535 lines
40 KiB
HTML
535 lines
40 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="night">
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>深度研报：辅助生殖概念</title>
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body {
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font-family: 'Inter', sans-serif;
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background-color: #05050A;
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color: #E0E0E0;
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overflow-x: hidden;
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background-image:
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</head>
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<body class="antialiased min-h-screen">
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<div class="container mx-auto px-4 sm:px-6 lg:px-8 py-12">
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<!-- Header -->
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<header class="text-center mb-16">
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<h1 class="text-5xl md:text-6xl font-bold tracking-tighter mb-4 glow-text bg-clip-text text-transparent bg-gradient-to-r from-blue-400 via-cyan-300 to-purple-400">
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辅助生殖概念 深度研报
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</h1>
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<p class="text-lg text-gray-400">北京价值前沿科技有限公司 AI投研agent：“价小前投研” 呈现</p>
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<p class="text-sm text-gray-500 mt-2">本报告为AI合成数据，投资需谨慎。更新日期：2025年8月</p>
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</header>
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<!-- Core Viewpoint -->
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<section id="core-viewpoint" class="mb-20">
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<div class="glass-card p-8 shadow-2xl border-purple-500/20">
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<h2 class="text-3xl font-bold mb-4 text-center text-purple-300">核心观点摘要</h2>
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<p class="text-lg text-gray-300 leading-relaxed text-center">
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辅助生殖概念的核心逻辑是 <strong class="text-cyan-300">政策驱动下的确定性需求释放</strong>。国家医保全面覆盖直接解决了行业最大的支付痛点，正在将一个庞大的、被价格压抑的潜在市场转化为真实需求。当前，行业正从“政策预期”阶段过渡到“基本面兑现”阶段，短期看医疗服务机构的诊疗量增长，长期则看上游药物及高值耗材的 <strong class="text-cyan-300">国产替代</strong> 与技术升级（如第三代试管婴儿）带来的结构性机会。
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</p>
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</div>
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</section>
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<!-- Concept Event -->
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<section id="concept-event" class="mb-20">
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<h2 class="section-title mb-8">概念事件：从社会变迁到政策破冰</h2>
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<div class="bento-grid">
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<div class="bento-item bento-item-span-8 glass-card p-8">
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<h3 class="text-2xl font-semibold mb-4 text-gray-100">背景：被压抑的“生育梦”</h3>
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<p class="text-gray-300 leading-relaxed">
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辅助生殖概念根植于深刻的社会人口结构变迁。一方面，中国不孕不育率持续攀升，从2007年的<strong class="text-yellow-300">12%</strong>上升至2023年的<strong class="text-red-400">18.2%</strong>，影响超<strong class="text-blue-300">5000万</strong>人群；另一方面，晚婚晚育趋势明显，女性平均生育年龄推迟，进一步放大了技术需求。然而，单周期<strong class="text-orange-400">3-4万元</strong>甚至更高的昂贵费用，一直是抑制需求释放、导致行业渗透率（2023年仅<strong class="text-red-400">9.2%</strong>，远低于美国的<strong class="text-green-400">33%</strong>）低下的核心痛点。
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</p>
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</div>
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<div class="bento-item bento-item-span-4 glass-card p-8 flex flex-col justify-center items-center">
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<div class="text-center">
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<div class="text-6xl font-bold text-cyan-300">100万+</div>
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<p class="text-gray-400 mt-2">截至2025年5月，医保政策已惠及人次</p>
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</div>
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</div>
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<div class="bento-item bento-item-span-12 glass-card p-8">
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<h3 class="text-2xl font-semibold mb-4 text-gray-100">催化剂：医保覆盖时间轴</h3>
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<ul class="timeline timeline-snap-icon max-md:timeline-compact timeline-vertical">
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<li>
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<div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-blue-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-start md:text-end mb-10">
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<time class="font-mono italic">2022.08</time>
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<div class="text-lg font-black">顶层设计</div>
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国家卫健委等17部门发文，首次明确提出“逐步将辅助生殖技术项目纳入基金支付范围”。
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</div>
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<hr class="bg-blue-400"/>
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</li>
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<li>
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<hr class="bg-cyan-400"/><div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-cyan-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-end mb-10">
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<time class="font-mono italic">2023.07</time>
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<div class="text-lg font-black">试点先行</div>
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国家医保局统一项目立项指南，北京率先将16项辅助生殖项目纳入医保。
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</div>
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<hr class="bg-cyan-400"/>
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</li>
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<li>
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<hr class="bg-purple-400"/><div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-purple-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-start md:text-end mb-10">
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<time class="font-mono italic">2024全年</time>
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<div class="text-lg font-black">加速扩围</div>
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政策密集落地，从15省扩大至27省，覆盖绝大部分人口大省。
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</div>
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<hr class="bg-purple-400"/>
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</li>
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<li>
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<hr class="bg-pink-400"/><div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-pink-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-end mb-10">
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<time class="font-mono italic">2025.01</time>
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<div class="text-lg font-black">全面覆盖</div>
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国家医保局宣布，全国31个省份和新疆兵团均已将辅助生殖纳入医保。
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</div>
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<hr class="bg-pink-400"/>
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</li>
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<li>
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<hr class="bg-green-400"/><div class="timeline-middle"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5 text-green-400"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm3.857-9.809a.75.75 0 00-1.214-.882l-3.483 4.79-1.88-1.88a.75.75 0 10-1.06 1.061l2.5 2.5a.75.75 0 001.137-.089l4-5.5z" clip-rule="evenodd" /></svg></div>
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<div class="timeline-start md:text-end">
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<time class="font-mono italic">2025.03</time>
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<div class="text-lg font-black">政策组合拳</div>
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《政府工作报告》明确提出发放育儿补贴，初步安排<strong class="text-green-300">900亿</strong>预算。
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</div>
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</li>
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</ul>
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</div>
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</div>
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</section>
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<!-- Policy Map -->
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<section id="policy-map" class="mb-20">
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<h2 class="section-title mb-8 text-center">全国医保覆盖进程图</h2>
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<div class="glass-card p-4">
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<div id="china-map" class="w-full h-[600px]"></div>
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</div>
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</section>
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<!-- Core Logic & Market Perception -->
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<section id="core-logic" class="mb-20" x-data="{ tab: 'logic' }">
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<h2 class="section-title mb-8">核心逻辑与市场认知</h2>
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<div class="tabs justify-center mb-6">
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<a class="tab tab-lg tab-lifted" :class="{ 'tab-active': tab === 'logic' }" @click="tab = 'logic'">核心驱动力</a>
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<a class="tab tab-lg tab-lifted" :class="{ 'tab-active': tab === 'perception' }" @click="tab = 'perception'">市场热度</a>
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<a class="tab tab-lg tab-lifted" :class="{ 'tab-active': tab === 'gap' }" @click="tab = 'gap'">预期差分析</a>
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</div>
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<div class="glass-card p-8">
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<div x-show="tab === 'logic'" x-transition>
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<h3 class="text-2xl font-bold mb-4 text-cyan-300">政策破冰，成本驱动</h3>
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<p class="text-gray-300 leading-relaxed">支撑辅助生殖概念的根本逻辑是 <strong class="text-white">“政策端（医保支付）对需求端（高昂费用）核心矛盾的破解”</strong>。研报数据明确指出，<strong class="text-red-400">55.7%</strong>的患者因价格放弃治疗，表明需求真实存在，但支付能力是最大瓶颈。医保的介入，即便单周期报销<strong class="text-green-300">1.5-2万元</strong>（占总费用30%-40%），也极大地降低了患者的决策门槛。这不是一个从0到1的技术突破故事，而是一个由政策杠杆撬动的、存量需求加速渗透的商业化故事。</p>
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<div class="mt-6 grid grid-cols-1 md:grid-cols-2 gap-6">
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<div class="stat bg-transparent border border-white/10 rounded-2xl">
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<div class="stat-title text-gray-400">北京（医保落地后）</div>
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<div class="stat-value text-green-400">+62.7%</div>
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<div class="stat-desc text-gray-500">试管婴儿取卵周期数增长</div>
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</div>
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<div class="stat bg-transparent border border-white/10 rounded-2xl">
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<div class="stat-title text-gray-400">广西（医保落地后）</div>
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<div class="stat-value text-green-400">+35.64%</div>
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<div class="stat-desc text-gray-500">辅助生殖机构门诊量增长</div>
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</div>
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</div>
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</div>
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<div x-show="tab === 'perception'" x-transition>
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<h3 class="text-2xl font-bold mb-4 text-purple-300">高度乐观，共识形成</h3>
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<p class="text-gray-300 leading-relaxed">政策进展的密集报道、券商研报的频繁覆盖以及“婴童、辅助生殖概念延续强势”的市场联动表现，均表明市场对该概念抱有<strong class="text-white">极高的关注度和普遍的乐观情绪</strong>。市场共识已经形成：医保覆盖将带来行业扩容，产业链相关公司将全面受益。这种乐观情绪集中体现在对市场规模的预测上，普遍认为市场规模将突破<strong class="text-yellow-300">850亿</strong>甚至<strong class="text-orange-400">千亿</strong>。</p>
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</div>
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<div x-show="tab === 'gap'" x-transition>
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<h3 class="text-2xl font-bold mb-4 text-yellow-300">预期差：宏大叙事与现实节奏</h3>
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<p class="text-gray-300 mb-4 leading-relaxed">市场的普遍认知与路演中的一线信息存在显著预期差，主要体现在对需求释放的<strong class="text-white">“速度”和“质量”</strong>上：</p>
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<ul class="space-y-4">
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<li class="p-4 bg-white/5 rounded-lg border border-white/10">
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<strong class="text-orange-300">增长节奏预期差：</strong>市场倾向于“爆发式”增长，但一线专家指出，剔除无效咨询和积压需求后，真实可持续增量可能在<strong class="text-orange-300">10%-15%</strong>，而非井喷。
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</li>
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<li class="p-4 bg-white/5 rounded-lg border border-white/10">
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<strong class="text-red-300">短期盈利预期差：</strong>医保落地初期，患者可能向价格更低的人工授精（IUI）倾斜，会<strong class="text-red-300">拉低机构的短期平均收入和利润率</strong>。市场可能忽略了从“量增”到“利增”的传导摩擦。
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</li>
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<li class="p-4 bg-white/5 rounded-lg border border-white/10">
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<strong class="text-blue-300">公立与民营博弈：</strong>医保红利首先利好作为流量入口的公立医院。民营机构面临医保限价挑战（如B超从500元降至100元），必须通过<strong class="text-blue-300">VIP等增值服务</strong>对冲利润压力。
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</li>
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</ul>
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</div>
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</div>
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</section>
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<!-- Catalysts & Path -->
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<section id="catalysts-path" class="mb-20">
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<h2 class="section-title mb-8">关键催化剂与未来发展路径</h2>
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<div class="space-y-8">
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<div class="glass-card p-8">
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<h3 class="text-2xl font-semibold mb-4 text-green-300">近期催化剂 (3-6个月)</h3>
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<ol class="list-decimal list-inside space-y-2 text-gray-300">
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<li><strong class="text-white">各省医保执行数据披露：</strong>验证行业真实景气度的首个试金石。</li>
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<li><strong class="text-white">国家900亿育儿补贴方案细则出台：</strong>与医保形成政策共振，提振生育意愿。</li>
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<li><strong class="text-white">上游集采政策信号：</strong>任何关于药品或耗材集采的讨论都将引爆上游国产替代行情。</li>
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</ol>
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</div>
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<div class="glass-card p-8">
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<h3 class="text-2xl font-semibold mb-4 text-blue-300">长期发展路径</h3>
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<ul class="steps steps-vertical lg:steps-horizontal w-full">
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<li class="step step-primary">
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<div class="text-left p-2">
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<h4 class="font-bold">第一阶段 (当前-2026)</h4>
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<p>渗透率提升：在医保驱动下，行业渗透率从~9%提升至15%-20%。</p>
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</div>
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</li>
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||
<li class="step step-primary">
|
||
<div class="text-left p-2">
|
||
<h4 class="font-bold">第二阶段 (2026-2030)</h4>
|
||
<p>国产替代加速：上游核心耗材与药物国产化率显著提升，打破进口垄断。</p>
|
||
</div>
|
||
</li>
|
||
<li class="step">
|
||
<div class="text-left p-2">
|
||
<h4 class="font-bold">第三阶段 (2030以后)</h4>
|
||
<p>技术与服务升级：第三代试管婴儿(PGT)普及，单身女性冻卵等新服务催生市场增量。</p>
|
||
</div>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
|
||
<!-- Industry Chain -->
|
||
<section id="industry-chain" class="mb-20">
|
||
<h2 class="section-title mb-8">产业链与核心公司深度剖析</h2>
|
||
<div class="bento-grid">
|
||
<!-- Upstream -->
|
||
<div class="bento-item md:col-span-12 glass-card p-8">
|
||
<h3 class="text-2xl font-bold mb-4 text-blue-300">上游：技术与产品供给方 (高壁垒，国产替代空间大)</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-6">
|
||
<div class="p-4 bg-white/5 rounded-lg">
|
||
<h4 class="font-semibold text-lg text-white">药品</h4>
|
||
<p class="text-sm text-gray-400">促排卵药（<strong class="text-cyan-200">丽珠集团、长春高新</strong>）、黄体支持药（<strong class="text-cyan-200">仙琚制药</strong>）。外资占比近70%，国产替代空间广阔。</p>
|
||
</div>
|
||
<div class="p-4 bg-white/5 rounded-lg">
|
||
<h4 class="font-semibold text-lg text-white">器械耗材</h4>
|
||
<p class="text-sm text-gray-400">培养液、冷冻液等高值耗材95%被国外垄断。相关公司：<strong class="text-cyan-200">重药控股、洁特生物</strong>。</p>
|
||
</div>
|
||
<div class="p-4 bg-white/5 rounded-lg">
|
||
<h4 class="font-semibold text-lg text-white">基因检测</h4>
|
||
<p class="text-sm text-gray-400">第三代试管婴儿核心，PGT检测试剂盒。双雄格局：<strong class="text-cyan-200">贝瑞基因、华大基因</strong>。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Midstream -->
|
||
<div class="bento-item md:col-span-12 glass-card p-8">
|
||
<h3 class="text-2xl font-bold mb-4 text-purple-300">中游：医疗服务提供方 (牌照稀缺，品牌为王)</h3>
|
||
<p class="text-gray-300 mb-6">牌照壁垒极高，市场格局分散但以公立医院（占90%）为主。民营机构机制灵活，通过品牌和服务差异化竞争。</p>
|
||
<div class="grid grid-cols-1 lg:grid-cols-3 gap-6">
|
||
<div class="p-6 bg-purple-900/20 rounded-2xl border border-purple-500/30">
|
||
<h4 class="font-bold text-xl text-purple-200">锦欣生殖</h4>
|
||
<p class="text-sm text-purple-300 mb-2">民营服务领导者，逻辑最纯粹</p>
|
||
<p class="text-gray-300"><strong>优势：</strong>国内最大民营集团，品牌与规模效应显著。成都市场占有率超50%。<br><strong>验证：</strong>通过渗透率17-18%的VIP服务（客单价6万+）对冲价格影响，布局高毛利三代试管业务，经营韧性强。<br><strong>风险：</strong>短期“增量不增利”可能，盈利能力受考验。</p>
|
||
</div>
|
||
<div class="p-6 bg-green-900/20 rounded-2xl border border-green-500/30">
|
||
<h4 class="font-bold text-xl text-green-200">长春高新 / 丽珠集团</h4>
|
||
<p class="text-sm text-green-300 mb-2">上游药品追赶者</p>
|
||
<p class="text-gray-300"><strong>优势：</strong>国产替代先锋，直接受益于下游IVF周期总量增长。<br><strong>验证：</strong>丽珠主力产品市占率超90%，长春高新重组药物技术壁垒高。<br><strong>风险：</strong>面临外资品牌激烈竞争和潜在集采降价风险。</p>
|
||
</div>
|
||
<div class="p-6 bg-cyan-900/20 rounded-2xl border border-cyan-500/30">
|
||
<h4 class="font-bold text-xl text-cyan-200">贝瑞基因 / 华大基因</h4>
|
||
<p class="text-sm text-cyan-300 mb-2">技术赋能者</p>
|
||
<p class="text-gray-300"><strong>优势：</strong>卡位第三代试管婴儿（PGT）核心技术环节，成长天花板高。<br><strong>验证：</strong>相关PGT-A试剂盒是国内首个获批产品，技术壁垒和稀缺性高。<br><strong>风险：</strong>三代技术受政策严格限制，放量速度存在不确定性。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Risks -->
|
||
<section id="risks" class="mb-20">
|
||
<h2 class="section-title mb-8">潜在风险与挑战</h2>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-3 gap-6">
|
||
<div class="glass-card p-6">
|
||
<h3 class="text-xl font-semibold text-red-300 mb-2">技术风险</h3>
|
||
<p class="text-gray-400">第三代试管（PGT）牌照发放严格，推广存在瓶颈。上游高值耗材国产化进程可能慢于预期。</p>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<h3 class="text-xl font-semibold text-orange-300 mb-2">商业化风险</h3>
|
||
<p class="text-gray-400">真实需求释放不及市场预期（可能仅10-15%增长）。医保介入后持续的降价压力挤压利润空间。</p>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<h3 class="text-xl font-semibold text-yellow-300 mb-2">政策与竞争风险</h3>
|
||
<p class="text-gray-400">牌照审批、单身女性冻卵等政策变动。公立医院凭借医保入口优势，可能挤压民营空间，加剧竞争。</p>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Stock Table -->
|
||
<section id="stock-list">
|
||
<h2 class="section-title mb-8">相关上市公司梳理</h2>
|
||
|
||
<div class="overflow-x-auto glass-card p-1">
|
||
<table class="table table-zebra w-full text-base">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>核心逻辑</th>
|
||
<th>细分领域</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<!-- 辅助生殖医院 -->
|
||
<tr><td colspan="4" class="font-bold text-lg text-purple-300 bg-black/20">辅助生殖医院</td></tr>
|
||
<tr><td>汉商集团</td><td><a href="https://valuefrontier.cn/company?scode=600774" target="_blank" class="link link-hover">600774</a></td><td>武汉华科生殖妇产医院(原华中科技大学同济医学院生殖医学中心)</td><td>辅助生殖医院</td></tr>
|
||
<tr><td>达嘉维康</td><td><a href="https://valuefrontier.cn/company?scode=301126" target="_blank" class="link link-hover">301126</a></td><td>子公司嘉辰医院已建设辅助生殖(IVF)中心，正在积极推进申办许可资质</td><td>辅助生殖医院</td></tr>
|
||
<tr><td>国际医学</td><td><a href="https://valuefrontier.cn/company?scode=000516" target="_blank" class="link link-hover">000516</a></td><td>辅助生殖医学中心具备每年4万例IVF周期运行能力</td><td>辅助生殖医院</td></tr>
|
||
<tr><td>复星医药</td><td><a href="https://valuefrontier.cn/company?scode=600196" target="_blank" class="link link-hover">600196</a></td><td>旗下深圳恒生医院拥有《人类辅助生殖技术批准证书》</td><td>辅助生殖医院</td></tr>
|
||
<tr><td>思创医惠</td><td><a href="https://valuefrontier.cn/company?scode=300078" target="_blank" class="link link-hover">300078</a></td><td>参股子公司佳音医院集团(持股2.84%)旗下的新疆佳音医院涉及辅助生殖业务</td><td>辅助生殖医院</td></tr>
|
||
<tr><td>悦心健康</td><td><a href="https://valuefrontier.cn/company?scode=002162" target="_blank" class="link link-hover">002162</a></td><td>在美国投资日星人工生殖中心;与江西宜春市妇幼保健院合作辅助生殖项目</td><td>辅助生殖医院</td></tr>
|
||
<tr><td>通策医疗</td><td><a href="https://valuefrontier.cn/company?scode=600763" target="_blank" class="link link-hover">600763</a></td><td>通过参股妇幼基金的方式参与辅助生殖及妇幼板块业务</td><td>辅助生殖医院</td></tr>
|
||
<tr><td>麦迪科技</td><td><a href="https://valuefrontier.cn/company?scode=603990" target="_blank" class="link link-hover">603990</a></td><td>全资子公司海口玛丽医院为专注于“试管婴儿”治疗的专科医院</td><td>辅助生殖医院</td></tr>
|
||
<tr><td>物产中大</td><td><a href="https://valuefrontier.cn/company?scode=600704" target="_blank" class="link link-hover">600704</a></td><td>旗下金华人民医院开展辅助生殖业务</td><td>辅助生殖医院</td></tr>
|
||
<tr><td>华康医疗</td><td></td><td>已有多个辅助生殖中心的设计及建设经验</td><td>医院建设</td></tr>
|
||
<!-- 药物 -->
|
||
<tr><td colspan="4" class="font-bold text-lg text-blue-300 bg-black/20">上游药物</td></tr>
|
||
<tr><td>共同药业</td><td><a href="https://valuefrontier.cn/company?scode=300966" target="_blank" class="link link-hover">300966</a></td><td>全球甾体药物起始物料最大供应商之一，下游产品包括黄体酮</td><td>原料药</td></tr>
|
||
<tr><td>赛托生物</td><td><a href="https://valuefrontier.cn/company?scode=300583" target="_blank" class="link link-hover">300583</a></td><td>中间体产品用于开发孕激素类甾体药物</td><td>原料药</td></tr>
|
||
<tr><td>新华制药</td><td><a href="https://valuefrontier.cn/company?scode=000756" target="_blank" class="link link-hover">000756</a></td><td>合资公司生产17-羟基黄体酮等产品</td><td>原料药</td></tr>
|
||
<tr><td>长春高新</td><td><a href="https://valuefrontier.cn/company?scode=000661" target="_blank" class="link link-hover">000661</a></td><td>金赛药业以辅助生殖产品为基石；国内首个新一代水溶性黄体酮制剂</td><td>原料药, 黄体酮</td></tr>
|
||
<tr><td>仙琚制药</td><td><a href="https://valuefrontier.cn/company?scode=002332" target="_blank" class="link link-hover">002332</a></td><td>黄体酮阴道缓释凝胶为国内首仿，用于辅助生殖技术黄体酮补充</td><td>原料药, 黄体酮</td></tr>
|
||
<tr><td>众生药业</td><td><a href="https://valuefrontier.cn/company?scode=002317" target="_blank" class="link link-hover">002317</a></td><td>黄体酮阴道缓释凝胶已上市销售</td><td>原料药, 黄体酮</td></tr>
|
||
<tr><td>双鹭药业</td><td><a href="https://valuefrontier.cn/company?scode=002038" target="_blank" class="link link-hover">002038</a></td><td>辅助生殖的长效促卵泡激素已申报生产</td><td>促卵泡激素</td></tr>
|
||
<tr><td>丽珠集团</td><td><a href="https://valuefrontier.cn/company?scode=000513" target="_blank" class="link link-hover">000513</a></td><td>主力产品注射用尿源促卵泡素(u-FSH)占据超90%市场份额</td><td>促卵泡激素</td></tr>
|
||
<tr><td>安科生物</td><td><a href="https://valuefrontier.cn/company?scode=300009" target="_blank" class="link link-hover">300009</a></td><td>独家代理有望成为中国首个上市的长效促卵泡激素制剂SJ02</td><td>促卵泡激素</td></tr>
|
||
<tr><td>翰宇药业</td><td><a href="https://valuefrontier.cn/company?scode=300199" target="_blank" class="link link-hover">300199</a></td><td>品种覆盖西曲瑞克，阿托西班，卡贝缩宫素等，覆盖产业链多环节</td><td>其他药物</td></tr>
|
||
<!-- 器械耗材与检测 -->
|
||
<tr><td colspan="4" class="font-bold text-lg text-green-300 bg-black/20">上游器械、耗材与检测</td></tr>
|
||
<tr><td>达安基因</td><td><a href="https://valuefrontier.cn/company?scode=002030" target="_blank" class="link link-hover">002030</a></td><td>参股贝康医疗，业务围绕PGT实验室、胚胎实验室、冷冻存储室等</td><td>遗传学检查</td></tr>
|
||
<tr><td>贝瑞基因</td><td><a href="https://valuefrontier.cn/company?scode=000710" target="_blank" class="link link-hover">000710</a></td><td>开展“科孕安”胚胎植入前遗传学检测(PGT)</td><td>遗传学检查</td></tr>
|
||
<tr><td>重药控股</td><td><a href="https://valuefrontier.cn/company?scode=000950" target="_blank" class="link link-hover">000950</a></td><td>控股子公司湖北鼎康生物经营辅助生殖技术全过程的医疗耗材和器械</td><td>器械耗材</td></tr>
|
||
<tr><td>开能健康</td><td><a href="https://valuefrontier.cn/company?scode=300272" target="_blank" class="link link-hover">300272</a></td><td>生产专为保藏卵子、胚胎设计的智能化、自动化、深冷存储设备</td><td>器械耗材</td></tr>
|
||
<tr><td>洁特生物</td><td><a href="https://valuefrontier.cn/company?scode=688026" target="_blank" class="link link-hover">688026</a></td><td>已推出IVF专用细胞培养皿，多款相关产品在研</td><td>器械耗材</td></tr>
|
||
<tr><td>亚辉龙</td><td><a href="https://valuefrontier.cn/company?scode=688575" target="_blank" class="link link-hover">688575</a></td><td>拥有AMH等生殖激素六项检测试剂</td><td>体外诊断</td></tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
|
||
<h3 class="text-2xl font-semibold mb-6 mt-12 text-center text-yellow-300">涨幅异动分析</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-3 gap-6">
|
||
<div class="glass-card p-6">
|
||
<div class="flex justify-between items-center mb-2">
|
||
<h4 class="text-xl font-bold">利德曼 (300289)</h4>
|
||
<span class="badge badge-error badge-lg font-bold">+20.03%</span>
|
||
</div>
|
||
<p class="text-sm text-gray-400"><strong>核心逻辑:</strong> 三部委发文将IVF核心项目纳入医保甲类并明确国产优先，公司手握AMH等辅助生殖检测注册证且已在京粤生殖中心试用，政策-产品-渠道闭环催化，被市场重新定价为“辅助生殖纯正受益标的”。</p>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<div class="flex justify-between items-center mb-2">
|
||
<h4 class="text-xl font-bold">福元医药 (601089)</h4>
|
||
<span class="badge badge-error badge-lg font-bold">+9.98%</span>
|
||
</div>
|
||
<p class="text-sm text-gray-400"><strong>核心逻辑:</strong> “辅助生殖技术配置规划+来曲唑医保谈判温和预期+山东省集采中标”三大利好共振。公司拥有来曲唑片等辅助生殖核心品种，直接受益于终端需求扩容。</p>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<div class="flex justify-between items-center mb-2">
|
||
<h4 class="text-xl font-bold">南模生物 (688265)</h4>
|
||
<span class="badge badge-error badge-lg font-bold">+19.99%</span>
|
||
</div>
|
||
<p class="text-sm text-gray-400"><strong>核心逻辑:</strong> 医保局明确将PGT等项目纳入医保，叠加上海对模式动物企业研发补贴，公司作为生殖中心模型市占率第一的稀缺标的，且已获大额订单，基本面预期上修触发机构抢筹。</p>
|
||
</div>
|
||
</div>
|
||
|
||
</section>
|
||
|
||
</div>
|
||
|
||
<script>
|
||
var chartDom = document.getElementById('china-map');
|
||
var myChart = echarts.init(chartDom);
|
||
var option;
|
||
|
||
const provinceData = [
|
||
// 已确认全部纳入
|
||
{name: '北京', value: 4, date: '2023-07-01'}, {name: '天津', value: 4}, {name: '河北', value: 4},
|
||
{name: '山西', value: 4, date: '2024-10-01'}, {name: '内蒙古', value: 4}, {name: '辽宁', value: 4},
|
||
{name: '吉林', value: 4}, {name: '黑龙江', value: 4}, {name: '上海', value: 4},
|
||
{name: '江苏', value: 4}, {name: '浙江', value: 4}, {name: '安徽', value: 4},
|
||
{name: '福建', value: 4, date: '2024-09-01'}, {name: '江西', value: 4}, {name: '山东', value: 4},
|
||
{name: '河南', value: 4, date: '2024-09-01'}, {name: '湖北', value: 4}, {name: '湖南', value: 4, date: '2024-10-01'},
|
||
{name: '广东', value: 4, date: '2024-10-01'}, {name: '广西', value: 4}, {name: '海南', value: 4},
|
||
{name: '重庆', value: 4, date: '2025-01-01'}, {name: '四川', value: 4, date: '2024-11-01'}, {name: '贵州', value: 4},
|
||
{name: '云南', value: 4}, {name: '西藏', value: 4, date: '2024-09-01'}, {name: '陕西', value: 4, date: '2024-09-01'},
|
||
{name: '甘肃', value: 4}, {name: '青海', value: 4}, {name: '宁夏', value: 4, date: '2024-10-15'},
|
||
{name: '新疆', value: 4}
|
||
];
|
||
|
||
// 区分不同时间节点
|
||
provinceData.forEach(p => {
|
||
if (p.date) {
|
||
const d = new Date(p.date);
|
||
if (d <= new Date('2024-08-01')) p.value = 1;
|
||
else if (d <= new Date('2024-09-01')) p.value = 2;
|
||
else if (d <= new Date('2024-11-01')) p.value = 3;
|
||
else p.value = 4;
|
||
} else {
|
||
p.value = 4; // 默认已全部纳入
|
||
}
|
||
});
|
||
|
||
|
||
fetch('https://geo.datav.aliyun.com/areas_v3/bound/100000_full.json')
|
||
.then(res => res.json())
|
||
.then(geoJson => {
|
||
echarts.registerMap('china', geoJson);
|
||
option = {
|
||
backgroundColor: 'transparent',
|
||
title: {
|
||
text: '辅助生殖技术纳入医保省份进程',
|
||
subtext: '数据截至2025年1月',
|
||
left: 'center',
|
||
textStyle: {
|
||
color: '#E0E0E0'
|
||
}
|
||
},
|
||
tooltip: {
|
||
trigger: 'item',
|
||
formatter: function(params) {
|
||
return params.name + '<br/>落地时间: ' + (params.data ? (params.data.date || '2025年1月前') : '无数据');
|
||
}
|
||
},
|
||
visualMap: {
|
||
left: 'right',
|
||
min: 1,
|
||
max: 4,
|
||
text: ['全面覆盖', '首批试点'],
|
||
calculable: true,
|
||
inRange: {
|
||
color: ['#5470C6', '#91CC75', '#FAC858', '#EE6666']
|
||
},
|
||
textStyle: {
|
||
color: '#E0E0E0'
|
||
},
|
||
pieces: [
|
||
{value: 4, label: '全面覆盖 (2025.01前)', color: '#EE6666'},
|
||
{value: 3, label: '加速扩围 (2024.10-11)', color: '#FAC858'},
|
||
{value: 2, label: '多省跟进 (2024.09)', color: '#91CC75'},
|
||
{value: 1, label: '早期试点 (2024.08前)', color: '#5470C6'},
|
||
]
|
||
},
|
||
series: [
|
||
{
|
||
name: '医保覆盖',
|
||
type: 'map',
|
||
map: 'china',
|
||
roam: true,
|
||
label: {
|
||
show: true,
|
||
color: '#fff',
|
||
fontSize: 10
|
||
},
|
||
emphasis: {
|
||
label: {
|
||
color: '#fff',
|
||
fontSize: 12,
|
||
},
|
||
itemStyle: {
|
||
areaColor: '#75459f',
|
||
borderColor: '#fff'
|
||
}
|
||
},
|
||
data: provinceData
|
||
}
|
||
]
|
||
};
|
||
myChart.setOption(option);
|
||
});
|
||
|
||
window.addEventListener('resize', function() {
|
||
myChart.resize();
|
||
});
|
||
</script>
|
||
|
||
</body>
|
||
</html> |