi-departmental policy support is enhancing the value positioning of pharmacies, transforming them from mere sales points to comprehensive health service platforms [3] - The trend of Chinese innovative drugs going global is gaining momentum, with significant licensing deals and the need for continuous clinical data validation to support long-term investment confidence [4] - Major companies are increasingly investing in the small nucleic acid field, which is expected to accelerate the development of the supporting industrial chain [5] - A new pricing system for GLP-1 drugs is forming in China, with expectations for market growth driven by a large patient population [6] - The report highlights the market value of oral autoimmune drugs, with promising clinical trial results for new treatments [7] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.23 percentage points in the last week, ranking 27th among 31 sectors [20] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector index increased by 4.98% over the past month, outperforming the CSI 300 index by 3.21 percentage points [37] - The current PE (TTM) for the pharmaceutical sector is 38.51, above the five-year historical average of 31.06 [43] 3. Recent Research Achievements - The report includes various deep-dive studies on topics such as the growth of the blood products industry and the impact of policies on inhalation formulations [45] 4. Recent Industry Policies and News - Recent policies include the approval of numerous medical device registrations and the promotion of high-quality development in the pharmaceutical retail sector [46][48]

Core Viewpoint - The article highlights the challenges faced by small and medium-sized pharmacies in the current market, emphasizing the importance of digital tools for procurement and inventory management to enhance profitability and efficiency. Group 1: Challenges in the Pharmacy Industry - Many small pharmacy owners are struggling with rising costs such as rent and labor, leading to compressed profit margins [1] - The industry is experiencing a phenomenon known as "killing the familiar," where long-term relationships with suppliers may lead to overpaying due to a lack of price comparison [3] - On average, small pharmacies incur hidden losses of 50,000 to 80,000 yuan annually due to improper procurement practices [3] Group 2: Digital Tools and Their Benefits - Successful pharmacies are utilizing digital tools like the "Drug Procurement Browser," which aggregates data from multiple B2B platforms to find the best prices [5][6] - This tool allows pharmacy owners to have a "God's perspective," enabling them to negotiate better prices and make informed purchasing decisions [7] - Implementing data-driven decision-making can significantly improve inventory turnover rates, with reported increases of over 30% [9] Group 3: Future of the Pharmacy Industry - The industry is anticipating a major shift by 2026, with stricter regulations and market consolidation, making digitalization essential for survival [10] - Efficiency will become a key competitive factor, and traditional methods like phone calls and Excel spreadsheets will not suffice [10] - Pharmacy owners are encouraged to adopt digital tools as price comparison aids to avoid overpaying due to information asymmetry [11][12]

Group 1 - The article highlights the issue of misleading health information propagated by self-media influencers, who present unverified remedies as effective solutions for various health conditions [1] - It emphasizes that these influencers often misuse medical products, such as suggesting the use of iodine for mouth rinsing and amoxicillin in shampoos, which can lead to health risks [1] - Experts stress that genuine scientific communication should be based on credible sources and should avoid exaggerating effects, contrasting with the sensational claims made by these influencers [1]

Core Viewpoint - A serious incident involving a 9-month-old baby in Yongkang, Zhejiang, where the child was found to have traces of the sedative Zolpidem in their system, allegedly administered by a nanny [1] Group 1: Incident Details - The mother, Ms. Xu, reported that her baby became unusually drowsy and had a reduced milk intake after hiring a nanny for 26 days at a cost of 7,600 yuan [1] - Medical tests revealed the presence of Zolpidem, a controlled substance used for short-term treatment of severe insomnia [1] - The nanny has been taken into police custody for investigation, while she denies any wrongdoing, claiming she is "innocent" [1] Group 2: Company Response - The management of the agency that provided the nanny stated they are unaware of the specific circumstances and are awaiting the results of the police investigation [1] - The nanny reportedly informed the agency that the baby was on medication due to illness, which the mother refuted, stating the baby was only taking a small dose of Amoxicillin for a urinary tract condition [1]