昭衍新药（603127）(06127)再涨超7%，近一月股价累涨近六成。截至发稿，涨7.02%，报25.92港元， 成交额2.03亿港元。 据方正证券测算，以昭衍新药为例，假设按照2024年实验猴均价计入公允价值8.49万/只，2025Q4价格 提升至14万/只，假设猴场出栏率为17%，按照已知23200只猴测算，毛估计(不考虑新补进猴子及未成年 &老龄猴的影响)2025年新增公允价值约2.2亿。 消息面上，国海证券指出，安评阶段，大分子(多抗、ADC)、小核酸、多肽、细胞基因疗法等新技术平 台均需要食蟹猴模拟人体进行安评试验检测药物安全性数据，目前3-5岁左右是食蟹猴已涨到14万元一 只，年内已出现供不应求的局面，进一步佐证国内创新药研发景气度恢复，并且猴价上涨带来的公允价 值变动也会直接贡献利润。 ...

智通财经APP获悉，昭衍新药(06127)再涨超7%，近一月股价累涨近六成。截至发稿，涨7.02%，报 25.92港元，成交额2.03亿港元。 消息面上，国海证券指出，安评阶段，大分子（多抗、ADC）、小核酸、多肽、细胞基因疗法等新技 术平台均需要食蟹猴模拟人体进行安评试验检测药物安全性数据，目前3-5岁左右是食蟹猴已涨到14万 元一只，年内已出现供不应求的局面，进一步佐证国内创新药研发景气度恢复，并且猴价上涨带来的公 允价值变动也会直接贡献利润。 据方正证券测算，以昭衍新药为例，假设按照2024年实验猴均价计入公允价值8.49万/只，2025Q4价格 提升至14万/只，假设猴场出栏率为17%，按照已知23200只猴测算，毛估计（不考虑新补进猴子及未成 年&老龄猴的影响）2025年新增公允价值约2.2亿。 ...

据媒体报道，目前 3—5 岁左右的食蟹猴价格已涨至 14 万元一只，且年内已出现供不应求的局面。市场 看好昭衍新药（06127）食蟹猴涨价预期，公司发布公告，于 2026 年 1 月 7 日，注销有关 2021 年和 2022 年 A 股员工持股计划的 12.91 万股库存股份。今天涨超 4%。 【解剖大盘】 这两天利空因素不少，今天还在加剧。港股又是跳空往下，收盘跌 1.17%。恒指接下来看样子要考验 26000 点大关了。 前面提到过，特朗普正在讨论获取格陵兰岛的多种方案，包括不排除动用军事力量。格陵兰岛不光地理 位置极为重要，是北极航道的关键节点，而且资源极为丰富，据美国地质调查局统计，和美国经济运转 有关的关键矿产，共有 50 种，格陵兰岛存在其中43 种的储量。其中有铜、钴和镍，还有4200 万吨稀 土。美国要实现"大北美 "战略，必然绕不开格陵兰岛。压力给到丹麦一边，当地时间 1 月 7 日，丹麦 国防部在回应丹麦《贝林时报》记者询问时确认，一项颁布于 1952 年的军事规定目前"仍然有效 "。该 规定要求，在遭到外国入侵时， "被攻击的部队必须立即投入战斗，无需等待或寻求命令 "。样子还是 要装 ...

Core Viewpoint - The stock of Zhaoyan New Drug (06127) has risen over 5%, currently trading at 22.38 HKD with a transaction volume of 116 million HKD, driven by a recovery in demand for preclinical CRO clients and a tight supply of experimental monkeys [1] Group 1: Market Dynamics - Demand for preclinical CRO services is recovering, particularly for new technology platforms such as large molecules (multi-antibodies, ADC), small nucleic acids, peptides, and cell gene therapies, which require macaques for safety evaluation tests [1] - The price of experimental macaques has increased significantly, with 3-5 year old macaques now priced at 140,000 RMB each, indicating a supply-demand imbalance in the market [1] Group 2: Financial Implications - According to estimates from Founder Securities, if the average price of experimental macaques is accounted for at 84,900 RMB each in 2024 and increases to 140,000 RMB by Q4 2025, the estimated new fair value contribution for Zhaoyan New Drug in 2025 could be approximately 220 million RMB, based on a known supply of 23,200 macaques and an estimated output rate of 17% [1]

Investment Rating - The report maintains a "Neutral" rating for the pharmaceutical and biotechnology industry [1][42]. Core Insights - There is a recovery in demand for clinical research organizations (CROs), while the supply of experimental monkeys is tight, leading to price increases. The domestic financing for innovative drugs is gradually recovering, with a total financing amount of $4.086 billion from January to November 2025, representing a year-on-year increase of 10.6% [1][10]. - The pharmaceutical sector has underperformed compared to the CSI 300 index, with a year-to-date return of 14.49% against the CSI 300's 16.09% [22]. - The current valuation of the pharmaceutical sector is 33.0 times PE based on 2026 profit forecasts, which is a 41% premium over the overall A-share market (excluding financials) [23]. Summary by Sections Recent Trends - The CSI 300 index fell by 0.28% this week, while the pharmaceutical sector decreased by 0.14%, ranking 22nd among 31 primary sub-industries. The weekly performance of sub-sectors includes declines in chemical pharmaceuticals and biological products, while medical services and medical commerce showed gains [9][22]. Market Dynamics - The demand for CROs is recovering, and the supply of experimental monkeys is limited, with prices for 3-5 year old monkeys reaching 140,000 yuan each. This indicates a recovery in the domestic innovative drug research and development environment [10][11]. Valuation - The pharmaceutical sector's current valuation is 29.1 times PE based on trailing twelve months (TTM) earnings, which is below the historical average of 35.0 times PE. The sector has a 17.2% premium over the overall A-share market [23]. Company Performance - Notable performers in the pharmaceutical commercial sector this week include Huaren Health, Luyuan Pharmaceutical, and Shuyuan Pingmin, with significant weekly gains [25]. Key Company Meetings - Upcoming shareholder meetings include Dong'e Ejiao, Zhonghe Holdings, and Yiling Pharmaceutical on December 22, among others [31][32][33].

Group 1 - The price of crab-eating macaques, a key biological resource for CRO (Contract Research Organization) companies, has surged nearly 2 times, increasing from 50,000 yuan to 140,000 yuan per monkey, leading to a supply-demand imbalance in the market [1][16] - The stock of Longzhou Co., a leading CRO with significant macaque resources, has seen a remarkable increase of over 122% in just 12 trading days, closing at 11.93 yuan with a market capitalization of 6.709 billion yuan [22][24] - Longzhou Co. has attracted substantial investments, including 6.7 million shares from social security funds and over 19 million shares from well-known institutions, indicating strong market interest [21][22] Group 2 - The ETF market has expanded significantly, with an increase of over 2 trillion yuan in total market size this year, driven by continuous capital inflow across various asset classes [25] - The Huatai-PineBridge CSI 300 ETF has seen a notable growth of 63.042 billion yuan this year, highlighting the increasing attractiveness of ETFs as an asset allocation tool [25] - The capital market is projected to receive nearly 1 trillion yuan in potential incremental funds by 2027, as financial institutions are expected to increase their equity asset allocation [26] Group 3 - Over 80% of listed securities firms have distributed dividends at least twice this year, with notable performances in total cash dividends from smaller firms [27] - Xibu Securities has implemented three cash dividends totaling 446 million yuan this year, with additional dividends in progress [27] - The highest cash dividend amount this year has been from Guotai Junan, reaching 7.581 billion yuan, followed by Huatai Securities and others [27] Group 4 - Two new companies have been accepted for IPO on the Sci-Tech Innovation Board, bringing the total number of new acceptances this year to 210 [28] - As of December 14, there are 266 companies under review across various boards, indicating ongoing market activity [28]

Core Viewpoint - The stock price of Zhaoyan New Drug has rebounded significantly, reaching a peak of 21.54 HKD after a prolonged decline, indicating renewed market interest in the company and its leading position in the CRO industry [1][2]. Group 1: Stock Performance - After a four-month decline, Zhaoyan New Drug's stock price surged by 21.22% in a single day, marking its return above the 20 HKD threshold [1][2]. - The stock had previously reached a high of 28.70 HKD in July 2023 but faced a significant drop to 13.89 HKD by June 20, representing a decline of 28.73% from its peak [3]. - Following a period of volatility, the stock began to recover, with a notable rebound in the Hang Seng Healthcare Index, which increased by 9.45% since June 20 [3]. Group 2: Market Dynamics - The recent stock price increase is attributed to the influx of funds from the Hong Kong Stock Connect, with significant buying from mainland retail investors [6]. - The average holding cost for Zhaoyan New Drug shares has decreased from 23.30 HKD in early October to 19.44 HKD by December 11, with a notable increase in profit margins following the recent price surge [7]. Group 3: Financial Performance - Zhaoyan New Drug reported a revenue decline of 26.23% year-on-year for the first three quarters of 2023, with Q3 revenue dropping by 34.87% [10][11]. - The company has faced challenges due to a significant loss in fair value of biological assets, amounting to 267 million HKD, impacting profitability despite revenue growth in new orders [11]. - New signed orders for the first three quarters of 2025 reached 1.64 billion HKD, reflecting a year-on-year growth of 17.1%, indicating potential recovery in demand [11]. Group 4: Industry Outlook - The CRO industry is expected to show resilience in 2024, driven by increased R&D budgets from multinational corporations and improved regulatory conditions in China [10]. - The demand for experimental monkeys, a key asset for Zhaoyan New Drug, is projected to rise due to a supply-demand gap, which could positively impact the company's performance in 2025 and beyond [12].

Group 1 - Xuan Bamboo Bio-B (02575) surged over 22.09% after announcing that its innovative drug Xuan Yue Ning was included in the national basic medical insurance drug list [1] - Zhaoyan New Drug (06127) rose over 13.4% as the price of crab-eating macaques exceeded 100,000 yuan, with reports indicating a supply shortage and prices reaching 120,000 to 130,000 yuan [1] - Domestic property stocks saw a broad increase, with Rongxin China (03301) up 5.26%, Shimao Group (00813) up 1.45%, and others, following the Central Economic Work Conference that outlined key tasks for the economy next year [1] Group 2 - Haidilao (06862) increased over 2.5% as it announced the internal testing phase for its first large-scale hot pot restaurant in Guangzhou [1] - Sutech Juchuang (02498) rose over 6.26% ahead of the International Consumer Electronics Show (CES) scheduled for January 6-9, 2026, in Las Vegas [1] - Consumer concept stocks mostly advanced, with notable increases in Jiumaojiu (09922) by 3.61% and others, following the Central Economic Work Conference emphasizing domestic demand [2] Group 3 - Yituo Co., Ltd. (00038) surged over 8%, with a cumulative increase of over 20% in three trading days, as Goldman Sachs highlighted its favorable position in China's agricultural modernization [2] - Jin Jie Holdings (03918) fell nearly 2% amid ongoing border conflicts between Cambodia and Thailand, prompting safety advisories for Chinese citizens [2] - Smoore International (06969) dropped nearly 3% after British American Tobacco (BTI.US) provided a weak earnings outlook due to regulatory pressures in the U.S. e-cigarette market [2] Group 4 - Zijin Mining (02899) rose over 3% following remarks at the 2025 China International Gold Market Annual Conference about new opportunities for the gold industry in the Hainan Free Trade Port [3][4] - Lumexa Imaging (LMRI.US) debuted on the U.S. stock market with an opening increase of over 1.6%, providing outpatient imaging services across 13 states [5] - Rare earth stocks strengthened, with Perpetua Resources (PPTA.US) up 13.42% after announcing a partnership to enhance domestic mineral processing capabilities [5] Group 5 - Bitcoin-related stocks showed mixed results as Bitcoin fell below 90,000 yuan, with Coinbase (COIN.US) down 2.21% and others experiencing slight changes [6] - Space-related stocks surged, with Planet Labs PBC (PL.US) up 35.01% after reporting a 33% year-over-year revenue increase [7] - Disney (DIS.US) saw a 2.42% increase after announcing a $1 billion investment in OpenAI, allowing the use of its IP for AI-generated video content [7]

Core Viewpoint - The price of non-human primates, particularly the crab-eating macaque, has surged significantly, with prices rising from over 90,000 yuan to 120,000 yuan in just two months, indicating a budget shortfall of over 1 million yuan for companies seeking to purchase these animals for drug safety evaluations [2][4][6]. Price Trends - The price of crab-eating macaques has experienced a dramatic increase, with a 30% rise recently, following a previous peak of over 200,000 yuan in 2022, and a subsequent drop to a low of 65,000 yuan [2][4]. - Industry experts predict that the price will fluctuate between 70,000 yuan and 150,000 yuan over the next two to three years [2][4]. Supply and Demand Dynamics - There is a notable shortage of available macaques, with many companies struggling to find suitable sources despite the rising prices [4][17]. - The demand for crab-eating macaques has surged, with usage in domestic laboratories increasing from 18,140 in 2017 to 28,026 in 2019, a growth of 54.5% [11]. - The annual supply-demand gap for crab-eating macaques in China is estimated to be around 10,000 animals, with a significant focus on maintaining a balanced ratio of male to female macaques for breeding purposes [17]. Industry Structure and Challenges - The breeding cycle for crab-eating macaques is lengthy, taking approximately six to seven years from birth to maturity, which complicates the ability to meet rising demand [12][14]. - The concentration of resources among leading Contract Research Organizations (CROs) has further limited the availability of macaques, as these companies have acquired a significant portion of the existing supply [16][17]. - The current market dynamics have led to a stagnation in the breeding of macaques, with many companies opting to sell available macaques rather than invest in breeding programs [14][16]. Regulatory and Ethical Considerations - Recent developments in the U.S., where the CDC plans to halt all internal research involving monkeys, have sparked discussions about the future of animal testing in biomedical research [21][22]. - The reliance on non-human primates for critical research underscores the ethical dilemmas faced by the industry, as the demand for innovative therapies continues to grow [21][23].

Core Insights - The price of laboratory monkeys, specifically the crab-eating macaques, has recently surpassed 100,000 yuan, indicating a significant increase in costs for preclinical research [1] - There is a notable shortage of monkeys available for purchase, complicating procurement for Contract Research Organizations (CROs) [1] - To ensure research progress in the first quarter of the following year, CROs must finalize procurement contracts by December of this year [1] Pricing Trends - The current price for crab-eating macaques has reached over 100,000 yuan, although it is not as extreme as the previous peak of 180,000 yuan per monkey [1] - The increase in monkey prices reflects broader supply and demand dynamics within the industry [1] Supply Challenges - The shortage of available monkeys is a pressing issue for biotechnology companies, impacting their ability to conduct necessary research [1] - Companies are facing urgency in securing contracts to avoid delays in their research timelines [1]