金吾财讯 | 招银国际表示，MSCI中国医疗指数2026年初至今累计上涨9.2%，跑赢MSCI中国指数5.6%。医药行业显著上涨，主要由于去年第四季度行业回调消化了估值，年初机构投资者的配置意愿较强。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的核心催化。年初多个创新药BD交易落地，中国创新药出海的趋势向好。在2025年创新药BD出海授权交易爆发式增长的基础上，2026年初，已经有多个BD落地，体现了中国创新药出海授权交易较高的景气度。该机构认为，中国企业对于临床前分子的转让或将谨慎，未来中国出海分子将大多在具备中国早期临床试验数据的基础上达成，以获得更高的交易价值。PD-(L)1/VEGF或将成为肿瘤基石药物，MNC开展抢位赛。该机构认为，临床的效率、广度以及联合疗法（特别是ADC联用）的丰富程度将是决胜因素，基于此，该机构认为辉瑞/三生有显著的领先优势。
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