智通财经APP获悉，交银国际发布研报称，本周(2025/9/9-9/16)恒指涨1.9%，恒生医疗保健指数跌3.0%，行业指数中排第12位，跑输大市。9月以来，内资通过港股通的持股比例保持稳定，而外资在港股医药的持仓则从年中开始略有回落，当前内资持续对于创新药企布局，而外资对于板块整体呈现审慎态度，注重即时盈利能见度。本周，内资增持龙头及创新药企，外资则对于性价比较高的CXO企业有所增持，对于内资加仓的创新药标的则有所减持。
该行提到，特朗普近期声称要加大对引进中国药品的限制，引发市场担忧国产创新药出海前景，但该行认为实际影响有限，考虑到：1)游说发起者主要是美国生物科技企业及投资者，MNC参与度低，实际影响力有限;2)MNC对中国医药创新的依赖度提升，行政令推进难度较大。在创新药板块普涨之后，择时、择股重要性明显提升，该行建议在板块回调时逐步布局，并推荐关注创新药、CXO细分方向。
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