【券商聚焦】交银国际:医药行业上半年表现整体稳健 下半年内部分化或加大

金吾财讯
Jun 15

金吾财讯 | 交银国际研报指,医药行业在1H26表现整体稳健、但内部分化也较为明显。展望2H26板块表现和选股逻辑,该机构判断:1)板块在2Q26的回调后,板块估值和资金配置比例处于历史低位,稳中向好的政策面和基本面有望驱动修复性行情,但影响市场表现的核心因素或将继续呈现分化态势,而创新研发的价值兑现有望进一步推动整体估值中枢上移;2)后续选股建议关注创新药、CXO等高β细分板块,有望在后续行情中最大程度获益,选股则建议关注龙头以及存在丰富催化剂、当前仍被低估的中小型创新药企。创新药:多重催化剂驱动,长期确定性强。短期关注出海交易、业绩表现和利好政策落地。重点推荐催化剂丰富、估值尚未反映核心大单品价值的公司,包括劲方医药、和黄医药、德琪医药、传奇生物等。CXO:行业高景气度延续,关注分化整合趋势。2026-27年板块有望维持较快的业绩增速,行业内部分化和整合趋势将持续。推荐高景气度赛道中、投资性价比较高的头部玩家,包括药明合联凯莱英康龙化成。处方药:关注短期业绩增速和长期创新增值空间。2026年港股龙头收入和净利润增速有望稳定在双位数。该机构重点推荐三生制药先声药业等明显低估、长期成长逻辑清晰且催化剂丰富之标的。民营医院:边际复苏中优选高质量民营医院标的。板块复苏积极信号已经出现。推荐业绩确定性强、外延扩张/新业务拓展路径清晰的固生堂

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