金吾财讯 | 中信证券研报指，2026年以来，中国创新药BD交易金额超预期增长，产业全球竞争力进一步提升；国内市场快速放量，从2025年报来看，头部创新药企业在新产品驱动下，创新药收入快速增长，Biopharma陆续进入盈利拐点。2026 ASCO大会中国共有94项原创性研究成果入选口头发言环节，数量再创新高；且首次有中国研究进入Plenary Session，标志着中国创新药管线在数量提升的同时迅速迈向质量跃迁。研报认为创新药产业全球价值凸显，接下来将进入密集数据催化期。
建议关注：①头部创新药企业有望迎来业绩释放；②核心管线即将迎来重磅数据读出催化；③具有全球潜力的管线资产国际化有望加速兑现。
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