深度*行业*医药行业2026年策略报告:产品为王 看好创新、出海、消费三个方向

中银证券
Dec 05, 2025

25 年医疗行业各子板块涨幅分化明显,其中CXO 以及创新药相关的板块涨幅较大,26 年我们仍然看好依靠“产品驱动”的相关公司,核心在于“产品驱动”相关公司的产业趋势仍然向好,相关标的有望逐步进入盈利周期;除此之外,26 年建议关注医疗服务板块的机会,虽然25 年医疗服务板块表现并不亮眼,但我们认为医疗服务的长期逻辑仍在,且行业发展具备韧性。26年,医疗服务板块在25 年低基数效应下,行业有望逐步...

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