金吾财讯 | 医药股集体走高，药明生物(02269)涨5.93%，药明合联(02268)涨4.56%，君实生物(01877)涨4.54%，康诺亚-B(02162)涨4.19%，荣昌生物(09995)涨3.98%，科伦博泰生物-B(06990)涨4.00%，泰格医药(03347)涨4.30%，复宏汉霖(02696)涨3.72%，诺诚健华(09969)涨3.26%。交银国际发布医药行业周报，展望2026年，该机构认为板块稳中向好态势延续，但影响市场表现的核心因素（政策、基本面、海外投融资环境、资金面等）或呈分化态势，后续选股逻辑或将重回基本面和估值，即关注存在基本面预期差、当前仍被低估的个股。推荐关注以下细分方向：1）创新药：三生制药、德琪医药、百济神州等催化剂丰富、估值仍未反映核心大单品价值；先声药业、传奇生物被明显低估、长期成长逻辑清晰；2）CXO：受益于下游高景气度和融资边际回暖的细分赛道龙头，如药明合联；3）监管不确定性逐步释放，有反转机会的医院、器械和诊断等子板块。
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