国金医药甘坛焕丨创新药产业链2026年度策略:从本土崛起到全球价值链的重构者

国金证券研究所
Dec 30, 2025

作者:甘坛焕、方程嫣、姜铸轩、马居东、唐玉青摘要■投资逻辑研发能力突破,全球竞争力凸显。2025年全球医药投融资触底复苏,前11个月总额达1921亿美元,海内外市场同步改善,且呈现传统赛道稳健流入、ADC、双抗等新兴赛道加码的特征。全球及中国生物医药BD合作持续升温,交易数量与金额双升,中国创新药出海进入多品类攻坚阶段,License-out交易成为跨国交易主线。同时,中国创新药研发能力凸显,...

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