中国银河证券指出2025年下半年继续看好创新药关注器械与服务增速回升。1)持续看好医药创新:下半年创新药BD预计仍将持续

智通财经
19 Jun
中国银河证券指出2025年下半年继续看好创新药关注器械与服务增速回升。1)持续看好医药创新:下半年创新药BD预计仍将持续国内丙类目录及商保政策有望推动估值继续提升。2)医药投融资有望复苏:二级市场繁荣有望带来一级市场投融资回升CXO及上游景气度向好。3)医疗器械有望触底回升:招投标数据已开始回暖以旧换新积压需求逐步释放。4)医疗服务增速有望迎拐点:全国DRG/DIP支付改革实现统筹区及符合条件医疗机构全覆盖眼科领域复苏信号显现。5)医药消费静待复苏:观察国内刺激消费政策效果预期有利于医药消费复苏渠道库存出清、终端需求回暖。投资建议上2025年医药创新药板块估值修复显著下半年有望带动其他板块回暖我们看好创新药产业链、细分行业龙头关注医药消费复苏。

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