November 05, 2025 Cinda Securities Tang Aijin, He Xin, Cao Jialin, Zhang Zhongtao, Zhao Dan

Executive summary of this issue:

Market performance: Last week, the medical and biological sector achieved a return rate of 1.31%, with a relative return rate to the Shanghai-Shenzhen 300 Index of 1.74%. It ranked 9th in the list of 31 primary sub-industry indices based on price cha

Weekly View: Through the analysis of the Q3 report, the innovation drugs, CXO, medical materials and other sectors have relatively high levels of prosperity. In addition, the medical device sector has shown a trend of performance improvement since Q3

Pharmaceutical equipment benefits from increased overseas demand: We have tracked that overseas pharmaceutical investment is entering a period of upbeat growth. It is advisable to pay attention to companies such as Sinso International, Dongfulong, an

（2）Flu-related areas in Q4: ①Flu vaccine: please pay attention to Hualan vaccine, etc.; ②Medications for flu: recommend East Asia-based pharmaceutical companies, CR-Jiushou, Zshongsheng Pharmaceutical; ③Respiratory tract testing: suggest to pay atten

（3）CXO and upstream life science industry chain: ① CXO leading enterprises with global influence, it is suggested to pay attention to WuXi AppTec, Pharmaceutical Research Associates (WuXi), Yale Online Pharmaceutical Services, Kanglong Huacheng, Kaly

（4）High-end Medical Devices: ① In-hospital procurement resumption drives business growth. It is suggested to pay attention to companies like United Imaging, Mindray, Xinhua Medical, AOHua Endoscopy, and Shanwaishan; ② The demand for consumer medical

（5）Innovative drugs: considering the scientific breakthroughs and market prospects of the product pipeline, it is suggested to pay attention to companies like Sinovac Biotech, Hengrui Medicine, Sansheng Pharmaceutical, Huayubao Pharmaceutical, Junshi

Risk factors: changes in tariff policy and geopolitical risks; product sales not meeting expectations; clinical data not meeting expectations; centralized procurement price reduction exceeding expectations; intensified market competition risk.