從政策優化到價值發現：醫藥產業升級下的投資新機遇

華福證券

2025/11/10

（以下內容從華福證券《從政策優化到價值發現：醫藥產業升級下的投資新機遇》研報附件原文摘錄）近期觀點1.集採政策顯示積極信號2.非腫瘤領域成為研發新焦點3.複雜技術平台迎來黃金髮展期4.線上零售渠道價值凸顯5.出海與CXO全球化構成雙重驅動投資建議基於對當前醫藥產業結構性轉型的深入分析，投資佈局應重點關注以下三條高景氣產業鏈：一是CXO，在產業全球化與研發外包深化的趨勢下，其複合增長率顯著高於全球...

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