【券商聚焦】交银国际:10月起医药行业催化剂增多 行情有望重启

金吾财讯
Oct 10, 2025

金吾财讯 | 交银国际发布医药行业周报,9月以来,内资通过港股通持有医药股的比例持续增加,而外资持仓则从年中开始略有回落,但内外资加大创新药布局的大方向不变。本周(2025/10/1-10/8)港股通休市,港股市场上外资持续加仓长期潜力大、当前性价比较高的创新药标的,包括药明巨诺四环医药和和铂医药;同时亦加仓服务类标的,包括潜在受益于降息的CXO企业和“AI+医疗”概念相关标的,重点布局医渡科技晶泰控股。该机构指,本周Treg及外周免疫耐受领域相关研究获颁诺贝尔生理学或医学奖,凸显免疫调节与细胞治疗前景,有望进一步催化布局相关机制的创新药企的投资热度。此外,ESMO大会将于今年10月中下旬举行,该机构建议重点关注康方生物科伦博泰荣昌生物恒瑞医药等有重磅数据读出的公司。9月港股医药板块表现相对平淡,10月起,随着行业催化剂增多(各项学术大会、利好政策落地),行情有望重启。该机构继续推荐关注以下细分方向:1)创新药:三生制药、德琪医药短期催化剂丰富、估值仍未反映核心大单品价值;先声药业和黄医药传奇生物被明显低估、长期成长逻辑清晰;2)CXO:受益于下游高景气度和融资边际回暖的细分赛道龙头,如药明合联

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