医药行业周报：生命科学产业链：需求端逐步回暖，关税战进一步催化国产替代-20250421

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2] Core Viewpoints - The demand in the life sciences supply chain is gradually recovering, with the tariff war further catalyzing domestic substitution [6][9] - The industry demand is believed to be at the bottom recovery stage after nearly three years of adjustment, driven by factors such as the Federal Reserve's interest rate cuts and the establishment of government industrial funds in China [6][9] - The tariff war has significantly benefited domestic companies as U.S. import brands face increasing market acceptance challenges [10] Summary by Sections Market Performance - The pharmaceutical and biotechnology sector index fell by 0.36% from April 14 to April 18, 2025, underperforming the CSI 300 index by 0.94% [16] - Year-to-date, the sector index has decreased by 1.45%, outperforming the CSI 300 index by 2.7% [16] Investment Strategy and Recommendations - The report recommends focusing on: 1. Scientific instruments with high barriers and low domestic substitution rates, suggesting companies like BGI Genomics, Jingguang Technology, and Haier Biomedical [14] 2. Consumables in the production sector that are cost-sensitive and critical for supply chain security, recommending companies like Nanwei Technology and Aopu Mai [14] 3. Domestic research reagents, highlighting companies such as Aladdin, Titan Technology, and Novozymes [14] Weekly Highlights - The top five performing stocks in the pharmaceutical sector for the week were: 1. Shuangcheng Pharmaceutical (up 56.38%) 2. Lifan Pharmaceutical (up 47.07%) 3. Shutaishen (up 30.27%) 4. Yuekang Pharmaceutical (up 21.40%) 5. Dongcheng Pharmaceutical (up 16.90%) [30]