金吾财讯 | 医药外包概念股逆市受压，截至发稿，康龙化成(03759)跌4.14%，药明生物(02269)跌3.75%，药明康德(02359)跌2.89%，昭衍新药(06127)跌2.67%，泰格医药(03347)跌2.07%，金斯瑞生物科技(01548)跌1.36%。招银国际表示，MSCI中国医疗指数2025年初至今累计上涨51.9%，跑赢MSCI中国指数24.3%。近期，医药板块有所回调(MSCI中国医疗指数10月至今回调14%)。该机构认为，近期的回调主要是估值与预期的消化与再平衡，这将为后续投资创造更优的布局窗口。展望2026年，创新药出海趋势长期将延续，该机构将重点关注已出海管线的临床进展与数据兑现这一核心催化。政策端方面，《生物安全法案》虽已签署生效，但鉴于其未波及Medicaid和Medicare的采购且对关联方定义明确，以及中国CXO美国行政机构收入占比较小，该机构预计该法案对中国CXO企业实质经营影响有限。对于行业展望，该行建议布局思路更偏稳健，关注低估值个股机会。
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