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  数据显示,截至4月23日中国证券报记者发稿时,4月以来已有超400家上市公司接待券商调研,从行业分布情况看,电子行业合计有60家公司获券商调研,数量在各行业中位居第一;医药生物行业关注度也较高,合计有46家上市公司获券商调研。

  机构表示,从投资角度看,多因素共振下,电子板块估值扩张行情值得期待,建议重视外部不确定性环境下的板块配置窗口;医药生物板块建议关注创新药方向的投资价值。

  电子板块重视配置窗口

  4月以来,立讯精密接待了81家券商前来调研,数量在同时期接待券商调研的上市公司中位居第一。作为一家在越南、印度、墨西哥等多个国家都有布局的精密制造领域龙头企业,美国关税政策扰动下公司海外布局是否调整、对于加征关税公司有哪些应对措施等话题在调研时备受关注。

  包括立讯精密在内,数据显示,截至4月23日记者发稿时,水晶光电、鹏鼎控股、顺络电子、欧菲光、京东方a、国瓷材料、蓝思科技、安克创新、艾为电子等电子行业上市公司,4月以来均接待了超过30家券商前来调研,机构对其关注热情较高;整个电子行业4月以来合计有60家公司接待券商调研,是券商最为青睐的行业。

  梳理被调研电子行业公司发布的调研纪要看,除前述关税政策扰动对公司经营带来的影响外,公司未来会布局哪些新产品、如何看待产业未来发展趋势、公司在人才储备和培养方面准备采取哪些措施来实现公司战略目标等话题,在调研中均被问及。适逢年报披露季,多家公司2024年财报相关数据变动及原因也成为券商调研时关注的重点,例如营业收入增长原因有哪些、公司研发投入情况如何、毛利率变动的主要原因有哪些等。

  从二级市场表现看,年初投资者对AI热情高涨推动电子板块出现过一段较为明显的上涨行情,但3月以来市场风格进一步均衡带动板块行情回落,截至4月23日收盘,电子(申万)板块年内累计跌逾5%,在31个申万一级行业中排名较为靠后。对于电子板块后市投资机遇,当前业内较为看好半导体产业链这一有望继续受到政策提振的方向。

  国信证券电子行业首席分析师胡剑认为,对于电子板块,相关上市公司发布的2025年一季报显示板块景气度高,2025年二季度板块景气度有望延续上行态势,坚定看好2025年电子板块多因素共振下的估值扩张行情,建议重视外部不确定性环境下的板块配置窗口,看好的细分方向包括国产算力芯片产业链、模拟芯片、成熟制程代工、国产半导体设备、存储等。

  创新药方向关注度升温

  除电子行业外,医药生物行业也是券商关注的一大方向,4月以来合计有46家上市公司获得券商调研,包括澳华内镜、美好医疗、华东医药、京新药业、科兴制药、普洛药业、寿仙谷、怡和嘉业、贝瑞基因、普门科技等。

  华东医药4月以来接待了39家券商前来调研。公司披露的调研纪要显示,机构调研时较为关注的问题包括公司对2025年海外医美的预期情况如何、公司GLP-1系列产品的研发进展如何、公司判断后续集采政策是否会趋于缓和、公司自研新药参加国际学术会议的时间规划等,整体上偏向于公司产品研发状况以及对未来行业趋势的预判,对此,华东医药也一一予以回应。

  记者梳理发现,在前述被券商调研的医药生物行业上市公司中,公司在创新药管线的布局、进展、战略等与创新药、公司新产品相关的话题频繁出现。从投资角度出发,对于医药生物行业,其中的创新药板块后市投资价值也获得券商高度关注。

  太平洋证券医药行业分析师周豫认为,在港股流动性和风险偏好双双提升的背景下,叠加4-6月的AACR、ASCO等会议集中发布相关数据,市场对创新药板块行情催化事件的关注度大幅提升;就投资而言,国内双抗ADC、TYK2抑制剂、GKA激动剂、泛KRAS抑制剂管线等方向的相关标的值得关注。

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