<p>高盛發佈了一份關於大陸製藥行業的研究報告，指出 CDMO 公司的業績反映出該行業週期依然具有韌性。盈利可見性越來越依賴於對後期和商業化項目的曝光，而不是早期融資條件。人工智能並未對訂單量、訂單積壓質量或定價造成結構性衝擊。</p>
<p>相比之下，醫療器械和醫療服務公司的業績表明不同公司之間的復甦進展不均衡。儘管基於量的採購（VBP）和醫療保險支付改革（DRG/DIP）帶來的大部分阻力似乎已經被消化，但在銷售復甦、定價能力和盈利可見性方面仍存在差異。</p>
<p>在股票方面，該行對評級為買入的公司持更積極的看法，包括藥明康德（02359.HK）+1.400 (+1.132%)，空頭頭寸$159.69M；比例 46.325%，凱萊英（06821.HK）+4.800 (+4.829%)，空頭頭寸$2.85M；比例 4.374%，邁克羅波特機器人（02252.HK）-1.000 (-3.086%)，空頭頭寸$6.80M；比例 8.736%，以及木星醫療（02675.HK）-0.200 (-0.378%)。此外，該行將 AK 醫療（01789.HK）-0.070 (-1.023%)，空頭頭寸$2.49M；比例 23.510% 升級至買入，反映出執行的重啓、利潤改善和更清晰的中期可見性。它還將微創醫療（02235.HK）-0.030 (-0.385%) 升級至中性，因為國內競爭的影響好於預期，公司正有序推進其 2026 年指導目標。</p>
<p>另一方面，該行對威高集團（01066.HK）-0.120 (-3.226%)，空頭頭寸$12.25M；比例 24.499% 和頂尖醫療（600763.SH）-0.550 (-1.272%) 保持謹慎態度，將其評級分別下調至中性和賣出。前者受到持續的 VBP 相關利潤壓力和短期增長乏力的影響，而後者雖然收入復甦加速，但仍不確定，潛在上行空間有限。（ss/j）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-04-27 12:25。）（A 股報價延遲至少 15 分鐘。）</p>
<p>本文由 AI 自動翻譯，中文版本應視為權威版本。AASTOCKS.com Limited 不保證其準確性或完整性，並對因使用本翻譯而產生的任何損害或損失不承擔任何責任。</p>

凱萊英

藥明康德

<p>G Sachs 關於大陸 CDMO 行業的報告顯示出韌性，盈利可見性與後期項目相關。人工智能並未擾亂訂單量或價格。該銀行看好藥明康德和凱萊英等股票，上調了 AK Medical 和 MicroTech Medical 的評級，同時因利潤壓力和增長不確定性下調了威高集團和 Topchoice Medical 的評級。總體而言，報告強調了醫療器械和醫療服務行業的復甦情況複雜</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>高盛發佈了一份關於大陸製藥行業的研究報告，指出 CDMO 公司的業績反映出該行業週期依然具有韌性。盈利可見性越來越依賴於對後期和商業化項目的曝光，而不是早期融資條件。人工智能並未對訂單量、訂單積壓質量或定價造成結構性衝擊。</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，醫療器械和醫療服務公司的業績表明不同公司之間的復甦進展不均衡。儘管基於量的採購（VBP）和醫療保險支付改革（DRG/DIP）帶來的大部分阻力似乎已經被消化，但在銷售復甦、定價能力和盈利可見性方面仍存在差異。</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，該行對評級為買入的公司持更積極的看法，包括藥明康德（02359.HK）+1.400 (+1.132%)，空頭頭寸$159.69M；比例 46.325%，凱萊英（06821.HK）+4.800 (+4.829%)，空頭頭寸$2.85M；比例 4.374%，邁克羅波特機器人（02252.HK）-1.000 (-3.086%)，空頭頭寸$6.80M；比例 8.736%，以及木星醫療（02675.HK）-0.200 (-0.378%)。此外，該行將 AK 醫療（01789.HK）-0.070 (-1.023%)，空頭頭寸$2.49M；比例 23.510% 升級至買入，反映出執行的重啓、利潤改善和更清晰的中期可見性。它還將微創醫療（02235.HK）-0.030 (-0.385%) 升級至中性，因為國內競爭的影響好於預期，公司正有序推進其 2026 年指導目標。</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，該行對威高集團（01066.HK）-0.120 (-3.226%)，空頭頭寸$12.25M；比例 24.499% 和頂尖醫療（600763.SH）-0.550 (-1.272%) 保持謹慎態度，將其評級分別下調至中性和賣出。前者受到持續的 VBP 相關利潤壓力和短期增長乏力的影響，而後者雖然收入復甦加速，但仍不確定，潛在上行空間有限。（ss/j）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-04-27 12:25。）（A 股報價延遲至少 15 分鐘。）</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 自動翻譯，中文版本應視為權威版本。AASTOCKS.com Limited 不保證其準確性或完整性，並對因使用本翻譯而產生的任何損害或損失不承擔任何責任。</p>
</div>

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

AASTOCKS News

高盛

微創機器人-B

精鋒醫療-B

愛康醫療

微泰醫療-B

威高股份

通策醫療

GS Hldg R

高盛表示，大陸 CDMO 行業依然具有韌性，偏好藥明康德、凱萊英及其他公司