智通财经APP获悉，CRO概念股早盘持续上攻，截至发稿，药明生物(02269)涨9.59%，报22.85港元；泰格医药(03347)涨9.09%，报31.2港元；金斯瑞生物科技(01548)涨7.22%，报11.88港元；康龙化成(03759)涨6.94%，报15.4港元；药明康德(02359)涨6.35%，报60.3港元。
消息面上，华安证券研报指出，CXO板块估值仍处于相对低位，基本面已步入拐点期，板块较具性价比。需求端，随着全球降息周期的开启，流动性增加，全球生物医药投融资已逐步恢复。多数CXO海外业务已初现环比改善趋势；价格端，目前价格竞争已趋缓，叠加众多企业提质增效的推行，利润率水平有望逐步回升。业绩端，2025年大订单高基数已基本消化出清，CXO行业有望进入稳增长阶段。
信达证券认为，短期上看，AI医疗概念或仍可持续；同时，2025年3月初将召开“两会”，此阶段建议关注诸如国企改革、市值管理、商业医保落地方案、基药目录修订等主题。中长期上看，创新驱动仍是2025年主要方向，诸如创新药、CXO、生命科学上游等。该行指出，美国生物安全法案2024年落地失败和JPM大会催化，建议关注“药明系”龙头公司药明康德、药明生物、药明合联。受益于海外投融资改善和多肽、ADC等新兴领域需求，建议关注海外业务占比较高的龙头公司凯莱英、康龙化成等。
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