医药行业2026年年度策略报告:从“治疗领域”和“技术平台”双管齐下挖掘创新龙头

平安证券
Dec 16, 2025

平安观点:中国创新药企全球竞争力持续提升,从治疗领域和技术平台两个维度把握创新主线。支付来源方面,商业健康险保费规模具备提升空间,有望成为医疗支付新增量。借鉴海外MNC 企业管线,礼来、诺华等企业的高增长,揭示创新是绝对核心竞争力,尤其是 GLP-1、ADC、双抗等前沿技术领域,成为增长最快的赛道。我们认为未来需从潜力治疗领域和技术平台把握创新主线:1)潜力治疗领域方面,除肿瘤与免疫等存量热门领域...

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