医药生物行业2026年投资策略:政策与产业共振 投资临床价值三段论

光大证券股份有...
Oct 25, 2025

2025年政策与产业共振,驱动医药板块估值修复: 2015年以来,医药生物板块PE(TTM)在21x-53x之间波动,均值为33x,截至2025年9月30日医药生物板块PE(TTM)为31x。医药生物行业估值从2020年8月开始回调,2022年9月触底,此后维持震荡磨底。自25Q1开始,板块PE稳步回升,25Q3迎来主升浪,板块估值得到一定修复。考虑到宏观环境、市场资金面与风险偏好,以及近年来在...

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