金吾财讯 | 中信证券表示，25Q2医疗健康产业整体来看业绩表现预期较为稳健。该机构对重点覆盖的80家医药公司2025Q2业绩进行预测，其中预计62家公司净利润有望实现同比正增长或持平（部分公司采用收入增速指标，部分无季报公司采用半年度指标）。近期利好政策密集出台，集采优化和鼓励创新的政策趋势有望延续。
该机构延续医疗健康产业2025年下半年投资策略观点：得益于集采等政策趋势优化、商业医疗保险推动、AI产业催化赋能等医药外部环境的向好，以及在医药创新进入收获期和关税扰动推动自主可控趋势的驱动下，该机构认为2025年下半年医疗健康产业的业绩和估值修复趋势确定性较高，同时分化也将更加明显，拥抱创新驱动和国际化+自主可控+院外营销模式改革将是下半年相对更有确定性的布局方向。考虑到创新药板块除海外斩获外，新增国内政策大力支持，该机构认为医药真创新和真国际化时代将迎来回报，有望带动板块稳步向上。建议横向维度上，下半年围绕创新驱动和国际化+自主可控+院外营销模式改革三个领域进行布局，尤其是最具贝塔效应的创新药领域。
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