港股异动 | CRO概念股集体走高行业内外需共振 2026年业绩有望进入改善周期

智通财经

Jan 07

智通财经APP获悉，CRO概念股集体走高，截至发稿，凯莱英(06821)涨6.27%，报82.2港元；泰格医药(03347)涨5.48%，报48.92港元；昭衍新药(06127)涨5.19%，报23.52港元；康龙化成(03759)涨3.37%，报22.68港元；药明康德(02359)涨3.12%，报109.1港元。

中泰证券认为，CRO、CDMO行业内外需共振，供给端逐步出清。CRO、CDMO板块自2024Q4海外降息周期开启带来投融资逐步恢复、2025Q2地缘谈判带来悲观预期改善、2025年以来国内创新药大型BD落地及重磅政策出炉等多重推动下需求端呈逐步恢复态势，叠加过去三年供给端持续出清，板块有望迎来盈利与估值同时提升的“戴维斯双击”，建议重点布局相关投资机会。

兴业证券指出，受益于创新药BD出海和融资企稳回升，多家CRO新签订单逐季度加速，项目量实现双位数增长。Q4以来从实验用猴、安评报价到临床项目价格均有提升趋势，客户需求保持旺盛，展望2026年CRO业绩有望进入改善周期。海外需求方面，中国CDMO在全球供应链的位置难以替代，而美联储降息有利于全球早期研发需求回暖；全球型CDMO订单强劲，业绩高增长的确定性较强。

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