2026年港股医药行业投资策略:聚焦创新药及产业链机会

申万宏源研究
Nov 14, 2025

创新药:多项政策支持创新药行业发展;国内创新药出海交易金额和数量创历史新高;板块估值触底反弹;商业化销售放量叠加授权收入,头部公司实现盈利百济神州:泽布替尼海外销售持续放量,三季度全球销售额超10亿美元(同比增长51%);3Q25公司GAAP净利润达到1.25亿美元,去年同期亏损为1.21亿美元。公司预计2025年全年GAAP经营利润为正,经营活动产生正现金流,上调2025年收入指引为51-53...

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