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 ...

[Table_Tag] [Table_Summary] 投资要点 ◼ 具体思路:看好的子行业排序分别为:创新药>科研服务>CXO>中药>医疗器械>药店 等。具体标的思路：从中药基药角度，建议关注佐力药业、方盛制药、盘龙药业等。 从 CXO、上游科研服务角度，建议关注药明康德、皓元医药、奥浦迈、百奥赛图、 百普赛斯、纳微科技等。从 PD1 PLUS 角度，建议关注三生制药、康方生物、信达生 物、泽璟制药等。从 ADC 角度，建议关注映恩生物、科伦博泰、百利天恒等。从小 核酸角度，建议关注前沿生物、福元医药、悦康药业等。从自免角度，建议关注康 诺亚、益方生物-U、一品红等。从创新药龙头角度，建议关注百济神州、恒瑞医药 等。从医疗器械角度，建议关注联影医疗、鱼跃医疗等。从 AI 制药角度，建议关注 晶泰控股、英矽智能等。从 GLP1 角度，建议关注联邦制药、博瑞医药、众生药业 等。 证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 2026 版基药目录调整在即，利好拟纳入目录 的中药标的 增持（维持） ◼ 风险提示：药品或耗材降价超预期；医保政策风险等；产品销售及研发进度不及预 期。 2026 年 03 ...

CSIWM 个股点评 2026 年 2 月 27 日 药明生物 2269 HK 中国医疗保健行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 抛售：资金流动驱动，非基本面因素 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 26 日发布的题为《Sell-off: Flow-led, not fundamentals》 的 报 告 ， 药 明 生 物 （ WuXi Biologics） 及 其 子 公 司 药 明 合 联 （ WuXi XDC） 今 日 分 别 下 跌 约 7%/8%，而香港上市 CRO/CDMO 板块整体下跌 2-9%。中信里昂认为这些波动并非基本面驱动，更多可能是仓位 调整和资金流动所致。 三月指引季或成下一个催化因素 催化因素 (1) 双/多特异性药物引领的项目动能，有望推动2026 年收入重新加速增长；(2) 2025 年新增项目数超预期（净增128 个项目，超越市场预期），为 2026 年预期增速快于 2025 年奠定基础；(3) 地缘政治估值折价因素消退，2026 年该 ...

2月27日，香港恒生指数开涨0.25%，恒生科技指数涨0.15%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 26447.05 | 66.03 | 0.25% | | HSTECH 恒生科技 | | 5117.24 | 7.91 | 0.15% | | HSBIO | 恒生生物科技 | 14968.58 | 86.57 | 0.58% | | HSCEI | 恒生中国企业指数 | 8817.53 | 3.24 | 0.04% | | HSCI | 恒生综合指数 | 4043.04 | 7.86 | 0.19% | 医药股反弹，再鼎医药、药明生物涨近5%，凯莱英涨近2%。 | 名称 | 现价 | 涨跌幅~ | 涨跌 | | --- | --- | --- | --- | | 德琪医药-B | 3.550 | 8.90% | 0.290 | | 再鼎医药 | 15.190 | 4.90% | 0.710 | | 药明生物 | 40.140 | 4.86% | 1.860 | | 贝康医疗-B | 1.830 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

Core Insights - The CRO (Contract Research Organization) industry in China is a strategic emerging industry that supports pharmaceutical innovation and is crucial for the transition from a pharmaceutical power to a pharmaceutical stronghold [1][9] - The development of policies for the CRO industry has evolved from a focus on the overall biopharmaceutical sector to specialized areas, emphasizing innovation, safety, and supply chain security [1][3] Policy Development History - The policy evolution from the "Tenth Five-Year Plan" to the "Fourteenth Five-Year Plan" has progressively recognized the importance of the CRO industry, with increasing support for specialized services [1] - The "Fifteenth Five-Year Plan" emphasizes differentiated, high-value innovation alongside supply chain security [1] National Policy Summary and Interpretation - Since 2006, multiple national policies have been introduced to support the CRO service system, focusing on regulatory standards, clinical trial optimization, and international development [3][7] - Key policies include the establishment of the MAH (Marketing Authorization Holder) system and the optimization of review and approval processes [3][7] Key National Policies (2025 Outlook) - Policies from 2006 to 2025 highlight the strategic importance of biopharmaceuticals and the CRO industry, with a focus on enhancing innovation capabilities and regulatory frameworks [4][5][6] - Recent policies aim to streamline clinical trial approvals and support the development of innovative drugs [6][10] Provincial and Municipal Policy Summary - Various provinces and cities have implemented supportive policies for the CRO industry, including investment subsidies, revenue rewards, and insurance subsidies, with some regions offering up to 50 million yuan in support [11][12] - Specific measures include allowing foreign investment in CROs and promoting AI integration in the industry [11][12][14] Provincial Development Goals - Regions like the Yangtze River Delta focus on high-end CRO service systems, while the Beijing-Tianjin-Hebei area emphasizes collaborative innovation and full-chain outsourcing [14] - Local governments aim to enhance the scale and service capabilities of the biopharmaceutical industry, with targeted initiatives for specific sectors such as seed industry CROs in Hainan [14]

香港联交所最新资料显示，2月10日，小摩增持凯莱英（002821）(06821)9400股，每股作价87.5591港 元，总金额约为82.31万港元。增持后最新持股数目约为167.41万股，最新持股比例为6.01%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月10日，小摩增持凯莱英(06821)9400股，每股作价 87.5591港元，总金额约为82.31万港元。增持后最新持股数目约为167.41万股，最新持股比例为6.01%。 ...

2025年四季度公募基金成绩单已出炉，"医药女神" 葛兰又一次站在了风口上。 葛兰能成为千亿顶流，一半是实力加持，一半是踩中了行业风口。 而中欧基金则借着她的东风，快速坐稳了主动权益赛道的头部位置，两人的崛起是一场互相成就。 事实上，和其他基金经理比，葛兰的专业底色足够硬。 她是国内医疗主题基金里少有的美国生物医学工程博士，懂医药研发、懂行业逻辑，这也是她能精准抓 住医药赛道机遇的关键。 数据显示，截至2025年年末，葛兰手里管的基金总规模缩减到了353.89亿元，比三季度少了81.55亿元； 而距离2021年千亿巅峰，已跌去750亿元，缩水幅度达68%。 此前，葛兰凭着年化超30%的收益封神，一举成为中欧基金顶流，被基民广泛熟知；如今，随着业绩持 续回调、规模不断缩水，质疑声越来越多。 当顶流的光环褪去，靠明星基金经理撑起的公募巨头，该怎么跳出 "一人衰、公司忧" 的怪圈？这不仅 是中欧的难题，更是整个公募行业都要面对的考验。 基金规模缩水近七成 2016到2021年，是葛兰的黄金五年，也是中欧基金借势起飞的五年。 那时候医药板块迎来牛市，尤其是创新药、医药研发生产外包（CXO）赛道，涨得一飞冲天，葛兰的 ...

Company Situation - The company completed a general authorization placement of 58.4408 million new H-shares in January 2026, raising approximately HKD 1.319 billion, with a placement price of HKD 22.82, reflecting an 8.5% discount to the previous closing price. The funds are intended for laboratory and production facility construction, debt repayment, and working capital supplementation, which may impact the equity structure and short-term liquidity [2] Performance and Operating Conditions - The company announced on January 13, 2026, that it expects total revenue for 2025 to be between RMB 13.872 billion and RMB 14.24 billion, representing a year-on-year growth of 13% to 16%. However, the net profit attributable to the parent company is expected to decline by 6% to 10% year-on-year, primarily due to a decrease in non-recurring gains and losses. The net profit excluding non-recurring items is projected to increase by 36% to 41%, indicating an enhancement in the profitability of the main business [3] Industry and Risk Analysis - The CXO industry is experiencing intensified competition, with domestic leaders such as WuXi AppTec and Kelun Pharmaceutical, as well as international companies like Lonza, accelerating their market presence. This competitive landscape may exert pressure on the company's market share and pricing strategies. The company needs to address these challenges through capacity release and strategic acquisitions, such as the acquisition of Wuxi Bai'ao in November 2025 [4]