华西深研 || 2025年12月深度报告精选(行业篇)

华西研究
Jan 16

《2026年生物医药投资策略:产业趋势明确,创新药产业链是2026年医药板块主线》20251229核心观点1、创新药:BD出海产业趋势不变;国内产品商业化加速扭亏。政策端大力支持:全链条支持创新药发展实施方案落地,利好创新药企。创新药出海:交易首付款/总金额数量逐年上升,ADC 等抗体类药物排位居前,对外交易持续爆发,和Top20MNC的合作数量也呈现上升趋势,20余款国内原研创新药海外获批。;...

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