Tiger Brokers

医药外包概念整体回暖 昭衍新药（06127）涨4.51%、康龙化成（03759）涨3.10%

金吾财讯
Jul 31

金吾财讯 | 港股医药外包概念整体回暖，截止发稿，昭衍新药（06127）涨4.51%，康龙化成（03759）涨3.10%，金斯瑞生物科技（01548）涨2.97%，凯莱英（06821）涨2.77%，药明生物（02269）涨2.75%，药明康德（02359）涨2.60%，泰格医药（03347）涨1.39%。消息面上，中信建投证券指，国内CXO行业经历22-24年的调整阶段后，受益海外投融资率先回暖，24年国内头部CXO公司海外订单展现复苏态势，随着25年国内创新药资产实现大规模对外授权，带动国内投融资25H2持续复苏，行业内需同样企稳回升。26年至今国内创新药行业的长期结构性机会持续兑现，国内投融资持续改善，新药物形式赛道持续火热并进一步放量，该机构认为26年国内CRO/CDMO行业的新签订单及业绩会加速增长，带动CXO产业链进入新一轮发展阶段。该机构提到，2026Q1海外CXO多数公司收入同比改善且在手订单保持高位，但临床前及临床CRO恢复节奏有所区别，CRL整体边际企稳，IQVIA增长提速，Medpace延续高增长但订单收入比短期回落；CDMO端Lonza聚焦主业后收入和利润率回升，三星生物依托商业化产能快速爬坡保持快速增长。

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