招商证券国际发表报告指,自5月至今,恒生生物科技指数相较恒生指数跑输约1,300个基点,成为最大拖累板块,也标志行业进入低迷阶段。该行将近期港股医药/生物科技板块显著跑输的原因归纳为三点:流动性约束、BD合作政策不确定性提升、以及部分临床资产的估值下修。宏观层面,在市场两级分化加剧的背景下,流动性持续流向AI主题,带动相关板块显著跑赢,而其他板块则出现显著的估值压缩。其次,中国创新药海外BD交易...
Source Link招商证券国际发表报告指,自5月至今,恒生生物科技指数相较恒生指数跑输约1,300个基点,成为最大拖累板块,也标志行业进入低迷阶段。该行将近期港股医药/生物科技板块显著跑输的原因归纳为三点:流动性约束、BD合作政策不确定性提升、以及部分临床资产的估值下修。宏观层面,在市场两级分化加剧的背景下,流动性持续流向AI主题,带动相关板块显著跑赢,而其他板块则出现显著的估值压缩。其次,中国创新药海外BD交易...
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