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

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] - The report highlights that the industry demand has reached a 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 to support startups [6][9] - The report emphasizes the potential for domestic companies to replace foreign brands due to increasing tariffs and market pressures [10] Summary by Sections 1. Weekly Market Review - The pharmaceutical 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 pharmaceutical sector index has decreased by 1.45%, outperforming the CSI 300 index by 2.7% [16] 2. 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, Juhua 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 like Aladdin, Titan Technology, and Novozymes [14] 3. Monthly Investment Portfolio - The recommended investment portfolio includes Kangfang Biotech, Zai Lab, Kelun Pharmaceutical, Innovent Biologics, Renfu Pharmaceutical, Titan Technology, Kunming Pharmaceutical, Shandong Pharmaceutical Glass, BGI Genomics, and Rejig Bio [6]