医药生物行业周报：关注血液净化器械领域国产替代机会

光大证券12-01

行情回顾： A 股医药生物指数上涨2.67%，跑赢沪深300 指数1.03pp，跑输创业板综指2.00pp，在31 个子行业中排名第17。H 股恒生医疗健康指数上周上涨3.85%，跑赢恒生国企指数1.49pp。研发进展：上周，德琪医药的ATG-022、歌礼制药的CH006、复星医药的FXS887的IND 申请新进承办；沃森生物的带状疱疹mRNA 疫苗的临床申请新进承办。本周观点：关注血液净化器械...

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股恒生医疗健康指数上周上涨3.85%，跑赢恒生国企指数1.49pp。研发进展：上周，德琪医药的ATG-022、歌礼制药的CH006、复星医药的FXS887的IND 申请新进承办；沃森生物的带状疱疹mRNA 疫苗的临床申请新进承办。本周观点：关注血液净化器械...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251201105635a71bd540&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2097828557.USD","symbol_name":"AZ EQUITY CHINA \"A\" (USD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251201105635a71bd540&s=b","article_id":"2588156743","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251201105635a71bd540&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, 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疫苗的临床申请新进承办。本周观点：关注血液净化器械领域国产替代机会血液净化是针对急慢性肾功能衰竭患者的主要治疗方式之一。血液净化主要是指把患者的血液引出身体外并通过一种净化装置，除去其中某些致病物质，净化血液，达到治疗疾病的目的。血液透析是目前最常用、最重要的血液净化方法。从血液净化的产业链来看，目前上游主要为透析机、透析耗材（透析器、灌流器、透析管路、透析粉/液）、水处理系统、药物等。血液净化类高值医用耗材市场，进口产品占据70%以上的市场份额。透析机和透析器技术壁垒相对较高，我国市场仍是外资主导；透析管路国内产品的市占率接近50%，透析粉/液已基本实现进口替代。随着国产透析机和透析器技术不断发展，有望进一步加强国产替代。建议关注国产血液净化器械领域龙头公司山外山、威高血净、宝莱特、健帆生物、三鑫医疗、天益医疗等。2026 年年度投资策略：政策与产业共振，投资临床价值三段论。随着国内外宏观和政策形势的变化，我们认为未来医药板块的投资应当越来越着重于医药的临床价值本质逻辑，即解决医患的临床需求。无论是国内的医保政策，还是出海的全球布局，均对于临床价值赋予越来越高的溢价。从临床价值三段论出发，我们看好创新药产业链、创新医疗器械：创新药产业链：1）BD 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