医药行业周报:医药行业2025年三季度前瞻

中信建投证券
Oct 12

核心观点:制药产业链:1)处方药:创新拉动增长,集采基数逐步消化。2)CXO:行业调整基本完成,有望进入新一轮发展阶段。3)制药产业链:国内需求逐步恢复,产业链国产替代仍是趋势。医疗器械及服务:1)医疗器械:高值耗材、医疗设备及其上游、家用器械板块部分公司业绩持续修复。2)医疗服务:消费医疗多家企业略有增长,严肃医疗部分企业有所下滑。中药、生物制品及医药商业:1)中医药:渠道调整接近尾声,看好旺季...

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