<p>高盛发布了一份关于大陆制药行业的研究报告，指出 CDMO 公司的业绩反映出该行业周期依然具有韧性。盈利可见性越来越依赖于对后期和商业化项目的曝光，而不是早期融资条件。人工智能并未对订单量、订单积压质量或定价造成结构性冲击。</p>
<p>相比之下，医疗器械和医疗服务公司的业绩表明不同公司之间的复苏进展不均衡。尽管基于量的采购（VBP）和医疗保险支付改革（DRG/DIP）带来的大部分阻力似乎已经被消化，但在销售复苏、定价能力和盈利可见性方面仍存在差异。</p>
<p>在股票方面，该行对评级为买入的公司持更积极的看法，包括药明康德（02359.HK）+1.400 (+1.132%)，空头头寸$159.69M；比例 46.325%，凯莱英（06821.HK）+4.800 (+4.829%)，空头头寸$2.85M；比例 4.374%，迈克罗波特机器人（02252.HK）-1.000 (-3.086%)，空头头寸$6.80M；比例 8.736%，以及木星医疗（02675.HK）-0.200 (-0.378%)。此外，该行将 AK 医疗（01789.HK）-0.070 (-1.023%)，空头头寸$2.49M；比例 23.510% 升级至买入，反映出执行的重启、利润改善和更清晰的中期可见性。它还将微创医疗（02235.HK）-0.030 (-0.385%) 升级至中性，因为国内竞争的影响好于预期，公司正有序推进其 2026 年指导目标。</p>
<p>另一方面，该行对威高集团（01066.HK）-0.120 (-3.226%)，空头头寸$12.25M；比例 24.499% 和顶尖医疗（600763.SH）-0.550 (-1.272%) 保持谨慎态度，将其评级分别下调至中性和卖出。前者受到持续的 VBP 相关利润压力和短期增长乏力的影响，而后者虽然收入复苏加速，但仍不确定，潜在上行空间有限。（ss/j）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-04-27 12:25。）（A 股报价延迟至少 15 分钟。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>

凯莱英

药明康德

<p>G Sachs 关于大陆 CDMO 行业的报告显示出韧性，盈利可见性与后期项目相关。人工智能并未扰乱订单量或价格。该银行看好药明康德和凯莱英等股票，上调了 AK Medical 和 MicroTech Medical 的评级，同时因利润压力和增长不确定性下调了威高集团和 Topchoice Medical 的评级。总体而言，报告强调了医疗器械和医疗服务行业的复苏情况复杂</p>

<p>G Sachs published a research report on the mainland pharmaceutical sector, stating that the results of CDMO companies reflect that the sectors cycle remains resilient. Earnings visibility is increasingly dependent on exposure to late-stage and commercialization projects rather than early-stage financing conditions. Artificial intelligence has not caused structural disruption to order volume, order backlog quality, or pricing.</p>
<div class="lb-trans"><p>高盛发布了一份关于大陆制药行业的研究报告，指出 CDMO 公司的业绩反映出该行业周期依然具有韧性。盈利可见性越来越依赖于对后期和商业化项目的曝光，而不是早期融资条件。人工智能并未对订单量、订单积压质量或定价造成结构性冲击。</p>
</div><p>In contrast, the results of medical device and healthcare service companies indicate uneven recovery progress among different names. Although most headwinds from volume-based procurement (VBP) and medical insurance payment reforms (DRG/DIP) appear to have been digested, differences remain in sales recovery, pricing power, and earnings visibility.</p>
<div class="lb-trans"><p>相比之下，医疗器械和医疗服务公司的业绩表明不同公司之间的复苏进展不均衡。尽管基于量的采购（VBP）和医疗保险支付改革（DRG/DIP）带来的大部分阻力似乎已经被消化，但在销售复苏、定价能力和盈利可见性方面仍存在差异。</p>
</div><p>In terms of stocks, the bank holds a more positive view on names rated Buy, including Wuxi AppTec (02359.HK) +1.400 (+1.132%)  Short selling $159.69M; Ratio 46.325%  , Asymchem (06821.HK) +4.800 (+4.829%)  Short selling $2.85M; Ratio 4.374%  , MicroPort Robotics (02252.HK) -1.000 (-3.086%)  Short selling $6.80M; Ratio 8.736%  , and Jupiter Medical (02675.HK) -0.200 (-0.378%)  . In addition, the bank upgraded AK Medical (01789.HK) -0.070 (-1.023%)  Short selling $2.49M; Ratio 23.510%  to Buy, reflecting a restart in execution, margin improvement, and clearer mid-term visibility. It also upgraded MicroTech Medical (02235.HK) -0.030 (-0.385%)  to Neutral, as the impact of domestic competition was better than expected and the company is progressing toward its 2026 guidance in an orderly manner.</p>
<div class="lb-trans"><p>在股票方面，该行对评级为买入的公司持更积极的看法，包括药明康德（02359.HK）+1.400 (+1.132%)，空头头寸$159.69M；比例 46.325%，凯莱英（06821.HK）+4.800 (+4.829%)，空头头寸$2.85M；比例 4.374%，迈克罗波特机器人（02252.HK）-1.000 (-3.086%)，空头头寸$6.80M；比例 8.736%，以及木星医疗（02675.HK）-0.200 (-0.378%)。此外，该行将 AK 医疗（01789.HK）-0.070 (-1.023%)，空头头寸$2.49M；比例 23.510% 升级至买入，反映出执行的重启、利润改善和更清晰的中期可见性。它还将微创医疗（02235.HK）-0.030 (-0.385%) 升级至中性，因为国内竞争的影响好于预期，公司正有序推进其 2026 年指导目标。</p>
</div><p>On the other hand, the bank remains cautious on Weigao Group (01066.HK) -0.120 (-3.226%)  Short selling $12.25M; Ratio 24.499%  and Topchoice Medical (600763.SH) -0.550 (-1.272%)  , downgrading them to Neutral and Sell, respectively. The former is pressured by ongoing VBP-related margin pressure and weak short-term growth, while the latter has seen accelerating revenue recovery but remains uncertain, with limited upside potential. (ss/j)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-27 12:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>另一方面，该行对威高集团（01066.HK）-0.120 (-3.226%)，空头头寸$12.25M；比例 24.499% 和顶尖医疗（600763.SH）-0.550 (-1.272%) 保持谨慎态度，将其评级分别下调至中性和卖出。前者受到持续的 VBP 相关利润压力和短期增长乏力的影响，而后者虽然收入复苏加速，但仍不确定，潜在上行空间有限。（ss/j）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-04-27 12:25。）（A 股报价延迟至少 15 分钟。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

G Sachs: Mainland CDMO Sector Remains Resilient, Favors Wuxi AppTec , Asymchem  and Others

AASTOCKS News

高盛

微创机器人-B

精锋医疗-B

爱康医疗

微泰医疗-B

威高股份

通策医疗

GS Hldg R

高盛表示，大陆 CDMO 行业依然具有韧性，偏好药明康德、凯莱英及其他公司