国开证券:医药行业估值降至10年来的底部水平 关注配置价值

国开证券
Dec 11, 2025

国开证券认为,2025年医药行业走出了结构性行情,目前行业估值(绝对、相对)降至10年来的底部水平,同时行业基金持仓比也降至近10年的底部,我们建议关注行业的配置价值。方向一:创新药作为医药行业的硬科技代表,经过近10年的快速发展,已经取得了初步的成果。创新药方向建议一方面关注BD方面具备一定预期差的企业;另一方面,后BD阶段临床推进质量和效率也是下一步关注的重点,建议回归产品的创新属性及关注相关...

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