【中国银河证券:下半年继续看好创新药,关注器械与服务增速回升】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。

金融界
19 Jun
中国银河证券指出,2025年下半年继续看好创新,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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